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 811-1400
Fidelity Contrafund
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, 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: | December 31 |
| | |
| Date of reporting period: | June 30, 2018 |
Item 1.
Reports to Stockholders
|
Fidelity® Contrafund® Semi-Annual Report June 30, 2018 |
 |
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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2018
| % of fund's net assets | |
| Facebook, Inc. Class A | 7.3 |
| Amazon.com, Inc. | 6.6 |
| Berkshire Hathaway, Inc. Class A | 4.6 |
| Microsoft Corp. | 3.5 |
| Alphabet, Inc. Class A | 3.2 |
| UnitedHealth Group, Inc. | 2.9 |
| Salesforce.com, Inc. | 2.9 |
| Netflix, Inc. | 2.9 |
| Alphabet, Inc. Class C | 2.8 |
| Visa, Inc. Class A | 2.7 |
| 39.4 |
Top Five Market Sectors as of June 30, 2018
| % of fund's net assets | |
| Information Technology | 42.1 |
| Consumer Discretionary | 16.0 |
| Financials | 15.7 |
| Health Care | 9.4 |
| Industrials | 5.6 |
Asset Allocation (% of fund's net assets)
| As of June 30, 2018 * | ||
| Stocks | 96.3% | |
| Bonds | 0.2% | |
| Convertible Securities | 1.2% | |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.3% | |
* Foreign investments - 6.0%
Schedule of Investments June 30, 2018
Showing Percentage of Net Assets
| Common Stocks - 96.3% | |||
| Shares | Value (000s) | ||
| CONSUMER DISCRETIONARY - 15.9% | |||
| Automobiles - 0.7% | |||
| Mahindra & Mahindra Ltd. | 8,654,702 | $113,487 | |
| Maruti Suzuki India Ltd. | 1,533,074 | 197,638 | |
| Tesla, Inc. (a)(b) | 1,580,919 | 542,176 | |
| Toyota Motor Corp. | 1,289,300 | 83,378 | |
| 936,679 | |||
| Diversified Consumer Services - 0.3% | |||
| Chegg, Inc. (a) | 2,947,847 | 81,921 | |
| Weight Watchers International, Inc. (a) | 2,631,844 | 266,079 | |
| 348,000 | |||
| Hotels, Restaurants & Leisure - 1.8% | |||
| Chipotle Mexican Grill, Inc. (a) | 280,511 | 121,004 | |
| Domino's Pizza, Inc. | 388,595 | 109,650 | |
| Eldorado Resorts, Inc. (a) | 428,015 | 16,735 | |
| Hilton Worldwide Holdings, Inc. | 5,799,129 | 459,059 | |
| Las Vegas Sands Corp. | 1,097,624 | 83,815 | |
| Marriott International, Inc. Class A | 4,987,156 | 631,374 | |
| McDonald's Corp. | 4,825,982 | 756,183 | |
| Shake Shack, Inc. Class A (a) | 213,701 | 14,143 | |
| U.S. Foods Holding Corp. (a) | 1,147,245 | 43,389 | |
| Vail Resorts, Inc. | 126,062 | 34,565 | |
| 2,269,917 | |||
| Household Durables - 0.0% | |||
| Mohawk Industries, Inc. (a) | 126,247 | 27,051 | |
| Internet & Direct Marketing Retail - 10.1% | |||
| Amazon.com, Inc. (a) | 5,001,217 | 8,501,069 | |
| Netflix, Inc. (a) | 9,522,855 | 3,727,531 | |
| Ocado Group PLC (a) | 493,914 | 6,698 | |
| Start Today Co. Ltd. | 1,985,000 | 71,985 | |
| The Booking Holdings, Inc. (a) | 379,594 | 769,471 | |
| 13,076,754 | |||
| Leisure Products - 0.0% | |||
| Spin Master Corp. (a)(c) | 184,440 | 8,178 | |
| Media - 0.7% | |||
| Discovery Communications, Inc. Class A (a) | 651,645 | 17,920 | |
| Liberty Media Corp.: | |||
| Liberty Formula One Group Series C (a) | 7,664,091 | 284,568 | |
| Liberty SiriusXM Series C (a) | 4,962,101 | 225,081 | |
| Live Nation Entertainment, Inc. (a) | 628,114 | 30,507 | |
| Sirius XM Holdings, Inc. (b) | 25,839,988 | 174,937 | |
| The Walt Disney Co. | 1,232,434 | 129,171 | |
| Weinstein Co. Holdings LLC Class A-1 (a)(d)(e)(f) | 41,234 | 0 | |
| 862,184 | |||
| Multiline Retail - 0.1% | |||
| Ollie's Bargain Outlet Holdings, Inc. (a) | 805,323 | 58,386 | |
| Specialty Retail - 1.3% | |||
| Burlington Stores, Inc. (a) | 546,261 | 82,229 | |
| Home Depot, Inc. | 4,973,574 | 970,344 | |
| TJX Companies, Inc. | 5,870,751 | 558,778 | |
| Urban Outfitters, Inc. (a) | 1,465,179 | 65,274 | |
| 1,676,625 | |||
| Textiles, Apparel & Luxury Goods - 0.9% | |||
| adidas AG | 1,773,827 | 387,262 | |
| Canada Goose Holdings, Inc. (a) | 642,825 | 37,807 | |
| Kering SA | 248,234 | 140,190 | |
| lululemon athletica, Inc. (a) | 421,125 | 52,577 | |
| LVMH Moet Hennessy - Louis Vuitton SA | 229,781 | 76,292 | |
| NIKE, Inc. Class B | 3,442,924 | 274,332 | |
| PVH Corp. | 294,873 | 44,148 | |
| Ralph Lauren Corp. | 99,962 | 12,567 | |
| Tapestry, Inc. | 1,666,953 | 77,863 | |
| VF Corp. | 1,356,215 | 110,559 | |
| 1,213,597 | |||
| TOTAL CONSUMER DISCRETIONARY | 20,477,371 | ||
| CONSUMER STAPLES - 2.2% | |||
| Beverages - 0.5% | |||
| Constellation Brands, Inc. Class A (sub. vtg.) | 1,137,743 | 249,018 | |
| Dr. Pepper Snapple Group, Inc. | 789,998 | 96,380 | |
| Kweichow Moutai Co. Ltd. (A Shares) | 580,700 | 64,153 | |
| Monster Beverage Corp. (a) | 1,534,008 | 87,899 | |
| The Coca-Cola Co. | 4,079,321 | 178,919 | |
| 676,369 | |||
| Food & Staples Retailing - 0.4% | |||
| Costco Wholesale Corp. | 2,107,473 | 440,420 | |
| Performance Food Group Co. (a) | 1,401,668 | 51,441 | |
| Tesco PLC | 6,313,817 | 21,363 | |
| 513,224 | |||
| Food Products - 0.1% | |||
| Post Holdings, Inc. (a) | 152,337 | 13,104 | |
| The Simply Good Foods Co. | 2,037,486 | 29,421 | |
| 42,525 | |||
| Household Products - 0.1% | |||
| Colgate-Palmolive Co. | 2,452,204 | 158,927 | |
| Personal Products - 1.1% | |||
| Estee Lauder Companies, Inc. Class A | 8,420,460 | 1,201,515 | |
| Kao Corp. | 1,052,800 | 80,352 | |
| L'Oreal SA (a) | 226,916 | 56,046 | |
| Shiseido Co. Ltd. | 1,216,300 | 96,654 | |
| 1,434,567 | |||
| TOTAL CONSUMER STAPLES | 2,825,612 | ||
| ENERGY - 4.1% | |||
| Oil, Gas & Consumable Fuels - 4.1% | |||
| Birchcliff Energy Ltd. (g) | 21,740,031 | 79,707 | |
| Birchcliff Energy Ltd. (a)(c)(g) | 686,127 | 2,516 | |
| BP PLC | 23,623,933 | 179,743 | |
| Canadian Natural Resources Ltd. | 8,305,046 | 299,756 | |
| Centennial Resource Development, Inc.: | |||
| Class A (a)(g) | 5,188,000 | 93,695 | |
| Class A (a)(g) | 14,800,645 | 267,300 | |
| Class A (a)(e)(g) | 2,340,926 | 42,277 | |
| Cheniere Energy, Inc. (a) | 996,300 | 64,949 | |
| Chevron Corp. | 945,989 | 119,601 | |
| Concho Resources, Inc. (a) | 1,716,645 | 237,498 | |
| ConocoPhillips Co. | 5,937,368 | 413,360 | |
| Continental Resources, Inc. (a) | 4,873,964 | 315,638 | |
| Delek U.S. Holdings, Inc. | 34,594 | 1,736 | |
| Diamondback Energy, Inc. | 2,773,208 | 364,871 | |
| Encana Corp. | 7,640,391 | 99,787 | |
| EOG Resources, Inc. | 7,305,958 | 909,080 | |
| Hess Corp. | 5,089,016 | 340,404 | |
| Marathon Oil Corp. | 444,453 | 9,271 | |
| Occidental Petroleum Corp. | 1,027,615 | 85,991 | |
| Phillips 66 Co. | 3,289,492 | 369,443 | |
| Pioneer Natural Resources Co. | 588,665 | 111,399 | |
| PrairieSky Royalty Ltd. (b) | 1,773,599 | 35,009 | |
| Reliance Industries Ltd. | 25,378,639 | 360,495 | |
| Suncor Energy, Inc. | 2,765,366 | 112,537 | |
| Valero Energy Corp. | 2,623,285 | 290,739 | |
| Whiting Petroleum Corp. (a) | 273,059 | 14,396 | |
| 5,221,198 | |||
| FINANCIALS - 15.7% | |||
| Banks - 7.7% | |||
| Bank Ireland Group PLC | 3,225,732 | 25,182 | |
| Bank of America Corp. | 78,711,225 | 2,218,869 | |
| Citigroup, Inc. | 35,819,095 | 2,397,014 | |
| HDFC Bank Ltd. sponsored ADR | 5,575,769 | 585,567 | |
| JPMorgan Chase & Co. | 22,928,321 | 2,389,131 | |
| Kotak Mahindra Bank Ltd. (a) | 11,135,666 | 218,444 | |
| M&T Bank Corp. | 1,497,045 | 254,722 | |
| Metro Bank PLC (a)(b)(g) | 5,807,436 | 248,019 | |
| PNC Financial Services Group, Inc. | 2,243,974 | 303,161 | |
| Royal Bank of Canada | 638,249 | 48,059 | |
| The Toronto-Dominion Bank | 2,120,303 | 122,720 | |
| U.S. Bancorp | 2,387,428 | 119,419 | |
| Wells Fargo & Co. | 19,154,648 | 1,061,934 | |
| 9,992,241 | |||
| Capital Markets - 2.4% | |||
| Bank of New York Mellon Corp. | 9,655,644 | 520,729 | |
| BlackRock, Inc. Class A | 464,629 | 231,868 | |
| Charles Schwab Corp. | 13,971,684 | 713,953 | |
| IntercontinentalExchange, Inc. | 1,298,696 | 95,519 | |
| Morgan Stanley | 15,647,121 | 741,674 | |
| MSCI, Inc. | 1,741,167 | 288,041 | |
| Oaktree Capital Group LLC Class A | 2,058,636 | 83,684 | |
| S&P Global, Inc. | 1,742,621 | 355,303 | |
| 3,030,771 | |||
| Consumer Finance - 0.5% | |||
| American Express Co. | 3,751,889 | 367,685 | |
| Synchrony Financial | 8,888,770 | 296,707 | |
| 664,392 | |||
| Diversified Financial Services - 4.6% | |||
| Berkshire Hathaway, Inc. Class A (a) | 21,044 | 5,935,250 | |
| Insurance - 0.5% | |||
| Admiral Group PLC | 4,581,953 | 115,347 | |
| AIA Group Ltd. | 6,629,000 | 57,962 | |
| American International Group, Inc. | 477,113 | 25,297 | |
| Chubb Ltd. | 2,283,711 | 290,077 | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | 176,812 | 99,076 | |
| The Travelers Companies, Inc. | 436,222 | 53,367 | |
| 641,126 | |||
| TOTAL FINANCIALS | 20,263,780 | ||
| HEALTH CARE - 9.0% | |||
| Biotechnology - 1.9% | |||
| Acceleron Pharma, Inc. (a) | 218,800 | 10,616 | |
| Agios Pharmaceuticals, Inc. (a) | 1,428,561 | 120,328 | |
| Alnylam Pharmaceuticals, Inc. (a) | 237,383 | 23,380 | |
| Amgen, Inc. | 679,774 | 125,479 | |
| AnaptysBio, Inc. (a) | 284,003 | 20,176 | |
| Arena Pharmaceuticals, Inc. (a) | 1,211,940 | 52,841 | |
| Array BioPharma, Inc. (a) | 1,737,646 | 29,158 | |
| bluebird bio, Inc. (a) | 173,183 | 27,181 | |
| Celgene Corp. (a) | 332,508 | 26,408 | |
| CSL Ltd. | 70,013 | 9,980 | |
| FibroGen, Inc. (a) | 2,250,643 | 140,890 | |
| Genmab A/S (a) | 342,699 | 52,899 | |
| Gilead Sciences, Inc. | 4,879,243 | 345,646 | |
| Heron Therapeutics, Inc. (a) | 634,290 | 24,642 | |
| Insmed, Inc. (a) | 964,617 | 22,813 | |
| Intrexon Corp. (a)(b) | 3,137,459 | 43,736 | |
| Neurocrine Biosciences, Inc. (a) | 2,956,801 | 290,476 | |
| Regeneron Pharmaceuticals, Inc. (a) | 435,295 | 150,172 | |
| Sage Therapeutics, Inc. (a) | 410,036 | 64,183 | |
| Sarepta Therapeutics, Inc. (a) | 165,787 | 21,914 | |
| Vertex Pharmaceuticals, Inc. (a) | 4,915,729 | 835,477 | |
| Wuxi Biologics (Cayman), Inc. | 906,500 | 10,093 | |
| 2,448,488 | |||
| Health Care Equipment & Supplies - 2.1% | |||
| Abiomed, Inc. (a) | 208,168 | 85,151 | |
| Align Technology, Inc. (a) | 52,442 | 17,943 | |
| Baxter International, Inc. | 7,687,980 | 567,680 | |
| Becton, Dickinson & Co. | 667,437 | 159,891 | |
| Boston Scientific Corp. (a) | 17,053,409 | 557,646 | |
| Danaher Corp. | 3,091,229 | 305,042 | |
| DexCom, Inc. (a) | 730,878 | 69,419 | |
| Edwards Lifesciences Corp. (a) | 1,947,833 | 283,546 | |
| Intuitive Surgical, Inc. (a) | 1,077,240 | 515,438 | |
| Penumbra, Inc. (a) | 378,961 | 52,353 | |
| ResMed, Inc. | 950,760 | 98,480 | |
| Sonova Holding AG Class B | 57,693 | 10,361 | |
| Stryker Corp. | 405,626 | 68,494 | |
| 2,791,444 | |||
| Health Care Providers & Services - 3.5% | |||
| Anthem, Inc. | 445,691 | 106,088 | |
| Centene Corp. (a) | 104,152 | 12,833 | |
| HealthEquity, Inc. (a) | 1,894,884 | 142,306 | |
| Humana, Inc. | 1,387,428 | 412,940 | |
| National Vision Holdings, Inc. | 2,216,049 | 81,041 | |
| OptiNose, Inc. | 137,633 | 3,851 | |
| UnitedHealth Group, Inc. | 15,559,805 | 3,817,443 | |
| 4,576,502 | |||
| Health Care Technology - 0.1% | |||
| Veeva Systems, Inc. Class A (a) | 1,197,434 | 92,035 | |
| Life Sciences Tools & Services - 0.9% | |||
| Mettler-Toledo International, Inc. (a)(g) | 1,532,017 | 886,471 | |
| Morphosys AG (a) | 117,520 | 14,410 | |
| PRA Health Sciences, Inc. (a) | 954,256 | 89,089 | |
| Thermo Fisher Scientific, Inc. | 656,894 | 136,069 | |
| 1,126,039 | |||
| Pharmaceuticals - 0.5% | |||
| AstraZeneca PLC sponsored ADR | 1,203,169 | 42,243 | |
| Idorsia Ltd. | 32,730 | 869 | |
| Ipsen SA | 145,238 | 22,787 | |
| Jazz Pharmaceuticals PLC (a) | 347,397 | 59,857 | |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | 909,300 | 10,405 | |
| MyoKardia, Inc. (a) | 197,805 | 9,821 | |
| Nektar Therapeutics (a) | 3,805,552 | 185,825 | |
| Roche Holding AG (participation certificate) | 329,481 | 73,098 | |
| Supernus Pharmaceuticals, Inc. (a) | 221,872 | 13,279 | |
| Teva Pharmaceutical Industries Ltd. sponsored ADR | 6,372,016 | 154,967 | |
| Zoetis, Inc. Class A | 454,745 | 38,740 | |
| 611,891 | |||
| TOTAL HEALTH CARE | 11,646,399 | ||
| INDUSTRIALS - 5.5% | |||
| Aerospace & Defense - 1.1% | |||
| Harris Corp. | 203,363 | 29,394 | |
| Northrop Grumman Corp. | 1,201,466 | 369,691 | |
| Raytheon Co. | 1,739,862 | 336,107 | |
| Space Exploration Technologies Corp.: | |||
| Class A (a)(e)(f) | 295,578 | 49,953 | |
| Class C (e)(f) | 12,991 | 2,195 | |
| The Boeing Co. | 1,673,116 | 561,347 | |
| TransDigm Group, Inc. | 197,267 | 68,085 | |
| 1,416,772 | |||
| Air Freight & Logistics - 0.5% | |||
| Expeditors International of Washington, Inc. | 1,097,724 | 80,244 | |
| FedEx Corp. | 1,579,996 | 358,754 | |
| XPO Logistics, Inc. (a) | 2,196,150 | 220,010 | |
| 659,008 | |||
| Airlines - 0.5% | |||
| Ryanair Holdings PLC sponsored ADR (a) | 4,051,091 | 462,756 | |
| Southwest Airlines Co. | 2,770,158 | 140,946 | |
| Wizz Air Holdings PLC (a)(c) | 275,864 | 13,107 | |
| 616,809 | |||
| Building Products - 0.4% | |||
| A.O. Smith Corp. | 353,904 | 20,933 | |
| Jeld-Wen Holding, Inc. (a) | 4,300,673 | 122,956 | |
| Masco Corp. | 5,395,885 | 201,914 | |
| Toto Ltd. | 3,053,300 | 141,751 | |
| 487,554 | |||
| Commercial Services & Supplies - 0.3% | |||
| Cintas Corp. | 1,206,644 | 223,314 | |
| Clean TeQ Holdings Ltd. (a)(b)(g) | 43,226,369 | 25,752 | |
| Copart, Inc. (a) | 626,762 | 35,450 | |
| TulCo LLC (d)(e)(f) | 125,827 | 44,039 | |
| 328,555 | |||
| Electrical Equipment - 0.5% | |||
| AMETEK, Inc. | 950,206 | 68,567 | |
| Fortive Corp. | 7,891,861 | 608,541 | |
| Melrose Industries PLC | 11,832,248 | 33,214 | |
| 710,322 | |||
| Industrial Conglomerates - 0.6% | |||
| 3M Co. | 2,204,487 | 433,667 | |
| General Electric Co. | 19,995,734 | 272,142 | |
| Roper Technologies, Inc. | 85,548 | 23,604 | |
| 729,413 | |||
| Machinery - 0.6% | |||
| Caterpillar, Inc. | 487,278 | 66,109 | |
| Deere & Co. | 2,852,925 | 398,839 | |
| Gardner Denver Holdings, Inc. (a) | 2,747,935 | 80,762 | |
| IDEX Corp. | 79,964 | 10,913 | |
| Illinois Tool Works, Inc. | 49,463 | 6,853 | |
| PACCAR, Inc. | 1,583,196 | 98,095 | |
| Parker Hannifin Corp. | 215,345 | 33,562 | |
| Rexnord Corp. (a) | 1,977,894 | 57,478 | |
| Xylem, Inc. | 481,272 | 32,428 | |
| 785,039 | |||
| Professional Services - 0.5% | |||
| CoStar Group, Inc. (a) | 123,938 | 51,141 | |
| FTI Consulting, Inc. (a) | 1,168,449 | 70,668 | |
| IHS Markit Ltd. (a) | 1,936,608 | 99,910 | |
| Recruit Holdings Co. Ltd. | 2,432,300 | 67,357 | |
| Robert Half International, Inc. | 553,253 | 36,017 | |
| SR Teleperformance SA | 86,602 | 15,302 | |
| TransUnion Holding Co., Inc. | 4,694,729 | 336,330 | |
| 676,725 | |||
| Road & Rail - 0.3% | |||
| CSX Corp. | 6,214,702 | 396,374 | |
| Trading Companies & Distributors - 0.2% | |||
| Air Lease Corp. Class A | 1,470,761 | 61,728 | |
| HD Supply Holdings, Inc. (a) | 303,677 | 13,025 | |
| W.W. Grainger, Inc. | 755,969 | 233,141 | |
| 307,894 | |||
| TOTAL INDUSTRIALS | 7,114,465 | ||
| INFORMATION TECHNOLOGY - 41.5% | |||
| Communications Equipment - 0.3% | |||
| Arista Networks, Inc. (a) | 1,489,130 | 383,436 | |
| Electronic Equipment & Components - 1.6% | |||
| Amphenol Corp. Class A (g) | 22,203,661 | 1,935,049 | |
| CDW Corp. | 241,682 | 19,525 | |
| Dolby Laboratories, Inc. Class A | 1,271,695 | 78,451 | |
| FLIR Systems, Inc. | 231,637 | 12,038 | |
| Keyence Corp. | 40,000 | 22,602 | |
| Zebra Technologies Corp. Class A (a) | 149,567 | 21,425 | |
| 2,089,090 | |||
| Internet Software & Services - 14.7% | |||
| Alibaba Group Holding Ltd. sponsored ADR (a) | 669,900 | 124,287 | |
| Alphabet, Inc.: | |||
| Class A (a) | 3,585,616 | 4,048,842 | |
| Class C (a) | 3,274,247 | 3,652,914 | |
| CarGurus, Inc. Class A | 1,666,164 | 57,883 | |
| Coupa Software, Inc. (a) | 559,752 | 34,839 | |
| DocuSign, Inc. (b) | 164,808 | 8,727 | |
| Dropbox, Inc.: | |||
| Class A (a)(b) | 868,375 | 28,153 | |
| Class B | 4,948,873 | 152,420 | |
| eBay, Inc. (a) | 6,976,722 | 252,976 | |
| Facebook, Inc. Class A (a) | 48,391,097 | 9,403,349 | |
| GoDaddy, Inc. (a) | 1,252,587 | 88,433 | |
| GrubHub, Inc. (a)(b) | 631,413 | 66,242 | |
| LogMeIn, Inc. | 1,192,011 | 123,075 | |
| Mercari, Inc. (a) | 280,000 | 11,469 | |
| MongoDB, Inc. Class A (b) | 826,067 | 40,998 | |
| New Relic, Inc. (a) | 1,683,551 | 169,348 | |
| Nutanix, Inc.: | |||
| Class A (a) | 213,791 | 11,025 | |
| Class B (a)(c) | 3,060,752 | 157,843 | |
| Okta, Inc. (a) | 2,402,797 | 121,029 | |
| Shopify, Inc. Class A (a) | 1,082,818 | 157,903 | |
| Spotify Technology SA (a) | 214,613 | 36,106 | |
| Tencent Holdings Ltd. | 5,027,600 | 252,463 | |
| Wix.com Ltd. (a) | 310,964 | 31,190 | |
| 19,031,514 | |||
| IT Services - 7.0% | |||
| Accenture PLC Class A | 1,069,736 | 174,998 | |
| Adyen BV (a)(c) | 117,801 | 64,898 | |
| ASAC II LP (a)(e)(f) | 39,494,500 | 6,635 | |
| EPAM Systems, Inc. (a) | 717,141 | 89,162 | |
| Fiserv, Inc. (a) | 3,432,152 | 254,288 | |
| FleetCor Technologies, Inc. (a) | 441,619 | 93,027 | |
| Global Payments, Inc. | 2,541,167 | 283,315 | |
| MasterCard, Inc. Class A | 11,860,099 | 2,330,747 | |
| Netcompany Group A/S | 476,500 | 17,454 | |
| PayPal Holdings, Inc. (a) | 24,628,399 | 2,050,807 | |
| Square, Inc. (a) | 816,563 | 50,333 | |
| Visa, Inc. Class A | 26,614,063 | 3,525,033 | |
| Worldpay, Inc. (a) | 547,880 | 44,806 | |
| 8,985,503 | |||
| Semiconductors & Semiconductor Equipment - 1.6% | |||
| Advanced Micro Devices, Inc. (a)(b) | 6,530,413 | 97,891 | |
| Analog Devices, Inc. | 975,225 | 93,544 | |
| Intel Corp. | 6,373,541 | 316,829 | |
| NVIDIA Corp. | 4,170,339 | 987,953 | |
| Qorvo, Inc. (a) | 119,515 | 9,582 | |
| Texas Instruments, Inc. | 4,977,961 | 548,820 | |
| 2,054,619 | |||
| Software - 13.9% | |||
| Activision Blizzard, Inc. | 30,272,053 | 2,310,363 | |
| Adobe Systems, Inc. (a) | 12,587,217 | 3,068,889 | |
| Atlassian Corp. PLC (a) | 3,457,865 | 216,186 | |
| Black Knight, Inc. (a) | 595,859 | 31,908 | |
| CDK Global, Inc. | 1,442,749 | 93,851 | |
| Ceridian HCM Holding, Inc. (b) | 417,327 | 13,851 | |
| Constellation Software, Inc. | 60,866 | 47,203 | |
| Electronic Arts, Inc. (a) | 6,842,061 | 964,867 | |
| Intuit, Inc. | 1,450,509 | 296,346 | |
| Microsoft Corp. | 46,127,205 | 4,548,604 | |
| Parametric Technology Corp. (a) | 713,193 | 66,905 | |
| Paycom Software, Inc. (a)(b) | 1,695,702 | 167,586 | |
| RealPage, Inc. (a) | 1,097,895 | 60,494 | |
| Red Hat, Inc. (a) | 2,151,515 | 289,099 | |
| RingCentral, Inc. (a) | 2,305,627 | 162,201 | |
| Salesforce.com, Inc. (a) | 27,363,367 | 3,732,363 | |
| Splunk, Inc. (a) | 304,665 | 30,195 | |
| SS&C Technologies Holdings, Inc. | 4,352,365 | 225,888 | |
| Tableau Software, Inc. (a) | 917,504 | 89,686 | |
| Tanium, Inc. Class B (a)(e)(f) | 2,944,100 | 19,976 | |
| Trion World, Inc. (a)(e)(f) | 4,607,810 | 0 | |
| Trion World, Inc. warrants 10/3/18 (a)(e)(f) | 183,516 | 0 | |
| Ultimate Software Group, Inc. (a) | 1,414,309 | 363,916 | |
| Workday, Inc. Class A (a) | 8,491,642 | 1,028,508 | |
| Zendesk, Inc. (a) | 1,152,983 | 62,826 | |
| Zscaler, Inc. (a)(b) | 429,495 | 15,354 | |
| 17,907,065 | |||
| Technology Hardware, Storage & Peripherals - 2.4% | |||
| Apple, Inc. | 16,011,908 | 2,963,964 | |
| HP, Inc. | 4,517,363 | 102,499 | |
| Logitech International SA | 495,306 | 21,744 | |
| Pure Storage, Inc. Class A (a) | 1,707,000 | 40,763 | |
| 3,128,970 | |||
| TOTAL INFORMATION TECHNOLOGY | 53,580,197 | ||
| MATERIALS - 2.2% | |||
| Chemicals - 1.3% | |||
| Air Products & Chemicals, Inc. | 1,799,798 | 280,283 | |
| DowDuPont, Inc. | 9,536,815 | 628,667 | |
| Ecolab, Inc. | 155,862 | 21,872 | |
| Growmax Resources Corp. (a)(c) | 3,363,563 | 281 | |
| LyondellBasell Industries NV Class A | 1,576,306 | 173,157 | |
| Sherwin-Williams Co. | 1,016,435 | 414,268 | |
| Westlake Chemical Corp. | 2,038,880 | 219,445 | |
| 1,737,973 | |||
| Containers & Packaging - 0.2% | |||
| WestRock Co. | 3,538,666 | 201,775 | |
| Metals & Mining - 0.7% | |||
| ArcelorMittal SA Class A unit (b) | 1,480,840 | 42,619 | |
| B2Gold Corp. (a)(g) | 53,804,659 | 139,561 | |
| BHP Billiton Ltd. | 1,539,273 | 38,516 | |
| Franco-Nevada Corp. | 3,911,426 | 285,476 | |
| Ivanhoe Mines Ltd. (a)(g) | 50,054,410 | 102,801 | |
| Ivanhoe Mines Ltd. (a)(c)(g) | 14,394,909 | 29,564 | |
| Kirkland Lake Gold Ltd. | 4,264,416 | 90,306 | |
| Newcrest Mining Ltd. | 1,958,497 | 31,597 | |
| Novagold Resources, Inc. (a) | 7,923,823 | 35,501 | |
| Nucor Corp. | 739,476 | 46,217 | |
| Steel Dynamics, Inc. | 1,406,546 | 64,631 | |
| 906,789 | |||
| TOTAL MATERIALS | 2,846,537 | ||
| REAL ESTATE - 0.1% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.0% | |||
| American Tower Corp. | 198,701 | 28,647 | |
| Real Estate Management & Development - 0.1% | |||
| Five Point Holdings LLC Class A (a) | 2,097,579 | 23,598 | |
| WeWork Companies, Inc. Class A (a)(e)(f) | 607,163 | 32,926 | |
| 56,524 | |||
| TOTAL REAL ESTATE | 85,171 | ||
| TELECOMMUNICATION SERVICES - 0.1% | |||
| Wireless Telecommunication Services - 0.1% | |||
| T-Mobile U.S., Inc. (a) | 1,826,577 | 109,138 | |
| UTILITIES - 0.0% | |||
| Electric Utilities - 0.0% | |||
| Vistra Energy Corp. (a) | 515,249 | 12,191 | |
| Independent Power and Renewable Electricity Producers - 0.0% | |||
| NRG Energy, Inc. | 313,855 | 9,635 | |
| TOTAL UTILITIES | 21,826 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $59,124,329) | 124,191,694 | ||
| Convertible Preferred Stocks - 1.2% | |||
| CONSUMER DISCRETIONARY - 0.1% | |||
| Diversified Consumer Services - 0.1% | |||
| Airbnb, Inc.: | |||
| Series D (a)(e)(f) | 578,817 | 70,118 | |
| Series E (a)(e)(f) | 388,853 | 47,106 | |
| Handy Technologies, Inc. Series C (a)(e)(f) | 3,537,042 | 20,727 | |
| 137,951 | |||
| Textiles, Apparel & Luxury Goods - 0.0% | |||
| Generation Bio Series B (e)(f) | 2,430,600 | 22,230 | |
| TOTAL CONSUMER DISCRETIONARY | 160,181 | ||
| CONSUMER STAPLES - 0.0% | |||
| Food & Staples Retailing - 0.0% | |||
| Roofoods Ltd. Series F (e)(f) | 154,611 | 60,380 | |
| HEALTH CARE - 0.2% | |||
| Biotechnology - 0.1% | |||
| 23andMe, Inc.: | |||
| Series E (a)(e)(f) | 664,987 | 10,660 | |
| Series F (e)(f) | 3,348,986 | 53,684 | |
| Intarcia Therapeutics, Inc. Series CC (a)(e)(f) | 2,100,446 | 126,027 | |
| 190,371 | |||
| Health Care Providers & Services - 0.1% | |||
| Get Heal, Inc. Series B (a)(e)(f) | 35,877,127 | 1,794 | |
| Mulberry Health, Inc.: | |||
| Series A (e)(f) | 600,009 | 4,281 | |
| Series A8 (a)(e)(f) | 7,960,894 | 56,800 | |
| Series AA (e)(f) | 49,783 | 355 | |
| 63,230 | |||
| TOTAL HEALTH CARE | 253,601 | ||
| INDUSTRIALS - 0.1% | |||
| Aerospace & Defense - 0.1% | |||
| Space Exploration Technologies Corp.: | |||
| Series G (a)(e)(f) | 558,215 | 94,338 | |
| Series H (e)(f) | 120,282 | 20,328 | |
| 114,666 | |||
| INFORMATION TECHNOLOGY - 0.6% | |||
| Internet Software & Services - 0.5% | |||
| Lyft, Inc.: | |||
| Series H (e)(f) | 1,553,259 | 73,553 | |
| Series I (e)(f) | 1,380,203 | 65,358 | |
| Pinterest, Inc.: | |||
| Series E, 8.00% (a)(e)(f) | 54,841,080 | 325,208 | |
| Series F, 8.00% (a)(e)(f) | 3,455,720 | 20,492 | |
| Series G, 8.00% (a)(e)(f) | 4,301,275 | 25,507 | |
| Uber Technologies, Inc. Series D, 8.00% (a)(e)(f) | 2,040,465 | 81,619 | |
| 591,737 | |||
| Software - 0.1% | |||
| Carbon, Inc. Series D (f) | 915,425 | 21,376 | |
| Cloudflare, Inc. Series D, 8.00% (a)(e)(f) | 4,303,714 | 33,612 | |
| Delphix Corp. Series D (a)(e)(f) | 3,712,687 | 26,954 | |
| 81,942 | |||
| TOTAL INFORMATION TECHNOLOGY | 673,679 | ||
| REAL ESTATE - 0.2% | |||
| Real Estate Management & Development - 0.2% | |||
| WeWork Companies, Inc.: | |||
| Series E (a)(e)(f) | 5,464,465 | 296,338 | |
| Series F (a)(e)(f) | 253,732 | 13,760 | |
| 310,098 | |||
| TELECOMMUNICATION SERVICES - 0.0% | |||
| Wireless Telecommunication Services - 0.0% | |||
| Altiostar Networks, Inc. Series A1 (a)(e)(f) | 2,124,227 | 2,719 | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | |||
| (Cost $1,012,925) | 1,575,324 | ||
| Principal Amount (000s) | Value (000s) | ||
| Corporate Bonds - 0.2% | |||
| Convertible Bonds - 0.0% | |||
| INFORMATION TECHNOLOGY - 0.0% | |||
| Software - 0.0% | |||
| Trion World, Inc. 10% 10/10/19 pay-in-kind (e)(f)(h) | 2,054 | 706 | |
| Nonconvertible Bonds - 0.2% | |||
| HEALTH CARE - 0.2% | |||
| Pharmaceuticals - 0.2% | |||
| Valeant Pharmaceuticals International, Inc.: | |||
| 6.125% 4/15/25 (c) | 110,540 | 101,835 | |
| 9% 12/15/25 (c) | 114,036 | 118,312 | |
| 220,147 | |||
| TOTAL CORPORATE BONDS | |||
| (Cost $218,369) | 220,853 | ||
| Shares | Value (000s) | ||
| Money Market Funds - 3.1% | |||
| Fidelity Cash Central Fund, 1.93% (i) | 3,340,471,464 | 3,341,140 | |
| Fidelity Securities Lending Cash Central Fund 1.92% (i)(j) | 720,634,498 | 720,779 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $4,061,846) | 4,061,919 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.8% | |||
| (Cost $64,417,469) | 130,049,790 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.8)% | (1,088,529) | ||
| NET ASSETS - 100% | $128,961,261 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $496,534,000 or 0.4% of net assets.
(d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,752,655,000 or 1.4% of net assets.
(f) Level 3 security
(g) Affiliated company
(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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.
(j) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost (000s) |
| 23andMe, Inc. Series E | 6/18/15 | $7,200 |
| 23andMe, Inc. Series F | 8/31/17 | $46,498 |
| Airbnb, Inc. Series D | 4/16/14 | $23,565 |
| Airbnb, Inc. Series E | 6/29/15 | $36,200 |
| Altiostar Networks, Inc. Series A1 | 1/10/17 | $9,771 |
| ASAC II LP | 10/10/13 | $3,041 |
| Centennial Resource Development, Inc. Class A | 12/28/16 | $34,037 |
| Cloudflare, Inc. Series D, 8.00% | 11/5/14 - 6/24/15 | $26,827 |
| Delphix Corp. Series D | 7/10/15 | $33,414 |
| Generation Bio Series B | 2/21/18 | $22,230 |
| Get Heal, Inc. Series B | 11/7/16 | $10,944 |
| Handy Technologies, Inc. Series C | 10/14/15 | $20,727 |
| Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $28,629 |
| Lyft, Inc. Series H | 11/22/17 | $61,736 |
| Lyft, Inc. Series I | 6/27/18 | $65,358 |
| Mulberry Health, Inc. Series A | 3/23/18 | $4,281 |
| Mulberry Health, Inc. Series A8 | 1/20/16 | $53,774 |
| Mulberry Health, Inc. Series AA | 3/23/18 | $145 |
| Pinterest, Inc. Series E, 8.00% | 10/23/13 | $159,376 |
| Pinterest, Inc. Series F, 8.00% | 5/15/14 | $11,739 |
| Pinterest, Inc. Series G, 8.00% | 2/27/15 | $30,879 |
| Roofoods Ltd. Series F | 9/12/17 | $54,666 |
| Space Exploration Technologies Corp. Class A | 10/16/15 - 9/11/17 | $30,689 |
| Space Exploration Technologies Corp. Class C | 9/11/17 | $1,754 |
| Space Exploration Technologies Corp. Series G | 1/20/15 | $43,239 |
| Space Exploration Technologies Corp. Series H | 8/4/17 | $16,238 |
| Tanium, Inc. Class B | 4/21/17 | $14,615 |
| Trion World, Inc. | 8/22/08 - 3/20/13 | $25,151 |
| Trion World, Inc. warrants 10/3/18 | 10/10/13 | $0 |
| Trion World, Inc. 10% 10/10/19 pay-in-kind | 10/10/13 - 4/10/18 | $2,051 |
| TulCo LLC | 8/24/17 - 12/14/17 | $44,039 |
| Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $31,654 |
| Weinstein Co. Holdings LLC Class A-1 | 10/19/05 | $41,234 |
| WeWork Companies, Inc. Class A | 6/23/15 | $19,969 |
| WeWork Companies, Inc. Series E | 6/23/15 | $179,724 |
| WeWork Companies, Inc. Series F | 12/1/16 | $12,735 |
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 |
| (Amounts in thousands) | |
| Fidelity Cash Central Fund | $20,480 |
| Fidelity Securities Lending Cash Central Fund | 6,725 |
| Total | $27,205 |
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.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
| Affiliate (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds(a) | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Amphenol Corp. Class A | $2,007,425 | $-- | $57,282 | $9,443 | $42,987 | $(58,081) | $1,935,049 |
| B2Gold Corp. | 153,772 | 16,481 | 3,601 | -- | 2,034 | (29,125) | 139,561 |
| Birchcliff Energy Ltd. | 73,246 | 4,954 | 2,712 | 695 | (2,066) | 6,285 | 79,707 |
| Birchcliff Energy Ltd. | 2,402 | -- | -- | 22 | -- | 114 | 2,516 |
| Centennial Resource Development, Inc. Class A | 102,722 | -- | -- | -- | -- | (9,027) | 93,695 |
| Centennial Resource Development, Inc. Class A | 274,910 | 22,711 | 6,312 | -- | 1,475 | (25,484) | 267,300 |
| Centennial Resource Development, Inc. Class A | 46,350 | -- | -- | -- | -- | (4,073) | 42,277 |
| Clean TeQ Holdings Ltd. | -- | 39,494 | 534 | -- | (55) | (13,153) | 25,752 |
| Ivanhoe Mines Ltd. | 172,912 | -- | 2,819 | -- | 2,034 | (69,326) | 102,801 |
| Ivanhoe Mines Ltd. | 49,727 | -- | 811 | -- | (861) | (18,491) | 29,564 |
| Metro Bank PLC | 287,797 | -- | 6,855 | -- | 5,143 | (38,066) | 248,019 |
| Mettler-Toledo International, Inc. | 1,077,667 | 12,443 | 131,552 | -- | 47,116 | (119,203) | 886,471 |
| Total | $4,248,930 | $96,083 | $212,478 | $10,160 | $97,807 | $(377,630) | $3,852,712 |
(a) Includes the value of securities delivered through in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2018, 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 |
| (Amounts in thousands) | ||||
| Investments in Securities: | ||||
| Equities: | ||||
| Consumer Discretionary | $20,637,552 | $20,317,701 | $159,670 | $160,181 |
| Consumer Staples | 2,885,992 | 2,804,249 | 21,363 | 60,380 |
| Energy | 5,221,198 | 5,041,455 | 179,743 | -- |
| Financials | 20,263,780 | 20,263,780 | -- | -- |
| Health Care | 11,900,000 | 11,573,301 | 73,098 | 253,601 |
| Industrials | 7,229,131 | 7,018,278 | -- | 210,853 |
| Information Technology | 54,253,876 | 53,148,703 | 404,883 | 700,290 |
| Materials | 2,846,537 | 2,808,021 | 38,516 | -- |
| Real Estate | 395,269 | 52,245 | -- | 343,024 |
| Telecommunication Services | 111,857 | 109,138 | -- | 2,719 |
| Utilities | 21,826 | 21,826 | -- | -- |
| Corporate Bonds | 220,853 | -- | 220,147 | 706 |
| Money Market Funds | 4,061,919 | 4,061,919 | -- | -- |
| Total Investments in Securities: | $130,049,790 | $127,220,616 | $1,097,420 | $1,731,754 |
The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:
| (Amounts in thousands) | |
| Investments in Securities: | |
| Beginning Balance | $1,603,206 |
| Net Realized Gain (Loss) on Investment Securities | -- |
| Net Unrealized Gain (Loss) on Investment Securities | 110,625 |
| Cost of Purchases | 92,118 |
| Proceeds of Sales | (74,195) |
| Amortization/Accretion | -- |
| Transfers into Level 3 | -- |
| Transfers out of Level 3 | -- |
| Ending Balance | $1,731,754 |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2018 | $142,961 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| Amounts in thousands (except per-share amounts) | June 30, 2018 | |
| Assets | ||
| Investment in securities, at value (including securities loaned of $696,276) — See accompanying schedule: Unaffiliated issuers (cost $58,695,240) | $122,135,159 | |
| Fidelity Central Funds (cost $4,061,846) | 4,061,919 | |
| Other affiliated issuers (cost $1,660,383) | 3,852,712 | |
| Total Investment in Securities (cost $64,417,469) | $130,049,790 | |
| Receivable for investments sold | 353,756 | |
| Receivable for fund shares sold | 73,188 | |
| Dividends receivable | 32,534 | |
| Interest receivable | 1,936 | |
| Distributions receivable from Fidelity Central Funds | 6,023 | |
| Other receivables | 7,531 | |
| Total assets | 130,524,758 | |
| Liabilities | ||
| Payable for investments purchased | $237,001 | |
| Payable for fund shares redeemed | 482,227 | |
| Accrued management fee | 77,973 | |
| Other affiliated payables | 12,136 | |
| Other payables and accrued expenses | 33,621 | |
| Collateral on securities loaned | 720,539 | |
| Total liabilities | 1,563,497 | |
| Net Assets | $128,961,261 | |
| Net Assets consist of: | ||
| Paid in capital | $55,884,288 | |
| Distributions in excess of net investment income | (9,402) | |
| Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 7,481,790 | |
| Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 65,604,585 | |
| Net Assets | $128,961,261 | |
| Contrafund: | ||
| Net Asset Value, offering price and redemption price per share ($96,592,322 ÷ 731,301 shares) | $132.08 | |
| Class K: | ||
| Net Asset Value, offering price and redemption price per share ($32,368,939 ÷ 245,106 shares) | $132.06 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Amounts in thousands | Six months ended June 30, 2018 | |
| Investment Income | ||
| Dividends (including $10,160 earned from other affiliated issuers) | $485,646 | |
| Interest | 9,020 | |
| Income from Fidelity Central Funds | 27,205 | |
| Total income | 521,871 | |
| Expenses | ||
| Management fee | ||
| Basic fee | $346,775 | |
| Performance adjustment | 108,347 | |
| Transfer agent fees | 69,773 | |
| Accounting and security lending fees | 1,985 | |
| Custodian fees and expenses | 1,131 | |
| Independent trustees' fees and expenses | 281 | |
| Registration fees | 467 | |
| Audit | 143 | |
| Legal | 98 | |
| Miscellaneous | 476 | |
| Total expenses before reductions | 529,476 | |
| Expense reductions | (2,923) | |
| Total expenses after reductions | 526,553 | |
| Net investment income (loss) | (4,682) | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 7,713,398 | |
| Fidelity Central Funds | 37 | |
| Other affiliated issuers | 97,807 | |
| Foreign currency transactions | (659) | |
| Total net realized gain (loss) | 7,810,583 | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of increase in deferred foreign taxes of $15,603) | 4,064,640 | |
| Fidelity Central Funds | 38 | |
| Other affiliated issuers | (377,630) | |
| Assets and liabilities in foreign currencies | (153) | |
| Total change in net unrealized appreciation (depreciation) | 3,686,895 | |
| Net gain (loss) | 11,497,478 | |
| Net increase (decrease) in net assets resulting from operations | $11,492,796 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Six months ended June 30, 2018 | Year ended December 31, 2017 |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $(4,682) | $123,833 |
| Net realized gain (loss) | 7,810,583 | 12,356,263 |
| Change in net unrealized appreciation (depreciation) | 3,686,895 | 18,948,672 |
| Net increase (decrease) in net assets resulting from operations | 11,492,796 | 31,428,768 |
| Distributions to shareholders from net investment income | – | (144,165) |
| Distributions to shareholders from net realized gain | (1,847,866) | (7,201,343) |
| Total distributions | (1,847,866) | (7,345,508) |
| Share transactions - net increase (decrease) | (3,256,695) | (3,575,375) |
| Total increase (decrease) in net assets | 6,388,235 | 20,507,885 |
| Net Assets | ||
| Beginning of period | 122,573,026 | 102,065,141 |
| End of period | $128,961,261 | $122,573,026 |
| Other Information | ||
| Distributions in excess of net investment income end of period | $(9,402) | $(4,720) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Contrafund
| Six months ended June 30, | Years endedDecember 31, | |||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $122.42 | $98.45 | $98.92 | $97.97 | $96.14 | $77.57 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A | (.02) | .10 | .29 | .33 | .30 | .33 |
| Net realized and unrealized gain (loss) | 11.54 | 31.42 | 2.99 | 5.89 | 8.67 | 25.70 |
| Total from investment operations | 11.52 | 31.52 | 3.28 | 6.22 | 8.97 | 26.03 |
| Distributions from net investment income | – | (.12) | (.29) | (.31) | (.25) | (.13) |
| Distributions from net realized gain | (1.86) | (7.43) | (3.46) | (4.96) | (6.89) | (7.33) |
| Total distributions | (1.86) | (7.55) | (3.75) | (5.27) | (7.14) | (7.46) |
| Net asset value, end of period | $132.08 | $122.42 | $98.45 | $98.92 | $97.97 | $96.14 |
| Total ReturnB,C | 9.53% | 32.21% | 3.36% | 6.46% | 9.56% | 34.15% |
| Ratios to Average Net AssetsD,E | ||||||
| Expenses before reductions | .85%F | .74% | .68% | .71% | .64% | .67% |
| Expenses net of fee waivers, if any | .85%F | .74% | .68% | .71% | .64% | .67% |
| Expenses net of all reductions | .84%F | .74% | .68% | .70% | .64% | .66% |
| Net investment income (loss) | (.03)%F | .08% | .29% | .33% | .31% | .37% |
| Supplemental Data | ||||||
| Net assets, end of period (in millions) | $96,592 | $89,874 | $73,035 | $77,724 | $75,057 | $74,962 |
| Portfolio turnover rateG | 34%F,H | 29%H | 41%H | 35%H | 45%H | 46% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other 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 Fidelity Central Funds.
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Contrafund Class K
| Six months ended June 30, | Years endedDecember 31, | |||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $122.35 | $98.38 | $98.84 | $97.90 | $96.07 | $77.51 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A | .04 | .20 | .38 | .43 | .40 | .42 |
| Net realized and unrealized gain (loss) | 11.53 | 31.43 | 3.01 | 5.88 | 8.68 | 25.70 |
| Total from investment operations | 11.57 | 31.63 | 3.39 | 6.31 | 9.08 | 26.12 |
| Distributions from net investment income | – | (.23) | (.39) | (.41) | (.36) | (.23) |
| Distributions from net realized gain | (1.86) | (7.43) | (3.46) | (4.96) | (6.89) | (7.33) |
| Total distributions | (1.86) | (7.66) | (3.85) | (5.37) | (7.25) | (7.56) |
| Net asset value, end of period | $132.06 | $122.35 | $98.38 | $98.84 | $97.90 | $96.07 |
| Total ReturnB,C | 9.58% | 32.34% | 3.48% | 6.55% | 9.68% | 34.30% |
| Ratios to Average Net AssetsD,E | ||||||
| Expenses before reductions | .76%F | .65% | .58% | .61% | .54% | .56% |
| Expenses net of fee waivers, if any | .76%F | .65% | .58% | .61% | .54% | .56% |
| Expenses net of all reductions | .76%F | .65% | .58% | .61% | .54% | .56% |
| Net investment income (loss) | .06%F | .17% | .39% | .43% | .41% | .48% |
| Supplemental Data | ||||||
| Net assets, end of period (in millions) | $32,369 | $32,699 | $29,031 | $31,560 | $34,479 | $35,982 |
| Portfolio turnover rateG | 34%F,H | 29%H | 41%H | 35%H | 45%H | 46% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other 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 Fidelity Central Funds.
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
(Amounts in thousands except percentages)
1. Organization.
Fidelity Contrafund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Contrafund and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the 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 Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments 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 Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the 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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the 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 the Fund's investments and ratifies the fair value determinations of the Committee.
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:
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. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
| Corporate Bonds | $ 706 | Recovery value | Recovery value | 34.4% | Increase |
| Equities | $ 1,731,048 | Market comparable | Enterprise value/Sales multiple (EV/S) | 2.0 - 12.2 / 8.9 | Increase |
| Transaction price | $9.15 - $60.00 / $52.37 | Increase | |||
| Discount rate | 6.0% - 73.0% / 17.5% | Decrease | |||
| Discount for lack of marketability | 15.0% - 25.0% / 18.7% | Decrease | |||
| Premium rate | 7.5% - 76.3% / 63.4% | Increase | |||
| Market approach | Transaction price | $0.81 - $350.00 / $98.00 | Increase | ||
| Conversion ratio | 1.6 | Increase | |||
| Discount Cash Flow | Discount rate | 9.0% | Decrease | ||
| Discount for lack of marketability | 20.0% | Decrease | |||
| Growth rate | 3.0% | Increase | |||
| Recovery value | Recovery value | 0.0% - 0.2% / 0.2% | Increase |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
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 June 30, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. 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 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 transfer agent 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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $5,064 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, redemptions in kind, partnerships, deferred trustees compensation and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $66,432,289 |
| Gross unrealized depreciation | (891,585) |
| Net unrealized appreciation (depreciation) | $65,540,704 |
| Tax cost | $64,509,086 |
Restricted Securities. The Fund 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 the Fund's Schedule of Investments.
Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, the Fund held an investment of $44,039 in these Subsidiaries, representing .03% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $21,002,997 and $24,902,172, respectively.
Redemptions In-Kind. During the period, 23,182 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash, including accrued interest, with a value of $2,942,277. The net realized gain of $1,919,080 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
Prior Fiscal Year Redemptions In-Kind. During the prior period, 34,843 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $3,859,301. The Fund had a net realized gain of $2,473,373 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Contrafund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .71% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Contrafund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net Assets(a) | |
| Contrafund | $62,283 | .13 |
| Class K | 7,490 | .05 |
| $69,773 |
(a) Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate in the amount of less than 0.05%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $470 for the period.
Interfund Trades. The Fund 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.
Prior Fiscal Year Redemptions In-Kind. During the prior period, 12,089 shares of the Fund held by an affiliated entity were redeemed in-kind for investments and cash with a value of $1,457,574. The Fund had a net realized gain of $960,358 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $179 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $12,073. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $6,725, including $412 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $2,304 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $618.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended June 30, 2018 | Year ended December 31, 2017 |
|
| From net investment income | ||
| Contrafund | $– | $84,830 |
| Class K | – | 59,335 |
| Total | $– | $144,165 |
| From net realized gain | ||
| Contrafund | $1,356,966 | $5,246,866 |
| Class K | 490,900 | 1,954,477 |
| Total | $1,847,866 | $7,201,343 |
10. 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 June 30, 2018 | Year ended December 31, 2017 | Six months ended June 30, 2018 | Year ended December 31, 2017 | |
| Contrafund | ||||
| Shares sold | 50,457 | 71,526 | $6,464,670 | $8,237,249 |
| Reinvestment of distributions | 10,540 | 42,081 | 1,287,614 | 5,053,714 |
| Shares redeemed | (63,842)(a) | (121,285)(b) | (8,195,113)(a) | (13,776,639)(b) |
| Net increase (decrease) | (2,845) | (7,678) | $(442,829) | $(485,676) |
| Class K | ||||
| Shares sold | 25,118 | 43,515 | $3,230,352 | $4,990,930 |
| Reinvestment of distributions | 4,020 | 16,789 | 490,898 | 2,013,806 |
| Shares redeemed | (51,297)(a) | (88,136)(b) | (6,535,116)(a) | (10,094,435)(b) |
| Net increase (decrease) | (22,159) | (27,832) | $(2,813,866) | $(3,089,699) |
(a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).
(b) Amount includes in-kind redemptions (see the Prior Fiscal Year Redemptions In-Kind note for additional details).
11. 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.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Contrafund and Shareholders of Fidelity Contrafund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Contrafund (one of the funds constituting Fidelity Contrafund, referred to hereafter as the "Fund") as of June 30, 2018, the related statement of operations for the six months ended June 30, 2018, the statement of changes in net assets for the six months ended June 30, 2018 and for the year ended December 31, 2017, including the related notes, and the financial highlights for the six months ended June 30, 2018 and for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2018, the results of its operations for the six months then ended, the changes in its net assets for the six months ended June 30, 2018 and for the year ended December 31, 2017 and the financial highlights for the six months ended June 30, 2018 and for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
August 10, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (January 1, 2018 to June 30, 2018).
Actual Expenses
The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 January 1, 2018 | Ending Account Value June 30, 2018 | Expenses Paid During Period-B January 1, 2018 to June 30, 2018 |
|
| Contrafund | .85% | |||
| Actual | $1,000.00 | $1,095.30 | $4.42 | |
| Hypothetical-C | $1,000.00 | $1,020.58 | $4.26 | |
| Class K | .76% | |||
| Actual | $1,000.00 | $1,095.80 | $3.95 | |
| Hypothetical-C | $1,000.00 | $1,021.03 | $3.81 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
CON-SANN-0818
1.705711.120
|
Fidelity® Contrafund® Semi-Annual Report June 30, 2018 |
|
|
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2018
| % of fund's net assets | |
| Facebook, Inc. Class A | 7.3 |
| Amazon.com, Inc. | 6.6 |
| Berkshire Hathaway, Inc. Class A | 4.6 |
| Microsoft Corp. | 3.5 |
| Alphabet, Inc. Class A | 3.2 |
| UnitedHealth Group, Inc. | 2.9 |
| Salesforce.com, Inc. | 2.9 |
| Netflix, Inc. | 2.9 |
| Alphabet, Inc. Class C | 2.8 |
| Visa, Inc. Class A | 2.7 |
| 39.4 |
Top Five Market Sectors as of June 30, 2018
| % of fund's net assets | |
| Information Technology | 42.1 |
| Consumer Discretionary | 16.0 |
| Financials | 15.7 |
| Health Care | 9.4 |
| Industrials | 5.6 |
Asset Allocation (% of fund's net assets)
| As of June 30, 2018 * | ||
| Stocks | 96.3% | |
| Bonds | 0.2% | |
| Convertible Securities | 1.2% | |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.3% | |
* Foreign investments - 6.0%
Schedule of Investments June 30, 2018
Showing Percentage of Net Assets
| Common Stocks - 96.3% | |||
| Shares | Value (000s) | ||
| CONSUMER DISCRETIONARY - 15.9% | |||
| Automobiles - 0.7% | |||
| Mahindra & Mahindra Ltd. | 8,654,702 | $113,487 | |
| Maruti Suzuki India Ltd. | 1,533,074 | 197,638 | |
| Tesla, Inc. (a)(b) | 1,580,919 | 542,176 | |
| Toyota Motor Corp. | 1,289,300 | 83,378 | |
| 936,679 | |||
| Diversified Consumer Services - 0.3% | |||
| Chegg, Inc. (a) | 2,947,847 | 81,921 | |
| Weight Watchers International, Inc. (a) | 2,631,844 | 266,079 | |
| 348,000 | |||
| Hotels, Restaurants & Leisure - 1.8% | |||
| Chipotle Mexican Grill, Inc. (a) | 280,511 | 121,004 | |
| Domino's Pizza, Inc. | 388,595 | 109,650 | |
| Eldorado Resorts, Inc. (a) | 428,015 | 16,735 | |
| Hilton Worldwide Holdings, Inc. | 5,799,129 | 459,059 | |
| Las Vegas Sands Corp. | 1,097,624 | 83,815 | |
| Marriott International, Inc. Class A | 4,987,156 | 631,374 | |
| McDonald's Corp. | 4,825,982 | 756,183 | |
| Shake Shack, Inc. Class A (a) | 213,701 | 14,143 | |
| U.S. Foods Holding Corp. (a) | 1,147,245 | 43,389 | |
| Vail Resorts, Inc. | 126,062 | 34,565 | |
| 2,269,917 | |||
| Household Durables - 0.0% | |||
| Mohawk Industries, Inc. (a) | 126,247 | 27,051 | |
| Internet & Direct Marketing Retail - 10.1% | |||
| Amazon.com, Inc. (a) | 5,001,217 | 8,501,069 | |
| Netflix, Inc. (a) | 9,522,855 | 3,727,531 | |
| Ocado Group PLC (a) | 493,914 | 6,698 | |
| Start Today Co. Ltd. | 1,985,000 | 71,985 | |
| The Booking Holdings, Inc. (a) | 379,594 | 769,471 | |
| 13,076,754 | |||
| Leisure Products - 0.0% | |||
| Spin Master Corp. (a)(c) | 184,440 | 8,178 | |
| Media - 0.7% | |||
| Discovery Communications, Inc. Class A (a) | 651,645 | 17,920 | |
| Liberty Media Corp.: | |||
| Liberty Formula One Group Series C (a) | 7,664,091 | 284,568 | |
| Liberty SiriusXM Series C (a) | 4,962,101 | 225,081 | |
| Live Nation Entertainment, Inc. (a) | 628,114 | 30,507 | |
| Sirius XM Holdings, Inc. (b) | 25,839,988 | 174,937 | |
| The Walt Disney Co. | 1,232,434 | 129,171 | |
| Weinstein Co. Holdings LLC Class A-1 (a)(d)(e)(f) | 41,234 | 0 | |
| 862,184 | |||
| Multiline Retail - 0.1% | |||
| Ollie's Bargain Outlet Holdings, Inc. (a) | 805,323 | 58,386 | |
| Specialty Retail - 1.3% | |||
| Burlington Stores, Inc. (a) | 546,261 | 82,229 | |
| Home Depot, Inc. | 4,973,574 | 970,344 | |
| TJX Companies, Inc. | 5,870,751 | 558,778 | |
| Urban Outfitters, Inc. (a) | 1,465,179 | 65,274 | |
| 1,676,625 | |||
| Textiles, Apparel & Luxury Goods - 0.9% | |||
| adidas AG | 1,773,827 | 387,262 | |
| Canada Goose Holdings, Inc. (a) | 642,825 | 37,807 | |
| Kering SA | 248,234 | 140,190 | |
| lululemon athletica, Inc. (a) | 421,125 | 52,577 | |
| LVMH Moet Hennessy - Louis Vuitton SA | 229,781 | 76,292 | |
| NIKE, Inc. Class B | 3,442,924 | 274,332 | |
| PVH Corp. | 294,873 | 44,148 | |
| Ralph Lauren Corp. | 99,962 | 12,567 | |
| Tapestry, Inc. | 1,666,953 | 77,863 | |
| VF Corp. | 1,356,215 | 110,559 | |
| 1,213,597 | |||
| TOTAL CONSUMER DISCRETIONARY | 20,477,371 | ||
| CONSUMER STAPLES - 2.2% | |||
| Beverages - 0.5% | |||
| Constellation Brands, Inc. Class A (sub. vtg.) | 1,137,743 | 249,018 | |
| Dr. Pepper Snapple Group, Inc. | 789,998 | 96,380 | |
| Kweichow Moutai Co. Ltd. (A Shares) | 580,700 | 64,153 | |
| Monster Beverage Corp. (a) | 1,534,008 | 87,899 | |
| The Coca-Cola Co. | 4,079,321 | 178,919 | |
| 676,369 | |||
| Food & Staples Retailing - 0.4% | |||
| Costco Wholesale Corp. | 2,107,473 | 440,420 | |
| Performance Food Group Co. (a) | 1,401,668 | 51,441 | |
| Tesco PLC | 6,313,817 | 21,363 | |
| 513,224 | |||
| Food Products - 0.1% | |||
| Post Holdings, Inc. (a) | 152,337 | 13,104 | |
| The Simply Good Foods Co. | 2,037,486 | 29,421 | |
| 42,525 | |||
| Household Products - 0.1% | |||
| Colgate-Palmolive Co. | 2,452,204 | 158,927 | |
| Personal Products - 1.1% | |||
| Estee Lauder Companies, Inc. Class A | 8,420,460 | 1,201,515 | |
| Kao Corp. | 1,052,800 | 80,352 | |
| L'Oreal SA (a) | 226,916 | 56,046 | |
| Shiseido Co. Ltd. | 1,216,300 | 96,654 | |
| 1,434,567 | |||
| TOTAL CONSUMER STAPLES | 2,825,612 | ||
| ENERGY - 4.1% | |||
| Oil, Gas & Consumable Fuels - 4.1% | |||
| Birchcliff Energy Ltd. (g) | 21,740,031 | 79,707 | |
| Birchcliff Energy Ltd. (a)(c)(g) | 686,127 | 2,516 | |
| BP PLC | 23,623,933 | 179,743 | |
| Canadian Natural Resources Ltd. | 8,305,046 | 299,756 | |
| Centennial Resource Development, Inc.: | |||
| Class A (a)(g) | 5,188,000 | 93,695 | |
| Class A (a)(g) | 14,800,645 | 267,300 | |
| Class A (a)(e)(g) | 2,340,926 | 42,277 | |
| Cheniere Energy, Inc. (a) | 996,300 | 64,949 | |
| Chevron Corp. | 945,989 | 119,601 | |
| Concho Resources, Inc. (a) | 1,716,645 | 237,498 | |
| ConocoPhillips Co. | 5,937,368 | 413,360 | |
| Continental Resources, Inc. (a) | 4,873,964 | 315,638 | |
| Delek U.S. Holdings, Inc. | 34,594 | 1,736 | |
| Diamondback Energy, Inc. | 2,773,208 | 364,871 | |
| Encana Corp. | 7,640,391 | 99,787 | |
| EOG Resources, Inc. | 7,305,958 | 909,080 | |
| Hess Corp. | 5,089,016 | 340,404 | |
| Marathon Oil Corp. | 444,453 | 9,271 | |
| Occidental Petroleum Corp. | 1,027,615 | 85,991 | |
| Phillips 66 Co. | 3,289,492 | 369,443 | |
| Pioneer Natural Resources Co. | 588,665 | 111,399 | |
| PrairieSky Royalty Ltd. (b) | 1,773,599 | 35,009 | |
| Reliance Industries Ltd. | 25,378,639 | 360,495 | |
| Suncor Energy, Inc. | 2,765,366 | 112,537 | |
| Valero Energy Corp. | 2,623,285 | 290,739 | |
| Whiting Petroleum Corp. (a) | 273,059 | 14,396 | |
| 5,221,198 | |||
| FINANCIALS - 15.7% | |||
| Banks - 7.7% | |||
| Bank Ireland Group PLC | 3,225,732 | 25,182 | |
| Bank of America Corp. | 78,711,225 | 2,218,869 | |
| Citigroup, Inc. | 35,819,095 | 2,397,014 | |
| HDFC Bank Ltd. sponsored ADR | 5,575,769 | 585,567 | |
| JPMorgan Chase & Co. | 22,928,321 | 2,389,131 | |
| Kotak Mahindra Bank Ltd. (a) | 11,135,666 | 218,444 | |
| M&T Bank Corp. | 1,497,045 | 254,722 | |
| Metro Bank PLC (a)(b)(g) | 5,807,436 | 248,019 | |
| PNC Financial Services Group, Inc. | 2,243,974 | 303,161 | |
| Royal Bank of Canada | 638,249 | 48,059 | |
| The Toronto-Dominion Bank | 2,120,303 | 122,720 | |
| U.S. Bancorp | 2,387,428 | 119,419 | |
| Wells Fargo & Co. | 19,154,648 | 1,061,934 | |
| 9,992,241 | |||
| Capital Markets - 2.4% | |||
| Bank of New York Mellon Corp. | 9,655,644 | 520,729 | |
| BlackRock, Inc. Class A | 464,629 | 231,868 | |
| Charles Schwab Corp. | 13,971,684 | 713,953 | |
| IntercontinentalExchange, Inc. | 1,298,696 | 95,519 | |
| Morgan Stanley | 15,647,121 | 741,674 | |
| MSCI, Inc. | 1,741,167 | 288,041 | |
| Oaktree Capital Group LLC Class A | 2,058,636 | 83,684 | |
| S&P Global, Inc. | 1,742,621 | 355,303 | |
| 3,030,771 | |||
| Consumer Finance - 0.5% | |||
| American Express Co. | 3,751,889 | 367,685 | |
| Synchrony Financial | 8,888,770 | 296,707 | |
| 664,392 | |||
| Diversified Financial Services - 4.6% | |||
| Berkshire Hathaway, Inc. Class A (a) | 21,044 | 5,935,250 | |
| Insurance - 0.5% | |||
| Admiral Group PLC | 4,581,953 | 115,347 | |
| AIA Group Ltd. | 6,629,000 | 57,962 | |
| American International Group, Inc. | 477,113 | 25,297 | |
| Chubb Ltd. | 2,283,711 | 290,077 | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | 176,812 | 99,076 | |
| The Travelers Companies, Inc. | 436,222 | 53,367 | |
| 641,126 | |||
| TOTAL FINANCIALS | 20,263,780 | ||
| HEALTH CARE - 9.0% | |||
| Biotechnology - 1.9% | |||
| Acceleron Pharma, Inc. (a) | 218,800 | 10,616 | |
| Agios Pharmaceuticals, Inc. (a) | 1,428,561 | 120,328 | |
| Alnylam Pharmaceuticals, Inc. (a) | 237,383 | 23,380 | |
| Amgen, Inc. | 679,774 | 125,479 | |
| AnaptysBio, Inc. (a) | 284,003 | 20,176 | |
| Arena Pharmaceuticals, Inc. (a) | 1,211,940 | 52,841 | |
| Array BioPharma, Inc. (a) | 1,737,646 | 29,158 | |
| bluebird bio, Inc. (a) | 173,183 | 27,181 | |
| Celgene Corp. (a) | 332,508 | 26,408 | |
| CSL Ltd. | 70,013 | 9,980 | |
| FibroGen, Inc. (a) | 2,250,643 | 140,890 | |
| Genmab A/S (a) | 342,699 | 52,899 | |
| Gilead Sciences, Inc. | 4,879,243 | 345,646 | |
| Heron Therapeutics, Inc. (a) | 634,290 | 24,642 | |
| Insmed, Inc. (a) | 964,617 | 22,813 | |
| Intrexon Corp. (a)(b) | 3,137,459 | 43,736 | |
| Neurocrine Biosciences, Inc. (a) | 2,956,801 | 290,476 | |
| Regeneron Pharmaceuticals, Inc. (a) | 435,295 | 150,172 | |
| Sage Therapeutics, Inc. (a) | 410,036 | 64,183 | |
| Sarepta Therapeutics, Inc. (a) | 165,787 | 21,914 | |
| Vertex Pharmaceuticals, Inc. (a) | 4,915,729 | 835,477 | |
| Wuxi Biologics (Cayman), Inc. | 906,500 | 10,093 | |
| 2,448,488 | |||
| Health Care Equipment & Supplies - 2.1% | |||
| Abiomed, Inc. (a) | 208,168 | 85,151 | |
| Align Technology, Inc. (a) | 52,442 | 17,943 | |
| Baxter International, Inc. | 7,687,980 | 567,680 | |
| Becton, Dickinson & Co. | 667,437 | 159,891 | |
| Boston Scientific Corp. (a) | 17,053,409 | 557,646 | |
| Danaher Corp. | 3,091,229 | 305,042 | |
| DexCom, Inc. (a) | 730,878 | 69,419 | |
| Edwards Lifesciences Corp. (a) | 1,947,833 | 283,546 | |
| Intuitive Surgical, Inc. (a) | 1,077,240 | 515,438 | |
| Penumbra, Inc. (a) | 378,961 | 52,353 | |
| ResMed, Inc. | 950,760 | 98,480 | |
| Sonova Holding AG Class B | 57,693 | 10,361 | |
| Stryker Corp. | 405,626 | 68,494 | |
| 2,791,444 | |||
| Health Care Providers & Services - 3.5% | |||
| Anthem, Inc. | 445,691 | 106,088 | |
| Centene Corp. (a) | 104,152 | 12,833 | |
| HealthEquity, Inc. (a) | 1,894,884 | 142,306 | |
| Humana, Inc. | 1,387,428 | 412,940 | |
| National Vision Holdings, Inc. | 2,216,049 | 81,041 | |
| OptiNose, Inc. | 137,633 | 3,851 | |
| UnitedHealth Group, Inc. | 15,559,805 | 3,817,443 | |
| 4,576,502 | |||
| Health Care Technology - 0.1% | |||
| Veeva Systems, Inc. Class A (a) | 1,197,434 | 92,035 | |
| Life Sciences Tools & Services - 0.9% | |||
| Mettler-Toledo International, Inc. (a)(g) | 1,532,017 | 886,471 | |
| Morphosys AG (a) | 117,520 | 14,410 | |
| PRA Health Sciences, Inc. (a) | 954,256 | 89,089 | |
| Thermo Fisher Scientific, Inc. | 656,894 | 136,069 | |
| 1,126,039 | |||
| Pharmaceuticals - 0.5% | |||
| AstraZeneca PLC sponsored ADR | 1,203,169 | 42,243 | |
| Idorsia Ltd. | 32,730 | 869 | |
| Ipsen SA | 145,238 | 22,787 | |
| Jazz Pharmaceuticals PLC (a) | 347,397 | 59,857 | |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | 909,300 | 10,405 | |
| MyoKardia, Inc. (a) | 197,805 | 9,821 | |
| Nektar Therapeutics (a) | 3,805,552 | 185,825 | |
| Roche Holding AG (participation certificate) | 329,481 | 73,098 | |
| Supernus Pharmaceuticals, Inc. (a) | 221,872 | 13,279 | |
| Teva Pharmaceutical Industries Ltd. sponsored ADR | 6,372,016 | 154,967 | |
| Zoetis, Inc. Class A | 454,745 | 38,740 | |
| 611,891 | |||
| TOTAL HEALTH CARE | 11,646,399 | ||
| INDUSTRIALS - 5.5% | |||
| Aerospace & Defense - 1.1% | |||
| Harris Corp. | 203,363 | 29,394 | |
| Northrop Grumman Corp. | 1,201,466 | 369,691 | |
| Raytheon Co. | 1,739,862 | 336,107 | |
| Space Exploration Technologies Corp.: | |||
| Class A (a)(e)(f) | 295,578 | 49,953 | |
| Class C (e)(f) | 12,991 | 2,195 | |
| The Boeing Co. | 1,673,116 | 561,347 | |
| TransDigm Group, Inc. | 197,267 | 68,085 | |
| 1,416,772 | |||
| Air Freight & Logistics - 0.5% | |||
| Expeditors International of Washington, Inc. | 1,097,724 | 80,244 | |
| FedEx Corp. | 1,579,996 | 358,754 | |
| XPO Logistics, Inc. (a) | 2,196,150 | 220,010 | |
| 659,008 | |||
| Airlines - 0.5% | |||
| Ryanair Holdings PLC sponsored ADR (a) | 4,051,091 | 462,756 | |
| Southwest Airlines Co. | 2,770,158 | 140,946 | |
| Wizz Air Holdings PLC (a)(c) | 275,864 | 13,107 | |
| 616,809 | |||
| Building Products - 0.4% | |||
| A.O. Smith Corp. | 353,904 | 20,933 | |
| Jeld-Wen Holding, Inc. (a) | 4,300,673 | 122,956 | |
| Masco Corp. | 5,395,885 | 201,914 | |
| Toto Ltd. | 3,053,300 | 141,751 | |
| 487,554 | |||
| Commercial Services & Supplies - 0.3% | |||
| Cintas Corp. | 1,206,644 | 223,314 | |
| Clean TeQ Holdings Ltd. (a)(b)(g) | 43,226,369 | 25,752 | |
| Copart, Inc. (a) | 626,762 | 35,450 | |
| TulCo LLC (d)(e)(f) | 125,827 | 44,039 | |
| 328,555 | |||
| Electrical Equipment - 0.5% | |||
| AMETEK, Inc. | 950,206 | 68,567 | |
| Fortive Corp. | 7,891,861 | 608,541 | |
| Melrose Industries PLC | 11,832,248 | 33,214 | |
| 710,322 | |||
| Industrial Conglomerates - 0.6% | |||
| 3M Co. | 2,204,487 | 433,667 | |
| General Electric Co. | 19,995,734 | 272,142 | |
| Roper Technologies, Inc. | 85,548 | 23,604 | |
| 729,413 | |||
| Machinery - 0.6% | |||
| Caterpillar, Inc. | 487,278 | 66,109 | |
| Deere & Co. | 2,852,925 | 398,839 | |
| Gardner Denver Holdings, Inc. (a) | 2,747,935 | 80,762 | |
| IDEX Corp. | 79,964 | 10,913 | |
| Illinois Tool Works, Inc. | 49,463 | 6,853 | |
| PACCAR, Inc. | 1,583,196 | 98,095 | |
| Parker Hannifin Corp. | 215,345 | 33,562 | |
| Rexnord Corp. (a) | 1,977,894 | 57,478 | |
| Xylem, Inc. | 481,272 | 32,428 | |
| 785,039 | |||
| Professional Services - 0.5% | |||
| CoStar Group, Inc. (a) | 123,938 | 51,141 | |
| FTI Consulting, Inc. (a) | 1,168,449 | 70,668 | |
| IHS Markit Ltd. (a) | 1,936,608 | 99,910 | |
| Recruit Holdings Co. Ltd. | 2,432,300 | 67,357 | |
| Robert Half International, Inc. | 553,253 | 36,017 | |
| SR Teleperformance SA | 86,602 | 15,302 | |
| TransUnion Holding Co., Inc. | 4,694,729 | 336,330 | |
| 676,725 | |||
| Road & Rail - 0.3% | |||
| CSX Corp. | 6,214,702 | 396,374 | |
| Trading Companies & Distributors - 0.2% | |||
| Air Lease Corp. Class A | 1,470,761 | 61,728 | |
| HD Supply Holdings, Inc. (a) | 303,677 | 13,025 | |
| W.W. Grainger, Inc. | 755,969 | 233,141 | |
| 307,894 | |||
| TOTAL INDUSTRIALS | 7,114,465 | ||
| INFORMATION TECHNOLOGY - 41.5% | |||
| Communications Equipment - 0.3% | |||
| Arista Networks, Inc. (a) | 1,489,130 | 383,436 | |
| Electronic Equipment & Components - 1.6% | |||
| Amphenol Corp. Class A (g) | 22,203,661 | 1,935,049 | |
| CDW Corp. | 241,682 | 19,525 | |
| Dolby Laboratories, Inc. Class A | 1,271,695 | 78,451 | |
| FLIR Systems, Inc. | 231,637 | 12,038 | |
| Keyence Corp. | 40,000 | 22,602 | |
| Zebra Technologies Corp. Class A (a) | 149,567 | 21,425 | |
| 2,089,090 | |||
| Internet Software & Services - 14.7% | |||
| Alibaba Group Holding Ltd. sponsored ADR (a) | 669,900 | 124,287 | |
| Alphabet, Inc.: | |||
| Class A (a) | 3,585,616 | 4,048,842 | |
| Class C (a) | 3,274,247 | 3,652,914 | |
| CarGurus, Inc. Class A | 1,666,164 | 57,883 | |
| Coupa Software, Inc. (a) | 559,752 | 34,839 | |
| DocuSign, Inc. (b) | 164,808 | 8,727 | |
| Dropbox, Inc.: | |||
| Class A (a)(b) | 868,375 | 28,153 | |
| Class B | 4,948,873 | 152,420 | |
| eBay, Inc. (a) | 6,976,722 | 252,976 | |
| Facebook, Inc. Class A (a) | 48,391,097 | 9,403,349 | |
| GoDaddy, Inc. (a) | 1,252,587 | 88,433 | |
| GrubHub, Inc. (a)(b) | 631,413 | 66,242 | |
| LogMeIn, Inc. | 1,192,011 | 123,075 | |
| Mercari, Inc. (a) | 280,000 | 11,469 | |
| MongoDB, Inc. Class A (b) | 826,067 | 40,998 | |
| New Relic, Inc. (a) | 1,683,551 | 169,348 | |
| Nutanix, Inc.: | |||
| Class A (a) | 213,791 | 11,025 | |
| Class B (a)(c) | 3,060,752 | 157,843 | |
| Okta, Inc. (a) | 2,402,797 | 121,029 | |
| Shopify, Inc. Class A (a) | 1,082,818 | 157,903 | |
| Spotify Technology SA (a) | 214,613 | 36,106 | |
| Tencent Holdings Ltd. | 5,027,600 | 252,463 | |
| Wix.com Ltd. (a) | 310,964 | 31,190 | |
| 19,031,514 | |||
| IT Services - 7.0% | |||
| Accenture PLC Class A | 1,069,736 | 174,998 | |
| Adyen BV (a)(c) | 117,801 | 64,898 | |
| ASAC II LP (a)(e)(f) | 39,494,500 | 6,635 | |
| EPAM Systems, Inc. (a) | 717,141 | 89,162 | |
| Fiserv, Inc. (a) | 3,432,152 | 254,288 | |
| FleetCor Technologies, Inc. (a) | 441,619 | 93,027 | |
| Global Payments, Inc. | 2,541,167 | 283,315 | |
| MasterCard, Inc. Class A | 11,860,099 | 2,330,747 | |
| Netcompany Group A/S | 476,500 | 17,454 | |
| PayPal Holdings, Inc. (a) | 24,628,399 | 2,050,807 | |
| Square, Inc. (a) | 816,563 | 50,333 | |
| Visa, Inc. Class A | 26,614,063 | 3,525,033 | |
| Worldpay, Inc. (a) | 547,880 | 44,806 | |
| 8,985,503 | |||
| Semiconductors & Semiconductor Equipment - 1.6% | |||
| Advanced Micro Devices, Inc. (a)(b) | 6,530,413 | 97,891 | |
| Analog Devices, Inc. | 975,225 | 93,544 | |
| Intel Corp. | 6,373,541 | 316,829 | |
| NVIDIA Corp. | 4,170,339 | 987,953 | |
| Qorvo, Inc. (a) | 119,515 | 9,582 | |
| Texas Instruments, Inc. | 4,977,961 | 548,820 | |
| 2,054,619 | |||
| Software - 13.9% | |||
| Activision Blizzard, Inc. | 30,272,053 | 2,310,363 | |
| Adobe Systems, Inc. (a) | 12,587,217 | 3,068,889 | |
| Atlassian Corp. PLC (a) | 3,457,865 | 216,186 | |
| Black Knight, Inc. (a) | 595,859 | 31,908 | |
| CDK Global, Inc. | 1,442,749 | 93,851 | |
| Ceridian HCM Holding, Inc. (b) | 417,327 | 13,851 | |
| Constellation Software, Inc. | 60,866 | 47,203 | |
| Electronic Arts, Inc. (a) | 6,842,061 | 964,867 | |
| Intuit, Inc. | 1,450,509 | 296,346 | |
| Microsoft Corp. | 46,127,205 | 4,548,604 | |
| Parametric Technology Corp. (a) | 713,193 | 66,905 | |
| Paycom Software, Inc. (a)(b) | 1,695,702 | 167,586 | |
| RealPage, Inc. (a) | 1,097,895 | 60,494 | |
| Red Hat, Inc. (a) | 2,151,515 | 289,099 | |
| RingCentral, Inc. (a) | 2,305,627 | 162,201 | |
| Salesforce.com, Inc. (a) | 27,363,367 | 3,732,363 | |
| Splunk, Inc. (a) | 304,665 | 30,195 | |
| SS&C Technologies Holdings, Inc. | 4,352,365 | 225,888 | |
| Tableau Software, Inc. (a) | 917,504 | 89,686 | |
| Tanium, Inc. Class B (a)(e)(f) | 2,944,100 | 19,976 | |
| Trion World, Inc. (a)(e)(f) | 4,607,810 | 0 | |
| Trion World, Inc. warrants 10/3/18 (a)(e)(f) | 183,516 | 0 | |
| Ultimate Software Group, Inc. (a) | 1,414,309 | 363,916 | |
| Workday, Inc. Class A (a) | 8,491,642 | 1,028,508 | |
| Zendesk, Inc. (a) | 1,152,983 | 62,826 | |
| Zscaler, Inc. (a)(b) | 429,495 | 15,354 | |
| 17,907,065 | |||
| Technology Hardware, Storage & Peripherals - 2.4% | |||
| Apple, Inc. | 16,011,908 | 2,963,964 | |
| HP, Inc. | 4,517,363 | 102,499 | |
| Logitech International SA | 495,306 | 21,744 | |
| Pure Storage, Inc. Class A (a) | 1,707,000 | 40,763 | |
| 3,128,970 | |||
| TOTAL INFORMATION TECHNOLOGY | 53,580,197 | ||
| MATERIALS - 2.2% | |||
| Chemicals - 1.3% | |||
| Air Products & Chemicals, Inc. | 1,799,798 | 280,283 | |
| DowDuPont, Inc. | 9,536,815 | 628,667 | |
| Ecolab, Inc. | 155,862 | 21,872 | |
| Growmax Resources Corp. (a)(c) | 3,363,563 | 281 | |
| LyondellBasell Industries NV Class A | 1,576,306 | 173,157 | |
| Sherwin-Williams Co. | 1,016,435 | 414,268 | |
| Westlake Chemical Corp. | 2,038,880 | 219,445 | |
| 1,737,973 | |||
| Containers & Packaging - 0.2% | |||
| WestRock Co. | 3,538,666 | 201,775 | |
| Metals & Mining - 0.7% | |||
| ArcelorMittal SA Class A unit (b) | 1,480,840 | 42,619 | |
| B2Gold Corp. (a)(g) | 53,804,659 | 139,561 | |
| BHP Billiton Ltd. | 1,539,273 | 38,516 | |
| Franco-Nevada Corp. | 3,911,426 | 285,476 | |
| Ivanhoe Mines Ltd. (a)(g) | 50,054,410 | 102,801 | |
| Ivanhoe Mines Ltd. (a)(c)(g) | 14,394,909 | 29,564 | |
| Kirkland Lake Gold Ltd. | 4,264,416 | 90,306 | |
| Newcrest Mining Ltd. | 1,958,497 | 31,597 | |
| Novagold Resources, Inc. (a) | 7,923,823 | 35,501 | |
| Nucor Corp. | 739,476 | 46,217 | |
| Steel Dynamics, Inc. | 1,406,546 | 64,631 | |
| 906,789 | |||
| TOTAL MATERIALS | 2,846,537 | ||
| REAL ESTATE - 0.1% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.0% | |||
| American Tower Corp. | 198,701 | 28,647 | |
| Real Estate Management & Development - 0.1% | |||
| Five Point Holdings LLC Class A (a) | 2,097,579 | 23,598 | |
| WeWork Companies, Inc. Class A (a)(e)(f) | 607,163 | 32,926 | |
| 56,524 | |||
| TOTAL REAL ESTATE | 85,171 | ||
| TELECOMMUNICATION SERVICES - 0.1% | |||
| Wireless Telecommunication Services - 0.1% | |||
| T-Mobile U.S., Inc. (a) | 1,826,577 | 109,138 | |
| UTILITIES - 0.0% | |||
| Electric Utilities - 0.0% | |||
| Vistra Energy Corp. (a) | 515,249 | 12,191 | |
| Independent Power and Renewable Electricity Producers - 0.0% | |||
| NRG Energy, Inc. | 313,855 | 9,635 | |
| TOTAL UTILITIES | 21,826 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $59,124,329) | 124,191,694 | ||
| Convertible Preferred Stocks - 1.2% | |||
| CONSUMER DISCRETIONARY - 0.1% | |||
| Diversified Consumer Services - 0.1% | |||
| Airbnb, Inc.: | |||
| Series D (a)(e)(f) | 578,817 | 70,118 | |
| Series E (a)(e)(f) | 388,853 | 47,106 | |
| Handy Technologies, Inc. Series C (a)(e)(f) | 3,537,042 | 20,727 | |
| 137,951 | |||
| Textiles, Apparel & Luxury Goods - 0.0% | |||
| Generation Bio Series B (e)(f) | 2,430,600 | 22,230 | |
| TOTAL CONSUMER DISCRETIONARY | 160,181 | ||
| CONSUMER STAPLES - 0.0% | |||
| Food & Staples Retailing - 0.0% | |||
| Roofoods Ltd. Series F (e)(f) | 154,611 | 60,380 | |
| HEALTH CARE - 0.2% | |||
| Biotechnology - 0.1% | |||
| 23andMe, Inc.: | |||
| Series E (a)(e)(f) | 664,987 | 10,660 | |
| Series F (e)(f) | 3,348,986 | 53,684 | |
| Intarcia Therapeutics, Inc. Series CC (a)(e)(f) | 2,100,446 | 126,027 | |
| 190,371 | |||
| Health Care Providers & Services - 0.1% | |||
| Get Heal, Inc. Series B (a)(e)(f) | 35,877,127 | 1,794 | |
| Mulberry Health, Inc.: | |||
| Series A (e)(f) | 600,009 | 4,281 | |
| Series A8 (a)(e)(f) | 7,960,894 | 56,800 | |
| Series AA (e)(f) | 49,783 | 355 | |
| 63,230 | |||
| TOTAL HEALTH CARE | 253,601 | ||
| INDUSTRIALS - 0.1% | |||
| Aerospace & Defense - 0.1% | |||
| Space Exploration Technologies Corp.: | |||
| Series G (a)(e)(f) | 558,215 | 94,338 | |
| Series H (e)(f) | 120,282 | 20,328 | |
| 114,666 | |||
| INFORMATION TECHNOLOGY - 0.6% | |||
| Internet Software & Services - 0.5% | |||
| Lyft, Inc.: | |||
| Series H (e)(f) | 1,553,259 | 73,553 | |
| Series I (e)(f) | 1,380,203 | 65,358 | |
| Pinterest, Inc.: | |||
| Series E, 8.00% (a)(e)(f) | 54,841,080 | 325,208 | |
| Series F, 8.00% (a)(e)(f) | 3,455,720 | 20,492 | |
| Series G, 8.00% (a)(e)(f) | 4,301,275 | 25,507 | |
| Uber Technologies, Inc. Series D, 8.00% (a)(e)(f) | 2,040,465 | 81,619 | |
| 591,737 | |||
| Software - 0.1% | |||
| Carbon, Inc. Series D (f) | 915,425 | 21,376 | |
| Cloudflare, Inc. Series D, 8.00% (a)(e)(f) | 4,303,714 | 33,612 | |
| Delphix Corp. Series D (a)(e)(f) | 3,712,687 | 26,954 | |
| 81,942 | |||
| TOTAL INFORMATION TECHNOLOGY | 673,679 | ||
| REAL ESTATE - 0.2% | |||
| Real Estate Management & Development - 0.2% | |||
| WeWork Companies, Inc.: | |||
| Series E (a)(e)(f) | 5,464,465 | 296,338 | |
| Series F (a)(e)(f) | 253,732 | 13,760 | |
| 310,098 | |||
| TELECOMMUNICATION SERVICES - 0.0% | |||
| Wireless Telecommunication Services - 0.0% | |||
| Altiostar Networks, Inc. Series A1 (a)(e)(f) | 2,124,227 | 2,719 | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | |||
| (Cost $1,012,925) | 1,575,324 | ||
| Principal Amount (000s) | Value (000s) | ||
| Corporate Bonds - 0.2% | |||
| Convertible Bonds - 0.0% | |||
| INFORMATION TECHNOLOGY - 0.0% | |||
| Software - 0.0% | |||
| Trion World, Inc. 10% 10/10/19 pay-in-kind (e)(f)(h) | 2,054 | 706 | |
| Nonconvertible Bonds - 0.2% | |||
| HEALTH CARE - 0.2% | |||
| Pharmaceuticals - 0.2% | |||
| Valeant Pharmaceuticals International, Inc.: | |||
| 6.125% 4/15/25 (c) | 110,540 | 101,835 | |
| 9% 12/15/25 (c) | 114,036 | 118,312 | |
| 220,147 | |||
| TOTAL CORPORATE BONDS | |||
| (Cost $218,369) | 220,853 | ||
| Shares | Value (000s) | ||
| Money Market Funds - 3.1% | |||
| Fidelity Cash Central Fund, 1.93% (i) | 3,340,471,464 | 3,341,140 | |
| Fidelity Securities Lending Cash Central Fund 1.92% (i)(j) | 720,634,498 | 720,779 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $4,061,846) | 4,061,919 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.8% | |||
| (Cost $64,417,469) | 130,049,790 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.8)% | (1,088,529) | ||
| NET ASSETS - 100% | $128,961,261 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $496,534,000 or 0.4% of net assets.
(d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,752,655,000 or 1.4% of net assets.
(f) Level 3 security
(g) Affiliated company
(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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.
(j) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost (000s) |
| 23andMe, Inc. Series E | 6/18/15 | $7,200 |
| 23andMe, Inc. Series F | 8/31/17 | $46,498 |
| Airbnb, Inc. Series D | 4/16/14 | $23,565 |
| Airbnb, Inc. Series E | 6/29/15 | $36,200 |
| Altiostar Networks, Inc. Series A1 | 1/10/17 | $9,771 |
| ASAC II LP | 10/10/13 | $3,041 |
| Centennial Resource Development, Inc. Class A | 12/28/16 | $34,037 |
| Cloudflare, Inc. Series D, 8.00% | 11/5/14 - 6/24/15 | $26,827 |
| Delphix Corp. Series D | 7/10/15 | $33,414 |
| Generation Bio Series B | 2/21/18 | $22,230 |
| Get Heal, Inc. Series B | 11/7/16 | $10,944 |
| Handy Technologies, Inc. Series C | 10/14/15 | $20,727 |
| Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $28,629 |
| Lyft, Inc. Series H | 11/22/17 | $61,736 |
| Lyft, Inc. Series I | 6/27/18 | $65,358 |
| Mulberry Health, Inc. Series A | 3/23/18 | $4,281 |
| Mulberry Health, Inc. Series A8 | 1/20/16 | $53,774 |
| Mulberry Health, Inc. Series AA | 3/23/18 | $145 |
| Pinterest, Inc. Series E, 8.00% | 10/23/13 | $159,376 |
| Pinterest, Inc. Series F, 8.00% | 5/15/14 | $11,739 |
| Pinterest, Inc. Series G, 8.00% | 2/27/15 | $30,879 |
| Roofoods Ltd. Series F | 9/12/17 | $54,666 |
| Space Exploration Technologies Corp. Class A | 10/16/15 - 9/11/17 | $30,689 |
| Space Exploration Technologies Corp. Class C | 9/11/17 | $1,754 |
| Space Exploration Technologies Corp. Series G | 1/20/15 | $43,239 |
| Space Exploration Technologies Corp. Series H | 8/4/17 | $16,238 |
| Tanium, Inc. Class B | 4/21/17 | $14,615 |
| Trion World, Inc. | 8/22/08 - 3/20/13 | $25,151 |
| Trion World, Inc. warrants 10/3/18 | 10/10/13 | $0 |
| Trion World, Inc. 10% 10/10/19 pay-in-kind | 10/10/13 - 4/10/18 | $2,051 |
| TulCo LLC | 8/24/17 - 12/14/17 | $44,039 |
| Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $31,654 |
| Weinstein Co. Holdings LLC Class A-1 | 10/19/05 | $41,234 |
| WeWork Companies, Inc. Class A | 6/23/15 | $19,969 |
| WeWork Companies, Inc. Series E | 6/23/15 | $179,724 |
| WeWork Companies, Inc. Series F | 12/1/16 | $12,735 |
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 |
| (Amounts in thousands) | |
| Fidelity Cash Central Fund | $20,480 |
| Fidelity Securities Lending Cash Central Fund | 6,725 |
| Total | $27,205 |
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.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
| Affiliate (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds(a) | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Amphenol Corp. Class A | $2,007,425 | $-- | $57,282 | $9,443 | $42,987 | $(58,081) | $1,935,049 |
| B2Gold Corp. | 153,772 | 16,481 | 3,601 | -- | 2,034 | (29,125) | 139,561 |
| Birchcliff Energy Ltd. | 73,246 | 4,954 | 2,712 | 695 | (2,066) | 6,285 | 79,707 |
| Birchcliff Energy Ltd. | 2,402 | -- | -- | 22 | -- | 114 | 2,516 |
| Centennial Resource Development, Inc. Class A | 102,722 | -- | -- | -- | -- | (9,027) | 93,695 |
| Centennial Resource Development, Inc. Class A | 274,910 | 22,711 | 6,312 | -- | 1,475 | (25,484) | 267,300 |
| Centennial Resource Development, Inc. Class A | 46,350 | -- | -- | -- | -- | (4,073) | 42,277 |
| Clean TeQ Holdings Ltd. | -- | 39,494 | 534 | -- | (55) | (13,153) | 25,752 |
| Ivanhoe Mines Ltd. | 172,912 | -- | 2,819 | -- | 2,034 | (69,326) | 102,801 |
| Ivanhoe Mines Ltd. | 49,727 | -- | 811 | -- | (861) | (18,491) | 29,564 |
| Metro Bank PLC | 287,797 | -- | 6,855 | -- | 5,143 | (38,066) | 248,019 |
| Mettler-Toledo International, Inc. | 1,077,667 | 12,443 | 131,552 | -- | 47,116 | (119,203) | 886,471 |
| Total | $4,248,930 | $96,083 | $212,478 | $10,160 | $97,807 | $(377,630) | $3,852,712 |
(a) Includes the value of securities delivered through in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2018, 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 |
| (Amounts in thousands) | ||||
| Investments in Securities: | ||||
| Equities: | ||||
| Consumer Discretionary | $20,637,552 | $20,317,701 | $159,670 | $160,181 |
| Consumer Staples | 2,885,992 | 2,804,249 | 21,363 | 60,380 |
| Energy | 5,221,198 | 5,041,455 | 179,743 | -- |
| Financials | 20,263,780 | 20,263,780 | -- | -- |
| Health Care | 11,900,000 | 11,573,301 | 73,098 | 253,601 |
| Industrials | 7,229,131 | 7,018,278 | -- | 210,853 |
| Information Technology | 54,253,876 | 53,148,703 | 404,883 | 700,290 |
| Materials | 2,846,537 | 2,808,021 | 38,516 | -- |
| Real Estate | 395,269 | 52,245 | -- | 343,024 |
| Telecommunication Services | 111,857 | 109,138 | -- | 2,719 |
| Utilities | 21,826 | 21,826 | -- | -- |
| Corporate Bonds | 220,853 | -- | 220,147 | 706 |
| Money Market Funds | 4,061,919 | 4,061,919 | -- | -- |
| Total Investments in Securities: | $130,049,790 | $127,220,616 | $1,097,420 | $1,731,754 |
The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:
| (Amounts in thousands) | |
| Investments in Securities: | |
| Beginning Balance | $1,603,206 |
| Net Realized Gain (Loss) on Investment Securities | -- |
| Net Unrealized Gain (Loss) on Investment Securities | 110,625 |
| Cost of Purchases | 92,118 |
| Proceeds of Sales | (74,195) |
| Amortization/Accretion | -- |
| Transfers into Level 3 | -- |
| Transfers out of Level 3 | -- |
| Ending Balance | $1,731,754 |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2018 | $142,961 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| Amounts in thousands (except per-share amounts) | June 30, 2018 | |
| Assets | ||
| Investment in securities, at value (including securities loaned of $696,276) — See accompanying schedule: Unaffiliated issuers (cost $58,695,240) | $122,135,159 | |
| Fidelity Central Funds (cost $4,061,846) | 4,061,919 | |
| Other affiliated issuers (cost $1,660,383) | 3,852,712 | |
| Total Investment in Securities (cost $64,417,469) | $130,049,790 | |
| Receivable for investments sold | 353,756 | |
| Receivable for fund shares sold | 73,188 | |
| Dividends receivable | 32,534 | |
| Interest receivable | 1,936 | |
| Distributions receivable from Fidelity Central Funds | 6,023 | |
| Other receivables | 7,531 | |
| Total assets | 130,524,758 | |
| Liabilities | ||
| Payable for investments purchased | $237,001 | |
| Payable for fund shares redeemed | 482,227 | |
| Accrued management fee | 77,973 | |
| Other affiliated payables | 12,136 | |
| Other payables and accrued expenses | 33,621 | |
| Collateral on securities loaned | 720,539 | |
| Total liabilities | 1,563,497 | |
| Net Assets | $128,961,261 | |
| Net Assets consist of: | ||
| Paid in capital | $55,884,288 | |
| Distributions in excess of net investment income | (9,402) | |
| Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 7,481,790 | |
| Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 65,604,585 | |
| Net Assets | $128,961,261 | |
| Contrafund: | ||
| Net Asset Value, offering price and redemption price per share ($96,592,322 ÷ 731,301 shares) | $132.08 | |
| Class K: | ||
| Net Asset Value, offering price and redemption price per share ($32,368,939 ÷ 245,106 shares) | $132.06 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Amounts in thousands | Six months ended June 30, 2018 | |
| Investment Income | ||
| Dividends (including $10,160 earned from other affiliated issuers) | $485,646 | |
| Interest | 9,020 | |
| Income from Fidelity Central Funds | 27,205 | |
| Total income | 521,871 | |
| Expenses | ||
| Management fee | ||
| Basic fee | $346,775 | |
| Performance adjustment | 108,347 | |
| Transfer agent fees | 69,773 | |
| Accounting and security lending fees | 1,985 | |
| Custodian fees and expenses | 1,131 | |
| Independent trustees' fees and expenses | 281 | |
| Registration fees | 467 | |
| Audit | 143 | |
| Legal | 98 | |
| Miscellaneous | 476 | |
| Total expenses before reductions | 529,476 | |
| Expense reductions | (2,923) | |
| Total expenses after reductions | 526,553 | |
| Net investment income (loss) | (4,682) | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 7,713,398 | |
| Fidelity Central Funds | 37 | |
| Other affiliated issuers | 97,807 | |
| Foreign currency transactions | (659) | |
| Total net realized gain (loss) | 7,810,583 | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of increase in deferred foreign taxes of $15,603) | 4,064,640 | |
| Fidelity Central Funds | 38 | |
| Other affiliated issuers | (377,630) | |
| Assets and liabilities in foreign currencies | (153) | |
| Total change in net unrealized appreciation (depreciation) | 3,686,895 | |
| Net gain (loss) | 11,497,478 | |
| Net increase (decrease) in net assets resulting from operations | $11,492,796 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Six months ended June 30, 2018 | Year ended December 31, 2017 |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $(4,682) | $123,833 |
| Net realized gain (loss) | 7,810,583 | 12,356,263 |
| Change in net unrealized appreciation (depreciation) | 3,686,895 | 18,948,672 |
| Net increase (decrease) in net assets resulting from operations | 11,492,796 | 31,428,768 |
| Distributions to shareholders from net investment income | – | (144,165) |
| Distributions to shareholders from net realized gain | (1,847,866) | (7,201,343) |
| Total distributions | (1,847,866) | (7,345,508) |
| Share transactions - net increase (decrease) | (3,256,695) | (3,575,375) |
| Total increase (decrease) in net assets | 6,388,235 | 20,507,885 |
| Net Assets | ||
| Beginning of period | 122,573,026 | 102,065,141 |
| End of period | $128,961,261 | $122,573,026 |
| Other Information | ||
| Distributions in excess of net investment income end of period | $(9,402) | $(4,720) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Contrafund
| Six months ended June 30, | Years endedDecember 31, | |||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $122.42 | $98.45 | $98.92 | $97.97 | $96.14 | $77.57 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A | (.02) | .10 | .29 | .33 | .30 | .33 |
| Net realized and unrealized gain (loss) | 11.54 | 31.42 | 2.99 | 5.89 | 8.67 | 25.70 |
| Total from investment operations | 11.52 | 31.52 | 3.28 | 6.22 | 8.97 | 26.03 |
| Distributions from net investment income | – | (.12) | (.29) | (.31) | (.25) | (.13) |
| Distributions from net realized gain | (1.86) | (7.43) | (3.46) | (4.96) | (6.89) | (7.33) |
| Total distributions | (1.86) | (7.55) | (3.75) | (5.27) | (7.14) | (7.46) |
| Net asset value, end of period | $132.08 | $122.42 | $98.45 | $98.92 | $97.97 | $96.14 |
| Total ReturnB,C | 9.53% | 32.21% | 3.36% | 6.46% | 9.56% | 34.15% |
| Ratios to Average Net AssetsD,E | ||||||
| Expenses before reductions | .85%F | .74% | .68% | .71% | .64% | .67% |
| Expenses net of fee waivers, if any | .85%F | .74% | .68% | .71% | .64% | .67% |
| Expenses net of all reductions | .84%F | .74% | .68% | .70% | .64% | .66% |
| Net investment income (loss) | (.03)%F | .08% | .29% | .33% | .31% | .37% |
| Supplemental Data | ||||||
| Net assets, end of period (in millions) | $96,592 | $89,874 | $73,035 | $77,724 | $75,057 | $74,962 |
| Portfolio turnover rateG | 34%F,H | 29%H | 41%H | 35%H | 45%H | 46% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other 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 Fidelity Central Funds.
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Contrafund Class K
| Six months ended June 30, | Years endedDecember 31, | |||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $122.35 | $98.38 | $98.84 | $97.90 | $96.07 | $77.51 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A | .04 | .20 | .38 | .43 | .40 | .42 |
| Net realized and unrealized gain (loss) | 11.53 | 31.43 | 3.01 | 5.88 | 8.68 | 25.70 |
| Total from investment operations | 11.57 | 31.63 | 3.39 | 6.31 | 9.08 | 26.12 |
| Distributions from net investment income | – | (.23) | (.39) | (.41) | (.36) | (.23) |
| Distributions from net realized gain | (1.86) | (7.43) | (3.46) | (4.96) | (6.89) | (7.33) |
| Total distributions | (1.86) | (7.66) | (3.85) | (5.37) | (7.25) | (7.56) |
| Net asset value, end of period | $132.06 | $122.35 | $98.38 | $98.84 | $97.90 | $96.07 |
| Total ReturnB,C | 9.58% | 32.34% | 3.48% | 6.55% | 9.68% | 34.30% |
| Ratios to Average Net AssetsD,E | ||||||
| Expenses before reductions | .76%F | .65% | .58% | .61% | .54% | .56% |
| Expenses net of fee waivers, if any | .76%F | .65% | .58% | .61% | .54% | .56% |
| Expenses net of all reductions | .76%F | .65% | .58% | .61% | .54% | .56% |
| Net investment income (loss) | .06%F | .17% | .39% | .43% | .41% | .48% |
| Supplemental Data | ||||||
| Net assets, end of period (in millions) | $32,369 | $32,699 | $29,031 | $31,560 | $34,479 | $35,982 |
| Portfolio turnover rateG | 34%F,H | 29%H | 41%H | 35%H | 45%H | 46% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other 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 Fidelity Central Funds.
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
(Amounts in thousands except percentages)
1. Organization.
Fidelity Contrafund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Contrafund and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the 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 Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments 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 Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the 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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the 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 the Fund's investments and ratifies the fair value determinations of the Committee.
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:
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. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
| Corporate Bonds | $ 706 | Recovery value | Recovery value | 34.4% | Increase |
| Equities | $ 1,731,048 | Market comparable | Enterprise value/Sales multiple (EV/S) | 2.0 - 12.2 / 8.9 | Increase |
| Transaction price | $9.15 - $60.00 / $52.37 | Increase | |||
| Discount rate | 6.0% - 73.0% / 17.5% | Decrease | |||
| Discount for lack of marketability | 15.0% - 25.0% / 18.7% | Decrease | |||
| Premium rate | 7.5% - 76.3% / 63.4% | Increase | |||
| Market approach | Transaction price | $0.81 - $350.00 / $98.00 | Increase | ||
| Conversion ratio | 1.6 | Increase | |||
| Discount Cash Flow | Discount rate | 9.0% | Decrease | ||
| Discount for lack of marketability | 20.0% | Decrease | |||
| Growth rate | 3.0% | Increase | |||
| Recovery value | Recovery value | 0.0% - 0.2% / 0.2% | Increase |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
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 June 30, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. 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 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 transfer agent 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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $5,064 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, redemptions in kind, partnerships, deferred trustees compensation and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $66,432,289 |
| Gross unrealized depreciation | (891,585) |
| Net unrealized appreciation (depreciation) | $65,540,704 |
| Tax cost | $64,509,086 |
Restricted Securities. The Fund 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 the Fund's Schedule of Investments.
Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, the Fund held an investment of $44,039 in these Subsidiaries, representing .03% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $21,002,997 and $24,902,172, respectively.
Redemptions In-Kind. During the period, 23,182 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash, including accrued interest, with a value of $2,942,277. The net realized gain of $1,919,080 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
Prior Fiscal Year Redemptions In-Kind. During the prior period, 34,843 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $3,859,301. The Fund had a net realized gain of $2,473,373 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Contrafund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .71% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Contrafund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net Assets(a) | |
| Contrafund | $62,283 | .13 |
| Class K | 7,490 | .05 |
| $69,773 |
(a) Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate in the amount of less than 0.05%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $470 for the period.
Interfund Trades. The Fund 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.
Prior Fiscal Year Redemptions In-Kind. During the prior period, 12,089 shares of the Fund held by an affiliated entity were redeemed in-kind for investments and cash with a value of $1,457,574. The Fund had a net realized gain of $960,358 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $179 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $12,073. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $6,725, including $412 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $2,304 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $618.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended June 30, 2018 | Year ended December 31, 2017 |
|
| From net investment income | ||
| Contrafund | $– | $84,830 |
| Class K | – | 59,335 |
| Total | $– | $144,165 |
| From net realized gain | ||
| Contrafund | $1,356,966 | $5,246,866 |
| Class K | 490,900 | 1,954,477 |
| Total | $1,847,866 | $7,201,343 |
10. 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 June 30, 2018 | Year ended December 31, 2017 | Six months ended June 30, 2018 | Year ended December 31, 2017 | |
| Contrafund | ||||
| Shares sold | 50,457 | 71,526 | $6,464,670 | $8,237,249 |
| Reinvestment of distributions | 10,540 | 42,081 | 1,287,614 | 5,053,714 |
| Shares redeemed | (63,842)(a) | (121,285)(b) | (8,195,113)(a) | (13,776,639)(b) |
| Net increase (decrease) | (2,845) | (7,678) | $(442,829) | $(485,676) |
| Class K | ||||
| Shares sold | 25,118 | 43,515 | $3,230,352 | $4,990,930 |
| Reinvestment of distributions | 4,020 | 16,789 | 490,898 | 2,013,806 |
| Shares redeemed | (51,297)(a) | (88,136)(b) | (6,535,116)(a) | (10,094,435)(b) |
| Net increase (decrease) | (22,159) | (27,832) | $(2,813,866) | $(3,089,699) |
(a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).
(b) Amount includes in-kind redemptions (see the Prior Fiscal Year Redemptions In-Kind note for additional details).
11. 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.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Contrafund and Shareholders of Fidelity Contrafund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Contrafund (one of the funds constituting Fidelity Contrafund, referred to hereafter as the "Fund") as of June 30, 2018, the related statement of operations for the six months ended June 30, 2018, the statement of changes in net assets for the six months ended June 30, 2018 and for the year ended December 31, 2017, including the related notes, and the financial highlights for the six months ended June 30, 2018 and for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2018, the results of its operations for the six months then ended, the changes in its net assets for the six months ended June 30, 2018 and for the year ended December 31, 2017 and the financial highlights for the six months ended June 30, 2018 and for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
August 10, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (January 1, 2018 to June 30, 2018).
Actual Expenses
The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 January 1, 2018 | Ending Account Value June 30, 2018 | Expenses Paid During Period-B January 1, 2018 to June 30, 2018 |
|
| Contrafund | .85% | |||
| Actual | $1,000.00 | $1,095.30 | $4.42 | |
| Hypothetical-C | $1,000.00 | $1,020.58 | $4.26 | |
| Class K | .76% | |||
| Actual | $1,000.00 | $1,095.80 | $3.95 | |
| Hypothetical-C | $1,000.00 | $1,021.03 | $3.81 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
CON-K-SANN-0818
1.863194.109
|
Fidelity Advisor® New Insights Fund Semi-Annual Report June 30, 2018 |
|
|
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 1-877-208-0098 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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2018
| % of fund's net assets | |
| Amazon.com, Inc. | 5.9 |
| Facebook, Inc. Class A | 5.1 |
| Alphabet, Inc. Class A | 2.9 |
| Microsoft Corp. | 2.7 |
| Netflix, Inc. | 2.6 |
| Visa, Inc. Class A | 2.3 |
| UnitedHealth Group, Inc. | 2.2 |
| Berkshire Hathaway, Inc. Class A | 2.2 |
| Adobe Systems, Inc. | 2.2 |
| Bank of America Corp. | 2.1 |
| 30.2 |
Top Five Market Sectors as of June 30, 2018
| % of fund's net assets | |
| Information Technology | 31.9 |
| Consumer Discretionary | 16.7 |
| Financials | 14.1 |
| Health Care | 10.1 |
| Industrials | 7.3 |
Asset Allocation (% of fund's net assets)
| As of June 30, 2018* | ||
| Stocks | 95.1% | |
| Bonds | 0.2% | |
| Convertible Securities | 1.4% | |
| Other Investments | 0.1% | |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.2% | |
* Foreign investments - 10.2%
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 95.1% | |||
| Shares | Value (000s) | ||
| CONSUMER DISCRETIONARY - 16.5% | |||
| Auto Components - 0.1% | |||
| Magna International, Inc. Class A (sub. vtg.) | 444,500 | $25,852 | |
| Automobiles - 0.6% | |||
| Fiat Chrysler Automobiles NV | 5,136,300 | 97,025 | |
| Tesla, Inc. (a) | 205,868 | 70,602 | |
| Toyota Motor Corp. | 186,000 | 12,028 | |
| 179,655 | |||
| Distributors - 0.1% | |||
| Pool Corp. | 222,400 | 33,694 | |
| Diversified Consumer Services - 0.2% | |||
| Chegg, Inc. (a) | 622,834 | 17,309 | |
| Weight Watchers International, Inc. (a) | 364,960 | 36,897 | |
| 54,206 | |||
| Hotels, Restaurants & Leisure - 2.2% | |||
| ARAMARK Holdings Corp. | 5,251,200 | 194,820 | |
| Chipotle Mexican Grill, Inc. (a) | 41,400 | 17,859 | |
| Domino's Pizza, Inc. | 62,600 | 17,664 | |
| Dunkin' Brands Group, Inc. | 552,300 | 38,147 | |
| Eldorado Resorts, Inc. (a) | 77,900 | 3,046 | |
| Hilton Worldwide Holdings, Inc. | 833,333 | 65,967 | |
| Las Vegas Sands Corp. | 165,700 | 12,653 | |
| Marriott International, Inc. Class A | 729,200 | 92,317 | |
| McDonald's Corp. | 555,400 | 87,026 | |
| Shake Shack, Inc. Class A (a) | 29,300 | 1,939 | |
| U.S. Foods Holding Corp. (a) | 2,146,800 | 81,192 | |
| Vail Resorts, Inc. | 20,000 | 5,484 | |
| 618,114 | |||
| Household Durables - 0.8% | |||
| D.R. Horton, Inc. | 1,929,924 | 79,127 | |
| Newell Brands, Inc. | 1,881,400 | 48,521 | |
| NVR, Inc. (a) | 17,200 | 51,090 | |
| Toll Brothers, Inc. | 1,426,600 | 52,770 | |
| 231,508 | |||
| Internet & Direct Marketing Retail - 9.1% | |||
| Amazon.com, Inc. (a) | 993,340 | 1,688,473 | |
| Netflix, Inc. (a) | 1,886,600 | 738,472 | |
| Ocado Group PLC (a) | 110,200 | 1,494 | |
| Start Today Co. Ltd. | 361,056 | 13,093 | |
| The Booking Holdings, Inc. (a) | 69,917 | 141,728 | |
| 2,583,260 | |||
| Leisure Products - 0.1% | |||
| Mattel, Inc. (b) | 2,041,100 | 33,515 | |
| Spin Master Corp. (a)(c) | 40,600 | 1,800 | |
| 35,315 | |||
| Media - 0.4% | |||
| Discovery Communications, Inc. Class A (a) | 104,900 | 2,885 | |
| Liberty Media Corp.: | |||
| Liberty Formula One Group Series C (a) | 1,039,900 | 38,611 | |
| Liberty SiriusXM Series A (a) | 536,080 | 24,150 | |
| Live Nation Entertainment, Inc. (a) | 102,600 | 4,983 | |
| Sirius XM Holdings, Inc. | 3,010,900 | 20,384 | |
| Weinstein Co. Holdings LLC Class A-1 (a)(d)(e)(f) | 2,267 | 0 | |
| WME Entertainment Parent, LLC Class A (a)(d)(e)(f) | 13,215,782 | 33,039 | |
| 124,052 | |||
| Multiline Retail - 0.4% | |||
| Dollar General Corp. | 695,000 | 68,527 | |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 485,810 | 35,221 | |
| 103,748 | |||
| Specialty Retail - 1.4% | |||
| AutoZone, Inc. (a) | 106,634 | 71,544 | |
| Burlington Stores, Inc. (a) | 83,000 | 12,494 | |
| Home Depot, Inc. | 458,100 | 89,375 | |
| Tiffany & Co., Inc. | 788,100 | 103,714 | |
| TJX Companies, Inc. | 1,049,567 | 99,898 | |
| Urban Outfitters, Inc. (a) | 217,600 | 9,694 | |
| 386,719 | |||
| Textiles, Apparel & Luxury Goods - 1.1% | |||
| adidas AG | 270,207 | 58,992 | |
| Brunello Cucinelli SpA | 1,809,352 | 80,821 | |
| Canada Goose Holdings, Inc. (a) | 100,800 | 5,928 | |
| China Hongxing Sports Ltd. (f) | 6,000,000 | 250 | |
| Hermes International SCA | 77,200 | 47,223 | |
| Kering SA | 41,300 | 23,324 | |
| lululemon athletica, Inc. (a) | 61,200 | 7,641 | |
| LVMH Moet Hennessy - Louis Vuitton SA | 34,165 | 11,343 | |
| NIKE, Inc. Class B | 110,466 | 8,802 | |
| PVH Corp. | 43,300 | 6,483 | |
| Ralph Lauren Corp. | 13,700 | 1,722 | |
| Tapestry, Inc. | 236,700 | 11,056 | |
| Under Armour, Inc. Class A (sub. vtg.) (a)(b) | 1,625,300 | 36,537 | |
| VF Corp. | 193,500 | 15,774 | |
| 315,896 | |||
| TOTAL CONSUMER DISCRETIONARY | 4,692,019 | ||
| CONSUMER STAPLES - 4.4% | |||
| Beverages - 0.7% | |||
| Constellation Brands, Inc. Class A (sub. vtg.) | 168,100 | 36,792 | |
| Dr. Pepper Snapple Group, Inc. | 117,100 | 14,286 | |
| Fever-Tree Drinks PLC | 1,183,305 | 52,941 | |
| Kweichow Moutai Co. Ltd. (A Shares) | 81,600 | 9,015 | |
| Molson Coors Brewing Co. Class B | 923,000 | 62,801 | |
| Monster Beverage Corp. (a) | 239,700 | 13,735 | |
| The Coca-Cola Co. | 171,800 | 7,535 | |
| 197,105 | |||
| Food & Staples Retailing - 1.1% | |||
| Costco Wholesale Corp. | 594,981 | 124,339 | |
| Performance Food Group Co. (a) | 315,500 | 11,579 | |
| Tesco PLC | 1,056,058 | 3,573 | |
| Walmart, Inc. | 2,171,100 | 185,955 | |
| 325,446 | |||
| Food Products - 0.5% | |||
| Associated British Foods PLC | 1,036,892 | 37,468 | |
| Greencore Group PLC | 15,646,423 | 38,387 | |
| Post Holdings, Inc. (a) | 20,900 | 1,798 | |
| The Hershey Co. | 630,000 | 58,628 | |
| The Simply Good Foods Co. | 401,900 | 5,803 | |
| 142,084 | |||
| Household Products - 0.2% | |||
| Reckitt Benckiser Group PLC | 619,600 | 50,909 | |
| Personal Products - 1.4% | |||
| Coty, Inc. Class A | 3,048,500 | 42,984 | |
| Estee Lauder Companies, Inc. Class A | 1,603,302 | 228,775 | |
| Kao Corp. | 168,800 | 12,883 | |
| L'Oreal SA | 223,101 | 55,104 | |
| Shiseido Co. Ltd. | 189,200 | 15,035 | |
| Unilever NV (Certificaten Van Aandelen) (Bearer) | 1,029,300 | 57,349 | |
| 412,130 | |||
| Tobacco - 0.5% | |||
| British American Tobacco PLC sponsored ADR | 935,800 | 47,211 | |
| Philip Morris International, Inc. | 993,800 | 80,239 | |
| 127,450 | |||
| TOTAL CONSUMER STAPLES | 1,255,124 | ||
| ENERGY - 7.1% | |||
| Energy Equipment & Services - 0.5% | |||
| Borr Drilling Ltd. (a) | 15,662,000 | 74,999 | |
| Oceaneering International, Inc. | 2,309,017 | 58,788 | |
| 133,787 | |||
| Oil, Gas & Consumable Fuels - 6.6% | |||
| Anadarko Petroleum Corp. | 1,700,046 | 124,528 | |
| Birchcliff Energy Ltd. | 3,092,774 | 11,339 | |
| Birchcliff Energy Ltd. (a)(c) | 585,400 | 2,146 | |
| BP PLC | 3,289,853 | 25,031 | |
| Cabot Oil & Gas Corp. | 2,288,980 | 54,478 | |
| Canadian Natural Resources Ltd. | 1,324,300 | 47,798 | |
| Centennial Resource Development, Inc.: | |||
| Class A (a) | 1,224,500 | 22,114 | |
| Class A (a) | 2,588,618 | 46,750 | |
| Class A (a)(e) | 555,400 | 10,031 | |
| Cheniere Energy, Inc. (a) | 972,300 | 63,384 | |
| Chevron Corp. | 1,497,300 | 189,304 | |
| Cimarex Energy Co. | 374,400 | 38,091 | |
| Concho Resources, Inc. (a) | 255,700 | 35,376 | |
| Concho Resources, Inc. (a) | 25,680 | 3,553 | |
| ConocoPhillips Co. | 3,369,850 | 234,609 | |
| Continental Resources, Inc. (a) | 792,619 | 51,330 | |
| Diamondback Energy, Inc. | 894,582 | 117,700 | |
| Encana Corp. | 969,100 | 12,657 | |
| EOG Resources, Inc. | 999,300 | 124,343 | |
| Golar LNG Ltd. | 1,608,700 | 47,392 | |
| GoviEx Uranium, Inc. (a) | 851,865 | 149 | |
| GoviEx Uranium, Inc. (a)(c) | 23,200 | 4 | |
| GoviEx Uranium, Inc. Class A (a)(c) | 2,625,135 | 459 | |
| Hess Corp. | 758,300 | 50,723 | |
| Marathon Oil Corp. | 78,100 | 1,629 | |
| Noble Energy, Inc. | 1,454,861 | 51,327 | |
| Occidental Petroleum Corp. | 148,800 | 12,452 | |
| Phillips 66 Co. | 494,000 | 55,481 | |
| Pioneer Natural Resources Co. | 468,100 | 88,583 | |
| PrairieSky Royalty Ltd. | 267,500 | 5,280 | |
| Reliance Industries Ltd. | 3,512,573 | 49,895 | |
| Southwestern Energy Co. (a) | 1,797,800 | 9,528 | |
| Suncor Energy, Inc. | 415,000 | 16,889 | |
| The Williams Companies, Inc. | 2,925,900 | 79,321 | |
| Valero Energy Corp. | 402,274 | 44,584 | |
| Whiting Petroleum Corp. (a) | 508,200 | 26,792 | |
| Williams Partners LP | 3,229,952 | 131,104 | |
| 1,886,154 | |||
| TOTAL ENERGY | 2,019,941 | ||
| FINANCIALS - 14.0% | |||
| Banks - 6.8% | |||
| Bank of America Corp. | 21,122,627 | 595,447 | |
| Citigroup, Inc. | 5,531,700 | 370,181 | |
| First Republic Bank | 551,600 | 53,389 | |
| HDFC Bank Ltd. sponsored ADR | 1,687,572 | 177,229 | |
| JPMorgan Chase & Co. | 3,204,600 | 333,919 | |
| Kotak Mahindra Bank Ltd. (a) | 1,622,972 | 31,837 | |
| M&T Bank Corp. | 170,912 | 29,081 | |
| Metro Bank PLC (a) | 1,189,532 | 50,801 | |
| PNC Financial Services Group, Inc. | 909,065 | 122,815 | |
| SunTrust Banks, Inc. | 1,008,100 | 66,555 | |
| U.S. Bancorp | 1,797,114 | 89,892 | |
| 1,921,146 | |||
| Capital Markets - 1.8% | |||
| Bank of New York Mellon Corp. | 1,362,539 | 73,482 | |
| BlackRock, Inc. Class A | 73,900 | 36,879 | |
| Charles Schwab Corp. | 1,990,400 | 101,709 | |
| KKR & Co. LP | 2,135,828 | 53,075 | |
| Morgan Stanley | 1,895,100 | 89,828 | |
| MSCI, Inc. | 294,309 | 48,688 | |
| S&P Global, Inc. | 234,390 | 47,790 | |
| The NASDAQ OMX Group, Inc. | 690,100 | 62,985 | |
| 514,436 | |||
| Consumer Finance - 0.4% | |||
| American Express Co. | 543,600 | 53,273 | |
| Synchrony Financial | 1,428,800 | 47,693 | |
| 100,966 | |||
| Diversified Financial Services - 2.2% | |||
| Berkshire Hathaway, Inc. Class A (a) | 2,240 | 631,770 | |
| Insurance - 2.7% | |||
| Admiral Group PLC | 696,169 | 17,526 | |
| AIA Group Ltd. | 5,011,200 | 43,817 | |
| American International Group, Inc. | 2,855,600 | 151,404 | |
| Arch Capital Group Ltd. (a) | 1,355,400 | 35,864 | |
| Chubb Ltd. | 1,167,985 | 148,357 | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | 67,300 | 37,711 | |
| First American Financial Corp. | 922,700 | 47,722 | |
| FNF Group | 2,216,500 | 83,385 | |
| Marsh & McLennan Companies, Inc. | 529,108 | 43,371 | |
| MetLife, Inc. | 2,086,900 | 90,989 | |
| The Travelers Companies, Inc. | 533,200 | 65,232 | |
| 765,378 | |||
| Thrifts & Mortgage Finance - 0.1% | |||
| Radian Group, Inc. | 2,351,789 | 38,146 | |
| TOTAL FINANCIALS | 3,971,842 | ||
| HEALTH CARE - 9.8% | |||
| Biotechnology - 1.7% | |||
| Acceleron Pharma, Inc. (a) | 36,800 | 1,786 | |
| Agios Pharmaceuticals, Inc. (a) | 898,962 | 75,720 | |
| Alnylam Pharmaceuticals, Inc. (a) | 30,500 | 3,004 | |
| Amgen, Inc. | 676,599 | 124,893 | |
| AnaptysBio, Inc. (a) | 59,800 | 4,248 | |
| Arena Pharmaceuticals, Inc. (a) | 241,100 | 10,512 | |
| Array BioPharma, Inc. (a) | 310,500 | 5,210 | |
| bluebird bio, Inc. (a) | 40,000 | 6,278 | |
| Celgene Corp. (a) | 45,700 | 3,629 | |
| CSL Ltd. | 12,228 | 1,743 | |
| FibroGen, Inc. (a) | 335,331 | 20,992 | |
| Gilead Sciences, Inc. | 394,300 | 27,932 | |
| Heron Therapeutics, Inc. (a) | 87,100 | 3,384 | |
| Insmed, Inc. (a) | 178,000 | 4,210 | |
| Intrexon Corp. (a)(b) | 679,746 | 9,476 | |
| Neurocrine Biosciences, Inc. (a) | 174,760 | 17,168 | |
| Olivo Labs (a)(e)(f) | 630,333 | 0 | |
| Regeneron Pharmaceuticals, Inc. (a) | 53,000 | 18,284 | |
| Sage Therapeutics, Inc. (a) | 75,800 | 11,865 | |
| Sarepta Therapeutics, Inc. (a) | 23,000 | 3,040 | |
| Vertex Pharmaceuticals, Inc. (a) | 684,600 | 116,355 | |
| Wuxi Biologics (Cayman), Inc. | 156,500 | 1,742 | |
| 471,471 | |||
| Health Care Equipment & Supplies - 2.8% | |||
| Abiomed, Inc. (a) | 33,500 | 13,703 | |
| Align Technology, Inc. (a) | 8,221 | 2,813 | |
| Baxter International, Inc. | 1,194,700 | 88,217 | |
| Becton, Dickinson & Co. | 479,204 | 114,798 | |
| Boston Scientific Corp. (a) | 6,616,924 | 216,373 | |
| Danaher Corp. | 925,100 | 91,289 | |
| DexCom, Inc. (a) | 979,200 | 93,004 | |
| Edwards Lifesciences Corp. (a) | 316,200 | 46,029 | |
| I-Pulse, Inc. (a)(f) | 58,562 | 298 | |
| Intuitive Surgical, Inc. (a) | 226,900 | 108,567 | |
| Penumbra, Inc. (a) | 51,649 | 7,135 | |
| ResMed, Inc. | 94,543 | 9,793 | |
| 792,019 | |||
| Health Care Providers & Services - 3.2% | |||
| Anthem, Inc. | 65,900 | 15,686 | |
| Centene Corp. (a) | 14,300 | 1,762 | |
| HealthEquity, Inc. (a) | 171,100 | 12,850 | |
| Henry Schein, Inc. (a) | 722,562 | 52,487 | |
| Humana, Inc. | 203,500 | 60,568 | |
| National Vision Holdings, Inc. | 1,143,600 | 41,821 | |
| OptiNose, Inc. | 30,800 | 862 | |
| Ryman Healthcare Group Ltd. | 3,632,394 | 29,449 | |
| UnitedHealth Group, Inc. | 2,575,800 | 631,947 | |
| Universal Health Services, Inc. Class B | 500,200 | 55,742 | |
| 903,174 | |||
| Health Care Technology - 0.2% | |||
| Castlight Health, Inc. (a) | 1,325,100 | 5,632 | |
| Cerner Corp. (a) | 768,530 | 45,950 | |
| Veeva Systems, Inc. Class A (a) | 239,800 | 18,431 | |
| 70,013 | |||
| Life Sciences Tools & Services - 1.3% | |||
| Agilent Technologies, Inc. | 951,900 | 58,865 | |
| Bruker Corp. | 1,083,000 | 31,450 | |
| Eurofins Scientific SA | 83,142 | 46,255 | |
| Mettler-Toledo International, Inc. (a) | 221,500 | 128,167 | |
| Morphosys AG (a) | 16,100 | 1,974 | |
| PRA Health Sciences, Inc. (a) | 171,000 | 15,965 | |
| Thermo Fisher Scientific, Inc. | 471,769 | 97,722 | |
| 380,398 | |||
| Pharmaceuticals - 0.6% | |||
| AstraZeneca PLC sponsored ADR | 185,600 | 6,516 | |
| Catalent, Inc. (a) | 791,400 | 33,152 | |
| Idorsia Ltd. | 7,210 | 191 | |
| Ipsen SA | 23,200 | 3,640 | |
| Jazz Pharmaceuticals PLC (a) | 52,200 | 8,994 | |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | 147,900 | 1,692 | |
| MyoKardia, Inc. (a) | 37,700 | 1,872 | |
| Nektar Therapeutics (a) | 546,500 | 26,686 | |
| Perrigo Co. PLC | 644,100 | 46,961 | |
| resTORbio, Inc. | 935,784 | 8,134 | |
| Roche Holding AG (participation certificate) | 8,562 | 1,900 | |
| Supernus Pharmaceuticals, Inc. (a) | 30,400 | 1,819 | |
| Teva Pharmaceutical Industries Ltd. sponsored ADR | 886,100 | 21,550 | |
| 163,107 | |||
| TOTAL HEALTH CARE | 2,780,182 | ||
| INDUSTRIALS - 7.2% | |||
| Aerospace & Defense - 2.1% | |||
| General Dynamics Corp. | 810,700 | 151,123 | |
| Huntington Ingalls Industries, Inc. | 123,800 | 26,839 | |
| Kratos Defense & Security Solutions, Inc. (a)(b) | 1,587,490 | 18,272 | |
| Northrop Grumman Corp. | 646,254 | 198,852 | |
| Raytheon Co. | 146,500 | 28,301 | |
| Space Exploration Technologies Corp.: | |||
| Class A (a)(e)(f) | 247,745 | 41,869 | |
| Class C (e)(f) | 4,546 | 768 | |
| Teledyne Technologies, Inc. (a) | 255,400 | 50,840 | |
| The Boeing Co. | 178,900 | 60,023 | |
| TransDigm Group, Inc. | 27,300 | 9,422 | |
| 586,309 | |||
| Air Freight & Logistics - 0.4% | |||
| C.H. Robinson Worldwide, Inc. | 632,700 | 52,932 | |
| Expeditors International of Washington, Inc. | 141,400 | 10,336 | |
| FedEx Corp. | 58,163 | 13,206 | |
| XPO Logistics, Inc. (a) | 348,700 | 34,933 | |
| 111,407 | |||
| Airlines - 0.6% | |||
| Ryanair Holdings PLC sponsored ADR (a) | 1,493,040 | 170,550 | |
| Southwest Airlines Co. | 160,800 | 8,182 | |
| Wizz Air Holdings PLC (a)(c) | 37,847 | 1,798 | |
| 180,530 | |||
| Building Products - 0.7% | |||
| Fortune Brands Home & Security, Inc. | 506,389 | 27,188 | |
| Jeld-Wen Holding, Inc. (a) | 652,800 | 18,664 | |
| Masco Corp. | 938,000 | 35,100 | |
| Toto Ltd. | 2,632,300 | 122,206 | |
| 203,158 | |||
| Commercial Services & Supplies - 0.5% | |||
| Cintas Corp. | 201,924 | 37,370 | |
| Copart, Inc. (a) | 93,400 | 5,283 | |
| KAR Auction Services, Inc. | 990,600 | 54,285 | |
| Stericycle, Inc. (a) | 439,500 | 28,695 | |
| TulCo LLC (d)(e)(f) | 17,377 | 6,082 | |
| 131,715 | |||
| Electrical Equipment - 0.5% | |||
| AMETEK, Inc. | 132,100 | 9,532 | |
| Fortive Corp. | 1,182,434 | 91,177 | |
| Melrose Industries PLC | 19,502,180 | 54,745 | |
| 155,454 | |||
| Industrial Conglomerates - 0.6% | |||
| 3M Co. | 62,800 | 12,354 | |
| General Electric Co. | 11,193,000 | 152,337 | |
| Roper Technologies, Inc. | 16,700 | 4,608 | |
| 169,299 | |||
| Machinery - 0.7% | |||
| Caterpillar, Inc. | 67,700 | 9,185 | |
| Deere & Co. | 417,900 | 58,422 | |
| Donaldson Co., Inc. | 965,800 | 43,577 | |
| Gardner Denver Holdings, Inc. (a) | 401,400 | 11,797 | |
| IDEX Corp. | 13,000 | 1,774 | |
| PACCAR, Inc. | 329,900 | 20,441 | |
| Pentair PLC | 535,700 | 22,542 | |
| Rational AG | 55,300 | 36,100 | |
| Rexnord Corp. (a) | 386,220 | 11,224 | |
| 215,062 | |||
| Professional Services - 0.4% | |||
| CoStar Group, Inc. (a) | 16,600 | 6,850 | |
| FTI Consulting, Inc. (a) | 170,200 | 10,294 | |
| IHS Markit Ltd. (a) | 240,000 | 12,382 | |
| Recruit Holdings Co. Ltd. | 363,800 | 10,075 | |
| Robert Half International, Inc. | 81,300 | 5,293 | |
| SR Teleperformance SA | 12,000 | 2,120 | |
| TransUnion Holding Co., Inc. | 859,262 | 61,558 | |
| 108,572 | |||
| Road & Rail - 0.3% | |||
| CSX Corp. | 731,900 | 46,681 | |
| Genesee & Wyoming, Inc. Class A (a) | 556,500 | 45,255 | |
| 91,936 | |||
| Trading Companies & Distributors - 0.4% | |||
| Air Lease Corp. Class A | 341,300 | 14,324 | |
| Bunzl PLC | 1,837,100 | 55,643 | |
| HD Supply Holdings, Inc. (a) | 41,800 | 1,793 | |
| W.W. Grainger, Inc. | 112,805 | 34,789 | |
| 106,549 | |||
| TOTAL INDUSTRIALS | 2,059,991 | ||
| INFORMATION TECHNOLOGY - 31.1% | |||
| Communications Equipment - 0.9% | |||
| Arista Networks, Inc. (a) | 232,304 | 59,816 | |
| Cisco Systems, Inc. | 4,850,000 | 208,696 | |
| 268,512 | |||
| Electronic Equipment & Components - 1.6% | |||
| Amphenol Corp. Class A | 4,355,069 | 379,544 | |
| CDW Corp. | 609,500 | 49,242 | |
| Dolby Laboratories, Inc. Class A | 204,042 | 12,587 | |
| FLIR Systems, Inc. | 31,900 | 1,658 | |
| Keyence Corp. | 2,900 | 1,639 | |
| Zebra Technologies Corp. Class A (a) | 22,800 | 3,266 | |
| 447,936 | |||
| Internet Software & Services - 10.3% | |||
| Akamai Technologies, Inc. (a) | 834,500 | 61,110 | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | 46,200 | 8,571 | |
| Alphabet, Inc.: | |||
| Class A (a) | 730,723 | 825,125 | |
| Class C (a) | 193,100 | 215,432 | |
| CarGurus, Inc. Class A | 287,992 | 10,005 | |
| Coupa Software, Inc. (a) | 99,164 | 6,172 | |
| DocuSign, Inc. (b) | 28,500 | 1,509 | |
| Dropbox, Inc.: | |||
| Class A (a)(b) | 183,400 | 5,946 | |
| Class B | 1,167,414 | 35,955 | |
| eBay, Inc. (a) | 617,500 | 22,391 | |
| Facebook, Inc. Class A(a) | 7,446,501 | 1,447,004 | |
| GoDaddy, Inc. (a) | 729,400 | 51,496 | |
| GrubHub, Inc. (a) | 99,600 | 10,449 | |
| LogMeIn, Inc. | 420,936 | 43,462 | |
| Mercari, Inc. (a) | 61,800 | 2,531 | |
| MongoDB, Inc. Class A | 107,600 | 5,340 | |
| New Relic, Inc. (a) | 220,300 | 22,160 | |
| Nutanix, Inc.: | |||
| Class A (a) | 29,300 | 1,511 | |
| Class B (a)(c) | 783,938 | 40,428 | |
| Okta, Inc. (a) | 444,700 | 22,400 | |
| Shopify, Inc. Class A (a) | 189,700 | 27,663 | |
| Spotify Technology SA (a) | 31,500 | 5,300 | |
| SurveyMonkey (a)(e)(f) | 2,069,881 | 25,584 | |
| Tencent Holdings Ltd. | 507,600 | 25,489 | |
| Wix.com Ltd. (a) | 58,600 | 5,878 | |
| 2,928,911 | |||
| IT Services - 5.8% | |||
| Accenture PLC Class A | 161,940 | 26,492 | |
| Adyen BV (c) | 26,076 | 14,366 | |
| ASAC II LP (a)(e)(f) | 9,408,021 | 1,581 | |
| EPAM Systems, Inc. (a) | 114,500 | 14,236 | |
| Fidelity National Information Services, Inc. | 416,230 | 44,133 | |
| First Data Corp. Class A (a) | 4,022,403 | 84,189 | |
| Fiserv, Inc. (a) | 913,814 | 67,704 | |
| FleetCor Technologies, Inc. (a) | 253,800 | 53,463 | |
| Global Payments, Inc. | 365,192 | 40,715 | |
| Leidos Holdings, Inc. | 1,141,100 | 67,325 | |
| MasterCard, Inc. Class A | 946,348 | 185,976 | |
| Netcompany Group A/S | 75,700 | 2,773 | |
| PayPal Holdings, Inc. (a) | 4,828,114 | 402,037 | |
| Square, Inc. (a) | 118,000 | 7,274 | |
| Visa, Inc. Class A | 4,839,767 | 641,027 | |
| Worldpay, Inc. (a) | 82,800 | 6,771 | |
| 1,660,062 | |||
| Semiconductors & Semiconductor Equipment - 1.4% | |||
| Advanced Micro Devices, Inc. (a) | 924,300 | 13,855 | |
| Analog Devices, Inc. | 162,900 | 15,625 | |
| Intel Corp. | 871,900 | 43,342 | |
| NVIDIA Corp. | 640,000 | 151,616 | |
| Qorvo, Inc. (a) | 21,700 | 1,740 | |
| Qualcomm, Inc. | 1,554,400 | 87,233 | |
| Texas Instruments, Inc. | 656,139 | 72,339 | |
| 385,750 | |||
| Software - 11.0% | |||
| Activision Blizzard, Inc. | 4,607,632 | 351,654 | |
| Adobe Systems, Inc. (a) | 2,533,986 | 617,811 | |
| ANSYS, Inc. (a) | 383,200 | 66,746 | |
| Aspen Technology, Inc. (a) | 548,600 | 50,877 | |
| Atlassian Corp. PLC (a) | 643,250 | 40,216 | |
| Black Knight, Inc. (a) | 1,231,850 | 65,966 | |
| CDK Global, Inc. | 171,794 | 11,175 | |
| Electronic Arts, Inc. (a) | 714,700 | 100,787 | |
| Intuit, Inc. | 386,317 | 78,926 | |
| Microsoft Corp. | 7,735,831 | 762,830 | |
| Parametric Technology Corp. (a) | 123,400 | 11,576 | |
| Paycom Software, Inc. (a) | 260,981 | 25,793 | |
| RealPage, Inc. (a) | 150,900 | 8,315 | |
| Red Hat, Inc. (a) | 300,968 | 40,441 | |
| RingCentral, Inc. (a) | 274,700 | 19,325 | |
| Salesforce.com, Inc. (a) | 4,242,311 | 578,651 | |
| Splunk, Inc. (a) | 48,800 | 4,837 | |
| SS&C Technologies Holdings, Inc. | 654,924 | 33,991 | |
| Tableau Software, Inc. (a) | 130,400 | 12,747 | |
| Tanium, Inc. Class B (a)(e)(f) | 692,100 | 4,696 | |
| Trion World, Inc. (a)(e)(f) | 702,569 | 0 | |
| Trion World, Inc. warrants 10/3/18 (a)(e)(f) | 27,981 | 0 | |
| Ultimate Software Group, Inc. (a) | 376,403 | 96,852 | |
| Workday, Inc. Class A (a) | 1,172,325 | 141,992 | |
| Zendesk, Inc. (a) | 199,751 | 10,884 | |
| Zscaler, Inc. (a)(b) | 58,900 | 2,106 | |
| 3,139,194 | |||
| Technology Hardware, Storage & Peripherals - 0.1% | |||
| HP, Inc. | 681,300 | 15,459 | |
| Pure Storage, Inc. Class A (a) | 302,500 | 7,224 | |
| 22,683 | |||
| TOTAL INFORMATION TECHNOLOGY | 8,853,048 | ||
| MATERIALS - 2.2% | |||
| Chemicals - 1.0% | |||
| Air Products & Chemicals, Inc. | 294,600 | 45,878 | |
| DowDuPont, Inc. | 1,155,700 | 76,184 | |
| Ecolab, Inc. | 11,900 | 1,670 | |
| LyondellBasell Industries NV Class A | 233,400 | 25,639 | |
| Nutrien Ltd. | 723,720 | 39,372 | |
| Sherwin-Williams Co. | 173,200 | 70,591 | |
| Westlake Chemical Corp. | 318,900 | 34,323 | |
| 293,657 | |||
| Construction Materials - 0.1% | |||
| nVent Electric PLC (a) | 439,800 | 11,039 | |
| Containers & Packaging - 0.1% | |||
| WestRock Co. | 587,506 | 33,500 | |
| Metals & Mining - 1.0% | |||
| ArcelorMittal SA Class A unit (b) | 252,900 | 7,278 | |
| B2Gold Corp. (a) | 33,019,132 | 85,647 | |
| BHP Billiton Ltd. | 211,852 | 5,301 | |
| Franco-Nevada Corp. | 1,323,961 | 96,630 | |
| Ivanhoe Mines Ltd. (a) | 7,931,000 | 16,289 | |
| Kirkland Lake Gold Ltd. | 819,952 | 17,364 | |
| Newcrest Mining Ltd. | 1,903,565 | 30,710 | |
| Novagold Resources, Inc. (a) | 3,369,572 | 15,097 | |
| Nucor Corp. | 128,200 | 8,013 | |
| Steel Dynamics, Inc. | 216,378 | 9,943 | |
| 292,272 | |||
| TOTAL MATERIALS | 630,468 | ||
| REAL ESTATE - 0.6% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.5% | |||
| American Tower Corp. | 713,675 | 102,891 | |
| Spirit MTA REIT (a) | 383,690 | 3,952 | |
| Spirit Realty Capital, Inc. | 3,836,900 | 30,810 | |
| 137,653 | |||
| Real Estate Management & Development - 0.1% | |||
| Five Point Holdings LLC Class A (a) | 375,805 | 4,228 | |
| Realogy Holdings Corp. (b) | 1,812,200 | 41,318 | |
| 45,546 | |||
| TOTAL REAL ESTATE | 183,199 | ||
| TELECOMMUNICATION SERVICES - 0.5% | |||
| Diversified Telecommunication Services - 0.5% | |||
| Verizon Communications, Inc. | 2,679,200 | 134,791 | |
| Wireless Telecommunication Services - 0.0% | |||
| T-Mobile U.S., Inc. (a) | 221,800 | 13,253 | |
| TOTAL TELECOMMUNICATION SERVICES | 148,044 | ||
| UTILITIES - 1.7% | |||
| Electric Utilities - 1.7% | |||
| Alliant Energy Corp. | 1,739,000 | 73,594 | |
| Duke Energy Corp. | 1,403,500 | 110,989 | |
| Exelon Corp. | 2,076,800 | 88,472 | |
| IDACORP, Inc. | 400,000 | 36,896 | |
| Southern Co. | 1,709,900 | 79,185 | |
| Vistra Energy Corp. (a) | 70,800 | 1,675 | |
| Xcel Energy, Inc. | 1,942,200 | 88,720 | |
| 479,531 | |||
| Independent Power and Renewable Electricity Producers - 0.0% | |||
| NRG Energy, Inc. | 51,500 | 1,581 | |
| TOTAL UTILITIES | 481,112 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $15,419,211) | 27,074,970 | ||
| Convertible Preferred Stocks - 1.4% | |||
| CONSUMER DISCRETIONARY - 0.2% | |||
| Household Durables - 0.0% | |||
| Blu Homes, Inc. Series A, 5.00% (a)(e)(f) | 7,091,632 | 142 | |
| Leisure Products - 0.1% | |||
| Peloton Interactive, Inc. Series E (a)(e)(f) | 692,463 | 27,782 | |
| Textiles, Apparel & Luxury Goods - 0.1% | |||
| Bolt Threads, Inc. Series D (e)(f) | 1,324,673 | 21,247 | |
| TOTAL CONSUMER DISCRETIONARY | 49,171 | ||
| CONSUMER STAPLES - 0.0% | |||
| Food & Staples Retailing - 0.0% | |||
| Roofoods Ltd. Series F (e)(f) | 21,314 | 8,324 | |
| FINANCIALS - 0.1% | |||
| Consumer Finance - 0.1% | |||
| Oportun Finance Corp. Series H (a)(e)(f) | 10,791,166 | 26,654 | |
| HEALTH CARE - 0.2% | |||
| Biotechnology - 0.1% | |||
| 23andMe, Inc.: | |||
| Series E (a)(e)(f) | 166,247 | 2,665 | |
| Series F (e)(f) | 462,756 | 7,418 | |
| Intarcia Therapeutics, Inc. Series CC (a)(e)(f) | 516,522 | 30,991 | |
| 41,074 | |||
| Health Care Equipment & Supplies - 0.1% | |||
| Butterfly Network, Inc. Series D, (e)(f) | 2,225,827 | 22,859 | |
| Health Care Providers & Services - 0.0% | |||
| Mulberry Health, Inc. Series A8 (a)(e)(f) | 1,159,721 | 8,274 | |
| TOTAL HEALTH CARE | 72,207 | ||
| INDUSTRIALS - 0.1% | |||
| Aerospace & Defense - 0.1% | |||
| Space Exploration Technologies Corp.: | |||
| Series G (a)(e)(f) | 145,254 | 24,548 | |
| Series H (e)(f) | 42,094 | 7,114 | |
| 31,662 | |||
| INFORMATION TECHNOLOGY - 0.8% | |||
| Internet Software & Services - 0.7% | |||
| Lyft, Inc.: | |||
| Series H (e)(f) | 697,377 | 33,024 | |
| Series I (e)(f) | 692,277 | 32,782 | |
| Pinterest, Inc.: | |||
| Series E, 8.00% (a)(e)(f) | 13,203,155 | 78,295 | |
| Series F, 8.00% (a)(e)(f) | 8,808,645 | 52,235 | |
| Series G, 8.00% (a)(e)(f) | 1,676,465 | 9,941 | |
| 206,277 | |||
| Software - 0.1% | |||
| Magic Leap, Inc. Series D (e)(f) | 555,556 | 15,000 | |
| TOTAL INFORMATION TECHNOLOGY | 221,277 | ||
| REAL ESTATE - 0.0% | |||
| Real Estate Management & Development - 0.0% | |||
| WeWork Companies, Inc. Series F (a)(e)(f) | 35,018 | 1,899 | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | |||
| (Cost $327,750) | 411,194 | ||
| Principal Amount (000s) | Value (000s) | ||
| Corporate Bonds - 0.2% | |||
| Convertible Bonds - 0.0% | |||
| INFORMATION TECHNOLOGY - 0.0% | |||
| Software - 0.0% | |||
| Trion World, Inc. 10% 10/10/19 pay-in-kind (e)(f)(g) | 313 | 108 | |
| Nonconvertible Bonds - 0.2% | |||
| ENERGY - 0.1% | |||
| Energy Equipment & Services - 0.1% | |||
| Pacific Drilling SA 5.375% 6/1/20 (c)(h) | 39,145 | 13,701 | |
| HEALTH CARE - 0.1% | |||
| Pharmaceuticals - 0.1% | |||
| Valeant Pharmaceuticals International, Inc.: | |||
| 6.125% 4/15/25 (c) | 15,350 | 14,141 | |
| 9% 12/15/25 (c) | 15,888 | 16,484 | |
| 30,625 | |||
| TOTAL NONCONVERTIBLE BONDS | 44,326 | ||
| TOTAL CORPORATE BONDS | |||
| (Cost $57,477) | 44,434 | ||
| Shares | Value (000s) | ||
| Other - 0.1% | |||
| ENERGY - 0.1% | |||
| Oil, Gas & Consumable Fuels - 0.1% | |||
| Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(f) | |||
| (Cost $50,430) | 50,430,153 | 26,980 | |
| Money Market Funds - 3.2% | |||
| Fidelity Cash Central Fund, 1.93% (i) | 820,502,146 | 820,666 | |
| Fidelity Securities Lending Cash Central Fund 1.92% (i)(j) | 93,164,110 | 93,183 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $913,803) | 913,849 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
| (Cost $16,768,671) | 28,471,427 | ||
| NET OTHER ASSETS (LIABILITIES) - 0.0% | 2,452 | ||
| NET ASSETS - 100% | $28,473,879 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $105,327,000 or 0.4% of net assets.
(d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $561,931,000 or 2.0% of net assets.
(f) Level 3 security
(g) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(h) Non-income producing - Security is in default.
(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(j) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost (000s) |
| 23andMe, Inc. Series E | 6/18/15 | $1,800 |
| 23andMe, Inc. Series F | 8/31/17 | $6,425 |
| ASAC II LP | 10/10/13 | $725 |
| Blu Homes, Inc. Series A, 5.00% | 6/10/13 - 12/30/14 | $32,763 |
| Bolt Threads, Inc. Series D | 12/13/17 | $21,247 |
| Butterfly Network, Inc. Series D, | 5/4/18 | $22,859 |
| Centennial Resource Development, Inc. Class A | 12/28/16 | $8,076 |
| Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $7,040 |
| Lyft, Inc. Series H | 11/22/17 | $27,718 |
| Lyft, Inc. Series I | 6/27/18 | $32,782 |
| Magic Leap, Inc. Series D | 10/6/17 | $15,000 |
| Mulberry Health, Inc. Series A8 | 1/20/16 | $7,834 |
| Olivo Labs | 2/8/17 | $763 |
| Oportun Finance Corp. Series H | 2/6/15 | $30,726 |
| Peloton Interactive, Inc. Series E | 3/31/17 | $15,000 |
| Pinterest, Inc. Series E, 8.00% | 10/23/13 | $38,370 |
| Pinterest, Inc. Series F, 8.00% | 5/15/14 | $29,923 |
| Pinterest, Inc. Series G, 8.00% | 2/27/15 | $12,035 |
| Roofoods Ltd. Series F | 9/12/17 | $7,536 |
| Space Exploration Technologies Corp. Class A | 10/16/15 - 9/11/17 | $25,597 |
| Space Exploration Technologies Corp. Class C | 9/11/17 | $614 |
| Space Exploration Technologies Corp. Series G | 1/20/15 | $11,251 |
| Space Exploration Technologies Corp. Series H | 8/4/17 | $5,682 |
| SurveyMonkey | 12/15/14 | $34,050 |
| Tanium, Inc. Class B | 4/21/17 | $3,436 |
| Trion World, Inc. | 8/22/08 - 3/20/13 | $3,834 |
| Trion World, Inc. warrants 10/3/18 | 10/10/13 | $0 |
| Trion World, Inc. 10% 10/10/19 pay-in-kind | 10/10/13 - 4/10/18 | $313 |
| TulCo LLC | 8/24/17 | $6,082 |
| Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $50,430 |
| Weinstein Co. Holdings LLC Class A-1 | 10/19/05 | $2,299 |
| WeWork Companies, Inc. Series F | 12/1/16 | $1,758 |
| WME Entertainment Parent, LLC Class A | 8/16/16 | $25,816 |
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 |
| (Amounts in thousands) | |
| Fidelity Cash Central Fund | $5,628 |
| Fidelity Securities Lending Cash Central Fund | 722 |
| Total | $6,350 |
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 June 30, 2018, 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 |
| (Amounts in thousands) | ||||
| Investments in Securities: | ||||
| Equities: | ||||
| Consumer Discretionary | $4,741,190 | $4,635,359 | $23,371 | $82,460 |
| Consumer Staples | 1,263,448 | 1,143,293 | 111,831 | 8,324 |
| Energy | 2,019,941 | 1,994,910 | 25,031 | -- |
| Financials | 3,998,496 | 3,971,842 | -- | 26,654 |
| Health Care | 2,852,389 | 2,769,850 | 10,034 | 72,505 |
| Industrials | 2,091,653 | 2,011,272 | -- | 80,381 |
| Information Technology | 9,074,325 | 8,759,743 | 61,444 | 253,138 |
| Materials | 630,468 | 625,167 | 5,301 | -- |
| Real Estate | 185,098 | 183,199 | -- | 1,899 |
| Telecommunication Services | 148,044 | 148,044 | -- | -- |
| Utilities | 481,112 | 481,112 | -- | -- |
| Corporate Bonds | 44,434 | -- | 44,326 | 108 |
| Other | 26,980 | -- | -- | 26,980 |
| Money Market Funds | 913,849 | 913,849 | -- | -- |
| Total Investments in Securities: | $28,471,427 | $27,637,640 | $281,338 | $552,449 |
The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:
| (Amounts in thousands) | |
| Investments in Securities: | |
| Beginning Balance | $504,148 |
| Net Realized Gain (Loss) on Investment Securities | -- |
| Net Unrealized Gain (Loss) on Investment Securities | 10,108 |
| Cost of Purchases | 55,665 |
| Proceeds of Sales | (17,472) |
| Amortization/Accretion | -- |
| Transfers into Level 3 | -- |
| Transfers out of Level 3 | -- |
| Ending Balance | $552,449 |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2018 | $17,761 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.
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 | 89.8% |
| Canada | 1.7% |
| United Kingdom | 1.7% |
| Ireland | 1.3% |
| Others (Individually Less Than 1%) | 5.5% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| Amounts in thousands (except per-share amounts) | June 30, 2018 (Unaudited) | |
| Assets | ||
| Investment in securities, at value (including securities loaned of $90,107) — See accompanying schedule: Unaffiliated issuers (cost $15,854,868) | $27,557,578 | |
| Fidelity Central Funds (cost $913,803) | 913,849 | |
| Total Investment in Securities (cost $16,768,671) | $28,471,427 | |
| Cash | 1 | |
| Restricted cash | 789 | |
| Receivable for investments sold | 172,461 | |
| Receivable for fund shares sold | 16,101 | |
| Dividends receivable | 14,982 | |
| Interest receivable | 1,196 | |
| Distributions receivable from Fidelity Central Funds | 1,012 | |
| Other receivables | 1,588 | |
| Total assets | 28,679,557 | |
| Liabilities | ||
| Payable for investments purchased | $45,933 | |
| Payable for fund shares redeemed | 38,020 | |
| Accrued management fee | 15,312 | |
| Distribution and service plan fees payable | 5,153 | |
| Other affiliated payables | 4,036 | |
| Other payables and accrued expenses | 4,113 | |
| Collateral on securities loaned | 93,111 | |
| Total liabilities | 205,678 | |
| Net Assets | $28,473,879 | |
| Net Assets consist of: | ||
| Paid in capital | $15,401,617 | |
| Distributions in excess of net investment income | (5,962) | |
| Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 1,378,458 | |
| Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 11,699,766 | |
| Net Assets | $28,473,879 | |
| Calculation of Maximum Offering Price | ||
| Class A: | ||
| Net Asset Value and redemption price per share ($5,832,110 ÷ 176,222 shares) | $33.10 | |
| Maximum offering price per share (100/94.25 of $33.10) | $35.12 | |
| Class M: | ||
| Net Asset Value and redemption price per share ($1,944,480 ÷ 60,786 shares) | $31.99 | |
| Maximum offering price per share (100/96.50 of $31.99) | $33.15 | |
| Class C: | ||
| Net Asset Value and offering price per share ($3,645,334 ÷ 125,927 shares)(a) | $28.95 | |
| Class I: | ||
| Net Asset Value, offering price and redemption price per share ($15,072,591 ÷ 445,342 shares) | $33.84 | |
| Class Z: | ||
| Net Asset Value, offering price and redemption price per share ($1,979,364 ÷ 58,400 shares) | $33.89 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Amounts in thousands | Six months ended June 30, 2018 (Unaudited) | |
| Investment Income | ||
| Dividends | $153,681 | |
| Interest | 1,221 | |
| Income from Fidelity Central Funds | 6,350 | |
| Total income | 161,252 | |
| Expenses | ||
| Management fee | ||
| Basic fee | $77,028 | |
| Performance adjustment | 14,598 | |
| Transfer agent fees | 23,131 | |
| Distribution and service plan fees | 30,806 | |
| Accounting and security lending fees | 993 | |
| Custodian fees and expenses | 295 | |
| Independent trustees' fees and expenses | 63 | |
| Registration fees | 202 | |
| Audit | 127 | |
| Legal | 24 | |
| Miscellaneous | 108 | |
| Total expenses before reductions | 147,375 | |
| Expense reductions | (904) | |
| Total expenses after reductions | 146,471 | |
| Net investment income (loss) | 14,781 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 1,418,323 | |
| Foreign currency transactions | 196 | |
| Total net realized gain (loss) | 1,418,519 | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of increase in deferred foreign taxes of $2,419) | 705,141 | |
| Fidelity Central Funds | 6 | |
| Assets and liabilities in foreign currencies | (97) | |
| Total change in net unrealized appreciation (depreciation) | 705,050 | |
| Net gain (loss) | 2,123,569 | |
| Net increase (decrease) in net assets resulting from operations | $2,138,350 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Six months ended June 30, 2018 (Unaudited) | Year ended December 31, 2017 |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $14,781 | $40,194 |
| Net realized gain (loss) | 1,418,519 | 2,650,791 |
| Change in net unrealized appreciation (depreciation) | 705,050 | 3,783,147 |
| Net increase (decrease) in net assets resulting from operations | 2,138,350 | 6,474,132 |
| Distributions to shareholders from net investment income | – | (45,645) |
| Distributions to shareholders from net realized gain | (602,358) | (2,034,583) |
| Total distributions | (602,358) | (2,080,228) |
| Share transactions - net increase (decrease) | (837,027) | (1,016,987) |
| Total increase (decrease) in net assets | 698,965 | 3,376,917 |
| Net Assets | ||
| Beginning of period | 27,774,914 | 24,397,997 |
| End of period | $28,473,879 | $27,774,914 |
| Other Information | ||
| Distributions in excess of net investment income end of period | $(5,962) | $(20,743) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor New Insights Fund Class A
| Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $31.38 | $26.44 | $26.14 | $26.67 | $26.32 | $22.75 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A | .01 | .04 | .06 | .05 | .04 | .01 |
| Net realized and unrealized gain (loss) | 2.39 | 7.29 | 1.56 | .57 | 2.34 | 7.21 |
| Total from investment operations | 2.40 | 7.33 | 1.62 | .62 | 2.38 | 7.22 |
| Distributions from net investment income | – | –B | (.04) | (.02) | – | – |
| Distributions from net realized gain | (.68) | (2.39) | (1.28) | (1.13) | (2.03) | (3.65) |
| Total distributions | (.68) | (2.39) | (1.32) | (1.15) | (2.03) | (3.65) |
| Net asset value, end of period | $33.10 | $31.38 | $26.44 | $26.14 | $26.67 | $26.32 |
| Total ReturnC,D,E | 7.82% | 27.98% | 6.31% | 2.39% | 9.20% | 32.36% |
| Ratios to Average Net AssetsF,G | ||||||
| Expenses before reductions | 1.08%H | .94% | .89% | .92% | .92% | .94% |
| Expenses net of fee waivers, if any | 1.08%H | .94% | .89% | .91% | .92% | .94% |
| Expenses net of all reductions | 1.07%H | .93% | .88% | .91% | .92% | .94% |
| Net investment income (loss) | .06%H | .12% | .24% | .20% | .13% | .02% |
| Supplemental Data | ||||||
| Net assets, end of period (in millions) | $5,832 | $5,612 | $6,873 | $7,920 | $8,475 | $8,634 |
| Portfolio turnover rateI | 33%H | 30% | 42% | 47% | 62% | 79% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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 Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor New Insights Fund Class M
| Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $30.39 | $25.73 | $25.51 | $26.10 | $25.84 | $22.44 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A | (.03) | (.04) | –B | (.01) | (.03) | (.06) |
| Net realized and unrealized gain (loss) | 2.31 | 7.09 | 1.50 | .55 | 2.31 | 7.11 |
| Total from investment operations | 2.28 | 7.05 | 1.50 | .54 | 2.28 | 7.05 |
| Distributions from net investment income | – | –B | –B | – | – | – |
| Distributions from net realized gain | (.68) | (2.39) | (1.28) | (1.13) | (2.02) | (3.65) |
| Total distributions | (.68) | (2.39) | (1.28) | (1.13) | (2.02) | (3.65) |
| Net asset value, end of period | $31.99 | $30.39 | $25.73 | $25.51 | $26.10 | $25.84 |
| Total ReturnC,D,E | 7.67% | 27.66% | 6.01% | 2.14% | 8.98% | 32.05% |
| Ratios to Average Net AssetsF,G | ||||||
| Expenses before reductions | 1.33%H | 1.18% | 1.14% | 1.17% | 1.17% | 1.18% |
| Expenses net of fee waivers, if any | 1.33%H | 1.18% | 1.14% | 1.16% | 1.17% | 1.18% |
| Expenses net of all reductions | 1.32%H | 1.18% | 1.13% | 1.16% | 1.17% | 1.18% |
| Net investment income (loss) | (.19)%H | (.13)% | (.01)% | (.05)% | (.11)% | (.22)% |
| Supplemental Data | ||||||
| Net assets, end of period (in millions) | $1,944 | $1,926 | $1,849 | $2,071 | $2,219 | $2,134 |
| Portfolio turnover rateI | 33%H | 30% | 42% | 47% | 62% | 79% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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 Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor New Insights Fund Class C
| Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $27.63 | $23.69 | $23.70 | $24.45 | $24.45 | $21.49 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A | (.10) | (.17) | (.12) | (.14) | (.16) | (.18) |
| Net realized and unrealized gain (loss) | 2.10 | 6.50 | 1.39 | .52 | 2.18 | 6.79 |
| Total from investment operations | 2.00 | 6.33 | 1.27 | .38 | 2.02 | 6.61 |
| Distributions from net investment income | – | –B | –B | – | – | – |
| Distributions from net realized gain | (.68) | (2.39) | (1.28) | (1.13) | (2.02) | (3.65) |
| Total distributions | (.68) | (2.39) | (1.28) | (1.13) | (2.02) | (3.65) |
| Net asset value, end of period | $28.95 | $27.63 | $23.69 | $23.70 | $24.45 | $24.45 |
| Total ReturnC,D,E | 7.42% | 26.99% | 5.49% | 1.63% | 8.43% | 31.41% |
| Ratios to Average Net AssetsF,G | ||||||
| Expenses before reductions | 1.83%H | 1.68% | 1.64% | 1.67% | 1.67% | 1.69% |
| Expenses net of fee waivers, if any | 1.83%H | 1.68% | 1.64% | 1.66% | 1.67% | 1.69% |
| Expenses net of all reductions | 1.82%H | 1.68% | 1.63% | 1.66% | 1.67% | 1.69% |
| Net investment income (loss) | (.69)%H | (.63)% | (.51)% | (.55)% | (.62)% | (.73)% |
| Supplemental Data | ||||||
| Net assets, end of period (in millions) | $3,645 | $3,718 | $3,521 | $3,841 | $3,889 | $3,459 |
| Portfolio turnover rateI | 33%H | 30% | 42% | 47% | 62% | 79% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
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 Total returns do not include the effect of the contingent deferred sales charge.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor New Insights Fund Class I
| Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $32.03 | $26.95 | $26.63 | $27.15 | $26.76 | $23.02 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A | .05 | .12 | .13 | .13 | .11 | .07 |
| Net realized and unrealized gain (loss) | 2.44 | 7.44 | 1.59 | .57 | 2.39 | 7.32 |
| Total from investment operations | 2.49 | 7.56 | 1.72 | .70 | 2.50 | 7.39 |
| Distributions from net investment income | – | (.09) | (.11) | (.09) | (.07) | – |
| Distributions from net realized gain | (.68) | (2.39) | (1.28) | (1.13) | (2.04) | (3.65) |
| Total distributions | (.68) | (2.48) | (1.40)B | (1.22) | (2.11) | (3.65) |
| Net asset value, end of period | $33.84 | $32.03 | $26.95 | $26.63 | $27.15 | $26.76 |
| Total ReturnC,D | 7.94% | 28.30% | 6.55% | 2.64% | 9.51% | 32.73% |
| Ratios to Average Net AssetsE,F | ||||||
| Expenses before reductions | .82%G | .68% | .63% | .66% | .67% | .68% |
| Expenses net of fee waivers, if any | .82%G | .68% | .63% | .66% | .67% | .68% |
| Expenses net of all reductions | .82%G | .67% | .63% | .66% | .67% | .68% |
| Net investment income (loss) | .31%G | .38% | .50% | .45% | .39% | .28% |
| Supplemental Data | ||||||
| Net assets, end of period (in millions) | $15,073 | $14,894 | $11,662 | $12,310 | $13,449 | $11,477 |
| Portfolio turnover rateH | 33%G | 30% | 42% | 47% | 62% | 79% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $1.40 per share is comprised of distributions from net investment income of $.114 and distributions from net realized gain of $1.281 per share.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor New Insights Fund Class Z
| Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 A | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $32.06 | $26.97 | $26.65 | $27.17 | $26.78 | $27.42 |
| Income from Investment Operations | ||||||
| Net investment income (loss)B | .07 | .16 | .17 | .16 | .15 | .01 |
| Net realized and unrealized gain (loss) | 2.44 | 7.45 | 1.58 | .58 | 2.39 | 3.00 |
| Total from investment operations | 2.51 | 7.61 | 1.75 | .74 | 2.54 | 3.01 |
| Distributions from net investment income | – | (.13) | (.15) | (.12) | (.10) | – |
| Distributions from net realized gain | (.68) | (2.39) | (1.28) | (1.13) | (2.04) | (3.65) |
| Total distributions | (.68) | (2.52) | (1.43) | (1.26)C | (2.15)D | (3.65) |
| Net asset value, end of period | $33.89 | $32.06 | $26.97 | $26.65 | $27.17 | $26.78 |
| Total ReturnE,F | 8.00% | 28.49% | 6.68% | 2.78% | 9.65% | 11.50% |
| Ratios to Average Net AssetsG,H | ||||||
| Expenses before reductions | .70%I | .55% | .50% | .53% | .54% | .55%I |
| Expenses net of fee waivers, if any | .70%I | .55% | .50% | .53% | .54% | .55%I |
| Expenses net of all reductions | .69%I | .55% | .50% | .53% | .53% | .55%I |
| Net investment income (loss) | .44%I | .50% | .63% | .58% | .52% | .14%I |
| Supplemental Data | ||||||
| Net assets, end of period (in millions) | $1,979 | $1,626 | $492 | $436 | $294 | $77 |
| Portfolio turnover rateJ | 33%I | 30% | 42% | 47% | 62% | 79% |
A For the period August 13, 2013 (commencement of sale of shares) to December 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $1.26 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $1.134 per share.
D Total distributions of $2.15 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $2.041 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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor New Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the 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 Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
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.
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 – Investments 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 Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the 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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the 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 the Fund's investments and ratifies the fair value determinations of the Committee.
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:
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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
| Corporate Bonds | $108 | Recovery value | Recovery value | 34.4% | Increase |
| Equities | $525,361 | Market comparable | Enterprise value/Sales multiple (EV/S) | 1.3 - 11.3 / 3.7 | Increase |
| Transaction price | $60.00 | Increase | |||
| Enterprise value/EBITDA multiple (EV/EBITDA) | 26.6 | Increase | |||
| Discount rate | 6.0% - 73.0% / 32.4% | Decrease | |||
| Price/Earnings multiple (P/E) | 15.4 | Increase | |||
| Discount for lack of marketability | 10.0% - 15.0% / 10.47 | Decrease | |||
| Market approach | Transaction price | $2.50 - $350.00 / $73.35 | Increase | ||
| Discount rate | 41.0% - 50.0% / 45.1% | Decrease | |||
| Discount cash flow | Discount rate | 9.0% | Decrease | ||
| Discount for lack of marketability | 20.0% | Decrease | |||
| Growth rate | 3.0% | Increase | |||
| Recovery value | Recovery value | 0.0% - 0.2% / 0.2% | Increase | ||
| Other | $26,980 | Market comparable | Proxy discount | 13.5% | Decrease |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
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 June 30, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. 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 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 transfer agent and distribution and service plan 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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $911 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships, deferred trustees compensation, and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $12,219,001 |
| Gross unrealized depreciation | (533,354) |
| Net unrealized appreciation (depreciation) | $11,685,647 |
| Tax cost | $16,785,780 |
Restricted Securities. The Fund 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 the Fund's Schedule of Investments.
Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, the Fund held an investment of $66,890 in these Subsidiaries, representing .23% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.
Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $4,580,221 and $6,047,510, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .64% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
| Class A | -% | .25% | $7,262 | $135 |
| Class M | .25% | .25% | 4,908 | 59 |
| Class C | .75% | .25% | 18,636 | 1,258 |
| $30,806 | $1,452 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC | |
| Class A | $599 |
| Class M | 79 |
| Class C(a) | 68 |
| $746 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net Assets(a) | |
| Class A | $5,030 | .17 |
| Class M | 1,688 | .17 |
| Class C | 3,246 | .17 |
| Class I | 12,754 | .17 |
| Class Z | 413 | .05 |
| $23,131 |
(a) Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .01%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $139 for the period.
Interfund Trades. The Fund 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. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $40 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $3,994. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $722, including $42 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $765 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $138.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended June 30, 2018 | Year ended December 31, 2017 |
|
| From net investment income | ||
| Class A | $– | $26 |
| Class M | – | 10 |
| Class C | – | 28 |
| Class I | – | 39,275 |
| Class Z | – | 6,306 |
| Total | $– | $45,645 |
| From net realized gain | ||
| Class A | $120,486 | $427,236 |
| Class M | 42,660 | 145,488 |
| Class C | 90,887 | 306,428 |
| Class I | 313,081 | 1,050,323 |
| Class Z | 35,244 | 105,108 |
| Total | $602,358 | $2,034,583 |
10. 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 June 30, 2018 | Year ended December 31, 2017 | Six months ended June 30, 2018 | Year ended December 31, 2017 | |
| Class A | ||||
| Shares sold | 12,838 | 21,157 | $419,018 | $628,417 |
| Reinvestment of distributions | 3,781 | 13,511 | 116,800 | 413,099 |
| Shares redeemed | (19,252) | (115,780) | (625,838) | (3,360,118) |
| Net increase (decrease) | (2,633) | (81,112) | $(90,020) | $(2,318,602) |
| Class M | ||||
| Shares sold | 2,933 | 5,607 | $92,254 | $162,678 |
| Reinvestment of distributions | 1,361 | 4,649 | 40,670 | 138,255 |
| Shares redeemed | (6,879) | (18,763) | (215,603) | (539,042) |
| Net increase (decrease) | (2,585) | (8,507) | $(82,679) | $(238,109) |
| Class C | ||||
| Shares sold | 6,242 | 11,284 | $177,887 | $299,290 |
| Reinvestment of distributions | 3,051 | 10,179 | 82,693 | 275,929 |
| Shares redeemed | (17,916) | (35,552) | (512,369) | (942,119) |
| Net increase (decrease) | (8,623) | (14,089) | $(251,789) | $(366,900) |
| Class I | ||||
| Shares sold | 40,019 | 138,420 | $1,332,103 | $4,117,210 |
| Reinvestment of distributions | 8,983 | 31,259 | 283,508 | 981,809 |
| Shares redeemed | (68,665) | (137,376) | (2,283,522) | (4,201,843) |
| Net increase (decrease) | (19,663) | 32,303 | $(667,911) | $897,176 |
| Class Z | ||||
| Shares sold | 15,324 | 35,679 | $510,792 | $1,107,419 |
| Reinvestment of distributions | 998 | 3,070 | 31,531 | 97,071 |
| Shares redeemed | (8,642) | (6,280) | (286,951) | (195,042) |
| Net increase (decrease) | 7,680 | 32,469 | $255,372 | $1,009,448 |
11. 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.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the 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 (January 1, 2018 to June 30, 2018).
Actual Expenses
The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio-A | Beginning Account Value January 1, 2018 | Ending Account Value June 30, 2018 | Expenses Paid During Period-B January 1, 2018 to June 30, 2018 |
|
| Class A | 1.08% | |||
| Actual | $1,000.00 | $1,078.20 | $5.57 | |
| Hypothetical-C | $1,000.00 | $1,019.44 | $5.41 | |
| Class M | 1.33% | |||
| Actual | $1,000.00 | $1,076.70 | $6.85 | |
| Hypothetical-C | $1,000.00 | $1,018.20 | $6.66 | |
| Class C | 1.83% | |||
| Actual | $1,000.00 | $1,074.20 | $9.41 | |
| Hypothetical-C | $1,000.00 | $1,015.72 | $9.15 | |
| Class I | .82% | |||
| Actual | $1,000.00 | $1,079.40 | $4.23 | |
| Hypothetical-C | $1,000.00 | $1,020.73 | $4.11 | |
| Class Z | .70% | |||
| Actual | $1,000.00 | $1,080.00 | $3.61 | |
| Hypothetical-C | $1,000.00 | $1,021.32 | $3.51 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
ANIF-SANN-0818
1.803542.114
|
Fidelity® Series Opportunistic Insights Fund Semi-Annual Report June 30, 2018 |
|
|
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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2018
| % of fund's net assets | |
| Facebook, Inc. Class A | 8.2 |
| Amazon.com, Inc. | 6.4 |
| Salesforce.com, Inc. | 4.0 |
| Berkshire Hathaway, Inc. Class A | 3.7 |
| Bank of America Corp. | 3.4 |
| JPMorgan Chase & Co. | 2.9 |
| Adobe Systems, Inc. | 2.8 |
| Netflix, Inc. | 2.7 |
| UnitedHealth Group, Inc. | 2.4 |
| Microsoft Corp. | 2.4 |
| 38.9 |
Top Five Market Sectors as of June 30, 2018
| % of fund's net assets | |
| Information Technology | 40.7 |
| Financials | 17.6 |
| Consumer Discretionary | 16.1 |
| Health Care | 8.7 |
| Industrials | 5.7 |
Asset Allocation (% of fund's net assets)
| As of June 30, 2018 * | ||
| Stocks | 95.8% | |
| Bonds | 0.2% | |
| Convertible Securities | 2.2% | |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.8% | |
* Foreign investments - 6.2%
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 95.8% | |||
| Shares | Value | ||
| CONSUMER DISCRETIONARY - 16.0% | |||
| Automobiles - 0.4% | |||
| Mahindra & Mahindra Ltd. | 516,850 | $6,777,333 | |
| Maruti Suzuki India Ltd. | 90,105 | 11,615,990 | |
| Tesla, Inc. (a) | 13,116 | 4,498,132 | |
| Toyota Motor Corp. | 71,800 | 4,643,233 | |
| 27,534,688 | |||
| Diversified Consumer Services - 0.6% | |||
| Chegg, Inc. (a) | 164,100 | 4,560,339 | |
| Weight Watchers International, Inc. (a) | 331,900 | 33,555,090 | |
| 38,115,429 | |||
| Hotels, Restaurants & Leisure - 2.2% | |||
| Chipotle Mexican Grill, Inc. (a) | 15,500 | 6,686,235 | |
| Domino's Pizza, Inc. | 22,100 | 6,235,957 | |
| Eldorado Resorts, Inc. (a) | 23,100 | 903,210 | |
| Hilton Worldwide Holdings, Inc. | 321,704 | 25,466,089 | |
| Las Vegas Sands Corp. | 62,000 | 4,734,320 | |
| Marriott International, Inc. Class A | 467,584 | 59,196,134 | |
| McDonald's Corp. | 261,600 | 40,990,104 | |
| Shake Shack, Inc. Class A (a) | 11,100 | 734,598 | |
| U.S. Foods Holding Corp. (a) | 58,200 | 2,201,124 | |
| Vail Resorts, Inc. | 7,600 | 2,083,844 | |
| 149,231,615 | |||
| Household Durables - 0.0% | |||
| Mohawk Industries, Inc. (a) | 9,007 | 1,929,930 | |
| Internet & Direct Marketing Retail - 9.6% | |||
| Amazon.com, Inc. (a) | 249,817 | 424,638,937 | |
| Netflix, Inc. (a) | 452,399 | 177,082,541 | |
| Ocado Group PLC (a) | 25,700 | 348,503 | |
| Start Today Co. Ltd. | 146,200 | 5,301,838 | |
| The Booking Holdings, Inc. (a) | 13,450 | 27,264,361 | |
| 634,636,180 | |||
| Leisure Products - 0.0% | |||
| Spin Master Corp. (a)(b) | 9,900 | 438,954 | |
| Media - 0.9% | |||
| Discovery Communications, Inc. Class A (a) | 34,100 | 937,750 | |
| Liberty Media Corp.: | |||
| Liberty Formula One Group Series C (a) | 556,943 | 20,679,294 | |
| Liberty SiriusXM Series C (a) | 531,296 | 24,099,587 | |
| Live Nation Entertainment, Inc. (a) | 39,900 | 1,937,943 | |
| Sirius XM Holdings, Inc. (c) | 1,538,012 | 10,412,341 | |
| 58,066,915 | |||
| Multiline Retail - 0.4% | |||
| Ollie's Bargain Outlet Holdings, Inc. (a) | 328,619 | 23,824,878 | |
| Specialty Retail - 1.1% | |||
| Burlington Stores, Inc. (a) | 30,300 | 4,561,059 | |
| Home Depot, Inc. | 285,700 | 55,740,070 | |
| TJX Companies, Inc. | 110,427 | 10,510,442 | |
| Urban Outfitters, Inc. (a) | 81,700 | 3,639,735 | |
| 74,451,306 | |||
| Textiles, Apparel & Luxury Goods - 0.8% | |||
| adidas AG | 104,518 | 22,818,392 | |
| Canada Goose Holdings, Inc. (a) | 33,500 | 1,970,273 | |
| Kering SA | 13,824 | 7,807,077 | |
| lululemon athletica, Inc. (a) | 21,700 | 2,709,245 | |
| LVMH Moet Hennessy - Louis Vuitton SA | 12,917 | 4,288,689 | |
| NIKE, Inc. Class B | 40,100 | 3,195,168 | |
| PVH Corp. | 15,900 | 2,380,548 | |
| Ralph Lauren Corp. | 5,200 | 653,744 | |
| Tapestry, Inc. | 86,900 | 4,059,099 | |
| VF Corp. | 74,500 | 6,073,240 | |
| 55,955,475 | |||
| TOTAL CONSUMER DISCRETIONARY | 1,064,185,370 | ||
| CONSUMER STAPLES - 2.5% | |||
| Beverages - 0.5% | |||
| Constellation Brands, Inc. Class A (sub. vtg.) | 64,100 | 14,029,567 | |
| Dr. Pepper Snapple Group, Inc. | 43,100 | 5,258,200 | |
| Kweichow Moutai Co. Ltd. (A Shares) | 31,000 | 3,424,749 | |
| Monster Beverage Corp. (a) | 90,200 | 5,168,460 | |
| The Coca-Cola Co. | 67,166 | 2,945,901 | |
| 30,826,877 | |||
| Food & Staples Retailing - 0.6% | |||
| Costco Wholesale Corp. | 168,100 | 35,129,538 | |
| Performance Food Group Co. (a) | 91,700 | 3,365,390 | |
| Tesco PLC | 396,185 | 1,340,530 | |
| 39,835,458 | |||
| Food Products - 0.0% | |||
| Post Holdings, Inc. (a) | 7,900 | 679,558 | |
| The Simply Good Foods Co. | 115,400 | 1,666,376 | |
| 2,345,934 | |||
| Personal Products - 1.4% | |||
| Estee Lauder Companies, Inc. Class A | 544,908 | 77,752,923 | |
| Kao Corp. | 53,500 | 4,083,232 | |
| L'Oreal SA (a) | 11,478 | 2,834,948 | |
| Shiseido Co. Ltd. | 70,500 | 5,602,303 | |
| 90,273,406 | |||
| TOTAL CONSUMER STAPLES | 163,281,675 | ||
| ENERGY - 4.1% | |||
| Oil, Gas & Consumable Fuels - 4.1% | |||
| Birchcliff Energy Ltd. | 1,100,000 | 4,033,013 | |
| BP PLC | 1,218,580 | 9,271,586 | |
| Canadian Natural Resources Ltd. | 488,000 | 17,613,509 | |
| Centennial Resource Development, Inc.: | |||
| Class A (a) | 278,900 | 5,036,934 | |
| Class A (a) | 841,475 | 15,197,039 | |
| Class A (a)(d) | 129,800 | 2,344,188 | |
| Cheniere Energy, Inc. (a) | 51,500 | 3,357,285 | |
| Chevron Corp. | 52,500 | 6,637,575 | |
| Concho Resources, Inc. (a) | 94,963 | 13,138,131 | |
| ConocoPhillips Co. | 325,300 | 22,647,386 | |
| Continental Resources, Inc. (a) | 259,049 | 16,776,013 | |
| Delek U.S. Holdings, Inc. | 1,600 | 80,272 | |
| Diamondback Energy, Inc. | 127,918 | 16,830,171 | |
| Encana Corp. | 413,400 | 5,399,215 | |
| EOG Resources, Inc. | 287,224 | 35,739,282 | |
| Hess Corp. | 276,600 | 18,501,774 | |
| Marathon Oil Corp. | 29,100 | 607,026 | |
| Occidental Petroleum Corp. | 56,000 | 4,686,080 | |
| Phillips 66 Co. | 185,100 | 20,788,581 | |
| Pioneer Natural Resources Co. | 32,600 | 6,169,224 | |
| PrairieSky Royalty Ltd. (c) | 98,200 | 1,938,379 | |
| Reliance Industries Ltd. | 1,413,581 | 20,079,416 | |
| Suncor Energy, Inc. | 155,500 | 6,328,110 | |
| Tamarack Valley Energy Ltd. (a) | 1,103,700 | 3,870,275 | |
| Valero Energy Corp. | 144,100 | 15,970,603 | |
| Whiting Petroleum Corp. (a) | 2,900 | 152,888 | |
| 273,193,955 | |||
| FINANCIALS - 17.5% | |||
| Banks - 9.8% | |||
| Bank of America Corp. | 7,932,196 | 223,608,605 | |
| Citigroup, Inc. | 2,099,627 | 140,507,039 | |
| HDFC Bank Ltd. sponsored ADR | 355,041 | 37,286,406 | |
| JPMorgan Chase & Co. | 1,860,510 | 193,865,142 | |
| Kotak Mahindra Bank Ltd. (a) | 706,824 | 13,865,459 | |
| M&T Bank Corp. | 86,833 | 14,774,635 | |
| Metro Bank PLC (a) | 7,079 | 302,324 | |
| PNC Financial Services Group, Inc. | 128,400 | 17,346,840 | |
| Royal Bank of Canada | 36,700 | 2,763,422 | |
| The Toronto-Dominion Bank | 123,500 | 7,147,998 | |
| Wells Fargo & Co. | 48,694 | 2,699,595 | |
| 654,167,465 | |||
| Capital Markets - 3.2% | |||
| Bank of New York Mellon Corp. | 513,800 | 27,709,234 | |
| BlackRock, Inc. Class A | 45,553 | 22,732,769 | |
| Charles Schwab Corp. | 761,400 | 38,907,540 | |
| CME Group, Inc. | 4,200 | 688,464 | |
| IntercontinentalExchange, Inc. | 86,400 | 6,354,720 | |
| Morgan Stanley | 1,607,310 | 76,186,494 | |
| MSCI, Inc. | 102,012 | 16,875,845 | |
| Oaktree Capital Group LLC Class A | 174,090 | 7,076,759 | |
| S&P Global, Inc. | 74,416 | 15,172,678 | |
| 211,704,503 | |||
| Consumer Finance - 0.6% | |||
| American Express Co. | 207,302 | 20,315,596 | |
| Synchrony Financial | 528,900 | 17,654,682 | |
| 37,970,278 | |||
| Diversified Financial Services - 3.7% | |||
| Berkshire Hathaway, Inc. Class A (a) | 861 | 242,836,449 | |
| Insurance - 0.2% | |||
| Admiral Group PLC | 238,444 | 6,002,644 | |
| American International Group, Inc. | 24,700 | 1,309,594 | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | 11,700 | 6,556,058 | |
| The Travelers Companies, Inc. | 22,605 | 2,765,496 | |
| 16,633,792 | |||
| TOTAL FINANCIALS | 1,163,312,487 | ||
| HEALTH CARE - 8.4% | |||
| Biotechnology - 1.9% | |||
| Acceleron Pharma, Inc. (a) | 14,000 | 679,280 | |
| Aduro Biotech, Inc. (a) | 14,752 | 103,264 | |
| Agios Pharmaceuticals, Inc. (a) | 81,597 | 6,872,915 | |
| Alnylam Pharmaceuticals, Inc. (a) | 11,700 | 1,152,333 | |
| Amgen, Inc. | 13,900 | 2,565,801 | |
| AnaptysBio, Inc. (a) | 16,000 | 1,136,640 | |
| Arena Pharmaceuticals, Inc. (a) | 57,500 | 2,507,000 | |
| Array BioPharma, Inc. (a) | 104,633 | 1,755,742 | |
| bluebird bio, Inc. (a) | 9,300 | 1,459,635 | |
| Celgene Corp. (a) | 17,400 | 1,381,908 | |
| CSL Ltd. | 4,636 | 660,855 | |
| FibroGen, Inc. (a) | 125,208 | 7,838,021 | |
| Genmab A/S (a) | 18,238 | 2,815,192 | |
| Gilead Sciences, Inc. | 154,400 | 10,937,696 | |
| Heron Therapeutics, Inc. (a) | 33,000 | 1,282,050 | |
| Insmed, Inc. (a) | 53,800 | 1,272,370 | |
| Intrexon Corp. (a)(c) | 160,267 | 2,234,122 | |
| Neurocrine Biosciences, Inc. (a) | 183,842 | 18,060,638 | |
| Regeneron Pharmaceuticals, Inc. (a) | 25,600 | 8,831,744 | |
| Sage Therapeutics, Inc. (a) | 21,300 | 3,334,089 | |
| Sarepta Therapeutics, Inc. (a) | 8,500 | 1,123,530 | |
| Vertex Pharmaceuticals, Inc. (a) | 263,600 | 44,801,456 | |
| Wuxi Biologics (Cayman), Inc. | 59,500 | 662,451 | |
| 123,468,732 | |||
| Health Care Equipment & Supplies - 2.2% | |||
| Abiomed, Inc. (a) | 11,500 | 4,704,075 | |
| Align Technology, Inc. (a) | 3,000 | 1,026,420 | |
| Baxter International, Inc. | 448,400 | 33,109,856 | |
| Becton, Dickinson & Co. | 41,118 | 9,850,228 | |
| Boston Scientific Corp. (a) | 621,100 | 20,309,970 | |
| Danaher Corp. | 202,714 | 20,003,818 | |
| DexCom, Inc. (a) | 39,300 | 3,732,714 | |
| Edwards Lifesciences Corp. (a) | 112,329 | 16,351,733 | |
| Intuitive Surgical, Inc. (a) | 59,354 | 28,399,702 | |
| Penumbra, Inc. (a) | 26,198 | 3,619,254 | |
| ResMed, Inc. | 55,704 | 5,769,820 | |
| 146,877,590 | |||
| Health Care Providers & Services - 3.0% | |||
| Anthem, Inc. | 24,600 | 5,855,538 | |
| Centene Corp. (a) | 5,400 | 665,334 | |
| HealthEquity, Inc. (a) | 110,620 | 8,307,562 | |
| Humana, Inc. | 76,881 | 22,882,092 | |
| National Vision Holdings, Inc. | 120,500 | 4,406,685 | |
| OptiNose, Inc. | 7,300 | 204,254 | |
| UnitedHealth Group, Inc. | 653,866 | 160,419,484 | |
| 202,740,949 | |||
| Health Care Technology - 0.1% | |||
| Veeva Systems, Inc. Class A (a) | 81,010 | 6,226,429 | |
| Life Sciences Tools & Services - 0.8% | |||
| Mettler-Toledo International, Inc. (a) | 67,206 | 38,887,408 | |
| Morphosys AG (a) | 6,100 | 747,976 | |
| PRA Health Sciences, Inc. (a) | 52,652 | 4,915,591 | |
| Thermo Fisher Scientific, Inc. | 26,300 | 5,447,782 | |
| 49,998,757 | |||
| Pharmaceuticals - 0.4% | |||
| AstraZeneca PLC sponsored ADR | 69,600 | 2,443,656 | |
| Idorsia Ltd. | 1,700 | 45,148 | |
| Ipsen SA | 7,400 | 1,161,015 | |
| Jazz Pharmaceuticals PLC (a) | 19,700 | 3,394,310 | |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | 56,048 | 641,323 | |
| MyoKardia, Inc. (a) | 10,300 | 511,395 | |
| Nektar Therapeutics (a) | 201,600 | 9,844,128 | |
| Roche Holding AG (participation certificate) | 3,243 | 719,486 | |
| Supernus Pharmaceuticals, Inc. (a) | 11,600 | 694,260 | |
| Teva Pharmaceutical Industries Ltd. sponsored ADR | 338,200 | 8,225,024 | |
| Zoetis, Inc. Class A | 23,200 | 1,976,408 | |
| 29,656,153 | |||
| TOTAL HEALTH CARE | 558,968,610 | ||
| INDUSTRIALS - 5.6% | |||
| Aerospace & Defense - 1.1% | |||
| Harris Corp. | 16,584 | 2,397,051 | |
| Northrop Grumman Corp. | 72,220 | 22,222,094 | |
| Raytheon Co. | 71,900 | 13,889,642 | |
| Space Exploration Technologies Corp.: | |||
| Class A (a)(d)(e) | 16,000 | 2,704,000 | |
| Class C (d)(e) | 687 | 116,103 | |
| The Boeing Co. | 93,600 | 31,403,736 | |
| TransDigm Group, Inc. | 10,200 | 3,520,428 | |
| 76,253,054 | |||
| Air Freight & Logistics - 0.6% | |||
| Expeditors International of Washington, Inc. | 59,810 | 4,372,111 | |
| FedEx Corp. | 98,700 | 22,410,822 | |
| XPO Logistics, Inc. (a) | 126,758 | 12,698,616 | |
| 39,481,549 | |||
| Airlines - 0.3% | |||
| Ryanair Holdings PLC sponsored ADR (a) | 193,757 | 22,132,862 | |
| Wizz Air Holdings PLC (a)(b) | 14,351 | 681,830 | |
| 22,814,692 | |||
| Building Products - 0.4% | |||
| A.O. Smith Corp. | 22,574 | 1,335,252 | |
| Jeld-Wen Holding, Inc. (a) | 238,500 | 6,818,715 | |
| Masco Corp. | 323,260 | 12,096,389 | |
| Toto Ltd. | 182,800 | 8,486,583 | |
| 28,736,939 | |||
| Commercial Services & Supplies - 0.3% | |||
| Cintas Corp. | 69,593 | 12,879,577 | |
| Copart, Inc. (a) | 35,400 | 2,002,224 | |
| TulCo LLC (d)(e)(f) | 6,639 | 2,323,650 | |
| 17,205,451 | |||
| Electrical Equipment - 0.7% | |||
| AMETEK, Inc. | 54,100 | 3,903,856 | |
| Fortive Corp. | 492,433 | 37,971,509 | |
| Melrose Industries PLC | 818,887 | 2,298,704 | |
| 44,174,069 | |||
| Industrial Conglomerates - 0.4% | |||
| 3M Co. | 41,252 | 8,115,093 | |
| General Electric Co. | 1,060,800 | 14,437,488 | |
| Roper Technologies, Inc. | 5,100 | 1,407,141 | |
| 23,959,722 | |||
| Machinery - 0.7% | |||
| Caterpillar, Inc. | 34,000 | 4,612,780 | |
| Deere & Co. | 172,741 | 24,149,192 | |
| Gardner Denver Holdings, Inc. (a) | 141,100 | 4,146,929 | |
| IDEX Corp. | 4,400 | 600,512 | |
| Illinois Tool Works, Inc. | 7,534 | 1,043,760 | |
| PACCAR, Inc. | 100,943 | 6,254,428 | |
| Parker Hannifin Corp. | 18,500 | 2,883,225 | |
| Rational AG | 1,700 | 1,109,760 | |
| Rexnord Corp. (a) | 104,233 | 3,029,011 | |
| Xylem, Inc. | 29,700 | 2,001,186 | |
| 49,830,783 | |||
| Professional Services - 0.6% | |||
| CoStar Group, Inc. (a) | 6,163 | 2,543,039 | |
| FTI Consulting, Inc. (a) | 64,027 | 3,872,353 | |
| IHS Markit Ltd. (a) | 82,681 | 4,265,513 | |
| Recruit Holdings Co. Ltd. | 144,600 | 4,004,368 | |
| Robert Half International, Inc. | 30,600 | 1,992,060 | |
| SR Teleperformance SA | 4,600 | 812,765 | |
| TransUnion Holding Co., Inc. | 276,585 | 19,814,549 | |
| 37,304,647 | |||
| Road & Rail - 0.3% | |||
| CSX Corp. | 261,000 | 16,646,580 | |
| Trading Companies & Distributors - 0.2% | |||
| Air Lease Corp. Class A | 6,131 | 257,318 | |
| HD Supply Holdings, Inc. (a) | 15,800 | 677,662 | |
| W.W. Grainger, Inc. | 42,000 | 12,952,800 | |
| 13,887,780 | |||
| TOTAL INDUSTRIALS | 370,295,266 | ||
| INFORMATION TECHNOLOGY - 39.2% | |||
| Communications Equipment - 0.4% | |||
| Arista Networks, Inc. (a) | 96,598 | 24,873,019 | |
| Electronic Equipment & Components - 1.8% | |||
| Amphenol Corp. Class A | 1,282,802 | 111,796,194 | |
| CDW Corp. | 31,400 | 2,536,806 | |
| Dolby Laboratories, Inc. Class A | 68,417 | 4,220,645 | |
| FLIR Systems, Inc. | 12,000 | 623,640 | |
| Keyence Corp. | 2,300 | 1,299,625 | |
| Zebra Technologies Corp. Class A (a) | 8,600 | 1,231,950 | |
| 121,708,860 | |||
| Internet Software & Services - 14.1% | |||
| Alibaba Group Holding Ltd. sponsored ADR (a) | 44,232 | 8,206,363 | |
| Alphabet, Inc.: | |||
| Class A (a) | 122,761 | 138,620,494 | |
| Class C (a) | 127,743 | 142,516,478 | |
| CarGurus, Inc. Class A | 93,300 | 3,241,242 | |
| Coupa Software, Inc. (a) | 34,800 | 2,165,952 | |
| DocuSign, Inc. (c) | 10,800 | 571,860 | |
| Dropbox, Inc.: | |||
| Class A (a)(c) | 48,700 | 1,578,854 | |
| Class B | 263,160 | 8,105,065 | |
| eBay, Inc. (a) | 444,798 | 16,128,375 | |
| Facebook, Inc. Class A (a) | 2,791,194 | 542,384,814 | |
| GoDaddy, Inc. (a) | 56,100 | 3,960,660 | |
| GrubHub, Inc. (a) | 35,100 | 3,682,341 | |
| LogMeIn, Inc. | 74,939 | 7,737,452 | |
| Mercari, Inc. (a) | 14,600 | 598,031 | |
| MongoDB, Inc. Class A (c) | 43,100 | 2,139,053 | |
| New Relic, Inc. (a) | 69,100 | 6,950,769 | |
| Nutanix, Inc.: | |||
| Class A (a) | 11,100 | 572,427 | |
| Class B (a)(b) | 171,960 | 8,867,977 | |
| Okta, Inc. (a) | 98,728 | 4,972,929 | |
| Shopify, Inc. Class A (a) | 60,500 | 8,822,466 | |
| Spotify Technology SA (a) | 11,800 | 1,985,232 | |
| SurveyMonkey (a)(d)(e) | 458,038 | 5,661,350 | |
| Tencent Holdings Ltd. | 356,900 | 17,921,877 | |
| Wix.com Ltd. (a) | 19,336 | 1,939,401 | |
| 939,331,462 | |||
| IT Services - 6.6% | |||
| Accenture PLC Class A | 66,757 | 10,920,778 | |
| Adyen BV (a)(b) | 6,400 | 3,525,822 | |
| ASAC II LP (a)(d)(e) | 1,788,160 | 300,411 | |
| EPAM Systems, Inc. (a) | 38,855 | 4,830,842 | |
| Fiserv, Inc. (a) | 47,100 | 3,489,639 | |
| FleetCor Technologies, Inc. (a) | 26,400 | 5,561,160 | |
| Global Payments, Inc. | 147,796 | 16,477,776 | |
| MasterCard, Inc. Class A | 769,710 | 151,263,409 | |
| Netcompany Group A/S | 24,800 | 908,433 | |
| PayPal Holdings, Inc. (a) | 1,414,101 | 117,752,190 | |
| Square, Inc. (a) | 44,800 | 2,761,472 | |
| Visa, Inc. Class A | 904,560 | 119,808,972 | |
| Worldpay, Inc. (a) | 30,900 | 2,527,002 | |
| 440,127,906 | |||
| Semiconductors & Semiconductor Equipment - 1.8% | |||
| Advanced Micro Devices, Inc. (a) | 349,500 | 5,239,005 | |
| Analog Devices, Inc. | 93,986 | 9,015,137 | |
| Intel Corp. | 327,300 | 16,270,083 | |
| NVIDIA Corp. | 252,008 | 59,700,695 | |
| Qorvo, Inc. (a) | 8,200 | 657,394 | |
| Texas Instruments, Inc. | 226,755 | 24,999,739 | |
| 115,882,053 | |||
| Software - 14.0% | |||
| Activision Blizzard, Inc. | 929,889 | 70,969,128 | |
| Adobe Systems, Inc. (a) | 767,769 | 187,189,760 | |
| Atlassian Corp. PLC (a) | 199,585 | 12,478,054 | |
| Black Knight, Inc. (a) | 26,400 | 1,413,720 | |
| CDK Global, Inc. | 84,440 | 5,492,822 | |
| Ceridian HCM Holding, Inc. (c) | 21,600 | 716,904 | |
| Constellation Software, Inc. | 4,000 | 3,102,118 | |
| Electronic Arts, Inc. (a) | 304,600 | 42,954,692 | |
| Intuit, Inc. | 133,891 | 27,354,601 | |
| Microsoft Corp. | 1,603,900 | 158,160,579 | |
| Parametric Technology Corp. (a) | 42,000 | 3,940,020 | |
| Paycom Software, Inc. (a)(c) | 92,907 | 9,181,999 | |
| RealPage, Inc. (a) | 57,100 | 3,146,210 | |
| Red Hat, Inc. (a) | 119,962 | 16,119,294 | |
| RingCentral, Inc. (a) | 133,949 | 9,423,312 | |
| Salesforce.com, Inc. (a) | 1,957,997 | 267,070,791 | |
| Splunk, Inc. (a) | 18,300 | 1,813,713 | |
| SS&C Technologies Holdings, Inc. | 233,513 | 12,119,325 | |
| Tableau Software, Inc. (a) | 49,300 | 4,819,075 | |
| Tanium, Inc. Class B (a)(d)(e) | 165,100 | 1,120,237 | |
| Ultimate Software Group, Inc. (a) | 125,410 | 32,269,247 | |
| Workday, Inc. Class A (a) | 467,487 | 56,622,025 | |
| Zendesk, Inc. (a) | 66,700 | 3,634,483 | |
| Zscaler, Inc. (a)(c) | 22,300 | 797,225 | |
| 931,909,334 | |||
| Technology Hardware, Storage & Peripherals - 0.5% | |||
| Apple, Inc. | 131,221 | 24,290,319 | |
| HP, Inc. | 250,700 | 5,688,383 | |
| Logitech International SA | 19,400 | 851,660 | |
| Pure Storage, Inc. Class A (a) | 93,400 | 2,230,392 | |
| Xaar PLC | 175,812 | 555,707 | |
| 33,616,461 | |||
| TOTAL INFORMATION TECHNOLOGY | 2,607,449,095 | ||
| MATERIALS - 2.3% | |||
| Chemicals - 1.5% | |||
| Air Products & Chemicals, Inc. | 67,042 | 10,440,451 | |
| DowDuPont, Inc. | 572,620 | 37,747,110 | |
| Ecolab, Inc. | 4,500 | 631,485 | |
| LyondellBasell Industries NV Class A | 83,100 | 9,128,535 | |
| Sherwin-Williams Co. | 70,114 | 28,576,363 | |
| Westlake Chemical Corp. | 109,300 | 11,763,959 | |
| 98,287,903 | |||
| Containers & Packaging - 0.2% | |||
| WestRock Co. | 197,400 | 11,255,748 | |
| Metals & Mining - 0.6% | |||
| ArcelorMittal SA Class A unit | 97,500 | 2,806,050 | |
| B2Gold Corp. (a) | 1,405,802 | 3,646,434 | |
| BHP Billiton Ltd. | 79,901 | 1,999,285 | |
| Franco-Nevada Corp. | 203,000 | 14,815,997 | |
| Ivanhoe Mines Ltd. (a) | 2,741,800 | 5,631,050 | |
| Kirkland Lake Gold Ltd. | 245,162 | 5,191,732 | |
| Novagold Resources, Inc. (a) | 385,155 | 1,725,602 | |
| Nucor Corp. | 45,400 | 2,837,500 | |
| Steel Dynamics, Inc. | 76,719 | 3,525,238 | |
| 42,178,888 | |||
| TOTAL MATERIALS | 151,722,539 | ||
| REAL ESTATE - 0.1% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.0% | |||
| American Tower Corp. | 9,600 | 1,384,032 | |
| Real Estate Management & Development - 0.1% | |||
| Five Point Holdings LLC Class A (a)(c) | 123,740 | 1,392,075 | |
| WeWork Companies, Inc. Class A (a)(d)(e) | 33,900 | 1,838,397 | |
| 3,230,472 | |||
| TOTAL REAL ESTATE | 4,614,504 | ||
| TELECOMMUNICATION SERVICES - 0.1% | |||
| Wireless Telecommunication Services - 0.1% | |||
| T-Mobile U.S., Inc. (a) | 114,881 | 6,864,140 | |
| UTILITIES - 0.0% | |||
| Electric Utilities - 0.0% | |||
| Vistra Energy Corp. (a) | 26,600 | 629,356 | |
| Independent Power and Renewable Electricity Producers - 0.0% | |||
| NRG Energy, Inc. | 19,400 | 595,580 | |
| TOTAL UTILITIES | 1,224,936 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $3,408,618,307) | 6,365,112,577 | ||
| Convertible Preferred Stocks - 2.2% | |||
| CONSUMER DISCRETIONARY - 0.1% | |||
| Diversified Consumer Services - 0.1% | |||
| Airbnb, Inc.: | |||
| Series D (a)(d)(e) | 30,930 | 3,746,860 | |
| Series E (a)(d)(e) | 13,964 | 1,691,599 | |
| 5,438,459 | |||
| Household Durables - 0.0% | |||
| Blu Homes, Inc. Series A, 5.00% (a)(d)(e) | 1,349,024 | 26,980 | |
| TOTAL CONSUMER DISCRETIONARY | 5,465,439 | ||
| CONSUMER STAPLES - 0.0% | |||
| Food & Staples Retailing - 0.0% | |||
| Roofoods Ltd. Series F (d)(e) | 8,137 | 3,177,743 | |
| FINANCIALS - 0.1% | |||
| Consumer Finance - 0.1% | |||
| Oportun Finance Corp. Series H (a)(d)(e) | 2,372,991 | 5,861,288 | |
| HEALTH CARE - 0.1% | |||
| Biotechnology - 0.1% | |||
| 23andMe, Inc.: | |||
| Series E (a)(d)(e) | 41,008 | 657,358 | |
| Series F (d)(e) | 176,099 | 2,822,867 | |
| 3,480,225 | |||
| Health Care Providers & Services - 0.0% | |||
| Mulberry Health, Inc. Series A8 (a)(d)(e) | 418,866 | 2,988,563 | |
| TOTAL HEALTH CARE | 6,468,788 | ||
| INDUSTRIALS - 0.1% | |||
| Aerospace & Defense - 0.1% | |||
| Space Exploration Technologies Corp.: | |||
| Series G (a)(d)(e) | 32,066 | 5,419,154 | |
| Series H (d)(e) | 6,366 | 1,075,854 | |
| 6,495,008 | |||
| INFORMATION TECHNOLOGY - 1.5% | |||
| Internet Software & Services - 0.6% | |||
| Lyft, Inc.: | |||
| Series H (d)(e) | 79,253 | 3,752,939 | |
| Series I (d)(e) | 71,187 | 3,370,982 | |
| Pinterest, Inc.: | |||
| Series E, 8.00% (a)(d)(e) | 2,594,015 | 15,382,509 | |
| Series F, 8.00% (a)(d)(e) | 2,122,845 | 12,588,471 | |
| Series G, 8.00% (a)(d)(e) | 369,335 | 2,190,157 | |
| Uber Technologies, Inc. Series D, 8.00% (a)(d)(e) | 111,031 | 4,441,240 | |
| 41,726,298 | |||
| Software - 0.9% | |||
| Cloudflare, Inc. Series D, 8.00% (a)(d)(e) | 246,150 | 1,922,432 | |
| Delphix Corp. Series D (a)(d)(e) | 204,875 | 1,487,393 | |
| Magic Leap, Inc.: | |||
| Series B, 8.00% (a)(d)(e) | 1,675,597 | 45,241,119 | |
| Series C (a)(d)(e) | 15,286 | 412,722 | |
| Series D (d)(e) | 412,286 | 11,131,722 | |
| 60,195,388 | |||
| TOTAL INFORMATION TECHNOLOGY | 101,921,686 | ||
| REAL ESTATE - 0.3% | |||
| Real Estate Management & Development - 0.3% | |||
| WeWork Companies, Inc.: | |||
| Series E (a)(d)(e) | 305,106 | 16,545,898 | |
| Series F (a)(d)(e) | 14,184 | 769,198 | |
| 17,315,096 | |||
| TELECOMMUNICATION SERVICES - 0.0% | |||
| Wireless Telecommunication Services - 0.0% | |||
| Altiostar Networks, Inc. Series A1 (a)(d)(e) | 122,552 | 156,867 | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | |||
| (Cost $98,673,522) | 146,861,915 | ||
| Principal Amount | Value | ||
| Nonconvertible Bonds - 0.2% | |||
| HEALTH CARE - 0.2% | |||
| Pharmaceuticals - 0.2% | |||
| Valeant Pharmaceuticals International, Inc.: | |||
| 6.125% 4/15/25 (b) | 5,820,000 | 5,361,675 | |
| 9% 12/15/25 (b) | 6,033,000 | 6,259,238 | |
| TOTAL NONCONVERTIBLE BONDS | |||
| (Cost $11,410,885) | 11,620,913 | ||
| Shares | Value | ||
| Money Market Funds - 3.4% | |||
| Fidelity Cash Central Fund, 1.93% (g) | 199,667,117 | 199,707,050 | |
| Fidelity Securities Lending Cash Central Fund 1.92% (g)(h) | 27,667,331 | 27,672,865 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $227,377,157) | 227,379,915 | ||
| TOTAL INVESTMENT IN SECURITIES - 101.6% | |||
| (Cost $3,746,079,871) | 6,750,975,320 | ||
| NET OTHER ASSETS (LIABILITIES) - (1.6)% | (104,043,937) | ||
| NET ASSETS - 100% | $6,646,931,383 |
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 $25,135,496 or 0.4% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $163,270,251 or 2.5% of net assets.
(e) Level 3 security
(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(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 are available on the SEC's website or upon request.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| 23andMe, Inc. Series E | 6/18/15 | $444,005 |
| 23andMe, Inc. Series F | 8/31/17 | $2,444,994 |
| Airbnb, Inc. Series D | 4/16/14 | $1,259,254 |
| Airbnb, Inc. Series E | 6/29/15 | $1,299,970 |
| Altiostar Networks, Inc. Series A1 | 1/10/17 | $563,739 |
| ASAC II LP | 10/10/13 | $137,706 |
| Blu Homes, Inc. Series A, 5.00% | 6/10/13 - 12/30/14 | $6,232,491 |
| Centennial Resource Development, Inc. Class A | 12/28/16 | $1,887,292 |
| Cloudflare, Inc. Series D, 8.00% | 11/5/14 - 6/24/15 | $1,533,709 |
| Delphix Corp. Series D | 7/10/15 | $1,843,875 |
| Lyft, Inc. Series H | 11/22/17 | $3,149,998 |
| Lyft, Inc. Series I | 6/27/18 | $3,370,982 |
| Magic Leap, Inc. Series B, 8.00% | 10/17/14 | $19,369,901 |
| Magic Leap, Inc. Series C | 12/23/15 | $352,082 |
| Magic Leap, Inc. Series D | 10/6/17 | $11,131,722 |
| Mulberry Health, Inc. Series A8 | 1/20/16 | $2,829,335 |
| Oportun Finance Corp. Series H | 2/6/15 | $6,756,617 |
| Pinterest, Inc. Series E, 8.00% | 10/23/13 | $7,538,571 |
| Pinterest, Inc. Series F, 8.00% | 5/15/14 | $7,211,381 |
| Pinterest, Inc. Series G, 8.00% | 2/27/15 | $2,651,490 |
| Roofoods Ltd. Series F | 9/12/17 | $2,877,004 |
| Space Exploration Technologies Corp. Class A | 10/16/15 - 9/11/17 | $1,655,886 |
| Space Exploration Technologies Corp. Class C | 9/11/17 | $92,745 |
| Space Exploration Technologies Corp. Series G | 1/20/15 | $2,483,832 |
| Space Exploration Technologies Corp. Series H | 8/4/17 | $859,410 |
| SurveyMonkey | 12/15/14 | $7,534,725 |
| Tanium, Inc. Class B | 4/21/17 | $819,606 |
| TulCo LLC | 8/24/17 - 12/14/17 | $2,323,650 |
| Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $1,722,429 |
| WeWork Companies, Inc. Class A | 6/23/15 | $1,114,956 |
| WeWork Companies, Inc. Series E | 6/23/15 | $10,034,805 |
| WeWork Companies, Inc. Series F | 12/1/16 | $711,927 |
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 | $1,072,861 |
| Fidelity Securities Lending Cash Central Fund | 329,808 |
| Total | $1,402,669 |
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 June 30, 2018, 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 | $1,069,650,809 | $1,055,253,448 | $8,931,922 | $5,465,439 |
| Consumer Staples | 166,459,418 | 161,941,145 | 1,340,530 | 3,177,743 |
| Energy | 273,193,955 | 263,922,369 | 9,271,586 | -- |
| Financials | 1,169,173,775 | 1,163,312,487 | -- | 5,861,288 |
| Health Care | 565,437,398 | 558,249,124 | 719,486 | 6,468,788 |
| Industrials | 376,790,274 | 365,151,513 | -- | 11,638,761 |
| Information Technology | 2,709,370,781 | 2,574,340,155 | 26,026,942 | 109,003,684 |
| Materials | 151,722,539 | 149,723,254 | 1,999,285 | -- |
| Real Estate | 21,929,600 | 2,776,107 | -- | 19,153,493 |
| Telecommunication Services | 7,021,007 | 6,864,140 | -- | 156,867 |
| Utilities | 1,224,936 | 1,224,936 | -- | -- |
| Corporate Bonds | 11,620,913 | -- | 11,620,913 | -- |
| Money Market Funds | 227,379,915 | 227,379,915 | -- | -- |
| Total Investments in Securities: | $6,750,975,320 | $6,530,138,593 | $59,910,664 | $160,926,063 |
The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:
| Investments in Securities: | |
| Equities - Information Technology | |
| Beginning Balance | $109,818,963 |
| Net Realized Gain (Loss) on Investment Securities | -- |
| Net Unrealized Gain (Loss) on Investment Securities | 3,353,747 |
| Cost of Purchases | 3,370,982 |
| Proceeds of Sales | (7,540,008) |
| Amortization/Accretion | -- |
| Transfers into Level 3 | -- |
| Transfers out of Level 3 | -- |
| Ending Balance | $109,003,684 |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2018 | $1,900,629 |
| Equities - Other Investments In Securities | |
| Beginning Balance | $48,089,618 |
| Net Realized Gain (Loss) on Investment Securities | -- |
| Net Unrealized Gain (Loss) on Investment Securities | 3,830,911 |
| Cost of Purchases | 1,850 |
| Proceeds of Sales | -- |
| Amortization/Accretion | -- |
| Transfers into Level 3 | -- |
| Transfers out of Level 3 | -- |
| Ending Balance | $51,922,379 |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2018 | $3,830,911 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| June 30, 2018 (Unaudited) | ||
| Assets | ||
| Investment in securities, at value (including securities loaned of $26,806,613) — See accompanying schedule: Unaffiliated issuers (cost $3,518,702,714) | $6,523,595,405 | |
| Fidelity Central Funds (cost $227,377,157) | 227,379,915 | |
| Total Investment in Securities (cost $3,746,079,871) | $6,750,975,320 | |
| Cash | 13,242 | |
| Receivable for investments sold | 790,385 | |
| Receivable for fund shares sold | 4,410 | |
| Dividends receivable | 1,593,332 | |
| Interest receivable | 98,733 | |
| Distributions receivable from Fidelity Central Funds | 339,640 | |
| Other receivables | 53,950 | |
| Total assets | 6,753,869,012 | |
| Liabilities | ||
| Payable for investments purchased | $10,820,090 | |
| Payable for fund shares redeemed | 66,227,579 | |
| Other payables and accrued expenses | 2,223,804 | |
| Collateral on securities loaned | 27,666,156 | |
| Total liabilities | 106,937,629 | |
| Net Assets | $6,646,931,383 | |
| Net Assets consist of: | ||
| Paid in capital | $3,264,325,391 | |
| Undistributed net investment income | 24,672,332 | |
| Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 355,187,946 | |
| Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 3,002,745,714 | |
| Net Assets | $6,646,931,383 | |
| Net Asset Value, offering price and redemption price per share ($6,646,931,383 ÷ 356,931,753 shares) | $18.62 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Six months ended June 30, 2018 (Unaudited) | ||
| Investment Income | ||
| Dividends | $23,766,263 | |
| Interest | 463,393 | |
| Income from Fidelity Central Funds | 1,402,669 | |
| Total income | 25,632,325 | |
| Expenses | ||
| Custodian fees and expenses | $113,596 | |
| Independent trustees' fees and expenses | 14,339 | |
| Miscellaneous | 10,636 | |
| Total expenses before reductions | 138,571 | |
| Expense reductions | (136,585) | |
| Total expenses after reductions | 1,986 | |
| Net investment income (loss) | 25,630,339 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 370,563,390 | |
| Fidelity Central Funds | 2,644 | |
| Foreign currency transactions | (40,504) | |
| Total net realized gain (loss) | 370,525,530 | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of increase in deferred foreign taxes of $924,086) | 243,054,668 | |
| Fidelity Central Funds | (1,984) | |
| Assets and liabilities in foreign currencies | (4,625) | |
| Total change in net unrealized appreciation (depreciation) | 243,048,059 | |
| Net gain (loss) | 613,573,589 | |
| Net increase (decrease) in net assets resulting from operations | $639,203,928 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Six months ended June 30, 2018 (Unaudited) | Year ended December 31, 2017 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $25,630,339 | $32,228,958 |
| Net realized gain (loss) | 370,525,530 | 808,919,426 |
| Change in net unrealized appreciation (depreciation) | 243,048,059 | 910,372,180 |
| Net increase (decrease) in net assets resulting from operations | 639,203,928 | 1,751,520,564 |
| Distributions to shareholders from net investment income | – | (33,809,799) |
| Distributions to shareholders from net realized gain | (146,993,553) | (687,222,461) |
| Total distributions | (146,993,553) | (721,032,260) |
| Share transactions - net increase (decrease) | (162,467,181) | (449,052,236) |
| Total increase (decrease) in net assets | 329,743,194 | 581,436,068 |
| Net Assets | ||
| Beginning of period | 6,317,188,189 | 5,735,752,121 |
| End of period | $6,646,931,383 | $6,317,188,189 |
| Other Information | ||
| Undistributed net investment income end of period | $24,672,332 | $– |
| Distributions in excess of net investment income end of period | $– | $(958,007) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series Opportunistic Insights Fund
| Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $17.32 | $14.69 | $14.89 | $14.89 | $13.98 | $10.02 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A | .07 | .09 | –B | –B | (.01) | –B |
| Net realized and unrealized gain (loss) | 1.65 | 4.75 | .19 | 1.04 | 1.48 | 4.11 |
| Total from investment operations | 1.72 | 4.84 | .19 | 1.04 | 1.47 | 4.11 |
| Distributions from net investment income | – | (.10) | –B | –B | – | – |
| Distributions from net realized gain | (.42) | (2.10) | (.38) | (1.04) | (.56) | (.15) |
| Total distributions | (.42) | (2.21)C | (.39)D | (1.04) | (.56) | (.15) |
| Net asset value, end of period | $18.62 | $17.32 | $14.69 | $14.89 | $14.89 | $13.98 |
| Total ReturnE,F | 10.14% | 32.96% | 1.33% | 7.10% | 10.47% | 41.14% |
| Ratios to Average Net AssetsG,H | ||||||
| Expenses before reductions | - %B,I | .27% | .83% | .90% | .84% | .78% |
| Expenses net of fee waivers, if any | - %B,I | .27% | .83% | .90% | .84% | .78% |
| Expenses net of all reductions | - %B,I | .27% | .82% | .90% | .84% | .77% |
| Net investment income (loss) | .78%I | .50% | .03% | .02% | (.04)% | (.04)% |
| Supplemental Data | ||||||
| Net assets, end of period (000 omitted) | $6,646,931 | $6,317,188 | $2,240,033 | $2,329,415 | $2,596,300 | $2,594,672 |
| Portfolio turnover rateJ | .35 %I | 37% | 40% | 35% | 46% | 52% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than .005% per share.
C Total distributions of $2.21 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $2.103 per share.
D Total distributions of $.39 per share is comprised of distributions from net investment income of $.004 and distributions from net realized gain of $.383 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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
1. Organization.
Fidelity Series Opportunistic Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. 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. Effective August 28, 2017, the Fund no longer offered Class F, and all outstanding shares of Class F were exchanged for shares of Series Opportunistic Insights.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the 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 Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
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.
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 – Investments 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 Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the 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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the 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 the Fund's investments and ratifies the fair value determinations of the Committee.
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:
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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
| Equities | $ 160,926,063 | Market comparable | Enterprise value/Sales multiple (EV/S) | 2.0 – 12.2 / 9.0 | Increase |
| Enterprise value/EBITDA multiple (EV/EBITDA) | 26.6 | Increase | |||
| Discount rate | 6.0% - 73.0% / 18.5% | Decrease | |||
| Price/Earnings multiple (P/E) | 15.4 | Increase | |||
| Discount for lack of marketability | 10.0% - 25.0% / 13.2% | Decrease | |||
| Premium rate | 7.5% - 76.3% / 61.5% | Increase | |||
| Market approach | Transaction price | $0.81 - $350.00 / $53.00 | Increase | ||
| Conversion ratio | 1.6 | Increase | |||
| Discount cash flow | Discount rate | 9.0% | Decrease | ||
| Discount for lack of marketability | 20.0% | Decrease | |||
| Growth rate | 3.0% | Increase | |||
| Recovery value | Recovery value | 0.0% - 0.2% / 0.2% | Increase |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
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 June 30, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $3,052,275,872 |
| Gross unrealized depreciation | (52,957,355) |
| Net unrealized appreciation (depreciation) | $2,999,318,517 |
| Tax cost | $3,751,656,803 |
The Fund elected to defer to its next fiscal year approximately $3,930,754 of capital losses recognized during the period November 1, 2017 to December 31, 2017.
Restricted Securities. The Fund 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 the Fund's Schedule of Investments.
Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, the Fund held an investment of $2,323,650 in this Subsidiary, representing .03% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,124,608,677 and $1,496,992,399, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $25,683 for the period.
Interfund Trades. The Fund 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. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $9,153 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $329,808. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $135,682 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $903.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended June 30, 2018 | Year ended December 31, 2017 |
|
| From net investment income | ||
| Series Opportunistic Insights | $– | $33,809,799 |
| Total | $– | $33,809,799 |
| From net realized gain | ||
| Series Opportunistic Insights | $146,993,553 | $673,643,675 |
| Class F | – | 13,578,786 |
| Total | $146,993,553 | $687,222,461 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Shares | Dollars | Dollars | |
| Six months ended June 30, 2018 | Year ended December 31, 2017 | Six months ended June 30, 2018 | Year ended December 31, 2017 | |
| Series Opportunistic Insights | ||||
| Shares sold | 12,799,796 | 230,824,270 | $232,607,433 | $4,087,845,532 |
| Reinvestment of distributions | 8,531,257 | 40,736,258 | 146,993,553 | 707,453,474 |
| Shares redeemed | (29,153,158) | (59,247,027) | (542,068,167) | (1,056,827,348) |
| Net increase (decrease) | (7,822,105) | 212,313,501 | $(162,467,181) | $3,738,471,658 |
| Class F | ||||
| Shares sold | – | 16,795,285 | $– | $276,622,082 |
| Reinvestment of distributions | – | 863,790 | – | 13,578,786 |
| Shares redeemed | – | (255,199,500) | – | (4,477,724,762) |
| Net increase (decrease) | – | (237,540,425) | $– | $(4,187,523,894) |
11. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Advisor Series Opportunistic Insights Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Series Opportunistic Insights Fund in exchange for corresponding shares of the Fund equal in value to the net assets of the Fidelity Advisor Series Opportunistic Insights Fund on the day the reorganization is effective.
The reorganization does not require Fidelity Advisor Series Opportunistic Insights Fund's shareholder approval and is expected to become effective in September 2018. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
12. 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.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (January 1, 2018 to June 30, 2018).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 January 1, 2018 | Ending Account Value June 30, 2018 | Expenses Paid During Period-B January 1, 2018 to June 30, 2018 |
|
| Series Opportunistic Insights | - %-C | |||
| Actual | $1,000.00 | $1,101.40 | $--D | |
| Hypothetical-E | $1,000.00 | $1,024.79 | $--D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
O1T-SANN-0818
1.951055.105
|
Fidelity Advisor® Series Opportunistic Insights Fund Semi-Annual Report June 30, 2018 |
|
|
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 1-877-208-0098 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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2018
| % of fund's net assets | |
| Amazon.com, Inc. | 8.8 |
| Facebook, Inc. Class A | 7.0 |
| Salesforce.com, Inc. | 5.1 |
| Netflix, Inc. | 4.7 |
| Berkshire Hathaway, Inc. Class A | 3.3 |
| Alphabet, Inc. Class A | 3.1 |
| Adobe Systems, Inc. | 2.8 |
| Alphabet, Inc. Class C | 2.7 |
| Microsoft Corp. | 2.4 |
| Bank of America Corp. | 2.1 |
| 42.0 |
Top Five Market Sectors as of June 30, 2018
| % of fund's net assets | |
| Information Technology | 40.9 |
| Consumer Discretionary | 19.8 |
| Financials | 14.2 |
| Health Care | 7.8 |
| Industrials | 5.9 |
Asset Allocation (% of fund's net assets)
| As of June 30, 2018* | ||
| Stocks | 95.2% | |
| Bonds | 0.2% | |
| Convertible Securities | 2.2% | |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4% | |
* Foreign investments - 6.1%
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 95.2% | |||
| Shares | Value | ||
| CONSUMER DISCRETIONARY - 19.7% | |||
| Automobiles - 0.1% | |||
| Toyota Motor Corp. | 9,900 | $640,223 | |
| Diversified Consumer Services - 0.6% | |||
| Chegg, Inc. (a) | 32,985 | 916,653 | |
| Weight Watchers International, Inc. (a) | 45,942 | 4,644,736 | |
| 5,561,389 | |||
| Hotels, Restaurants & Leisure - 2.1% | |||
| Chipotle Mexican Grill, Inc. (a) | 2,100 | 905,877 | |
| Domino's Pizza, Inc. | 3,228 | 910,845 | |
| Eldorado Resorts, Inc. (a) | 4,000 | 156,400 | |
| Hilton Worldwide Holdings, Inc. | 44,363 | 3,511,775 | |
| Las Vegas Sands Corp. | 8,500 | 649,060 | |
| Marriott International, Inc. Class A | 60,100 | 7,608,660 | |
| McDonald's Corp. | 35,200 | 5,515,488 | |
| Shake Shack, Inc. Class A (a) | 1,500 | 99,270 | |
| U.S. Foods Holding Corp. (a) | 8,200 | 310,124 | |
| Vail Resorts, Inc. | 1,000 | 274,190 | |
| 19,941,689 | |||
| Household Durables - 0.0% | |||
| Mohawk Industries, Inc. (a) | 1,200 | 257,124 | |
| Internet & Direct Marketing Retail - 14.1% | |||
| Amazon.com, Inc. (a) | 48,293 | 82,088,436 | |
| Netflix, Inc. (a) | 113,027 | 44,242,159 | |
| Ocado Group PLC (a) | 3,600 | 48,818 | |
| Start Today Co. Ltd. | 21,657 | 785,376 | |
| The Booking Holdings, Inc. (a) | 2,300 | 4,662,307 | |
| 131,827,096 | |||
| Leisure Products - 0.0% | |||
| Spin Master Corp. (a)(b) | 2,300 | 101,979 | |
| Media - 0.8% | |||
| Discovery Communications, Inc. Class A (a) | 5,100 | 140,250 | |
| Liberty Media Corp.: | |||
| Liberty Formula One Group Series C (a) | 76,456 | 2,838,811 | |
| Liberty SiriusXM Series C (a) | 62,204 | 2,821,573 | |
| Live Nation Entertainment, Inc. (a) | 5,600 | 271,992 | |
| Sirius XM Holdings, Inc. (c) | 229,000 | 1,550,330 | |
| 7,622,956 | |||
| Multiline Retail - 0.4% | |||
| Ollie's Bargain Outlet Holdings, Inc. (a) | 45,600 | 3,306,000 | |
| Specialty Retail - 0.7% | |||
| Burlington Stores, Inc. (a) | 4,500 | 677,385 | |
| Home Depot, Inc. | 25,900 | 5,053,090 | |
| TJX Companies, Inc. | 2,913 | 277,259 | |
| Urban Outfitters, Inc. (a) | 11,400 | 507,870 | |
| 6,515,604 | |||
| Textiles, Apparel & Luxury Goods - 0.9% | |||
| adidas AG | 15,108 | 3,298,382 | |
| Canada Goose Holdings, Inc. (a) | 5,100 | 299,952 | |
| Kering SA | 2,200 | 1,242,446 | |
| lululemon athletica, Inc. (a) | 3,000 | 374,550 | |
| LVMH Moet Hennessy - Louis Vuitton SA | 1,761 | 584,685 | |
| NIKE, Inc. Class B | 5,800 | 462,144 | |
| PVH Corp. | 2,300 | 344,356 | |
| Ralph Lauren Corp. | 700 | 88,004 | |
| Tapestry, Inc. | 12,200 | 569,862 | |
| VF Corp. | 10,200 | 831,504 | |
| 8,095,885 | |||
| TOTAL CONSUMER DISCRETIONARY | 183,869,945 | ||
| CONSUMER STAPLES - 2.0% | |||
| Beverages - 0.4% | |||
| Constellation Brands, Inc. Class A (sub. vtg.) | 8,800 | 1,926,056 | |
| Dr. Pepper Snapple Group, Inc. | 5,900 | 719,800 | |
| Kweichow Moutai Co. Ltd. (A Shares) | 4,600 | 508,188 | |
| Monster Beverage Corp. (a) | 12,700 | 727,710 | |
| The Coca-Cola Co. | 8,200 | 359,652 | |
| 4,241,406 | |||
| Food & Staples Retailing - 0.5% | |||
| Costco Wholesale Corp. | 17,458 | 3,648,373 | |
| Performance Food Group Co. (a) | 11,900 | 436,730 | |
| Tesco PLC | 54,913 | 185,803 | |
| 4,270,906 | |||
| Food Products - 0.0% | |||
| Post Holdings, Inc. (a) | 1,100 | 94,622 | |
| The Simply Good Foods Co. | 16,200 | 233,928 | |
| 328,550 | |||
| Personal Products - 1.1% | |||
| Estee Lauder Companies, Inc. Class A | 57,344 | 8,182,415 | |
| Kao Corp. | 7,400 | 564,783 | |
| L'Oreal SA (a) | 1,322 | 326,520 | |
| Shiseido Co. Ltd. | 9,700 | 770,813 | |
| 9,844,531 | |||
| TOTAL CONSUMER STAPLES | 18,685,393 | ||
| ENERGY - 4.2% | |||
| Oil, Gas & Consumable Fuels - 4.2% | |||
| Birchcliff Energy Ltd. | 163,000 | 597,619 | |
| BP PLC | 168,704 | 1,283,587 | |
| Canadian Natural Resources Ltd. | 70,400 | 2,540,965 | |
| Centennial Resource Development, Inc.: | |||
| Class A (a) | 40,200 | 726,012 | |
| Class A (a) | 126,375 | 2,282,333 | |
| Class A (a)(d) | 18,800 | 339,528 | |
| Cheniere Energy, Inc. (a) | 7,200 | 469,368 | |
| Chevron Corp. | 7,200 | 910,296 | |
| Concho Resources, Inc. (a) | 13,200 | 1,826,220 | |
| ConocoPhillips Co. | 45,000 | 3,132,900 | |
| Continental Resources, Inc. (a) | 36,500 | 2,363,740 | |
| Delek U.S. Holdings, Inc. | 200 | 10,034 | |
| Diamondback Energy, Inc. | 17,600 | 2,315,632 | |
| Encana Corp. | 57,200 | 747,061 | |
| EOG Resources, Inc. | 50,515 | 6,285,581 | |
| Hess Corp. | 38,400 | 2,568,576 | |
| Marathon Oil Corp. | 4,000 | 83,440 | |
| Occidental Petroleum Corp. | 7,900 | 661,072 | |
| Phillips 66 Co. | 25,600 | 2,875,136 | |
| Pioneer Natural Resources Co. | 4,754 | 899,647 | |
| PrairieSky Royalty Ltd. (c) | 13,300 | 262,530 | |
| Reliance Industries Ltd. | 198,644 | 2,821,668 | |
| Suncor Energy, Inc. | 21,500 | 874,948 | |
| Tamarack Valley Energy Ltd. (a) | 159,600 | 559,659 | |
| Valero Energy Corp. | 19,811 | 2,195,653 | |
| Whiting Petroleum Corp. (a) | 400 | 21,088 | |
| 39,654,293 | |||
| FINANCIALS - 14.1% | |||
| Banks - 7.1% | |||
| Bank of America Corp. | 699,250 | 19,711,858 | |
| Citigroup, Inc. | 288,373 | 19,297,921 | |
| HDFC Bank Ltd. sponsored ADR | 49,688 | 5,218,234 | |
| JPMorgan Chase & Co. | 140,800 | 14,671,360 | |
| Kotak Mahindra Bank Ltd. (a) | 49,723 | 975,394 | |
| M&T Bank Corp. | 12,300 | 2,092,845 | |
| Metro Bank PLC (a) | 2,900 | 123,851 | |
| PNC Financial Services Group, Inc. | 18,300 | 2,472,330 | |
| Royal Bank of Canada | 5,000 | 376,488 | |
| The Toronto-Dominion Bank | 16,800 | 972,359 | |
| 65,912,640 | |||
| Capital Markets - 2.9% | |||
| Bank of New York Mellon Corp. | 71,400 | 3,850,602 | |
| BlackRock, Inc. Class A | 7,947 | 3,965,871 | |
| Charles Schwab Corp. | 107,519 | 5,494,221 | |
| CME Group, Inc. | 600 | 98,352 | |
| IntercontinentalExchange, Inc. | 14,400 | 1,059,120 | |
| Morgan Stanley | 129,900 | 6,157,260 | |
| MSCI, Inc. | 17,325 | 2,866,075 | |
| Oaktree Capital Group LLC Class A | 28,108 | 1,142,590 | |
| S&P Global, Inc. | 11,253 | 2,294,374 | |
| 26,928,465 | |||
| Consumer Finance - 0.6% | |||
| American Express Co. | 28,500 | 2,793,000 | |
| Synchrony Financial | 74,200 | 2,476,796 | |
| 5,269,796 | |||
| Diversified Financial Services - 3.3% | |||
| Berkshire Hathaway, Inc. Class A (a) | 111 | 31,306,441 | |
| Insurance - 0.2% | |||
| Admiral Group PLC | 35,100 | 883,616 | |
| American International Group, Inc. | 3,400 | 180,268 | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | 1,600 | 896,555 | |
| The Travelers Companies, Inc. | 3,100 | 379,254 | |
| 2,339,693 | |||
| TOTAL FINANCIALS | 131,757,035 | ||
| HEALTH CARE - 7.5% | |||
| Biotechnology - 1.9% | |||
| Acceleron Pharma, Inc. (a) | 1,900 | 92,188 | |
| Agios Pharmaceuticals, Inc. (a) | 10,400 | 875,992 | |
| Alnylam Pharmaceuticals, Inc. (a) | 1,700 | 167,433 | |
| Amgen, Inc. | 1,900 | 350,721 | |
| AnaptysBio, Inc. (a) | 2,200 | 156,288 | |
| Arena Pharmaceuticals, Inc. (a) | 8,000 | 348,800 | |
| Array BioPharma, Inc. (a) | 15,900 | 266,802 | |
| bluebird bio, Inc. (a) | 1,300 | 204,035 | |
| Celgene Corp. (a) | 2,400 | 190,608 | |
| CSL Ltd. | 645 | 91,944 | |
| FibroGen, Inc. (a) | 18,831 | 1,178,821 | |
| Genmab A/S (a) | 2,626 | 405,346 | |
| Gilead Sciences, Inc. | 21,000 | 1,487,640 | |
| Heron Therapeutics, Inc. (a) | 4,600 | 178,710 | |
| Insmed, Inc. (a) | 8,300 | 196,295 | |
| Intrexon Corp. (a) | 16,300 | 227,222 | |
| Neurocrine Biosciences, Inc. (a) | 27,874 | 2,738,342 | |
| Regeneron Pharmaceuticals, Inc. (a) | 4,900 | 1,690,451 | |
| Sage Therapeutics, Inc. (a) | 3,000 | 469,590 | |
| Sarepta Therapeutics, Inc. (a) | 1,200 | 158,616 | |
| Vertex Pharmaceuticals, Inc. (a) | 36,209 | 6,154,082 | |
| Wuxi Biologics (Cayman), Inc. | 8,500 | 94,636 | |
| 17,724,562 | |||
| Health Care Equipment & Supplies - 1.9% | |||
| Abiomed, Inc. (a) | 1,800 | 736,290 | |
| Align Technology, Inc. (a) | 600 | 205,284 | |
| Baxter International, Inc. | 63,800 | 4,710,992 | |
| Becton, Dickinson & Co. | 5,894 | 1,411,967 | |
| Boston Scientific Corp. (a) | 4,800 | 156,960 | |
| Danaher Corp. | 28,020 | 2,765,014 | |
| DexCom, Inc. (a) | 5,500 | 522,390 | |
| Edwards Lifesciences Corp. (a) | 16,200 | 2,358,234 | |
| Intuitive Surgical, Inc. (a) | 7,400 | 3,540,752 | |
| Penumbra, Inc. (a) | 4,400 | 607,860 | |
| ResMed, Inc. | 9,400 | 973,652 | |
| 17,989,395 | |||
| Health Care Providers & Services - 2.4% | |||
| Anthem, Inc. | 3,600 | 856,908 | |
| Centene Corp. (a) | 800 | 98,568 | |
| HealthEquity, Inc. (a) | 17,825 | 1,338,658 | |
| Humana, Inc. | 10,219 | 3,041,481 | |
| National Vision Holdings, Inc. | 18,100 | 661,917 | |
| OptiNose, Inc. | 1,800 | 50,364 | |
| UnitedHealth Group, Inc. | 65,934 | 16,176,248 | |
| 22,224,144 | |||
| Health Care Technology - 0.1% | |||
| Veeva Systems, Inc. Class A (a) | 14,500 | 1,114,470 | |
| Life Sciences Tools & Services - 0.7% | |||
| Mettler-Toledo International, Inc. (a) | 9,260 | 5,358,114 | |
| Morphosys AG (a) | 800 | 98,095 | |
| PRA Health Sciences, Inc. (a) | 8,000 | 746,880 | |
| Thermo Fisher Scientific, Inc. | 2,000 | 414,280 | |
| 6,617,369 | |||
| Pharmaceuticals - 0.5% | |||
| AstraZeneca PLC sponsored ADR | 9,700 | 340,567 | |
| Idorsia Ltd. | 240 | 6,374 | |
| Ipsen SA | 1,200 | 188,273 | |
| Jazz Pharmaceuticals PLC (a) | 2,600 | 447,980 | |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | 7,800 | 89,251 | |
| MyoKardia, Inc. (a) | 1,400 | 69,510 | |
| Nektar Therapeutics (a) | 28,700 | 1,401,421 | |
| Roche Holding AG (participation certificate) | 451 | 100,058 | |
| Supernus Pharmaceuticals, Inc. (a) | 1,600 | 95,760 | |
| Teva Pharmaceutical Industries Ltd. sponsored ADR | 45,900 | 1,116,288 | |
| Zoetis, Inc. Class A | 3,200 | 272,608 | |
| 4,128,090 | |||
| TOTAL HEALTH CARE | 69,798,030 | ||
| INDUSTRIALS - 5.8% | |||
| Aerospace & Defense - 1.2% | |||
| Harris Corp. | 2,500 | 361,350 | |
| Northrop Grumman Corp. | 10,700 | 3,292,390 | |
| Raytheon Co. | 9,800 | 1,893,164 | |
| Space Exploration Technologies Corp.: | |||
| Class A (a)(d)(e) | 2,191 | 370,279 | |
| Class C (d)(e) | 96 | 16,224 | |
| The Boeing Co. | 13,600 | 4,562,936 | |
| TransDigm Group, Inc. | 1,500 | 517,710 | |
| 11,014,053 | |||
| Air Freight & Logistics - 0.5% | |||
| Expeditors International of Washington, Inc. | 8,500 | 621,350 | |
| FedEx Corp. | 10,600 | 2,406,836 | |
| XPO Logistics, Inc. (a) | 18,574 | 1,860,743 | |
| 4,888,929 | |||
| Airlines - 0.4% | |||
| Ryanair Holdings PLC sponsored ADR (a) | 28,335 | 3,236,707 | |
| Wizz Air Holdings PLC (a)(b) | 1,994 | 94,737 | |
| 3,331,444 | |||
| Building Products - 0.5% | |||
| A.O. Smith Corp. | 3,600 | 212,940 | |
| Jeld-Wen Holding, Inc. (a) | 35,000 | 1,000,650 | |
| Masco Corp. | 52,663 | 1,970,649 | |
| Toto Ltd. | 25,300 | 1,174,565 | |
| 4,358,804 | |||
| Commercial Services & Supplies - 0.3% | |||
| Cintas Corp. | 10,700 | 1,980,249 | |
| Copart, Inc. (a) | 4,900 | 277,144 | |
| TulCo LLC (d)(e)(f) | 910 | 318,500 | |
| 2,575,893 | |||
| Electrical Equipment - 0.7% | |||
| AMETEK, Inc. | 7,700 | 555,632 | |
| Fortive Corp. | 68,160 | 5,255,818 | |
| Melrose Industries PLC | 115,517 | 324,269 | |
| 6,135,719 | |||
| Industrial Conglomerates - 0.3% | |||
| 3M Co. | 4,823 | 948,781 | |
| General Electric Co. | 147,314 | 2,004,944 | |
| Roper Technologies, Inc. | 900 | 248,319 | |
| 3,202,044 | |||
| Machinery - 0.9% | |||
| Caterpillar, Inc. | 4,700 | 637,649 | |
| Deere & Co. | 24,500 | 3,425,100 | |
| Gardner Denver Holdings, Inc. (a) | 19,500 | 573,105 | |
| IDEX Corp. | 700 | 95,536 | |
| Illinois Tool Works, Inc. | 8,593 | 1,190,474 | |
| PACCAR, Inc. | 14,130 | 875,495 | |
| Parker Hannifin Corp. | 2,900 | 451,965 | |
| Rational AG | 500 | 326,400 | |
| Rexnord Corp. (a) | 24,401 | 709,093 | |
| Xylem, Inc. | 4,800 | 323,424 | |
| 8,608,241 | |||
| Professional Services - 0.6% | |||
| CoStar Group, Inc. (a) | 1,000 | 412,630 | |
| FTI Consulting, Inc. (a) | 9,200 | 556,416 | |
| IHS Markit Ltd. (a) | 12,200 | 629,398 | |
| Recruit Holdings Co. Ltd. | 20,400 | 564,932 | |
| Robert Half International, Inc. | 4,200 | 273,420 | |
| SR Teleperformance SA | 600 | 106,013 | |
| TransUnion Holding Co., Inc. | 43,200 | 3,094,848 | |
| 5,637,657 | |||
| Road & Rail - 0.2% | |||
| CSX Corp. | 36,200 | 2,308,836 | |
| Trading Companies & Distributors - 0.2% | |||
| Air Lease Corp. Class A | 2,100 | 88,137 | |
| HD Supply Holdings, Inc. (a) | 2,200 | 94,358 | |
| W.W. Grainger, Inc. | 5,800 | 1,788,720 | |
| 1,971,215 | |||
| TOTAL INDUSTRIALS | 54,032,835 | ||
| INFORMATION TECHNOLOGY - 39.4% | |||
| Communications Equipment - 0.4% | |||
| Arista Networks, Inc. (a) | 15,100 | 3,888,099 | |
| Electronic Equipment & Components - 1.7% | |||
| Amphenol Corp. Class A | 158,614 | 13,823,210 | |
| CDW Corp. | 6,441 | 520,368 | |
| Dolby Laboratories, Inc. Class A | 11,597 | 715,419 | |
| FLIR Systems, Inc. | 1,700 | 88,349 | |
| Keyence Corp. | 400 | 226,022 | |
| Zebra Technologies Corp. Class A (a) | 1,200 | 171,900 | |
| 15,545,268 | |||
| Internet Software & Services - 14.6% | |||
| Alibaba Group Holding Ltd. sponsored ADR (a) | 6,800 | 1,261,604 | |
| Alphabet, Inc.: | |||
| Class A (a) | 25,239 | 28,499,626 | |
| Class C (a) | 22,500 | 25,102,125 | |
| CarGurus, Inc. Class A | 16,300 | 566,262 | |
| Coupa Software, Inc. (a) | 5,200 | 323,648 | |
| DocuSign, Inc. (c) | 1,500 | 79,425 | |
| Dropbox, Inc.: | |||
| Class A (a) | 6,800 | 220,456 | |
| Class B | 35,948 | 1,107,162 | |
| eBay, Inc. (a) | 61,900 | 2,244,494 | |
| Facebook, Inc. Class A (a) | 335,906 | 65,273,254 | |
| GoDaddy, Inc. (a) | 7,800 | 550,680 | |
| GrubHub, Inc. (a) | 4,900 | 514,059 | |
| LogMeIn, Inc. | 12,440 | 1,284,430 | |
| Mercari, Inc. (a) | 2,000 | 81,922 | |
| MongoDB, Inc. Class A (c) | 6,100 | 302,743 | |
| New Relic, Inc. (a) | 10,526 | 1,058,810 | |
| Nutanix, Inc.: | |||
| Class A (a) | 1,500 | 77,355 | |
| Class B (a)(b) | 24,249 | 1,250,521 | |
| Okta, Inc. (a) | 18,400 | 926,808 | |
| Shopify, Inc. Class A (a) | 8,900 | 1,297,850 | |
| Spotify Technology SA (a) | 1,600 | 269,184 | |
| SurveyMonkey (a)(d)(e) | 62,998 | 778,655 | |
| Tencent Holdings Ltd. | 51,400 | 2,581,072 | |
| Wix.com Ltd. (a) | 2,900 | 290,870 | |
| 135,943,015 | |||
| IT Services - 5.6% | |||
| Accenture PLC Class A | 600 | 98,154 | |
| Adyen BV (b) | 1,516 | 835,179 | |
| ASAC II LP (a)(d)(e) | 224,957 | 37,793 | |
| EPAM Systems, Inc. (a) | 5,900 | 733,547 | |
| Fiserv, Inc. (a) | 6,400 | 474,176 | |
| FleetCor Technologies, Inc. (a) | 3,800 | 800,470 | |
| Global Payments, Inc. | 21,850 | 2,436,057 | |
| MasterCard, Inc. Class A | 74,490 | 14,638,775 | |
| Netcompany Group A/S | 3,400 | 124,543 | |
| PayPal Holdings, Inc. (a) | 197,062 | 16,409,353 | |
| Square, Inc. (a) | 6,200 | 382,168 | |
| Visa, Inc. Class A | 111,740 | 14,799,963 | |
| Worldpay, Inc. (a) | 4,400 | 359,832 | |
| 52,130,010 | |||
| Semiconductors & Semiconductor Equipment - 1.7% | |||
| Advanced Micro Devices, Inc. (a) | 48,400 | 725,516 | |
| Analog Devices, Inc. | 8,300 | 796,136 | |
| Intel Corp. | 45,400 | 2,256,834 | |
| NVIDIA Corp. | 35,312 | 8,365,413 | |
| Qorvo, Inc. (a) | 1,100 | 88,187 | |
| Texas Instruments, Inc. | 31,100 | 3,428,775 | |
| 15,660,861 | |||
| Software - 15.0% | |||
| Activision Blizzard, Inc. | 110,951 | 8,467,780 | |
| Adobe Systems, Inc. (a) | 106,380 | 25,936,508 | |
| Atlassian Corp. PLC (a) | 34,035 | 2,127,868 | |
| Black Knight, Inc. (a) | 3,600 | 192,780 | |
| CDK Global, Inc. | 13,200 | 858,660 | |
| Ceridian HCM Holding, Inc. (c) | 3,000 | 99,570 | |
| Constellation Software, Inc. | 700 | 542,871 | |
| Electronic Arts, Inc. (a) | 42,509 | 5,994,619 | |
| Intuit, Inc. | 18,813 | 3,843,590 | |
| Microsoft Corp. | 227,900 | 22,473,219 | |
| Parametric Technology Corp. (a) | 6,300 | 591,003 | |
| Paycom Software, Inc. (a)(c) | 15,400 | 1,521,982 | |
| RealPage, Inc. (a) | 7,900 | 435,290 | |
| Red Hat, Inc. (a) | 17,300 | 2,324,601 | |
| RingCentral, Inc. (a) | 21,200 | 1,491,420 | |
| Salesforce.com, Inc. (a) | 347,617 | 47,414,959 | |
| Splunk, Inc. (a) | 2,500 | 247,775 | |
| SS&C Technologies Holdings, Inc. | 33,413 | 1,734,135 | |
| Tableau Software, Inc. (a) | 6,800 | 664,700 | |
| Tanium, Inc. Class B (a)(d)(e) | 23,400 | 158,774 | |
| Ultimate Software Group, Inc. (a) | 17,251 | 4,438,855 | |
| Workday, Inc. Class A (a) | 68,000 | 8,236,160 | |
| Zendesk, Inc. (a) | 9,197 | 501,145 | |
| Zscaler, Inc. (a)(c) | 3,100 | 110,825 | |
| 140,409,089 | |||
| Technology Hardware, Storage & Peripherals - 0.4% | |||
| Apple, Inc. | 12,541 | 2,321,465 | |
| HP, Inc. | 34,900 | 791,881 | |
| Logitech International SA | 2,700 | 118,530 | |
| Pure Storage, Inc. Class A (a) | 12,900 | 308,052 | |
| Xaar PLC | 24,188 | 76,453 | |
| 3,616,381 | |||
| TOTAL INFORMATION TECHNOLOGY | 367,192,723 | ||
| MATERIALS - 2.3% | |||
| Chemicals - 1.4% | |||
| Air Products & Chemicals, Inc. | 9,300 | 1,448,289 | |
| DowDuPont, Inc. | 79,449 | 5,237,278 | |
| Ecolab, Inc. | 600 | 84,198 | |
| LyondellBasell Industries NV Class A | 11,500 | 1,263,275 | |
| Sherwin-Williams Co. | 9,531 | 3,884,550 | |
| Westlake Chemical Corp. | 15,422 | 1,659,870 | |
| 13,577,460 | |||
| Containers & Packaging - 0.2% | |||
| WestRock Co. | 27,300 | 1,556,646 | |
| Metals & Mining - 0.7% | |||
| ArcelorMittal SA Class A unit (c) | 13,200 | 379,896 | |
| B2Gold Corp. (a) | 197,884 | 513,281 | |
| BHP Billiton Ltd. | 11,079 | 277,219 | |
| Franco-Nevada Corp. | 29,900 | 2,182,258 | |
| Ivanhoe Mines Ltd. (a) | 424,222 | 871,258 | |
| Kirkland Lake Gold Ltd. | 34,500 | 730,598 | |
| Novagold Resources, Inc. (a) | 54,238 | 243,001 | |
| Nucor Corp. | 6,200 | 387,500 | |
| Steel Dynamics, Inc. | 11,800 | 542,210 | |
| 6,127,221 | |||
| TOTAL MATERIALS | 21,261,327 | ||
| REAL ESTATE - 0.1% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.0% | |||
| American Tower Corp. | 1,500 | 216,255 | |
| Real Estate Management & Development - 0.1% | |||
| Five Point Holdings LLC Class A (a)(c) | 14,400 | 162,000 | |
| WeWork Companies, Inc. Class A (a)(d)(e) | 4,695 | 254,610 | |
| 416,610 | |||
| TOTAL REAL ESTATE | 632,865 | ||
| TELECOMMUNICATION SERVICES - 0.1% | |||
| Wireless Telecommunication Services - 0.1% | |||
| T-Mobile U.S., Inc. (a) | 20,100 | 1,200,975 | |
| UTILITIES - 0.0% | |||
| Electric Utilities - 0.0% | |||
| Vistra Energy Corp. (a) | 3,700 | 87,542 | |
| Independent Power and Renewable Electricity Producers - 0.0% | |||
| NRG Energy, Inc. | 2,700 | 82,890 | |
| TOTAL UTILITIES | 170,432 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $463,526,156) | 888,255,853 | ||
| Convertible Preferred Stocks - 2.2% | |||
| CONSUMER DISCRETIONARY - 0.1% | |||
| Diversified Consumer Services - 0.1% | |||
| Airbnb, Inc.: | |||
| Series D (a)(d)(e) | 4,308 | 521,871 | |
| Series E (a)(d)(e) | 2,148 | 260,209 | |
| 782,080 | |||
| Household Durables - 0.0% | |||
| Blu Homes, Inc. Series A, 5.00% (a)(d)(e) | 174,063 | 3,481 | |
| TOTAL CONSUMER DISCRETIONARY | 785,561 | ||
| CONSUMER STAPLES - 0.0% | |||
| Food & Staples Retailing - 0.0% | |||
| Roofoods Ltd. Series F (d)(e) | 1,117 | 436,222 | |
| FINANCIALS - 0.1% | |||
| Consumer Finance - 0.1% | |||
| Oportun Finance Corp. Series H (a)(d)(e) | 331,477 | 818,748 | |
| HEALTH CARE - 0.1% | |||
| Biotechnology - 0.1% | |||
| 23andMe, Inc.: | |||
| Series E (a)(d)(e) | 5,172 | 82,907 | |
| Series F (d)(e) | 24,200 | 387,926 | |
| 470,833 | |||
| Health Care Providers & Services - 0.0% | |||
| Mulberry Health, Inc. Series A8 (a)(d)(e) | 62,105 | 443,112 | |
| TOTAL HEALTH CARE | 913,945 | ||
| INDUSTRIALS - 0.1% | |||
| Aerospace & Defense - 0.1% | |||
| Space Exploration Technologies Corp.: | |||
| Series G (a)(d)(e) | 4,394 | 742,586 | |
| Series H (d)(e) | 890 | 150,410 | |
| 892,996 | |||
| INFORMATION TECHNOLOGY - 1.5% | |||
| Internet Software & Services - 0.6% | |||
| Lyft, Inc.: | |||
| Series H (d)(e) | 10,869 | 514,690 | |
| Series I (d)(e) | 9,883 | 467,999 | |
| Pinterest, Inc.: | |||
| Series E, 8.00% (a)(d)(e) | 318,795 | 1,890,454 | |
| Series F, 8.00% (a)(d)(e) | 331,500 | 1,965,795 | |
| Series G, 8.00% (a)(d)(e) | 51,970 | 308,182 | |
| Uber Technologies, Inc. Series D, 8.00% (a)(d)(e) | 15,399 | 615,960 | |
| 5,763,080 | |||
| Software - 0.9% | |||
| Cloudflare, Inc. Series D, 8.00% (a)(d)(e) | 34,105 | 266,360 | |
| Delphix Corp. Series D (a)(d)(e) | 27,980 | 203,135 | |
| Magic Leap, Inc.: | |||
| Series B, 8.00% (a)(d)(e) | 231,802 | 6,258,654 | |
| Series C (a)(d)(e) | 2,268 | 61,236 | |
| Series D (d)(e) | 57,537 | 1,553,499 | |
| 8,342,884 | |||
| TOTAL INFORMATION TECHNOLOGY | 14,105,964 | ||
| REAL ESTATE - 0.3% | |||
| Real Estate Management & Development - 0.3% | |||
| WeWork Companies, Inc.: | |||
| Series E (a)(d)(e) | 42,252 | 2,291,326 | |
| Series F (a)(d)(e) | 2,051 | 111,226 | |
| 2,402,552 | |||
| TELECOMMUNICATION SERVICES - 0.0% | |||
| Wireless Telecommunication Services - 0.0% | |||
| Altiostar Networks, Inc. Series A1 (a)(d)(e) | 17,021 | 21,787 | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | |||
| (Cost $13,675,432) | 20,377,775 | ||
| Principal Amount | Value | ||
| Nonconvertible Bonds - 0.2% | |||
| HEALTH CARE - 0.2% | |||
| Pharmaceuticals - 0.2% | |||
| Valeant Pharmaceuticals International, Inc.: | |||
| 6.125% 4/15/25 (b) | 800,000 | 737,000 | |
| 9% 12/15/25 (b) | 822,000 | 852,825 | |
| TOTAL NONCONVERTIBLE BONDS | |||
| (Cost $1,561,201) | 1,589,825 | ||
| Shares | Value | ||
| Money Market Funds - 3.2% | |||
| Fidelity Cash Central Fund, 1.93% (g) | 26,021,243 | 26,026,447 | |
| Fidelity Securities Lending Cash Central Fund 1.92% (g)(h) | 3,981,510 | 3,982,306 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $30,008,355) | 30,008,753 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.8% | |||
| (Cost $508,771,144) | 940,232,206 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.8)% | (7,462,197) | ||
| NET ASSETS - 100% | $932,770,009 |
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 $3,872,241 or 0.4% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $22,652,138 or 2.4% of net assets.
(e) Level 3 security
(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(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 are available on the SEC's website or upon request.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| 23andMe, Inc. Series E | 6/18/15 | $55,999 |
| 23andMe, Inc. Series F | 8/31/17 | $335,998 |
| Airbnb, Inc. Series D | 4/16/14 | $175,392 |
| Airbnb, Inc. Series E | 6/29/15 | $199,967 |
| Altiostar Networks, Inc. Series A1 | 1/10/17 | $78,297 |
| ASAC II LP | 10/10/13 | $17,324 |
| Blu Homes, Inc. Series A, 5.00% | 6/10/13 - 12/30/14 | $804,171 |
| Centennial Resource Development, Inc. Class A | 12/28/16 | $273,352 |
| Cloudflare, Inc. Series D, 8.00% | 11/5/14 - 6/24/15 | $212,499 |
| Delphix Corp. Series D | 7/10/15 | $251,820 |
| Lyft, Inc. Series H | 11/22/17 | $432,000 |
| Lyft, Inc. Series I | 6/27/18 | $467,999 |
| Magic Leap, Inc. Series B, 8.00% | 10/17/14 | $2,679,631 |
| Magic Leap, Inc. Series C | 12/23/15 | $52,239 |
| Magic Leap, Inc. Series D | 10/6/17 | $1,553,499 |
| Mulberry Health, Inc. Series A8 | 1/20/16 | $419,504 |
| Oportun Finance Corp. Series H | 2/6/15 | $943,814 |
| Pinterest, Inc. Series E, 8.00% | 10/23/13 | $926,463 |
| Pinterest, Inc. Series F, 8.00% | 5/15/14 | $1,126,117 |
| Pinterest, Inc. Series G, 8.00% | 2/27/15 | $373,097 |
| Roofoods Ltd. Series F | 9/12/17 | $394,938 |
| Space Exploration Technologies Corp. Class A | 10/16/15 - 9/11/17 | $227,383 |
| Space Exploration Technologies Corp. Class C | 9/11/17 | $12,960 |
| Space Exploration Technologies Corp. Series G | 1/20/15 | $340,359 |
| Space Exploration Technologies Corp. Series H | 8/4/17 | $120,150 |
| SurveyMonkey | 12/15/14 | $1,036,317 |
| Tanium, Inc. Class B | 4/21/17 | $116,165 |
| TulCo LLC | 8/24/17 - 12/14/17 | $318,500 |
| Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $238,886 |
| WeWork Companies, Inc. Class A | 6/23/15 | $154,417 |
| WeWork Companies, Inc. Series E | 6/23/15 | $1,389,650 |
| WeWork Companies, Inc. Series F | 12/1/16 | $102,944 |
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 | $167,134 |
| Fidelity Securities Lending Cash Central Fund | 47,941 |
| Total | $215,075 |
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 June 30, 2018, 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 | $184,655,506 | $182,645,037 | $1,224,908 | $785,561 |
| Consumer Staples | 19,121,615 | 18,499,590 | 185,803 | 436,222 |
| Energy | 39,654,293 | 38,370,706 | 1,283,587 | -- |
| Financials | 132,575,783 | 131,757,035 | -- | 818,748 |
| Health Care | 70,711,975 | 69,697,972 | 100,058 | 913,945 |
| Industrials | 54,925,831 | 53,327,832 | -- | 1,597,999 |
| Information Technology | 381,298,687 | 362,529,267 | 3,688,234 | 15,081,186 |
| Materials | 21,261,327 | 20,984,108 | 277,219 | -- |
| Real Estate | 3,035,417 | 378,255 | -- | 2,657,162 |
| Telecommunication Services | 1,222,762 | 1,200,975 | -- | 21,787 |
| Utilities | 170,432 | 170,432 | -- | -- |
| Corporate Bonds | 1,589,825 | -- | 1,589,825 | -- |
| Money Market Funds | 30,008,753 | 30,008,753 | -- | -- |
| Total Investments in Securities: | $940,232,206 | $909,569,962 | $8,349,634 | $22,312,610 |
The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:
| Investments in Securities: | |
| Equities - Information Technology | |
| Beginning Balance | $15,181,593 |
| Net Realized Gain (Loss) on Investment Securities | -- |
| Net Unrealized Gain (Loss) on Investment Securities | 461,588 |
| Cost of Purchases | 467,999 |
| Proceeds of Sales | (1,029,994) |
| Amortization/Accretion | -- |
| Transfers into Level 3 | -- |
| Transfers out of Level 3 | -- |
| Ending Balance | $15,081,186 |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2018 | $263,086 |
| Other Investments in Securities | |
| Beginning Balance | $6,696,201 |
| Net Realized Gain (Loss) on Investment Securities | -- |
| Net Unrealized Gain (Loss) on Investment Securities | 533,673 |
| Cost of Purchases | 1,550 |
| Proceeds of Sales | -- |
| Amortization/Accretion | -- |
| Transfers into Level 3 | -- |
| Transfers out of Level 3 | -- |
| Ending Balance | $7,231,424 |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2018 | $533,673 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| June 30, 2018 (Unaudited) | ||
| Assets | ||
| Investment in securities, at value (including securities loaned of $3,846,589) — See accompanying schedule: Unaffiliated issuers (cost $478,762,789) | $910,223,453 | |
| Fidelity Central Funds (cost $30,008,355) | 30,008,753 | |
| Total Investment in Securities (cost $508,771,144) | $940,232,206 | |
| Receivable for investments sold | 323,642 | |
| Receivable for fund shares sold | 78,395 | |
| Dividends receivable | 224,152 | |
| Interest receivable | 13,543 | |
| Distributions receivable from Fidelity Central Funds | 44,313 | |
| Other receivables | 7,775 | |
| Total assets | 940,924,026 | |
| Liabilities | ||
| Payable to custodian bank | $2,961 | |
| Payable for investments purchased | 1,691,612 | |
| Payable for fund shares redeemed | 2,214,186 | |
| Other payables and accrued expenses | 260,888 | |
| Collateral on securities loaned | 3,984,370 | |
| Total liabilities | 8,154,017 | |
| Net Assets | $932,770,009 | |
| Net Assets consist of: | ||
| Paid in capital | $445,229,852 | |
| Undistributed net investment income | 3,109,493 | |
| Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 53,196,392 | |
| Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 431,234,272 | |
| Net Assets, for 48,611,306 shares outstanding | $932,770,009 | |
| Net Asset Value, offering price and redemption price per share ($932,770,009 ÷ 48,611,306 shares) | $19.19 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Six months ended June 30, 2018 (Unaudited) | ||
| Investment Income | ||
| Dividends | $2,867,185 | |
| Interest | 63,374 | |
| Income from Fidelity Central Funds | 215,075 | |
| Total income | 3,145,634 | |
| Expenses | ||
| Custodian fees and expenses | $51,049 | |
| Independent trustees' fees and expenses | 1,979 | |
| Miscellaneous | 2,546 | |
| Total expenses before reductions | 55,574 | |
| Expense reductions | (19,035) | |
| Total expenses after reductions | 36,539 | |
| Net investment income (loss) | 3,109,095 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 55,434,113 | |
| Fidelity Central Funds | 499 | |
| Foreign currency transactions | (5,647) | |
| Total net realized gain (loss) | 55,428,965 | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of increase in deferred foreign taxes of $118,049) | 50,392,187 | |
| Fidelity Central Funds | (507) | |
| Assets and liabilities in foreign currencies | (684) | |
| Total change in net unrealized appreciation (depreciation) | 50,390,996 | |
| Net gain (loss) | 105,819,961 | |
| Net increase (decrease) in net assets resulting from operations | $108,929,056 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Six months ended June 30, 2018 (Unaudited) | Year ended December 31, 2017 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $3,109,095 | $2,840,743 |
| Net realized gain (loss) | 55,428,965 | 120,698,557 |
| Change in net unrealized appreciation (depreciation) | 50,390,996 | 132,225,815 |
| Net increase (decrease) in net assets resulting from operations | 108,929,056 | 255,765,115 |
| Distributions to shareholders from net investment income | – | (3,049,964) |
| Distributions to shareholders from net realized gain | (21,172,131) | (102,885,981) |
| Total distributions | (21,172,131) | (105,935,945) |
| Share transactions | ||
| Proceeds from sales of shares | 39,919,478 | 60,803,160 |
| Reinvestment of distributions | 21,172,131 | 105,935,945 |
| Cost of shares redeemed | (77,462,753) | (282,134,253) |
| Net increase (decrease) in net assets resulting from share transactions | (16,371,144) | (115,395,148) |
| Total increase (decrease) in net assets | 71,385,781 | 34,434,022 |
| Net Assets | ||
| Beginning of period | 861,384,228 | 826,950,206 |
| End of period | $932,770,009 | $861,384,228 |
| Other Information | ||
| Undistributed net investment income end of period | $3,109,493 | $398 |
| Shares | ||
| Sold | 2,142,225 | 3,505,355 |
| Issued in reinvestment of distributions | 1,212,608 | 6,061,152 |
| Redeemed | (4,097,727) | (16,147,105) |
| Net increase (decrease) | (742,894) | (6,580,598) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Series Opportunistic Insights Fund
| Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $17.45 | $14.78 | $14.99 | $15.02 | $13.99 | $10.05 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A | .06 | .06 | (.01) | (.01) | (.01) | (.01) |
| Net realized and unrealized gain (loss) | 2.13 | 5.03 | .20 | 1.14 | 1.46 | 4.14 |
| Total from investment operations | 2.19 | 5.09 | .19 | 1.13 | 1.45 | 4.13 |
| Distributions from net investment income | – | (.07) | – | – | – | – |
| Distributions from net realized gain | (.45) | (2.35) | (.40) | (1.16) | (.42) | (.19) |
| Total distributions | (.45) | (2.42) | (.40) | (1.16) | (.42) | (.19) |
| Net asset value, end of period | $19.19 | $17.45 | $14.78 | $14.99 | $15.02 | $13.99 |
| Total ReturnB,C | 12.78% | 34.44% | 1.45% | 7.62% | 10.34% | 41.23% |
| Ratios to Average Net AssetsD,E | ||||||
| Expenses before reductions | .01%F | .34% | .88% | .94% | .88% | .82% |
| Expenses net of fee waivers, if any | .01%F | .34% | .88% | .94% | .88% | .82% |
| Expenses net of all reductions | .01%F | .34% | .88% | .93% | .87% | .80% |
| Net investment income (loss) | .68%F | .33% | (.10)% | (.04)% | (.07)% | (.07)% |
| Supplemental Data | ||||||
| Net assets, end of period (000 omitted) | $932,770 | $861,384 | $826,950 | $867,071 | $870,334 | $808,847 |
| Portfolio turnover rateG | 37%F | 33% | 41% | 47% | 47% | 52% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Annualized
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
1. Organization.
Fidelity Advisor Series Opportunistic Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. 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 Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the 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 Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
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.
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 – Investments 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 Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the 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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the 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 the Fund's investments and ratifies the fair value determinations of the Committee.
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:
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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
| Equities | $22,312,610 | Market comparable | Enterprise value/Sales multiple (EV/S) | 2.0 - 12.2 / 9.0 | Increase |
| Enterprise value/EBITDA multiple (EV/EBITDA) | 26.6 | Increase | |||
| Discount rate | 6.0% - 73.0% / 18.5% | Decrease | |||
| Price/Earnings multiple (P/E) | 15.4 | Increase | |||
| Discount for lack of marketability | 10.0% - 25.0% / 13.2% | Decrease | |||
| Premium rate | 7.5% - 76.3% / 62.1% | Increase | |||
| Market approach | Transaction price | $0.81 - $350.00 / $52.65 | Increase | ||
| Conversion ratio | 1.6 | Increase | |||
| Discount cash flow | Discount rate | 9.0% | Decrease | ||
| Discount for lack of marketability | 20.0% | Decrease | |||
| Growth rate | 3.0% | Increase | |||
| Recovery value | Recovery value | 0.0% - 0.2% / 0.2% | Increase |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
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 June 30, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the 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 passive foreign investment companies (PFIC), market discount, foreign currency transactions, partnerships, losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $437,723,523 |
| Gross unrealized depreciation | (7,156,403) |
| Net unrealized appreciation (depreciation) | $430,567,120 |
| Tax cost | $509,665,086 |
Restricted Securities. The Fund 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 the Fund's Schedule of Investments.
Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, the Fund held an investment of $318,500 in this Subsidiary, representing .03% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $160,826,215 and $215,732,101, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $3,664 for the period.
Interfund Trades. The Fund 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. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,259 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of from Fidelity Central Funds. Total security lending income during the period amounted to $47,941, including $136 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $18,822 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $213.
9. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Series Opportunistic Insights Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for corresponding shares of Fidelity Series Opportunistic Insights Fund equal in value to the net assets of the Fund on the day the reorganization is effective. The reorganization does not require shareholder approval and is expected to become effective in September 2018. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
10. 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.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (January 1, 2018 to June 30, 2018).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 January 1, 2018 | Ending Account Value June 30, 2018 | Expenses Paid During Period-B January 1, 2018 to June 30, 2018 |
|
| Actual | .01% | $1,000.00 | $1,127.80 | $.05 |
| Hypothetical-C | $1,000.00 | $1,024.74 | $.05 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
AO1TI-SANN-0818
1.950954.105
|
Fidelity Flex℠ Funds Fidelity Flex℠ Opportunistic Insights Fund Semi-Annual Report June 30, 2018 |
|
|
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2018
| % of fund's net assets | |
| Facebook, Inc. Class A | 8.5 |
| Amazon.com, Inc. | 6.7 |
| Salesforce.com, Inc. | 4.2 |
| Bank of America Corp. | 3.5 |
| Berkshire Hathaway, Inc. Class A | 3.4 |
| JPMorgan Chase & Co. | 3.0 |
| Adobe Systems, Inc. | 2.9 |
| Netflix, Inc. | 2.8 |
| UnitedHealth Group, Inc. | 2.5 |
| Microsoft Corp. | 2.5 |
| 40.0 |
Top Five Market Sectors as of June 30, 2018
| % of fund's net assets | |
| Information Technology | 40.8 |
| Financials | 18.0 |
| Consumer Discretionary | 16.8 |
| Health Care | 8.6 |
| Industrials | 5.9 |
Asset Allocation (% of fund's net assets)
| As of June 30, 2018* | ||
| Stocks | 99.2% | |
| Bonds | 0.1% | |
| Convertible Securities | 0.1% | |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6% | |
* Foreign investments - 6.6%
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.2% | |||
| Shares | Value | ||
| CONSUMER DISCRETIONARY - 16.8% | |||
| Automobiles - 0.5% | |||
| Mahindra & Mahindra Ltd. | 2,597 | $34,054 | |
| Maruti Suzuki India Ltd. | 470 | 60,591 | |
| Tesla, Inc. (a) | 81 | 27,779 | |
| Toyota Motor Corp. | 400 | 25,868 | |
| 148,292 | |||
| Diversified Consumer Services - 0.6% | |||
| Chegg, Inc. (a) | 758 | 21,065 | |
| Weight Watchers International, Inc. (a) | 1,731 | 175,004 | |
| 196,069 | |||
| Hotels, Restaurants & Leisure - 2.3% | |||
| Chipotle Mexican Grill, Inc. (a) | 81 | 34,941 | |
| Domino's Pizza, Inc. | 98 | 27,653 | |
| Eldorado Resorts, Inc. (a) | 100 | 3,910 | |
| Hilton Worldwide Holdings, Inc. | 1,677 | 132,751 | |
| Las Vegas Sands Corp. | 323 | 24,664 | |
| Marriott International, Inc. Class A | 2,438 | 308,651 | |
| McDonald's Corp. | 1,322 | 207,144 | |
| Shake Shack, Inc. Class A (a) | 100 | 6,618 | |
| U.S. Foods Holding Corp. (a) | 338 | 12,783 | |
| 759,115 | |||
| Household Durables - 0.0% | |||
| Mohawk Industries, Inc. (a) | 46 | 9,856 | |
| Internet & Direct Marketing Retail - 10.0% | |||
| Amazon.com, Inc. (a) | 1,286 | 2,185,943 | |
| Netflix, Inc. (a) | 2,328 | 911,249 | |
| Ocado Group PLC (a) | 300 | 4,068 | |
| Start Today Co. Ltd. | 854 | 30,970 | |
| The Booking Holdings, Inc. (a) | 70 | 141,896 | |
| 3,274,126 | |||
| Leisure Products - 0.0% | |||
| Spin Master Corp. (a)(b) | 100 | 4,434 | |
| Media - 0.9% | |||
| Discovery Communications, Inc. Class A (a) | 200 | 5,500 | |
| Liberty Media Corp.: | |||
| Liberty Formula One Group Series C (a) | 2,904 | 107,826 | |
| Liberty SiriusXM Series C (a) | 2,770 | 125,647 | |
| Live Nation Entertainment, Inc. (a) | 230 | 11,171 | |
| Sirius XM Holdings, Inc. | 8,019 | 54,289 | |
| 304,433 | |||
| Multiline Retail - 0.4% | |||
| Ollie's Bargain Outlet Holdings, Inc. (a) | 1,727 | 125,208 | |
| Specialty Retail - 1.2% | |||
| Burlington Stores, Inc. (a) | 135 | 20,322 | |
| Home Depot, Inc. | 1,471 | 286,992 | |
| TJX Companies, Inc. | 576 | 54,824 | |
| Urban Outfitters, Inc. (a) | 500 | 22,275 | |
| 384,413 | |||
| Textiles, Apparel & Luxury Goods - 0.9% | |||
| adidas AG | 545 | 118,985 | |
| Canada Goose Holdings, Inc. (a) | 200 | 11,763 | |
| Kering SA | 67 | 37,838 | |
| lululemon athletica, Inc. (a) | 100 | 12,485 | |
| LVMH Moet Hennessy - Louis Vuitton SA | 63 | 20,917 | |
| NIKE, Inc. Class B | 209 | 16,653 | |
| PVH Corp. | 77 | 11,528 | |
| Tapestry, Inc. | 446 | 20,833 | |
| VF Corp. | 388 | 31,630 | |
| 282,632 | |||
| TOTAL CONSUMER DISCRETIONARY | 5,488,578 | ||
| CONSUMER STAPLES - 2.5% | |||
| Beverages - 0.5% | |||
| Constellation Brands, Inc. Class A (sub. vtg.) | 334 | 73,103 | |
| Dr. Pepper Snapple Group, Inc. | 182 | 22,204 | |
| Kweichow Moutai Co. Ltd. (A Shares) | 200 | 22,095 | |
| Monster Beverage Corp. (a) | 408 | 23,378 | |
| The Coca-Cola Co. | 301 | 13,202 | |
| 153,982 | |||
| Food & Staples Retailing - 0.6% | |||
| Costco Wholesale Corp. | 823 | 171,991 | |
| Performance Food Group Co. (a) | 478 | 17,543 | |
| Tesco PLC | 1,914 | 6,476 | |
| 196,010 | |||
| Food Products - 0.0% | |||
| The Simply Good Foods Co. | 602 | 8,693 | |
| Personal Products - 1.4% | |||
| Estee Lauder Companies, Inc. Class A | 2,841 | 405,382 | |
| Kao Corp. | 300 | 22,897 | |
| Shiseido Co. Ltd. | 400 | 31,786 | |
| 460,065 | |||
| TOTAL CONSUMER STAPLES | 818,750 | ||
| ENERGY - 4.2% | |||
| Oil, Gas & Consumable Fuels - 4.2% | |||
| Birchcliff Energy Ltd. | 5,087 | 18,651 | |
| BP PLC | 6,278 | 47,766 | |
| Canadian Natural Resources Ltd. | 2,544 | 91,821 | |
| Centennial Resource Development, Inc. Class A (a) | 5,923 | 106,969 | |
| Cheniere Energy, Inc. (a) | 300 | 19,557 | |
| Chevron Corp. | 289 | 36,538 | |
| Concho Resources, Inc. (a) | 495 | 68,483 | |
| ConocoPhillips Co. | 1,619 | 112,715 | |
| Continental Resources, Inc. (a) | 1,302 | 84,318 | |
| Diamondback Energy, Inc. | 639 | 84,073 | |
| Encana Corp. | 2,155 | 28,145 | |
| EOG Resources, Inc. | 1,440 | 179,179 | |
| Hess Corp. | 1,417 | 94,783 | |
| Marathon Oil Corp. | 100 | 2,086 | |
| Occidental Petroleum Corp. | 281 | 23,514 | |
| Phillips 66 Co. | 965 | 108,379 | |
| Pioneer Natural Resources Co. | 146 | 27,629 | |
| PrairieSky Royalty Ltd. | 543 | 10,718 | |
| Reliance Industries Ltd. | 7,370 | 104,688 | |
| Suncor Energy, Inc. | 900 | 36,626 | |
| Tamarack Valley Energy Ltd.(a) | 5,755 | 20,181 | |
| Valero Energy Corp. | 697 | 77,249 | |
| 1,384,068 | |||
| FINANCIALS - 18.0% | |||
| Banks - 10.4% | |||
| Bank of America Corp. | 40,822 | 1,150,772 | |
| Citigroup, Inc. | 10,858 | 726,617 | |
| HDFC Bank Ltd. sponsored ADR | 1,827 | 191,872 | |
| JPMorgan Chase & Co. | 9,575 | 997,715 | |
| Kotak Mahindra Bank Ltd. (a) | 3,685 | 72,287 | |
| M&T Bank Corp. | 488 | 83,033 | |
| Metro Bank PLC (a) | 2 | 85 | |
| PNC Financial Services Group, Inc. | 699 | 94,435 | |
| Royal Bank of Canada | 236 | 17,770 | |
| The Toronto-Dominion Bank | 552 | 31,949 | |
| Wells Fargo & Co. | 576 | 31,933 | |
| 3,398,468 | |||
| Capital Markets - 3.4% | |||
| Bank of New York Mellon Corp. | 2,681 | 144,586 | |
| BlackRock, Inc. Class A | 258 | 128,752 | |
| Charles Schwab Corp. | 3,918 | 200,210 | |
| CME Group, Inc. | 24 | 3,934 | |
| IntercontinentalExchange, Inc. | 504 | 37,069 | |
| Morgan Stanley | 8,323 | 394,510 | |
| MSCI, Inc. | 511 | 84,535 | |
| Oaktree Capital Group LLC Class A | 840 | 34,146 | |
| S&P Global, Inc. | 361 | 73,604 | |
| 1,101,346 | |||
| Consumer Finance - 0.5% | |||
| American Express Co. | 868 | 85,064 | |
| Synchrony Financial | 2,658 | 88,724 | |
| 173,788 | |||
| Diversified Financial Services - 3.4% | |||
| Berkshire Hathaway, Inc. Class A (a) | 4 | 1,128,160 | |
| Insurance - 0.3% | |||
| Admiral Group PLC | 1,243 | 31,292 | |
| American International Group, Inc. | 200 | 10,604 | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | 57 | 31,940 | |
| The Travelers Companies, Inc. | 201 | 24,590 | |
| 98,426 | |||
| TOTAL FINANCIALS | 5,900,188 | ||
| HEALTH CARE - 8.5% | |||
| Biotechnology - 1.8% | |||
| Acceleron Pharma, Inc. (a) | 100 | 4,852 | |
| Aduro Biotech, Inc. (a) | 12 | 84 | |
| Agios Pharmaceuticals, Inc. (a) | 394 | 33,187 | |
| Alnylam Pharmaceuticals, Inc. (a) | 74 | 7,288 | |
| AnaptysBio, Inc. (a) | 101 | 7,175 | |
| Arena Pharmaceuticals, Inc. (a) | 300 | 13,080 | |
| Array BioPharma, Inc. (a) | 400 | 6,712 | |
| CSL Ltd. | 23 | 3,279 | |
| FibroGen, Inc. (a) | 787 | 49,266 | |
| Genmab A/S (a) | 84 | 12,966 | |
| Gilead Sciences, Inc. | 746 | 52,847 | |
| Heron Therapeutics, Inc. (a) | 200 | 7,770 | |
| Insmed, Inc. (a) | 100 | 2,365 | |
| Intrexon Corp. (a)(c) | 774 | 10,790 | |
| Neurocrine Biosciences, Inc. (a) | 893 | 87,728 | |
| Regeneron Pharmaceuticals, Inc. (a) | 132 | 45,539 | |
| Sage Therapeutics, Inc. (a) | 91 | 14,244 | |
| Vertex Pharmaceuticals, Inc. (a) | 1,331 | 226,217 | |
| Wuxi Biologics (Cayman), Inc. | 500 | 5,567 | |
| 590,956 | |||
| Health Care Equipment & Supplies - 2.2% | |||
| Abiomed, Inc. (a) | 58 | 23,725 | |
| Align Technology, Inc. (a) | 16 | 5,474 | |
| Baxter International, Inc. | 2,195 | 162,079 | |
| Becton, Dickinson & Co. | 176 | 42,163 | |
| Boston Scientific Corp. (a) | 3,243 | 106,046 | |
| Danaher Corp. | 1,023 | 100,950 | |
| DexCom, Inc. (a) | 205 | 19,471 | |
| Edwards Lifesciences Corp. (a) | 538 | 78,317 | |
| Intuitive Surgical, Inc. (a) | 302 | 144,501 | |
| Penumbra, Inc. (a) | 137 | 18,927 | |
| ResMed, Inc. | 290 | 30,038 | |
| 731,691 | |||
| Health Care Providers & Services - 3.2% | |||
| Anthem, Inc. | 114 | 27,135 | |
| HealthEquity, Inc. (a) | 531 | 39,878 | |
| Humana, Inc. | 377 | 112,207 | |
| National Vision Holdings, Inc. | 618 | 22,600 | |
| OptiNose, Inc. | 300 | 8,394 | |
| UnitedHealth Group, Inc. | 3,351 | 822,134 | |
| 1,032,348 | |||
| Health Care Technology - 0.1% | |||
| Veeva Systems, Inc. Class A (a) | 289 | 22,213 | |
| Life Sciences Tools & Services - 0.8% | |||
| Mettler-Toledo International, Inc. (a) | 357 | 206,571 | |
| PRA Health Sciences, Inc. (a) | 235 | 21,940 | |
| Thermo Fisher Scientific, Inc. | 135 | 27,964 | |
| 256,475 | |||
| Pharmaceuticals - 0.4% | |||
| AstraZeneca PLC sponsored ADR | 300 | 10,533 | |
| Idorsia Ltd. | 130 | 3,452 | |
| Ipsen SA | 39 | 6,119 | |
| Jazz Pharmaceuticals PLC (a) | 42 | 7,237 | |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | 300 | 3,433 | |
| MyoKardia, Inc. (a) | 100 | 4,965 | |
| Nektar Therapeutics (a) | 808 | 39,455 | |
| Roche Holding AG (participation certificate) | 16 | 3,550 | |
| Supernus Pharmaceuticals, Inc. (a) | 100 | 5,985 | |
| Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,692 | 41,149 | |
| Zoetis, Inc. Class A | 121 | 10,308 | |
| 136,186 | |||
| TOTAL HEALTH CARE | 2,769,869 | ||
| INDUSTRIALS - 5.9% | |||
| Aerospace & Defense - 1.2% | |||
| Harris Corp. | 135 | 19,513 | |
| Northrop Grumman Corp. | 432 | 132,926 | |
| Raytheon Co. | 429 | 82,874 | |
| The Boeing Co. | 459 | 153,999 | |
| TransDigm Group, Inc. | 51 | 17,602 | |
| 406,914 | |||
| Air Freight & Logistics - 0.6% | |||
| Expeditors International of Washington, Inc. | 312 | 22,807 | |
| FedEx Corp. | 530 | 120,342 | |
| XPO Logistics, Inc. (a) | 661 | 66,219 | |
| 209,368 | |||
| Airlines - 0.4% | |||
| Ryanair Holdings PLC sponsored ADR (a) | 1,058 | 120,855 | |
| Wizz Air Holdings PLC (a)(b) | 71 | 3,373 | |
| 124,228 | |||
| Building Products - 0.4% | |||
| Jeld-Wen Holding, Inc. (a) | 1,151 | 32,907 | |
| Masco Corp. | 1,604 | 60,022 | |
| Toto Ltd. | 1,003 | 46,565 | |
| 139,494 | |||
| Commercial Services & Supplies - 0.2% | |||
| Cintas Corp. | 350 | 64,775 | |
| Copart, Inc. (a) | 300 | 16,968 | |
| 81,743 | |||
| Electrical Equipment - 0.7% | |||
| AMETEK, Inc. | 246 | 17,751 | |
| Fortive Corp. | 2,443 | 188,380 | |
| Melrose Industries PLC | 4,629 | 12,994 | |
| 219,125 | |||
| Industrial Conglomerates - 0.4% | |||
| 3M Co. | 266 | 52,328 | |
| General Electric Co. | 5,400 | 73,494 | |
| Roper Technologies, Inc. | 36 | 9,933 | |
| 135,755 | |||
| Machinery - 0.9% | |||
| Caterpillar, Inc. | 224 | 30,390 | |
| Deere & Co. | 949 | 132,670 | |
| Gardner Denver Holdings, Inc. (a) | 703 | 20,661 | |
| Illinois Tool Works, Inc. | 112 | 15,516 | |
| PACCAR, Inc. | 530 | 32,839 | |
| Parker Hannifin Corp. | 138 | 21,507 | |
| Rational AG | 5 | 3,264 | |
| Rexnord Corp. (a) | 700 | 20,342 | |
| Xylem, Inc. | 114 | 7,681 | |
| 284,870 | |||
| Professional Services - 0.6% | |||
| CoStar Group, Inc. (a) | 30 | 12,379 | |
| FTI Consulting, Inc. (a) | 330 | 19,958 | |
| IHS Markit Ltd. (a) | 460 | 23,731 | |
| Recruit Holdings Co. Ltd. | 772 | 21,379 | |
| Robert Half International, Inc. | 108 | 7,031 | |
| SR Teleperformance SA | 24 | 4,241 | |
| TransUnion Holding Co., Inc. | 1,392 | 99,723 | |
| 188,442 | |||
| Road & Rail - 0.3% | |||
| CSX Corp. | 1,343 | 85,657 | |
| Trading Companies & Distributors - 0.2% | |||
| Air Lease Corp. Class A | 100 | 4,197 | |
| HD Supply Holdings, Inc. (a) | 100 | 4,289 | |
| W.W. Grainger, Inc. | 198 | 61,063 | |
| 69,549 | |||
| TOTAL INDUSTRIALS | 1,945,145 | ||
| INFORMATION TECHNOLOGY - 40.7% | |||
| Communications Equipment - 0.4% | |||
| Arista Networks, Inc. (a) | 517 | 133,122 | |
| Electronic Equipment & Components - 2.1% | |||
| Amphenol Corp. Class A | 6,602 | 575,364 | |
| CDW Corp. | 223 | 18,016 | |
| Dolby Laboratories, Inc. Class A | 311 | 19,186 | |
| FLIR Systems, Inc. | 100 | 5,197 | |
| Keyence Corp. | 100 | 56,505 | |
| Zebra Technologies Corp. Class A (a) | 45 | 6,446 | |
| 680,714 | |||
| Internet Software & Services - 14.3% | |||
| Alibaba Group Holding Ltd. sponsored ADR (a) | 210 | 38,961 | |
| Alphabet, Inc.: | |||
| Class A (a) | 624 | 704,615 | |
| Class C (a) | 650 | 725,173 | |
| CarGurus, Inc. Class A | 400 | 13,896 | |
| Coupa Software, Inc. (a) | 179 | 11,141 | |
| DocuSign, Inc. | 100 | 5,295 | |
| Dropbox, Inc. Class A (a)(c) | 400 | 12,968 | |
| eBay, Inc. (a) | 2,282 | 82,745 | |
| Facebook, Inc. Class A (a) | 14,346 | 2,787,710 | |
| GoDaddy, Inc. (a) | 293 | 20,686 | |
| GrubHub, Inc. (a) | 137 | 14,373 | |
| LogMeIn, Inc. | 483 | 49,870 | |
| Mercari, Inc. (a) | 200 | 8,192 | |
| MongoDB, Inc. Class A | 222 | 11,018 | |
| New Relic, Inc. (a) | 347 | 34,905 | |
| Nutanix, Inc. Class A (a) | 100 | 5,157 | |
| Okta, Inc. (a) | 550 | 27,704 | |
| Shopify, Inc. Class A (a) | 208 | 30,332 | |
| Spotify Technology SA (a) | 22 | 3,701 | |
| Tencent Holdings Ltd. | 1,793 | 90,036 | |
| Wix.com Ltd. (a) | 55 | 5,517 | |
| 4,683,995 | |||
| IT Services - 6.9% | |||
| Accenture PLC Class A | 323 | 52,840 | |
| Adyen BV (b) | 33 | 18,180 | |
| EPAM Systems, Inc. (a) | 203 | 25,239 | |
| Fiserv, Inc. (a) | 242 | 17,930 | |
| FleetCor Technologies, Inc. (a) | 130 | 27,385 | |
| Global Payments, Inc. | 740 | 82,503 | |
| MasterCard, Inc. Class A | 3,961 | 778,416 | |
| Netcompany Group A/S | 100 | 3,663 | |
| PayPal Holdings, Inc. (a) | 7,331 | 610,452 | |
| Square, Inc. (a) | 231 | 14,239 | |
| Visa, Inc. Class A | 4,655 | 616,555 | |
| Worldpay, Inc. (a) | 151 | 12,349 | |
| 2,259,751 | |||
| Semiconductors & Semiconductor Equipment - 1.8% | |||
| Advanced Micro Devices, Inc. (a) | 1,900 | 28,481 | |
| Analog Devices, Inc. | 429 | 41,150 | |
| Intel Corp. | 1,746 | 86,794 | |
| NVIDIA Corp. | 1,300 | 307,970 | |
| Texas Instruments, Inc. | 1,122 | 123,701 | |
| 588,096 | |||
| Software - 14.7% | |||
| Activision Blizzard, Inc. | 4,786 | 365,268 | |
| Adobe Systems, Inc. (a) | 3,951 | 963,293 | |
| Atlassian Corp. PLC (a) | 1,041 | 65,083 | |
| Black Knight, Inc. (a) | 100 | 5,355 | |
| CDK Global, Inc. | 407 | 26,475 | |
| Ceridian HCM Holding, Inc. | 100 | 3,319 | |
| Constellation Software, Inc. | 36 | 27,919 | |
| Electronic Arts, Inc. (a) | 1,532 | 216,043 | |
| Intuit, Inc. | 698 | 142,605 | |
| Microsoft Corp. | 8,293 | 817,773 | |
| Parametric Technology Corp. (a) | 216 | 20,263 | |
| Paycom Software, Inc. (a) | 484 | 47,834 | |
| RealPage, Inc. (a) | 300 | 16,530 | |
| Red Hat, Inc. (a) | 648 | 87,072 | |
| RingCentral, Inc. (a) | 698 | 49,104 | |
| Salesforce.com, Inc. (a) | 10,076 | 1,374,366 | |
| Splunk, Inc. (a) | 62 | 6,145 | |
| SS&C Technologies Holdings, Inc. | 1,239 | 64,304 | |
| Tableau Software, Inc. (a) | 200 | 19,550 | |
| Tanium, Inc. Class B (a)(d)(e) | 100 | 679 | |
| Ultimate Software Group, Inc. (a) | 654 | 168,281 | |
| Workday, Inc. Class A (a) | 2,437 | 295,169 | |
| Zendesk, Inc. (a) | 400 | 21,796 | |
| Zscaler, Inc. (a) | 100 | 3,575 | |
| 4,807,801 | |||
| Technology Hardware, Storage & Peripherals - 0.5% | |||
| Apple, Inc. | 694 | 128,466 | |
| HP, Inc. | 1,169 | 26,525 | |
| Logitech International SA | 81 | 3,556 | |
| Pure Storage, Inc. Class A (a) | 500 | 11,940 | |
| Xaar PLC | 368 | 1,163 | |
| 171,650 | |||
| TOTAL INFORMATION TECHNOLOGY | 13,325,129 | ||
| MATERIALS - 2.4% | |||
| Chemicals - 1.5% | |||
| Air Products & Chemicals, Inc. | 358 | 55,751 | |
| DowDuPont, Inc. | 3,032 | 199,869 | |
| LyondellBasell Industries NV Class A | 399 | 43,830 | |
| Sherwin-Williams Co. | 361 | 147,133 | |
| Westlake Chemical Corp. | 537 | 57,797 | |
| 504,380 | |||
| Containers & Packaging - 0.2% | |||
| WestRock Co. | 987 | 56,279 | |
| Metals & Mining - 0.7% | |||
| ArcelorMittal SA Class A unit | 508 | 14,620 | |
| B2Gold Corp. (a) | 5,502 | 14,271 | |
| BHP Billiton Ltd. | 390 | 9,759 | |
| Franco-Nevada Corp. | 1,029 | 75,102 | |
| Ivanhoe Mines Ltd. (a) | 13,229 | 27,169 | |
| Kirkland Lake Gold Ltd. | 1,278 | 27,064 | |
| Novagold Resources, Inc. (a) | 1,936 | 8,674 | |
| Nucor Corp. | 246 | 15,375 | |
| Steel Dynamics, Inc. | 395 | 18,150 | |
| 210,184 | |||
| TOTAL MATERIALS | 770,843 | ||
| REAL ESTATE - 0.1% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
| American Tower Corp. | 91 | 13,119 | |
| Real Estate Management & Development - 0.0% | |||
| Five Point Holdings LLC Class A (a) | 645 | 7,256 | |
| TOTAL REAL ESTATE | 20,375 | ||
| TELECOMMUNICATION SERVICES - 0.1% | |||
| Wireless Telecommunication Services - 0.1% | |||
| T-Mobile U.S., Inc. (a) | 599 | 35,790 | |
| UTILITIES - 0.0% | |||
| Electric Utilities - 0.0% | |||
| Vistra Energy Corp. (a) | 100 | 2,366 | |
| Independent Power and Renewable Electricity Producers - 0.0% | |||
| NRG Energy, Inc. | 100 | 3,070 | |
| TOTAL UTILITIES | 5,436 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $29,031,827) | 32,464,171 | ||
| Convertible Preferred Stocks - 0.1% | |||
| CONSUMER STAPLES - 0.0% | |||
| Food & Staples Retailing - 0.0% | |||
| Roofoods Ltd. Series F (d)(e) | 8 | 3,124 | |
| HEALTH CARE - 0.0% | |||
| Biotechnology - 0.0% | |||
| 23andMe, Inc. Series F (d)(e) | 144 | 2,308 | |
| INFORMATION TECHNOLOGY - 0.1% | |||
| Internet Software & Services - 0.1% | |||
| Lyft, Inc.: | |||
| Series H (d)(e) | 126 | 5,967 | |
| Series I (d)(e) | 359 | 17,000 | |
| 22,967 | |||
| TOTAL CONVERTIBLE PREFERRED STOCKS | |||
| (Cost $26,836) | 28,399 | ||
| Principal Amount | Value | ||
| Nonconvertible Bonds - 0.1% | |||
| HEALTH CARE - 0.1% | |||
| Pharmaceuticals - 0.1% | |||
| Valeant Pharmaceuticals International, Inc.: | |||
| 6.125% 4/15/25 (b) | 18,000 | 16,583 | |
| 9% 12/15/25 (b) | 14,000 | 14,525 | |
| (Cost $30,422) | 31,108 | ||
| Shares | Value | ||
| Money Market Funds - 1.2% | |||
| Fidelity Cash Central Fund, 1.93% (f) | 387,157 | 387,234 | |
| Fidelity Securities Lending Cash Central Fund 1.92% (f)(g) | 19,892 | 19,896 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $407,129) | 407,130 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.6% | |||
| (Cost $29,496,214) | 32,930,808 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.6)% | (211,632) | ||
| NET ASSETS - 100% | $32,719,176 |
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 $57,095 or 0.2% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $29,078 or 0.1% of net assets.
(e) Level 3 security
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| 23andMe, Inc. Series F | 8/31/17 | $1,999 |
| Lyft, Inc. Series H | 11/22/17 | $5,008 |
| Lyft, Inc. Series I | 6/27/18 | $17,000 |
| Roofoods Ltd. Series F | 9/12/17 | $2,829 |
| Tanium, Inc. Class B | 4/21/17 | $496 |
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 | $6,642 |
| Fidelity Securities Lending Cash Central Fund | 80 |
| Total | $6,722 |
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 June 30, 2018, 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 | $5,488,578 | $5,441,793 | $46,785 | $-- |
| Consumer Staples | 821,874 | 812,274 | 6,476 | 3,124 |
| Energy | 1,384,068 | 1,336,302 | 47,766 | -- |
| Financials | 5,900,188 | 5,900,188 | -- | -- |
| Health Care | 2,772,177 | 2,766,319 | 3,550 | 2,308 |
| Industrials | 1,945,145 | 1,945,145 | -- | -- |
| Information Technology | 13,348,096 | 13,234,414 | 90,036 | 23,646 |
| Materials | 770,843 | 761,084 | 9,759 | -- |
| Real Estate | 20,375 | 20,375 | -- | -- |
| Telecommunication Services | 35,790 | 35,790 | -- | -- |
| Utilities | 5,436 | 5,436 | -- | -- |
| Corporate Bonds | 31,108 | -- | 31,108 | -- |
| Money Market Funds | 407,130 | 407,130 | -- | -- |
| Total Investments in Securities: | $32,930,808 | $32,666,250 | $235,480 | $29,078 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| June 30, 2018 (Unaudited) | ||
| Assets | ||
| Investment in securities, at value (including securities loaned of $19,484) — See accompanying schedule: Unaffiliated issuers (cost $29,089,085) | $32,523,678 | |
| Fidelity Central Funds (cost $407,129) | 407,130 | |
| Total Investment in Securities (cost $29,496,214) | $32,930,808 | |
| Foreign currency held at value (cost $62) | 59 | |
| Receivable for investments sold | 3,852 | |
| Receivable for fund shares sold | 15,528 | |
| Dividends receivable | 8,137 | |
| Interest receivable | 287 | |
| Distributions receivable from Fidelity Central Funds | 1,384 | |
| Other receivables | 316 | |
| Total assets | 32,960,371 | |
| Liabilities | ||
| Payable for investments purchased | $39,958 | |
| Payable for fund shares redeemed | 176,733 | |
| Other payables and accrued expenses | 4,604 | |
| Collateral on securities loaned | 19,900 | |
| Total liabilities | 241,195 | |
| Net Assets | $32,719,176 | |
| Net Assets consist of: | ||
| Paid in capital | $29,296,940 | |
| Undistributed net investment income | 109,279 | |
| Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (117,030) | |
| Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 3,429,987 | |
| Net Assets, for 2,436,889 shares outstanding | $32,719,176 | |
| Net Asset Value, offering price and redemption price per share ($32,719,176 ÷ 2,436,889 shares) | $13.43 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Six months ended June 30, 2018 (Unaudited) | ||
| Investment Income | ||
| Dividends | $100,951 | |
| Interest | 1,240 | |
| Income from Fidelity Central Funds | 6,722 | |
| Total income | 108,913 | |
| Expenses | ||
| Independent trustees' fees and expenses | $51 | |
| Miscellaneous | 20 | |
| Total expenses before reductions | 71 | |
| Expense reductions | (747) | |
| Total expenses after reductions | (676) | |
| Net investment income (loss) | 109,589 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | (99,992) | |
| Fidelity Central Funds | (5) | |
| Foreign currency transactions | (475) | |
| Total net realized gain (loss) | (100,472) | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of increase in deferred foreign taxes of $4,204) | 2,138,455 | |
| Fidelity Central Funds | 1 | |
| Assets and liabilities in foreign currencies | (6) | |
| Total change in net unrealized appreciation (depreciation) | 2,138,450 | |
| Net gain (loss) | 2,037,978 | |
| Net increase (decrease) in net assets resulting from operations | $2,147,567 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Six months ended June 30, 2018 (Unaudited) | For the period March 8, 2017 (commencement of operations) to December 31, 2017 |
|
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $109,589 | $44,780 |
| Net realized gain (loss) | (100,472) | (8,572) |
| Change in net unrealized appreciation (depreciation) | 2,138,450 | 1,291,537 |
| Net increase (decrease) in net assets resulting from operations | 2,147,567 | 1,327,745 |
| Distributions to shareholders from net investment income | – | (45,175) |
| Distributions to shareholders from net realized gain | – | (9,267) |
| Total distributions | – | (54,442) |
| Share transactions | ||
| Proceeds from sales of shares | 22,115,941 | 13,802,111 |
| Reinvestment of distributions | – | 54,442 |
| Cost of shares redeemed | (6,045,410) | (628,778) |
| Net increase (decrease) in net assets resulting from share transactions | 16,070,531 | 13,227,775 |
| Total increase (decrease) in net assets | 18,218,098 | 14,501,078 |
| Net Assets | ||
| Beginning of period | 14,501,078 | – |
| End of period | $32,719,176 | $14,501,078 |
| Other Information | ||
| Undistributed net investment income end of period | $109,279 | $– |
| Distributions in excess of net investment income end of period | $– | $(310) |
| Shares | ||
| Sold | 1,701,520 | 1,237,605 |
| Issued in reinvestment of distributions | – | 4,451 |
| Redeemed | (454,482) | (52,205) |
| Net increase (decrease) | 1,247,038 | 1,189,851 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Opportunistic Insights Fund
| Six months ended (Unaudited) June 30, | Years endedDecember 31, | |
| 2018 | 2017 A | |
| Selected Per–Share Data | ||
| Net asset value, beginning of period | $12.19 | $10.00 |
| Income from Investment Operations | ||
| Net investment income (loss)B | .05 | .07 |
| Net realized and unrealized gain (loss) | 1.19 | 2.17 |
| Total from investment operations | 1.24 | 2.24 |
| Distributions from net investment income | – | (.04) |
| Distributions from net realized gain | – | (.01) |
| Total distributions | – | (.05) |
| Net asset value, end of period | $13.43 | $12.19 |
| Total ReturnC,D | 10.17% | 22.37% |
| Ratios to Average Net AssetsE,F | ||
| Expenses before reductions | - %G,H | - %G,H |
| Expenses net of fee waivers, if any | - %G,H | - %G,H |
| Expenses net of all reductions | (.01)%G | - %G,H |
| Net investment income (loss) | .83%G | .78%G |
| Supplemental Data | ||
| Net assets, end of period (000 omitted) | $32,719 | $14,501 |
| Portfolio turnover rateI | 42%G | 28%G |
A For the period March 8, 2017 (commencement of operations) to December 31, 2017.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund 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 brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount represents less than .005%.
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
1. Organization.
Fidelity Flex Opportunistic Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts offered by Fidelity.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the 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 Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
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.
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 – Investments 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 Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the 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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the 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 the Fund's investments and ratifies the fair value determinations of the Committee.
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:
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. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2018 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the 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), market discount, losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $4,009,352 |
| Gross unrealized depreciation | (640,493) |
| Net unrealized appreciation (depreciation) | $3,368,859 |
| Tax cost | $29,561,949 |
The Fund elected to defer to its next fiscal year $320 of ordinary losses recognized during the period November 1, 2017 to December 31, 2017.
The Fund elected to defer to its next fiscal year $3,075 of capital losses recognized during the period November 1, 2017 to December 31, 2017.
Restricted Securities. The Fund 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 the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $21,503,670 and $5,238,156, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $227 for the period.
Interfund Trades. The Fund 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. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $20 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $80. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $716 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $31.
9. 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.
At the end of the period, the investment adviser or its affiliates were the owners of record of 20% of the total outstanding shares of the Fund.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (January 1, 2018 to June 30, 2018).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 January 1, 2018 | Ending Account Value June 30, 2018 | Expenses Paid During Period-B January 1, 2018 to June 30, 2018 |
|
| Actual | - %-C | $1,000.00 | $1,101.70 | $--D |
| Hypothetical-E | $1,000.00 | $1,024.79 | $--D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
ZPI-SANN-0818
1.9881594.101
|
Fidelity® Contrafund® K6 Semi-Annual Report June 30, 2018 |
|
|
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2018
| % of fund's net assets | |
| Facebook, Inc. Class A | 7.4 |
| Amazon.com, Inc. | 6.7 |
| Berkshire Hathaway, Inc. Class A | 4.7 |
| Microsoft Corp. | 3.6 |
| Alphabet, Inc. Class A | 3.2 |
| UnitedHealth Group, Inc. | 3.0 |
| Salesforce.com, Inc. | 3.0 |
| Netflix, Inc. | 2.9 |
| Alphabet, Inc. Class C | 2.9 |
| Visa, Inc. Class A | 2.8 |
| 40.2 |
Top Five Market Sectors as of June 30, 2018
| % of fund's net assets | |
| Information Technology | 42.1 |
| Consumer Discretionary | 16.2 |
| Financials | 16.0 |
| Health Care | 9.2 |
| Industrials | 5.5 |
Asset Allocation (% of fund's net assets)
| As of June 30, 2018 * | ||
| Stocks | 97.4% | |
| Bonds | 0.1% | |
| Convertible Securities | 0.1% | |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4% | |
* Foreign investments - 6.1%
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.4% | |||
| Shares | Value | ||
| CONSUMER DISCRETIONARY - 16.1% | |||
| Automobiles - 0.7% | |||
| Mahindra & Mahindra Ltd. | 264,608 | $3,469,743 | |
| Maruti Suzuki India Ltd. | 46,872 | 6,042,558 | |
| Tesla, Inc. (a) | 51,319 | 17,599,851 | |
| Toyota Motor Corp. | 40,200 | 2,599,693 | |
| 29,711,845 | |||
| Diversified Consumer Services - 0.3% | |||
| Chegg, Inc. (a) | 93,168 | 2,589,139 | |
| Weight Watchers International, Inc. (a) | 85,534 | 8,647,487 | |
| 11,236,626 | |||
| Hotels, Restaurants & Leisure - 1.8% | |||
| Chipotle Mexican Grill, Inc. (a) | 8,694 | 3,750,331 | |
| Domino's Pizza, Inc. | 12,198 | 3,441,910 | |
| Eldorado Resorts, Inc. (a) | 13,029 | 509,434 | |
| Hilton Worldwide Holdings, Inc. | 188,396 | 14,913,427 | |
| Las Vegas Sands Corp. | 33,265 | 2,540,115 | |
| Marriott International, Inc. Class A | 161,994 | 20,508,440 | |
| McDonald's Corp. | 156,840 | 24,575,260 | |
| Shake Shack, Inc. Class A (a) | 6,565 | 434,472 | |
| U.S. Foods Holding Corp. (a) | 35,091 | 1,327,142 | |
| Vail Resorts, Inc. | 3,882 | 1,064,406 | |
| 73,064,937 | |||
| Household Durables - 0.0% | |||
| Mohawk Industries, Inc. (a) | 3,865 | 828,154 | |
| Internet & Direct Marketing Retail - 10.3% | |||
| Amazon.com, Inc. (a) | 162,537 | 276,280,393 | |
| Netflix, Inc. (a) | 309,408 | 121,111,573 | |
| Ocado Group PLC (a) | 15,282 | 207,231 | |
| Start Today Co. Ltd. | 60,300 | 2,186,736 | |
| The Booking Holdings, Inc. (a) | 12,332 | 24,998,074 | |
| 424,784,007 | |||
| Leisure Products - 0.0% | |||
| Spin Master Corp. (a)(b) | 6,385 | 283,103 | |
| Media - 0.7% | |||
| Discovery Communications, Inc. Class A (a) | 20,826 | 572,715 | |
| Liberty Media Corp.: | |||
| Liberty Formula One Group Series C (a) | 248,981 | 9,244,665 | |
| Liberty SiriusXM Series C (a) | 157,048 | 7,123,697 | |
| Live Nation Entertainment, Inc. (a) | 19,690 | 956,343 | |
| Sirius XM Holdings, Inc. (c) | 839,547 | 5,683,733 | |
| The Walt Disney Co. | 38,217 | 4,005,524 | |
| 27,586,677 | |||
| Multiline Retail - 0.0% | |||
| Ollie's Bargain Outlet Holdings, Inc. (a) | 24,417 | 1,770,233 | |
| Specialty Retail - 1.3% | |||
| Burlington Stores, Inc. (a) | 16,955 | 2,552,236 | |
| Home Depot, Inc. | 161,621 | 31,532,257 | |
| TJX Companies, Inc. | 190,764 | 18,156,918 | |
| Urban Outfitters, Inc. (a) | 44,716 | 1,992,098 | |
| 54,233,509 | |||
| Textiles, Apparel & Luxury Goods - 1.0% | |||
| adidas AG | 57,630 | 12,581,794 | |
| Canada Goose Holdings, Inc. (a) | 20,268 | 1,192,045 | |
| Kering SA | 8,086 | 4,566,553 | |
| lululemon athletica, Inc. (a) | 12,806 | 1,598,829 | |
| LVMH Moet Hennessy - Louis Vuitton SA | 7,003 | 2,325,129 | |
| NIKE, Inc. Class B | 111,887 | 8,915,156 | |
| PVH Corp. | 8,867 | 1,327,567 | |
| Ralph Lauren Corp. | 3,135 | 394,132 | |
| Tapestry, Inc. | 50,005 | 2,335,734 | |
| VF Corp. | 44,036 | 3,589,815 | |
| 38,826,754 | |||
| TOTAL CONSUMER DISCRETIONARY | 662,325,845 | ||
| CONSUMER STAPLES - 2.2% | |||
| Beverages - 0.5% | |||
| Constellation Brands, Inc. Class A (sub. vtg.) | 36,959 | 8,089,216 | |
| Dr. Pepper Snapple Group, Inc. | 24,178 | 2,949,716 | |
| Kweichow Moutai Co. Ltd. (A Shares) | 16,600 | 1,833,898 | |
| Monster Beverage Corp. (a) | 48,128 | 2,757,734 | |
| The Coca-Cola Co. | 132,573 | 5,814,652 | |
| 21,445,216 | |||
| Food & Staples Retailing - 0.4% | |||
| Costco Wholesale Corp. | 68,494 | 14,313,876 | |
| Performance Food Group Co. (a) | 41,821 | 1,534,831 | |
| Tesco PLC | 194,820 | 659,192 | |
| 16,507,899 | |||
| Food Products - 0.1% | |||
| Post Holdings, Inc. (a) | 4,853 | 417,455 | |
| The Simply Good Foods Co. | 59,182 | 854,588 | |
| 1,272,043 | |||
| Household Products - 0.1% | |||
| Colgate-Palmolive Co. | 79,636 | 5,161,209 | |
| Personal Products - 1.1% | |||
| Estee Lauder Companies, Inc. Class A | 273,578 | 39,036,845 | |
| Kao Corp. | 31,700 | 2,419,410 | |
| L'Oreal SA (a) | 5,905 | 1,458,474 | |
| Shiseido Co. Ltd. | 36,700 | 2,916,376 | |
| 45,831,105 | |||
| TOTAL CONSUMER STAPLES | 90,217,472 | ||
| ENERGY - 4.0% | |||
| Oil, Gas & Consumable Fuels - 4.0% | |||
| Birchcliff Energy Ltd. | 697,630 | 2,557,773 | |
| BP PLC | 767,495 | 5,839,498 | |
| Canadian Natural Resources Ltd. | 269,828 | 9,738,971 | |
| Centennial Resource Development, Inc. Class A (a) | 555,757 | 10,036,971 | |
| Cheniere Energy, Inc. (a) | 31,000 | 2,020,890 | |
| Chevron Corp. | 29,908 | 3,781,268 | |
| Concho Resources, Inc. (a) | 55,760 | 7,714,396 | |
| ConocoPhillips Co. | 192,878 | 13,428,166 | |
| Continental Resources, Inc. (a) | 158,350 | 10,254,746 | |
| Delek U.S. Holdings, Inc. | 439 | 22,025 | |
| Diamondback Energy, Inc. | 90,065 | 11,849,852 | |
| Encana Corp. | 233,112 | 3,044,562 | |
| EOG Resources, Inc. | 234,789 | 29,214,795 | |
| Hess Corp. | 160,521 | 10,737,250 | |
| Marathon Oil Corp. | 12,843 | 267,905 | |
| Occidental Petroleum Corp. | 31,656 | 2,648,974 | |
| Phillips 66 Co. | 106,834 | 11,998,527 | |
| Pioneer Natural Resources Co. | 18,550 | 3,510,402 | |
| PrairieSky Royalty Ltd. | 56,418 | 1,113,640 | |
| Reliance Industries Ltd. | 775,925 | 11,021,739 | |
| Suncor Energy, Inc. | 85,392 | 3,475,048 | |
| Valero Energy Corp. | 85,225 | 9,445,487 | |
| Whiting Petroleum Corp. (a) | 7,358 | 387,914 | |
| 164,110,799 | |||
| FINANCIALS - 16.0% | |||
| Banks - 7.9% | |||
| Bank Ireland Group PLC | 102,436 | 799,692 | |
| Bank of America Corp. | 2,557,242 | 72,088,652 | |
| Citigroup, Inc. | 1,163,727 | 77,876,611 | |
| HDFC Bank Ltd. sponsored ADR | 181,134 | 19,022,693 | |
| JPMorgan Chase & Co. | 744,948 | 77,623,582 | |
| Kotak Mahindra Bank Ltd. (a) | 340,461 | 6,678,675 | |
| M&T Bank Corp. | 48,676 | 8,282,221 | |
| Metro Bank PLC (a) | 167,440 | 7,150,878 | |
| PNC Financial Services Group, Inc. | 72,860 | 9,843,386 | |
| Royal Bank of Canada | 19,725 | 1,485,245 | |
| The Toronto-Dominion Bank | 66,405 | 3,843,423 | |
| U.S. Bancorp | 74,892 | 3,746,098 | |
| Wells Fargo & Co. | 622,352 | 34,503,195 | |
| 322,944,351 | |||
| Capital Markets - 2.4% | |||
| Bank of New York Mellon Corp. | 313,379 | 16,900,529 | |
| BlackRock, Inc. Class A | 15,098 | 7,534,506 | |
| Charles Schwab Corp. | 453,964 | 23,197,560 | |
| IntercontinentalExchange, Inc. | 41,208 | 3,030,848 | |
| Morgan Stanley | 508,350 | 24,095,790 | |
| MSCI, Inc. | 56,567 | 9,357,879 | |
| Oaktree Capital Group LLC Class A | 62,636 | 2,546,153 | |
| S&P Global, Inc. | 56,587 | 11,537,523 | |
| 98,200,788 | |||
| Consumer Finance - 0.5% | |||
| American Express Co. | 121,788 | 11,935,224 | |
| Synchrony Financial | 288,299 | 9,623,421 | |
| 21,558,645 | |||
| Diversified Financial Services - 4.7% | |||
| Berkshire Hathaway, Inc. Class A (a) | 683 | 192,633,327 | |
| Insurance - 0.5% | |||
| Admiral Group PLC | 148,881 | 3,747,965 | |
| AIA Group Ltd. | 207,600 | 1,815,203 | |
| American International Group, Inc. | 14,317 | 759,087 | |
| Chubb Ltd. | 74,162 | 9,420,057 | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | 5,421 | 3,037,640 | |
| The Travelers Companies, Inc. | 13,366 | 1,635,196 | |
| 20,415,148 | |||
| TOTAL FINANCIALS | 655,752,259 | ||
| HEALTH CARE - 9.1% | |||
| Biotechnology - 1.9% | |||
| Acceleron Pharma, Inc. (a) | 6,800 | 329,936 | |
| Agios Pharmaceuticals, Inc. (a) | 37,846 | 3,187,769 | |
| Alnylam Pharmaceuticals, Inc. (a) | 6,678 | 657,716 | |
| Amgen, Inc. | 21,046 | 3,884,881 | |
| AnaptysBio, Inc. (a) | 8,860 | 629,414 | |
| Arena Pharmaceuticals, Inc. (a) | 36,775 | 1,603,390 | |
| Array BioPharma, Inc. (a) | 54,285 | 910,902 | |
| bluebird bio, Inc. (a) | 4,752 | 745,826 | |
| Celgene Corp. (a) | 10,516 | 835,181 | |
| CSL Ltd. | 2,208 | 314,747 | |
| FibroGen, Inc. (a) | 73,092 | 4,575,559 | |
| Genmab A/S (a) | 10,340 | 1,596,068 | |
| Gilead Sciences, Inc. | 158,480 | 11,226,723 | |
| Heron Therapeutics, Inc. (a) | 20,020 | 777,777 | |
| Insmed, Inc. (a) | 26,385 | 624,005 | |
| Intrexon Corp. (a)(c) | 89,926 | 1,253,568 | |
| Neurocrine Biosciences, Inc. (a) | 96,017 | 9,432,710 | |
| Regeneron Pharmaceuticals, Inc. (a) | 14,174 | 4,889,888 | |
| Sage Therapeutics, Inc. (a) | 12,945 | 2,026,281 | |
| Sarepta Therapeutics, Inc. (a) | 4,987 | 659,182 | |
| Vertex Pharmaceuticals, Inc. (a) | 157,233 | 26,723,321 | |
| Wuxi Biologics (Cayman), Inc. | 28,000 | 311,742 | |
| 77,196,586 | |||
| Health Care Equipment & Supplies - 2.2% | |||
| Abiomed, Inc. (a) | 6,290 | 2,572,925 | |
| Align Technology, Inc. (a) | 1,951 | 667,515 | |
| Baxter International, Inc. | 249,744 | 18,441,097 | |
| Becton, Dickinson & Co. | 21,252 | 5,091,129 | |
| Boston Scientific Corp. (a) | 554,099 | 18,119,037 | |
| Danaher Corp. | 100,384 | 9,905,893 | |
| DexCom, Inc. (a) | 22,646 | 2,150,917 | |
| Edwards Lifesciences Corp. (a) | 63,313 | 9,216,473 | |
| Intuitive Surgical, Inc. (a) | 34,982 | 16,738,187 | |
| Penumbra, Inc. (a) | 12,322 | 1,702,284 | |
| ResMed, Inc. | 30,853 | 3,195,754 | |
| Sonova Holding AG Class B | 1,783 | 320,213 | |
| Stryker Corp. | 12,732 | 2,149,926 | |
| 90,271,350 | |||
| Health Care Providers & Services - 3.6% | |||
| Anthem, Inc. | 13,757 | 3,274,579 | |
| Centene Corp. (a) | 3,236 | 398,708 | |
| HealthEquity, Inc. (a) | 61,530 | 4,620,903 | |
| Humana, Inc. | 45,085 | 13,418,649 | |
| National Vision Holdings, Inc. | 67,316 | 2,461,746 | |
| OptiNose, Inc. | 4,707 | 131,702 | |
| UnitedHealth Group, Inc. | 505,518 | 124,023,786 | |
| 148,330,073 | |||
| Health Care Technology - 0.1% | |||
| Veeva Systems, Inc. Class A (a) | 37,548 | 2,885,939 | |
| Life Sciences Tools & Services - 0.9% | |||
| Mettler-Toledo International, Inc. (a) | 49,736 | 28,778,742 | |
| Morphosys AG (a) | 3,741 | 458,718 | |
| PRA Health Sciences, Inc. (a) | 29,809 | 2,782,968 | |
| Thermo Fisher Scientific, Inc. | 21,382 | 4,429,067 | |
| 36,449,495 | |||
| Pharmaceuticals - 0.4% | |||
| AstraZeneca PLC sponsored ADR | 35,840 | 1,258,342 | |
| Idorsia Ltd. | 1,020 | 27,089 | |
| Ipsen SA | 4,579 | 718,417 | |
| Jazz Pharmaceuticals PLC (a) | 10,897 | 1,877,553 | |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | 27,300 | 312,377 | |
| MyoKardia, Inc. (a) | 6,093 | 302,517 | |
| Nektar Therapeutics (a) | 119,229 | 5,821,952 | |
| Roche Holding AG (participation certificate) | 10,369 | 2,300,447 | |
| Supernus Pharmaceuticals, Inc. (a) | 6,977 | 417,573 | |
| Teva Pharmaceutical Industries Ltd. sponsored ADR | 207,032 | 5,035,018 | |
| Zoetis, Inc. Class A | 13,288 | 1,132,005 | |
| 19,203,290 | |||
| TOTAL HEALTH CARE | 374,336,733 | ||
| INDUSTRIALS - 5.5% | |||
| Aerospace & Defense - 1.1% | |||
| Harris Corp. | 6,446 | 931,705 | |
| Northrop Grumman Corp. | 39,083 | 12,025,839 | |
| Raytheon Co. | 56,569 | 10,927,999 | |
| The Boeing Co. | 54,391 | 18,248,724 | |
| TransDigm Group, Inc. | 6,007 | 2,073,256 | |
| 44,207,523 | |||
| Air Freight & Logistics - 0.5% | |||
| Expeditors International of Washington, Inc. | 33,191 | 2,426,262 | |
| FedEx Corp. | 51,322 | 11,653,173 | |
| XPO Logistics, Inc. (a) | 69,541 | 6,966,617 | |
| 21,046,052 | |||
| Airlines - 0.5% | |||
| Ryanair Holdings PLC sponsored ADR (a) | 131,641 | 15,037,351 | |
| Southwest Airlines Co. | 87,466 | 4,450,270 | |
| Wizz Air Holdings PLC (a)(b) | 8,512 | 404,414 | |
| 19,892,035 | |||
| Building Products - 0.4% | |||
| A.O. Smith Corp. | 10,722 | 634,206 | |
| Jeld-Wen Holding, Inc. (a) | 134,635 | 3,849,215 | |
| Masco Corp. | 175,281 | 6,559,015 | |
| Toto Ltd. | 95,600 | 4,438,278 | |
| 15,480,714 | |||
| Commercial Services & Supplies - 0.2% | |||
| Cintas Corp. | 39,229 | 7,260,111 | |
| Clean TeQ Holdings Ltd. (a)(c) | 1,244,679 | 741,505 | |
| Copart, Inc. (a) | 19,764 | 1,117,852 | |
| TulCo LLC (d)(e)(f) | 996 | 348,600 | |
| 9,468,068 | |||
| Electrical Equipment - 0.6% | |||
| AMETEK, Inc. | 29,553 | 2,132,544 | |
| Fortive Corp. | 256,369 | 19,768,614 | |
| Melrose Industries PLC | 335,865 | 942,809 | |
| 22,843,967 | |||
| Industrial Conglomerates - 0.6% | |||
| 3M Co. | 71,664 | 14,097,742 | |
| General Electric Co. | 649,657 | 8,841,832 | |
| Roper Technologies, Inc. | 2,951 | 814,210 | |
| 23,753,784 | |||
| Machinery - 0.6% | |||
| Caterpillar, Inc. | 15,377 | 2,086,198 | |
| Deere & Co. | 92,663 | 12,954,287 | |
| Gardner Denver Holdings, Inc. (a) | 84,049 | 2,470,200 | |
| IDEX Corp. | 2,321 | 316,770 | |
| Illinois Tool Works, Inc. | 1,562 | 216,399 | |
| PACCAR, Inc. | 49,818 | 3,086,723 | |
| Parker Hannifin Corp. | 6,637 | 1,034,376 | |
| Rexnord Corp. (a) | 65,304 | 1,897,734 | |
| Xylem, Inc. | 13,888 | 935,773 | |
| 24,998,460 | |||
| Professional Services - 0.5% | |||
| CoStar Group, Inc. (a) | 3,823 | 1,577,484 | |
| FTI Consulting, Inc. (a) | 37,937 | 2,294,430 | |
| IHS Markit Ltd. (a) | 61,129 | 3,153,645 | |
| Recruit Holdings Co. Ltd. | 70,500 | 1,952,337 | |
| Robert Half International, Inc. | 17,474 | 1,137,557 | |
| SR Teleperformance SA | 2,529 | 446,844 | |
| TransUnion Holding Co., Inc. | 152,524 | 10,926,819 | |
| 21,489,116 | |||
| Road & Rail - 0.3% | |||
| CSX Corp. | 201,904 | 12,877,437 | |
| Trading Companies & Distributors - 0.2% | |||
| Air Lease Corp. Class A | 47,784 | 2,005,494 | |
| HD Supply Holdings, Inc. (a) | 9,606 | 412,001 | |
| W.W. Grainger, Inc. | 24,150 | 7,447,860 | |
| 9,865,355 | |||
| TOTAL INDUSTRIALS | 225,922,511 | ||
| INFORMATION TECHNOLOGY - 42.1% | |||
| Communications Equipment - 0.3% | |||
| Arista Networks, Inc. (a) | 48,351 | 12,449,899 | |
| Electronic Equipment & Components - 1.6% | |||
| Amphenol Corp. Class A | 721,390 | 62,869,139 | |
| CDW Corp. | 7,674 | 619,982 | |
| Dolby Laboratories, Inc. Class A | 38,071 | 2,348,600 | |
| FLIR Systems, Inc. | 7,091 | 368,519 | |
| Keyence Corp. | 1,100 | 621,560 | |
| Zebra Technologies Corp. Class A (a) | 4,629 | 663,104 | |
| 67,490,904 | |||
| Internet Software & Services - 14.9% | |||
| Alibaba Group Holding Ltd. sponsored ADR (a) | 20,801 | 3,859,210 | |
| Alphabet, Inc.: | |||
| Class A (a) | 116,501 | 131,551,764 | |
| Class C (a) | 106,408 | 118,714,085 | |
| CarGurus, Inc. Class A | 52,048 | 1,808,148 | |
| Coupa Software, Inc. (a) | 16,948 | 1,054,844 | |
| DocuSign, Inc. (c) | 5,157 | 273,063 | |
| Dropbox, Inc. Class A (a)(c) | 178,986 | 5,802,726 | |
| eBay, Inc. (a) | 226,683 | 8,219,526 | |
| Facebook, Inc. Class A (a) | 1,572,215 | 305,512,828 | |
| GoDaddy, Inc. (a) | 40,657 | 2,870,384 | |
| GrubHub, Inc. (a) | 19,484 | 2,044,066 | |
| LogMeIn, Inc. | 37,599 | 3,882,097 | |
| Mercari, Inc. (a) | 8,800 | 360,457 | |
| MongoDB, Inc. Class A (c) | 25,751 | 1,278,022 | |
| New Relic, Inc. (a) | 52,705 | 5,301,596 | |
| Nutanix, Inc. Class A (a) | 6,574 | 339,021 | |
| Okta, Inc. (a) | 75,296 | 3,792,660 | |
| Shopify, Inc. Class A (a) | 32,334 | 4,715,134 | |
| Spotify Technology SA (a) | 6,733 | 1,132,760 | |
| Tencent Holdings Ltd. | 156,000 | 7,833,603 | |
| Wix.com Ltd. (a) | 9,695 | 972,409 | |
| 611,318,403 | |||
| IT Services - 7.1% | |||
| Accenture PLC Class A | 34,792 | 5,691,623 | |
| Adyen BV (b) | 4,141 | 2,281,317 | |
| EPAM Systems, Inc. (a) | 22,478 | 2,794,690 | |
| Fiserv, Inc. (a) | 111,466 | 8,258,516 | |
| FleetCor Technologies, Inc. (a) | 13,667 | 2,878,954 | |
| Global Payments, Inc. | 82,575 | 9,206,287 | |
| MasterCard, Inc. Class A | 385,343 | 75,727,606 | |
| Netcompany Group A/S | 14,919 | 546,489 | |
| PayPal Holdings, Inc. (a) | 800,199 | 66,632,571 | |
| Square, Inc. (a) | 25,577 | 1,576,566 | |
| Visa, Inc. Class A | 864,631 | 114,520,376 | |
| Worldpay, Inc. (a) | 16,628 | 1,359,838 | |
| 291,474,833 | |||
| Semiconductors & Semiconductor Equipment - 1.6% | |||
| Advanced Micro Devices, Inc. (a) | 202,010 | 3,028,130 | |
| Analog Devices, Inc. | 29,769 | 2,855,442 | |
| Intel Corp. | 207,030 | 10,291,461 | |
| NVIDIA Corp. | 135,473 | 32,093,554 | |
| Qorvo, Inc. (a) | 3,642 | 291,979 | |
| Texas Instruments, Inc. | 161,697 | 17,827,094 | |
| 66,387,660 | |||
| Software - 14.1% | |||
| Activision Blizzard, Inc. | 983,498 | 75,060,567 | |
| Adobe Systems, Inc. (a) | 408,977 | 99,712,682 | |
| Atlassian Corp. PLC (a) | 109,466 | 6,843,814 | |
| Black Knight, Inc. (a) | 18,439 | 987,408 | |
| CDK Global, Inc. | 46,869 | 3,048,828 | |
| Ceridian HCM Holding, Inc. (c) | 12,763 | 423,604 | |
| Constellation Software, Inc. | 2,010 | 1,558,815 | |
| Electronic Arts, Inc. (a) | 222,258 | 31,342,823 | |
| Intuit, Inc. | 47,147 | 9,632,368 | |
| Microsoft Corp. | 1,498,676 | 147,784,440 | |
| Parametric Technology Corp. (a) | 23,428 | 2,197,781 | |
| Paycom Software, Inc. (a)(c) | 53,088 | 5,246,687 | |
| RealPage, Inc. (a) | 34,073 | 1,877,422 | |
| Red Hat, Inc. (a) | 69,882 | 9,390,044 | |
| RingCentral, Inc. (a) | 72,200 | 5,079,270 | |
| Salesforce.com, Inc. (a) | 888,992 | 121,258,509 | |
| Splunk, Inc. (a) | 9,541 | 945,609 | |
| SS&C Technologies Holdings, Inc. | 141,395 | 7,338,401 | |
| Tableau Software, Inc. (a) | 28,331 | 2,769,355 | |
| Ultimate Software Group, Inc. (a) | 45,985 | 11,832,400 | |
| Workday, Inc. Class A (a) | 275,906 | 33,417,735 | |
| Zendesk, Inc. (a) | 35,336 | 1,925,459 | |
| Zscaler, Inc. (a) | 13,432 | 480,194 | |
| 580,154,215 | |||
| Technology Hardware, Storage & Peripherals - 2.5% | |||
| Apple, Inc. | 520,178 | 96,290,150 | |
| HP, Inc. | 146,800 | 3,330,892 | |
| Logitech International SA (c) | 15,086 | 662,275 | |
| Pure Storage, Inc. Class A (a) | 53,130 | 1,268,744 | |
| 101,552,061 | |||
| TOTAL INFORMATION TECHNOLOGY | 1,730,827,975 | ||
| MATERIALS - 2.2% | |||
| Chemicals - 1.4% | |||
| Air Products & Chemicals, Inc. | 58,511 | 9,111,918 | |
| DowDuPont, Inc. | 309,851 | 20,425,378 | |
| Ecolab, Inc. | 4,761 | 668,111 | |
| Growmax Resources Corp. (a)(b) | 88,000 | 7,363 | |
| LyondellBasell Industries NV Class A | 49,783 | 5,468,663 | |
| Sherwin-Williams Co. | 33,021 | 13,458,369 | |
| Westlake Chemical Corp. | 64,339 | 6,924,807 | |
| 56,064,609 | |||
| Containers & Packaging - 0.1% | |||
| WestRock Co. | 114,998 | 6,557,186 | |
| Metals & Mining - 0.7% | |||
| ArcelorMittal SA Class A unit | 45,882 | 1,320,484 | |
| B2Gold Corp. (a) | 1,612,534 | 4,182,665 | |
| BHP Billiton Ltd. | 47,589 | 1,190,773 | |
| Franco-Nevada Corp. | 127,036 | 9,271,749 | |
| Ivanhoe Mines Ltd. (a) | 1,577,169 | 3,239,156 | |
| Ivanhoe Mines Ltd. (a)(b) | 373,768 | 767,637 | |
| Kirkland Lake Gold Ltd. | 133,533 | 2,827,794 | |
| Newcrest Mining Ltd. | 58,166 | 938,397 | |
| Novagold Resources, Inc. (a) | 228,136 | 1,022,113 | |
| Nucor Corp. | 21,758 | 1,359,875 | |
| Steel Dynamics, Inc. | 44,568 | 2,047,900 | |
| 28,168,543 | |||
| TOTAL MATERIALS | 90,790,338 | ||
| REAL ESTATE - 0.1% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
| American Tower Corp. | 5,967 | 860,262 | |
| Real Estate Management & Development - 0.0% | |||
| Five Point Holdings LLC Class A (a)(c) | 58,995 | 663,694 | |
| TOTAL REAL ESTATE | 1,523,956 | ||
| TELECOMMUNICATION SERVICES - 0.1% | |||
| Wireless Telecommunication Services - 0.1% | |||
| T-Mobile U.S., Inc. (a) | 57,875 | 3,458,031 | |
| UTILITIES - 0.0% | |||
| Electric Utilities - 0.0% | |||
| Vistra Energy Corp. (a) | 15,103 | 357,337 | |
| Independent Power and Renewable Electricity Producers - 0.0% | |||
| NRG Energy, Inc. | 9,207 | 282,655 | |
| TOTAL UTILITIES | 639,992 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $3,612,562,527) | 3,999,905,911 | ||
| Convertible Preferred Stocks - 0.1% | |||
| CONSUMER DISCRETIONARY - 0.0% | |||
| Textiles, Apparel & Luxury Goods - 0.0% | |||
| Generation Bio Series B (e)(f) | 48,000 | 438,994 | |
| CONSUMER STAPLES - 0.0% | |||
| Food & Staples Retailing - 0.0% | |||
| Roofoods Ltd. Series F (e)(f) | 1,222 | 477,228 | |
| HEALTH CARE - 0.0% | |||
| Biotechnology - 0.0% | |||
| 23andMe, Inc. Series F (e)(f) | 26,649 | 427,183 | |
| INFORMATION TECHNOLOGY - 0.1% | |||
| Internet Software & Services - 0.1% | |||
| Lyft, Inc.: | |||
| Series H (e)(f) | 16,404 | 776,793 | |
| Series I (e)(f) | 41,454 | 1,963,009 | |
| 2,739,802 | |||
| Software - 0.0% | |||
| Carbon, Inc. Series D (f) | 9,678 | 225,990 | |
| TOTAL INFORMATION TECHNOLOGY | 2,965,792 | ||
| TOTAL CONVERTIBLE PREFERRED STOCKS | |||
| (Cost $4,082,051) | 4,309,197 | ||
| Principal Amount | Value | ||
| Nonconvertible Bonds - 0.1% | |||
| HEALTH CARE - 0.1% | |||
| Pharmaceuticals - 0.1% | |||
| Valeant Pharmaceuticals International, Inc.: | |||
| 6.125% 4/15/25 (b) | 2,760,000 | 2,542,650 | |
| 9% 12/15/25 (b) | 2,840,000 | 2,946,500 | |
| (Cost $5,384,959) | 5,489,150 | ||
| Shares | Value | ||
| Money Market Funds - 4.7% | |||
| Fidelity Cash Central Fund, 1.93% (g) | 182,460,532 | 182,497,025 | |
| Fidelity Securities Lending Cash Central Fund 1.92% (g)(h) | 9,404,285 | 9,406,165 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $191,902,249) | 191,903,190 | ||
| TOTAL INVESTMENT IN SECURITIES - 102.3% | |||
| (Cost $3,813,931,786) | 4,201,607,448 | ||
| NET OTHER ASSETS (LIABILITIES) - (2.3)% | (93,100,290) | ||
| NET ASSETS - 100% | $4,108,507,158 |
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 $9,232,984 or 0.2% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,431,807 or 0.1% of net assets.
(f) Level 3 security
(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 are available on the SEC's website or upon request.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| 23andMe, Inc. Series F | 8/31/17 | $370,000 |
| Generation Bio Series B | 2/21/18 | $438,994 |
| Lyft, Inc. Series H | 11/22/17 | $651,995 |
| Lyft, Inc. Series I | 6/27/18 | $1,963,009 |
| Roofoods Ltd. Series F | 9/12/17 | $432,063 |
| TulCo LLC | 8/24/17 | $348,600 |
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 | $777,460 |
| Fidelity Securities Lending Cash Central Fund | 46,538 |
| Total | $823,998 |
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 June 30, 2018, 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 | $662,764,839 | $657,401,023 | $4,924,822 | $438,994 |
| Consumer Staples | 90,694,700 | 89,558,280 | 659,192 | 477,228 |
| Energy | 164,110,799 | 158,271,301 | 5,839,498 | -- |
| Financials | 655,752,259 | 655,752,259 | -- | -- |
| Health Care | 374,763,916 | 372,036,286 | 2,300,447 | 427,183 |
| Industrials | 225,922,511 | 225,573,911 | -- | 348,600 |
| Information Technology | 1,733,793,767 | 1,722,994,372 | 7,833,603 | 2,965,792 |
| Materials | 90,790,338 | 89,599,565 | 1,190,773 | -- |
| Real Estate | 1,523,956 | 1,523,956 | -- | -- |
| Telecommunication Services | 3,458,031 | 3,458,031 | -- | -- |
| Utilities | 639,992 | 639,992 | -- | -- |
| Corporate Bonds | 5,489,150 | -- | 5,489,150 | -- |
| Money Market Funds | 191,903,190 | 191,903,190 | -- | -- |
| Total Investments in Securities: | $4,201,607,448 | $4,168,712,166 | $28,237,485 | $4,657,797 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| June 30, 2018 (Unaudited) | ||
| Assets | ||
| Investment in securities, at value (including securities loaned of $9,086,881) — See accompanying schedule: Unaffiliated issuers (cost $3,622,029,537) | $4,009,704,258 | |
| Fidelity Central Funds (cost $191,902,249) | 191,903,190 | |
| Total Investment in Securities (cost $3,813,931,786) | $4,201,607,448 | |
| Foreign currency held at value (cost $2,888) | 2,892 | |
| Receivable for investments sold | 1,726,442 | |
| Receivable for fund shares sold | 81,518,499 | |
| Dividends receivable | 977,444 | |
| Interest receivable | 46,076 | |
| Distributions receivable from Fidelity Central Funds | 252,246 | |
| Other receivables | 30,341 | |
| Total assets | 4,286,161,388 | |
| Liabilities | ||
| Payable for investments purchased | $163,767,311 | |
| Payable for fund shares redeemed | 2,540,180 | |
| Accrued management fee | 1,513,680 | |
| Other payables and accrued expenses | 429,193 | |
| Collateral on securities loaned | 9,403,866 | |
| Total liabilities | 177,654,230 | |
| Net Assets | $4,108,507,158 | |
| Net Assets consist of: | ||
| Paid in capital | $3,765,861,585 | |
| Undistributed net investment income | 6,163,916 | |
| Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (50,765,406) | |
| Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 387,247,063 | |
| Net Assets, for 330,089,432 shares outstanding | $4,108,507,158 | |
| Net Asset Value, offering price and redemption price per share ($4,108,507,158 ÷ 330,089,432 shares) | $12.45 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Six months ended June 30, 2018 (Unaudited) | ||
| Investment Income | ||
| Dividends | $12,117,043 | |
| Interest | 168,557 | |
| Income from Fidelity Central Funds | 823,998 | |
| Total income | 13,109,598 | |
| Expenses | ||
| Management fee | $7,010,396 | |
| Independent trustees' fees and expenses | 5,901 | |
| Miscellaneous | 523 | |
| Total expenses before reductions | 7,016,820 | |
| Expense reductions | (72,115) | |
| Total expenses after reductions | 6,944,705 | |
| Net investment income (loss) | 6,164,893 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | (40,997,952) | |
| Fidelity Central Funds | 1,378 | |
| Foreign currency transactions | (32,914) | |
| Total net realized gain (loss) | (41,029,488) | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers (net of increase in deferred foreign taxes of $350,920) | 280,671,484 | |
| Fidelity Central Funds | 869 | |
| Assets and liabilities in foreign currencies | (955) | |
| Total change in net unrealized appreciation (depreciation) | 280,671,398 | |
| Net gain (loss) | 239,641,910 | |
| Net increase (decrease) in net assets resulting from operations | $245,806,803 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Six months ended June 30, 2018 (Unaudited) | For the period May 25, 2017 (commencement of operations) to December 31, 2017 |
|
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $6,164,893 | $1,817,256 |
| Net realized gain (loss) | (41,029,488) | (9,717,547) |
| Change in net unrealized appreciation (depreciation) | 280,671,398 | 106,575,665 |
| Net increase (decrease) in net assets resulting from operations | 245,806,803 | 98,675,374 |
| Distributions to shareholders from net investment income | – | (2,026,235) |
| Share transactions | ||
| Proceeds from sales of shares | 2,451,888,808 | 1,746,357,993 |
| Reinvestment of distributions | – | 2,026,235 |
| Cost of shares redeemed | (324,942,683) | (109,279,137) |
| Net increase (decrease) in net assets resulting from share transactions | 2,126,946,125 | 1,639,105,091 |
| Total increase (decrease) in net assets | 2,372,752,928 | 1,735,754,230 |
| Net Assets | ||
| Beginning of period | 1,735,754,230 | – |
| End of period | $4,108,507,158 | $1,735,754,230 |
| Other Information | ||
| Undistributed net investment income end of period | $6,163,916 | $– |
| Distributions in excess of net investment income end of period | $– | $(977) |
| Shares | ||
| Sold | 204,109,514 | 162,722,156 |
| Issued in reinvestment of distributions | – | 179,313 |
| Redeemed | (26,845,889) | (10,075,662) |
| Net increase (decrease) | 177,263,625 | 152,825,807 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Contrafund K6
| Six months ended (Unaudited) June 30, | Years endedDecember 31, | |
| 2018 | 2017 A | |
| Selected Per–Share Data | ||
| Net asset value, beginning of period | $11.36 | $10.00 |
| Income from Investment Operations | ||
| Net investment income (loss)B | .02 | .02 |
| Net realized and unrealized gain (loss) | 1.07 | 1.36 |
| Total from investment operations | 1.09 | 1.38 |
| Distributions from net investment income | – | (.02) |
| Total distributions | – | (.02) |
| Net asset value, end of period | $12.45 | $11.36 |
| Total ReturnC,D | 9.60% | 13.77% |
| Ratios to Average Net AssetsE,F | ||
| Expenses before reductions | .45%G | .45%G |
| Expenses net of fee waivers, if any | .45%G | .45%G |
| Expenses net of all reductions | .44%G | .45%G |
| Net investment income (loss) | .39%G | .38%G |
| Supplemental Data | ||
| Net assets, end of period (000 omitted) | $4,108,507 | $1,735,754 |
| Portfolio turnover rateH | 54%G,I | 48%G,I |
A For the period May 25, 2017 (commencement of operations) to December 31, 2017.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund 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 brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
1. Organization.
Fidelity Contrafund K6 (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the 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 Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
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.
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 – Investments 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 Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the 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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the 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 the Fund's investments and ratifies the fair value determinations of the Committee.
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:
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. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2018 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales and excise tax regulation.
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 | $443,972,711 |
| Gross unrealized depreciation | (65,166,012) |
| Net unrealized appreciation (depreciation) | $378,806,699 |
| Tax cost | $3,822,800,749 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. 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 | $(7,573,626) |
| Total capital loss carryforward | $(7,573,626) |
Restricted Securities. The Fund 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 the Fund's Schedule of Investments.
Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, the Fund held an investment of $348,600 in this Subsidiary, representing .01% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $1,259,826,937 and $728,635,332, respectively.
Exchanges In-Kind. Investments and cash, including accrued interest, received in-kind through subscriptions totaled $1,590,218,551 in exchange for 132,460,935 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $15,752 for the period.
Interfund Trades. The Fund 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.
Prior Fiscal Year Exchanges In-Kind. During the prior period, an affiliated entity completed an exchange in-kind with the Fund. The affiliated entity delivered investments and cash valued at $1,457,573,987 in exchange for 136,093,357 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $523 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $886,584. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $46,538, including $12,330 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $71,774 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's management fee. During the period, these credits reduced the Fund's management fee by $341.
9. 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.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (January 1, 2018 to June 30, 2018).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 January 1, 2018 | Ending Account Value June 30, 2018 | Expenses Paid During Period-B January 1, 2018 to June 30, 2018 |
|
| Actual | .45% | $1,000.00 | $1,096.00 | $2.34 |
| Hypothetical-C | $1,000.00 | $1,022.56 | $2.26 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
CONK6-SANN-0818
1.9883978.101
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 Contrafund’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 Contrafund’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) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
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 Contrafund
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | August 23, 2018 |
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: | August 23, 2018 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | August 23, 2018 |