Explore Fidelity's Quarterly Performance Reviews of more than 100 Fidelity mutual funds.

Every quarter, Fidelity reviews the performance of more than 100 Fidelity mutual funds. In each Quarterly Review, you'll learn about:

Market forces that influenced the fund's performance
Holdings that affected the fund's returns
The latest positioning, total returns, and top 10 holdings.

To access the most recently released Quarterly Reviews, click on any fund listed below.

Stock Mutual Funds

Domestic Equity Funds ¹
Fidelity Growth Strategies Fund Fidelity Blue Chip Growth Fund Fidelity Blue Chip Value Fund Fidelity Capital Appreciation Fund Fidelity Contrafund Fidelity Disciplined Equity Fund Fidelity Discovery Fund Fidelity Dividend Growth Fund Fidelity Equity Income Fund Fidelity Equity Income II Fund Fidelity Export and Multinational Fund Fidelity Fifty Fidelity Focused Stock Fund Fidelity Fund Fidelity Growth Company Fidelity Growth & Income Portfolio Fidelity Growth & Income II Portfolio Fidelity Independence Fund Fidelity Large Cap Growth Fund Fidelity Large Cap Stock Fund Fidelity Large Cap Value Fund Fidelity Leveraged Company Stock Fund	Fidelity Low-Priced Stock Fund Fidelity Magellan Fund Fidelity Mid Cap Growth Fund Fidelity Mid-Cap Stock Fund Fidelity Mid Cap Value Fund Fidelity New Millennium Fund Fidelity OTC Portfolio Fidelity Small Cap Growth Fund Fidelity Small Cap Independence Fund Fidelity Small Cap Retirement Fund Fidelity Small Cap Stock Fund Fidelity Small Cap Value Fund Spartan 500 Index Fund Spartan Extended Market Index Fund Spartan Total Market Index Fund Spartan U.S. Equity Index Fund Fidelity Stock Selector Fidelity Trend Fund Fidelity Value Fund Fidelity Value Discovery Fund
International/Global Funds
Fidelity International Capital Appreciation Fund Fidelity Diversified International Fund Fidelity Emerging Markets Fund Fidelity Europe Capital Appreciation Fund Fidelity International Discovery Fund	Fidelity Japan Fund Fidelity Latin America Fund Fidelity Overseas Fund Fidelity Pacific Basin Fund Fidelity Value Strategies Portfolio Fidelity Worldwide Fund
Sector-Fidelity Select Portfolios
Fidelity Select Consumer Discretionary Portfolio Fidelity Select Consumer Staples Portfolio Fidelity Select Energy Portfolio Fidelity Select Financial Services Portfolio Fidelity Select Industrials Portfolio Fidelity Select Health Care Portfolio	Fidelity Select Materials Portfolio Fidelity Select Technology Portfolio Fidelity Select Telecommunications Portfolio Fidelity Select Utilities Portfolio Fidelity Telecom and Utilities Fund
Real Estate Funds
Fidelity Real Estate Investment Portfolio
Index Funds
Stock Index Funds	Bond Index Funds
Spartan 500 Index Fund Spartan Extended Market Index Fund Spartan Total Market Index Fund Spartan U.S. Equity Index Fund	Fidelity U.S. Bond Index Fund
Asset Allocation Funds
Asset Allocation (Fidelity Asset Manager)	Lifecycle (Fidelity Freedom)
Fidelity Asset Manager 20% Fidelity Asset Manager 50% Fidelity Asset Manager 70% Fidelity Asset Manager 85%	Fidelity Freedom 2000 Fund Fidelity Freedom 2005 Fund Fidelity Freedom 2010 Fund Fidelity Freedom 2015 Fund Fidelity Freedom 2020 Fund Fidelity Freedom 2025 Fund Fidelity Freedom 2030 Fund Fidelity Freedom 2035 Fund Fidelity Freedom 2040 Fund Fidelity Freedom 2045 Fund Fidelity Freedom 2050 Fund Fidelity Freedom Income Fund
Hybrid
Fidelity Balanced Fund Fidelity Convertible Securities Fund Fidelity Puritan Fund Fidelity Strategic Real Return Fund
Fixed Income Funds
Taxable Bond Funds
Fidelity Ginnie Mae Fund Fidelity Government Income Fund Fidelity Inflation-Protected Bond Fund Fidelity Institutional Short-Intermediate Government Fund Fidelity Intermediate Bond Fund Fidelity Intermediate Government Income Fund Fidelity Investment Grade Bond Fund	Fidelity Mortgage Securities Fund Fidelity Short-Term Bond Fund Fidelity Strategic Income Fund Fidelity Total Bond Fund Fidelity U.S. Bond Index Fund Fidelity Ultra-Short Bond Fund
State Municipal Bond Funds	National Municipal Bond Funds
Fidelity California Municipal Income Fund Fidelity Massachusetts Municipal Income Fund Fidelity New York Municipal Income Fund	Fidelity Intermediate Municipal Income Fund Fidelity Municipal Income Fund Fidelity Short Intermediate Municipal Income Fund Fidelity Tax-Free Bond Fund
High Yield Bond Funds	International Global Bond Funds
Fidelity Capital & Income Fund Fidelity High Income Fund	Fidelity New Markets Income Fund

1. Funds included in this category have a majority of their assets invested in U.S. issuers, but may also invest in non-U.S. issuers.

Before investing, consider the fund's investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus containing this information. Read it carefully.

Quarterly Fidelity Fund Commentary