N-Q 1 filing706.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number   811-1400


Fidelity Contrafund

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts  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:

March 31, 2017


Item 1.

Schedule of Investments




Quarterly Holdings Report
for

Fidelity Flex℠ Funds

Fidelity Flex℠ Opportunistic Insights Fund

March 31, 2017







ZPI-QTLY-0517
1.9881592.100





Investments March 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%   
 Shares Value 
CONSUMER DISCRETIONARY - 17.1%   
Automobiles - 1.9%   
BYD Co. Ltd. (H Shares) 80 $444 
Fuji Heavy Industries Ltd. 25 917 
General Motors Co. 306 10,820 
Tesla, Inc. (a) 291 80,985 
  93,166 
Diversified Consumer Services - 0.1%   
Laureate Education, Inc. Class A 117 1,670 
Hotels, Restaurants & Leisure - 2.3%   
ARAMARK Holdings Corp. 82 3,023 
Aristocrat Leisure Ltd. 42 577 
Chipotle Mexican Grill, Inc. (a) 30 13,366 
Chuy's Holdings, Inc. (a) 87 2,593 
Domino's Pizza, Inc. 36 6,635 
Dunkin' Brands Group, Inc. 492 
Hilton, Inc. 12 702 
Marriott International, Inc. Class A 345 32,492 
Royal Caribbean Cruises Ltd. 64 6,279 
Starbucks Corp. 774 45,194 
U.S. Foods Holding Corp. 37 1,035 
Vail Resorts, Inc. 19 3,646 
  116,034 
Household Durables - 0.2%   
Mohawk Industries, Inc. (a) 51 11,704 
Internet & Direct Marketing Retail - 6.7%   
Amazon.com, Inc. (a) 223 197,698 
ASOS PLC (a) 606 
Netflix, Inc. (a) 481 71,097 
Priceline Group, Inc. (a) 35 62,299 
Start Today Co. Ltd. 54 1,195 
Takeaway.com Holding BV (b) 40 1,344 
TripAdvisor, Inc. (a) 103 4,445 
  338,684 
Leisure Products - 0.0%   
Hasbro, Inc. 16 1,597 
Media - 2.5%   
Charter Communications, Inc. Class A (a) 105 34,369 
DISH Network Corp. Class A (a) 18 1,143 
Interpublic Group of Companies, Inc. 103 2,531 
Liberty Broadband Corp.:   
Class A (a) 80 6,807 
Class C (a) 136 11,750 
Liberty Global PLC:   
Class A (a) 327 11,729 
Class C (a) 14 491 
Liberty Media Corp.:   
Liberty Media Class C (a) 189 6,454 
Liberty SiriusXM Class A (a) 14 545 
Liberty SiriusXM Class C (a) 572 22,182 
Naspers Ltd. Class N 21 3,619 
Omnicom Group, Inc. 42 3,621 
Sirius XM Holdings, Inc. 1,007 5,186 
The Walt Disney Co. 119 13,493 
  123,920 
Multiline Retail - 0.3%   
Dollarama, Inc. 580 
Ollie's Bargain Outlet Holdings, Inc. (a) 483 16,181 
  16,761 
Specialty Retail - 2.1%   
AutoNation, Inc. (a) 16 677 
Best Buy Co., Inc. 16 786 
Home Depot, Inc. 232 34,065 
Inditex SA 13 458 
Nitori Holdings Co. Ltd. 19 2,401 
O'Reilly Automotive, Inc. (a) 41 11,063 
Ross Stores, Inc. 86 5,665 
TJX Companies, Inc. 580 45,866 
Ulta Beauty, Inc. (a) 16 4,564 
  105,545 
Textiles, Apparel & Luxury Goods - 1.0%   
adidas AG 76 14,456 
Coach, Inc. 236 9,754 
NIKE, Inc. Class B 488 27,196 
  51,406 
TOTAL CONSUMER DISCRETIONARY  860,487 
CONSUMER STAPLES - 3.3%   
Beverages - 0.0%   
Monster Beverage Corp. (a) 11 508 
The Coca-Cola Co. 12 509 
  1,017 
Food & Staples Retailing - 0.9%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 80 3,614 
Booker Group PLC 161 394 
Costco Wholesale Corp. 164 27,501 
Performance Food Group Co. (a) 109 2,594 
Sysco Corp. 138 7,165 
Tesco PLC (a) 1,034 2,407 
  43,675 
Food Products - 0.7%   
Associated British Foods PLC 242 7,901 
Mondelez International, Inc. 328 14,130 
The Kraft Heinz Co. 144 13,077 
  35,108 
Household Products - 0.7%   
Colgate-Palmolive Co. 514 37,620 
Personal Products - 1.0%   
Estee Lauder Companies, Inc. Class A 566 47,991 
TOTAL CONSUMER STAPLES  165,411 
ENERGY - 2.9%   
Energy Equipment & Services - 0.2%   
Schlumberger Ltd. 126 9,841 
Oil, Gas & Consumable Fuels - 2.7%   
Anadarko Petroleum Corp. 112 6,944 
Birchcliff Energy Ltd. 816 4,639 
Canadian Natural Resources Ltd. 274 8,971 
Centennial Resource Development, Inc. Class A 700 12,761 
Concho Resources, Inc. (a) 49 6,289 
Continental Resources, Inc. (a) 198 8,993 
Diamondback Energy, Inc. (a) 135 14,002 
Encana Corp. 292 3,421 
EOG Resources, Inc. 544 53,067 
Pioneer Natural Resources Co. 74 13,781 
Suncor Energy, Inc. 97 2,978 
Tamarack Valley Energy Ltd. (a) 915 2,002 
Tesoro Corp. 17 1,378 
  139,226 
TOTAL ENERGY  149,067 
FINANCIALS - 17.0%   
Banks - 8.5%   
Bank of America Corp. 4,714 111,203 
Capitec Bank Holdings Ltd. 21 1,192 
Citigroup, Inc. 1,320 78,962 
HDFC Bank Ltd. sponsored ADR 310 23,318 
JPMorgan Chase & Co. 1,224 107,516 
M&T Bank Corp. 66 10,212 
Metro Bank PLC 82 
PNC Financial Services Group, Inc. 103 12,385 
PT Bank Central Asia Tbk 433 538 
Royal Bank of Canada 34 2,477 
U.S. Bancorp 277 14,266 
Wells Fargo & Co. 1,227 68,295 
  430,446 
Capital Markets - 2.5%   
BlackRock, Inc. Class A 37 14,190 
CBOE Holdings, Inc. 33 2,675 
Charles Schwab Corp. 147 5,999 
CME Group, Inc. 29 3,445 
Goldman Sachs Group, Inc. 158 36,296 
IntercontinentalExchange, Inc. 84 5,029 
MarketAxess Holdings, Inc. 1,500 
Morgan Stanley 996 42,669 
MSCI, Inc. 74 7,192 
S&P Global, Inc. 61 7,975 
  126,970 
Consumer Finance - 0.1%   
Capital One Financial Corp. 68 5,893 
Diversified Financial Services - 5.0%   
Berkshire Hathaway, Inc. Class A (a) 249,850 
Jeld-Wen Holding, Inc. 41 1,347 
  251,197 
Insurance - 0.9%   
Admiral Group PLC 129 3,215 
Chubb Ltd. 210 28,613 
Fairfax Financial Holdings Ltd. (sub. vtg.) 10 4,551 
Marsh & McLennan Companies, Inc. 80 5,911 
Primerica, Inc. 575 
  42,865 
TOTAL FINANCIALS  857,371 
HEALTH CARE - 7.6%   
Biotechnology - 1.1%   
Aduro Biotech, Inc. (a) 12 129 
Amgen, Inc. 117 19,196 
CSL Ltd. 575 
Genmab A/S (a) 21 4,044 
Incyte Corp. (a) 15 2,005 
Intrexon Corp.  142 2,814 
NantKwest, Inc. (a) 55 195 
Neurocrine Biosciences, Inc. (a) 140 6,062 
Opko Health, Inc. (a) 138 1,104 
OvaScience, Inc. (a) 943 1,763 
Regeneron Pharmaceuticals, Inc. (a) 28 10,850 
TESARO, Inc. (a) 28 4,308 
Ultragenyx Pharmaceutical, Inc. (a) 136 
uniQure B.V. (a) 45 260 
  53,441 
Health Care Equipment & Supplies - 2.4%   
Baxter International, Inc. 62 3,215 
Becton, Dickinson & Co. 57 10,456 
Boston Scientific Corp. (a) 1,855 46,134 
C.R. Bard, Inc. 23 5,716 
Danaher Corp. 271 23,179 
DexCom, Inc. (a) 141 11,947 
Edwards Lifesciences Corp. (a) 44 4,139 
Intuitive Surgical, Inc. (a) 17 13,030 
Nevro Corp. (a) 38 3,561 
ResMed, Inc. 504 
  121,881 
Health Care Providers & Services - 3.0%   
HealthEquity, Inc. (a) 53 2,250 
Henry Schein, Inc. (a) 334 56,770 
Humana, Inc. 15 3,092 
UnitedHealth Group, Inc. 525 86,105 
  148,217 
Health Care Technology - 0.0%   
Medidata Solutions, Inc. (a) 13 750 
Veeva Systems, Inc. Class A (a) 12 615 
  1,365 
Life Sciences Tools & Services - 0.7%   
Agilent Technologies, Inc. 41 2,168 
Eurofins Scientific SA 1,305 
Mettler-Toledo International, Inc. (a) 65 31,129 
PRA Health Sciences, Inc. (a) 65 
Waters Corp. (a) 17 2,657 
  37,324 
Pharmaceuticals - 0.4%   
Aralez Pharmaceuticals, Inc. (a) 199 426 
Bristol-Myers Squibb Co. 373 20,284 
GW Pharmaceuticals PLC ADR (a) 484 
  21,194 
TOTAL HEALTH CARE  383,422 
INDUSTRIALS - 5.4%   
Aerospace & Defense - 0.6%   
General Dynamics Corp. 54 10,109 
Northrop Grumman Corp. 64 15,222 
The Boeing Co. 41 7,251 
  32,582 
Air Freight & Logistics - 0.5%   
C.H. Robinson Worldwide, Inc. 34 2,628 
Expeditors International of Washington, Inc. 26 1,469 
FedEx Corp. 83 16,197 
XPO Logistics, Inc. (a) 56 2,682 
  22,976 
Airlines - 0.9%   
Ryanair Holdings PLC sponsored ADR (a) 201 16,679 
Southwest Airlines Co. 537 28,869 
  45,548 
Building Products - 0.7%   
A.O. Smith Corp. 57 2,916 
Fortune Brands Home & Security, Inc. 107 6,511 
GMS, Inc. 92 3,224 
Masco Corp. 520 17,675 
Toto Ltd. 103 3,896 
  34,222 
Commercial Services & Supplies - 0.1%   
Cintas Corp. 28 3,543 
Copart, Inc. (a) 23 1,424 
  4,967 
Electrical Equipment - 0.4%   
Acuity Brands, Inc. 25 5,100 
Eaton Corp. PLC 36 2,669 
Fortive Corp. 243 14,633 
  22,402 
Industrial Conglomerates - 0.2%   
3M Co. 51 9,758 
Machinery - 0.8%   
Deere & Co. 51 5,552 
Fanuc Corp. 206 
Illinois Tool Works, Inc. 90 11,922 
Ingersoll-Rand PLC 68 5,530 
PACCAR, Inc. 120 8,064 
Parker Hannifin Corp. 40 6,413 
Rational AG 931 
Xylem, Inc. 26 1,306 
  39,924 
Professional Services - 0.7%   
Equifax, Inc. 164 22,425 
IHS Markit Ltd. (a) 64 2,685 
Recruit Holdings Co. Ltd. 24 1,224 
RELX PLC 28 549 
TransUnion Holding Co., Inc. (a) 158 6,059 
  32,942 
Road & Rail - 0.1%   
CSX Corp. 107 4,981 
J.B. Hunt Transport Services, Inc. 17 1,560 
  6,541 
Trading Companies & Distributors - 0.4%   
Fastenal Co. 29 1,494 
HD Supply Holdings, Inc. (a) 377 15,504 
MSC Industrial Direct Co., Inc. Class A 13 1,336 
Univar, Inc. (a) 127 3,894 
  22,228 
TOTAL INDUSTRIALS  274,090 
INFORMATION TECHNOLOGY - 42.8%   
Communications Equipment - 0.3%   
Arista Networks, Inc. (a) 91 12,037 
EchoStar Holding Corp. Class A (a) 285 
Harris Corp. 19 2,114 
  14,436 
Electronic Equipment & Components - 1.7%   
Amphenol Corp. Class A 1,077 76,650 
CDW Corp. 148 8,541 
Coherent, Inc. (a) 1,439 
  86,630 
Internet Software & Services - 15.8%   
Alibaba Group Holding Ltd. sponsored ADR (a) 102 10,999 
Alphabet, Inc.:   
Class A (a) 158 133,952 
Class C (a) 146 121,116 
eBay, Inc. (a) 84 2,820 
Facebook, Inc. Class A (a) 3,500 497,172 
LogMeIn, Inc. 60 5,850 
MercadoLibre, Inc. 846 
Nutanix, Inc. Class A (a) 141 2,647 
Rightmove PLC 26 1,299 
Tencent Holdings Ltd. 493 14,203 
Twilio, Inc. Class A 150 4,331 
Wix.com Ltd. (a) 543 
  795,778 
IT Services - 5.0%   
Accenture PLC Class A 112 13,427 
Cognizant Technology Solutions Corp. Class A (a) 27 1,607 
Computer Sciences Corp. 65 4,486 
CSRA, Inc. 154 4,511 
Fiserv, Inc. (a) 35 4,036 
Global Payments, Inc. 44 3,550 
Leidos Holdings, Inc. 10 511 
MasterCard, Inc. Class A 729 81,991 
PayPal Holdings, Inc. (a) 955 41,084 
Visa, Inc. Class A 1,087 96,602 
  251,805 
Semiconductors & Semiconductor Equipment - 5.0%   
Acacia Communications, Inc. 33 1,934 
Analog Devices, Inc. 87 7,130 
Applied Materials, Inc. 1,438 55,938 
ASML Holding NV 24 3,187 
Broadcom Ltd. 341 74,665 
Cirrus Logic, Inc. (a) 546 
Lam Research Corp. 250 32,090 
NVIDIA Corp. 209 22,766 
Qualcomm, Inc. 372 21,330 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 578 18,982 
Texas Instruments, Inc. 160 12,890 
  251,458 
Software - 10.4%   
Activision Blizzard, Inc. 1,351 67,361 
Adobe Systems, Inc. (a) 631 82,112 
Atlassian Corp. PLC (a) 36 1,078 
Autodesk, Inc. (a) 56 4,842 
CDK Global, Inc. 60 3,901 
Check Point Software Technologies Ltd. (a) 14 1,437 
Citrix Systems, Inc. (a) 104 8,673 
Electronic Arts, Inc. (a) 443 39,657 
Intuit, Inc. 72 8,351 
Microsoft Corp. 979 64,477 
Nintendo Co. Ltd. 928 
RealPage, Inc. (a) 86 3,001 
Red Hat, Inc. (a) 34 2,941 
Salesforce.com, Inc. (a) 1,579 130,252 
ServiceNow, Inc. (a) 73 6,385 
Snap, Inc. Class A (a) 600 13,518 
Symantec Corp. 272 8,345 
Ultimate Software Group, Inc. (a) 259 50,559 
Workday, Inc. Class A (a) 295 24,568 
  522,386 
Technology Hardware, Storage & Peripherals - 4.6%   
Apple, Inc. 1,539 221,093 
Logitech International SA 17 542 
Samsung Electronics Co. Ltd. 9,219 
Xaar PLC 146 649 
  231,503 
TOTAL INFORMATION TECHNOLOGY  2,153,996 
MATERIALS - 2.7%   
Chemicals - 1.5%   
Air Products & Chemicals, Inc. 82 11,094 
Celanese Corp. Class A 18 1,617 
E.I. du Pont de Nemours & Co. 176 14,138 
Monsanto Co. 15 1,698 
PPG Industries, Inc. 204 21,436 
Sherwin-Williams Co. 71 22,023 
The Chemours Co. LLC 114 4,389 
  76,395 
Construction Materials - 0.3%   
Eagle Materials, Inc. 25 2,429 
Martin Marietta Materials, Inc. 61 13,313 
  15,742 
Containers & Packaging - 0.1%   
WestRock Co. 74 3,850 
Metals & Mining - 0.8%   
First Quantum Minerals Ltd. 38 404 
Fortescue Metals Group Ltd. 368 1,752 
Franco-Nevada Corp. 183 11,989 
Ivanhoe Mines Ltd. (a) 2,072 7,229 
Newcrest Mining Ltd. 248 4,220 
Novagold Resources, Inc. (a) 319 1,550 
Nucor Corp. 65 3,882 
Premier Gold Mines Ltd. (a) 2,030 4,900 
Steel Dynamics, Inc. 87 3,024 
  38,950 
TOTAL MATERIALS  134,937 
TELECOMMUNICATION SERVICES - 0.5%   
Wireless Telecommunication Services - 0.5%   
SoftBank Corp. 52 3,688 
T-Mobile U.S., Inc. (a) 334 21,573 
  25,261 
TOTAL COMMON STOCKS   
(Cost $4,968,134)  5,004,042 
Nonconvertible Preferred Stocks - 0.0%   
FINANCIALS - 0.0%   
Banks - 0.0%   
Itau Unibanco Holding SA sponsored ADR   
(Cost $518) 42 507 
Money Market Funds - 0.6%   
Fidelity Cash Central Fund, 0.84% (c)   
(Cost $28,782) 28,777 28,782 
TOTAL INVESTMENT PORTFOLIO - 99.9%   
(Cost $4,997,434)  5,033,331 
NET OTHER ASSETS (LIABILITIES) - 0.1%  4,177 
NET ASSETS - 100%  $5,037,508 

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 $1,344 or 0.0% of net assets.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $439 
Total $439 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2017, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $860,487 $855,493 $4,994 $-- 
Consumer Staples 165,411 163,004 2,407 -- 
Energy 149,067 149,067 -- -- 
Financials 857,878 857,878 -- -- 
Health Care 383,422 383,422 -- -- 
Industrials 274,090 269,988 4,102 -- 
Information Technology 2,153,996 2,138,865 15,131 -- 
Materials 134,937 134,937 -- -- 
Telecommunication Services 25,261 21,573 3,688 -- 
Money Market Funds 28,782 28,782 -- -- 
Total Investments in Securities: $5,033,331 $5,003,009 $30,322 $-- 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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. 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: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Other Information

Income Tax Information

At March 31, 2017, the cost of investment securities for income tax purposes was $4,997,434. Net unrealized appreciation aggregated $35,897, of which $103,485 related to appreciated investment securities and $67,588 related to depreciated investment securities.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity Advisor® Series Opportunistic Insights Fund

March 31, 2017







AO1TI-QTLY-0517
1.950955.104





Investments March 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%   
 Shares Value 
CONSUMER DISCRETIONARY - 22.3%   
Automobiles - 1.9%   
BYD Co. Ltd. (H Shares) 14,000 $77,643 
Fuji Heavy Industries Ltd. 4,400 161,384 
General Motors Co. 58,100 2,054,416 
Harley-Davidson, Inc. 1,400 84,700 
Tesla, Inc. (a)(b) 50,689 14,106,749 
  16,484,892 
Diversified Consumer Services - 0.1%   
Laureate Education, Inc. Class A 20,500 292,535 
Weight Watchers International, Inc. (a) 48,242 751,128 
  1,043,663 
Hotels, Restaurants & Leisure - 2.3%   
Aristocrat Leisure Ltd. 7,260 99,673 
Chipotle Mexican Grill, Inc. (a) 4,329 1,928,656 
Churchill Downs, Inc. 600 95,310 
Chuy's Holdings, Inc. (a) 14,700 438,060 
Darden Restaurants, Inc. 1,000 83,670 
Domino's Pizza, Inc. 6,400 1,179,520 
Dunkin' Brands Group, Inc. 1,600 87,488 
Hilton, Inc. 8,063 471,363 
Marriott International, Inc. Class A 66,300 6,244,134 
Park Hotels & Resorts, Inc. 52 1,335 
Royal Caribbean Cruises Ltd. 11,416 1,120,024 
Starbucks Corp. 121,020 7,066,358 
U.S. Foods Holding Corp. 6,400 179,072 
Vail Resorts, Inc. 4,000 767,600 
  19,762,263 
Household Durables - 0.3%   
Mohawk Industries, Inc. (a) 8,600 1,973,614 
SodaStream International Ltd. (a) 900 43,587 
  2,017,201 
Internet & Direct Marketing Retail - 12.8%   
Amazon.com, Inc. (a) 71,393 63,292,750 
ASOS PLC (a) 1,400 106,033 
Netflix, Inc. (a) 194,827 28,797,379 
Priceline Group, Inc. (a) 9,300 16,553,721 
Start Today Co. Ltd. 9,600 212,385 
Takeaway.com Holding BV (c) 7,100 238,514 
TripAdvisor, Inc. (a) 17,634 761,083 
  109,961,865 
Leisure Products - 0.0%   
Hasbro, Inc. 2,700 269,514 
Media - 2.1%   
CBS Corp. Class B 1,300 90,168 
Charter Communications, Inc. Class A (a) 18,485 6,050,510 
DISH Network Corp. Class A (a) 4,500 285,705 
Interpublic Group of Companies, Inc. 15,200 373,464 
Liberty Broadband Corp.:   
Class A (a) 13,625 1,159,351 
Class C (a) 19,951 1,723,766 
Liberty Global PLC:   
Class A (a) 41,548 1,490,327 
Class C (a) 2,500 87,600 
Liberty Media Corp.:   
Liberty Media Class C (a)(b) 29,656 1,012,752 
Liberty SiriusXM Class A (a) 2,400 93,408 
Liberty SiriusXM Class C (a) 84,204 3,265,431 
Naspers Ltd. Class N 3,400 585,862 
Omnicom Group, Inc. 5,800 500,018 
Sirius XM Holdings, Inc. (b) 183,800 946,570 
  17,664,932 
Multiline Retail - 0.4%   
Dollarama, Inc. 500 41,437 
Ollie's Bargain Outlet Holdings, Inc. (a) 88,200 2,954,700 
  2,996,137 
Specialty Retail - 1.5%   
Burlington Stores, Inc. (a) 900 87,561 
Foot Locker, Inc. 3,500 261,835 
Home Depot, Inc. 39,000 5,726,370 
Inditex SA 2,323 81,808 
Nitori Holdings Co. Ltd. 3,300 417,057 
O'Reilly Automotive, Inc. (a) 4,734 1,277,423 
Ross Stores, Inc. 15,300 1,007,811 
TJX Companies, Inc. 45,913 3,630,800 
Ulta Beauty, Inc. (a) 2,400 684,552 
  13,175,217 
Textiles, Apparel & Luxury Goods - 0.9%   
adidas AG 13,753 2,615,964 
Canada Goose Holdings, Inc. (a) 1,800 28,709 
Coach, Inc. 39,600 1,636,668 
NIKE, Inc. Class B 61,790 3,443,557 
Under Armour, Inc. Class A (sub. vtg.) (a)(b) 6,200 122,636 
  7,847,534 
TOTAL CONSUMER DISCRETIONARY  191,223,218 
CONSUMER STAPLES - 3.0%   
Beverages - 0.1%   
Kweichow Moutai Co. Ltd. (A Shares) 4,600 258,056 
Monster Beverage Corp. (a) 3,600 166,212 
National Beverage Corp. 2,025 171,173 
The Coca-Cola Co. 2,100 89,124 
  684,565 
Food & Staples Retailing - 0.7%   
Booker Group PLC 38,000 93,030 
Costco Wholesale Corp. 20,858 3,497,678 
Performance Food Group Co. (a) 19,100 454,580 
Sysco Corp. 24,400 1,266,848 
Tesco PLC (a) 178,800 416,133 
Wal-Mart Stores, Inc. 6,100 439,688 
  6,167,957 
Food Products - 0.6%   
Associated British Foods PLC 21,965 717,170 
Mondelez International, Inc. 42,235 1,819,484 
The Kraft Heinz Co. 25,400 2,306,574 
  4,843,228 
Household Products - 0.6%   
Colgate-Palmolive Co. 71,257 5,215,300 
Personal Products - 1.0%   
Estee Lauder Companies, Inc. Class A 90,944 7,711,142 
L'Oreal SA (a) 1,322 254,067 
Unilever NV (Certificaten Van Aandelen) (Bearer) 8,700 431,948 
  8,397,157 
TOTAL CONSUMER STAPLES  25,308,207 
ENERGY - 2.5%   
Energy Equipment & Services - 0.1%   
Schlumberger Ltd. 11,150 870,815 
Oil, Gas & Consumable Fuels - 2.4%   
Birchcliff Energy Ltd. 153,900 874,899 
Canadian Natural Resources Ltd. 48,900 1,601,012 
Cenovus Energy, Inc. 34,600 391,570 
Centennial Resource Development, Inc.:   
Class A (b)(d) 40,200 732,846 
Class A 70,910 1,292,689 
Class A (d) 18,800 325,588 
Concho Resources, Inc. (a) 6,000 770,040 
Continental Resources, Inc. (a) 28,800 1,308,096 
Diamondback Energy, Inc. (a) 21,900 2,271,359 
Encana Corp. 51,500 603,354 
EOG Resources, Inc. 67,415 6,576,333 
Pioneer Natural Resources Co. 12,400 2,309,252 
Reliance Industries Ltd. 6,491 132,192 
Suncor Energy, Inc. 16,700 512,735 
Tamarack Valley Energy Ltd. (a) 159,600 349,239 
Tesoro Corp. 2,900 235,074 
  20,286,278 
TOTAL ENERGY  21,157,093 
FINANCIALS - 11.4%   
Banks - 5.2%   
Bank of America Corp. 309,150 7,292,849 
Capitec Bank Holdings Ltd. 3,700 209,974 
Citigroup, Inc. 224,473 13,427,975 
HDFC Bank Ltd. sponsored ADR 51,688 3,887,971 
JPMorgan Chase & Co. 75,000 6,588,000 
Kotak Mahindra Bank Ltd. 7,409 99,632 
M&T Bank Corp. 11,500 1,779,395 
Metro Bank PLC 800 32,615 
PNC Financial Services Group, Inc. 15,000 1,803,600 
PT Bank Central Asia Tbk 75,600 93,894 
Royal Bank of Canada 6,000 437,147 
U.S. Bancorp 46,700 2,405,050 
Wells Fargo & Co. 118,904 6,618,197 
  44,676,299 
Capital Markets - 1.8%   
BlackRock, Inc. Class A 7,047 2,702,595 
CBOE Holdings, Inc. 5,800 470,206 
Charles Schwab Corp. 25,500 1,040,655 
CME Group, Inc. 5,800 689,040 
Goldman Sachs Group, Inc. 10,200 2,343,144 
IntercontinentalExchange, Inc. 19,200 1,149,504 
MarketAxess Holdings, Inc. 1,900 356,231 
Morgan Stanley 73,400 3,144,456 
MSCI, Inc. 14,325 1,392,247 
Oaktree Capital Group LLC Class A 28,108 1,273,292 
S&P Global, Inc. 10,053 1,314,329 
  15,875,699 
Consumer Finance - 0.1%   
Capital One Financial Corp. 8,800 762,608 
Diversified Financial Services - 3.3%   
Berkshire Hathaway, Inc. Class A (a) 111 27,733,350 
Jeld-Wen Holding, Inc. 8,300 272,655 
  28,006,005 
Insurance - 1.0%   
Admiral Group PLC 22,600 563,196 
Chubb Ltd. 34,865 4,750,356 
Fairfax Financial Holdings Ltd. (sub. vtg.) 1,600 728,142 
Marsh & McLennan Companies, Inc. 29,208 2,158,179 
Primerica, Inc. 1,200 98,640 
  8,298,513 
TOTAL FINANCIALS  97,619,124 
HEALTH CARE - 7.2%   
Biotechnology - 1.1%   
Agios Pharmaceuticals, Inc. (a) 5,100 297,840 
Amgen, Inc. 19,900 3,264,993 
CSL Ltd. 1,019 97,571 
Five Prime Therapeutics, Inc. (a) 2,100 75,915 
Genmab A/S (a) 5,571 1,072,882 
Incyte Corp. (a) 1,800 240,606 
Intrexon Corp. (b) 24,300 481,626 
La Jolla Pharmaceutical Co. (a) 2,500 74,625 
NantKwest, Inc. (a)(b) 18,600 66,030 
Neurocrine Biosciences, Inc. (a) 25,774 1,116,014 
Opko Health, Inc. (a)(b) 28,700 229,600 
OvaScience, Inc. (a)(b) 149,980 280,463 
Regeneron Pharmaceuticals, Inc. (a) 4,500 1,743,795 
TESARO, Inc. (a) 4,800 738,576 
Ultragenyx Pharmaceutical, Inc. (a) 400 27,112 
uniQure B.V. (a) 7,700 44,506 
  9,852,154 
Health Care Equipment & Supplies - 2.3%   
Baxter International, Inc. 15,900 824,574 
Becton, Dickinson & Co. 7,274 1,334,343 
Boston Scientific Corp. (a) 317,500 7,896,225 
C.R. Bard, Inc. 3,500 869,890 
Danaher Corp. 36,520 3,123,556 
DexCom, Inc. (a) 28,972 2,454,798 
Edwards Lifesciences Corp. (a) 3,888 365,744 
Intuitive Surgical, Inc. (a) 2,800 2,146,116 
Nevro Corp. (a) 8,700 815,190 
Penumbra, Inc. (a) 4,800 400,560 
ResMed, Inc. 1,200 86,364 
  20,317,360 
Health Care Providers & Services - 2.4%   
HCA Holdings, Inc. (a) 4,000 355,960 
HealthEquity, Inc. (a) 10,325 438,296 
Henry Schein, Inc. (a) 56,493 9,602,115 
UnitedHealth Group, Inc. 62,034 10,174,196 
  20,570,567 
Health Care Technology - 0.1%   
Medidata Solutions, Inc. (a) 1,600 92,304 
Veeva Systems, Inc. Class A (a) 11,700 599,976 
  692,280 
Life Sciences Tools & Services - 0.8%   
Agilent Technologies, Inc. 10,400 549,848 
Eurofins Scientific SA 1,300 565,623 
Mettler-Toledo International, Inc. (a) 10,360 4,961,508 
PRA Health Sciences, Inc. (a) 2,400 156,552 
Waters Corp. (a) 2,613 408,438 
  6,641,969 
Pharmaceuticals - 0.5%   
Aralez Pharmaceuticals, Inc. (a)(b) 33,173 70,990 
Bristol-Myers Squibb Co. 58,968 3,206,680 
Eli Lilly & Co. 5,100 428,961 
GW Pharmaceuticals PLC ADR (a) 700 84,658 
Nektar Therapeutics (a) 7,000 164,290 
Teva Pharmaceutical Industries Ltd. sponsored ADR 2,600 83,434 
  4,039,013 
TOTAL HEALTH CARE  62,113,343 
INDUSTRIALS - 5.9%   
Aerospace & Defense - 0.6%   
General Dynamics Corp. 8,800 1,647,360 
Northrop Grumman Corp. 10,300 2,449,752 
Space Exploration Technologies Corp. Class A (a)(d) 1,487 156,135 
The Boeing Co. 6,700 1,184,962 
  5,438,209 
Air Freight & Logistics - 0.4%   
C.H. Robinson Worldwide, Inc. 5,500 425,095 
Expeditors International of Washington, Inc. 4,750 268,328 
FedEx Corp. 11,400 2,224,710 
XPO Logistics, Inc. (a) 10,100 483,689 
  3,401,822 
Airlines - 0.9%   
Ryanair Holdings PLC sponsored ADR (a) 34,735 2,882,310 
Southwest Airlines Co. 90,700 4,876,032 
  7,758,342 
Building Products - 0.7%   
A.O. Smith Corp. 10,000 511,600 
Fortune Brands Home & Security, Inc. 18,143 1,104,002 
GMS, Inc. 15,900 557,136 
Masco Corp. 92,363 3,139,418 
Toto Ltd. 17,300 654,446 
  5,966,602 
Commercial Services & Supplies - 0.1%   
Cintas Corp. 6,900 873,126 
Copart, Inc. (a) 3,933 243,571 
  1,116,697 
Electrical Equipment - 0.4%   
Acuity Brands, Inc. 4,100 836,400 
Eaton Corp. PLC 6,200 459,730 
Fortive Corp. 40,060 2,412,413 
  3,708,543 
Industrial Conglomerates - 0.4%   
3M Co. 18,823 3,601,405 
Machinery - 1.0%   
Deere & Co. 10,400 1,132,144 
Fanuc Corp. 300 61,761 
Illinois Tool Works, Inc. 22,493 2,979,648 
Ingersoll-Rand PLC 11,800 959,576 
PACCAR, Inc. 22,700 1,525,440 
Parker Hannifin Corp. 7,100 1,138,272 
Rational AG 600 279,427 
Xylem, Inc. 1,200 60,264 
  8,136,532 
Professional Services - 0.7%   
Equifax, Inc. 31,822 4,351,340 
IHS Markit Ltd. (a) 11,408 478,566 
Recruit Holdings Co. Ltd. 4,100 209,180 
RELX PLC 5,100 99,936 
TransUnion Holding Co., Inc. (a) 30,300 1,162,005 
  6,301,027 
Road & Rail - 0.2%   
CSX Corp. 21,700 1,010,135 
J.B. Hunt Transport Services, Inc. 1,954 179,260 
  1,189,395 
Trading Companies & Distributors - 0.5%   
Fastenal Co. 5,100 262,650 
HD Supply Holdings, Inc. (a) 68,600 2,821,175 
MSC Industrial Direct Co., Inc. Class A 2,600 267,176 
Univar, Inc. (a) 28,027 859,308 
  4,210,309 
TOTAL INDUSTRIALS  50,828,883 
INFORMATION TECHNOLOGY - 42.1%   
Communications Equipment - 0.4%   
Arista Networks, Inc. (a)(b) 18,900 2,499,903 
EchoStar Holding Corp. Class A (a) 1,600 91,120 
Harris Corp. 4,200 467,334 
  3,058,357 
Electronic Equipment & Components - 1.6%   
Amphenol Corp. Class A 160,814 11,445,132 
CDW Corp. 27,041 1,560,536 
Coherent, Inc. (a) 1,900 390,716 
  13,396,384 
Internet Software & Services - 15.8%   
Alibaba Group Holding Ltd. sponsored ADR (a) 18,500 1,994,855 
Alphabet, Inc.:   
Class A (a) 39,339 33,351,604 
Class C (a) 33,800 28,039,128 
eBay, Inc. (a) 20,100 674,757 
Facebook, Inc. Class A (a) 458,906 65,187,593 
LogMeIn, Inc. 10,840 1,056,900 
MercadoLibre, Inc. 1,200 253,764 
MuleSoft, Inc. Class A (a) 1,800 43,794 
Nutanix, Inc. Class B (a)(c) 24,249 455,154 
Rightmove PLC 4,839 241,784 
Shopify, Inc. Class A (a) 3,100 211,079 
SurveyMonkey (a)(d) 62,998 635,020 
Tencent Holdings Ltd. 84,100 2,422,881 
Twilio, Inc. Class A (b) 25,302 730,469 
Wix.com Ltd. (a) 1,400 95,060 
  135,393,842 
IT Services - 4.2%   
Accenture PLC Class A 17,556 2,104,613 
ASAC II LP (a)(d) 224,957 37,793 
Cognizant Technology Solutions Corp. Class A (a) 1,600 95,232 
Computer Sciences Corp. 14,600 1,007,546 
CSRA, Inc. 27,300 799,617 
Fiserv, Inc. (a) 6,100 703,391 
Global Payments, Inc. 9,900 798,732 
Leidos Holdings, Inc. 1,700 86,938 
MasterCard, Inc. Class A 88,590 9,963,717 
PayPal Holdings, Inc. (a) 171,862 7,393,503 
Visa, Inc. Class A 151,740 13,485,134 
  36,476,216 
Semiconductors & Semiconductor Equipment - 4.4%   
Acacia Communications, Inc. (b) 5,800 339,996 
Analog Devices, Inc. 9,900 811,305 
Applied Materials, Inc. 134,900 5,247,610 
ASML Holding NV 6,200 823,360 
Broadcom Ltd. 47,500 10,400,600 
Cirrus Logic, Inc. (a) 1,900 115,311 
Inphi Corp. (a) 1,800 87,876 
Lam Research Corp. 47,000 6,032,920 
NVIDIA Corp. 36,912 4,020,824 
Qualcomm, Inc. 64,200 3,681,228 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 111,400 3,658,376 
Texas Instruments, Inc. 29,700 2,392,632 
  37,612,038 
Software - 11.9%   
Activision Blizzard, Inc. 234,051 11,669,783 
Adobe Systems, Inc. (a) 109,280 14,220,606 
Atlassian Corp. PLC (a) 12,000 359,400 
Autodesk, Inc. (a) 10,200 881,994 
CDK Global, Inc. 10,800 702,108 
Check Point Software Technologies Ltd. (a) 3,900 400,374 
Citrix Systems, Inc. (a) 18,300 1,526,037 
Electronic Arts, Inc. (a) 125,909 11,271,374 
Intuit, Inc. 10,200 1,183,098 
Microsoft Corp. 175,600 11,565,016 
Nintendo Co. Ltd. 700 162,427 
Paycom Software, Inc. (a) 12,500 718,875 
RealPage, Inc. (a) 12,500 436,250 
Red Hat, Inc. (a) 9,100 787,150 
RingCentral, Inc. (a) 3,000 84,900 
Salesforce.com, Inc. (a) 340,926 28,122,986 
ServiceNow, Inc. (a) 11,700 1,023,399 
Snap, Inc.:   
Class A (a)(b) 75,100 1,692,003 
Class A 14,843 300,972 
Class B 14,843 300,972 
Symantec Corp. 60,500 1,856,140 
Ultimate Software Group, Inc. (a) 45,851 8,950,574 
Workday, Inc. Class A (a) 51,200 4,263,936 
  102,480,374 
Technology Hardware, Storage & Peripherals - 3.8%   
Apple, Inc. 218,141 31,338,136 
Logitech International SA 3,000 95,610 
Samsung Electronics Co. Ltd. 829 1,528,453 
Xaar PLC 24,188 107,583 
  33,069,782 
TOTAL INFORMATION TECHNOLOGY  361,486,993 
MATERIALS - 2.2%   
Chemicals - 1.1%   
Air Products & Chemicals, Inc. 6,437 870,862 
Celanese Corp. Class A 3,100 278,535 
E.I. du Pont de Nemours & Co. 36,000 2,891,880 
Monsanto Co. 3,830 433,556 
PPG Industries, Inc. 1,810 190,195 
Sherwin-Williams Co. 13,431 4,166,162 
The Chemours Co. LLC 27,600 1,062,600 
  9,893,790 
Construction Materials - 0.3%   
Martin Marietta Materials, Inc. 10,400 2,269,800 
Containers & Packaging - 0.1%   
WestRock Co. 12,800 665,984 
Metals & Mining - 0.7%   
B2Gold Corp. (a) 160,600 457,701 
First Quantum Minerals Ltd. 6,600 70,127 
Fortescue Metals Group Ltd. 64,662 307,773 
Franco-Nevada Corp. 29,600 1,939,130 
Ivanhoe Mines Ltd. (a) 373,522 1,303,261 
Newcrest Mining Ltd. 40,115 682,528 
Novagold Resources, Inc. (a) 54,238 263,471 
Nucor Corp. 9,900 591,228 
Steel Dynamics, Inc. 12,800 444,928 
  6,060,147 
TOTAL MATERIALS  18,889,721 
REAL ESTATE - 0.0%   
Equity Real Estate Investment Trusts (REITs) - 0.0%   
American Tower Corp. 400 48,616 
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc. Class A (a)(d) 4,986 250,259 
TOTAL REAL ESTATE  298,875 
TELECOMMUNICATION SERVICES - 0.5%   
Wireless Telecommunication Services - 0.5%   
SoftBank Corp. 9,100 645,328 
T-Mobile U.S., Inc. (a) 62,500 4,036,875 
  4,682,203 
TOTAL COMMON STOCKS   
(Cost $530,651,334)  833,607,660 
Convertible Preferred Stocks - 2.5%   
CONSUMER DISCRETIONARY - 0.1%   
Diversified Consumer Services - 0.1%   
Airbnb, Inc.:   
Series D (a)(d) 4,308 452,340 
Series E (a)(d) 2,148 225,540 
  677,880 
Household Durables - 0.0%   
Blu Homes, Inc. Series A, 5.00% (a)(d) 174,063 10,444 
TOTAL CONSUMER DISCRETIONARY  688,324 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Blue Apron Holdings, Inc. Series D (a)(d) 30,015 419,310 
FINANCIALS - 0.1%   
Consumer Finance - 0.1%   
Oportun Finance Corp. Series H (a)(d) 331,477 1,296,075 
HEALTH CARE - 0.1%   
Biotechnology - 0.0%   
23andMe, Inc. Series E (a)(d) 5,172 52,961 
Health Care Providers & Services - 0.1%   
Mulberry Health, Inc. Series A8 (a)(d) 62,105 399,149 
TOTAL HEALTH CARE  452,110 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series G (a)(d) 4,394 461,370 
INFORMATION TECHNOLOGY - 1.8%   
Internet Software & Services - 1.0%   
Dropbox, Inc. Series C (a)(d) 53,923 686,429 
Pinterest, Inc.:   
Series E, 8.00% (a)(d) 318,795 2,751,201 
Series F, 8.00% (a)(d) 331,500 2,860,845 
Series G, 8.00% (a)(d) 51,970 448,501 
Uber Technologies, Inc. Series D, 8.00% (a)(d) 36,744 1,792,087 
  8,539,063 
Software - 0.8%   
Cloudera, Inc. Series F (a)(d) 9,618 129,843 
Cloudflare, Inc. Series D 8.0% (a)(d) 34,105 184,167 
Delphix Corp. Series D (a)(d) 27,980 131,226 
Magic Leap, Inc.:   
Series B, 8.00% (a)(d) 231,802 6,396,275 
Series C (a)(d) 2,268 62,583 
  6,904,094 
TOTAL INFORMATION TECHNOLOGY  15,443,157 
REAL ESTATE - 0.3%   
Real Estate Management & Development - 0.3%   
WeWork Companies, Inc.:   
Series E (a)(d) 44,875 2,252,377 
Series F (a)(d) 2,178 109,319 
  2,361,696 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1(d) 17,021 78,297 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $12,364,658)  21,200,339 
 Principal Amount Value 
Bank Loan Obligations - 0.0%   
INDUSTRIALS - 0.0%   
Building Products - 0.0%   
Jeld-Wen, Inc. Tranche B 3LN, term loan 4% 7/1/22 (e)   
(Cost $147,021) $147,760 148,622 
 Shares Value 
Money Market Funds - 4.0%   
Fidelity Cash Central Fund, 0.84% (f) 10,969,186 10,971,380 
Fidelity Securities Lending Cash Central Fund 0.84% (f)(g) 23,658,214 23,660,580 
TOTAL MONEY MARKET FUNDS   
(Cost $34,631,675)  34,631,960 
TOTAL INVESTMENT PORTFOLIO - 103.6%   
(Cost $577,794,688)  889,588,581 
NET OTHER ASSETS (LIABILITIES) - (3.6)%  (31,199,577) 
NET ASSETS - 100%  $858,389,004 

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 $693,668 or 0.1% of net assets.

 (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 $23,259,683 or 2.7% of net assets.

 (e) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (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 E 6/18/15 $55,999 
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 
Blue Apron Holdings, Inc. Series D 5/18/15 $400,007 
Centennial Resource Development, Inc. Class A 10/11/16 - 12/28/16 $675,352 
Cloudera, Inc. Series F 2/5/14 $140,038 
Cloudflare, Inc. Series D 8.0% 11/5/14 - 6/24/15 $212,499 
Delphix Corp. Series D 7/10/15 $251,820 
Dropbox, Inc. Series C 1/30/14 $1,029,994 
Magic Leap, Inc. Series B, 8.00% 10/17/14 $2,679,631 
Magic Leap, Inc. Series C 12/23/15 $52,239 
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 
Space Exploration Technologies Corp. Class A 10/16/15 $132,343 
Space Exploration Technologies Corp. Series G 1/20/15 $340,359 
SurveyMonkey 12/15/14 $1,036,317 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $570,012 
WeWork Companies, Inc. Class A 6/23/15 $163,987 
WeWork Companies, Inc. Series E 6/23/15 $1,475,919 
WeWork Companies, Inc. Series F 12/1/16 $109,319 

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 $9,544 
Fidelity Securities Lending Cash Central Fund 57,909 
Total $67,453 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2017, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $191,911,542 $190,394,164 $829,054 $688,324 
Consumer Staples 25,727,517 24,460,126 848,081 419,310 
Energy 21,157,093 20,831,505 325,588 -- 
Financials 98,915,199 97,619,124 -- 1,296,075 
Health Care 62,565,453 62,113,343 -- 452,110 
Industrials 51,290,253 49,956,541 716,207 617,505 
Information Technology 376,930,150 357,626,928 3,317,095 15,986,127 
Materials 18,889,721 18,889,721 -- -- 
Real Estate 2,660,571 48,616 -- 2,611,955 
Telecommunication Services 4,760,500 4,036,875 645,328 78,297 
Bank Loan Obligations 148,622 -- 148,622 -- 
Money Market Funds 34,631,960 34,631,960 -- -- 
Total Investments in Securities: $889,588,581 $860,608,903 $6,829,975 $22,149,703 

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:  
Equities - Information Technology  
Beginning Balance $16,182,421 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 509,800 
Cost of Purchases -- 
Proceeds of Sales (227,988) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (478,106) 
Ending Balance $15,986,127 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2017 $509,800 
Other Investments in Securities  
Beginning Balance $6,547,685 
Net Realized Gain (Loss) on Investment Securities (250,003) 
Net Unrealized Gain (Loss) on Investment Securities (212,403) 
Cost of Purchases 78,297 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $6,163,576 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2017 $(368,426) 

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.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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. Bank loan obligations 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 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 $22,149,703 Discount cash flow Discount rate 8.0% Decrease 
   Discount for lack of marketability (DLOM) 20.0% Decrease 
   Growth rate 2.5% - 3.0% / 5.5% Increase 
   Weighted average cost of capital (WACC) 10.7% Decrease 
  Market approach Transaction price $4.60 - $105.00 / $56.21 Increase 
   Tender price $105.00 Increase 
  Market comparable Discount rate 0.9% - 25.0% / 20.6% Decrease 
   Price/Earnings multiple (P/E) 12.9 Increase 
   Enterprise value/Sales multiple (EV/S) 0.7 - 7.1 / 2.7 Increase 
   Enterprise value/EBITDA multiple (EV/EBITDA) 15.8 Increase 
   Discount for lack of marketability (DLOM) 15.0% - 25.0% / 19.0% Decrease 
   Liquidity preference $6.75 - $19.10 / $14.56 Increase 
   Premium rate 10.0% Increase 
   Probability rate 77.0% Increase 
  Recovery value Recovery value 0.1% - 0.2% / 0.1% 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.


Other Information

Income Tax Information

At March 31, 2017, the cost of investment securities for income tax purposes was $578,870,220. Net unrealized appreciation aggregated $310,718,361, of which $318,511,117 related to appreciated investment securities and $7,792,756 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Series Opportunistic Insights Fund

March 31, 2017







O1T-QTLY-0517
1.951056.104





Investments March 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%   
 Shares Value 
CONSUMER DISCRETIONARY - 16.8%   
Automobiles - 2.0%   
BYD Co. Ltd. (H Shares) 96,500 $535,180 
Fuji Heavy Industries Ltd. 29,600 1,085,677 
General Motors Co. 249,000 8,804,640 
Harley-Davidson, Inc. 10,300 623,150 
Mahindra & Mahindra Ltd. 258,425 5,127,461 
Maruti Suzuki India Ltd. 90,105 8,357,148 
Tesla, Inc. (a)(b) 353,216 98,300,013 
  122,833,269 
Diversified Consumer Services - 0.1%   
Laureate Education, Inc. Class A 141,300 2,016,351 
Weight Watchers International, Inc. (a) 324,500 5,052,465 
  7,068,816 
Hotels, Restaurants & Leisure - 2.1%   
Aristocrat Leisure Ltd. 50,777 697,122 
Chipotle Mexican Grill, Inc. (a) 36,714 16,356,821 
Churchill Downs, Inc. 3,900 619,515 
Chuy's Holdings, Inc. (a) 101,690 3,030,362 
Darden Restaurants, Inc. 7,500 627,525 
Domino's Pizza, Inc. 43,578 8,031,425 
Dunkin' Brands Group, Inc. 11,100 606,948 
Hilton, Inc. 50,900 2,975,614 
Marriott International, Inc. Class A 456,000 42,946,080 
Park Hotels & Resorts, Inc. 364 9,344 
Royal Caribbean Cruises Ltd. 76,900 7,544,659 
Starbucks Corp. 638,200 37,264,498 
U.S. Foods Holding Corp. 44,200 1,236,716 
Vail Resorts, Inc. 22,840 4,382,996 
  126,329,625 
Household Durables - 0.2%   
Mohawk Industries, Inc. (a) 61,094 14,020,462 
SodaStream International Ltd. (a) 1,400 67,802 
  14,088,264 
Internet & Direct Marketing Retail - 6.8%   
Amazon.com, Inc. (a) 267,817 237,430,483 
ASOS PLC (a) 9,600 727,083 
Netflix, Inc. (a) 592,773 87,617,777 
Priceline Group, Inc. (a) 42,550 75,737,724 
Start Today Co. Ltd. 65,700 1,453,508 
Takeaway.com Holding BV (c) 48,500 1,629,286 
TripAdvisor, Inc. (a) 124,105 5,356,372 
  409,952,233 
Leisure Products - 0.0%   
Hasbro, Inc. 18,900 1,886,598 
Media - 2.5%   
CBS Corp. Class B 9,000 624,240 
Charter Communications, Inc. Class A (a) 125,705 41,145,761 
DISH Network Corp. Class A (a) 31,300 1,987,237 
Interpublic Group of Companies, Inc. 123,913 3,044,542 
Liberty Broadband Corp.:   
Class A (a) 96,999 8,253,645 
Class C (a) 164,374 14,201,914 
Liberty Global PLC:   
Class A (a) 394,452 14,148,993 
Class C (a) 17,400 609,696 
Liberty Media Corp.:   
Liberty Media Class C (a)(b) 227,649 7,774,213 
Liberty SiriusXM Class A (a) 16,500 642,180 
Liberty SiriusXM Class C (a) 690,196 26,765,801 
Naspers Ltd. Class N 25,400 4,376,733 
Omnicom Group, Inc. 36,132 3,114,940 
Sirius XM Holdings, Inc. (b) 1,214,112 6,252,677 
The Walt Disney Co. 143,900 16,316,821 
  149,259,393 
Multiline Retail - 0.4%   
Dollarama, Inc. 7,900 654,705 
Ollie's Bargain Outlet Holdings, Inc. (a) 583,119 19,534,487 
  20,189,192 
Specialty Retail - 1.9%   
Burlington Stores, Inc. (a) 4,300 418,347 
Foot Locker, Inc. 21,029 1,573,179 
Home Depot, Inc. 275,600 40,466,348 
Inditex SA 15,949 561,669 
Nitori Holdings Co. Ltd. 23,500 2,969,954 
O'Reilly Automotive, Inc. (a) 33,381 9,007,529 
Ross Stores, Inc. 103,900 6,843,893 
TJX Companies, Inc. 616,927 48,786,587 
Ulta Beauty, Inc. (a) 19,400 5,533,462 
  116,160,968 
Textiles, Apparel & Luxury Goods - 0.8%   
adidas AG 94,955 18,061,432 
Canada Goose Holdings, Inc. (a) 13,200 210,529 
Coach, Inc. 283,400 11,712,922 
NIKE, Inc. Class B 288,450 16,075,319 
Under Armour, Inc. Class A (sub. vtg.) (a)(b) 43,800 866,364 
  46,926,566 
TOTAL CONSUMER DISCRETIONARY  1,014,694,924 
CONSUMER STAPLES - 3.2%   
Beverages - 0.1%   
Kweichow Moutai Co. Ltd. (A Shares) 31,000 1,739,072 
Monster Beverage Corp. (a) 26,000 1,200,420 
National Beverage Corp. 8,783 742,427 
The Coca-Cola Co. 14,900 632,356 
  4,314,275 
Food & Staples Retailing - 0.9%   
Booker Group PLC 193,689 474,183 
Costco Wholesale Corp. 197,600 33,135,544 
Performance Food Group Co. (a) 131,500 3,129,700 
Sysco Corp. 166,800 8,660,256 
Tesco PLC (a) 1,247,500 2,903,386 
Wal-Mart Stores, Inc. 43,900 3,164,312 
  51,467,381 
Food Products - 0.7%   
Associated British Foods PLC 291,701 9,524,205 
Mondelez International, Inc. 353,165 15,214,348 
The Kraft Heinz Co. 173,500 15,755,535 
  40,494,088 
Household Products - 0.5%   
Colgate-Palmolive Co. 423,141 30,969,690 
Personal Products - 1.0%   
Estee Lauder Companies, Inc. Class A 676,008 57,318,718 
L'Oreal SA (a) 11,478 2,205,888 
Unilever NV (Certificaten Van Aandelen) (Bearer) 62,300 3,093,142 
  62,617,748 
TOTAL CONSUMER STAPLES  189,863,182 
ENERGY - 2.3%   
Energy Equipment & Services - 0.1%   
Schlumberger Ltd. 88,044 6,876,236 
Oil, Gas & Consumable Fuels - 2.2%   
Birchcliff Energy Ltd. 983,600 5,591,620 
Canadian Natural Resources Ltd. 330,300 10,814,199 
Cenovus Energy, Inc. 246,800 2,793,052 
Centennial Resource Development, Inc.:   
Class A (b)(d) 278,900 5,084,347 
Class A (b) 463,746 8,454,090 
Class A (b)(d) 129,800 2,247,941 
Concho Resources, Inc. (a) 39,026 5,008,597 
Continental Resources, Inc. (a) 205,100 9,315,642 
Diamondback Energy, Inc. (a) 149,890 15,545,841 
Encana Corp. 351,700 4,120,379 
EOG Resources, Inc. 404,924 39,500,336 
Pioneer Natural Resources Co. 86,030 16,021,367 
Reliance Industries Ltd. 46,381 944,568 
Suncor Energy, Inc. 117,300 3,601,428 
Tamarack Valley Energy Ltd. (a) 1,103,700 2,415,135 
Tesoro Corp. 20,700 1,677,942 
  133,136,484 
TOTAL ENERGY  140,012,720 
FINANCIALS - 15.9%   
Banks - 8.7%   
Bank of America Corp. 5,837,296 137,701,813 
Capitec Bank Holdings Ltd. 24,900 1,413,071 
Citigroup, Inc. 1,587,327 94,953,901 
HDFC Bank Ltd. sponsored ADR 374,341 28,157,930 
JPMorgan Chase & Co. 1,504,210 132,129,806 
Kotak Mahindra Bank Ltd. 405,924 5,458,633 
M&T Bank Corp. 79,933 12,368,033 
Metro Bank PLC 1,800 73,385 
PNC Financial Services Group, Inc. 103,500 12,444,840 
PT Bank Central Asia Tbk 521,700 647,941 
Royal Bank of Canada 41,400 3,016,315 
U.S. Bancorp 334,100 17,206,150 
Wells Fargo & Co. 1,479,894 82,370,900 
  527,942,718 
Capital Markets - 2.7%   
BlackRock, Inc. Class A 39,353 15,092,269 
CBOE Holdings, Inc. 40,300 3,267,121 
Charles Schwab Corp. 177,100 7,227,451 
CME Group, Inc. 40,200 4,775,760 
Goldman Sachs Group, Inc. 192,600 44,244,072 
IntercontinentalExchange, Inc. 122,000 7,304,140 
MarketAxess Holdings, Inc. 11,987 2,247,443 
Morgan Stanley 1,197,900 51,318,036 
MSCI, Inc. 89,131 8,662,642 
Oaktree Capital Group LLC Class A 202,090 9,154,677 
S&P Global, Inc. 69,316 9,062,374 
  162,355,985 
Consumer Finance - 0.1%   
Capital One Financial Corp. 59,600 5,164,936 
Diversified Financial Services - 3.6%   
Berkshire Hathaway, Inc. Class A (a) 861 215,120,850 
Jeld-Wen Holding, Inc. 49,900 1,639,215 
  216,760,065 
Insurance - 0.8%   
Admiral Group PLC 155,300 3,870,104 
Chubb Ltd. 243,605 33,191,181 
Fairfax Financial Holdings Ltd. (sub. vtg.) 11,500 5,233,523 
Marsh & McLennan Companies, Inc. 96,778 7,150,926 
Primerica, Inc. 8,100 665,820 
  50,111,554 
TOTAL FINANCIALS  962,335,258 
HEALTH CARE - 7.7%   
Biotechnology - 0.9%   
Aduro Biotech, Inc. (a) 14,752 158,584 
Agios Pharmaceuticals, Inc. (a) 43,097 2,516,865 
Amgen, Inc. 79,200 12,994,344 
CSL Ltd. 7,029 673,042 
Five Prime Therapeutics, Inc. (a) 10,259 370,863 
Genmab A/S (a) 39,261 7,561,019 
Incyte Corp. (a) 12,800 1,710,976 
Intrexon Corp. (b) 171,250 3,394,175 
La Jolla Pharmaceutical Co. (a) 18,400 549,240 
NantKwest, Inc. (a)(b) 66,142 234,804 
Neurocrine Biosciences, Inc. (a) 169,242 7,328,179 
Opko Health, Inc. (a)(b) 166,177 1,329,416 
OvaScience, Inc. (a)(b) 1,137,174 2,126,515 
Regeneron Pharmaceuticals, Inc. (a) 27,000 10,462,770 
TESARO, Inc. (a) 33,800 5,200,806 
Ultragenyx Pharmaceutical, Inc. (a) 2,600 176,228 
uniQure B.V. (a) 54,800 316,744 
  57,104,570 
Health Care Equipment & Supplies - 2.5%   
Baxter International, Inc. 110,400 5,725,344 
Becton, Dickinson & Co. 61,953 11,364,658 
Boston Scientific Corp. (a) 2,237,500 55,646,625 
C.R. Bard, Inc. 22,178 5,512,120 
Danaher Corp. 319,420 27,319,993 
DexCom, Inc. (a) 182,835 15,491,610 
Edwards Lifesciences Corp. (a) 33,302 3,132,719 
Intuitive Surgical, Inc. (a) 22,518 17,259,371 
Nevro Corp. (a) 52,217 4,892,733 
Penumbra, Inc. (a) 29,798 2,486,643 
ResMed, Inc. 8,700 626,139 
  149,457,955 
Health Care Providers & Services - 2.9%   
HCA Holdings, Inc. (a) 28,400 2,527,316 
HealthEquity, Inc. (a) 64,200 2,725,290 
Henry Schein, Inc. (a) 403,097 68,514,397 
UnitedHealth Group, Inc. 625,466 102,582,679 
  176,349,682 
Health Care Technology - 0.1%   
Medidata Solutions, Inc. (a) 15,511 894,830 
Veeva Systems, Inc. Class A (a) 78,793 4,040,505 
  4,935,335 
Life Sciences Tools & Services - 0.8%   
Agilent Technologies, Inc. 72,400 3,827,788 
Eurofins Scientific SA 3,800 1,653,359 
Mettler-Toledo International, Inc. (a) 78,438 37,564,743 
PRA Health Sciences, Inc. (a) 13,252 864,428 
Waters Corp. (a) 20,365 3,183,253 
  47,093,571 
Pharmaceuticals - 0.5%   
Aralez Pharmaceuticals, Inc. (a)(b) 240,097 513,808 
Bristol-Myers Squibb Co. 405,832 22,069,144 
Eli Lilly & Co. 36,700 3,086,837 
GW Pharmaceuticals PLC ADR (a) 4,900 592,606 
Nektar Therapeutics (a) 27,000 633,690 
Teva Pharmaceutical Industries Ltd. sponsored ADR 18,300 587,247 
  27,483,332 
TOTAL HEALTH CARE  462,424,445 
INDUSTRIALS - 5.4%   
Aerospace & Defense - 0.6%   
General Dynamics Corp. 61,717 11,553,422 
Northrop Grumman Corp. 70,020 16,653,557 
Space Exploration Technologies Corp. Class A (a)(d) 10,959 1,150,695 
The Boeing Co. 46,400 8,206,304 
  37,563,978 
Air Freight & Logistics - 0.4%   
C.H. Robinson Worldwide, Inc. 40,545 3,133,723 
Expeditors International of Washington, Inc. 31,584 1,784,180 
FedEx Corp. 87,500 17,075,625 
XPO Logistics, Inc. (a) 67,405 3,228,025 
  25,221,553 
Airlines - 0.9%   
Ryanair Holdings PLC sponsored ADR (a) 242,857 20,152,274 
Southwest Airlines Co. 625,500 33,626,880 
  53,779,154 
Building Products - 0.7%   
A.O. Smith Corp. 68,674 3,513,362 
Fortune Brands Home & Security, Inc. 128,669 7,829,509 
GMS, Inc. 110,900 3,885,936 
Masco Corp. 627,105 21,315,299 
Toto Ltd. 124,700 4,717,304 
  41,261,410 
Commercial Services & Supplies - 0.1%   
Cintas Corp. 43,973 5,564,343 
Copart, Inc. (a) 27,438 1,699,235 
  7,263,578 
Electrical Equipment - 0.4%   
Acuity Brands, Inc. 17,598 3,589,992 
Eaton Corp. PLC 43,000 3,188,450 
Fortive Corp. 306,060 18,430,933 
  25,209,375 
Industrial Conglomerates - 0.2%   
3M Co. 62,052 11,872,409 
Machinery - 0.8%   
Deere & Co. 73,000 7,946,780 
Fanuc Corp. 1,400 288,220 
Illinois Tool Works, Inc. 108,404 14,360,278 
Ingersoll-Rand PLC 81,500 6,627,580 
PACCAR, Inc. 144,245 9,693,264 
Parker Hannifin Corp. 48,300 7,743,456 
Rational AG 2,700 1,257,421 
Xylem, Inc. 5,500 276,210 
  48,193,209 
Professional Services - 0.7%   
Equifax, Inc. 202,025 27,624,899 
IHS Markit Ltd. (a) 77,374 3,245,839 
Recruit Holdings Co. Ltd. 28,400 1,448,954 
RELX PLC 33,700 660,363 
TransUnion Holding Co., Inc. (a) 190,076 7,289,415 
  40,269,470 
Road & Rail - 0.1%   
CSX Corp. 154,400 7,187,320 
J.B. Hunt Transport Services, Inc. 13,400 1,229,316 
  8,416,636 
Trading Companies & Distributors - 0.5%   
Fastenal Co. 35,100 1,807,650 
HD Supply Holdings, Inc. (a) 454,942 18,709,490 
MSC Industrial Direct Co., Inc. Class A 15,155 1,557,328 
Univar, Inc. (a) 152,638 4,679,881 
  26,754,349 
TOTAL INDUSTRIALS  325,805,121 
INFORMATION TECHNOLOGY - 42.5%   
Communications Equipment - 0.3%   
Arista Networks, Inc. (a)(b) 123,062 16,277,411 
EchoStar Holding Corp. Class A (a) 6,081 346,313 
Harris Corp. 29,000 3,226,830 
  19,850,554 
Electronic Equipment & Components - 1.8%   
Amphenol Corp. Class A 1,299,002 92,449,972 
CDW Corp. 178,300 10,289,693 
Coherent, Inc. (a) 12,900 2,652,756 
  105,392,421 
Internet Software & Services - 15.5%   
Alibaba Group Holding Ltd. sponsored ADR (a) 127,832 13,784,125 
Alphabet, Inc.:   
Class A (a) 187,761 159,183,776 
Class C (a) 175,943 145,955,275 
eBay, Inc. (a) 137,800 4,625,946 
Facebook, Inc. Class A (a) 4,032,494 572,815,771 
LogMeIn, Inc. 72,134 7,033,065 
MercadoLibre, Inc. 7,900 1,670,613 
MuleSoft, Inc. Class A (a) 11,600 282,228 
Nutanix, Inc. Class B (a)(c) 171,960 3,227,689 
Rightmove PLC 31,109 1,554,381 
Shopify, Inc. Class A (a) 18,800 1,280,092 
SurveyMonkey (a)(d) 458,038 4,617,023 
Tencent Holdings Ltd. 594,700 17,133,022 
Twilio, Inc. Class A (b) 180,609 5,214,182 
Wix.com Ltd. (a) 9,900 672,210 
  939,049,398 
IT Services - 4.8%   
Accenture PLC Class A 120,057 14,392,433 
ASAC II LP (a)(d) 1,788,160 300,411 
Cognizant Technology Solutions Corp. Class A (a) 11,200 666,624 
Computer Sciences Corp. 86,763 5,987,515 
CSRA, Inc. 186,100 5,450,869 
Fiserv, Inc. (a) 42,558 4,907,363 
Global Payments, Inc. 65,896 5,316,489 
Leidos Holdings, Inc. 12,000 613,680 
MasterCard, Inc. Class A 868,410 97,670,073 
PayPal Holdings, Inc. (a) 1,165,700 50,148,414 
Visa, Inc. Class A 1,153,660 102,525,764 
  287,979,635 
Semiconductors & Semiconductor Equipment - 4.7%   
Acacia Communications, Inc. (b) 40,368 2,366,372 
Analog Devices, Inc. 105,386 8,636,383 
Applied Materials, Inc. 1,114,149 43,340,396 
ASML Holding NV 43,800 5,816,640 
Broadcom Ltd. 414,100 90,671,336 
Cirrus Logic, Inc. (a) 13,200 801,108 
Inphi Corp. (a) 6,100 297,802 
Lam Research Corp. 321,466 41,263,376 
NVIDIA Corp. 252,408 27,494,803 
Qualcomm, Inc. 437,700 25,097,718 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 697,457 22,904,488 
Texas Instruments, Inc. 207,300 16,700,088 
  285,390,510 
Software - 10.7%   
Activision Blizzard, Inc. 1,672,273 83,379,532 
Adobe Systems, Inc. (a) 761,769 99,129,000 
Atlassian Corp. PLC (a) 74,597 2,234,180 
Autodesk, Inc. (a) 67,200 5,810,784 
CDK Global, Inc. 72,940 4,741,829 
Check Point Software Technologies Ltd. (a) 20,065 2,059,873 
Citrix Systems, Inc. (a) 125,400 10,457,106 
Electronic Arts, Inc. (a) 553,000 49,504,560 
Intuit, Inc. 81,091 9,405,745 
Microsoft Corp. 1,218,500 80,250,410 
Nintendo Co. Ltd. 4,900 1,136,991 
Paycom Software, Inc. (a) 74,700 4,295,997 
RealPage, Inc. (a) 88,800 3,099,120 
Red Hat, Inc. (a) 62,662 5,420,263 
RingCentral, Inc. (a) 5,000 141,500 
Salesforce.com, Inc. (a) 1,904,786 157,125,797 
ServiceNow, Inc. (a) 87,500 7,653,625 
Snap, Inc.:   
Class A (a)(b) 522,859 11,780,013 
Class A 100,900 2,045,949 
Class B 100,900 2,045,949 
Symantec Corp. 408,790 12,541,677 
Ultimate Software Group, Inc. (a) 312,647 61,031,821 
Workday, Inc. Class A (a) 355,935 29,642,267 
  644,933,988 
Technology Hardware, Storage & Peripherals - 4.7%   
Apple, Inc. 1,906,421 273,876,441 
Logitech International SA 20,700 659,709 
Samsung Electronics Co. Ltd. 5,718 10,542,451 
Xaar PLC 175,812 781,976 
  285,860,577 
TOTAL INFORMATION TECHNOLOGY  2,568,457,083 
MATERIALS - 2.5%   
Chemicals - 1.5%   
Air Products & Chemicals, Inc. 76,100 10,295,569 
Celanese Corp. Class A 21,400 1,922,790 
E.I. du Pont de Nemours & Co. 249,700 20,058,401 
Monsanto Co. 18,485 2,092,502 
PPG Industries, Inc. 234,169 24,606,479 
Sherwin-Williams Co. 85,914 26,649,664 
The Chemours Co. LLC 154,431 5,945,594 
  91,570,999 
Construction Materials - 0.2%   
Martin Marietta Materials, Inc. 70,577 15,403,430 
Containers & Packaging - 0.1%   
WestRock Co. 89,800 4,672,294 
Metals & Mining - 0.7%   
B2Gold Corp. (a) 1,135,802 3,236,974 
First Quantum Minerals Ltd. 45,800 486,637 
Fortescue Metals Group Ltd. 443,560 2,111,221 
Franco-Nevada Corp. 200,800 13,154,638 
Ivanhoe Mines Ltd. (a) 2,414,200 8,423,422 
Newcrest Mining Ltd. 262,008 4,457,877 
Novagold Resources, Inc. (a) 385,155 1,870,964 
Nucor Corp. 68,600 4,096,792 
Steel Dynamics, Inc. 87,300 3,034,548 
  40,873,073 
TOTAL MATERIALS  152,519,796 
REAL ESTATE - 0.0%   
Equity Real Estate Investment Trusts (REITs) - 0.0%   
American Tower Corp. 2,100 255,234 
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc. Class A (a)(d) 36,005 1,807,172 
TOTAL REAL ESTATE  2,062,406 
TELECOMMUNICATION SERVICES - 0.5%   
Wireless Telecommunication Services - 0.5%   
SoftBank Corp. 63,000 4,467,654 
T-Mobile U.S., Inc. (a) 426,981 27,578,703 
  32,046,357 
TOTAL COMMON STOCKS   
(Cost $3,710,215,750)  5,850,221,292 
Convertible Preferred Stocks - 2.5%   
CONSUMER DISCRETIONARY - 0.1%   
Diversified Consumer Services - 0.1%   
Airbnb, Inc.:   
Series D (a)(d) 30,930 3,247,650 
Series E (a)(d) 13,964 1,466,220 
  4,713,870 
Household Durables - 0.0%   
Blu Homes, Inc. Series A, 5.00% (a)(d) 1,349,024 80,941 
TOTAL CONSUMER DISCRETIONARY  4,794,811 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
Blue Apron Holdings, Inc. Series D (a)(d) 240,116 3,354,421 
FINANCIALS - 0.1%   
Consumer Finance - 0.1%   
Oportun Finance Corp. Series H (a)(d) 2,372,991 9,278,395 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
23andMe, Inc. Series E (a)(d) 41,008 419,922 
Health Care Providers & Services - 0.0%   
Mulberry Health, Inc. Series A8 (a)(d) 418,866 2,692,052 
TOTAL HEALTH CARE  3,111,974 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series G (a)(d) 32,066 3,366,930 
INFORMATION TECHNOLOGY - 1.8%   
Internet Software & Services - 1.0%   
Dropbox, Inc. Series C (a)(d) 394,740 5,024,961 
Pinterest, Inc.:   
Series E, 8.00% (a)(d) 2,594,015 22,386,349 
Series F, 8.00% (a)(d) 2,122,845 18,320,152 
Series G, 8.00% (a)(d) 369,335 3,187,361 
Uber Technologies, Inc. Series D, 8.00% (a)(d) 264,940 12,921,714 
  61,840,537 
Software - 0.8%   
Cloudera, Inc. Series F (a)(d) 70,040 945,540 
Cloudflare, Inc. Series D 8.0% (a)(d) 246,150 1,329,210 
Delphix Corp. Series D (a)(d) 204,875 960,864 
Magic Leap, Inc.:   
Series B, 8.00% (a)(d) 1,675,597 46,235,921 
Series C (a)(d) 15,286 421,797 
  49,893,332 
TOTAL INFORMATION TECHNOLOGY  111,733,869 
REAL ESTATE - 0.3%   
Real Estate Management & Development - 0.3%   
WeWork Companies, Inc.:   
Series E (a)(d) 324,048 16,264,698 
Series F (a)(d) 15,065 756,146 
  17,020,844 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 0.00 (d) 122,552 563,739 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $89,654,015)  153,224,983 
 Principal Amount Value 
Bank Loan Obligations - 0.0%   
INDUSTRIALS - 0.0%   
Building Products - 0.0%   
Jeld-Wen, Inc. Tranche B 3LN, term loan 4% 7/1/22(e)   
(Cost $1,051,769)  1,057,054  1,063,217 
 Shares Value 
Money Market Funds - 4.6%   
Fidelity Cash Central Fund, 0.84% (f) 136,720,068 136,747,412 
Fidelity Securities Lending Cash Central Fund 0.84% (f)(g) 143,070,312 143,084,619 
TOTAL MONEY MARKET FUNDS   
(Cost $279,821,840)  279,832,031 
TOTAL INVESTMENT PORTFOLIO - 103.9%   
(Cost $4,080,743,374)  6,284,341,523 
NET OTHER ASSETS (LIABILITIES) - (3.9)%  (237,838,332) 
NET ASSETS - 100%  $6,046,503,191 

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 $4,856,975 or 0.1% of net assets.

 (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 $168,432,574 or 2.8% of net assets.

 (e) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (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 E 6/18/15 $444,005 
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 0.00 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 
Blue Apron Holdings, Inc. Series D 5/18/15 $3,200,002 
Centennial Resource Development, Inc. Class A 10/11/16 - 12/28/16 $4,676,292 
Cloudera, Inc. Series F 2/5/14 $1,019,782 
Cloudflare, Inc. Series D 8.0% 11/5/14 - 6/24/15 $1,533,709 
Delphix Corp. Series D 7/10/15 $1,843,875 
Dropbox, Inc. Series C 1/30/14 $7,540,008 
Magic Leap, Inc. Series B, 8.00% 10/17/14 $19,369,901 
Magic Leap, Inc. Series C 12/23/15 $352,082 
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 
Space Exploration Technologies Corp. Class A 10/16/15 $975,351 
Space Exploration Technologies Corp. Series G 1/20/15 $2,483,832 
SurveyMonkey 12/15/14 $7,534,725 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $4,110,027 
WeWork Companies, Inc. Class A 6/23/15 $1,184,189 
WeWork Companies, Inc. Series E 6/23/15 $10,657,799 
WeWork Companies, Inc. Series F 12/1/16 $756,146 

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 $215,270 
Fidelity Securities Lending Cash Central Fund 394,401 
Total $609,671 

Investment Valuation



The following is a summary of the inputs used, as of March 31, 2017, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $1,019,489,735 $1,008,670,845 $6,024,079 $4,794,811 
Consumer Staples 193,217,603 183,866,654 5,996,528 3,354,421 
Energy 140,012,720 137,764,779 2,247,941 -- 
Financials 971,613,653 962,335,258 -- 9,278,395 
Health Care 465,536,419 462,424,445 -- 3,111,974 
Industrials 329,172,051 319,648,902 5,005,524 4,517,625 
Information Technology 2,680,190,952 2,541,177,738 23,307,451 115,705,763 
Materials 152,519,796 152,519,796 -- -- 
Real Estate 19,083,250 255,234 -- 18,828,016 
Telecommunication Services 32,610,096 27,578,703 4,467,654 563,739 
Bank Loan Obligations 1,063,217 -- 1,063,217 -- 
Money Market Funds 279,832,031 279,832,031 -- -- 
Total Investments in Securities: $6,284,341,523 $6,076,074,385 $48,112,394 $160,154,744 

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:  
Information Technology  
Beginning Balance $116,935,278 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 3,691,530 
Cost of Purchases -- 
Proceeds of Sales (1,549,824) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (3,371,221) 
Ending Balance $115,705,763 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2017 $3,691,530 
Other Investments in Securities  
Beginning Balance $47,407,675 
Net Realized Gain (Loss) on Investment Securities (1,800,006) 
Net Unrealized Gain (Loss) on Investment Securities (1,722,427) 
Cost of Purchases 563,739 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $44,448,981 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2017 $(2,845,783) 

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.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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. Bank loan obligations 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 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 $160,154,744 Discount cash flow Discount rate 8.0% Decrease 
   Discount for lack of marketability (DLOM) 20.0% Decrease 
   Growth rate 2.5% - 3.0% / 5.5% Increase 
   Weighted average cost of capital (WACC) 10.7% Decrease 
  Market approach Transaction price $4.60 - $105.00 / $55.98 Increase 
   Tender price $105.00 Increase 
  Market comparable Discount rate 0.9% - 25.0% / 20.6% Decrease 
   Price/Earnings multiple (P/E) 12.9 Increase 
   Enterprise value/Sales multiple (EV/S) 0.7 - 7.1 / 2.7 Increase 
   Enterprise value/EBITDA multiple (EV/EBITDA) 15.8 Increase 
   Discount for lack of marketability (DLOM) 15.0% - 25.0% / 19.0% Decrease 
   Liquidity preference $6.75 - $19.10 / $14.79 Increase 
   Premium rate 10.0% Increase 
   Probability rate 77.0% Increase 
  Recovery value Recovery value 0.1% - 0.2% / 0.1% 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.


Other Information

Income Tax Information

At March 31, 2017, the cost of investment securities for income tax purposes was $4,087,548,468. Net unrealized appreciation aggregated $2,196,793,055, of which $2,263,669,501 related to appreciated investment securities and $66,906,446 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Contrafund®

March 31, 2017







CON-QTLY-0517
1.799873.113





Investments March 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 17.8%   
Automobiles - 2.0%   
BYD Co. Ltd. (H Shares) 1,721,500 $9,547 
Fuji Heavy Industries Ltd. 528,200 19,373 
General Motors Co. 5,751,933 203,388 
Harley-Davidson, Inc. 293,100 17,733 
Mahindra & Mahindra Ltd. 4,327,351 85,860 
Maruti Suzuki India Ltd. 1,533,074 142,191 
Tesla, Inc. (a)(b) 5,831,282 1,622,846 
  2,100,938 
Diversified Consumer Services - 0.1%   
Laureate Education, Inc. Class A 2,455,700 35,043 
Weight Watchers International, Inc. (a) 2,434,300 37,902 
  72,945 
Hotels, Restaurants & Leisure - 2.1%   
ARAMARK Holdings Corp. 996,533 36,742 
Aristocrat Leisure Ltd. 872,278 11,976 
Chipotle Mexican Grill, Inc. (a) 471,177 209,919 
Churchill Downs, Inc. 74,300 11,803 
Darden Restaurants, Inc. 130,700 10,936 
Domino's Pizza, Inc. 812,386 149,723 
Dunkin' Brands Group, Inc. 191,900 10,493 
Hilton, Inc. 895,592 52,356 
Marriott International, Inc. Class A 5,004,604 471,334 
Park Hotels & Resorts, Inc. 6,427 165 
Royal Caribbean Cruises Ltd. 1,465,121 143,743 
Starbucks Corp. 18,938,273 1,105,806 
U.S. Foods Holding Corp. 820,700 22,963 
Vail Resorts, Inc. 385,836 74,042 
  2,312,001 
Household Durables - 0.2%   
Mohawk Industries, Inc. (a) 1,080,933 248,063 
SodaStream International Ltd. (a) 16,400 794 
  248,857 
Internet & Direct Marketing Retail - 7.1%   
Amazon.com, Inc. (a) 5,448,115 4,829,972 
ASOS PLC (a) 172,573 13,070 
Netflix, Inc. (a) 9,434,796 1,394,557 
Priceline Group, Inc. (a) 750,137 1,335,221 
Start Today Co. Ltd. 1,161,700 25,701 
Takeaway.com Holding BV (c) 844,600 28,373 
  7,626,894 
Leisure Products - 0.0%   
Hasbro, Inc. 330,100 32,951 
Media - 2.5%   
CBS Corp. Class B 157,200 10,903 
Charter Communications, Inc. Class A (a) 2,154,402 705,179 
DISH Network Corp. Class A (a) 610,100 38,735 
Interpublic Group of Companies, Inc. 2,355,284 57,869 
Liberty Broadband Corp.:   
Class A (a) 698,278 59,416 
Class C (a) 1,026,349 88,677 
Liberty Global PLC:   
Class A (a) 1,088,485 39,044 
Class C (a) 301,300 10,558 
Liberty Media Corp.:   
Liberty Media Class C (a)(b) 2,140,478 73,097 
Liberty SiriusXM Class A (a) 327,000 12,727 
Liberty SiriusXM Class C (a) 5,231,735 202,887 
Naspers Ltd. Class N 428,800 73,888 
Omnicom Group, Inc. 636,350 54,860 
Sirius XM Holdings, Inc. (b) 21,082,484 108,575 
The Walt Disney Co. 10,217,077 1,158,514 
Weinstein Co. Holdings LLC Class A-1 (a)(d)(e) 41,234 1,729 
  2,696,658 
Multiline Retail - 0.1%   
Dollarama, Inc. 138,544 11,482 
Ollie's Bargain Outlet Holdings, Inc. (a) 2,431,498 81,455 
  92,937 
Specialty Retail - 2.4%   
Burlington Stores, Inc. (a) 73,200 7,122 
Foot Locker, Inc. 363,646 27,204 
Home Depot, Inc. 4,962,733 728,678 
Inditex SA 277,749 9,781 
Nitori Holdings Co. Ltd. 525,200 66,375 
O'Reilly Automotive, Inc. (a) 1,077,398 290,725 
Ross Stores, Inc. 1,918,653 126,382 
TJX Companies, Inc. 16,283,934 1,287,734 
Ulta Beauty, Inc. (a) 337,212 96,183 
  2,640,184 
Textiles, Apparel & Luxury Goods - 1.3%   
adidas AG 1,697,306 322,845 
Canada Goose Holdings, Inc. (a) 230,600 3,678 
Coach, Inc. 4,488,100 185,493 
NIKE, Inc. Class B 15,178,318 845,888 
Under Armour, Inc. Class A (sub. vtg.) (a)(b) 741,200 14,661 
  1,372,565 
TOTAL CONSUMER DISCRETIONARY  19,196,930 
CONSUMER STAPLES - 3.4%   
Beverages - 0.2%   
Kweichow Moutai Co. Ltd. (A Shares) 580,700 32,577 
Monster Beverage Corp. (a) 458,000 21,146 
National Beverage Corp. 141,741 11,981 
The Coca-Cola Co. 3,411,500 144,784 
  210,488 
Food & Staples Retailing - 0.7%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 555,054 25,076 
Booker Group PLC 3,305,535 8,093 
Costco Wholesale Corp. 2,736,470 458,879 
Performance Food Group Co. (a) 2,302,500 54,800 
Sysco Corp. 2,983,100 154,883 
Tesco PLC (a) 21,779,900 50,690 
Wal-Mart Stores, Inc. 764,800 55,127 
  807,548 
Food Products - 0.4%   
Associated British Foods PLC 2,839,788 92,721 
Mondelez International, Inc. 1,539,041 66,302 
The Kraft Heinz Co. 3,137,637 284,929 
  443,952 
Household Products - 1.3%   
Colgate-Palmolive Co. 18,932,563 1,385,674 
Personal Products - 0.8%   
Estee Lauder Companies, Inc. Class A 8,721,828 739,524 
L'Oreal SA (a) 239,158 45,962 
Unilever NV (Certificaten Van Aandelen) (Bearer) 1,089,900 54,113 
  839,599 
TOTAL CONSUMER STAPLES  3,687,261 
ENERGY - 2.4%   
Energy Equipment & Services - 0.0%   
Schlumberger Ltd. 230,984 18,040 
Oil, Gas & Consumable Fuels - 2.4%   
Anadarko Petroleum Corp. 1,341,200 83,154 
Birchcliff Energy Ltd. (c)(f) 686,127 3,901 
Birchcliff Energy Ltd. (b)(f) 21,026,284 119,531 
Canadian Natural Resources Ltd. 5,525,100 180,895 
Cenovus Energy, Inc. 4,291,100 48,563 
Centennial Resource Development, Inc.:   
Class A (e)(f) 5,188,000 94,577 
Class A (b)(f) 8,224,491 149,932 
Class A (e)(f) 2,340,926 40,541 
Concho Resources, Inc. (a) 625,400 80,264 
Continental Resources, Inc. (a) 4,145,401 188,284 
Diamondback Energy, Inc. (a) 3,231,995 335,206 
Encana Corp. 6,237,300 73,074 
EOG Resources, Inc. 7,947,895 775,317 
Growmax Resources Corp. (a)(c) 3,546,563 320 
Pioneer Natural Resources Co. 1,512,436 281,661 
Reliance Industries Ltd. 809,372 16,483 
Suncor Energy, Inc. 2,061,800 63,303 
  2,535,006 
TOTAL ENERGY  2,553,046 
FINANCIALS - 16.8%   
Banks - 8.5%   
Bank of America Corp. 41,973,870 990,164 
Bank of Ireland (a) 842,000,941 208,842 
Capitec Bank Holdings Ltd. 440,800 25,015 
Citigroup, Inc. 29,047,246 1,737,606 
HDFC Bank Ltd. sponsored ADR 6,324,017 475,693 
JPMorgan Chase & Co. 17,346,296 1,523,699 
Kotak Mahindra Bank Ltd. 7,164,214 96,340 
M&T Bank Corp. 1,413,562 218,720 
Metro Bank PLC (b)(f) 6,043,371 246,384 
PNC Financial Services Group, Inc. 1,818,900 218,705 
PT Bank Central Asia Tbk 19,189,000 23,832 
Royal Bank of Canada 731,000 53,259 
U.S. Bancorp 14,715,193 757,832 
Wells Fargo & Co. 47,370,838 2,636,661 
  9,212,752 
Capital Markets - 1.7%   
BlackRock, Inc. Class A 628,629 241,086 
CBOE Holdings, Inc. 722,300 58,557 
Charles Schwab Corp. 3,179,900 129,772 
CME Group, Inc. 724,700 86,094 
Goldman Sachs Group, Inc. 1,063,600 244,330 
IntercontinentalExchange, Inc. 2,101,310 125,805 
MarketAxess Holdings, Inc. 219,700 41,192 
Morgan Stanley 8,487,400 363,600 
MSCI, Inc. 1,623,894 157,826 
Oaktree Capital Group LLC Class A 2,399,772 108,710 
S&P Global, Inc. 1,780,494 232,782 
  1,789,754 
Consumer Finance - 0.1%   
Capital One Financial Corp. 1,072,300 92,926 
Diversified Financial Services - 5.2%   
Berkshire Hathaway, Inc. Class A (a) 22,170 5,539,175 
Jeld-Wen Holding, Inc. 850,690 27,945 
  5,567,120 
Insurance - 1.3%   
Admiral Group PLC 2,760,788 68,799 
AIA Group Ltd. 14,946,600 94,240 
Chubb Ltd. 7,352,390 1,001,763 
Fairfax Financial Holdings Ltd. (sub. vtg.) 185,232 84,297 
Marsh & McLennan Companies, Inc. 2,592,895 191,589 
Primerica, Inc. 149,700 12,305 
  1,452,993 
TOTAL FINANCIALS  18,115,545 
HEALTH CARE - 8.2%   
Biotechnology - 1.3%   
Agios Pharmaceuticals, Inc. (a) 773,487 45,172 
Amgen, Inc. 2,303,435 377,925 
CSL Ltd. 123,522 11,827 
Five Prime Therapeutics, Inc. (a) 169,640 6,132 
Genmab A/S (a) 789,102 151,968 
Gilead Sciences, Inc. 2,986,635 202,852 
Incyte Corp. (a) 302,685 40,460 
Intrexon Corp. (b) 2,956,314 58,594 
La Jolla Pharmaceutical Co. (a) 318,100 9,495 
NantKwest, Inc. (a)(b) 1,043,949 3,706 
Neurocrine Biosciences, Inc. (a) 2,855,206 123,630 
Opko Health, Inc. (a)(b) 2,922,815 23,383 
OvaScience, Inc. (a) 1,197,824 2,240 
Regeneron Pharmaceuticals, Inc. (a) 446,884 173,172 
TESARO, Inc. (a) 846,400 130,236 
Ultragenyx Pharmaceutical, Inc. (a) 43,600 2,955 
  1,363,747 
Health Care Equipment & Supplies - 2.3%   
Baxter International, Inc. 1,959,400 101,614 
Becton, Dickinson & Co. 743,946 136,469 
Boston Scientific Corp. (a) 38,822,258 965,510 
C.R. Bard, Inc. 251,457 62,497 
Danaher Corp. 4,380,551 374,669 
DexCom, Inc. (a) 2,783,589 235,853 
Edwards Lifesciences Corp. (a) 320,115 30,113 
Intuitive Surgical, Inc. (a) 420,232 322,095 
Nevro Corp. (a)(b) 985,309 92,323 
Penumbra, Inc. (a) 489,289 40,831 
ResMed, Inc. 153,500 11,047 
Stryker Corp. 1,130,588 148,842 
  2,521,863 
Health Care Providers & Services - 3.1%   
HCA Holdings, Inc. (a) 495,100 44,059 
HealthEquity, Inc. (a) 1,117,265 47,428 
Henry Schein, Inc. (a) 3,264,830 554,923 
Humana, Inc. 216,800 44,691 
UnitedHealth Group, Inc. 15,773,045 2,586,937 
  3,278,038 
Health Care Technology - 0.1%   
Medidata Solutions, Inc. (a) 306,100 17,659 
NantHealth, Inc. 8,984 45 
Veeva Systems, Inc. Class A (a) 1,370,923 70,301 
  88,005 
Life Sciences Tools & Services - 1.0%   
Agilent Technologies, Inc. 597,400 31,585 
Eurofins Scientific SA 48,091 20,924 
Mettler-Toledo International, Inc. (a)(f) 1,828,666 875,766 
PRA Health Sciences, Inc. (a) 231,673 15,112 
Thermo Fisher Scientific, Inc. 373,613 57,387 
Waters Corp. (a) 712,521 111,374 
  1,112,148 
Pharmaceuticals - 0.4%   
Bristol-Myers Squibb Co. 6,791,331 369,313 
Eli Lilly & Co. 639,400 53,780 
GW Pharmaceuticals PLC ADR (a) 84,000 10,159 
Nektar Therapeutics (a) 445,219 10,449 
Teva Pharmaceutical Industries Ltd. sponsored ADR 321,000 10,301 
  454,002 
TOTAL HEALTH CARE  8,817,803 
INDUSTRIALS - 5.8%   
Aerospace & Defense - 0.7%   
General Dynamics Corp. 1,146,449 214,615 
Northrop Grumman Corp. 1,275,544 303,375 
Raytheon Co. 653,000 99,583 
Space Exploration Technologies Corp. Class A (a)(e) 200,313 21,033 
The Boeing Co. 825,200 145,945 
  784,551 
Air Freight & Logistics - 0.4%   
C.H. Robinson Worldwide, Inc. 462,536 35,749 
Expeditors International of Washington, Inc. 560,900 31,685 
FedEx Corp. 1,433,386 279,725 
XPO Logistics, Inc. (a) 1,196,389 57,295 
  404,454 
Airlines - 1.0%   
Ryanair Holdings PLC sponsored ADR (a) 5,279,202 438,068 
Southwest Airlines Co. 11,707,005 629,369 
  1,067,437 
Building Products - 0.6%   
A.O. Smith Corp. 1,227,370 62,792 
Fortune Brands Home & Security, Inc. 1,380,703 84,016 
Masco Corp. 11,466,156 389,735 
Toto Ltd. 2,178,800 82,422 
  618,965 
Commercial Services & Supplies - 0.1%   
Cintas Corp. 776,054 98,202 
Copart, Inc. (a) 481,736 29,834 
  128,036 
Electrical Equipment - 0.3%   
Acuity Brands, Inc. 137,207 27,990 
Eaton Corp. PLC 699,400 51,861 
Fortive Corp. 4,869,435 293,237 
  373,088 
Industrial Conglomerates - 0.6%   
3M Co. 3,519,423 673,371 
Machinery - 0.8%   
Deere & Co. 1,282,800 139,646 
Illinois Tool Works, Inc. 1,912,000 253,283 
Ingersoll-Rand PLC 1,502,500 122,183 
PACCAR, Inc. 2,621,080 176,137 
Parker Hannifin Corp. 859,400 137,779 
Rational AG 40,649 18,931 
Snap-On, Inc. 168,999 28,505 
Xylem, Inc. 119,700 6,011 
  882,475 
Professional Services - 0.6%   
Equifax, Inc. 3,295,907 450,682 
IHS Markit Ltd. (a) 1,518,590 63,705 
Recruit Holdings Co. Ltd. 503,300 25,678 
RELX PLC 573,500 11,238 
TransUnion Holding Co., Inc. (a) 3,426,347 131,400 
  682,703 
Road & Rail - 0.2%   
Canadian Pacific Railway Ltd. 283,740 41,680 
CSX Corp. 2,575,600 119,894 
J.B. Hunt Transport Services, Inc. 242,000 22,201 
  183,775 
Trading Companies & Distributors - 0.5%   
Air Lease Corp. Class A (c) 1,456,164 56,426 
Fastenal Co. 615,000 31,673 
HD Supply Holdings, Inc. (a) 7,964,833 327,554 
MSC Industrial Direct Co., Inc. Class A 267,351 27,473 
Univar, Inc. (a) 2,587,318 79,327 
  522,453 
TOTAL INDUSTRIALS  6,321,308 
INFORMATION TECHNOLOGY - 40.9%   
Communications Equipment - 0.3%   
Arista Networks, Inc. (a)(b) 2,076,034 274,597 
EchoStar Holding Corp. Class A (a) 86,703 4,938 
Harris Corp. 518,500 57,693 
  337,228 
Electronic Equipment & Components - 1.8%   
Amphenol Corp. Class A (f) 23,608,918 1,680,247 
CDW Corp. 3,138,211 181,106 
Coherent, Inc. (a) 218,101 44,850 
IPG Photonics Corp. (a) 530,534 64,035 
  1,970,238 
Internet Software & Services - 14.5%   
Alibaba Group Holding Ltd. sponsored ADR (a) 2,247,081 242,303 
Alphabet, Inc.:   
Class A (a) 4,579,217 3,882,260 
Class C (a) 4,143,425 3,437,220 
Dropbox, Inc. Class B (a)(e) 5,464,028 58,037 
eBay, Inc. (a) 1,987,460 66,719 
Facebook, Inc. Class A (a) 50,854,484 7,223,879 
LogMeIn, Inc. 1,300,549 126,804 
MercadoLibre, Inc. 143,000 30,240 
MuleSoft, Inc. Class A (a) 196,300 4,776 
Nutanix, Inc. Class B (a)(c) 3,060,752 57,450 
Rightmove PLC 496,757 24,821 
Shopify, Inc. Class A (a) 354,400 24,131 
Tencent Holdings Ltd. 10,244,000 295,125 
Twilio, Inc. Class A (b) 3,216,814 92,869 
Wix.com Ltd. (a) 174,500 11,849 
Zpg PLC 1,943,600 8,840 
  15,587,323 
IT Services - 5.4%   
Accenture PLC Class A 2,486,769 298,114 
ASAC II LP (a)(e) 39,494,500 6,635 
Cognizant Technology Solutions Corp. Class A (a) 242,700 14,446 
Computer Sciences Corp. 1,755,870 121,173 
CSRA, Inc. 3,272,900 95,863 
Fiserv, Inc. (a) 3,325,765 383,494 
Global Payments, Inc. 1,172,836 94,624 
Leidos Holdings, Inc. 218,300 11,164 
MasterCard, Inc. Class A 12,360,559 1,390,192 
PayPal Holdings, Inc. (a) 21,473,287 923,781 
Visa, Inc. Class A 28,151,097 2,501,788 
  5,841,274 
Semiconductors & Semiconductor Equipment - 4.1%   
Acacia Communications, Inc. (b) 779,617 45,701 
Analog Devices, Inc. 1,149,111 94,170 
Applied Materials, Inc. 16,768,718 652,303 
ASML Holding NV 778,700 103,411 
Broadcom Ltd. 5,136,788 1,124,751 
Cirrus Logic, Inc. (a) 229,300 13,916 
Inphi Corp. (a) 95,211 4,648 
Lam Research Corp. 5,818,148 746,817 
NVIDIA Corp. 4,482,632 488,293 
Qualcomm, Inc. 9,003,187 516,243 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 10,512,505 345,231 
Texas Instruments, Inc. 3,721,000 299,764 
  4,435,248 
Software - 10.9%   
Activision Blizzard, Inc. (f) 38,691,802 1,929,173 
Adobe Systems, Inc. (a) 13,083,171 1,702,513 
Atlassian Corp. PLC (a) 1,172,777 35,125 
Autodesk, Inc. (a) 1,178,760 101,927 
CDK Global, Inc. 1,300,460 84,543 
Check Point Software Technologies Ltd. (a) 337,504 34,648 
Citrix Systems, Inc. (a) 2,246,812 187,362 
Electronic Arts, Inc. (a) 8,724,230 780,993 
Intuit, Inc. 826,871 95,909 
Microsoft Corp. 41,008,303 2,700,807 
Nintendo Co. Ltd. 147,200 34,156 
Paycom Software, Inc. (a) 1,462,624 84,116 
RealPage, Inc. (a) 1,566,107 54,657 
Red Hat, Inc. (a) 1,035,383 89,561 
RingCentral, Inc. (a) 69,187 1,958 
Salesforce.com, Inc. (a) 27,120,036 2,237,132 
ServiceNow, Inc. (a) 1,521,100 133,051 
Snap, Inc.:   
Class A (a)(b) 9,123,908 205,562 
Class A 1,875,642 38,032 
Class B 1,875,642 38,032 
Symantec Corp. 7,241,750 222,177 
Trion World, Inc. (a)(e) 4,607,810 
Trion World, Inc.:   
warrants 8/10/17 (a)(e) 124,589 
warrants 10/3/18 (a)(e) 183,516 
Ultimate Software Group, Inc. (a)(f) 1,892,525 369,440 
Workday, Inc. Class A (a) 6,827,420 568,588 
  11,729,462 
Technology Hardware, Storage & Peripherals - 3.9%   
Apple, Inc. 28,000,434 4,022,542 
Logitech International SA 361,100 11,508 
Samsung Electronics Co. Ltd. 113,628 209,499 
  4,243,549 
TOTAL INFORMATION TECHNOLOGY  44,144,322 
MATERIALS - 2.4%   
Chemicals - 1.2%   
Air Products & Chemicals, Inc. 1,164,199 157,504 
Celanese Corp. Class A 372,800 33,496 
E.I. du Pont de Nemours & Co. 4,262,100 342,374 
Monsanto Co. 320,907 36,327 
PPG Industries, Inc. 1,815,633 190,787 
Sherwin-Williams Co. 1,348,464 418,280 
The Chemours Co. LLC 2,606,087 100,334 
  1,279,102 
Construction Materials - 0.2%   
Martin Marietta Materials, Inc. 1,255,958 274,113 
Containers & Packaging - 0.1%   
WestRock Co. 1,436,600 74,746 
Metals & Mining - 0.9%   
B2Gold Corp. (a)(f) 51,287,926 146,168 
First Quantum Minerals Ltd. 796,800 8,466 
Fortescue Metals Group Ltd. 7,735,157 36,817 
Franco-Nevada Corp. 3,957,833 259,282 
Ivanhoe Mines Ltd. (a)(f) 46,539,108 162,380 
Ivanhoe Mines Ltd. (a)(c)(f) 15,177,309 52,955 
Newcrest Mining Ltd. 8,078,296 137,446 
Novagold Resources, Inc. (a) 7,438,926 36,136 
Nucor Corp. 1,213,200 72,452 
Steel Dynamics, Inc. 1,582,900 55,022 
  967,124 
TOTAL MATERIALS  2,595,085 
REAL ESTATE - 0.0%   
Equity Real Estate Investment Trusts (REITs) - 0.0%   
American Tower Corp. 209,000 25,402 
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc. Class A (a)(e) 644,857 32,367 
TOTAL REAL ESTATE  57,769 
TELECOMMUNICATION SERVICES - 0.5%   
Wireless Telecommunication Services - 0.5%   
SoftBank Corp. 1,110,300 78,737 
T-Mobile U.S., Inc. (a) 7,393,499 477,546 
  556,283 
TOTAL COMMON STOCKS   
(Cost $56,960,736)  106,045,352 
Convertible Preferred Stocks - 1.5%   
CONSUMER DISCRETIONARY - 0.1%   
Diversified Consumer Services - 0.1%   
Airbnb, Inc.:   
Series D (a)(e) 578,817 60,776 
Series E (a)(e) 388,853 40,830 
Handy Technologies, Inc. Series C (a)(e) 3,537,042 11,861 
  113,467 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
Blue Apron Holdings, Inc. Series D (a)(e) 4,329,591 60,484 
HEALTH CARE - 0.2%   
Biotechnology - 0.1%   
23andMe, Inc. Series E (a)(e) 664,987 6,809 
Intarcia Therapeutics, Inc. Series CC (a)(e) 2,100,446 126,027 
  132,836 
Health Care Providers & Services - 0.1%   
Get Heal, Inc. Series B (e) 35,877,127 10,944 
Mulberry Health, Inc. Series A8 (a)(e) 7,960,894 51,165 
  62,109 
TOTAL HEALTH CARE  194,945 
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
Space Exploration Technologies Corp. Series G (a)(e) 558,215 58,613 
INFORMATION TECHNOLOGY - 0.8%   
Internet Software & Services - 0.7%   
Dropbox, Inc.:   
Series A (a)(e) 1,260,898 13,393 
Series C (a)(e) 698,385 8,890 
Pinterest, Inc.:   
Series E, 8.00% (a)(e) 54,841,080 473,279 
Series F, 8.00% (a)(e) 3,455,720 29,823 
Series G, 8.00% (a)(e) 4,301,275 37,120 
Uber Technologies, Inc. Series D, 8.00% (a)(e) 4,868,916 237,468 
  799,973 
Software - 0.1%   
Cloudera, Inc. Series F (a)(e) 1,316,883 17,778 
Cloudflare, Inc. Series D 8.0% (a)(e) 4,303,714 23,240 
Delphix Corp. Series D (a)(e) 3,712,687 17,413 
  58,431 
TOTAL INFORMATION TECHNOLOGY  858,404 
REAL ESTATE - 0.3%   
Real Estate Management & Development - 0.3%   
WeWork Companies, Inc.:   
Series E(a)(e) 5,803,713 291,301 
Series F (a)(e) 269,484 13,526 
  304,827 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 0.00 (e) 2,124,227 9,771 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $877,848)  1,600,511 
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.0%   
INFORMATION TECHNOLOGY - 0.0%   
Software - 0.0%   
Trion World, Inc. 12% 10/10/19 pay-in-kind (e)(g)
(Cost $1,739) 
1,741 734 
Bank Loan Obligations - 0.0%   
INDUSTRIALS - 0.0%   
Building Products - 0.0%   
Jeld-Wen, Inc. Tranche B 3LN, term loan 4% 7/1/22 (g)
(Cost $18,758) 
18,853 18,963 
 Shares Value (000s) 
Money Market Funds - 1.7%   
Fidelity Cash Central Fund, 0.84% (h) 946,948,411 947,138 
Fidelity Securities Lending Cash Central Fund 0.84% (h)(i) 846,059,524 846,144 
TOTAL MONEY MARKET FUNDS   
(Cost $1,793,250)  1,793,282 
TOTAL INVESTMENT PORTFOLIO - 101.4%   
(Cost $59,652,331)  109,458,842 
NET OTHER ASSETS (LIABILITIES) - (1.4)%  (1,460,137) 
NET ASSETS - 100%  $107,998,705 

Values shown as $0 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 $199,425,000 or 0.2% 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 $1,856,163,000 or 1.7% of net assets.

 (f) Affiliated company

 (g) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (h) 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.

 (i) 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 
Airbnb, Inc. Series D 4/16/14 $23,565 
Airbnb, Inc. Series E 6/29/15 $36,200 
Altiostar Networks, Inc. Series A1 0.00 1/10/17 $9,771 
ASAC II LP 10/10/13 $3,041 
Blue Apron Holdings, Inc. Series D 5/18/15 $57,700 
Centennial Resource Development, Inc. Class A 10/11/16 - 12/28/16 $85,917 
Cloudera, Inc. Series F 2/5/14 $19,174 
Cloudflare, Inc. Series D 8.0% 11/5/14 - 6/24/15 $26,827 
Delphix Corp. Series D 7/10/15 $33,414 
Dropbox, Inc. Class B 5/2/12 $49,445 
Dropbox, Inc. Series A 5/29/12 $11,410 
Dropbox, Inc. Series C 1/30/14 $13,340 
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 
Mulberry Health, Inc. Series A8 1/20/16 $53,774 
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 
Space Exploration Technologies Corp. Class A 10/16/15 $17,828 
Space Exploration Technologies Corp. Series G 1/20/15 $43,239 
Trion World, Inc. 8/22/08 - 3/20/13 $25,151 
Trion World, Inc. warrants 8/10/17 8/10/10 $0 
Trion World, Inc. warrants 10/3/18 10/10/13 $0 
Trion World, Inc. 12% 10/10/19 pay-in-kind 10/10/13 - 10/10/16 $1,738 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $75,532 
Weinstein Co. Holdings LLC Class A-1 10/19/05 $41,234 
WeWork Companies, Inc. Class A 6/23/15 $21,209 
WeWork Companies, Inc. Series E 6/23/15 $190,882 
WeWork Companies, Inc. Series F 12/1/16 $13,526 

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 $553 
Fidelity Securities Lending Cash Central Fund 2,510 
Total $3,063 

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* Dividend Income Value, end of period 
Activision Blizzard, Inc. $1,415,505 $10,901 $30,239 $11,653 $1,929,173 
Amphenol Corp. Class A 1,616,746 -- 30,984 3,792 1,680,247 
B2Gold Corp. 133,433 -- 14,076 -- 146,168 
Birchcliff Energy Ltd. 4,788 -- -- 11 3,901 
Birchcliff Energy Ltd. 154,808 7,730 13,162 334 119,531 
Centennial Resource Development, Inc. Class A 102,307 -- -- -- 94,577 
Centennial Resource Development, Inc. Class A 119,830 42,803 2,384 -- 149,932 
Centennial Resource Development, Inc. Class A 41,547 -- -- -- 40,541 
Ivanhoe Mines Ltd. 84,945 7,192 2,392 -- 162,380 
Ivanhoe Mines Ltd. 29,259 -- 812 -- 52,955 
Liberty Media Corp. Liberty Media Class C 62,558 5,838 1,243 -- -- 
Liberty Media Corp. Liberty SiriusXM Class A 11,502 -- 225 -- -- 
Liberty Media Corp. Liberty SiriusXM Class C 180,839 -- 3,562 -- -- 
Metro Bank PLC 221,999 -- 4,490 -- 246,384 
Mettler-Toledo International, Inc. 755,194 27,592 14,731 -- 875,766 
Ultimate Software Group, Inc. 341,510 10,408 6,970 -- 369,440 
Total $5,276,770 $112,464 $125,270 $15,790 $5,870,995 

 * 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 March 31, 2017, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $19,310,397 $19,092,159 $103,042 $115,196 
Consumer Staples 3,747,745 3,582,458 104,803 60,484 
Energy 2,553,046 2,512,505 40,541 -- 
Financials 18,115,545 18,115,545 -- -- 
Health Care 9,012,748 8,817,803 -- 194,945 
Industrials 6,379,921 6,217,853 82,422 79,646 
Information Technology 45,002,726 43,674,305 423,123 905,298 
Materials 2,595,085 2,595,085 -- -- 
Real Estate 362,596 25,402 -- 337,194 
Telecommunication Services 566,054 477,546 78,737 9,771 
Corporate Bonds 734 -- -- 734 
Bank Loan Obligations 18,963 -- 18,963 -- 
Money Market Funds 1,793,282 1,793,282 -- -- 
Total Investments in Securities: $109,458,842 $106,903,943 $851,631 $1,703,268 

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)     
Investments in Securities:     
Beginning Balance $1,782,615    
Net Realized Gain (Loss) on Investment Securities (31,200)    
Net Unrealized Gain (Loss) on Investment Securities 33,946    
Cost of Purchases 9,773    
Proceeds of Sales (28,810)    
Amortization/Accretion --    
Transfers into Level 3 --    
Transfers out of Level 3 (63,056)    
Ending Balance $1,703,268    
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2017 $14,475    

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 and 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.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 and bank loan obligations 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 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 $734 Recovery value Recovery value 42.2% Increase 
Equities $1,702,534 Discount cash flow Discount rate 8.0% Decrease 
   Discount for lack of marketability (DLOM) 20.0% Decrease 
   Growth rate 3.0% Increase 
  Market approach Transaction price $0.31 - $105.00 / $56.85 Increase 
   Tender price $105.00 Increase 
  Market comparable Discount rate 15.9% - 50.0% / 17.7% Decrease 
   Enterprise value/Sales multiple (EV/S) 0.7 - 7.1 / 4.0 Increase 
   Discount for lack of marketability (DLOM) 15.0% - 30.0% / 18.4% Decrease 
   Liquidity preference $5.86 - $19.10 / $9.40 Increase 
   Premium rate 10.0% Increase 
   Probability rate 77.0% 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.


Other Information

Income Tax Information

At March 31, 2017, the cost of investment securities for income tax purposes was $59,792,675,000 Net unrealized appreciation aggregated $49,666,167,000, of which $50,236,726,000 related to appreciated investment securities and $570,559,000 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity Advisor® New Insights Fund

March 31, 2017







ANIF-QTLY-0517
1.799846.113





Investments March 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 15.4%   
Auto Components - 0.1%   
Magna International, Inc. Class A (sub. vtg.) 853,000 $36,811 
Automobiles - 1.7%   
BYD Co. Ltd. (H Shares) 250,000 1,386 
Fiat Chrysler Automobiles NV (a) 5,097,400 55,715 
Fuji Heavy Industries Ltd. 134,400 4,930 
General Motors Co. 2,463,800 87,120 
Harley-Davidson, Inc. 49,700 3,007 
Maruti Suzuki India Ltd. 3,753 348 
Tesla, Inc. (a) 1,037,024 288,604 
  441,110 
Diversified Consumer Services - 0.1%   
Laureate Education, Inc. Class A 523,200 7,466 
Weight Watchers International, Inc. (a) 320,700 4,993 
  12,459 
Hotels, Restaurants & Leisure - 2.3%   
ARAMARK Holdings Corp. 5,251,200 193,612 
Aristocrat Leisure Ltd. 123,150 1,691 
Chipotle Mexican Grill, Inc. (a) 11,400 5,079 
Churchill Downs, Inc. 9,700 1,541 
Darden Restaurants, Inc. 18,100 1,514 
Domino's Pizza, Inc. 415,618 76,598 
Dunkin' Brands Group, Inc. 579,400 31,682 
Hilton, Inc. 162,833 9,519 
Marriott International, Inc. Class A 601,800 56,678 
Park Hotels & Resorts, Inc. 902 23 
Royal Caribbean Cruises Ltd. 233,746 22,933 
Starbucks Corp. 2,063,298 120,476 
U.S. Foods Holding Corp. 109,200 3,055 
Vail Resorts, Inc. 54,927 10,540 
Whitbread PLC 755,482 37,464 
  572,405 
Household Durables - 0.6%   
D.R. Horton, Inc. 2,654,224 88,412 
Mohawk Industries, Inc. (a) 231,624 53,155 
SodaStream International Ltd. (a) 3,950 191 
Tempur Sealy International, Inc. (a)(b) 107,100 4,976 
  146,734 
Internet & Direct Marketing Retail - 6.0%   
Amazon.com, Inc. (a) 1,043,540 925,140 
ASOS PLC (a) 25,700 1,946 
Etsy, Inc. (a) 764,751 8,129 
Netflix, Inc. (a) 1,799,300 265,955 
Priceline Group, Inc. (a) 184,817 328,969 
Start Today Co. Ltd. 162,400 3,593 
Takeaway.com Holding BV (c) 121,100 4,068 
  1,537,800 
Leisure Products - 0.0%   
Hasbro, Inc. 46,100 4,602 
Media - 1.5%   
CBS Corp. Class B 21,700 1,505 
Charter Communications, Inc. Class A (a) 480,447 157,260 
DISH Network Corp. Class A (a) 78,800 5,003 
Interpublic Group of Companies, Inc. 384,900 9,457 
Liberty Broadband Corp.:   
Class A (a) 167,605 14,262 
Class C (a) 600 52 
Liberty Global PLC:   
Class A (a) 1,321,605 47,406 
Class C (a) 42,100 1,475 
LiLAC Class A (a) 121,799 2,709 
Liberty Media Corp.:   
Liberty Media Class C (a) 151,400 5,170 
Liberty SiriusXM Class A (a) 536,080 20,864 
Naspers Ltd. Class N 88,200 15,198 
Omnicom Group, Inc. 96,224 8,295 
Sirius XM Holdings, Inc. 3,466,400 17,852 
The Walt Disney Co. 342,049 38,785 
Weinstein Co. Holdings LLC Class A-1 (a)(d)(e) 2,267 95 
WME Entertainment Parent, LLC Class A (d)(e) 12,765,400 28,850 
  374,238 
Multiline Retail - 0.3%   
Ollie's Bargain Outlet Holdings, Inc. (a) 1,159,219 38,834 
Target Corp. 693,100 38,252 
  77,086 
Specialty Retail - 2.0%   
AutoZone, Inc. (a) 72,734 52,590 
Burlington Stores, Inc. (a) 15,400 1,498 
Foot Locker, Inc. 58,600 4,384 
Home Depot, Inc. 624,300 91,666 
Inditex SA 39,810 1,402 
Nitori Holdings Co. Ltd. 62,900 7,949 
O'Reilly Automotive, Inc. (a) 103,141 27,832 
Ross Stores, Inc. 269,400 17,745 
Tiffany & Co., Inc. 788,100 75,106 
TJX Companies, Inc. 2,581,774 204,167 
Ulta Beauty, Inc. (a) 65,500 18,683 
  503,022 
Textiles, Apparel & Luxury Goods - 0.8%   
adidas AG 243,063 46,233 
Brunello Cucinelli SpA 1,809,352 43,121 
Canada Goose Holdings, Inc. (a) 54,500 869 
China Hongxing Sports Ltd. (a) 6,000,000 247 
Coach, Inc. 650,400 26,881 
Hermes International SCA 77,200 36,575 
NIKE, Inc. Class B 1,059,122 59,025 
Under Armour, Inc. Class A (sub. vtg.) (a)(b) 100,000 1,978 
  214,929 
TOTAL CONSUMER DISCRETIONARY  3,921,196 
CONSUMER STAPLES - 3.3%   
Beverages - 0.4%   
Kweichow Moutai Co. Ltd. (A Shares) 81,600 4,578 
Molson Coors Brewing Co. Class B 923,000 88,340 
Monster Beverage Corp. (a) 63,800 2,946 
National Beverage Corp. 29,575 2,500 
The Coca-Cola Co. 36,000 1,528 
  99,892 
Food & Staples Retailing - 1.0%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 243,300 10,992 
Booker Group PLC 650,300 1,592 
Costco Wholesale Corp. 850,025 142,541 
Kroger Co. 2,138,500 63,064 
Performance Food Group Co. (a) 341,900 8,137 
Sysco Corp. 438,999 22,793 
Tesco PLC (a) 3,033,800 7,061 
Wal-Mart Stores, Inc. 105,900 7,633 
  263,813 
Food Products - 0.6%   
Amplify Snack Brands, Inc. (a)(b)(f) 3,859,485 32,420 
Associated British Foods PLC 1,352,892 44,173 
Greencore Group PLC 6,627,923 20,412 
Mondelez International, Inc. 240,243 10,350 
The Kraft Heinz Co. 462,200 41,972 
  149,327 
Household Products - 0.5%   
Colgate-Palmolive Co. 1,717,549 125,707 
Personal Products - 0.8%   
Coty, Inc. Class A 2,225,600 40,350 
Estee Lauder Companies, Inc. Class A 1,442,502 122,310 
L'Oreal SA 223,101 42,876 
Unilever NV (Certificaten Van Aandelen) (Bearer) 150,900 7,492 
  213,028 
TOTAL CONSUMER STAPLES  851,767 
ENERGY - 7.0%   
Energy Equipment & Services - 0.5%   
Borr Drilling Ltd. (a) 10,172,000 41,168 
Helmerich & Payne, Inc. (b) 392,400 26,122 
Oceaneering International, Inc. 1,798,799 48,711 
Schlumberger Ltd. 73,603 5,748 
  121,749 
Oil, Gas & Consumable Fuels - 6.5%   
Anadarko Petroleum Corp. 2,139,046 132,621 
Birchcliff Energy Ltd. 2,618,400 14,885 
Birchcliff Energy Ltd. (c) 585,400 3,328 
Cabot Oil & Gas Corp. 3,902,480 93,308 
Canadian Natural Resources Ltd. 899,100 29,437 
Cenovus Energy, Inc. 668,400 7,564 
Centennial Resource Development, Inc.:   
Class A (e) 1,224,500 22,323 
Class A 1,390,512 25,349 
Class A (e) 555,400 9,619 
Chevron Corp. 1,717,700 184,429 
Cimarex Energy Co. 94,300 11,268 
Concho Resources, Inc. (a) 104,100 13,360 
Concho Resources, Inc. (a) 25,680 3,296 
ConocoPhillips Co. 3,290,700 164,107 
Continental Resources, Inc. (a) 641,419 29,133 
Diamondback Energy, Inc. (a) 1,142,382 118,482 
Encana Corp. 960,200 11,249 
Energy Transfer Equity LP 1,385,200 27,330 
EOG Resources, Inc. 1,131,200 110,349 
Golar LNG Ltd. 1,446,700 40,406 
Noble Energy, Inc. 1,454,861 49,960 
Pioneer Natural Resources Co. 600,700 111,868 
Reliance Industries Ltd. 190,104 3,872 
Southwestern Energy Co. (a) 1,797,800 14,688 
Suncor Energy, Inc. 285,200 8,756 
The Williams Companies, Inc. 7,912,800 234,140 
Whiting Petroleum Corp. (a) 2,000,000 18,920 
Williams Partners LP 4,115,300 168,028 
  1,662,075 
TOTAL ENERGY  1,783,824 
FINANCIALS - 15.9%   
Banks - 8.6%   
Bank of America Corp. 19,381,727 457,215 
Bank of Ireland (a) 145,048,828 35,977 
Capitec Bank Holdings Ltd. 62,200 3,530 
Citigroup, Inc. 4,550,300 272,199 
First Republic Bank 650,200 60,995 
HDFC Bank Ltd. sponsored ADR 1,822,672 137,101 
JPMorgan Chase & Co. 4,847,400 425,796 
Kotak Mahindra Bank Ltd. 770,514 10,361 
M&T Bank Corp. 197,112 30,499 
Metro Bank PLC 570,725 23,268 
PNC Financial Services Group, Inc. 1,247,689 150,022 
PT Bank Central Asia Tbk 1,318,800 1,638 
Regions Financial Corp. 4,376,000 63,583 
Royal Bank of Canada 101,400 7,388 
SunTrust Banks, Inc. 1,243,800 68,782 
U.S. Bancorp 3,946,514 203,245 
Wells Fargo & Co. 4,091,100 227,711 
  2,179,310 
Capital Markets - 2.2%   
BlackRock, Inc. Class A 3,900 1,496 
CBOE Holdings, Inc. 99,000 8,026 
Charles Schwab Corp. 436,000 17,793 
CME Group, Inc. 98,700 11,726 
Goldman Sachs Group, Inc. 473,200 108,704 
IntercontinentalExchange, Inc. 263,800 15,794 
KKR & Co. LP 2,607,228 47,530 
MarketAxess Holdings, Inc. 32,500 6,093 
Morgan Stanley 4,646,677 199,064 
MSCI, Inc. 253,900 24,677 
Oaktree Capital Group LLC Class A 34,000 1,540 
S&P Global, Inc. 158,690 20,747 
State Street Corp. 1,202,600 95,739 
  558,929 
Consumer Finance - 0.0%   
Capital One Financial Corp. 147,800 12,808 
Diversified Financial Services - 2.2%   
Berkshire Hathaway, Inc. Class A (a) 2,240 559,664 
Jeld-Wen Holding, Inc. 156,600 5,144 
  564,808 
Insurance - 2.9%   
Admiral Group PLC 411,269 10,249 
AIA Group Ltd. 9,158,200 57,743 
American International Group, Inc. 2,592,100 161,825 
Chubb Ltd. 2,196,488 299,271 
Fairfax Financial Holdings Ltd. (sub. vtg.) 66,800 30,400 
FNF Group 2,855,300 111,185 
Marsh & McLennan Companies, Inc. 139,053 10,275 
MetLife, Inc. 1,050,800 55,503 
Primerica, Inc. 19,900 1,636 
  738,087 
TOTAL FINANCIALS  4,053,942 
HEALTH CARE - 9.0%   
Biotechnology - 1.1%   
Agios Pharmaceuticals, Inc. (a)(b) 754,162 44,043 
Amgen, Inc. 851,399 139,689 
CSL Ltd. 17,347 1,661 
Five Prime Therapeutics, Inc. (a) 37,900 1,370 
Genmab A/S (a) 124,096 23,899 
Incyte Corp. (a) 37,900 5,066 
Intrexon Corp. (b) 794,681 15,751 
La Jolla Pharmaceutical Co. (a) 50,000 1,493 
Light Sciences Oncology, Inc. (a) 2,708,254 
NantKwest, Inc. (a)(b) 151,002 536 
Neurocrine Biosciences, Inc. (a) 138,260 5,987 
Olivo Labs (a)(e) 630,333 763 
Opko Health, Inc. (a)(b) 463,974 3,712 
OvaScience, Inc. (a) 153,700 287 
Regeneron Pharmaceuticals, Inc. (a) 35,300 13,679 
TESARO, Inc. (a) 132,500 20,388 
Ultragenyx Pharmaceutical, Inc. (a) 10,000 678 
  279,002 
Health Care Equipment & Supplies - 2.5%   
Baxter International, Inc. 274,500 14,236 
Becton, Dickinson & Co. 298,896 54,829 
Boston Scientific Corp. (a) 8,780,724 218,377 
C.R. Bard, Inc. 117,038 29,089 
Danaher Corp. 547,568 46,833 
DexCom, Inc. (a) 942,384 79,848 
Edwards Lifesciences Corp. (a) 90,356 8,500 
I-Pulse, Inc. (a) 58,562 376 
Intuitive Surgical, Inc. (a) 53,300 40,853 
Nevro Corp. (a) 163,200 15,292 
Penumbra, Inc. (a) 58,300 4,865 
Teleflex, Inc. 151,700 29,389 
The Cooper Companies, Inc. 444,251 88,801 
  631,288 
Health Care Providers & Services - 2.6%   
HCA Holdings, Inc. (a) 68,500 6,096 
HealthEquity, Inc. (a) 162,315 6,890 
Henry Schein, Inc. (a) 1,004,881 170,800 
Humana, Inc. 28,800 5,937 
UnitedHealth Group, Inc. 2,493,300 408,926 
Universal Health Services, Inc. Class B 500,200 62,250 
  660,899 
Health Care Technology - 0.2%   
Castlight Health, Inc. (a) 1,325,100 4,837 
Cerner Corp. (a) 768,530 45,228 
Medidata Solutions, Inc. (a) 44,157 2,547 
NantHealth, Inc. 1,784 
Veeva Systems, Inc. Class A (a) 252,600 12,953 
  65,574 
Life Sciences Tools & Services - 2.4%   
Agilent Technologies, Inc. 1,496,500 79,120 
Eurofins Scientific SA 468,284 203,748 
Illumina, Inc. (a) 272,451 46,491 
Mettler-Toledo International, Inc. (a) 378,109 181,080 
PRA Health Sciences, Inc. (a) 37,700 2,459 
Thermo Fisher Scientific, Inc. 395,069 60,683 
Waters Corp. (a) 201,391 31,479 
  605,060 
Pharmaceuticals - 0.2%   
Bristol-Myers Squibb Co. 627,300 34,113 
Eli Lilly & Co. 88,400 7,435 
GW Pharmaceuticals PLC ADR (a) 11,700 1,415 
Nektar Therapeutics (a) 105,445 2,475 
Teva Pharmaceutical Industries Ltd. sponsored ADR 44,600 1,431 
  46,869 
TOTAL HEALTH CARE  2,288,692 
INDUSTRIALS - 7.4%   
Aerospace & Defense - 1.5%   
General Dynamics Corp. 680,900 127,464 
Northrop Grumman Corp. 502,600 119,538 
Raytheon Co. 11,400 1,739 
Space Exploration Technologies Corp. Class A (a)(e) 121,180 12,724 
Teledyne Technologies, Inc. (a) 393,900 49,813 
The Boeing Co. 114,400 20,233 
TransDigm Group, Inc. 170,572 37,553 
  369,064 
Air Freight & Logistics - 0.9%   
C.H. Robinson Worldwide, Inc. 930,900 71,949 
Expeditors International of Washington, Inc. 798,043 45,081 
FedEx Corp. 531,310 103,685 
XPO Logistics, Inc. (a) 185,200 8,869 
  229,584 
Airlines - 1.0%   
Ryanair Holdings PLC sponsored ADR (a) 1,870,940 155,251 
Southwest Airlines Co. 1,808,900 97,246 
  252,497 
Building Products - 1.0%   
A.O. Smith Corp. 226,890 11,608 
Fortune Brands Home & Security, Inc. 1,298,328 79,003 
GMS, Inc. 282,000 9,881 
Masco Corp. 1,719,300 58,439 
Toto Ltd. 2,853,000 107,927 
  266,858 
Commercial Services & Supplies - 0.4%   
Cintas Corp. 125,180 15,840 
Copart, Inc. (a) 53,100 3,288 
KAR Auction Services, Inc. 990,600 43,260 
Stericycle, Inc. (a) 439,500 36,430 
  98,818 
Electrical Equipment - 0.2%   
Acuity Brands, Inc. 62,717 12,794 
Eaton Corp. PLC 106,100 7,867 
Fortive Corp. 680,434 40,976 
  61,637 
Machinery - 0.7%   
Deere & Co. 178,600 19,442 
Illinois Tool Works, Inc. 292,900 38,800 
Ingersoll-Rand PLC 201,600 16,394 
PACCAR, Inc. 432,400 29,057 
Parker Hannifin Corp. 118,800 19,046 
Pentair PLC 535,700 33,631 
Rational AG 55,300 25,754 
Snap-On, Inc. 35,162 5,931 
Xylem, Inc. 18,900 949 
  189,004 
Professional Services - 0.5%   
Equifax, Inc. 565,048 77,265 
IHS Markit Ltd. (a) 251,434 10,548 
Recruit Holdings Co. Ltd. 70,400 3,592 
TransUnion Holding Co., Inc. (a) 631,362 24,213 
  115,618 
Road & Rail - 0.3%   
CSX Corp. 364,000 16,944 
Genesee & Wyoming, Inc. Class A (a) 793,300 53,833 
J.B. Hunt Transport Services, Inc. 36,800 3,376 
  74,153 
Trading Companies & Distributors - 0.9%   
Air Lease Corp.:   
Class A (c) 320,800 12,431 
Class A 1,205,441 46,711 
Fastenal Co. 86,000 4,429 
HD Supply Holdings, Inc. (a) 1,524,909 62,712 
MSC Industrial Direct Co., Inc. Class A 41,472 4,262 
United Rentals, Inc. (a) 753,800 94,263 
Univar, Inc. (a) 413,645 12,682 
  237,490 
TOTAL INDUSTRIALS  1,894,723 
INFORMATION TECHNOLOGY - 33.8%   
Communications Equipment - 1.1%   
Arista Networks, Inc. (a) 335,326 44,354 
Cisco Systems, Inc. 6,846,500 231,412 
EchoStar Holding Corp. Class A (a) 21,800 1,242 
Harris Corp. 71,100 7,911 
  284,919 
Electronic Equipment & Components - 2.2%   
Amphenol Corp. Class A 5,404,969 384,672 
CDW Corp. 1,543,728 89,089 
Coherent, Inc. (a) 28,550 5,871 
IPG Photonics Corp. (a) 665,466 80,322 
  559,954 
Internet Software & Services - 10.9%   
Akamai Technologies, Inc. (a) 872,800 52,106 
Alibaba Group Holding Ltd. sponsored ADR (a) 321,400 34,657 
Alphabet, Inc.:   
Class A (a) 1,017,954 863,021 
Class C (a) 391,698 324,937 
Dropbox, Inc. Class B(a)(e) 1,289,836 13,700 
eBay, Inc. (a) 341,700 11,471 
Endurance International Group Holdings, Inc. (a) 3,512,300 27,572 
Facebook, Inc. Class A (a) 8,569,059 1,217,237 
GoDaddy, Inc. (a) 1,691,700 64,115 
LogMeIn, Inc. 264,817 25,820 
MercadoLibre, Inc. 23,400 4,948 
MuleSoft, Inc. Class A (a) 46,400 1,129 
Nutanix, Inc. Class B (a)(c) 783,938 14,715 
Rightmove PLC 471,022 23,535 
Shopify, Inc. Class A (a) 77,800 5,297 
SurveyMonkey (a)(e) 2,069,881 20,864 
Tencent Holdings Ltd. 1,272,700 36,666 
Twilio, Inc. Class A (b) 795,440 22,964 
Wix.com Ltd. (a) 24,300 1,650 
Zpg PLC 468,700 2,132 
  2,768,536 
IT Services - 5.1%   
Accenture PLC Class A 325,640 39,038 
ASAC II LP (a)(e) 9,408,021 1,581 
Cognizant Technology Solutions Corp. Class A (a) 27,400 1,631 
Computer Sciences Corp. 219,900 15,175 
CSRA, Inc. 460,200 13,479 
Fidelity National Information Services, Inc. 416,230 33,140 
First Data Corp. Class A (a) 9,819,903 152,208 
Fiserv, Inc. (a) 1,112,057 128,231 
FleetCor Technologies, Inc. (a) 328,100 49,684 
Global Payments, Inc. 149,400 12,054 
Leidos Holdings, Inc. 658,100 33,655 
MasterCard, Inc. Class A 776,648 87,350 
PayPal Holdings, Inc. (a) 4,928,621 212,029 
Total System Services, Inc. 941,260 50,320 
Visa, Inc. Class A 5,398,567 479,771 
  1,309,346 
Semiconductors & Semiconductor Equipment - 3.4%   
Acacia Communications, Inc. (b) 106,793 6,260 
Analog Devices, Inc. 290,550 23,811 
Applied Materials, Inc. 2,308,600 89,805 
ASML Holding NV 107,600 14,289 
Broadcom Ltd. 989,454 216,651 
Cirrus Logic, Inc. (a) 36,252 2,200 
Inphi Corp. (a) 23,687 1,156 
KLA-Tencor Corp. 655,500 62,318 
Lam Research Corp. 833,341 106,968 
NVIDIA Corp. 640,700 69,791 
Qualcomm, Inc. 2,886,200 165,495 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 950,200 31,205 
Texas Instruments, Inc. 520,700 41,948 
Xilinx, Inc. 555,400 32,152 
  864,049 
Software - 8.8%   
Activision Blizzard, Inc. 8,038,636 400,806 
Adobe Systems, Inc.(a) 2,569,886 334,419 
ANSYS, Inc. (a) 460,100 49,171 
Atlassian Corp. PLC (a) 250,506 7,503 
Autodesk, Inc. (a) 173,200 14,977 
CDK Global, Inc. 191,394 12,443 
Check Point Software Technologies Ltd. (a) 54,600 5,605 
Citrix Systems, Inc. (a) 307,400 25,634 
Electronic Arts, Inc. (a) 1,744,900 156,203 
Intuit, Inc. 370,600 42,986 
Microsoft Corp. 6,977,731 459,553 
Mobileye NV (a) 1,164,400 71,494 
Nintendo Co. Ltd. 12,000 2,784 
Paycom Software, Inc. (a) 197,800 11,375 
RealPage, Inc. (a) 242,300 8,456 
Red Hat, Inc. (a) 153,368 13,266 
RingCentral, Inc. (a) 16,628 471 
Salesforce.com, Inc. (a) 3,995,200 329,564 
ServiceNow, Inc. (a) 214,300 18,745 
Snap, Inc.:   
Class A (a)(b) 2,370,100 53,398 
Class A 271,142 5,498 
Class B 271,142 5,498 
Symantec Corp. 991,700 30,425 
Trion World, Inc. (a)(e) 702,569 
Trion World, Inc.:   
warrants 8/10/17 (a)(e) 18,998 
warrants 10/3/18 (a)(e) 27,981 
Ultimate Software Group, Inc. (a) 525,903 102,662 
Workday, Inc. Class A (a) 800,500 66,666 
  2,229,602 
Technology Hardware, Storage & Peripherals - 2.3%   
Apple, Inc. 3,827,269 549,825 
Logitech International SA 51,000 1,625 
Samsung Electronics Co. Ltd. 14,577 26,876 
  578,326 
TOTAL INFORMATION TECHNOLOGY  8,594,732 
MATERIALS - 2.9%   
Chemicals - 1.4%   
Air Products& Chemicals, Inc. 175,200 23,703 
Albemarle Corp. U.S. 361,300 38,168 
Celanese Corp. Class A 52,700 4,735 
E.I. du Pont de Nemours & Co. 582,800 46,816 
Monsanto Co. 68,000 7,698 
Potash Corp. of Saskatchewan, Inc. 1,809,300 30,911 
PPG Industries, Inc. 1,027,964 108,018 
Sherwin-Williams Co. 240,300 74,539 
The Chemours Co. LLC 470,900 18,130 
  352,718 
Construction Materials - 0.3%   
Eagle Materials, Inc. 47,700 4,634 
Martin Marietta Materials, Inc. 285,734 62,361 
  66,995 
Containers & Packaging - 0.1%   
WestRock Co. 434,418 22,603 
Metals & Mining - 1.1%   
B2Gold Corp. (a) 32,761,132 93,367 
First Quantum Minerals Ltd. 112,700 1,197 
Fortescue Metals Group Ltd. 1,106,712 5,268 
Franco-Nevada Corp. 1,311,261 85,902 
GoviEx Uranium, Inc. (a) 851,865 167 
GoviEx Uranium, Inc. (a)(c) 23,200 
GoviEx Uranium, Inc. Class A (a)(c) 2,625,135 513 
Ivanhoe Mines Ltd. (a) 6,995,900 24,410 
Newcrest Mining Ltd. 2,892,626 49,216 
Novagold Resources, Inc. (a)(b) 3,369,572 16,368 
Nucor Corp. 169,900 10,146 
Steel Dynamics, Inc. 216,500 7,526 
  294,085 
TOTAL MATERIALS  736,401 
REAL ESTATE - 0.7%   
Equity Real Estate Investment Trusts (REITs) - 0.4%   
American Tower Corp. 746,775 90,763 
Real Estate Management & Development - 0.3%   
Realogy Holdings Corp. 2,627,600 78,276 
TOTAL REAL ESTATE  169,039 
TELECOMMUNICATION SERVICES - 0.4%   
Wireless Telecommunication Services - 0.4%   
SoftBank Corp. 156,800 11,119 
T-Mobile U.S., Inc. (a) 1,282,400 82,830 
  93,949 
UTILITIES - 1.4%   
Electric Utilities - 1.4%   
Alliant Energy Corp. 1,739,000 68,882 
Duke Energy Corp. 1,073,400 88,030 
Exelon Corp. 2,076,800 74,723 
IDACORP, Inc. 400,000 33,184 
Xcel Energy, Inc. 1,942,200 86,331 
  351,150 
TOTAL COMMON STOCKS   
(Cost $16,230,103)  24,739,415 
Preferred Stocks - 1.4%   
Convertible Preferred Stocks - 1.3%   
CONSUMER DISCRETIONARY - 0.1%   
Household Durables - 0.0%   
Blu Homes, Inc. Series A, 5.00% (a)(e) 7,091,632 425 
Leisure Products - 0.1%   
Peloton Interactive, Inc. Series E(e) 692,463 15,000 
TOTAL CONSUMER DISCRETIONARY  15,425 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
Blue Apron Holdings, Inc. Series D (a)(e) 1,110,537 15,514 
FINANCIALS - 0.2%   
Consumer Finance - 0.2%   
Oportun Finance Corp. Series H (a)(e) 10,791,166 42,193 
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
23andMe, Inc. Series E (a)(e) 166,247 1,702 
Intarcia Therapeutics, Inc. Series CC (a)(e) 516,522 30,991 
  32,693 
Health Care Providers & Services - 0.0%   
Mulberry Health, Inc. Series A8 (a)(e) 1,159,721 7,454 
TOTAL HEALTH CARE  40,147 
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
Space Exploration Technologies Corp. Series G (a)(e) 145,254 15,252 
INFORMATION TECHNOLOGY - 0.8%   
Internet Software & Services - 0.8%   
Dropbox, Inc.:   
Series A (a)(e) 299,518 3,181 
Series C (a)(e) 161,770 2,059 
Pinterest, Inc.:   
Series E, 8.00% (a)(e) 13,203,155 113,943 
Series F, 8.00% (a)(e) 8,808,645 76,019 
Series G, 8.00% (a)(e) 1,676,465 14,468 
  209,670 
Software - 0.0%   
Cloudera, Inc. Series F (a)(e) 312,284 4,216 
TOTAL INFORMATION TECHNOLOGY  213,886 
REAL ESTATE - 0.0%   
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc. Series F (a)(e) 37,192 1,867 
TOTAL CONVERTIBLE PREFERRED STOCKS  344,284 
Nonconvertible Preferred Stocks - 0.1%   
HEALTH CARE - 0.1%   
Health Care Equipment & Supplies - 0.1%   
Sartorius AG (non-vtg.) 271,224 23,798 
TOTAL PREFERRED STOCKS   
(Cost $234,499)  368,082 
 Principal Amount (000s) Value (000s) 
Corporate Bonds - 0.1%   
Convertible Bonds - 0.0%   
INFORMATION TECHNOLOGY - 0.0%   
Software - 0.0%   
Trion World, Inc. 12% 10/10/19 pay-in-kind (e)(g) 265 112 
Nonconvertible Bonds - 0.1%   
ENERGY - 0.1%   
Energy Equipment & Services - 0.1%   
Pacific Drilling SA 5.375% 6/1/20 (c) 39,145 19,083 
TOTAL CORPORATE BONDS   
(Cost $25,285)  19,195 
 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)   
(Cost $33,620) 33,620,102 33,620 
Money Market Funds - 1.8%   
Fidelity Cash Central Fund, 0.84% (h) 316,196,720 316,260 
Fidelity Securities Lending Cash Central Fund 0.84% (h)(i) 151,676,693 151,692 
TOTAL MONEY MARKET FUNDS   
(Cost $467,905)  467,952 
TOTAL INVESTMENT PORTFOLIO - 100.6%   
(Cost $16,991,412)  25,628,264 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (164,261) 
NET ASSETS - 100%  $25,464,003 

Values shown as $0 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 $54,143,000 or 0.2% 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 $488,535,000 or 1.9% of net assets.

 (f) Affiliated company

 (g) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (h) 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.

 (i) 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 
ASAC II LP 10/10/13 $725 
Blu Homes, Inc. Series A, 5.00% 6/10/13 - 12/30/14 $32,763 
Blue Apron Holdings, Inc. Series D 5/18/15 $14,800 
Centennial Resource Development, Inc. Class A 10/11/16 - 12/28/16 $20,321 
Cloudera, Inc. Series F 2/5/14 $4,547 
Dropbox, Inc. 5/2/12 $11,672 
Dropbox, Inc. Series A 5/29/12 $2,710 
Dropbox, Inc. Series C 1/30/14 $3,090 
Intarcia Therapeutics, Inc. Series CC 11/14/12 $7,040 
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 
Space Exploration Technologies Corp. Class A 10/16/15 - 4/8/16 $11,307 
Space Exploration Technologies Corp. Series G 1/20/15 $11,251 
SurveyMonkey 12/15/14 $34,050 
Trion World, Inc. 8/22/08 - 3/20/13 $3,834 
Trion World, Inc. warrants 8/10/17 8/10/10 $0 
Trion World, Inc. warrants 10/3/18 10/10/13 $0 
Trion World, Inc. 12% 10/10/19 pay-in-kind 10/10/13 - 10/10/16 $265 
Utica Shale Drilling Program (nonoperating revenue interest) unit 10/5/16 - 11/4/16 $33,620 
Weinstein Co. Holdings LLC Class A-1 10/19/05 $2,299 
WeWork Companies, Inc. Series F 12/1/16 $1,867 
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 $553 
Fidelity Securities Lending Cash Central Fund 785 
Total $1,338 

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 Dividend Income Value, end of period 
Amplify Snack Brands, Inc. $33,334 $785 $-- $-- $32,420 
Total $33,334 $785 $-- $-- $32,420 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2017, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $3,936,621 $3,870,474 $21,530 $44,617 
Consumer Staples 867,281 837,214 14,553 15,514 
Energy 1,783,824 1,774,205 9,619 -- 
Financials 4,096,135 4,053,942 -- 42,193 
Health Care 2,352,637 2,311,351 -- 41,286 
Industrials 1,909,975 1,774,072 107,927 27,976 
Information Technology 8,808,618 8,508,141 54,662 245,815 
Materials 736,401 736,401 -- -- 
Real Estate 170,906 169,039 -- 1,867 
Telecommunication Services 93,949 82,830 11,119 -- 
Utilities 351,150 351,150 -- -- 
Corporate Bonds 19,195 -- 19,083 112 
Other 33,620 -- -- 33,620 
Money Market Funds 467,952 467,952 -- -- 
Total Investments in Securities: $25,628,264 $24,936,771 $238,493 $453,000 

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)  
Investments in Securities:  
Equities - Information Technology  
Beginning Balance $256,859 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 5,407 
Cost of Purchases -- 
Proceeds of Sales (4,165) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (12,286) 
Ending Balance $245,815 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2017 $5,408 
Other Investments in Securities  
Beginning Balance $225,944 
Net Realized Gain (Loss) on Investment Securities 6,573 
Net Unrealized Gain (Loss) on Investment Securities (16,125) 
Cost of Purchases 15,764 
Proceeds of Sales (24,971) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $207,185 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2017 $(12,230) 

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.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 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 $112 Recovery value Recovery value 42.2% Increase 
Equities $419,268 Discount cash flow Discount rate 8.0% Decrease 
   Discount for lack of marketability (DLOM) 20.0% Decrease 
   Growth rate 3.0% Increase 
  Market approach Discount rate 25.0% - 50.0% / 34.9% Decrease 
   Transaction price $1.21 - $60.00/ $30.15 Increase 
   Tender price $105.00 Increase 
  Market comparable Discount rate 0.9% - 50.0% / 17.1% Decrease 
   Price/Earnings multiple (P/E) 12.9 Increase 
   Enterprise value/Sales multiple (EV/S) 0.7 - 6.6 / 3.7 Increase 
   Enterprise value/EBITDA multiple (EV/EBITDA) 15.8 Increase 
   Discount for lack of marketability (DLOM) 15.0% - 30.0% / 15.6% Decrease 
   Liquidity preference $6.75 - $19.10/ $10.22 Increase 
   Probability rate 14.5% Increase 
  Recovery value Recovery value 0.0% - 0.2% / 0.1% Increase 
Other $33,620 Market approach Transaction price $100.00 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.


Other Information

Income Tax Information

At March 31, 2017, the cost of investment securities for income tax purposes was $17,003,162,000. Net unrealized appreciation aggregated $8,625,102,000, of which $9,103,825,000 related to appreciated investment securities and $478,723,000 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.





Item 2.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Contrafunds (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 Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trusts last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.


Item 3.

Exhibits


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.




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:

May 26, 2017


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:

May 26, 2017



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

May 26, 2017