N-Q 1 filing989.htm PRIMARY DOCUMENT

UNITED STATES

ECURITIES 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   811-4118


Fidelity Securities Fund

 (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:

July 31



Date of reporting period:

April 30, 2018


Item 1.

Schedule of Investments




Quarterly Holdings Report
for

Fidelity® OTC Portfolio

April 30, 2018







OTC-QTLY-0618
1.800345.114





Schedule of Investments April 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 22.0%   
Automobiles - 2.9%   
Tesla, Inc. (a)(b) 1,856,321 $545,573 
Diversified Consumer Services - 0.1%   
Adtalem Global Education, Inc. (a) 117,500 5,593 
Weight Watchers International, Inc. (a) 117,200 8,210 
  13,803 
Hotels, Restaurants & Leisure - 2.9%   
Bluegreen Vacations Corp. 483,200 11,244 
Caesars Entertainment Corp. (a) 734,800 8,340 
Chipotle Mexican Grill, Inc. (a) 166,100 70,315 
Churchill Downs, Inc. 313,400 86,060 
Del Frisco's Restaurant Group, Inc. (a) 494,300 7,859 
Hilton Grand Vacations, Inc. (a) 519,600 22,343 
Hilton Worldwide Holdings, Inc. 121,000 9,540 
Marriott International, Inc. Class A 1,672,900 228,652 
Marriott Vacations Worldwide Corp. 27,400 3,360 
Royal Caribbean Cruises Ltd. 142,200 15,385 
Texas Roadhouse, Inc. Class A 99,800 6,395 
U.S. Foods Holding Corp. (a) 1,116,900 38,176 
Vail Resorts, Inc. 9,362 2,147 
Wingstop, Inc. 511,120 24,973 
  534,789 
Household Durables - 0.7%   
Lennar Corp. Class A 66,400 3,512 
Roku, Inc. 3,613,398 117,580 
  121,092 
Internet & Direct Marketing Retail - 11.0%   
Amazon.com, Inc. (a) 869,008 1,360,979 
Groupon, Inc. (a)(b)(c) 32,099,953 148,944 
JD.com, Inc. sponsored ADR (a) 875,750 31,974 
Netflix, Inc. (a) 830,860 259,611 
The Booking Holdings, Inc. (a) 78,560 171,104 
Wayfair LLC Class A (a)(b) 1,021,568 63,644 
  2,036,256 
Media - 0.1%   
AMC Entertainment Holdings, Inc. Class A (b) 133,100 2,323 
China Literature Ltd. (a)(d) 743,800 5,991 
Comcast Corp. Class A 106,000 3,327 
Liberty Media Corp. Liberty Media Class A (a) 232,396 6,533 
Turn, Inc. (Escrow) (e)(f) 1,199,041 797 
  18,971 
Multiline Retail - 2.0%   
Avenue Supermarts Ltd. (a)(d) 101,832 2,271 
Dollar Tree, Inc. (a) 3,807,500 365,101 
  367,372 
Specialty Retail - 1.0%   
Burlington Stores, Inc. (a) 165,700 22,510 
Five Below, Inc. (a) 197,800 13,967 
Lowe's Companies, Inc. 284,900 23,484 
Ross Stores, Inc. 1,126,600 91,086 
Ulta Beauty, Inc. (a) 113,010 28,355 
Urban Outfitters, Inc. (a) 286,900 11,553 
  190,955 
Textiles, Apparel & Luxury Goods - 1.3%   
Columbia Sportswear Co. 77,800 6,458 
Despegar.com Corp. 406,400 11,932 
G-III Apparel Group Ltd. (a) 194,900 7,112 
Homology Medicines, Inc. (a)(b) 152,300 3,044 
Kering SA (b) 119,500 69,210 
lululemon athletica, Inc. (a) 1,104,774 110,256 
LVMH Moet Hennessy - Louis Vuitton SA 5,927 2,063 
Prada SpA 1,916,400 9,724 
PVH Corp. 78,700 12,566 
Under Armour, Inc. Class C (non-vtg.) (a)(b) 146,700 2,252 
  234,617 
TOTAL CONSUMER DISCRETIONARY  4,063,428 
CONSUMER STAPLES - 2.8%   
Beverages - 0.8%   
Dr. Pepper Snapple Group, Inc. 169,800 20,369 
Monster Beverage Corp. (a) 980,440 53,924 
PepsiCo, Inc. 770,000 77,724 
  152,017 
Food & Staples Retailing - 1.4%   
Costco Wholesale Corp. 1,111,383 219,120 
Performance Food Group Co. (a) 1,120,500 36,360 
  255,480 
Food Products - 0.5%   
Mondelez International, Inc. 950,952 37,563 
nLIGHT, Inc. (a) 22,500 561 
The Hain Celestial Group, Inc. (a) 436,700 12,721 
The Kraft Heinz Co. 759,800 42,838 
  93,683 
Tobacco - 0.1%   
British American Tobacco PLC sponsored ADR 139,800 7,636 
Philip Morris International, Inc. 90,400 7,413 
  15,049 
TOTAL CONSUMER STAPLES  516,229 
ENERGY - 1.2%   
Oil, Gas & Consumable Fuels - 1.2%   
Anadarko Petroleum Corp. 40,900 2,753 
Andeavor 31,400 4,343 
Cenovus Energy, Inc. 189,900 1,902 
Centennial Resource Development, Inc. Class A (a) 1,586,800 29,356 
Delek U.S. Holdings, Inc. 38,600 1,828 
Diamondback Energy, Inc. (a) 924,800 118,791 
Extraction Oil & Gas, Inc. (a) 274,294 3,873 
Reliance Industries Ltd. 1,946,989 28,111 
Viper Energy Partners LP 68,500 1,973 
Whiting Petroleum Corp. (a) 699,300 28,545 
  221,475 
FINANCIALS - 5.1%   
Banks - 1.8%   
Bank of America Corp. 581,700 17,404 
Bank of the Ozarks, Inc. 257,200 12,037 
Citigroup, Inc. 274,600 18,747 
Commerce Bancshares, Inc. 715,586 45,454 
Fifth Third Bancorp 334,700 11,102 
Huntington Bancshares, Inc. 7,776,300 115,945 
Investors Bancorp, Inc. 2,682,400 35,864 
PacWest Bancorp 1,040,400 53,310 
Signature Bank (a) 23,800 3,026 
UMB Financial Corp. 347,900 26,642 
  339,531 
Capital Markets - 2.6%   
BlackRock, Inc. Class A 46,300 24,145 
Carlyle Group LP 630,500 12,925 
Cboe Global Markets, Inc. 211,800 22,616 
Charles Schwab Corp. 76,200 4,243 
CME Group, Inc. 131,200 20,688 
E*TRADE Financial Corp. (a) 749,720 45,493 
Goldman Sachs Group, Inc. 42,400 10,105 
Morgan Stanley 167,900 8,667 
Northern Trust Corp. 893,200 95,349 
TD Ameritrade Holding Corp. 3,914,000 227,364 
  471,595 
Consumer Finance - 0.6%   
Capital One Financial Corp. 1,233,500 111,780 
Diversified Financial Services - 0.0%   
GDS Holdings Ltd. ADR (a) 67,900 1,981 
Insurance - 0.1%   
Chubb Ltd. 51,300 6,960 
The Travelers Companies, Inc. 55,400 7,291 
  14,251 
TOTAL FINANCIALS  939,138 
HEALTH CARE - 9.2%   
Biotechnology - 7.0%   
Acceleron Pharma, Inc. (a) 44,100 1,540 
Achaogen, Inc. (a)(b) 98,300 1,407 
Adamas Pharmaceuticals, Inc. (a)(b) 143,100 4,320 
Agios Pharmaceuticals, Inc. (a) 148,535 12,464 
Alexion Pharmaceuticals, Inc. (a) 986,689 116,064 
Alkermes PLC (a) 1,245,236 55,127 
Alnylam Pharmaceuticals, Inc. (a) 277,300 26,213 
Amgen, Inc. 1,318,834 230,110 
AnaptysBio, Inc. (a) 93,761 8,793 
Arena Pharmaceuticals, Inc. (a) 134,300 5,351 
Atara Biotherapeutics, Inc. (a) 40,700 1,642 
Audentes Therapeutics, Inc. (a) 49,600 1,853 
BeiGene Ltd. ADR (a) 52,900 8,971 
BioMarin Pharmaceutical, Inc. (a) 152,256 12,715 
bluebird bio, Inc. (a) 363,726 61,888 
Blueprint Medicines Corp. (a) 151,900 11,654 
Cellectis SA sponsored ADR (a)(b) 402,400 11,549 
Chiasma, Inc. (a)(b) 779,500 1,130 
Chimerix, Inc. (a) 52,700 241 
Coherus BioSciences, Inc. (a)(b) 1,199,902 14,519 
CytomX Therapeutics, Inc. (a) 485,000 12,756 
CytomX Therapeutics, Inc. (a)(d) 244,269 6,424 
DBV Technologies SA sponsored ADR (a)(b) 1,070,800 23,504 
Denali Therapeutics, Inc. (a)(b) 829,800 15,335 
Dicerna Pharmaceuticals, Inc. (a)(b) 307,207 3,751 
Editas Medicine, Inc. (a) 200,244 6,288 
Epizyme, Inc. (a) 127,000 1,632 
FibroGen, Inc. (a) 195,200 8,872 
Flexion Therapeutics, Inc. (a)(b) 124,500 3,103 
GenSight Biologics SA (a)(d) 243,848 922 
Heron Therapeutics, Inc. (a) 1,252,815 37,960 
ImmunoGen, Inc. (a) 195,900 2,153 
Intercept Pharmaceuticals, Inc. (a)(b) 417,919 28,423 
Ionis Pharmaceuticals, Inc. (a) 428,902 18,456 
Iovance Biotherapeutics, Inc. (a) 360,400 5,226 
Ironwood Pharmaceuticals, Inc. Class A (a) 1,944,542 35,235 
Jounce Therapeutics, Inc. (a)(b) 561,463 11,561 
Macrogenics, Inc. (a) 162,600 3,750 
Neurocrine Biosciences, Inc. (a) 811,400 65,788 
Ovid Therapeutics, Inc. 300,536 2,849 
Portola Pharmaceuticals, Inc. (a) 319,598 11,547 
Regeneron Pharmaceuticals, Inc. (a) 582,800 176,985 
Sage Therapeutics, Inc. (a) 221,275 31,846 
Sarepta Therapeutics, Inc. (a) 238,400 18,204 
Spark Therapeutics, Inc. (a)(b) 334,290 25,513 
Spectrum Pharmaceuticals, Inc. (a) 371,400 5,913 
Surface Oncology, Inc. 133,100 1,910 
TESARO, Inc. (a)(b) 1,744,700 88,823 
Trevena, Inc. (a) 512,521 953 
Ultragenyx Pharmaceutical, Inc. (a) 112,096 5,699 
uniQure B.V. (a) 410,210 11,978 
Vertex Pharmaceuticals, Inc. (a) 59,100 9,052 
Xencor, Inc. (a) 732,168 21,226 
Zai Lab Ltd. ADR 130,900 2,444 
  1,293,632 
Health Care Equipment & Supplies - 0.3%   
AxoGen, Inc. (a) 86,000 3,423 
Boston Scientific Corp. (a) 193,500 5,557 
DexCom, Inc. (a) 76,400 5,591 
Insulet Corp. (a) 91,200 7,843 
Intuitive Surgical, Inc. (a) 56,746 25,013 
Quanterix Corp. (a)(b) 229,300 3,887 
ViewRay, Inc. (a)(b) 431,200 3,182 
  54,496 
Health Care Providers & Services - 0.3%   
G1 Therapeutics, Inc. 322,672 12,374 
National Vision Holdings, Inc. 492,895 16,404 
OptiNose, Inc. (b) 434,816 9,305 
OptiNose, Inc. (d) 382,170 8,178 
R1 RCM, Inc. (a) 723,202 5,373 
UnitedHealth Group, Inc. 8,100 1,915 
  53,549 
Health Care Technology - 0.7%   
athenahealth, Inc. (a) 1,028,383 125,946 
Castlight Health, Inc. Class B (a) 53,000 199 
Ping An Healthcare and Technology Co. Ltd. (a) 384,600 2,685 
Teladoc, Inc. (a) 197,200 8,480 
  137,310 
Pharmaceuticals - 0.9%   
Akcea Therapeutics, Inc. 119,720 3,126 
AstraZeneca PLC sponsored ADR 563,900 20,035 
Castle Creek Pharmaceuticals, LLC Class A-2 unit (a)(e)(f)(g)(h) 30,303 15,454 
Collegium Pharmaceutical, Inc. (a)(b) 659,300 15,592 
CymaBay Therapeutics, Inc. (a) 137,000 1,593 
Dova Pharmaceuticals, Inc. (b) 313,700 9,038 
Intra-Cellular Therapies, Inc. (a) 127,636 2,223 
Jazz Pharmaceuticals PLC (a) 92,800 14,109 
MyoKardia, Inc. (a) 46,700 2,307 
Nektar Therapeutics (a) 696,700 58,286 
The Medicines Company (a) 237,700 7,152 
Theravance Biopharma, Inc. (a)(b) 180,900 4,354 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 207,300 3,746 
Zogenix, Inc. (a) 284,300 11,173 
  168,188 
TOTAL HEALTH CARE  1,707,175 
INDUSTRIALS - 1.3%   
Aerospace & Defense - 0.2%   
Space Exploration Technologies Corp.:   
Class A (a)(e)(f) 203,488 34,389 
Class C (e)(f) 7,092 1,199 
  35,588 
Air Freight & Logistics - 0.0%   
Air Transport Services Group, Inc. (a) 166,500 3,370 
Airlines - 0.7%   
American Airlines Group, Inc. 2,067,132 88,742 
Spirit Airlines, Inc. (a) 411,500 14,699 
United Continental Holdings, Inc. (a) 337,000 22,761 
Wheels Up Partners Holdings LLC Series B (a)(e)(f)(g) 1,760,377 3,996 
  130,198 
Building Products - 0.0%   
Kajaria Ceramics Ltd. 615,124 5,037 
Commercial Services & Supplies - 0.0%   
Copart, Inc. (a) 89,600 4,577 
Evoqua Water Technologies Corp. (a) 268,400 5,483 
  10,060 
Industrial Conglomerates - 0.0%   
General Electric Co. 131,300 1,847 
Machinery - 0.1%   
PACCAR, Inc. 162,200 10,327 
Road & Rail - 0.3%   
J.B. Hunt Transport Services, Inc. 329,791 38,727 
Old Dominion Freight Lines, Inc. 92,100 12,329 
  51,056 
TOTAL INDUSTRIALS  247,483 
INFORMATION TECHNOLOGY - 55.2%   
Communications Equipment - 0.2%   
Arista Networks, Inc. (a) 20,800 5,503 
Carvana Co. Class A 125,300 3,284 
Cisco Systems, Inc. 83,900 3,716 
NETGEAR, Inc. (a) 277,900 15,368 
Quantenna Communications, Inc. (a) 292,000 3,700 
  31,571 
Internet Software & Services - 18.3%   
2U, Inc. (a) 198,241 15,956 
58.com, Inc. ADR (a) 25,600 2,237 
Akamai Technologies, Inc. (a) 476,900 34,170 
Alibaba Group Holding Ltd. sponsored ADR (a) 85,800 15,319 
Alphabet, Inc.:   
Class A (a) 1,113,327 1,134,013 
Class C (a) 454,469 462,345 
ANGI Homeservices, Inc. Class A (a)(b) 1,128,245 15,073 
CarGurus, Inc. Class A (b) 1,390,649 42,999 
Cloudera, Inc. 134,000 1,910 
Delivery Hero AG (d) 45,500 2,176 
DocuSign, Inc. 53,400 2,063 
Dropbox, Inc.:   
Class A (a) 92,800 2,794 
Class B 221,016 5,989 
eBay, Inc. (a) 952,300 36,073 
Facebook, Inc. Class A (a) 4,707,314 809,658 
GMO Internet, Inc. 197,600 3,642 
GoDaddy, Inc. (a) 850,400 54,902 
Gogo, Inc. (a)(b) 1,081,200 10,185 
GrubHub, Inc. (a)(b) 162,700 16,455 
IAC/InterActiveCorp (a) 131,645 21,345 
Instructure, Inc. (a) 190,579 7,728 
Match Group, Inc. (a)(b) 739,200 34,831 
MercadoLibre, Inc. 149,200 50,670 
Mimecast Ltd. (a) 50,900 1,937 
Momo, Inc. ADR (a) 402,600 14,051 
NetEase, Inc. ADR 97,540 25,075 
New Relic, Inc. (a) 955,383 66,772 
Nutanix, Inc.:   
Class A (a) 3,265,440 165,199 
Class B (d) 311,503 15,759 
Okta, Inc. 36,900 1,580 
Shopify, Inc. Class A (a) 538,726 72,173 
Tencent Holdings Ltd. 1,511,300 74,300 
Tencent Holdings Ltd. sponsored ADR 198,800 9,767 
Twilio, Inc. Class A (a) 407,558 17,203 
Wix.com Ltd. (a) 223,200 18,358 
Yahoo!, Inc. 1,525,600 106,914 
  3,371,621 
IT Services - 1.7%   
AppNexus, Inc. warrants (a)(e)(f) 
Ceridian HCM Holding, Inc. 62,200 1,964 
FleetCor Technologies, Inc. (a) 18,500 3,835 
MasterCard, Inc. Class A 31,100 5,544 
PayPal Holdings, Inc. (a) 3,287,700 245,295 
Square, Inc. (a) 1,066,899 50,507 
Visa, Inc. Class A 43,600 5,532 
Worldpay, Inc. (a) 96,800 7,862 
  320,539 
Semiconductors & Semiconductor Equipment - 8.9%   
Acacia Communications, Inc. (a) 141,400 3,980 
Analog Devices, Inc. 1,153,000 100,715 
ASML Holding NV 90,700 17,092 
Broadcom, Inc. 931,666 213,743 
Intel Corp. 1,355,300 69,961 
Lam Research Corp. 93,800 17,359 
Marvell Technology Group Ltd. 6,705,600 134,514 
Micron Technology, Inc. (a) 3,654,644 168,041 
Monolithic Power Systems, Inc. 48,600 5,691 
NVIDIA Corp. 2,707,601 608,939 
NXP Semiconductors NV (a) 121,800 12,777 
Qorvo, Inc. (a) 263,100 17,733 
Qualcomm, Inc. 4,511,776 230,146 
Renesas Electronics Corp. (a) 1,366,600 14,351 
United Microelectronics Corp. sponsored ADR (b) 10,022,000 26,759 
Xilinx, Inc. 109,000 7,002 
  1,648,803 
Software - 18.1%   
Activision Blizzard, Inc. 10,907,009 723,680 
Adobe Systems, Inc. (a) 902,000 199,883 
Altair Engineering, Inc. Class A (a) 70,500 2,043 
Atlassian Corp. PLC (a) 1,335,785 74,777 
Atom Tickets LLC (e)(f)(g) 516,103 3,000 
Autodesk, Inc. (a) 1,532,520 192,944 
Citrix Systems, Inc. (a) 122,400 12,596 
Electronic Arts, Inc. (a) 169,400 19,986 
Ellie Mae, Inc. (a) 19,900 1,928 
FireEye, Inc. (a) 113,700 2,052 
HIVE Blockchain Technologies Ltd. (a)(b) 2,883,100 3,211 
HIVE Blockchain Technologies Ltd. warrants 11/14/19 (a) 2,163,600 278 
HubSpot, Inc. (a) 746,180 79,020 
Intuit, Inc. 597,700 110,449 
Microsoft Corp. 8,762,499 819,469 
Nintendo Co. Ltd. ADR 513,500 26,948 
Parametric Technology Corp. (a) 54,900 4,521 
Paycom Software, Inc. (a)(b) 276,032 31,526 
Paylocity Holding Corp. (a) 188,400 10,292 
Pegasystems, Inc. 31,900 1,947 
Red Hat, Inc. (a) 254,000 41,417 
SailPoint Technologies Holding, Inc. (a) 224,700 5,413 
Salesforce.com, Inc. (a) 1,613,048 195,163 
SendGrid, Inc. (a) 313,200 9,039 
ServiceNow, Inc. (a) 13,700 2,276 
Smartsheet, Inc. 43,000 830 
Splunk, Inc. (a) 76,200 7,822 
Take-Two Interactive Software, Inc. (a) 33,900 3,380 
Talend SA ADR (a) 82,000 4,002 
Tanium, Inc. Class B (e)(f) 392,200 2,569 
Ubisoft Entertainment SA (a) 5,490,588 524,615 
Ultimate Software Group, Inc. (a) 23,500 5,638 
Workday, Inc. Class A (a) 166,500 20,786 
Zendesk, Inc. (a) 3,808,384 185,659 
Zscaler, Inc. (a) 161,900 4,839 
  3,333,998 
Technology Hardware, Storage & Peripherals - 8.0%   
Apple, Inc. 8,919,360 1,474,008 
TOTAL INFORMATION TECHNOLOGY  10,180,540 
MATERIALS - 0.7%   
Chemicals - 0.6%   
CF Industries Holdings, Inc. 182,400 7,077 
FMC Corp. 52,180 4,160 
LG Chemical Ltd. 13,965 4,694 
LyondellBasell Industries NV Class A 896,000 94,734 
  110,665 
Construction Materials - 0.0%   
Loma Negra Compania Industrial Argentina SA ADR (a) 268,400 5,567 
Metals & Mining - 0.1%   
Steel Dynamics, Inc. 127,800 5,727 
TOTAL MATERIALS  121,959 
REAL ESTATE - 0.1%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
Equinix, Inc. 39,700 16,705 
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc. Class A (a)(e)(f) 29,911 1,550 
TOTAL REAL ESTATE  18,255 
TELECOMMUNICATION SERVICES - 0.1%   
Wireless Telecommunication Services - 0.1%   
T-Mobile U.S., Inc. (a) 271,890 16,452 
TOTAL COMMON STOCKS   
(Cost $11,333,509)  18,032,134 
Preferred Stocks - 2.3%   
Convertible Preferred Stocks - 2.3%   
CONSUMER DISCRETIONARY - 0.0%   
Diversified Consumer Services - 0.0%   
Handy Technologies, Inc. Series C (a)(e)(f) 415,643 2,436 
Internet & Direct Marketing Retail - 0.0%   
One Kings Lane, Inc. Series E (Escrow) (a)(e)(f) 648,635 292 
The Honest Co., Inc. Series D (a)(e)(f) 75,268 2,539 
  2,831 
TOTAL CONSUMER DISCRETIONARY  5,267 
CONSUMER STAPLES - 0.2%   
Food & Staples Retailing - 0.2%   
Roofoods Ltd. Series F (e)(f) 93,930 34,838 
FINANCIALS - 0.0%   
Insurance - 0.0%   
Clover Health Series D (e)(f) 620,983 5,823 
HEALTH CARE - 0.5%   
Biotechnology - 0.3%   
23andMe, Inc.:   
Series E (a)(e)(f) 1,817,170 26,113 
Series F (e)(f) 683,367 9,820 
Moderna Therapeutics, Inc.:   
Series B (e)(f) 1,193,491 12,007 
Series C (e)(f) 453,177 4,559 
  52,499 
Health Care Providers & Services - 0.2%   
Mulberry Health, Inc. Series A8 (a)(e)(f) 4,342,250 30,981 
TOTAL HEALTH CARE  83,480 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(e)(f) 62,037 10,484 
Series H (e)(f) 65,670 11,098 
  21,582 
Professional Services - 0.0%   
YourPeople, Inc. Series C (a)(e)(f) 335,546 1,681 
TOTAL INDUSTRIALS  23,263 
INFORMATION TECHNOLOGY - 1.4%   
Internet Software & Services - 0.8%   
Jet.Com, Inc. Series B1 (Escrow) (a)(e)(f) 4,896,249 222 
Lyft, Inc. Series H (e)(f) 595,228 23,658 
Pinterest, Inc. Series G, 8.00% (a)(e)(f) 139,290 801 
Reddit, Inc.:   
Series B (e)(f) 1,337,584 27,327 
Series C (e)(f) 300,673 6,143 
Starry, Inc. Series B (a)(e)(f) 1,811,120 1,670 
Uber Technologies, Inc.:   
Series D, 8.00% (a)(e)(f) 2,256,164 79,191 
Series E, 8.00% (a)(e)(f) 150,072 5,268 
  144,280 
IT Services - 0.2%   
AppNexus, Inc.:   
Series E (a)(e)(f) 1,416,796 31,807 
Series F (a)(e)(f) 90,913 1,807 
  33,614 
Software - 0.4%   
Bracket Computing, Inc. Series C (a)(e)(f) 1,877,241 2,609 
Cloudflare, Inc. Series D, 8.00% (a)(e)(f) 395,787 2,699 
Dataminr, Inc. Series D (a)(e)(f) 2,219,446 26,234 
Delphix Corp. Series D (a)(e)(f) 427,177 2,747 
Jello Labs, Inc. Series C (a)(e)(f) 302,678 3,466 
Taboola.Com Ltd. Series E (a)(e)(f) 1,918,392 32,171 
  69,926 
TOTAL INFORMATION TECHNOLOGY  247,820 
REAL ESTATE - 0.1%   
Real Estate Management & Development - 0.1%   
WeWork Companies, Inc.:   
Series E (a)(e)(f) 269,198 13,947 
Series F (a)(e)(f) 14,513 752 
  14,699 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (a)(e)(f) 2,113,909 2,706 
TOTAL CONVERTIBLE PREFERRED STOCKS  417,896 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Automobiles - 0.0%   
Volkswagen AG 8,700 1,805 
TOTAL PREFERRED STOCKS   
(Cost $349,083)  419,701 
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.1%   
INFORMATION TECHNOLOGY - 0.1%   
Software - 0.1%   
Dataminr, Inc. 1.22% 1/28/19(e)(f)   
(Cost $14,228) 14,228  14,228  
 Shares Value (000s) 
Money Market Funds - 2.3%   
Fidelity Cash Central Fund, 1.74% (i) 541 
Fidelity Securities Lending Cash Central Fund 1.74% (i)(j) 428,577,281 428,620 
TOTAL MONEY MARKET FUNDS   
(Cost $428,622)  428,621 
TOTAL INVESTMENT IN SECURITIES - 102.4%   
(Cost $12,125,442)  18,894,684 
NET OTHER ASSETS (LIABILITIES) - (2.4)%  (437,544) 
NET ASSETS - 100%  $18,457,140 

Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated company

 (d) 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 $41,721,000 or 0.2% of net assets.

 (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 $495,078,000 or 2.7% of net assets.

 (f) Level 3 security

 (g) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (h) Investment represents common shares and preferred shares.

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

 (j) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
23andMe, Inc. Series E 6/18/15 $19,675 
23andMe, Inc. Series F 8/31/17 $9,488 
Altiostar Networks, Inc. Series A1 1/10/17 $9,724 
AppNexus, Inc. Series E 8/1/14 - 9/17/14 $28,382 
AppNexus, Inc. Series F 8/23/16 $2,364 
AppNexus, Inc. warrants 8/23/16 $0 
Atom Tickets LLC 8/15/17 $3,000 
Bracket Computing, Inc. Series C 9/9/15 $14,766 
Castle Creek Pharmaceuticals, LLC Class A-2 unit 9/29/16 $10,000 
Cloudflare, Inc. Series D, 8.00% 11/5/14 $2,424 
Clover Health Series D 6/7/17 $5,823 
Dataminr, Inc. Series D 2/18/15 - 3/6/15 $28,298 
Dataminr, Inc. 1.22% 1/28/19 7/28/17 $14,228 
Delphix Corp. Series D 7/10/15 $3,845 
Handy Technologies, Inc. Series C 10/14/15 $2,436 
Jello Labs, Inc. Series C 12/22/16 $4,899 
Jet.Com, Inc. Series B1 (Escrow) 9/19/16 $1,608 
Lyft, Inc. Series H 11/22/17 $23,658 
Moderna Therapeutics, Inc. Series B 4/13/17 $6,922 
Moderna Therapeutics, Inc. Series C 4/13/17 $2,633 
Mulberry Health, Inc. Series A8 1/20/16 $29,331 
One Kings Lane, Inc. Series E (Escrow) 1/29/14 $429 
Pinterest, Inc. Series G, 8.00% 2/27/15 $1,000 
Reddit, Inc. Series B 7/26/17 $18,989 
Reddit, Inc. Series C 7/24/17 $4,743 
Roofoods Ltd. Series F 9/12/17 $33,211 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $21,156 
Space Exploration Technologies Corp. Class C 9/11/17 $957 
Space Exploration Technologies Corp. Series G 1/20/15 $4,805 
Space Exploration Technologies Corp. Series H 8/4/17 $8,865 
Starry, Inc. Series B 12/1/16 $980 
Taboola.Com Ltd. Series E 12/22/14 $20,000 
Tanium, Inc. Class B 4/21/17 $1,947 
The Honest Co., Inc. Series D 8/3/15 $3,444 
Turn, Inc. (Escrow) 4/11/17 $719 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $35,000 
Uber Technologies, Inc. Series E, 8.00% 12/5/14 $5,000 
WeWork Companies, Inc. Class A 6/23/15 $984 
WeWork Companies, Inc. Series E 6/23/15 $8,854 
WeWork Companies, Inc. Series F 12/1/16 $728 
Wheels Up Partners Holdings LLC Series B 9/18/15 $5,000 
YourPeople, Inc. Series C 5/1/15 $5,000 

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 $533 
Fidelity Securities Lending Cash Central Fund 5,036 
Total $5,569 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

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 Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
athenahealth, Inc. $326,198 $-- $178,026 $-- $19,122 $(41,348) $-- 
Criteo SA sponsored ADR 266,048 -- 185,723 -- 3,728 (84,053) -- 
Groupon, Inc. 209,589 -- 115,955 -- (81,082) 136,392 148,944 
Ubisoft Entertainment SA 677,873 -- 449,635 -- 379,326 (82,949) -- 
Wingstop, Inc. 49,616 -- 42,702 2,833 9,292 8,767 -- 
Total $1,529,324 $-- $972,041 $2,833 $330,386 $(63,191) $148,944 

 * 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 April 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 $4,070,500 $4,044,387 $20,049 $6,064 
Consumer Staples 551,067 516,229 -- 34,838 
Energy 221,475 193,364 28,111 -- 
Financials 944,961 939,138 -- 5,823 
Health Care 1,790,655 1,689,036 2,685 98,934 
Industrials 270,746 202,862 5,037 62,847 
Information Technology 10,428,360 9,570,067 604,904 253,389 
Materials 121,959 121,959 -- -- 
Real Estate 32,954 16,705 -- 16,249 
Telecommunication Services 19,158 16,452 -- 2,706 
Corporate Bonds 14,228 -- -- 14,228 
Money Market Funds 428,621 428,621 -- -- 
Total Investments in Securities: $18,894,684 $17,738,820 $660,786 $495,078 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total (000s) 
Level 1 to Level 2 $677,873 
Level 2 to Level 1 $0 

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 $276,076 
Net Realized Gain (Loss) on Investment Securities 2,772 
Net Unrealized Gain (Loss) on Investment Securities (36,556) 
Cost of Purchases 26,658 
Proceeds of Sales (15,561) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $253,389 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2018 $(33,030) 
Other Investments in Securities  
Beginning Balance $210,038 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities (1,321) 
Cost of Purchases 59,557 
Proceeds of Sales (26,585) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $241,689 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2018 $20,025 

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 (Amounts in thousands) Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Corporate Bonds $14,228 Market approach Transaction price $100.00 Increase 
Equities $480,850 Market approach Transaction price $0.81 - $169.00 / $59.36 Increase 
   Liquidity preference $33.82 - $45.76 / $39.79 Increase 
   Conversion ratio 1.6% Increase 
  Market comparable Transaction price $10.06 - $330.00 / $164.48 Increase 
   Enterprise value/Sales multiple (EV/S) 1.4 - 17.6 / 6.4 Increase 
   Discount rate 23.0 % - 76.0% / 54.7 % Decrease 
   Discount for lack of marketability 10.0% - 25.0 % / 13.9 % Decrease 
   Premium rate 7.5% - 108.0% / 42.7 % Increase 
   Liquidity preference $4.84 - $26.00 / $19.62 Increase 
   Proxy premium 54.5% Increase 
   Conversion ratio 3.0% Increase 
  Recovery value Recovery value 0.0% - 0.7% / 0.5% Increase 
  Discount cash flow Discount rate 9.0% Decrease 
   Discount for lack of marketability 20.0% Decrease 
   Growth rate 3.0 Increase 
  Book Value Discount rate 70.0% Decrease 
   Book value multiple 1.0 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.


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® Growth & Income Portfolio

April 30, 2018







GAI-QTLY-0618
1.800339.114





Schedule of Investments April 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 8.3%   
Hotels, Restaurants & Leisure - 0.8%   
Cedar Fair LP (depositary unit) 29,100 $1,971 
DineEquity, Inc. 164,189 13,027 
Dunkin' Brands Group, Inc. 423,500 25,817 
Papa John's International, Inc. (a) 107,500 6,665 
Starbucks Corp. 62,400 3,592 
  51,072 
Media - 4.5%   
Comcast Corp. Class A 4,646,600 145,857 
Interpublic Group of Companies, Inc. 1,642,400 38,744 
Omnicom Group, Inc. 182,400 13,436 
The Walt Disney Co. 660,200 66,238 
Time Warner, Inc. 320,300 30,364 
Viacom, Inc. Class B (non-vtg.) 180,300 5,438 
  300,077 
Multiline Retail - 0.3%   
Target Corp. 288,475 20,943 
Specialty Retail - 2.7%   
L Brands, Inc. 739,700 25,823 
Lowe's Companies, Inc. 825,879 68,077 
Ross Stores, Inc. 295,300 23,875 
TJX Companies, Inc. 567,300 48,135 
Williams-Sonoma, Inc. (a) 253,500 12,117 
  178,027 
TOTAL CONSUMER DISCRETIONARY  550,119 
CONSUMER STAPLES - 8.5%   
Beverages - 1.2%   
The Coca-Cola Co. 1,869,603 80,786 
Food & Staples Retailing - 2.3%   
CVS Health Corp. 1,234,604 86,212 
Walmart, Inc. 767,600 67,902 
  154,114 
Food Products - 0.2%   
Nestle SA (Reg. S) 45,170 3,499 
The Hershey Co. 83,100 7,640 
  11,139 
Household Products - 1.8%   
Kimberly-Clark Corp. 197,000 20,397 
Procter & Gamble Co. 976,315 70,627 
Reckitt Benckiser Group PLC 387,900 30,430 
  121,454 
Personal Products - 0.4%   
Unilever NV (NY Reg.) 426,400 24,356 
Tobacco - 2.6%   
Altria Group, Inc. 2,009,200 112,736 
British American Tobacco PLC sponsored ADR 1,144,100 62,491 
  175,227 
TOTAL CONSUMER STAPLES  567,076 
ENERGY - 15.1%   
Energy Equipment & Services - 1.2%   
Baker Hughes, a GE Co. Class A 1,056,000 38,132 
Nabors Industries Ltd. 722,900 5,501 
National Oilwell Varco, Inc. 521,200 20,155 
Oceaneering International, Inc. 776,800 16,499 
  80,287 
Oil, Gas & Consumable Fuels - 13.9%   
Anadarko Petroleum Corp. 216,000 14,541 
BP PLC sponsored ADR 1,367,984 60,998 
Cabot Oil & Gas Corp. 1,226,500 29,326 
Cenovus Energy, Inc. 7,947,100 79,598 
Cenovus Energy, Inc. 37,200 373 
Chevron Corp. 1,224,896 153,247 
ConocoPhillips Co. (b) 1,639,200 107,368 
Enterprise Products Partners LP 366,500 9,837 
Exxon Mobil Corp. 1,937,400 150,633 
Golar LNG Ltd. 640,100 20,579 
Imperial Oil Ltd. 904,500 28,129 
Kinder Morgan, Inc. 1,745,100 27,607 
Legacy Reserves LP (c) 956,268 5,489 
Statoil ASA sponsored ADR (a) 455,200 11,653 
Suncor Energy, Inc. 3,690,950 141,147 
Teekay LNG Partners LP 477,300 8,711 
The Williams Companies, Inc. 1,557,530 40,075 
Williams Partners LP 1,020,405 37,143 
  926,454 
TOTAL ENERGY  1,006,741 
FINANCIALS - 20.8%   
Banks - 14.0%   
Bank of America Corp. 7,439,456 222,589 
BNP Paribas SA 36,900 2,851 
Citigroup, Inc. 2,565,330 175,135 
Cullen/Frost Bankers, Inc. 16,200 1,854 
First Hawaiian, Inc. 72,100 1,986 
JPMorgan Chase & Co. (b) 1,631,892 177,517 
M&T Bank Corp. 3,700 674 
PNC Financial Services Group, Inc. 391,054 56,941 
Regions Financial Corp. 1,180,400 22,073 
SunTrust Banks, Inc. 1,176,566 78,595 
U.S. Bancorp 1,226,373 61,871 
Wells Fargo & Co. 2,559,241 132,978 
  935,064 
Capital Markets - 5.8%   
Apollo Global Management LLC Class A 463,000 13,353 
Charles Schwab Corp. 663,243 36,929 
KKR & Co. LP 1,781,643 37,308 
Morgan Stanley (b) 928,097 47,908 
Northern Trust Corp. 844,164 90,115 
Oaktree Capital Group LLC Class A 255,000 10,073 
S&P Global, Inc. 156,300 29,478 
State Street Corp. 1,226,527 122,383 
  387,547 
Insurance - 0.8%   
Marsh & McLennan Companies, Inc. 272,707 22,226 
MetLife, Inc. 609,800 29,069 
  51,295 
Thrifts & Mortgage Finance - 0.2%   
Radian Group, Inc. 864,968 12,369 
TOTAL FINANCIALS  1,386,275 
HEALTH CARE - 12.3%   
Biotechnology - 2.3%   
Alexion Pharmaceuticals, Inc. (c) 314,900 37,042 
Amgen, Inc. 514,912 89,842 
Biogen, Inc. (c) 17,600 4,815 
Intercept Pharmaceuticals, Inc. (a)(c) 163,526 11,121 
Shire PLC sponsored ADR 47,200 7,525 
  150,345 
Health Care Equipment & Supplies - 1.1%   
Becton, Dickinson & Co. 17,800 4,127 
Boston Scientific Corp. (b)(c) 399,900 11,485 
Danaher Corp. 251,100 25,190 
Fisher & Paykel Healthcare Corp. 388,032 3,481 
Medtronic PLC 118,330 9,482 
ResMed, Inc. 95,100 9,000 
Steris PLC 54,400 5,142 
Zimmer Biomet Holdings, Inc. 53,010 6,105 
  74,012 
Health Care Providers & Services - 4.2%   
AmerisourceBergen Corp. 428,500 38,814 
Anthem, Inc. 175,200 41,345 
Cardinal Health, Inc. 753,500 48,352 
Cigna Corp. 184,500 31,701 
Fresenius Medical Care AG & Co. KGaA sponsored ADR 174,500 8,824 
Humana, Inc. 58,900 17,327 
McKesson Corp. 314,787 49,173 
Patterson Companies, Inc. 613,670 14,286 
UnitedHealth Group, Inc. 127,400 30,117 
  279,939 
Pharmaceuticals - 4.7%   
Allergan PLC 86,100 13,229 
AstraZeneca PLC sponsored ADR 664,500 23,610 
Bayer AG 209,500 25,039 
GlaxoSmithKline PLC sponsored ADR 2,670,322 107,107 
Johnson & Johnson 686,669 86,857 
Novartis AG sponsored ADR 39,644 3,040 
Pfizer, Inc. 346,600 12,689 
Sanofi SA 208,757 16,505 
Teva Pharmaceutical Industries Ltd. sponsored ADR (a) 1,540,020 27,690 
  315,766 
TOTAL HEALTH CARE  820,062 
INDUSTRIALS - 11.2%   
Aerospace & Defense - 2.1%   
General Dynamics Corp. 127,600 25,687 
Meggitt PLC 211,968 1,379 
Rolls-Royce Holdings PLC 1,292,600 14,948 
The Boeing Co. 989 330 
United Technologies Corp. 805,182 96,743 
  139,087 
Air Freight & Logistics - 1.6%   
C.H. Robinson Worldwide, Inc. 245,600 22,603 
Expeditors International of Washington, Inc. 94,400 6,028 
United Parcel Service, Inc. Class B 706,904 80,234 
  108,865 
Commercial Services & Supplies - 0.1%   
Healthcare Services Group, Inc. (a) 71,800 2,774 
Ritchie Brothers Auctioneers, Inc. 119,300 3,899 
  6,673 
Electrical Equipment - 0.6%   
Acuity Brands, Inc. 181,800 21,774 
Hubbell, Inc. Class B 176,939 18,377 
  40,151 
Industrial Conglomerates - 1.6%   
General Electric Co. 7,850,427 110,456 
Machinery - 1.1%   
Donaldson Co., Inc. 134,700 5,962 
Flowserve Corp. 793,000 35,217 
PACCAR, Inc. 19,500 1,242 
Snap-On, Inc. 59,500 8,642 
Wabtec Corp. (a) 226,300 20,098 
  71,161 
Professional Services - 0.3%   
Nielsen Holdings PLC 574,400 18,065 
Road & Rail - 2.8%   
CSX Corp. (b) 731,020 43,415 
J.B. Hunt Transport Services, Inc. 417,140 48,985 
Norfolk Southern Corp. 233,499 33,500 
Union Pacific Corp. 466,500 62,338 
  188,238 
Trading Companies & Distributors - 1.0%   
Bunzl PLC 147,900 4,298 
Fastenal Co. (b) 437,900 21,891 
Howden Joinery Group PLC 228,700 1,501 
MSC Industrial Direct Co., Inc. Class A 116,700 10,088 
Watsco, Inc. 162,592 27,221 
  64,999 
TOTAL INDUSTRIALS  747,695 
INFORMATION TECHNOLOGY - 15.2%   
Communications Equipment - 1.4%   
Cisco Systems, Inc. (b) 2,053,152 90,934 
Electronic Equipment & Components - 0.1%   
Avnet, Inc. 122,500 4,806 
Philips Lighting NV (d) 109,400 3,334 
  8,140 
Internet Software & Services - 1.3%   
Alphabet, Inc.:   
Class A (c) 43,907 44,723 
Class C (c) 41,336 42,052 
LogMeIn, Inc. 22,800 2,513 
  89,288 
IT Services - 3.3%   
Accenture PLC Class A 73,300 11,083 
IBM Corp. 75,300 10,915 
MasterCard, Inc. Class A 118,200 21,072 
Paychex, Inc. 1,015,952 61,536 
Unisys Corp. (a)(c) 1,314,818 14,726 
Visa, Inc. Class A 776,384 98,508 
  217,840 
Semiconductors & Semiconductor Equipment - 1.7%   
Analog Devices, Inc. 68,800 6,010 
Qualcomm, Inc. 1,879,046 95,850 
United Microelectronics Corp. sponsored ADR 1,575,900 4,208 
Xilinx, Inc. 55,900 3,591 
  109,659 
Software - 5.5%   
Micro Focus International PLC 905,862 15,620 
Microsoft Corp. 2,670,799 249,774 
Oracle Corp. 1,506,853 68,818 
SAP SE sponsored ADR 317,000 35,133 
  369,345 
Technology Hardware, Storage & Peripherals - 1.9%   
Apple, Inc. 780,594 129,001 
TOTAL INFORMATION TECHNOLOGY  1,014,207 
MATERIALS - 1.9%   
Chemicals - 1.6%   
CF Industries Holdings, Inc. 532,600 20,665 
LyondellBasell Industries NV Class A 374,700 39,617 
Nutrien Ltd. 727,880 33,136 
The Scotts Miracle-Gro Co. Class A 125,800 10,514 
  103,932 
Metals & Mining - 0.3%   
BHP Billiton Ltd. sponsored ADR (a) 411,100 19,219 
TOTAL MATERIALS  123,151 
REAL ESTATE - 1.3%   
Equity Real Estate Investment Trusts (REITs) - 1.3%   
American Tower Corp. 135,300 18,450 
CoreSite Realty Corp. 166,300 17,312 
Equinix, Inc. 48,400 20,366 
Omega Healthcare Investors, Inc. 138,500 3,598 
Public Storage 89,000 17,958 
Sabra Health Care REIT, Inc. 257,800 4,720 
Spirit Realty Capital, Inc. 705,500 5,679 
  88,083 
TELECOMMUNICATION SERVICES - 1.2%   
Diversified Telecommunication Services - 1.2%   
Verizon Communications, Inc. 1,680,274 82,922 
UTILITIES - 1.3%   
Electric Utilities - 1.2%   
Exelon Corp. 1,488,200 59,052 
PPL Corp. 516,900 15,042 
Southern Co. 95,400 4,400 
  78,494 
Independent Power and Renewable Electricity Producers - 0.1%   
The AES Corp. 478,900 5,862 
TOTAL UTILITIES  84,356 
TOTAL COMMON STOCKS   
(Cost $5,920,211)  6,470,687 
Preferred Stocks - 0.4%   
Convertible Preferred Stocks - 0.4%   
HEALTH CARE - 0.2%   
Health Care Equipment & Supplies - 0.2%   
Becton, Dickinson & Co. Series A, 6.125% 210,900 12,679 
INDUSTRIALS - 0.1%   
Commercial Services & Supplies - 0.1%   
Stericycle, Inc. 2.25% 117,279 5,334 
UTILITIES - 0.1%   
Electric Utilities - 0.1%   
Vistra Energy Corp. 7.00% (c) 66,200 6,196 
TOTAL CONVERTIBLE PREFERRED STOCKS  24,209 
Nonconvertible Preferred Stocks - 0.0%   
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
Rolls-Royce Holdings PLC:   
(C Shares) 319,925,580 440 
Series C (c) 91,774,600 126 
  566 
TOTAL PREFERRED STOCKS   
(Cost $26,857)  24,775 
 Principal Amount (000s)(e) Value (000s) 
Convertible Bonds - 0.1%   
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Bayer Capital Corp. BV 5.625% 11/22/19(d)   
(Cost $7,157) EUR 6,700 8,664 
 Shares Value (000s) 
Other - 0.3%   
ENERGY - 0.3%   
Oil, Gas & Consumable Fuels - 0.3%   
Utica Shale Drilling Program (non-operating revenue interest) (f)(g)(h)   
(Cost $18,052) 18,052,449 16,789 
Money Market Funds - 3.1%   
Fidelity Cash Central Fund, 1.74% (i) 137,244,031 137,271 
Fidelity Securities Lending Cash Central Fund 1.74% (i)(j) 67,937,657 67,944 
TOTAL MONEY MARKET FUNDS   
(Cost $205,221)  205,215 
TOTAL INVESTMENT IN SECURITIES - 101.0%   
(Cost $6,177,498)  6,726,130 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (65,473) 
NET ASSETS - 100%  $6,660,657 

Written Options       
 Counterparty Number of Contracts Notional Amount (000s) Exercise Price Expiration Date Value (000s) 
Call Options       
Boston Scientific Corp. Chicago Board Options Exchange 987 $2,835 $30.00 5/18/18 $(12) 
C.H. Robinson Bank of America NA 390 3,589 97.50 5/18/18 (34) 
Cisco Systems, Inc. Chicago Board Options Exchange 2,726 12,073 48.00 6/15/18 (101) 
ConocoPhillips Co. Chicago Board Options Exchange 3,768 24,680 65.00 5/18/18 (624) 
CSX Corp. Chicago Board Options Exchange 1,773 10,530 60.00 5/18/18 (175) 
J.B. Hunt Transport Services, Inc. Bank of America NA 627 7,363 125.00 5/18/18 (21) 
JPMorgan Chase & Co. Chicago Board Options Exchange 3,022 32,873 120.00 6/15/18 (70) 
Morgan Stanley Chicago Board Options Exchange 1,614 8,331 60.00 6/15/18 (6) 
MSC Industrial Direct, Inc. Deutsche Bank AG London Branch 423 3,656 95.00 6/15/18 (23) 
S&P Global, Inc. Bank of America NA 1,563 29,478 200.00 5/18/18 (48) 
TOTAL WRITTEN OPTIONS      $(1,114) 

Currency Abbreviations

EUR – European Monetary Unit

Legend

 (a) Security or a portion of the security is on loan at period end.

 (b) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $93,226,000.

 (c) Non-income producing

 (d) 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 $11,998,000 or 0.2% of net assets.

 (e) Amount is stated in United States dollars unless otherwise noted.

 (f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (g) 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 $16,789,000 or 0.3% of net assets.

 (h) Level 3 security

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

 (j) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $18,052 

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 $353 
Fidelity Securities Lending Cash Central Fund 282 
Total $635 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 $550,119 $550,119 $-- $-- 
Consumer Staples 567,076 533,147 33,929 -- 
Energy 1,006,741 1,006,741 -- -- 
Financials 1,386,275 1,386,275 -- -- 
Health Care 832,741 778,518 54,223 -- 
Industrials 753,595 748,261 5,334 -- 
Information Technology 1,014,207 998,587 15,620 -- 
Materials 123,151 123,151 -- -- 
Real Estate 88,083 88,083 -- -- 
Telecommunication Services 82,922 82,922 -- -- 
Utilities 90,552 84,356 6,196 -- 
Corporate Bonds 8,664 -- 8,664 -- 
Other 16,789 -- -- 16,789 
Money Market Funds 205,215 205,215 -- -- 
Total Investments in Securities: $6,726,130 $6,585,375 $123,966 $16,789 
Derivative Instruments:     
Liabilities     
Written Options $(1,114) $(988) $(126) $-- 
Total Liabilities $(1,114) $(988) $(126) $-- 
Total Derivative Instruments: $(1,114) $(988) $(126) $-- 

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.

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.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Options traded over-the-counter are valued using vendor or broker-supplied valuations and are categorized as Level 2 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.

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® Leveraged Company Stock Fund

April 30, 2018







LSF-QTLY-0618
1.800341.114





Schedule of Investments April 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 25.9%   
Auto Components - 1.8%   
Lear Corp. 272,500 $50,949 
Automobiles - 1.2%   
Fiat Chrysler Automobiles NV 1,566,100 34,188 
Hotels, Restaurants & Leisure - 12.0%   
Boyd Gaming Corp. 1,038,600 34,492 
Eldorado Resorts, Inc. (a) 1,394,380 56,472 
Hilton Grand Vacations, Inc. (a) 325,000 13,975 
Las Vegas Sands Corp. 245,200 17,981 
Melco Crown Entertainment Ltd. sponsored ADR 1,910,900 59,639 
Penn National Gaming, Inc. (a) 1,284,200 38,924 
Red Rock Resorts, Inc. 5,847 177 
Royal Caribbean Cruises Ltd. 254,300 27,513 
Scientific Games Corp. Class A (a) 532,500 28,382 
Wyndham Worldwide Corp. 289,100 33,018 
Wynn Resorts Ltd. 154,600 28,785 
  339,358 
Household Durables - 2.4%   
Lennar Corp.:   
Class A 533,740 28,230 
Class B 6,642 284 
Newell Brands, Inc. 604,547 16,704 
Toll Brothers, Inc. 513,000 21,628 
  66,846 
Internet & Direct Marketing Retail - 3.9%   
JD.com, Inc. sponsored ADR (a) 381,900 13,943 
Netflix, Inc. (a) 181,900 56,836 
The Booking Holdings, Inc. (a) 18,200 39,640 
  110,419 
Media - 3.8%   
Gray Television, Inc. (a) 1,869,664 21,127 
Naspers Ltd.:   
Class N 135,500 33,010 
Class N sponsored ADR 160,400 7,795 
Nexstar Broadcasting Group, Inc. Class A 482,098 30,011 
Sinclair Broadcast Group, Inc. Class A 520,400 14,753 
  106,696 
Textiles, Apparel & Luxury Goods - 0.8%   
adidas AG 97,168 23,926 
TOTAL CONSUMER DISCRETIONARY  732,382 
CONSUMER STAPLES - 3.4%   
Beverages - 1.3%   
Constellation Brands, Inc. Class A (sub. vtg.) 86,500 20,166 
Monster Beverage Corp. (a) 280,500 15,428 
  35,594 
Food & Staples Retailing - 0.5%   
CVS Health Corp. 225,700 15,761 
Food Products - 1.6%   
Darling International, Inc. (a) 1,185,283 20,316 
JBS SA 9,507,900 23,748 
  44,064 
TOTAL CONSUMER STAPLES  95,419 
ENERGY - 6.4%   
Energy Equipment & Services - 0.3%   
SAExploration Holdings, Inc. (a)(b) 419,175 612 
Weatherford International PLC (a)(c) 2,859,400 8,435 
  9,047 
Oil, Gas & Consumable Fuels - 6.1%   
Carrizo Oil & Gas, Inc. (a) 57,702 1,158 
Cheniere Energy, Inc. (a) 319,640 18,590 
Diamondback Energy, Inc. (a) 281,900 36,210 
EQT Corp. 306,506 15,384 
Parsley Energy, Inc. Class A (a) 821,600 24,673 
Pioneer Natural Resources Co. 145,200 29,265 
QEP Resources, Inc. (a) 458,700 5,587 
RSP Permian, Inc. (a) 270,900 13,439 
Scorpio Tankers, Inc. 1,959,100 5,211 
Teekay Corp. (c) 917,300 8,091 
Whiting Petroleum Corp. (a) 359,973 14,694 
  172,302 
TOTAL ENERGY  181,349 
FINANCIALS - 9.3%   
Banks - 6.0%   
Bank of America Corp. 1,719,099 51,435 
Citigroup, Inc. 507,447 34,643 
Huntington Bancshares, Inc. 757,980 11,301 
JPMorgan Chase & Co. 442,900 48,179 
Regions Financial Corp. 607,780 11,365 
SunTrust Banks, Inc. 167,900 11,216 
  168,139 
Capital Markets - 0.4%   
MSCI, Inc. 73,500 11,013 
Consumer Finance - 1.7%   
OneMain Holdings, Inc. (a) 1,547,200 47,731 
Diversified Financial Services - 1.2%   
GDS Holdings Ltd. ADR (a) 1,173,700 34,237 
TOTAL FINANCIALS  261,120 
HEALTH CARE - 2.5%   
Health Care Providers & Services - 1.5%   
Humana, Inc. 99,700 29,330 
UnitedHealth Group, Inc. 60,300 14,255 
  43,585 
Pharmaceuticals - 1.0%   
Jazz Pharmaceuticals PLC (a) 168,500 25,619 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 56,100 1,014 
  26,633 
TOTAL HEALTH CARE  70,218 
INDUSTRIALS - 8.4%   
Air Freight & Logistics - 0.7%   
XPO Logistics, Inc. (a) 199,500 19,383 
Airlines - 3.1%   
Air Canada (a) 3,279,900 64,477 
Allegiant Travel Co. 144,246 23,115 
  87,592 
Building Products - 0.9%   
Masco Corp. 687,900 26,051 
Commercial Services & Supplies - 0.0%   
Novus Holdings Ltd. 46,866 15 
Machinery - 0.9%   
Allison Transmission Holdings, Inc. 620,300 24,185 
Marine - 0.0%   
Genco Shipping & Trading Ltd. (a) 831 13 
Trading Companies & Distributors - 2.8%   
HD Supply Holdings, Inc. (a) 1,117,500 43,258 
United Rentals, Inc. (a) 248,100 37,215 
  80,473 
TOTAL INDUSTRIALS  237,712 
INFORMATION TECHNOLOGY - 28.7%   
Electronic Equipment & Components - 1.8%   
CDW Corp. 280,200 19,975 
Control4 Corp. (a) 397,400 8,282 
TE Connectivity Ltd. 154,100 14,139 
TTM Technologies, Inc. (a) 589,200 8,213 
  50,609 
Internet Software & Services - 5.8%   
Alibaba Group Holding Ltd. sponsored ADR (a) 338,700 60,471 
Alphabet, Inc. Class A (a) 62,000 63,152 
Facebook, Inc. Class A (a) 219,900 37,823 
LogMeIn, Inc. 31,550 3,477 
Qudian, Inc. ADR (c) 7,000 69 
  164,992 
IT Services - 5.9%   
EPAM Systems, Inc. (a) 243,700 27,867 
Global Payments, Inc. 480,900 54,366 
MasterCard, Inc. Class A 152,400 27,168 
PayPal Holdings, Inc. (a) 385,600 28,770 
Visa, Inc. Class A 218,100 27,673 
  165,844 
Semiconductors & Semiconductor Equipment - 8.9%   
Broadcom, Inc. 257,200 59,007 
Marvell Technology Group Ltd. 1,695,900 34,020 
Microchip Technology, Inc. 237,100 19,836 
Micron Technology, Inc. (a) 976,100 44,881 
NVIDIA Corp. 130,100 29,259 
ON Semiconductor Corp. (a) 2,941,500 64,948 
  251,951 
Software - 6.3%   
Adobe Systems, Inc. (a) 226,600 50,215 
Electronic Arts, Inc. (a) 252,100 29,743 
Microsoft Corp. 227,300 21,257 
Salesforce.com, Inc. (a) 267,800 32,401 
Take-Two Interactive Software, Inc. (a) 223,800 22,315 
TiVo Corp. 533,331 7,547 
Workday, Inc. Class A (a) 121,300 15,143 
  178,621 
TOTAL INFORMATION TECHNOLOGY  812,017 
MATERIALS - 9.0%   
Chemicals - 6.2%   
DowDuPont, Inc. 641,521 40,570 
Ingevity Corp. (a) 254,788 19,575 
LyondellBasell Industries NV Class A 405,255 42,848 
Platform Specialty Products Corp. (a) 2,635,400 26,538 
The Chemours Co. LLC 943,100 45,655 
  175,186 
Containers & Packaging - 1.0%   
Ardagh Group SA 438,600 8,912 
Berry Global Group, Inc. (a) 113,700 6,254 
Crown Holdings, Inc. (a) 277,300 13,821 
  28,987 
Metals & Mining - 1.8%   
First Quantum Minerals Ltd. 2,322,400 33,463 
Freeport-McMoRan, Inc. 1,107,900 16,851 
  50,314 
TOTAL MATERIALS  254,487 
TELECOMMUNICATION SERVICES - 3.3%   
Diversified Telecommunication Services - 0.8%   
Altice U.S.A., Inc. Class A (c) 1,284,400 22,991 
Wireless Telecommunication Services - 2.5%   
T-Mobile U.S., Inc. (a) 1,148,300 69,483 
TOTAL TELECOMMUNICATION SERVICES  92,474 
UTILITIES - 0.9%   
Electric Utilities - 0.9%   
Vistra Energy Corp. (a) 1,116,765 25,518 
TOTAL COMMON STOCKS   
(Cost $2,239,971)  2,762,696 
 Principal Amount (000s) Value (000s) 
Nonconvertible Bonds - 0.0%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Jupiter Resources, Inc. 8.5% 10/1/22(b)   
(Cost $696) $825 $359 
 Shares Value (000s) 
Money Market Funds - 4.2%   
Fidelity Cash Central Fund, 1.74% (d) 85,579,768 85,597 
Fidelity Securities Lending Cash Central Fund 1.74% (d)(e) 32,251,722 32,255 
TOTAL MONEY MARKET FUNDS   
(Cost $117,849)  117,852 
TOTAL INVESTMENT IN SECURITIES - 102.0%   
(Cost $2,358,516)  2,880,907 
NET OTHER ASSETS (LIABILITIES) - (2.0)%  (55,257) 
NET ASSETS - 100%  $2,825,650 

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 $971,000 or 0.0% of net assets.

 (c) Security or a portion of the security is on loan at period end.

 (d) 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.

 (e) Investment made with cash collateral received from securities on loan.


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 $492 
Fidelity Securities Lending Cash Central Fund 664 
Total $1,156 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 $732,382 $699,372 $33,010 $-- 
Consumer Staples 95,419 95,419 -- -- 
Energy 181,349 181,349 -- -- 
Financials 261,120 261,120 -- -- 
Health Care 70,218 70,218 -- -- 
Industrials 237,712 237,697 15 -- 
Information Technology 812,017 812,017 -- -- 
Materials 254,487 254,487 -- -- 
Telecommunication Services 92,474 92,474 -- -- 
Utilities 25,518 25,518 -- -- 
Corporate Bonds 359 -- 359 -- 
Money Market Funds 117,852 117,852 -- -- 
Total Investments in Securities: $2,880,907 $2,847,523 $33,384 $-- 

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.

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.

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® Blue Chip Growth Fund

April 30, 2018







BCF-QTLY-0618
1.800333.114





Schedule of Investments April 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 27.5%   
Auto Components - 0.0%   
Aptiv PLC 161,025 $13,619 
Automobiles - 2.2%   
Tesla, Inc. (a)(b) 1,775,950 521,952 
Diversified Consumer Services - 0.4%   
Adtalem Global Education, Inc. (a) 200,746 9,556 
Chegg, Inc. (a) 489,823 11,369 
Grand Canyon Education, Inc. (a) 55,957 5,819 
New Oriental Education & Technology Group, Inc. sponsored ADR 570,296 51,235 
Weight Watchers International, Inc. (a) 149,686 10,486 
  88,465 
Hotels, Restaurants & Leisure - 3.6%   
Accor SA 43,609 2,468 
Alsea S.A.B. de CV 1,343,700 4,998 
Caesars Entertainment Corp. (a) 2,194,491 24,907 
Chipotle Mexican Grill, Inc. (a) 487,230 206,259 
Delta Corp. Ltd. 839,330 3,384 
Hilton Grand Vacations, Inc. (a) 596,780 25,662 
Hilton Worldwide Holdings, Inc. 262,684 20,710 
Las Vegas Sands Corp. 426,226 31,255 
Marriott International, Inc. Class A 400,961 54,803 
Marriott Vacations Worldwide Corp. 51,761 6,346 
McDonald's Corp. 1,374,638 230,169 
Melco Crown Entertainment Ltd. sponsored ADR 463,746 14,474 
MGM Mirage, Inc. 1,409,192 44,277 
Restaurant Brands International, Inc. 87,400 4,756 
Royal Caribbean Cruises Ltd. 464,822 50,289 
Shake Shack, Inc. Class A (a)(b) 783,852 37,319 
Six Flags Entertainment Corp. (b) 72,600 4,591 
Starbucks Corp. 116,832 6,726 
U.S. Foods Holding Corp. (a) 1,281,822 43,813 
Vail Resorts, Inc. 42,546 9,756 
Wyndham Worldwide Corp. 309,404 35,337 
Wynn Resorts Ltd. 25,526 4,753 
  867,052 
Household Durables - 0.5%   
D.R. Horton, Inc. 330,233 14,576 
Forbo Holding AG (Reg.) 1,253 1,760 
Lennar Corp. Class A 172,386 9,117 
Newell Brands, Inc. 453,932 12,542 
SodaStream International Ltd. (a) 769,415 72,702 
  110,697 
Internet & Direct Marketing Retail - 10.4%   
Amazon.com, Inc. (a) 1,116,351 1,748,358 
JD.com, Inc. sponsored ADR (a) 3,848,369 140,504 
Netflix, Inc. (a) 1,084,019 338,713 
The Booking Holdings, Inc. (a) 114,668 249,747 
The Honest Co., Inc. (a)(c)(d) 150,143 2,772 
Wayfair LLC Class A (a)(b) 228,342 14,226 
  2,494,320 
Media - 0.3%   
AMC Entertainment Holdings, Inc. Class A (b) 170,086 2,968 
China Literature Ltd. (a)(e) 2,034,927 16,392 
Comcast Corp. Class A 67,700 2,125 
The Walt Disney Co. 286,373 28,732 
Time Warner, Inc. 73,413 6,960 
Vivendi SA 82,107 2,170 
WME Entertainment Parent, LLC Class A (a)(c)(d)(f) 9,739,286 24,348 
  83,695 
Multiline Retail - 1.5%   
Avenue Supermarts Ltd. (a)(e) 135,551 3,022 
B&M European Value Retail S.A. 1,316,693 7,347 
Dollar General Corp. 49,172 4,747 
Dollar Tree, Inc. (a) 2,689,592 257,905 
Future Retail Ltd. 1,455,708 13,153 
Macy's, Inc. 1,432,162 44,497 
Ollie's Bargain Outlet Holdings, Inc. (a) 196,045 12,194 
V-Mart Retail Ltd. (a) 201,535 6,303 
  349,168 
Specialty Retail - 3.8%   
American Eagle Outfitters, Inc. 117,200 2,424 
Burlington Stores, Inc. (a) 252,374 34,285 
Five Below, Inc. (a) 254,367 17,961 
Floor & Decor Holdings, Inc. Class A 399,847 22,227 
Home Depot, Inc. 2,397,621 443,080 
Inditex SA 475,768 14,812 
Lowe's Companies, Inc. 2,020,859 166,579 
PC Jeweller Ltd. 1,636,015 3,542 
RH (a)(b) 773,029 73,786 
Ross Stores, Inc. 780,582 63,110 
TJX Companies, Inc. 561,412 47,636 
Ulta Beauty, Inc. (a) 60,306 15,131 
Urban Outfitters, Inc. (a) 366,011 14,739 
  919,312 
Textiles, Apparel & Luxury Goods - 4.8%   
adidas AG 902,311 222,176 
Canada Goose Holdings, Inc. (a) 384,213 14,262 
Cibus Global Ltd. Series C (c)(d)(f) 3,045,600 6,396 
Despegar.com Corp. 304,487 8,940 
G-III Apparel Group Ltd. (a) 255,219 9,313 
Homology Medicines, Inc. (a)(b) 194,596 3,890 
Kering SA (b) 354,971 205,587 
lululemon athletica, Inc. (a) 1,538,216 153,514 
LVMH Moet Hennessy - Louis Vuitton SA 98,016 34,111 
Michael Kors Holdings Ltd. (a) 880,532 60,246 
NIKE, Inc. Class B 1,748,659 119,591 
Prada SpA 7,319,500 37,138 
PVH Corp. 663,017 105,864 
Shenzhou International Group Holdings Ltd. 566,000 6,179 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 1,802,223 51,363 
Tapestry, Inc. 905,230 48,674 
Tory Burch LLC (c)(d)(f) 293,611 19,102 
Under Armour, Inc. Class C (non-vtg.) (a)(b) 877,992 13,477 
VF Corp. 320,785 25,942 
  1,145,765 
TOTAL CONSUMER DISCRETIONARY  6,594,045 
CONSUMER STAPLES - 3.7%   
Beverages - 1.4%   
Anheuser-Busch InBev SA NV ADR 175,690 17,583 
Constellation Brands, Inc. Class A (sub. vtg.) 435,897 101,621 
Diageo PLC 372,652 13,294 
Dr. Pepper Snapple Group, Inc. 668,636 80,210 
Fever-Tree Drinks PLC 534,207 20,857 
Monster Beverage Corp. (a) 2,015,972 110,878 
Pernod Ricard SA 14,537 2,415 
The Coca-Cola Co. 54,400 2,351 
  349,209 
Food & Staples Retailing - 0.7%   
Costco Wholesale Corp. 737,044 145,316 
Performance Food Group Co. (a) 708,637 22,995 
  168,311 
Food Products - 0.1%   
Blue Bottle Coffee, Inc. Class C (Escrow) (c)(d) 632,822 1,468 
Bunge Ltd. 205,306 14,829 
nLIGHT, Inc. (a) 29,000 723 
  17,020 
Personal Products - 0.7%   
Estee Lauder Companies, Inc. Class A 342,102 50,662 
Herbalife Nutrition Ltd. (a)(b) 936,923 99,061 
Kose Corp. 95,600 17,709 
  167,432 
Tobacco - 0.8%   
British American Tobacco PLC sponsored ADR 2,136,916 116,718 
Juul Labs, Inc. (d) 6,625 338 
Philip Morris International, Inc. 976,889 80,105 
  197,161 
TOTAL CONSUMER STAPLES  899,133 
ENERGY - 2.4%   
Energy Equipment & Services - 0.0%   
Shelf Drilling Ltd. (e) 728,359 6,083 
Oil, Gas & Consumable Fuels - 2.4%   
Anadarko Petroleum Corp. 1,242,713 83,659 
Andeavor 166,880 23,083 
Cenovus Energy, Inc. 483,251 4,840 
Centennial Resource Development, Inc. Class A (a) 129,797 2,401 
Continental Resources, Inc. (a) 1,438,705 95,041 
Delek U.S. Holdings, Inc. 364,856 17,283 
Diamondback Energy, Inc. (a) 352,857 45,324 
Encana Corp. 377,136 4,697 
EOG Resources, Inc. 345,658 40,846 
Extraction Oil & Gas, Inc. (a) 555,408 7,842 
Marathon Petroleum Corp. 102,835 7,703 
Petronet LNG Ltd. 655,750 2,233 
Phillips 66 Co. 22,200 2,471 
Pioneer Natural Resources Co. 325,088 65,521 
Reliance Industries Ltd. 3,649,638 52,695 
Valero Energy Corp. 273,907 30,385 
Viper Energy Partners LP 88,589 2,551 
Whiting Petroleum Corp. (a) 1,609,266 65,690 
WPX Energy, Inc. (a) 296,711 5,071 
  559,336 
TOTAL ENERGY  565,419 
FINANCIALS - 4.5%   
Banks - 2.1%   
Bank of America Corp. 6,462,066 193,345 
Citigroup, Inc. 1,495,478 102,096 
HDFC Bank Ltd. sponsored ADR 448,542 42,975 
IndusInd Bank Ltd. 184,465 5,247 
JPMorgan Chase & Co. 1,406,215 152,968 
Kotak Mahindra Bank Ltd. (a) 615,886 11,199 
  507,830 
Capital Markets - 2.0%   
Apollo Global Management LLC Class A 238,095 6,867 
BlackRock, Inc. Class A 168,906 88,084 
Cboe Global Markets, Inc. 311,031 33,212 
Charles Schwab Corp. 1,032,958 57,515 
E*TRADE Financial Corp. (a) 278,298 16,887 
Edelweiss Financial Services Ltd. 1,204,598 5,157 
Fairfax India Holdings Corp. (a) 845,129 14,790 
Goldman Sachs Group, Inc. 538,870 128,429 
Morgan Stanley 1,180,896 60,958 
MSCI, Inc. 55,765 8,355 
TD Ameritrade Holding Corp. 1,141,154 66,290 
  486,544 
Diversified Financial Services - 0.2%   
Berkshire Hathaway, Inc. Class B (a) 173,610 33,633 
GDS Holdings Ltd. ADR (a) 86,728 2,530 
  36,163 
Insurance - 0.1%   
Chubb Ltd. 64,962 8,813 
The Travelers Companies, Inc. 103,360 13,602 
  22,415 
Thrifts & Mortgage Finance - 0.1%   
Housing Development Finance Corp. Ltd. 697,722 19,741 
TOTAL FINANCIALS  1,072,693 
HEALTH CARE - 9.5%   
Biotechnology - 4.7%   
AC Immune SA (a) 711,051 7,331 
ACADIA Pharmaceuticals, Inc. (a) 261,555 4,135 
Acceleron Pharma, Inc. (a) 80,601 2,814 
Achaogen, Inc. (a)(b) 387,997 5,552 
Agios Pharmaceuticals, Inc. (a) 300,568 25,221 
Aimmune Therapeutics, Inc. (a) 535,104 16,610 
Alexion Pharmaceuticals, Inc. (a) 1,705,413 200,608 
Alkermes PLC (a) 1,004,328 44,462 
Alnylam Pharmaceuticals, Inc. (a) 771,866 72,964 
AnaptysBio, Inc. (a) 112,536 10,554 
Arena Pharmaceuticals, Inc. (a) 364,451 14,520 
Ascendis Pharma A/S sponsored ADR (a) 389,560 24,546 
BeiGene Ltd. ADR (a) 106,474 18,056 
BioMarin Pharmaceutical, Inc. (a) 358,453 29,934 
bluebird bio, Inc. (a) 288,857 49,149 
Blueprint Medicines Corp. (a) 54,187 4,157 
Cellectis SA sponsored ADR (a) 132,198 3,794 
Chiasma, Inc. warrants 12/16/24 (a) 55,391 10 
Chimerix, Inc. (a) 78,518 360 
Coherus BioSciences, Inc. (a)(b) 586,003 7,091 
CytomX Therapeutics, Inc. (a) 152,895 4,021 
CytomX Therapeutics, Inc. (a)(e) 378,621 9,958 
DBV Technologies SA sponsored ADR (a) 99,328 2,180 
Denali Therapeutics, Inc. (a)(b) 767,309 14,180 
Editas Medicine, Inc. (a) 548,921 17,236 
Epizyme, Inc. (a) 306,900 3,944 
Exelixis, Inc. (a) 2,102,447 43,773 
FibroGen, Inc. (a) 326,718 14,849 
GenSight Biologics SA (a)(b)(e) 589,064 2,227 
Global Blood Therapeutics, Inc. (a) 654,031 28,875 
Grifols SA ADR 101,593 2,064 
Heron Therapeutics, Inc. (a) 195,768 5,932 
Insmed, Inc. (a) 143,368 3,488 
Intellia Therapeutics, Inc. (a)(b) 560,444 11,220 
Intercept Pharmaceuticals, Inc. (a) 263,451 17,917 
Ionis Pharmaceuticals, Inc. (a) 116,574 5,016 
Ironwood Pharmaceuticals, Inc. Class A (a) 984,054 17,831 
La Jolla Pharmaceutical Co. (a) 162,857 4,726 
Merrimack Pharmaceuticals, Inc. 145,548 1,234 
Momenta Pharmaceuticals, Inc. (a) 89,214 1,856 
Neurocrine Biosciences, Inc. (a) 581,718 47,166 
Portola Pharmaceuticals, Inc. (a) 352,461 12,734 
Radius Health, Inc. (a)(b) 78,230 2,363 
Regeneron Pharmaceuticals, Inc. (a) 489,588 148,678 
Sage Therapeutics, Inc. (a) 400,221 57,600 
Sarepta Therapeutics, Inc. (a) 260,853 19,919 
Seattle Genetics, Inc. (a) 352,141 18,026 
Seres Therapeutics, Inc. (a)(b) 45,377 348 
Surface Oncology, Inc. (b) 170,769 2,451 
Trevena, Inc. (a) 958,707 1,783 
Ultragenyx Pharmaceutical, Inc. (a) 138,705 7,052 
Vertex Pharmaceuticals, Inc. (a) 187,203 28,672 
Xencor, Inc. (a) 405,928 11,768 
Zai Lab Ltd. ADR 169,319 3,161 
  1,116,116 
Health Care Equipment & Supplies - 2.2%   
Becton, Dickinson & Co. 168,470 39,063 
Boston Scientific Corp. (a) 6,883,333 197,689 
Danaher Corp. 424,682 42,604 
DexCom, Inc. (a) 96,812 7,085 
Edwards Lifesciences Corp. (a) 35,500 4,521 
Fisher & Paykel Healthcare Corp. 253,614 2,275 
Hoya Corp. 38,000 2,038 
Insulet Corp. (a) 205,082 17,637 
Intuitive Surgical, Inc. (a) 397,859 175,368 
Invuity, Inc. (a)(b) 563,255 1,859 
iRhythm Technologies, Inc. (a) 537,099 31,232 
Novocure Ltd. (a) 151,279 4,130 
Penumbra, Inc. (a) 14,003 1,741 
Quanterix Corp. (a)(b) 147,324 2,497 
Stryker Corp. 14,099 2,389 
  532,128 
Health Care Providers & Services - 1.8%   
Apollo Hospitals Enterprise Ltd. 384,825 6,308 
Humana, Inc. 617,606 181,687 
National Vision Holdings, Inc. 446,318 14,853 
OptiNose, Inc. (b) 557,152 11,923 
UnitedHealth Group, Inc. 884,757 209,157 
  423,928 
Health Care Technology - 0.1%   
Evolent Health, Inc. (a)(b) 306,585 5,059 
Ping An Healthcare and Technology Co. Ltd. (a) 497,000 3,470 
Teladoc, Inc. (a) 399,254 17,168 
  25,697 
Pharmaceuticals - 0.7%   
Aclaris Therapeutics, Inc. (a)(b) 157,549 2,796 
Akcea Therapeutics, Inc. (b) 807,915 21,095 
AstraZeneca PLC sponsored ADR 287,085 10,200 
Bayer AG 19,293 2,306 
Castle Creek Pharmaceuticals, LLC Class A-2 unit (a)(c)(d)(f)(g) 29,758 15,176 
Collegium Pharmaceutical, Inc. (a)(b) 92,867 2,196 
CymaBay Therapeutics, Inc. (a) 113,097 1,315 
Dova Pharmaceuticals, Inc. (b) 204,001 5,877 
Intersect ENT, Inc. (a) 108,635 4,340 
Jazz Pharmaceuticals PLC (a) 237,356 36,088 
Nektar Therapeutics (a) 648,534 54,256 
The Medicines Company (a) 488,980 14,713 
Theravance Biopharma, Inc. (a) 57,019 1,372 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 267,900 4,841 
Zogenix, Inc. (a) 110,661 4,349 
  180,920 
TOTAL HEALTH CARE  2,278,789 
INDUSTRIALS - 5.0%   
Aerospace & Defense - 1.6%   
Bombardier, Inc. Class B (sub. vtg.) (a) 4,534,008 14,019 
Elbit Systems Ltd. 50,557 5,845 
General Dynamics Corp. 185,045 37,251 
Northrop Grumman Corp. 335,437 108,024 
Raytheon Co. 324,120 66,425 
Space Exploration Technologies Corp.:   
Class A (a)(c)(d) 242,545 40,990 
Class C (c)(d) 2,783 470 
The Boeing Co. 341,789 114,007 
  387,031 
Air Freight & Logistics - 0.3%   
XPO Logistics, Inc. (a) 654,442 63,586 
Airlines - 1.0%   
Azul SA sponsored ADR 394,890 12,242 
Delta Air Lines, Inc. 1,480,383 77,306 
InterGlobe Aviation Ltd. (e) 458,545 9,655 
Ryanair Holdings PLC sponsored ADR (a) 38,784 4,265 
Southwest Airlines Co. 1,059,103 55,952 
Spirit Airlines, Inc. (a) 588,087 21,006 
United Continental Holdings, Inc. (a) 759,452 51,293 
Wizz Air Holdings PLC (a)(e) 248,540 10,929 
  242,648 
Building Products - 0.1%   
Kajaria Ceramics Ltd. 825,080 6,756 
Masco Corp. 596,150 22,576 
  29,332 
Commercial Services & Supplies - 0.1%   
Copart, Inc. (a) 114,819 5,865 
Evoqua Water Technologies Corp. (a) 344,252 7,033 
HomeServe PLC 949,418 9,672 
  22,570 
Construction & Engineering - 0.1%   
Fluor Corp. 165,369 9,749 
Electrical Equipment - 0.3%   
AMETEK, Inc. 89,855 6,272 
Fortive Corp. 505,939 35,573 
Melrose Industries PLC 963,225 3,023 
Nidec Corp. 48,500 7,604 
Regal Beloit Corp. 368,839 26,261 
  78,733 
Industrial Conglomerates - 0.5%   
General Electric Co. 1,873,569 26,361 
Honeywell International, Inc. 429,219 62,099 
ITT, Inc. 388,866 19,012 
  107,472 
Machinery - 0.6%   
Aumann AG (e) 147,171 8,904 
Deere & Co. 294,477 39,852 
Eicher Motors Ltd. 14,288 6,676 
Fanuc Corp. 9,800 2,099 
Minebea Mitsumi, Inc. 104,700 2,104 
Rational AG 15,155 9,507 
SMC Corp. 5,100 1,946 
WABCO Holdings, Inc. (a) 340,810 43,961 
Xylem, Inc. 439,322 32,027 
  147,076 
Professional Services - 0.1%   
IHS Markit Ltd. (a) 480,175 23,591 
Road & Rail - 0.1%   
J.B. Hunt Transport Services, Inc. 196,754 23,105 
Trading Companies & Distributors - 0.2%   
Ashtead Group PLC 183,568 5,138 
United Rentals, Inc. (a) 267,998 40,200 
Univar, Inc. (a) 298,410 8,224 
Wolseley PLC 30,128 2,314 
  55,876 
Transportation Infrastructure - 0.0%   
Adani Ports & Special Economic Zone Ltd. 357,936 2,190 
TOTAL INDUSTRIALS  1,192,959 
INFORMATION TECHNOLOGY - 42.2%   
Communications Equipment - 0.3%   
Arista Networks, Inc. (a) 147,125 38,922 
Carvana Co. Class A (b) 161,900 4,243 
NETGEAR, Inc. (a) 656,700 36,316 
  79,481 
Electronic Equipment & Components - 0.2%   
ADT, Inc. 303,842 2,707 
Dell Technologies, Inc. (a) 588,240 42,218 
  44,925 
Internet Software & Services - 13.8%   
2U, Inc. (a) 216,788 17,449 
Akamai Technologies, Inc. (a) 515,567 36,940 
Alibaba Group Holding Ltd. sponsored ADR (a) 1,202,776 214,744 
Alphabet, Inc.:   
Class A (a) 1,410,378 1,436,583 
Class C (a) 134,201 136,527 
ANGI Homeservices, Inc. Class A (a) 978,596 13,074 
CarGurus, Inc. Class A 261,442 8,084 
Cloudera, Inc. 172,154 2,453 
DocuSign, Inc. 68,900 2,662 
Dropbox, Inc.:   
Class A (a) 117,979 3,552 
Class B 669,209 18,135 
eBay, Inc. (a) 398,801 15,107 
Facebook, Inc. Class A (a) 5,627,110 967,863 
GMO Internet, Inc. 248,300 4,577 
GoDaddy, Inc. (a) 435,090 28,089 
Gogo, Inc. (a)(b) 2,444,609 23,028 
GrubHub, Inc. (a)(b) 111,300 11,257 
IAC/InterActiveCorp (a) 59,700 9,680 
Match Group, Inc. (a)(b) 85,190 4,014 
MercadoLibre, Inc. 19,102 6,487 
Mimecast Ltd. (a) 64,038 2,437 
Momo, Inc. ADR (a) 425,537 14,851 
NetEase, Inc. ADR 24,541 6,309 
New Relic, Inc. (a) 161,006 11,253 
Nutanix, Inc. Class B (e) 482,746 24,422 
Okta, Inc. 94,838 4,060 
Shopify, Inc. Class A (a) 287,762 38,551 
Stamps.com, Inc. (a) 121,661 27,708 
Tencent Holdings Ltd. 3,223,100 158,457 
Twilio, Inc. Class A (a) 151,258 6,385 
Wix.com Ltd. (a) 312,927 25,738 
Yandex NV Series A (a) 492,872 16,442 
  3,296,918 
IT Services - 4.7%   
Ceridian HCM Holding, Inc. 80,300 2,536 
FleetCor Technologies, Inc. (a) 107,155 22,211 
MasterCard, Inc. Class A 1,942,952 346,370 
PayPal Holdings, Inc. (a) 2,713,910 202,485 
Square, Inc. (a) 299,087 14,159 
Visa, Inc. Class A 3,970,084 503,724 
Wirecard AG 18,502 2,527 
Worldpay, Inc. (a) 490,182 39,813 
  1,133,825 
Semiconductors & Semiconductor Equipment - 7.5%   
Analog Devices, Inc. 321,631 28,094 
Broadcom, Inc. 2,119,565 486,271 
Inphi Corp. (a)(b) 800,583 22,881 
Intel Corp. 1,684,253 86,941 
Lam Research Corp. 204,321 37,812 
Marvell Technology Group Ltd. 5,210,690 104,526 
Micron Technology, Inc. (a) 4,144,644 190,571 
Monolithic Power Systems, Inc. 172,667 20,219 
NVIDIA Corp. 3,116,777 700,963 
NXP Semiconductors NV (a) 157,109 16,481 
Qualcomm, Inc. 882,875 45,035 
Renesas Electronics Corp. (a) 3,824,300 40,160 
WONIK IPS Co. Ltd. 352,536 11,258 
  1,791,212 
Software - 10.1%   
Activision Blizzard, Inc. 4,939,396 327,729 
Adobe Systems, Inc. (a) 1,052,067 233,138 
Altair Engineering, Inc. Class A (a) 90,868 2,633 
Atom Tickets LLC (c)(d)(f) 1,204,239 7,000 
Black Knight, Inc. (a) 48,678 2,368 
Citrix Systems, Inc. (a) 52,253 5,377 
Electronic Arts, Inc. (a) 889,339 104,924 
Ellie Mae, Inc. (a) 25,600 2,480 
HubSpot, Inc. (a) 48,365 5,122 
Intuit, Inc. 218,367 40,352 
Microsoft Corp. 7,210,195 674,297 
Nintendo Co. Ltd. 97,800 41,093 
Paycom Software, Inc. (a)(b) 449,483 51,335 
Red Hat, Inc. (a) 814,758 132,854 
RingCentral, Inc. (a) 164,224 11,011 
SailPoint Technologies Holding, Inc. (a) 288,560 6,951 
Salesforce.com, Inc. (a) 5,090,205 615,864 
SendGrid, Inc. (a) 403,966 11,658 
Smartsheet, Inc. 55,500 1,071 
Snap, Inc. Class A (a)(b) 1,851,353 26,530 
Splunk, Inc. (a) 70,247 7,211 
Talend SA ADR (a) 159,668 7,792 
Tanium, Inc. Class B (c)(d) 554,900 3,635 
Workday, Inc. Class A (a) 413,864 51,667 
Zendesk, Inc. (a) 558,596 27,232 
Zscaler, Inc. (a) 204,347 6,108 
  2,407,432 
Technology Hardware, Storage & Peripherals - 5.6%   
Apple, Inc. 8,099,107 1,338,458 
HP, Inc. 310,667 6,676 
  1,345,134 
TOTAL INFORMATION TECHNOLOGY  10,098,927 
MATERIALS - 2.3%   
Chemicals - 2.0%   
Cabot Corp. 152,944 8,543 
CF Industries Holdings, Inc. 2,716,142 105,386 
DowDuPont, Inc. 1,134,237 71,729 
FMC Corp. 244,789 19,517 
LG Chemical Ltd. 34,120 11,470 
LyondellBasell Industries NV Class A 1,112,347 117,608 
Orion Engineered Carbons SA 256,156 6,865 
The Chemours Co. LLC 1,958,177 94,795 
The Mosaic Co. 352,981 9,513 
Tronox Ltd. Class A 1,327,070 22,799 
Westlake Chemical Corp. 171,593 18,355 
  486,580 
Construction Materials - 0.2%   
Buzzi Unicem SpA 73,775 1,867 
Loma Negra Compania Industrial Argentina SA ADR (a) 344,252 7,140 
Summit Materials, Inc. 1,073,580 30,211 
  39,218 
Metals & Mining - 0.1%   
China Molybdenum Co. Ltd. (H Shares) 20,508,000 15,411 
Glencore Xstrata PLC 1,351,476 6,525 
  21,936 
TOTAL MATERIALS  547,734 
REAL ESTATE - 0.0%   
Real Estate Management & Development - 0.0%   
Parsvnath Developers Ltd. (a) 16,289,150 3,637 
TELECOMMUNICATION SERVICES - 0.3%   
Diversified Telecommunication Services - 0.1%   
Bharti Infratel Ltd. 4,669,859 21,978 
Wireless Telecommunication Services - 0.2%   
T-Mobile U.S., Inc. (a) 672,972 40,722 
TOTAL TELECOMMUNICATION SERVICES  62,700 
UTILITIES - 0.0%   
Gas Utilities - 0.0%   
China Resource Gas Group Ltd. 730,000 2,685 
ENN Energy Holdings Ltd. 323,000 3,021 
  5,706 
TOTAL COMMON STOCKS   
(Cost $13,006,230)  23,321,742 
Preferred Stocks - 2.6%   
Convertible Preferred Stocks - 2.5%   
CONSUMER DISCRETIONARY - 0.3%   
Hotels, Restaurants & Leisure - 0.1%   
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(c)(d)(f) 74,995 10,494 
Topgolf International, Inc. Series F (c)(d) 415,730 5,751 
  16,245 
Internet & Direct Marketing Retail - 0.2%   
China Internet Plus Holdings Ltd. Series A-11 (a)(c)(d) 3,163,704 17,682 
The Honest Co., Inc.:   
Series C (a)(c)(d) 350,333 10,947 
Series D (a)(c)(d) 77,448 2,613 
Series E (c)(d) 551,397 10,810 
  42,052 
Leisure Products - 0.0%   
Peloton Interactive, Inc. Series E (a)(c)(d) 335,429 9,848 
Textiles, Apparel & Luxury Goods - 0.0%   
Generation Bio Series B (c)(d) 460,500 4,212 
TOTAL CONSUMER DISCRETIONARY  72,357 
CONSUMER STAPLES - 0.6%   
Food & Staples Retailing - 0.1%   
Roofoods Ltd. Series F (c)(d) 41,941 15,555 
Tobacco - 0.5%   
JUUL Labs, Inc. Series C (a)(c)(d) 2,555,833 130,271 
TOTAL CONSUMER STAPLES  145,826 
FINANCIALS - 0.0%   
Consumer Finance - 0.0%   
Oportun Finance Corp. Series H (a)(c)(d) 3,552,125 10,301 
HEALTH CARE - 0.2%   
Biotechnology - 0.1%   
23andMe, Inc. Series F (c)(d) 800,982 11,510 
Axcella Health, Inc. Series C (a)(c)(d) 545,634 7,050 
Immunocore Ltd. Series A (a)(c)(d) 11,275 4,070 
  22,630 
Health Care Providers & Services - 0.1%   
Mulberry Health, Inc. Series A8 (a)(c)(d) 2,728,716 19,469 
TOTAL HEALTH CARE  42,099 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(c)(d) 97,277 16,440 
Series H (c)(d) 25,767 4,355 
  20,795 
Professional Services - 0.0%   
YourPeople, Inc. Series C (a)(c)(d) 692,196 3,468 
TOTAL INDUSTRIALS  24,263 
INFORMATION TECHNOLOGY - 1.3%   
Internet Software & Services - 1.0%   
ContextLogic, Inc. Series G (c)(d) 133,922 18,017 
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) 2,928,086 133 
Lyft, Inc. Series H (c)(d) 719,567 28,600 
Reddit, Inc. Series B (c)(d) 524,232 10,710 
Starry, Inc. Series C (c)(d) 5,833,836 5,379 
Uber Technologies, Inc.:   
Series D, 8.00% (a)(c)(d) 5,156,948 181,009 
Series E, 8.00% (a)(c)(d) 102,648 3,603 
  247,451 
IT Services - 0.1%   
AppNexus, Inc. Series E (a)(c)(d) 646,522 14,514 
Software - 0.2%   
Bracket Computing, Inc. Series C (a)(c)(d) 1,207,761 1,679 
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) 696,025 4,747 
Compass, Inc. Series E (c)(d) 53,263 3,594 
Dataminr, Inc. Series D (a)(c)(d) 277,250 3,277 
Delphix Corp. Series D (a)(c)(d) 675,445 4,343 
Malwarebytes Corp. Series B (a)(c)(d) 1,056,193 15,949 
Taboola.Com Ltd. Series E (a)(c)(d) 634,902 10,647 
  44,236 
TOTAL INFORMATION TECHNOLOGY  306,201 
TOTAL CONVERTIBLE PREFERRED STOCKS  601,047 
Nonconvertible Preferred Stocks - 0.1%   
CONSUMER DISCRETIONARY - 0.1%   
Automobiles - 0.1%   
Volkswagen AG 56,196 11,661 
CONSUMER STAPLES - 0.0%   
Tobacco - 0.0%   
PAX Labs, Inc. Series A (c)(d) 2,555,833 3,169 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  14,830 
TOTAL PREFERRED STOCKS   
(Cost $367,968)  615,877 
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.0%   
CONSUMER STAPLES - 0.0%   
Tobacco - 0.0%   
PAX Labs, Inc. 10% 12/31/20(d)(e)   
(Cost $5,825) 5,825 5,825 
 Shares Value (000s) 
Money Market Funds - 2.2%   
Fidelity Cash Central Fund, 1.74% (h) 672 
Fidelity Securities Lending Cash Central Fund 1.74% (h)(i) 533,531,224 533,585 
TOTAL MONEY MARKET FUNDS   
(Cost $533,589)  533,586 
TOTAL INVESTMENT IN SECURITIES - 102.2%   
(Cost $13,913,612)  24,477,030 
NET OTHER ASSETS (LIABILITIES) - (2.2)%  (533,635) 
NET ASSETS - 100%  $23,943,395 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) 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 $725,573,000 or 3.0% of net assets.

 (d) Level 3 security

 (e) 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 $97,417,000 or 0.4% of net assets.

 (f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (g) Investment represents common shares and preferred shares.

 (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 F 8/31/17 $11,121 
AppNexus, Inc. Series E 8/1/14 $12,951 
Atom Tickets LLC 8/15/17 $7,000 
Axcella Health, Inc. Series C 1/30/15 $5,500 
Blue Bottle Coffee, Inc. Class C (Escrow) 10/30/17 $1,481 
Bracket Computing, Inc. Series C 9/9/15 $9,500 
Castle Creek Pharmaceuticals, LLC Class A-2 unit 9/29/16 $9,820 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $10,000 
Cibus Global Ltd. Series C 2/16/18 $6,396 
Cloudflare, Inc. Series D, 8.00% 11/5/14 - 6/24/15 $4,349 
Compass, Inc. Series E 11/3/17 $3,594 
ContextLogic, Inc. Series G 10/24/17 $18,017 
Dataminr, Inc. Series D 3/6/15 $3,535 
Delphix Corp. Series D 7/10/15 $6,079 
Generation Bio Series B 2/21/18 $4,212 
Immunocore Ltd. Series A 7/27/15 $2,122 
Jet.Com, Inc. Series B1 (Escrow) 9/19/16 $962 
JUUL Labs, Inc. Series C 5/22/15 $7,949 
Lyft, Inc. Series H 11/22/17 $28,600 
Malwarebytes Corp. Series B 12/21/15 $10,958 
MOD Super Fast Pizza Holdings LLC Series 3 Preferred 11/3/16 - 12/14/17 $10,293 
Mulberry Health, Inc. Series A8 1/20/16 $18,432 
Oportun Finance Corp. Series H 2/6/15 $10,114 
PAX Labs, Inc. Series A 5/22/15 $1,891 
Peloton Interactive, Inc. Series E 3/31/17 $7,266 
Reddit, Inc. Series B 7/26/17 $7,442 
Roofoods Ltd. Series F 9/12/17 $14,829 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $23,515 
Space Exploration Technologies Corp. Class C 9/11/17 $376 
Space Exploration Technologies Corp. Series G 1/20/15 $7,535 
Space Exploration Technologies Corp. Series H 8/4/17 $3,479 
Starry, Inc. Series C 12/8/17 $5,379 
Taboola.Com Ltd. Series E 12/22/14 $6,619 
Tanium, Inc. Class B 4/21/17 $2,755 
The Honest Co., Inc. 8/21/14 $4,062 
The Honest Co., Inc. Series C 8/21/14 $9,479 
The Honest Co., Inc. Series D 8/3/15 $3,544 
The Honest Co., Inc. Series E 9/28/17 $10,810 
Topgolf International, Inc. Series F 11/10/17 $5,751 
Tory Burch LLC 5/14/15 $20,890 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $80,000 
Uber Technologies, Inc. Series E, 8.00% 12/5/14 $3,420 
WME Entertainment Parent, LLC Class A 4/13/16 - 8/16/16 $19,025 
YourPeople, Inc. Series C 5/1/15 $10,314 

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 $159 
Fidelity Securities Lending Cash Central Fund 4,299 
Total $4,458 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

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 Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
RH $82,844 $-- $28,842 $-- $1,335 $18,449 $-- 
Total $82,844 $-- $28,842 $-- $1,335 $18,449 $-- 

 * 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 April 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 $6,678,063 $6,429,864 $123,224 $124,975 
Consumer Staples 1,048,128 884,033 13,294 150,801 
Energy 565,419 510,491 54,928 -- 
Financials 1,082,994 1,031,349 41,344 10,301 
Health Care 2,320,888 2,251,519 12,094 57,275 
Industrials 1,217,222 1,124,123 27,376 65,723 
Information Technology 10,405,128 9,870,607 217,685 316,836 
Materials 547,734 532,323 15,411 -- 
Real Estate 3,637 -- 3,637 -- 
Telecommunication Services 62,700 40,722 21,978 -- 
Utilities 5,706 -- 5,706 -- 
Corporate Bonds 5,825 -- -- 5,825 
Money Market Funds 533,586 533,586 -- -- 
Total Investments in Securities: $24,477,030 $23,208,617 $536,677 $731,736 

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 $338,669 
Net Realized Gain (Loss) on Investment Securities 1,834 
Net Unrealized Gain (Loss) on Investment Securities (75,160) 
Cost of Purchases 62,590 
Proceeds of Sales (11,097) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $316,836 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2018 $(70,784) 
Other investments in Securities  
Beginning Balance $209,155 
Net Realized Gain (Loss) on Investment Securities 8,252 
Net Unrealized Gain (Loss) on Investment Securities 165,400 
Cost of Purchases 69,395 
Proceeds of Sales (30,820) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (6,482) 
Ending Balance $414,900 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2018 $152,693 

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.

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 $5,825 Market approach Transaction price $100.00 Increase 
Equities $725,911 Market approach Transaction price $0.92 - $169.00 / $52.62 Increase 
   Liquidity preference $16.35 - $45.76 / $35.01 Increase 
  Market comparable Transaction price $9.15 - $330.00 / $195.30 Increase 
   Enterprise value/Sales multiple (EV/S) 1.1 - 17.6 / 5.7 Increase 
   Discount rate 7.5% - 72.0% / 20.2% Decrease 
   Enterprise value/EBITDA multiple (EV/EBITDA) 11.8 Increase 
   Price/Earnings multiple (P/E) 14.9 Increase 
   Discount for lack of marketability 10.0% - 25.0% / 13.8% Decrease 
   Premium rate 7.5% - 108.0% / 41.4% Increase 
   Liquidity preference $4.84 - $23.41 / $19.82 Increase 
   Proxy premium 28.2% - 54.5% / 46.5% Increase 
   Conversion ratio 3.0 Increase 
  Recovery value Recovery value 0.0% - 2.3% / 2.1% Increase 
  Book Value Discount rate 70.0% Decrease 
   Book value multiple 1.0 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.


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® Dividend Growth Fund

April 30, 2018







DGF-QTLY-0618
1.800335.114





Schedule of Investments April 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 89.4%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 18.6%   
Auto Components - 2.1%   
Aptiv PLC 59,900 $5,066 
BorgWarner, Inc. 418,700 20,491 
Cooper Tire & Rubber Co. 158,700 3,880 
Delphi Technologies PLC 144,366 6,989 
Gentex Corp. 2,165,900 49,253 
Lear Corp. 205,000 38,329 
Tenneco, Inc. 291,500 13,027 
The Goodyear Tire & Rubber Co. 451,200 11,330 
  148,365 
Automobiles - 0.5%   
General Motors Co. 399,700 14,685 
Thor Industries, Inc. 167,300 17,757 
  32,442 
Distributors - 0.1%   
Genuine Parts Co. 103,300 9,123 
Diversified Consumer Services - 1.0%   
Graham Holdings Co. 30,400 18,333 
H&R Block, Inc. 2,000,900 55,325 
  73,658 
Household Durables - 1.1%   
D.R. Horton, Inc. 513,900 22,684 
Lennar Corp.:   
Class A 572,700 30,290 
Class B 13,702 585 
Tupperware Brands Corp. 510,900 22,766 
  76,325 
Leisure Products - 0.3%   
Brunswick Corp. 325,000 19,461 
Media - 8.2%   
CBS Corp. Class B 522,200 25,692 
Cinemark Holdings, Inc. 949,800 37,204 
Comcast Corp. Class A 5,626,292 176,609 
Entercom Communications Corp. Class A (a) 1,459,700 14,816 
Gannett Co., Inc. 550,120 5,320 
Interpublic Group of Companies, Inc. 1,750,700 41,299 
Omnicom Group, Inc. 472,200 34,782 
Sinclair Broadcast Group, Inc. Class A 157,145 4,455 
Tegna, Inc. 1,694,028 17,906 
The Walt Disney Co. 872,500 87,538 
Time Warner, Inc. 441,900 41,892 
Twenty-First Century Fox, Inc. Class A 1,798,800 65,764 
Viacom, Inc. Class B (non-vtg.) 862,900 26,025 
  579,302 
Multiline Retail - 1.4%   
Dollar General Corp. 284,700 27,482 
Macy's, Inc. 502,700 15,619 
Target Corp. 739,400 53,680 
  96,781 
Specialty Retail - 3.2%   
American Eagle Outfitters, Inc. 179,600 3,714 
Bed Bath & Beyond, Inc. 593,700 10,366 
Best Buy Co., Inc. 301,200 23,051 
Dick's Sporting Goods, Inc. 401,000 13,269 
Foot Locker, Inc. 374,179 16,120 
Gap, Inc. 860,800 25,170 
L Brands, Inc. 419,100 14,631 
Lowe's Companies, Inc. 407,300 33,574 
Ross Stores, Inc. 279,800 22,622 
TJX Companies, Inc. 465,400 39,489 
Tractor Supply Co. 49,200 3,346 
Williams-Sonoma, Inc. (a) 430,300 20,568 
  225,920 
Textiles, Apparel & Luxury Goods - 0.7%   
Carter's, Inc. 167,100 16,763 
Hanesbrands, Inc. 797,800 14,735 
Ralph Lauren Corp. 176,700 19,410 
Tapestry, Inc. 30,600 1,645 
  52,553 
TOTAL CONSUMER DISCRETIONARY  1,313,930 
CONSUMER STAPLES - 9.7%   
Food & Staples Retailing - 2.4%   
CVS Health Corp. 1,111,300 77,602 
Kroger Co. 939,118 23,656 
Walgreens Boots Alliance, Inc. 705,700 46,894 
Walmart, Inc. 212,800 18,824 
  166,976 
Food Products - 2.6%   
Campbell Soup Co. 700,400 28,562 
ConAgra Foods, Inc. 827,100 30,661 
General Mills, Inc. 707,600 30,950 
Ingredion, Inc. 178,700 21,639 
The J.M. Smucker Co. 147,600 16,838 
The Kraft Heinz Co. 496,400 27,987 
Tyson Foods, Inc. Class A 354,400 24,843 
  181,480 
Household Products - 1.9%   
Energizer Holdings, Inc. 457,500 26,242 
Kimberly-Clark Corp. 588,300 60,913 
Procter & Gamble Co. 611,400 44,229 
  131,384 
Personal Products - 0.2%   
Edgewell Personal Care Co. (b) 395,100 17,404 
Tobacco - 2.6%   
Altria Group, Inc. 3,089,600 173,357 
British American Tobacco PLC (United Kingdom) 220,060 12,070 
  185,427 
TOTAL CONSUMER STAPLES  682,671 
ENERGY - 6.6%   
Oil, Gas & Consumable Fuels - 6.6%   
Chevron Corp. 1,423,900 178,144 
Exxon Mobil Corp. 2,756,997 214,354 
Phillips 66 Co. 40,900 4,553 
Suncor Energy, Inc. 401,300 15,346 
Total SA sponsored ADR 656,271 41,089 
Valero Energy Corp. 129,700 14,388 
  467,874 
FINANCIALS - 9.8%   
Banks - 2.4%   
Bank of America Corp. 1,669,717 49,958 
JPMorgan Chase & Co. 508,835 55,351 
Wells Fargo & Co. 1,238,993 64,378 
  169,687 
Capital Markets - 0.3%   
Brighthouse Financial, Inc. 246,700 12,527 
Diamond Hill Investment Group, Inc. 49,538 9,681 
  22,208 
Consumer Finance - 0.0%   
Imperial Holdings, Inc. warrants 4/11/19 (b) 48,012 
Diversified Financial Services - 1.4%   
Berkshire Hathaway, Inc. Class B (b) 513,200 99,422 
Insurance - 5.7%   
Allstate Corp. 500,000 48,910 
American International Group, Inc. 720,500 40,348 
Chubb Ltd. 674,900 91,564 
First American Financial Corp. 113,072 5,779 
Marsh & McLennan Companies, Inc. 54,600 4,450 
MetLife, Inc. 1,461,000 69,646 
Prudential Financial, Inc. 190,400 20,243 
The Travelers Companies, Inc. 838,100 110,294 
Torchmark Corp. 136,900 11,875 
  403,109 
TOTAL FINANCIALS  694,426 
HEALTH CARE - 11.4%   
Biotechnology - 2.7%   
Amgen, Inc. 771,010 134,526 
Gilead Sciences, Inc. 743,600 53,710 
  188,236 
Health Care Equipment & Supplies - 0.1%   
Medtronic PLC 126,803 10,161 
Health Care Providers & Services - 5.5%   
AmerisourceBergen Corp. 441,900 40,027 
Anthem, Inc. 401,800 94,821 
Cardinal Health, Inc. 831,100 53,332 
Cigna Corp. 218,200 37,491 
McKesson Corp. 218,800 34,179 
Patterson Companies, Inc. 934,400 21,753 
Quest Diagnostics, Inc. 406,400 41,128 
UnitedHealth Group, Inc. 126,600 29,928 
Universal Health Services, Inc. Class B 298,900 34,134 
  386,793 
Pharmaceuticals - 3.1%   
GlaxoSmithKline PLC 1,677,146 33,639 
Johnson & Johnson 446,143 56,433 
Pfizer, Inc. 2,943,200 107,751 
Sanofi SA (a) 241,062 19,059 
  216,882 
TOTAL HEALTH CARE  802,072 
INDUSTRIALS - 13.2%   
Aerospace & Defense - 1.2%   
General Dynamics Corp. 76,100 15,320 
Rockwell Collins, Inc. 64,600 8,562 
United Technologies Corp. 524,000 62,959 
  86,841 
Air Freight & Logistics - 1.2%   
United Parcel Service, Inc. Class B 758,100 86,044 
Airlines - 1.9%   
Allegiant Travel Co. 73,900 11,842 
American Airlines Group, Inc. 766,300 32,897 
Delta Air Lines, Inc. 1,054,500 55,066 
Southwest Airlines Co. 600,100 31,703 
  131,508 
Building Products - 0.3%   
Johnson Controls International PLC 616,200 20,871 
Commercial Services & Supplies - 0.8%   
Deluxe Corp. 695,500 47,670 
Pitney Bowes, Inc. 763,700 7,805 
  55,475 
Construction & Engineering - 0.1%   
KBR, Inc. 426,900 7,125 
Electrical Equipment - 0.6%   
Acuity Brands, Inc. 260,300 31,176 
EnerSys 65,292 4,476 
Regal Beloit Corp. 94,391 6,721 
  42,373 
Industrial Conglomerates - 1.4%   
General Electric Co. 4,327,200 60,884 
Honeywell International, Inc. 265,400 38,398 
  99,282 
Machinery - 2.2%   
Allison Transmission Holdings, Inc. 377,502 14,719 
Crane Co. 379,700 31,758 
Cummins, Inc. 162,900 26,041 
PACCAR, Inc. 611,400 38,928 
Snap-On, Inc. 308,100 44,752 
  156,198 
Professional Services - 0.8%   
Dun & Bradstreet Corp. 300,500 34,651 
Manpower, Inc. 225,500 21,585 
  56,236 
Road & Rail - 2.7%   
Norfolk Southern Corp. 464,300 66,613 
Union Pacific Corp. 903,900 120,788 
  187,401 
TOTAL INDUSTRIALS  929,354 
INFORMATION TECHNOLOGY - 13.0%   
Communications Equipment - 2.2%   
Cisco Systems, Inc. 2,551,286 112,996 
InterDigital, Inc. 56,200 4,184 
Juniper Networks, Inc. 1,675,400 41,198 
  158,378 
Electronic Equipment & Components - 0.2%   
Avnet, Inc. 221,200 8,678 
Jabil, Inc. 258,800 6,884 
Tech Data Corp. (b) 2,664 203 
  15,765 
IT Services - 1.5%   
DXC Technology Co. 270,700 27,898 
IBM Corp. 364,700 52,867 
Leidos Holdings, Inc. 220,400 14,156 
The Western Union Co. 568,600 11,230 
  106,151 
Semiconductors & Semiconductor Equipment - 1.9%   
Cirrus Logic, Inc. (b) 188,400 6,871 
Intel Corp. 2,020,400 104,293 
Qualcomm, Inc. 425,783 21,719 
  132,883 
Software - 2.2%   
CA Technologies, Inc. 1,505,600 52,395 
Oracle Corp. 2,185,900 99,830 
  152,225 
Technology Hardware, Storage & Peripherals - 5.0%   
Apple, Inc. 1,172,418 193,754 
Hewlett Packard Enterprise Co. 2,592,400 44,200 
HP, Inc. 2,424,000 52,092 
Seagate Technology LLC 435,600 25,217 
Western Digital Corp. 87,000 6,855 
Xerox Corp. 970,800 30,532 
  352,650 
TOTAL INFORMATION TECHNOLOGY  918,052 
MATERIALS - 2.9%   
Chemicals - 1.6%   
Huntsman Corp. 706,500 21,033 
LyondellBasell Industries NV Class A 667,500 70,575 
The Chemours Co. LLC 401,900 19,456 
  111,064 
Metals & Mining - 1.3%   
Freeport-McMoRan, Inc. 616,800 9,382 
Nucor Corp. 639,000 39,375 
Steel Dynamics, Inc. 938,000 42,032 
  90,789 
TOTAL MATERIALS  201,853 
TELECOMMUNICATION SERVICES - 2.7%   
Diversified Telecommunication Services - 2.7%   
AT&T, Inc. 914,000 29,888 
Verizon Communications, Inc. 3,331,500 164,410 
  194,298 
UTILITIES - 1.5%   
Electric Utilities - 1.2%   
Great Plains Energy, Inc. 88,500 2,897 
PG&E Corp. 76,900 3,545 
PPL Corp. 1,093,500 31,821 
Southern Co. 956,600 44,118 
  82,381 
Independent Power and Renewable Electricity Producers - 0.3%   
The AES Corp. 1,764,600 21,599 
TOTAL UTILITIES  103,980 
TOTAL COMMON STOCKS   
(Cost $5,729,166)  6,308,510 
Money Market Funds - 10.7%   
Fidelity Cash Central Fund, 1.74% (c) 723,780,690 723,925 
Fidelity Securities Lending Cash Central Fund 1.74% (c)(d) 30,605,038 30,608 
TOTAL MONEY MARKET FUNDS   
(Cost $754,529)  754,533 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $6,483,695)  7,063,043 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (9,845) 
NET ASSETS - 100%  $7,053,198 

Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

 (a) Security or a portion of the security is on loan at period end.

 (b) Non-income producing

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

 (d) Investment made with cash collateral received from securities on loan.


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 $3,797 
Fidelity Securities Lending Cash Central Fund 117 
Total $3,914 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 $1,313,930 $1,313,930 $-- $-- 
Consumer Staples 682,671 670,601 12,070 -- 
Energy 467,874 467,874 -- -- 
Financials 694,426 694,426 -- -- 
Health Care 802,072 749,374 52,698 -- 
Industrials 929,354 929,354 -- -- 
Information Technology 918,052 918,052 -- -- 
Materials 201,853 201,853 -- -- 
Telecommunication Services 194,298 194,298 -- -- 
Utilities 103,980 103,980 -- -- 
Money Market Funds 754,533 754,533 -- -- 
Total Investments in Securities: $7,063,043 $6,998,275 $64,768 $-- 

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.

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® Blue Chip Value Fund

April 30, 2018







BCV-QTLY-0618
1.800334.114





Schedule of Investments April 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%   
 Shares Value 
CONSUMER DISCRETIONARY - 14.0%   
Media - 12.1%   
Comcast Corp. Class A 299,900 $9,413,861 
Interpublic Group of Companies, Inc. 263,600 6,218,324 
Lions Gate Entertainment Corp. Class B 163,377 3,760,939 
The Walt Disney Co. 84,600 8,487,918 
Time Warner, Inc. 111,000 10,522,800 
Twenty-First Century Fox, Inc. Class A 244,300 8,931,608 
  47,335,450 
Textiles, Apparel & Luxury Goods - 1.9%   
PVH Corp. 46,500 7,424,655 
TOTAL CONSUMER DISCRETIONARY  54,760,105 
CONSUMER STAPLES - 12.0%   
Beverages - 1.9%   
C&C Group PLC 2,004,512 7,552,424 
Food & Staples Retailing - 4.5%   
CVS Health Corp. 254,400 17,764,752 
Food Products - 3.0%   
Kellogg Co. 68,800 4,052,320 
The J.M. Smucker Co. 65,700 7,495,056 
  11,547,376 
Tobacco - 2.6%   
British American Tobacco PLC sponsored ADR 187,300 10,230,326 
TOTAL CONSUMER STAPLES  47,094,878 
ENERGY - 11.2%   
Energy Equipment & Services - 1.9%   
Baker Hughes, a GE Co. Class A 202,800 7,323,108 
Oil, Gas & Consumable Fuels - 9.3%   
Exxon Mobil Corp. 151,600 11,786,900 
GasLog Partners LP 246,300 5,849,625 
Golar LNG Partners LP 234,900 4,712,094 
Teekay Corp. (a) 198,540 1,751,123 
Teekay LNG Partners LP 433,300 7,907,725 
Teekay Offshore Partners LP 1,554,200 4,336,218 
  36,343,685 
TOTAL ENERGY  43,666,793 
FINANCIALS - 26.4%   
Banks - 9.6%   
JPMorgan Chase & Co. 79,916 8,693,262 
U.S. Bancorp 236,197 11,916,139 
Wells Fargo & Co. 326,298 16,954,444 
  37,563,845 
Capital Markets - 1.5%   
Goldman Sachs Group, Inc. 24,900 5,934,417 
Consumer Finance - 1.9%   
Discover Financial Services 105,700 7,531,125 
Diversified Financial Services - 5.3%   
Berkshire Hathaway, Inc. Class B (b) 106,300 20,593,498 
Insurance - 8.1%   
Allstate Corp. 21,400 2,093,348 
Chubb Ltd. 66,600 9,035,622 
Prudential PLC 426,798 10,974,709 
The Travelers Companies, Inc. 72,800 9,580,480 
  31,684,159 
TOTAL FINANCIALS  103,307,044 
HEALTH CARE - 15.1%   
Biotechnology - 5.6%   
Amgen, Inc. 86,300 15,057,624 
Dyax Corp. rights 12/31/19 (b)(c) 236,600 830,466 
Shire PLC sponsored ADR 37,068 5,909,751 
  21,797,841 
Health Care Providers & Services - 6.5%   
Anthem, Inc. 41,100 9,699,189 
Cigna Corp. 92,400 15,876,168 
  25,575,357 
Pharmaceuticals - 3.0%   
Allergan PLC 34,300 5,270,195 
Bayer AG 53,400 6,382,347 
  11,652,542 
TOTAL HEALTH CARE  59,025,740 
INDUSTRIALS - 3.7%   
Aerospace & Defense - 2.3%   
United Technologies Corp. 76,800 9,227,520 
Professional Services - 1.4%   
Nielsen Holdings PLC 170,500 5,362,225 
TOTAL INDUSTRIALS  14,589,745 
INFORMATION TECHNOLOGY - 8.2%   
Communications Equipment - 2.4%   
Cisco Systems, Inc. 214,985 9,521,686 
Internet Software & Services - 1.6%   
Alphabet, Inc. Class A (b) 6,000 6,111,480 
IT Services - 3.2%   
Cognizant Technology Solutions Corp. Class A 90,700 7,421,074 
The Western Union Co. 254,500 5,026,375 
  12,447,449 
Technology Hardware, Storage & Peripherals - 1.0%   
Apple, Inc. 23,700 3,916,662 
TOTAL INFORMATION TECHNOLOGY  31,997,277 
MATERIALS - 1.4%   
Chemicals - 1.4%   
LyondellBasell Industries NV Class A 51,800 5,476,814 
REAL ESTATE - 2.7%   
Real Estate Management & Development - 2.7%   
CBRE Group, Inc. (b) 236,900 10,733,939 
UTILITIES - 0.5%   
Electric Utilities - 0.5%   
Exelon Corp. 47,800 1,896,704 
TOTAL COMMON STOCKS   
(Cost $328,074,602)  372,549,039 
Money Market Funds - 5.4%   
Fidelity Cash Central Fund, 1.74% (d) 19,272,385 19,276,240 
Fidelity Securities Lending Cash Central Fund 1.74% (d)(e) 1,949,946 1,950,141 
TOTAL MONEY MARKET FUNDS   
(Cost $21,226,677)  21,226,381 
TOTAL INVESTMENT IN SECURITIES - 100.6%   
(Cost $349,301,279)  393,775,420 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (2,437,844) 
NET ASSETS - 100%  $391,337,576 

Legend

 (a) Security or a portion of the security is on loan at period end.

 (b) Non-income producing

 (c) Level 3 security

 (d) 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.

 (e) Investment made with cash collateral received from securities on loan.


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 $110,617 
Fidelity Securities Lending Cash Central Fund 378,705 
Total $489,322 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 $54,760,105 $54,760,105 $-- $-- 
Consumer Staples 47,094,878 47,094,878 -- -- 
Energy 43,666,793 43,666,793 -- -- 
Financials 103,307,044 92,332,335 10,974,709 -- 
Health Care 59,025,740 51,812,927 6,382,347 830,466 
Industrials 14,589,745 14,589,745 -- -- 
Information Technology 31,997,277 31,997,277 -- -- 
Materials 5,476,814 5,476,814 -- -- 
Real Estate 10,733,939 10,733,939 -- -- 
Utilities 1,896,704 1,896,704 -- -- 
Money Market Funds 21,226,381 21,226,381 -- -- 
Total Investments in Securities: $393,775,420 $375,587,898 $17,357,056 $830,466 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $6,088,520 
Level 2 to Level 1 $0 

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.

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® Small Cap Growth Fund

April 30, 2018







SCP-QTLY-0618
1.815773.113





Schedule of Investments April 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%   
 Shares Value 
CONSUMER DISCRETIONARY - 15.3%   
Diversified Consumer Services - 1.9%   
Bright Horizons Family Solutions, Inc. (a) 132,638 $12,584,693 
Grand Canyon Education, Inc. (a) 627,576 65,261,628 
  77,846,321 
Hotels, Restaurants & Leisure - 6.6%   
Boyd Gaming Corp. 597,471 19,842,012 
Cedar Fair LP (depositary unit) 534,345 36,196,530 
Churchill Downs, Inc. 94,259 25,883,521 
Dunkin' Brands Group, Inc. 315,666 19,242,999 
Golden Entertainment, Inc. (a) 149,527 3,999,847 
Hilton Grand Vacations, Inc. (a) 752,176 32,343,568 
Marriott Vacations Worldwide Corp. 143,030 17,536,908 
Six Flags Entertainment Corp. 361,751 22,877,133 
Texas Roadhouse, Inc. Class A 368,464 23,611,173 
U.S. Foods Holding Corp. (a) 692,843 23,681,374 
Vail Resorts, Inc. 202,204 46,367,399 
  271,582,464 
Household Durables - 4.2%   
Cavco Industries, Inc. (a) 336,448 57,313,917 
LGI Homes, Inc. (a)(b) 408,903 28,296,088 
SodaStream International Ltd. (a) 344,139 32,517,694 
Taylor Morrison Home Corp. (a) 1,303,142 30,962,654 
TopBuild Corp. (a) 317,701 25,320,770 
  174,411,123 
Internet & Direct Marketing Retail - 0.4%   
Gaia, Inc. Class A (a) 1,067,310 16,169,747 
Media - 0.5%   
Cinemark Holdings, Inc. 507,860 19,892,876 
Multiline Retail - 0.5%   
Ollie's Bargain Outlet Holdings, Inc. (a) 306,843 19,085,635 
Specialty Retail - 0.5%   
The Children's Place Retail Stores, Inc. 170,987 21,809,392 
Textiles, Apparel & Luxury Goods - 0.7%   
Carter's, Inc. 129,465 12,987,929 
Columbia Sportswear Co. 183,013 15,191,909 
  28,179,838 
TOTAL CONSUMER DISCRETIONARY  628,977,396 
CONSUMER STAPLES - 2.6%   
Food & Staples Retailing - 0.6%   
Performance Food Group Co. (a) 770,929 25,016,646 
Food Products - 1.1%   
Nomad Foods Ltd. (a) 1,218,451 20,092,257 
Post Holdings, Inc. (a) 305,568 24,314,046 
  44,406,303 
Household Products - 0.9%   
Central Garden & Pet Co. (a) 429,384 16,097,606 
Central Garden & Pet Co. Class A (non-vtg.) (a) 647,060 22,970,630 
  39,068,236 
TOTAL CONSUMER STAPLES  108,491,185 
ENERGY - 0.7%   
Energy Equipment & Services - 0.1%   
NCS Multistage Holdings, Inc. 181,008 3,297,966 
Oil, Gas & Consumable Fuels - 0.6%   
Delek U.S. Holdings, Inc. 487,375 23,086,954 
TOTAL ENERGY  26,384,920 
FINANCIALS - 6.1%   
Banks - 1.4%   
First Citizen Bancshares, Inc. 91,271 39,455,541 
Prosperity Bancshares, Inc. 239,525 17,190,709 
  56,646,250 
Capital Markets - 2.9%   
Apollo Global Management LLC Class A 1,084,602 31,279,922 
Cboe Global Markets, Inc. 207,535 22,160,587 
Hamilton Lane, Inc. Class A 26,800 1,121,580 
Lazard Ltd. Class A 368,996 20,080,762 
Legg Mason, Inc. 407,408 16,174,098 
MSCI, Inc. 184,881 27,700,720 
  118,517,669 
Insurance - 0.7%   
Enstar Group Ltd. (a) 146,657 30,819,969 
Thrifts & Mortgage Finance - 1.1%   
Essent Group Ltd. (a) 753,241 24,826,823 
Meridian Bancorp, Inc. Maryland 1,160,740 21,937,986 
  46,764,809 
TOTAL FINANCIALS  252,748,697 
HEALTH CARE - 23.3%   
Biotechnology - 9.6%   
Abeona Therapeutics, Inc. (a) 684,681 11,947,683 
Acceleron Pharma, Inc. (a) 335,212 11,702,251 
Achaogen, Inc. (a)(b) 718,195 10,277,370 
Acorda Therapeutics, Inc. (a) 345,137 7,972,665 
Alder Biopharmaceuticals, Inc. (a) 775,154 11,007,187 
Amarin Corp. PLC ADR (a)(b) 953,466 2,622,032 
AnaptysBio, Inc. (a) 251,025 23,541,125 
Arena Pharmaceuticals, Inc. (a) 277,086 11,039,106 
Argenx SE ADR 199,451 17,475,897 
Ascendis Pharma A/S sponsored ADR (a) 439,855 27,715,264 
Atara Biotherapeutics, Inc. (a) 319,514 12,892,390 
Audentes Therapeutics, Inc. (a) 537,121 20,066,841 
Blueprint Medicines Corp. (a) 333,215 25,564,255 
Dyax Corp. rights 12/31/19 (a)(c) 380,400 1,335,204 
Epizyme, Inc. (a) 475,067 6,104,611 
Fate Therapeutics, Inc. (a)(b) 1,322,805 13,360,331 
FibroGen, Inc. (a) 316,058 14,364,836 
Five Prime Therapeutics, Inc. (a) 146,657 2,456,505 
Foundation Medicine, Inc. (a) 20,631 1,575,177 
Global Blood Therapeutics, Inc. (a) 434,757 19,194,522 
Heron Therapeutics, Inc. (a) 355,257 10,764,287 
Kura Oncology, Inc. (a) 243,618 3,690,813 
Ligand Pharmaceuticals, Inc. Class B (a) 98,229 15,210,761 
Loxo Oncology, Inc. (a) 239,930 30,209,586 
Mirati Therapeutics, Inc. (a) 460,055 14,169,694 
Sarepta Therapeutics, Inc. (a) 480,420 36,684,871 
Spark Therapeutics, Inc. (a) 184,100 14,050,512 
Stemline Therapeutics, Inc. (a) 760,973 13,088,736 
TESARO, Inc. (a) 80,975 4,122,437 
  394,206,949 
Health Care Equipment & Supplies - 4.3%   
Cantel Medical Corp. 327,132 36,661,683 
ICU Medical, Inc. (a) 102,738 25,859,155 
Inogen, Inc. (a) 116,036 16,312,341 
Insulet Corp. (a) 756,224 65,035,264 
Integra LifeSciences Holdings Corp. (a) 43,798 2,699,271 
iRhythm Technologies, Inc. (a) 310,176 18,036,734 
Quanterix Corp. (a)(b) 770,447 13,059,077 
  177,663,525 
Health Care Providers & Services - 4.1%   
Chemed Corp. 70,300 21,667,866 
G1 Therapeutics, Inc. 570,502 21,878,752 
Magellan Health Services, Inc. (a) 706,269 59,220,656 
Molina Healthcare, Inc. (a) 506,738 42,185,939 
Tivity Health, Inc. (a) 607,998 21,857,528 
  166,810,741 
Health Care Technology - 0.1%   
HTG Molecular Diagnostics (a) 815,910 3,255,481 
Life Sciences Tools & Services - 0.9%   
ICON PLC (a) 327,865 38,566,760 
Pharmaceuticals - 4.3%   
Aclaris Therapeutics, Inc. (a)(b) 565,525 10,038,069 
Aerie Pharmaceuticals, Inc. (a)(b) 313,018 16,026,522 
Akcea Therapeutics, Inc. (b) 533,494 13,929,528 
Avexis, Inc. (a) 190,912 40,599,346 
Catalent, Inc. (a) 513,202 21,097,734 
Nektar Therapeutics (a) 673,432 56,339,321 
SCYNEXIS, Inc. warrants 6/21/21 (a) 168,750 23,104 
The Medicines Company (a) 343,026 10,321,652 
Theravance Biopharma, Inc. (a) 283,439 6,822,377 
Zogenix, Inc. (a) 58,820 2,311,626 
  177,509,279 
TOTAL HEALTH CARE  958,012,735 
INDUSTRIALS - 18.5%   
Aerospace & Defense - 2.8%   
BWX Technologies, Inc. 586,427 39,759,751 
HEICO Corp. Class A 638,973 46,101,902 
Teledyne Technologies, Inc. (a) 165,404 30,945,434 
  116,807,087 
Air Freight & Logistics - 0.5%   
Atlas Air Worldwide Holdings, Inc. (a) 299,196 18,969,026 
Airlines - 1.8%   
Allegiant Travel Co. 191,372 30,667,363 
SkyWest, Inc. 793,724 45,162,896 
  75,830,259 
Commercial Services & Supplies - 1.5%   
Copart, Inc. (a) 886,412 45,277,925 
Viad Corp. 366,260 18,587,695 
  63,865,620 
Construction & Engineering - 2.9%   
Dycom Industries, Inc. (a) 389,628 40,466,764 
EMCOR Group, Inc. 401,155 29,520,996 
Jacobs Engineering Group, Inc. 343,114 19,931,492 
KBR, Inc. 1,727,872 28,838,184 
  118,757,436 
Electrical Equipment - 1.1%   
Generac Holdings, Inc. (a) 1,001,992 45,099,660 
Industrial Conglomerates - 1.0%   
ITT, Inc. 826,808 40,422,643 
Machinery - 2.1%   
AGCO Corp. 208,698 13,081,191 
Allison Transmission Holdings, Inc. 619,761 24,164,481 
Milacron Holdings Corp. (a) 757,496 13,657,653 
Oshkosh Corp. 236,341 17,054,367 
WABCO Holdings, Inc. (a) 145,015 18,705,485 
  86,663,177 
Professional Services - 3.6%   
Asgn, Inc. (a) 858,106 69,189,087 
Exponent, Inc. 503,353 43,489,699 
FTI Consulting, Inc. (a) 146,296 8,543,686 
Insperity, Inc. 313,107 25,126,837 
  146,349,309 
Trading Companies & Distributors - 1.2%   
SiteOne Landscape Supply, Inc. (a) 439,185 30,084,173 
Univar, Inc. (a) 724,560 19,968,874 
  50,053,047 
TOTAL INDUSTRIALS  762,817,264 
INFORMATION TECHNOLOGY - 25.6%   
Communications Equipment - 0.7%   
InterDigital, Inc. 375,520 27,957,464 
Electronic Equipment & Components - 1.4%   
Dolby Laboratories, Inc. Class A 312,997 18,723,481 
II-VI, Inc. (a) 430,718 16,410,356 
Novanta, Inc. (a) 348,559 20,495,269 
  55,629,106 
Internet Software & Services - 11.6%   
2U, Inc. (a) 1,425,680 114,752,975 
ANGI Homeservices, Inc. Class A (a)(b) 1,226,532 16,386,468 
BlackLine, Inc. (a) 544,396 22,537,994 
DocuSign, Inc. 12,000 463,560 
Five9, Inc. (a) 593,730 17,437,850 
GoDaddy, Inc. (a) 838,029 54,103,152 
Gogo, Inc. (a)(b) 1,487,015 14,007,681 
GrubHub, Inc. (a)(b) 461,661 46,692,394 
Instructure, Inc. (a) 544,333 22,072,703 
MINDBODY, Inc. (a) 799,665 31,706,717 
New Relic, Inc. (a) 291,746 20,390,128 
Okta, Inc. 740,920 31,718,785 
ShotSpotter, Inc. (b) 268,824 7,457,178 
Stamps.com, Inc. (a) 285,075 64,925,831 
Yext, Inc. 1,048,264 13,983,842 
  478,637,258 
IT Services - 3.5%   
EPAM Systems, Inc. (a) 450,500 51,514,675 
Genpact Ltd. 850,239 27,114,122 
Interxion Holding N.V. (a) 266,223 17,309,819 
Leidos Holdings, Inc. 770,581 49,494,418 
  145,433,034 
Semiconductors & Semiconductor Equipment - 1.5%   
Entegris, Inc. 1,482,285 47,729,577 
PDF Solutions, Inc. (a)(b) 1,274,046 14,205,613 
  61,935,190 
Software - 6.9%   
8x8, Inc. (a) 636,520 12,889,530 
Black Knight, Inc. (a) 494,580 24,061,317 
Cardlytics, Inc. (a)(b)(d) 1,320,175 18,508,854 
Everbridge, Inc. (a) 955,664 35,694,050 
HubSpot, Inc. (a) 359,207 38,040,021 
Model N, Inc. (a) 600,644 10,301,045 
Proofpoint, Inc. (a) 282,173 33,279,484 
PROS Holdings, Inc. (a) 1,032,318 30,474,027 
RingCentral, Inc. (a) 321,584 21,562,207 
Talend SA ADR (a) 310,052 15,130,538 
Workiva, Inc. (a) 457,982 10,304,595 
Zendesk, Inc. (a) 452,014 22,035,683 
Zscaler, Inc. (a)(b) 443,181 13,246,680 
  285,528,031 
TOTAL INFORMATION TECHNOLOGY  1,055,120,083 
MATERIALS - 4.2%   
Chemicals - 1.5%   
Orion Engineered Carbons SA 736,633 19,741,764 
The Chemours Co. LLC 898,672 43,504,712 
  63,246,476 
Construction Materials - 1.5%   
Eagle Materials, Inc. 331,483 32,803,558 
Summit Materials, Inc. 1,013,652 28,524,167 
  61,327,725 
Containers & Packaging - 1.0%   
Avery Dennison Corp. 245,081 25,686,940 
Berry Global Group, Inc. (a) 257,433 14,158,815 
  39,845,755 
Paper & Forest Products - 0.2%   
Neenah, Inc. 117,087 9,132,786 
Quintis Ltd. (a)(b)(c) 11,211,435 84 
  9,132,870 
TOTAL MATERIALS  173,552,826 
REAL ESTATE - 1.2%   
Equity Real Estate Investment Trusts (REITs) - 1.2%   
Rexford Industrial Realty, Inc. 553,591 16,912,205 
Store Capital Corp. 595,549 15,025,701 
Terreno Realty Corp. 496,046 18,428,109 
  50,366,015 
TOTAL COMMON STOCKS   
(Cost $3,205,452,765)  4,016,471,121 
Convertible Preferred Stocks - 0.6%   
INFORMATION TECHNOLOGY - 0.6%   
Software - 0.6%   
Compass, Inc. Series E (c)(e)   
(Cost $23,873,990) 353,803 23,873,990 
Investment Companies - 0.8%   
iShares Russell 2000 Growth Index ETF (b)   
(Cost $32,173,052) 163,193 31,168,231 
Money Market Funds - 4.6%   
Fidelity Cash Central Fund, 1.74% (f) 71,612,253 71,626,576 
Fidelity Securities Lending Cash Central Fund 1.74% (f)(g) 119,310,952 119,322,883 
TOTAL MONEY MARKET FUNDS   
(Cost $190,949,459)  190,949,459 
TOTAL INVESTMENT IN SECURITIES - 103.5%   
(Cost $3,452,449,266)  4,262,462,801 
NET OTHER ASSETS (LIABILITIES) - (3.5)%  (143,714,527) 
NET ASSETS - 100%  $4,118,748,274 

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Level 3 security

 (d) Affiliated company

 (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 $23,873,990 or 0.6% of net assets.

 (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 
Compass, Inc. Series E 11/3/17 $23,873,990 

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 $565,580 
Fidelity Securities Lending Cash Central Fund 3,274,381 
Total $3,839,961 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

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 Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Cardlytics, Inc. $-- $17,502,161 $634,919 $-- $152,039 $1,489,573 $18,508,854 
Total $-- $17,502,161 $634,919 $-- $152,039 $1,489,573 $18,508,854 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 $628,977,396 $628,977,396 $-- $-- 
Consumer Staples 108,491,185 108,491,185 -- -- 
Energy 26,384,920 26,384,920 -- -- 
Financials 252,748,697 252,748,697 -- -- 
Health Care 958,012,735 956,654,427 23,104 1,335,204 
Industrials 762,817,264 762,817,264 -- -- 
Information Technology 1,078,994,073 1,055,120,083 -- 23,873,990 
Materials 173,552,826 173,552,742 -- 84 
Real Estate 50,366,015 50,366,015 -- -- 
Investment Companies 31,168,231 31,168,231 -- -- 
Money Market Funds 190,949,459 190,949,459 -- -- 
Total Investments in Securities: $4,262,462,801 $4,237,230,419 $23,104 $25,209,278 

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.

ETFs are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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.

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® Small Cap Value Fund

April 30, 2018







SCV-QTLY-0618
1.815774.113





Schedule of Investments April 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%   
 Shares Value 
CONSUMER DISCRETIONARY - 14.4%   
Auto Components - 1.6%   
Standard Motor Products, Inc. 1,091,800 $49,513,130 
Diversified Consumer Services - 4.3%   
Grand Canyon Education, Inc. (a) 751,200 78,117,288 
Strayer Education, Inc. 538,910 56,623,274 
  134,740,562 
Hotels, Restaurants & Leisure - 3.3%   
Bluegreen Vacations Corp. (b) 674,865 15,704,109 
Cedar Fair LP (depositary unit) 1,308,600 88,644,564 
  104,348,673 
Household Durables - 2.4%   
LGI Homes, Inc. (a)(b) 707,100 48,931,320 
Meritage Homes Corp. (a) 603,678 26,863,671 
  75,794,991 
Specialty Retail - 2.8%   
Aaron's, Inc. Class A 2,116,400 88,402,028 
TOTAL CONSUMER DISCRETIONARY  452,799,384 
CONSUMER STAPLES - 1.1%   
Food Products - 1.1%   
Nomad Foods Ltd. (a) 2,171,500 35,808,035 
ENERGY - 5.2%   
Energy Equipment & Services - 3.1%   
Oil States International, Inc. (a) 970,010 34,871,860 
ShawCor Ltd. Class A 3,200,400 61,916,691 
  96,788,551 
Oil, Gas & Consumable Fuels - 2.1%   
LINN Energy, Inc. (a) 1,729,100 67,780,720 
TOTAL ENERGY  164,569,271 
FINANCIALS - 32.3%   
Banks - 19.2%   
Associated Banc-Corp. 1,339,000 35,416,550 
Banner Corp. 388,900 22,322,860 
BOK Financial Corp. 703,800 70,858,584 
Cullen/Frost Bankers, Inc. 795,000 90,987,750 
CVB Financial Corp. 3,841,400 85,087,010 
First Citizen Bancshares, Inc. 74,170 32,062,949 
First Citizen Bancshares, Inc. Class A 180,954 78,224,605 
Hilltop Holdings, Inc. 1,227,200 27,513,824 
Popular, Inc. 1,493,300 69,124,857 
UMB Financial Corp. 1,200,000 91,896,000 
  603,494,989 
Capital Markets - 1.7%   
Federated Investors, Inc. Class B (non-vtg.) 354,000 9,370,380 
OM Asset Management Ltd. 2,895,301 43,921,716 
  53,292,096 
Insurance - 9.0%   
Argo Group International Holdings, Ltd. 722,775 42,246,199 
Axis Capital Holdings Ltd. 371,400 21,801,180 
Enstar Group Ltd. (a) 315,600 66,323,340 
First American Financial Corp. 1,490,800 76,194,788 
ProAssurance Corp. 1,633,300 77,255,090 
  283,820,597 
Thrifts & Mortgage Finance - 2.4%   
Beneficial Bancorp, Inc. 3,197,800 50,685,130 
Washington Federal, Inc. 771,800 24,504,650 
  75,189,780 
TOTAL FINANCIALS  1,015,797,462 
HEALTH CARE - 5.4%   
Health Care Equipment & Supplies - 3.5%   
LivaNova PLC (a) 1,224,651 108,724,515 
Health Care Technology - 0.9%   
Cegedim SA (a) 701,397 29,814,647 
Pharmaceuticals - 1.0%   
Innoviva, Inc. (a) 2,077,214 30,119,603 
TOTAL HEALTH CARE  168,658,765 
INDUSTRIALS - 14.1%   
Aerospace & Defense - 3.2%   
Moog, Inc. Class A 1,207,200 98,954,184 
Airlines - 0.6%   
Allegiant Travel Co. 121,000 19,390,250 
Commercial Services & Supplies - 0.1%   
Cimpress NV (a) 22,829 3,283,038 
Electrical Equipment - 4.8%   
AZZ, Inc. 500,000 22,275,000 
Melrose Industries PLC 21,916,049 68,791,761 
Regal Beloit Corp. 859,168 61,172,762 
  152,239,523 
Machinery - 1.3%   
Mueller Industries, Inc. 1,479,700 40,218,246 
Professional Services - 0.1%   
CBIZ, Inc. (a) 158,416 2,946,538 
Road & Rail - 2.2%   
Genesee & Wyoming, Inc. Class A (a) 964,106 68,644,347 
Trading Companies & Distributors - 1.8%   
WESCO International, Inc. (a) 964,300 57,424,065 
TOTAL INDUSTRIALS  443,100,191 
INFORMATION TECHNOLOGY - 9.7%   
Electronic Equipment & Components - 3.2%   
SYNNEX Corp. 439,600 44,034,732 
Tech Data Corp. (a) 745,140 56,816,925 
  100,851,657 
Internet Software & Services - 2.5%   
j2 Global, Inc. 1,000,000 79,380,000 
IT Services - 3.8%   
EVERTEC, Inc. 1,213,000 22,137,250 
Presidio, Inc. (a) 928,178 14,219,687 
Science Applications International Corp. 958,000 82,186,820 
  118,543,757 
Technology Hardware, Storage & Peripherals - 0.2%   
Super Micro Computer, Inc. (a) 302,900 5,361,330 
TOTAL INFORMATION TECHNOLOGY  304,136,744 
MATERIALS - 4.4%   
Containers & Packaging - 2.5%   
Silgan Holdings, Inc. 2,764,300 77,593,901 
Metals & Mining - 1.9%   
Compass Minerals International, Inc. (b) 917,800 61,767,940 
TOTAL MATERIALS  139,361,841 
REAL ESTATE - 7.4%   
Equity Real Estate Investment Trusts (REITs) - 7.4%   
CareTrust (REIT), Inc. 1,279,100 16,896,911 
Equity Commonwealth (a) 1,519,400 47,086,206 
Rexford Industrial Realty, Inc. 1,485,749 45,389,632 
Sabra Health Care REIT, Inc. 1,337,700 24,493,287 
Store Capital Corp. 3,978,600 100,380,078 
  234,246,114 
UTILITIES - 4.2%   
Electric Utilities - 4.2%   
El Paso Electric Co. 1,211,100 61,826,655 
IDACORP, Inc. 743,900 69,182,700 
  131,009,355 
TOTAL COMMON STOCKS   
(Cost $2,392,128,595)  3,089,487,162 
 Principal Amount Value 
Nonconvertible Bonds - 0.3%   
INDUSTRIALS - 0.3%   
Machinery - 0.3%   
Mueller Industries, Inc. 6% 3/1/27
(Cost $10,499,000) 
10,499,000 10,420,258 
 Shares Value 
Money Market Funds - 3.1%   
Fidelity Cash Central Fund, 1.74% (c) 17,606,626 17,610,147 
Fidelity Securities Lending Cash Central Fund 1.74% (c)(d) 81,028,610 81,036,712 
TOTAL MONEY MARKET FUNDS   
(Cost $98,646,917)  98,646,859 
TOTAL INVESTMENT IN SECURITIES - 101.6%   
(Cost $2,501,274,512)  3,198,554,279 
NET OTHER ASSETS (LIABILITIES) - (1.6)%  (50,787,107) 
NET ASSETS - 100%  $3,147,767,172 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

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

 (d) Investment made with cash collateral received from securities on loan.


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 $505,287 
Fidelity Securities Lending Cash Central Fund 402,364 
Total $907,651 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

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 Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Civitas Solutions, Inc. $44,625,000 $-- $40,943,842 $-- $(1,146,537) $(2,534,621) $-- 
Total $44,625,000 $-- $40,943,842 $-- $(1,146,537) $(2,534,621) $-- 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 $452,799,384 $452,799,384 $-- $-- 
Consumer Staples 35,808,035 35,808,035 -- -- 
Energy 164,569,271 164,569,271 -- -- 
Financials 1,015,797,462 1,015,797,462 -- -- 
Health Care 168,658,765 168,658,765 -- -- 
Industrials 443,100,191 443,100,191 -- -- 
Information Technology 304,136,744 304,136,744 -- -- 
Materials 139,361,841 139,361,841 -- -- 
Real Estate 234,246,114 234,246,114 -- -- 
Utilities 131,009,355 131,009,355 -- -- 
Corporate Bonds 10,420,258 -- 10,420,258 -- 
Money Market Funds 98,646,859 98,646,859 -- -- 
Total Investments in Securities: $3,198,554,279 $3,188,134,021 $10,420,258 $-- 

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.

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.

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 Small Cap Opportunities Fund

April 30, 2018







SMO-QTLY-0618
1.847958.111





Schedule of Investments April 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%   
 Shares Value 
CONSUMER DISCRETIONARY - 12.1%   
Auto Components - 0.6%   
Fox Factory Holding Corp. (a) 501,500 $16,674,875 
Standard Motor Products, Inc. 348,434 15,801,482 
  32,476,357 
Hotels, Restaurants & Leisure - 2.8%   
Bluegreen Vacations Corp. (b) 1,027,362 23,906,714 
Cedar Fair LP (depositary unit) 363,600 24,630,264 
Eldorado Resorts, Inc. (a) 883,600 35,785,800 
Marriott Vacations Worldwide Corp. 301,100 36,917,871 
Texas Roadhouse, Inc. Class A 593,200 38,012,256 
  159,252,905 
Household Durables - 2.5%   
Cavco Industries, Inc. (a) 186,819 31,824,617 
Taylor Morrison Home Corp. (a) 1,530,800 36,371,808 
TopBuild Corp. (a) 521,100 41,531,670 
TRI Pointe Homes, Inc. (a) 2,078,110 35,556,462 
  145,284,557 
Leisure Products - 0.8%   
Brunswick Corp. 478,400 28,646,592 
Johnson Outdoors, Inc. Class A 290,516 18,813,816 
  47,460,408 
Media - 0.7%   
Cinemark Holdings, Inc. 735,600 28,813,452 
Lions Gate Entertainment Corp. Class B 579,600 13,342,392 
  42,155,844 
Multiline Retail - 0.6%   
Ollie's Bargain Outlet Holdings, Inc. (a) 587,400 36,536,280 
Specialty Retail - 2.1%   
Burlington Stores, Inc. (a) 221,100 30,036,435 
Monro, Inc. (b) 588,200 32,909,790 
Murphy U.S.A., Inc. (a) 422,200 26,417,054 
The Children's Place Retail Stores, Inc. 270,800 34,540,540 
  123,903,819 
Textiles, Apparel & Luxury Goods - 2.0%   
Deckers Outdoor Corp. (a) 345,100 32,184,026 
Emerald Expositions Events, Inc. 775,400 14,941,958 
Steven Madden Ltd. 818,939 39,513,807 
Wolverine World Wide, Inc. 938,052 28,104,038 
  114,743,829 
TOTAL CONSUMER DISCRETIONARY  701,813,999 
CONSUMER STAPLES - 2.3%   
Beverages - 0.2%   
Cott Corp. 682,000 9,752,600 
Food & Staples Retailing - 0.3%   
Performance Food Group Co. (a) 578,625 18,776,381 
Food Products - 1.1%   
Cranswick PLC 331,660 13,305,217 
Ingredion, Inc. 125,300 15,172,577 
J&J Snack Foods Corp. 148,025 20,340,115 
Lamb Weston Holdings, Inc. 243,000 15,872,760 
  64,690,669 
Household Products - 0.4%   
Central Garden & Pet Co. Class A (non-vtg.) (a) 554,500 19,684,750 
Personal Products - 0.3%   
Inter Parfums, Inc. 356,500 18,252,800 
TOTAL CONSUMER STAPLES  131,157,200 
ENERGY - 4.2%   
Energy Equipment & Services - 1.0%   
Nabors Industries Ltd. 2,846,500 21,661,865 
Rowan Companies PLC (a) 1,467,260 21,187,234 
Total Energy Services, Inc. 1,491,277 15,819,302 
  58,668,401 
Oil, Gas & Consumable Fuels - 3.2%   
Boardwalk Pipeline Partners, LP 1,414,154 16,078,931 
Delek U.S. Holdings, Inc. 943,900 44,712,543 
Diamondback Energy, Inc. (a) 222,293 28,553,536 
Newfield Exploration Co. (a) 641,512 19,117,058 
PDC Energy, Inc. (a) 545,700 29,216,778 
WPX Energy, Inc. (a) 2,632,710 44,993,014 
  182,671,860 
TOTAL ENERGY  241,340,261 
FINANCIALS - 17.9%   
Banks - 11.0%   
Associated Banc-Corp. 1,668,112 44,121,562 
BancFirst Corp. 906,886 51,828,535 
Banner Corp. 463,671 26,614,715 
Boston Private Financial Holdings, Inc. 1,564,459 25,109,567 
City Holding Co. 556,200 39,812,796 
Columbia Banking Systems, Inc. 1,147,200 46,128,912 
Cullen/Frost Bankers, Inc. 464,900 53,207,805 
CVB Financial Corp. 1,653,500 36,625,025 
First Merchants Corp. 953,248 41,065,924 
Heartland Financial U.S.A., Inc. 830,700 44,567,055 
Independent Bank Corp., Massachusetts 572,679 41,404,692 
Preferred Bank, Los Angeles 436,300 27,809,762 
Stock Yards Bancorp, Inc. 140,615 5,266,032 
Tompkins Financial Corp. 108,086 8,398,282 
Trico Bancshares (c) 1,234,000 46,114,580 
WesBanco, Inc. 836,200 36,625,560 
Wintrust Financial Corp. 673,500 60,244,575 
  634,945,379 
Capital Markets - 1.5%   
Hamilton Lane, Inc. Class A 399,369 16,713,593 
OM Asset Management Ltd. 2,697,908 40,927,264 
PJT Partners, Inc. 579,519 32,157,509 
  89,798,366 
Diversified Financial Services - 0.4%   
Cotiviti Holdings, Inc. (a) 655,100 22,627,154 
Insurance - 2.4%   
Employers Holdings, Inc. 938,970 38,403,873 
First American Financial Corp. 791,500 40,453,565 
James River Group Holdings Ltd. 43,180 1,568,298 
Primerica, Inc. 604,730 58,507,628 
  138,933,364 
Thrifts & Mortgage Finance - 2.6%   
Beneficial Bancorp, Inc. 1,505,210 23,857,579 
Meridian Bancorp, Inc. Maryland 2,338,600 44,199,540 
Washington Federal, Inc. 1,201,135 38,136,036 
WSFS Financial Corp. 925,146 46,349,815 
  152,542,970 
TOTAL FINANCIALS  1,038,847,233 
HEALTH CARE - 15.7%   
Biotechnology - 8.1%   
Abeona Therapeutics, Inc. (a)(b) 851,715 14,862,427 
ACADIA Pharmaceuticals, Inc. (a) 356,327 5,633,530 
Acorda Therapeutics, Inc. (a) 950,471 21,955,880 
Agios Pharmaceuticals, Inc. (a) 260,445 21,853,940 
Amarin Corp. PLC ADR (a)(b) 2,034,200 5,594,050 
AnaptysBio, Inc. (a) 221,600 20,781,648 
Apellis Pharmaceuticals, Inc. (a) 40,301 971,657 
Argenx SE ADR 209,500 18,356,390 
Ascendis Pharma A/S sponsored ADR (a) 342,348 21,571,347 
Atara Biotherapeutics, Inc. (a) 433,297 17,483,534 
Audentes Therapeutics, Inc. (a) 587,700 21,956,472 
bluebird bio, Inc. (a) 232,956 39,637,463 
Cellectis SA sponsored ADR (a) 474,895 13,629,487 
CytomX Therapeutics, Inc. (a) 292,400 7,690,120 
CytomX Therapeutics, Inc. (a)(d) 105,499 2,774,624 
FibroGen, Inc. (a) 420,200 19,098,090 
Heron Therapeutics, Inc. (a) 570,200 17,277,060 
Insmed, Inc. (a) 859,582 20,913,630 
Intercept Pharmaceuticals, Inc. (a) 165,398 11,248,718 
Ionis Pharmaceuticals, Inc. (a) 275,872 11,870,772 
Kura Oncology, Inc. (a) 243,756 3,692,903 
La Jolla Pharmaceutical Co. (a) 705,900 20,485,218 
Loxo Oncology, Inc. (a) 141,658 17,836,159 
Mirati Therapeutics, Inc. (a) 545,200 16,792,160 
Neurocrine Biosciences, Inc. (a) 323,442 26,224,677 
Protagonist Therapeutics, Inc. (a) 591,900 5,114,016 
Sage Therapeutics, Inc. (a) 103,300 14,866,936 
Sarepta Therapeutics, Inc. (a) 64,400 4,917,584 
Sienna Biopharmaceuticals, Inc. (b) 120,919 2,319,226 
Spark Therapeutics, Inc. (a) 363,700 27,757,584 
TESARO, Inc. (a) 325,200 16,555,932 
  471,723,234 
Health Care Equipment & Supplies - 3.0%   
Cantel Medical Corp. 424,200 47,540,094 
Integra LifeSciences Holdings Corp. (a) 568,136 35,014,222 
iRhythm Technologies, Inc. (a) 524,900 30,522,935 
Masimo Corp. (a) 136,576 12,254,964 
Nanosonics Ltd. (a) 9,013,229 16,230,898 
Steris PLC 316,600 29,925,032 
  171,488,145 
Health Care Providers & Services - 2.3%   
G1 Therapeutics, Inc. 673,100 25,813,385 
Magellan Health Services, Inc. (a) 483,390 40,532,252 
Molina Healthcare, Inc. (a) 522,000 43,456,500 
NMC Health PLC 475,500 23,356,872 
  133,159,009 
Health Care Technology - 0.3%   
Veeva Systems, Inc. Class A (a) 280,300 19,657,439 
Life Sciences Tools & Services - 0.8%   
ICON PLC (a) 373,900 43,981,857 
Pharmaceuticals - 1.2%   
MyoKardia, Inc. (a) 165,160 8,158,904 
Nektar Therapeutics (a) 602,100 50,371,686 
Theravance Biopharma, Inc. (a)(b) 598,021 14,394,365 
  72,924,955 
TOTAL HEALTH CARE  912,934,639 
INDUSTRIALS - 14.7%   
Aerospace & Defense - 1.4%   
Moog, Inc. Class A 542,860 44,498,234 
Teledyne Technologies, Inc. (a) 199,140 37,257,103 
  81,755,337 
Air Freight & Logistics - 0.5%   
Air Transport Services Group, Inc. (a) 1,309,830 26,510,959 
Airlines - 0.4%   
JetBlue Airways Corp. (a) 1,299,120 24,930,113 
Building Products - 1.1%   
Allegion PLC 302,890 23,377,050 
GCP Applied Technologies, Inc. (a) 489,800 14,032,770 
Simpson Manufacturing Co. Ltd. 488,480 26,710,086 
  64,119,906 
Commercial Services & Supplies - 1.3%   
Deluxe Corp. 588,740 40,352,240 
Interface, Inc. 1,653,820 36,384,040 
  76,736,280 
Construction & Engineering - 3.1%   
Comfort Systems U.S.A., Inc. 998,160 42,122,352 
EMCOR Group, Inc. 735,720 54,141,635 
Jacobs Engineering Group, Inc. 382,080 22,195,027 
KBR, Inc. 1,292,040 21,564,148 
Valmont Industries, Inc. 255,840 36,354,864 
  176,378,026 
Industrial Conglomerates - 0.7%   
ITT, Inc. 866,560 42,366,118 
Machinery - 2.3%   
AGCO Corp. 365,740 22,924,583 
John Bean Technologies Corp. 386,800 41,677,700 
SPX Flow, Inc. (a) 802,509 36,112,905 
Standex International Corp. 313,930 30,435,514 
  131,150,702 
Road & Rail - 0.5%   
Landstar System, Inc. 305,950 31,099,818 
Trading Companies & Distributors - 3.4%   
Kaman Corp. 741,130 44,942,123 
MRC Global, Inc. (a) 1,870,120 35,027,348 
SiteOne Landscape Supply, Inc. (a) 530,720 36,354,320 
Titan Machinery, Inc. (a) 976,041 18,857,112 
Watsco, Inc. 191,130 31,998,985 
WESCO International, Inc. (a) 510,360 30,391,938 
  197,571,826 
TOTAL INDUSTRIALS  852,619,085 
INFORMATION TECHNOLOGY - 17.4%   
Electronic Equipment & Components - 2.4%   
ePlus, Inc. (a) 419,562 33,502,026 
Orbotech Ltd. (a) 330,257 19,293,614 
Plexus Corp. (a) 679,496 37,263,561 
Tech Data Corp. (a) 195,880 14,935,850 
TTM Technologies, Inc. (a) 2,551,285 35,564,913 
  140,559,964 
Internet Software & Services - 3.8%   
2U, Inc. (a) 594,730 47,869,818 
BlackLine, Inc. (a) 560,020 23,184,828 
Carbonite, Inc. (a) 454,286 14,128,295 
Five9, Inc. (a) 1,572,400 46,181,388 
j2 Global, Inc. 583,300 46,302,354 
New Relic, Inc. (a) 631,800 44,156,502 
  221,823,185 
IT Services - 3.8%   
Amdocs Ltd. 243,900 16,402,275 
EPAM Systems, Inc. (a) 521,117 59,589,729 
ExlService Holdings, Inc. (a) 449,121 25,963,685 
Interxion Holding N.V. (a) 530,600 34,499,612 
Maximus, Inc. 771,201 52,156,324 
Science Applications International Corp. 340,944 29,249,586 
  217,861,211 
Semiconductors & Semiconductor Equipment - 3.7%   
Diodes, Inc. (a) 1,106,600 31,593,430 
Entegris, Inc. 1,386,891 44,657,890 
Integrated Device Technology, Inc. (a) 1,735,400 48,296,182 
Nanometrics, Inc. (a) 1,022,847 25,387,063 
ON Semiconductor Corp. (a) 1,163,528 25,690,698 
Semtech Corp. (a) 956,200 37,578,660 
  213,203,923 
Software - 3.7%   
Everbridge, Inc. (a) 864,200 32,277,870 
Paycom Software, Inc. (a)(b) 501,706 57,299,842 
RealPage, Inc. (a) 978,480 52,348,680 
RingCentral, Inc. (a) 1,062,600 71,247,325 
  213,173,717 
TOTAL INFORMATION TECHNOLOGY  1,006,622,000 
MATERIALS - 4.1%   
Chemicals - 1.9%   
Chase Corp. 314,900 35,268,800 
Innospec, Inc. 574,400 41,758,880 
Trinseo SA 337,500 24,620,625 
Tronox Ltd. Class A 597,200 10,259,896 
  111,908,201 
Containers & Packaging - 1.3%   
Berry Global Group, Inc. (a) 411,800 22,649,000 
Owens-Illinois, Inc. (a) 974,000 19,801,420 
Sonoco Products Co. 562,700 28,900,272 
  71,350,692 
Metals & Mining - 0.9%   
B2Gold Corp. (a) 5,508,100 15,829,969 
Steel Dynamics, Inc. 839,000 37,595,590 
  53,425,559 
TOTAL MATERIALS  236,684,452 
REAL ESTATE - 6.5%   
Equity Real Estate Investment Trusts (REITs) - 6.5%   
Americold Realty Trust 2,016,000 41,549,760 
CareTrust (REIT), Inc. 246,672 3,258,537 
CoreSite Realty Corp. 461,026 47,992,807 
Corporate Office Properties Trust (SBI) 1,151,300 31,672,263 
Equity Lifestyle Properties, Inc. 576,279 51,381,036 
Four Corners Property Trust, Inc. 1,912,354 43,333,942 
Rexford Industrial Realty, Inc. 1,616,800 49,393,240 
Store Capital Corp. 1,895,003 47,810,926 
Terreno Realty Corp. 1,598,000 59,365,700 
  375,758,211 
TELECOMMUNICATION SERVICES - 0.1%   
Diversified Telecommunication Services - 0.1%   
Cogent Communications Group, Inc. 81,180 3,827,637 
UTILITIES - 3.1%   
Electric Utilities - 1.9%   
El Paso Electric Co. 465,880 23,783,174 
Hawaiian Electric Industries, Inc. 335,600 11,641,964 
IDACORP, Inc. 369,100 34,326,300 
Portland General Electric Co. 482,832 20,510,703 
Vistra Energy Corp. (a) 840,600 19,207,710 
  109,469,851 
Gas Utilities - 1.2%   
Atmos Energy Corp. 173,386 15,065,510 
China Resource Gas Group Ltd. 3,272,300 12,034,233 
Southwest Gas Holdings, Inc. 283,500 20,692,665 
Spire, Inc. 346,508 25,000,552 
  72,792,960 
TOTAL UTILITIES  182,262,811 
TOTAL COMMON STOCKS   
(Cost $4,579,412,756)  5,683,867,528 
 Principal Amount Value 
U.S. Treasury Obligations - 0.0%   
U.S. Treasury Bills, yield at date of purchase 1.41% to 1.82% 5/3/18 to 7/26/18 (e)   
(Cost $1,643,992) 1,650,000 1,644,117 
 Shares Value 
Money Market Funds - 3.1%   
Fidelity Cash Central Fund, 1.74% (f) 120,495,282 $120,519,381 
Fidelity Securities Lending Cash Central Fund 1.74% (f)(g) 61,168,694 61,174,811 
TOTAL MONEY MARKET FUNDS   
(Cost $181,693,990)  181,694,192 
TOTAL INVESTMENT IN SECURITIES - 101.2%   
(Cost $4,762,750,738)  5,867,205,837 
NET OTHER ASSETS (LIABILITIES) - (1.2)%  (69,637,107) 
NET ASSETS - 100%  $5,797,568,730 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini Russell 2000 Index Contracts (United States) 338 June 2018 $26,090,220 $152,340 $152,340 

The notional amount of futures purchased as a percentage of Net Assets is 0.5%

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated company

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,774,624 or 0.0% of net assets.

 (e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,254,777.

 (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.


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $1,550,225 
Fidelity Securities Lending Cash Central Fund 297,779 
Total $1,848,004 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

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 Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Genocea Biosciences, Inc. $10,048,028 $882,134 $2,775,211 $-- $(13,180,335) $5,025,384 $-- 
Titan Machinery, Inc. 28,873,357 1,041,262 12,684,051 -- (156,483) 1,783,027 -- 
Trico Bancshares -- 50,825,990 1,407,895 339,709 (156,203) (3,147,312) 46,114,580 
Total $38,921,385 $52,749,386 $16,867,157 $339,709 $(13,493,021) $3,661,099 $46,114,580 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 $701,813,999 $701,813,999 $-- $-- 
Consumer Staples 131,157,200 131,157,200 -- -- 
Energy 241,340,261 241,340,261 -- -- 
Financials 1,038,847,233 1,038,847,233 -- -- 
Health Care 912,934,639 896,703,741 16,230,898 -- 
Industrials 852,619,085 852,619,085 -- -- 
Information Technology 1,006,622,000 1,006,622,000 -- -- 
Materials 236,684,452 236,684,452 -- -- 
Real Estate 375,758,211 375,758,211 -- -- 
Telecommunication Services 3,827,637 3,827,637 -- -- 
Utilities 182,262,811 170,228,578 12,034,233 -- 
U.S. Government and Government Agency Obligations 1,644,117 -- 1,644,117 -- 
Money Market Funds 181,694,192 181,694,192 -- -- 
Total Investments in Securities: $5,867,205,837 $5,837,296,589 $29,909,248 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $152,340 $152,340 $-- $-- 
Total Assets $152,340 $152,340 $-- $-- 
Total Derivative Instruments: $152,340 $152,340 $-- $-- 

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.

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. U.S. government and government agency 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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 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.

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® Real Estate Income Fund

April 30, 2018







REI-QTLY-0618
1.800347.114





Schedule of Investments April 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 31.6%   
 Shares Value 
CONSUMER DISCRETIONARY - 0.4%   
Hotels, Restaurants & Leisure - 0.4%   
Wyndham Worldwide Corp. 191,100 $21,825,531 
Household Durables - 0.0%   
Stanley Martin Communities LLC Class B (Escrow) (a)(b)(c) 4,620 149,642 
TOTAL CONSUMER DISCRETIONARY  21,975,173 
FINANCIALS - 5.8%   
Capital Markets - 0.9%   
Brookfield Asset Management, Inc. Class A 535,900 21,240,664 
Ellington Financial LLC (d) 1,635,484 24,401,421 
  45,642,085 
Insurance - 0.2%   
FNF Group 216,400 7,970,012 
Mortgage Real Estate Investment Trusts - 4.7%   
AG Mortgage Investment Trust, Inc. 284,200 5,024,656 
Anworth Mortgage Asset Corp. 642,816 3,040,520 
Arbor Realty Trust, Inc. (e) 1,845,694 16,168,279 
Chimera Investment Corp. 1,383,600 24,199,164 
Dynex Capital, Inc. 1,322,886 8,704,590 
Ellington Residential Mortgage REIT (e) 260,000 2,956,200 
Five Oaks Investment Corp. (e) 547,901 1,550,560 
Great Ajax Corp. (d) 1,577,762 21,205,121 
Invesco Mortgage Capital, Inc. 1,729,281 28,066,231 
MFA Financial, Inc. 13,568,022 102,031,525 
New Residential Investment Corp. 655,600 11,459,888 
Redwood Trust, Inc. 516,700 7,926,178 
  232,332,912 
TOTAL FINANCIALS  285,945,009 
REAL ESTATE - 25.4%   
Equity Real Estate Investment Trusts (REITs) - 25.2%   
Acadia Realty Trust (SBI) (d) 4,365,249 103,019,876 
American Homes 4 Rent Class A 1,917,822 38,740,004 
American Tower Corp. 569,800 77,697,928 
Apartment Investment & Management Co. Class A 2,703,294 109,753,736 
AvalonBay Communities, Inc. 186,100 30,334,300 
Boardwalk (REIT) (e) 256,500 9,211,585 
Cedar Realty Trust, Inc. 530,163 2,062,334 
Colony NorthStar, Inc. (e) 8,369,748 51,139,160 
DDR Corp. 2,759,100 20,003,475 
Douglas Emmett, Inc. 197,700 7,368,279 
Equinix, Inc. 124,900 52,556,671 
Equity Lifestyle Properties, Inc. 1,671,802 149,057,867 
Equity Residential (SBI) 591,603 36,507,821 
Extra Space Storage, Inc. 249,500 22,352,705 
Front Yard Residential Corp. Class B 188,686 1,852,897 
Gramercy Property Trust 590,247 13,870,805 
Healthcare Realty Trust, Inc. 431,300 12,003,079 
Healthcare Trust of America, Inc. 1,158,860 28,959,911 
Lexington Corporate Properties Trust 4,316,674 34,706,059 
Mid-America Apartment Communities, Inc. 797,406 72,930,753 
National Retail Properties, Inc. 179,200 6,816,768 
Omega Healthcare Investors, Inc. (e) 1,021,123 26,528,776 
Public Storage 158,691 32,020,670 
Rexford Industrial Realty, Inc. 307,400 9,391,070 
Sabra Health Care REIT, Inc. 2,698,275 49,405,415 
Safety Income and Growth, Inc. 393,600 7,065,120 
Select Income REIT 205,800 3,901,968 
Senior Housing Properties Trust (SBI) 3,099,300 48,256,101 
Spirit Realty Capital, Inc. 894,600 7,201,530 
Store Capital Corp. 1,268,700 32,009,301 
Terreno Realty Corp. 626,328 23,268,085 
Ventas, Inc. 1,940,686 99,790,074 
VEREIT, Inc. 4,038,234 27,459,991 
  1,247,244,114 
Real Estate Management & Development - 0.2%   
Colony NorthStar Credit Real Estate, Inc. (e) 623,540 11,872,202 
TOTAL REAL ESTATE  1,259,116,316 
TOTAL COMMON STOCKS   
(Cost $1,433,160,342)  1,567,036,498 
Preferred Stocks - 18.8%   
Convertible Preferred Stocks - 1.4%   
FINANCIALS - 0.3%   
Mortgage Real Estate Investment Trusts - 0.3%   
Great Ajax Corp. 7.25%(d) 180,000 4,466,250 
Sutherland Asset Management Corp. 7.00% 404,700 10,089,576 
  14,555,826 
REAL ESTATE - 1.1%   
Equity Real Estate Investment Trusts (REITs) - 1.0%   
Alexandria Real Estate Equities, Inc. Series D, 7.00% (a) 136,759 4,902,496 
Braemar Hotels & Resorts, Inc. 5.50% 95,791 1,843,785 
Equity Commonwealth 6.50% 31,237 800,264 
iStar Financial, Inc. Series J, 4.50% 213,273 9,738,600 
Lexington Corporate Properties Trust Series C, 6.50% 468,142 21,593,050 
RLJ Lodging Trust Series A, 1.95% 31,935 808,594 
Wheeler REIT, Inc. 8.75% 516,748 7,968,254 
  47,655,043 
Real Estate Management & Development - 0.1%   
Landmark Infrastructure Partners LP 7.041%(a) 191,800 4,432,498 
TOTAL REAL ESTATE  52,087,541 
TOTAL CONVERTIBLE PREFERRED STOCKS  66,643,367 
Nonconvertible Preferred Stocks - 17.4%   
FINANCIALS - 7.9%   
Capital Markets - 0.1%   
Arlington Asset Investment Corp. 6.625% 182,517 4,338,247 
Mortgage Real Estate Investment Trusts - 7.8%   
AG Mortgage Investment Trust, Inc.:   
8.00% 618,287 15,556,101 
8.25% 38,935 990,896 
AGNC Investment Corp.:   
Series B, 7.75% 427,100 10,972,199 
Series C, 7.00% 361,900 9,221,212 
American Capital Mortgage Investment Corp. Series A, 8.125% 248,636 6,328,507 
Annaly Capital Management, Inc.:   
Series C, 7.625% 190,417 4,827,718 
Series D, 7.50% 621,976 15,704,894 
Series F, 6.95% 1,203,714 30,313,250 
Series G, 6.50% 720,300 17,330,418 
Anworth Mortgage Asset Corp. Series A, 8.625% 242,230 6,288,533 
Apollo Commercial Real Estate Finance, Inc. Series C, 8.00% 485,559 12,237,495 
Arbor Realty Trust, Inc.:   
Series A, 8.25% 189,089 4,867,151 
Series B, 7.75% 240,000 6,072,000 
Series C, 8.50% 100,000 2,616,000 
Armour Residential REIT, Inc. Series B, 7.875% 153,654 3,813,016 
Capstead Mortgage Corp. Series E, 7.50% 202,984 5,003,556 
Cherry Hill Mortgage Investment Corp. Series A, 8.20% 246,500 6,168,170 
Chimera Investment Corp.:   
Series A, 8.00% 204,000 5,151,000 
Series B, 8.00% 1,258,604 31,836,388 
CYS Investments, Inc.:   
Series A, 7.75% 118,428 2,909,776 
Series B, 7.50% 496,667 11,994,508 
Dynex Capital, Inc.:   
Series A, 8.50% 362,932 9,258,395 
Series B, 7.625% 252,120 5,987,850 
Five Oaks Investment Corp. Series A, 8.75% 86,727 2,193,326 
Invesco Mortgage Capital, Inc.:   
7.50% 909,500 21,782,525 
Series A, 7.75% 123,342 3,075,372 
Series B, 7.75% 846,809 21,331,119 
MFA Financial, Inc.:   
8.00% 538,930 13,874,753 
Series B, 7.50% 616,232 15,331,852 
New York Mortgage Trust, Inc.:   
Series B, 7.75% 284,267 6,381,794 
Series C, 7.875% 280,725 6,540,893 
Series D, 8.00% 313,300 7,237,261 
PennyMac Mortgage Investment Trust:   
8.125% 335,500 8,628,221 
Series B, 8.00% 546,800 13,741,084 
Resource Capital Corp. 8.625% 168,316 4,314,107 
Two Harbors Investment Corp.:   
Series A, 8.125% 450,000 11,686,500 
Series B, 7.625% 571,762 14,294,050 
Series C, 7.25% 343,756 8,222,644 
Wells Fargo Real Estate Investment Corp. Series A, 6.375% 137,600 3,557,634 
  387,642,168 
Real Estate Management & Development - 0.0%   
Brookfield Properties Corp. Series EE, 5.10% 142,300 2,771,855 
TOTAL FINANCIALS  394,752,270 
REAL ESTATE - 9.4%   
Equity Real Estate Investment Trusts (REITs) - 9.4%   
American Homes 4 Rent:   
Series D, 6.50% 280,000 7,084,000 
Series E, 6.35% 210,000 5,178,999 
Series F, 5.875% 250,809 5,718,194 
Series G, 5.875% 202,000 4,528,840 
Ashford Hospitality Trust, Inc.:   
Series D, 8.45% 11,770 299,547 
Series F, 7.375% 268,000 6,090,193 
Series G, 7.375% 120,000 2,728,800 
Series H, 7.50% 168,800 3,887,633 
Series I, 7.50% 168,900 3,892,301 
Bluerock Residential Growth (REIT), Inc.:   
Series A, 8.25% 486,775 12,071,971 
Series C, 7.625% 146,969 3,409,563 
Series D, 7.125% 136,000 2,941,000 
Cedar Realty Trust, Inc.:   
Series B, 7.25% 87,895 1,976,759 
Series C, 6.50% 294,900 5,803,632 
City Office REIT, Inc. Series A, 6.625% 180,500 4,250,775 
Colony NorthStar, Inc.:   
Series B, 8.25% 207,761 5,173,249 
Series D, 8.50% 294,915 7,390,599 
Series E, 8.75% 485,929 12,332,878 
Series G, 7.50% 121,707 2,811,432 
Series H, 7.125% 584,839 13,492,236 
Series I, 7.15% 774,587 17,916,197 
Series J, 7.15% 918,648 21,128,904 
DDR Corp.:   
Series J, 6.50% 340,721 7,632,150 
Series K, 6.25% 228,888 4,978,314 
Digital Realty Trust, Inc.:   
Series C, 6.625% 84,000 2,200,800 
Series G, 5.875% 40,444 1,009,078 
Series H, 7.375% 50,000 1,300,000 
Farmland Partners, Inc. Series B, 6.00% 630,000 15,737,400 
General Growth Properties, Inc. Series A, 6.375% 166,463 4,071,502 
Gladstone Commercial Corp. Series D, 7.00% 538,800 13,464,612 
Gladstone Land Corp. Series A, 6.375% 64,000 1,631,872 
Global Medical REIT, Inc. Series A, 7.50% 135,100 3,316,705 
Global Net Lease, Inc. Series A, 7.25% 467,400 11,498,040 
Government Properties Income Trust 5.875% 202,500 5,080,725 
Hersha Hospitality Trust:   
Series C, 6.875% 50,000 1,205,000 
Series D, 6.50% 200,000 4,664,000 
Investors Real Estate Trust Series C, 6.625% 320,900 7,595,703 
iStar Financial, Inc.:   
Series D, 8.00% 163,329 4,088,125 
Series G, 7.65% 222,721 5,581,388 
Series I, 7.50% 161,269 4,017,598 
Jernigan Capital, Inc. Series B, 7.00% 50,600 1,158,183 
LaSalle Hotel Properties:   
Series I, 6.375% 354,698 8,693,648 
Series J, 6.30% 240,000 5,868,000 
Monmouth Real Estate Investment Corp. Series C, 6.125% 225,900 5,423,678 
National Retail Properties, Inc. Series E, 5.70% 301,404 7,182,457 
National Storage Affiliates Trust Series A, 6.00% 67,600 1,598,814 
Pebblebrook Hotel Trust:   
Series C, 6.50% 204,321 5,094,846 
Series D, 6.375% 350,000 8,526,000 
Pennsylvania (REIT):   
Series B, 7.375% 100,510 2,190,113 
Series C, 7.20% 51,000 1,072,530 
Series D, 6.875% 151,800 3,060,288 
Plymouth Industrial REIT, Inc. Series A, 7.50% 169,400 4,137,985 
Prologis, Inc. Series Q, 8.54% 94,446 5,784,818 
Public Storage:   
Series F, 5.15% 173,400 4,109,701 
Series Y, 6.375% 102,224 2,656,802 
QTS Realty Trust, Inc. Series A, 7.125% 30,000 753,000 
RAIT Financial Trust:   
7.125% 336,786 7,630,628 
7.625% 224,590 4,267,210 
Rexford Industrial Realty, Inc.:   
Series A, 5.875% 135,000 3,168,450 
Series B, 5.875% 79,500 1,873,107 
Sabra Health Care REIT, Inc. Series A, 7.125% 318,623 7,990,428 
Saul Centers, Inc.:   
Series C, 6.875% 183,479 4,458,540 
Series D, 6.125% 83,700 1,802,898 
Sotherly Hotels, Inc.:   
Series B, 8.00% 68,000 1,699,810 
Series C, 7.875% 108,200 2,679,032 
Spirit Realty Capital, Inc. Series A, 6.00% 95,200 1,984,920 
Stag Industrial, Inc.:   
Series B, 6.625% 80,300 2,003,485 
Series C, 6.875% 83,000 2,116,500 
Summit Hotel Properties, Inc.:   
Series D, 6.45% 210,000 5,065,200 
Series E, 6.25% 190,000 4,468,800 
Sunstone Hotel Investors, Inc.:   
Series E, 6.95% 42,000 1,052,520 
Series F, 6.45% 84,000 2,042,880 
Taubman Centers, Inc. Series K, 6.25% 157,322 3,717,519 
UMH Properties, Inc.:   
Series B, 8.00% 319,604 8,469,506 
Series C, 6.75% 341,140 8,603,551 
Series D, 6.375% 93,800 2,172,408 
Urstadt Biddle Properties, Inc.:   
Series G, 6.75% 160,000 4,019,200 
Series H, 6.25% 284,500 6,842,225 
VEREIT, Inc. Series F, 6.70% 1,959,376 49,297,900 
Washington Prime Group, Inc.:   
Series H, 7.50% 198,527 4,365,609 
Series I, 6.875% 298,115 5,902,677 
  464,186,580 
Real Estate Management & Development - 0.0%   
Landmark Infrastructure Partners LP Series B, 7.90% 117,700 2,730,640 
TOTAL REAL ESTATE  466,917,220 
UTILITIES - 0.1%   
Electric Utilities - 0.1%   
Brookfield Infrastructure Partners LP Series 5, 5.35% 169,300 3,363,716 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  865,033,206 
TOTAL PREFERRED STOCKS   
(Cost $940,793,308)  931,676,573 
 Principal Amount Value 
Corporate Bonds - 18.1%   
Convertible Bonds - 4.1%   
FINANCIALS - 4.1%   
Diversified Financial Services - 0.1%   
Granite Point Mortgage Trust, Inc. 5.625% 12/1/22 (f) 6,770,000 6,665,349 
Mortgage Real Estate Investment Trusts - 4.0%   
Arbor Realty Trust, Inc. 5.375% 11/15/20 4,230,000 4,283,510 
Blackstone Mortgage Trust, Inc.:   
4.375% 5/5/22 16,780,000 16,403,977 
4.75% 3/15/23 500,000 487,321 
Colony Financial, Inc.:   
3.875% 1/15/21 19,280,000 18,074,807 
5% 4/15/23 26,083,000 24,160,683 
PennyMac Corp. 5.375% 5/1/20 35,606,000 35,561,421 
Resource Capital Corp.:   
4.5% 8/15/22 5,050,000 4,932,598 
6% 12/1/18 6,100,000 6,172,438 
8% 1/15/20 13,890,000 14,485,325 
RWT Holdings, Inc. 5.625% 11/15/19 36,880,000 37,064,400 
Starwood Property Trust, Inc. 4.375% 4/1/23 11,080,000 11,091,446 
Two Harbors Investment Corp. 6.25% 1/15/22 4,380,000 4,526,730 
Western Asset Mortgage Capital Corp. 6.75% 10/1/22 21,100,000 21,020,115 
  198,264,771 
TOTAL FINANCIALS  204,930,120 
Nonconvertible Bonds - 14.0%   
CONSUMER DISCRETIONARY - 3.2%   
Hotels, Restaurants & Leisure - 0.3%   
ESH Hospitality, Inc. 5.25% 5/1/25 (f) 8,040,000 7,859,100 
FelCor Lodging LP 6% 6/1/25 2,025,000 2,070,563 
Times Square Hotel Trust 8.528% 8/1/26 (f) 6,621,347 7,709,650 
  17,639,313 
Household Durables - 2.9%   
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.:   
6.75% 8/1/25 (f) 8,430,000 8,134,950 
6.875% 2/15/21 (f) 15,709,000 15,669,728 
Beazer Homes U.S.A., Inc.:   
5.875% 10/15/27 7,605,000 6,958,575 
6.75% 3/15/25 5,850,000 5,747,625 
8.75% 3/15/22 7,540,000 8,143,200 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (f) 5,495,000 5,591,163 
Brookfield Residential Properties, Inc.:   
6.375% 5/15/25 (f) 5,580,000 5,656,725 
6.5% 12/15/20 (f) 12,085,000 12,236,063 
KB Home 8% 3/15/20 8,465,000 9,078,713 
M/I Homes, Inc.:   
5.625% 8/1/25 2,870,000 2,762,375 
6.75% 1/15/21 3,803,000 3,912,336 
Meritage Homes Corp.:   
5.125% 6/6/27 5,035,000 4,776,956 
6% 6/1/25 4,000,000 4,125,000 
7% 4/1/22 7,525,000 8,258,688 
7.15% 4/15/20 7,060,000 7,483,600 
New Home Co. LLC 7.25% 4/1/22 9,200,000 9,430,276 
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 4/15/23 (f) 4,100,000 4,192,250 
TRI Pointe Homes, Inc.:   
5.25% 6/1/27 5,045,000 4,792,750 
5.875% 6/15/24 3,890,000 3,943,488 
William Lyon Homes, Inc.:   
5.875% 1/31/25 2,545,000 2,478,957 
7% 8/15/22 8,180,000 8,374,275 
  141,747,693 
Media - 0.0%   
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. 5.625% 2/15/24 1,300,000 1,313,000 
TOTAL CONSUMER DISCRETIONARY  160,700,006 
CONSUMER STAPLES - 0.8%   
Food & Staples Retailing - 0.8%   
Ahold Lease U.S.A., Inc. 7.82% 1/2/20 87,104 89,242 
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:   
5.75% 3/15/25 15,225,000 13,264,781 
6.625% 6/15/24 10,760,000 10,033,592 
Albertsons, Inc. 8.7% 5/1/30 5,080,000 4,470,400 
C&S Group Enterprises LLC 5.375% 7/15/22 (f) 9,705,000 9,171,225 
Cumberland Farms, Inc. 6.75% 5/1/25 (f) 2,075,000 2,152,813 
  39,182,053 
FINANCIALS - 0.6%   
Diversified Financial Services - 0.5%   
Brixmor Operating Partnership LP:   
3.65% 6/15/24 6,000,000 5,781,774 
3.85% 2/1/25 8,384,000 8,127,038 
Five Point Operation Co. LP 7.875% 11/15/25 (f) 6,775,000 6,944,375 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 3,680,000 3,721,400 
6.25% 2/1/22 1,695,000 1,728,900 
  26,303,487 
Mortgage Real Estate Investment Trusts - 0.1%   
Starwood Property Trust, Inc. 4.75% 3/15/25 (f) 4,235,000 4,076,188 
TOTAL FINANCIALS  30,379,675 
HEALTH CARE - 0.5%   
Health Care Providers & Services - 0.5%   
QCP SNF West (REIT) LLC 8.125% 11/1/23 (f) 6,245,000 6,803,303 
Sabra Health Care LP/Sabra Capital Corp.:   
5.375% 6/1/23 5,675,000 5,717,563 
5.5% 2/1/21 12,305,000 12,581,863 
  25,102,729 
INDUSTRIALS - 0.1%   
Building Products - 0.1%   
Shea Homes Ltd. Partnership/Corp. 6.125% 4/1/25 (f) 3,350,000 3,370,938 
INFORMATION TECHNOLOGY - 0.1%   
Internet Software & Services - 0.1%   
CyrusOne LP/CyrusOne Finance Corp. 5% 3/15/24 3,610,000 3,619,025 
REAL ESTATE - 8.7%   
Equity Real Estate Investment Trusts (REITs) - 6.8%   
ARC Properties Operating Partnership LP 4.6% 2/6/24 10,480,000 10,431,016 
Care Capital Properties LP 5.125% 8/15/26 19,546,000 18,519,187 
CBL & Associates LP:   
4.6% 10/15/24 26,758,000 21,277,560 
5.25% 12/1/23 11,500,000 9,619,368 
5.95% 12/15/26 10,434,000 8,367,382 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 5,030,000 4,967,125 
DDR Corp.:   
3.625% 2/1/25 5,551,000 5,266,815 
4.625% 7/15/22 2,096,000 2,155,404 
Equinix, Inc. 5.375% 5/15/27 6,620,000 6,735,850 
HCP, Inc.:   
4% 6/1/25 1,000,000 982,749 
4.25% 11/15/23 1,707,000 1,724,400 
Healthcare Realty Trust, Inc. 3.75% 4/15/23 966,000 950,725 
Healthcare Trust of America Holdings LP 3.75% 7/1/27 8,395,000 7,946,991 
Hospitality Properties Trust 5% 8/15/22 3,177,000 3,274,967 
iStar Financial, Inc.:   
4.625% 9/15/20 6,755,000 6,729,669 
5% 7/1/19 24,265,000 24,298,364 
5.25% 9/15/22 4,220,000 4,093,400 
6% 4/1/22 8,375,000 8,375,000 
Lexington Corporate Properties Trust 4.4% 6/15/24 2,180,000 2,131,152 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 6,145,000 5,822,388 
5.25% 8/1/26 4,385,000 4,264,413 
6.375% 3/1/24 4,000,000 4,200,000 
National Retail Properties, Inc. 3.5% 10/15/27 3,421,000 3,186,090 
Omega Healthcare Investors, Inc.:   
4.375% 8/1/23 3,303,000 3,258,457 
4.5% 4/1/27 2,462,000 2,334,005 
4.75% 1/15/28 12,204,000 11,704,762 
4.95% 4/1/24 2,898,000 2,921,986 
Regency Centers LP 3.6% 2/1/27 2,558,000 2,422,131 
SBA Communications Corp. 4% 10/1/22 (f) 2,535,000 2,414,588 
Select Income REIT:   
4.15% 2/1/22 11,170,000 11,172,886 
4.25% 5/15/24 5,030,000 4,862,821 
4.5% 2/1/25 21,294,000 20,816,656 
Senior Housing Properties Trust:   
3.25% 5/1/19 7,382,000 7,390,830 
4.75% 5/1/24 44,895,000 44,834,003 
4.75% 2/15/28 1,000,000 967,785 
6.75% 4/15/20 13,624,000 14,130,831 
6.75% 12/15/21 8,000,000 8,562,320 
VEREIT Operating Partnership LP 4.875% 6/1/26 10,945,000 10,869,778 
WP Carey, Inc.:   
4% 2/1/25 6,985,000 6,736,058 
4.25% 10/1/26 7,242,000 7,024,569 
4.6% 4/1/24 11,323,000 11,436,594 
  339,181,075 
Real Estate Management & Development - 1.9%   
Greystar Real Estate Partners 5.75% 12/1/25 (f) 5,925,000 5,865,750 
Howard Hughes Corp. 5.375% 3/15/25 (f) 16,545,000 16,503,638 
Kennedy-Wilson, Inc.:   
5.875% 4/1/24 31,370,000 30,899,450 
5.875% 4/1/24 (f) 1,000,000 985,000 
Mattamy Group Corp.:   
6.5% 10/1/25 (f) 4,835,000 4,822,913 
6.875% 12/15/23 (f) 5,425,000 5,574,188 
Mid-America Apartments LP:   
3.75% 6/15/24 1,663,000 1,632,605 
4.3% 10/15/23 2,203,000 2,250,087 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.25% 4/15/21 (f) 2,803,000 2,824,023 
5.625% 3/1/24 (f) 2,270,000 2,270,000 
Washington Prime Group LP 5.95% 8/15/24 21,080,000 19,791,562 
  93,419,216 
TOTAL REAL ESTATE  432,600,291 
TOTAL NONCONVERTIBLE BONDS  694,954,717 
TOTAL CORPORATE BONDS   
(Cost $907,428,487)  899,884,837 
Asset-Backed Securities - 2.7%   
American Homes 4 Rent:   
Series 2014-SFR2 Class E, 6.231% 10/17/36 (f) 3,000,000 3,292,548 
Series 2014-SFR3 Class E, 6.418% 12/17/36 (f) 9,025,000 10,026,252 
Series 2015-SFR1:   
Class E, 5.639% 4/17/52 (f) 1,999,310 2,139,109 
Class F, 5.885% 4/17/52 (f) 2,000,000 2,129,887 
Series 2015-SFR2:   
Class E, 6.07% 10/17/45 (f) 8,259,000 9,000,415 
Class XS, 0% 10/17/45 (c)(f)(g)(h) 4,762,429 48 
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1 month U.S. LIBOR + 1.500% 3.3971% 3/20/50 (c)(f)(g)(i) 2,250,000 11,250 
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (f) 563,255 566,352 
Colony Starwood Homes Series 2016-2A Class F, 1 month U.S. LIBOR + 4.150% 5.9266% 12/17/33 (f)(g)(i) 1,500,000 1,551,893 
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33 452,630 415,366 
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 2,303,029 2,353,416 
Green Tree Financial Corp.:   
Series 1996-4 Class M1, 7.75% 6/15/27 (g) 968,843 985,647 
Series 1997-3 Class M1, 7.53% 3/15/28 6,431,875 6,420,972 
Home Partners of America Credit Trust Series 2017-1 Class F, 1 month U.S. LIBOR + 3.539% 5.3472% 7/17/34 (f)(g)(i) 6,318,500 6,381,488 
Home Partners of America Trust Series 2016-2 Class F, 1 month U.S. LIBOR + 5.250% 6.5082% 10/17/33 (f)(g)(i) 3,393,000 3,461,403 
Invitation Homes Trust:   
Series 2015-SFR2 Class E, 1 month U.S. LIBOR + 3.150% 4.9582% 6/17/32 (f)(g)(i) 2,450,000 2,449,989 
Series 2015-SFR3 Class F, 1 month U.S. LIBOR + 3.650% 6.5003% 8/17/32 (f)(g)(i) 2,000,000 2,013,860 
Series 2015-SRF1 Class F, 1 month U.S. LIBOR + 4.550% 6.0503% 3/17/32 (f)(g)(i) 5,500,000 5,499,964 
Series 2017-SFR2 Class F, 1 month U.S. LIBOR + 3.000% 4.8082% 12/17/36 (f)(g)(i) 8,442,000 8,560,311 
Series 2018-SFR2 Class F, 1 month U.S. LIBOR + 2.250% 4.496% 6/17/37 (f)(g)(i) 3,000,000 2,999,956 
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 770,554 538,159 
Merit Securities Corp. Series 13 Class M1, 7.9439% 12/28/33 (g) 1,923,000 1,981,922 
Progress Residential Trust:   
Series 2015-SFR3 Class F, 6.643% 11/12/32 (f) 2,940,000 3,062,950 
Series 2016-SFR1 Class F, 1 month U.S. LIBOR + 5.000% 6.8082% 9/17/33 (f)(g)(i) 8,459,000 8,617,908 
Series 2017-SFR1 Class F, 5.35% 8/17/34 (f) 3,073,000 3,126,797 
Series 2017-SFR2 Class F, 1 month U.S. LIBOR + 2.750% 4.836% 12/17/34 (f)(i) 2,568,000 2,561,653 
Starwood Waypoint Homes Trust Series 2017-1:   
Class E, 1 month U.S. LIBOR + 2.600% 4.3766% 1/17/35 (f)(g)(i) 5,906,000 5,968,722 
Class F, 1 month U.S. LIBOR + 3.400% 5.1766% 1/17/35 (f)(g)(i) 12,671,000 12,670,923 
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3 month U.S. LIBOR + 2.650% 4.437% 2/5/36 (c)(f)(g)(i) 4,309,475 323 
Tricon American Homes:   
Series 2017-SFR1 Class F, 5.151% 9/17/34 (f) 8,442,000 8,477,598 
Series 2017-SFR2 Class F, 5.16% 1/17/36 (f) 3,785,000 3,801,601 
Series 2018-SFR1 Class F, 4.96% 5/17/37 (f) 1,000,000 993,100 
Tricon American Homes Trust Series 2016-SFR1 Class F, 5.769% 11/17/33 (f) 2,544,000 2,631,819 
VB-S1 Issuer LLC:   
Series 2016-1A Class F, 6.901% 6/15/46 (f) 7,797,000 7,947,973 
Series 2018-1A Class F, 5.25% 2/15/48 (f) 1,354,000 1,356,875 
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 3 month U.S. LIBOR + 1.950% 3.2664% 11/21/40 (f)(g)(i) 250,000 200,000 
TOTAL ASSET-BACKED SECURITIES   
(Cost $135,354,797)  134,198,449 
Collateralized Mortgage Obligations - 0.2%   
Private Sponsor - 0.2%   
FREMF Mortgage Trust:   
Series 2010-K6 Class B, 5.3747% 12/25/46 (f)(g) 4,500,000 4,664,611 
Series 2010-K7 Class B, 5.5012% 4/25/20 (f)(g) 3,200,000 3,335,701 
RESI Finance LP/RESI Finance DE Corp. floater Series 2003-B Class B9, 1 month U.S. LIBOR + 11.950% 13.6896% 6/10/35 (f)(g)(i) 51,555 30,668 
RESIX Finance Ltd. floater:   
Series 2004-A Class B7, 1 month U.S. LIBOR + 4.250% 5.9896% 2/10/36 (c)(f)(g)(i) 14,817 197 
Series 2004-B Class B7, 1 month U.S. LIBOR + 4.000% 5.7396% 2/10/36 (c)(f)(g)(i) 9,371 39 
TOTAL PRIVATE SPONSOR  8,031,216 
U.S. Government Agency - 0.0%   
Fannie Mae REMIC Trust:   
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.7389% 2/25/42 (f)(g) 50,668 25,466 
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.6175% 6/25/43 (f)(g) 86,035 41,988 
TOTAL U.S. GOVERNMENT AGENCY  67,454 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   
(Cost $7,765,106)  8,098,670 
Commercial Mortgage Securities - 16.9%   
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (f) 2,000,000 2,147,744 
BANK Series 2017-BNK4 Class D, 3.357% 5/15/50 (f) 3,349,000 2,681,011 
Barclays Commercial Mortgage Securities LLC Series 2015-STP:   
Class E, 4.2877% 9/10/28 (f)(g) 8,413,000 8,062,649 
Class F, 4.2844% 9/10/28 (f)(g) 4,074,000 3,723,605 
BX Trust Series 2017-IMC Class F, 1 month U.S. LIBOR + 4.250% 6.0266% 10/15/32 (f)(g)(i) 12,691,000 12,746,502 
CCRESG Commercial Mortgage Trust Series 2016-HEAT:   
Class E, 5.4883% 4/10/29 (f)(g) 4,536,000 4,477,109 
Class F, 5.4883% 4/10/29 (f)(g) 9,710,000 9,334,609 
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (f) 3,391,000 2,707,499 
CGBAM Commercial Mortgage Trust Series 2015-SMRT Class F, 3.7859% 4/10/28 (f)(g) 9,911,000 9,797,355 
CGDB Commercial Mortgage Trust:   
1 month U.S. LIBOR + 2.500% 4.2766% 5/15/30 (f)(g)(i) 2,375,000 2,386,497 
Series 2017-BIO Class F, 1 month U.S. LIBOR + 3.250% 5.0266% 5/15/30 (f)(g)(i) 1,500,000 1,498,305 
CGMS Commercial Mortgage Trust Series 2017-MDRB:   
Class D, 1 month U.S. LIBOR + 3.250% 5.0266% 7/15/30 (f)(g)(i) 5,000,000 4,994,335 
Class E, 1 month U.S. LIBOR + 3.872% 5.6481% 7/15/30 (f)(g)(i) 6,741,000 6,701,388 
Citigroup Commercial Mortgage Trust:   
Series 2013-GC15 Class D, 5.099% 9/10/46 (f)(g) 5,254,000 4,978,277 
Series 2015-SHP2 Class E, 1 month U.S. LIBOR + 4.100% 6.1266% 7/15/27 (f)(g)(i) 2,933,000 2,947,791 
Series 2016-C3 Class D, 3% 11/15/49 (f) 7,089,000 5,244,482 
Series 2016-SMPL Class E, 4.509% 9/10/31 (f) 1,701,000 1,681,619 
COMM Mortgage Trust:   
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (f) 7,300,000 5,617,720 
Series 2012-CR1:   
Class C, 5.3204% 5/15/45 (g) 1,000,000 1,032,582 
Class D, 5.3204% 5/15/45 (f)(g) 5,550,000 5,349,764 
Class G, 2.462% 5/15/45 (f) 6,346,000 4,486,244 
Series 2012-CR5 Class D, 4.3219% 12/10/45 (f)(g) 2,000,000 1,888,916 
Series 2012-LC4:   
Class C, 5.6045% 12/10/44 (g) 2,000,000 1,996,875 
Class D, 5.6045% 12/10/44 (f)(g) 11,675,000 10,433,601 
Series 2013-CCRE6 Class E, 4.0685% 3/10/46 (f)(g) 882,000 702,688 
Series 2013-CR10 Class D, 4.7892% 8/10/46 (f)(g) 4,544,000 3,929,519 
Series 2013-CR12 Class D, 5.079% 10/10/46 (f)(g) 4,500,000 3,861,416 
Series 2013-CR6 Class F, 4.0685% 3/10/46 (f)(g) 8,038,000 5,204,173 
Series 2013-CR9 Class D, 4.2666% 7/10/45 (f)(g) 1,404,000 1,192,240 
Series 2013-LC6 Class D, 4.3041% 1/10/46 (f)(g) 8,301,000 7,669,793 
Series 2014-CR17:   
Class D, 4.7989% 5/10/47 (f)(g) 2,500,000 2,100,066 
Class E, 4.7989% 5/10/47 (f)(g) 3,098,000 2,404,776 
Series 2014-UBS2 Class D, 5.015% 3/10/47 (f)(g) 3,713,000 3,165,859 
Series 2016-CD1 Class D, 2.771% 8/10/49 (f)(g) 9,452,000 7,328,242 
Series 2017-CD4 Class D, 3.3% 5/10/50 (f) 2,800,000 2,242,469 
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (f) 2,800,000 2,250,807 
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2:   
Class D, 4.8327% 8/15/45 (f)(g) 4,500,000 4,394,396 
Class E, 4.8327% 8/15/45 (f)(g) 8,000,000 7,594,105 
Core Industrial Trust:   
Series 2015-TEXW Class F, 3.8487% 2/10/34 (f)(g) 10,945,000 10,522,504 
Series 2015-WEST Class F, 4.2268% 2/10/37 (f)(g) 12,745,000 12,126,991 
CSAIL Commercial Mortgage Trust:   
Series 2017-C8 Class D, 4.47% 6/15/50 (f) 4,346,000 3,820,910 
Series 2017-CX10 Class UESD, 4.2366% 11/15/27 (f)(g) 5,076,000 4,801,480 
Series 2017-CX9 Class D, 4.161% 9/15/50 (f) 2,568,000 2,136,926 
CSMC Trust Series 2016-MFF Class F, 1 month U.S. LIBOR + 7.250% 9.0266% 11/15/33 (f)(g)(i) 6,300,000 6,360,118 
DBCCRE Mortgage Trust Series 2014-ARCP:   
Class D, 4.9345% 1/10/34 (f)(g) 1,000,000 982,912 
Class E, 4.9345% 1/10/34 (f)(g) 10,853,000 10,368,370 
DBUBS Mortgage Trust:   
Series 2011-LC1A:   
Class E, 5.6988% 11/10/46 (f)(g) 14,031,000 14,538,741 
Class G, 4.652% 11/10/46 (f) 12,360,000 10,931,793 
Series 2011-LC3A Class D, 5.3414% 8/10/44 (f)(g) 3,945,000 4,048,386 
Freddie Mac:   
pass-thru certificates:   
Series K011 Class X3, 2.5775% 12/25/43 (g)(h) 12,206,096 777,565 
Series K012 Class X3, 2.2524% 1/25/41 (g)(h) 20,724,835 1,161,300 
Series K013 Class X3, 2.9089% 1/25/43 (g)(h) 14,360,000 1,035,943 
Series KAIV Class X2, 3.6147% 6/25/46 (g)(h) 7,430,000 728,116 
GAHR Commercial Mortgage Trust Series 2015-NRF:   
Class EFX, 3.3822% 12/15/34 (f)(g) 4,364,000 4,316,593 
Class FFX, 3.3822% 12/15/34 (f)(g) 14,402,000 14,133,308 
Class GFX, 3.3822% 12/15/34 (f)(g) 23,509,000 22,984,850 
GMAC Commercial Mortgage Securities, Inc. Series 1997-C2 Class G, 6.75% 4/15/29 (g) 10,700 10,678 
GP Portfolio Trust Series 2014-GPP Class E, 1 month U.S. LIBOR + 4.100% 5.8766% 2/15/27 (f)(g)(i) 2,823,000 2,790,080 
GPMT Ltd. floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.950% 4% 12/19/35 (f)(g)(i) 2,500,000 2,487,500 
GS Mortgage Securities Corp. II Series 2010-C1 Class D, 6.0517% 8/10/43 (f)(g) 1,966,000 1,990,196 
GS Mortgage Securities Trust:   
Series 2010-C2 Class D, 5.1831% 12/10/43 (f)(g) 3,000,000 3,008,609 
Series 2011-GC5:   
Class C, 5.3987% 8/10/44 (f)(g) 9,000,000 9,366,838 
Class D, 5.3987% 8/10/44 (f)(g) 7,000,000 6,787,121 
Class E, 5.3987% 8/10/44 (f)(g) 8,230,000 6,716,623 
Class F, 4.5% 8/10/44 (f) 7,986,000 4,180,831 
Series 2012-GC6:   
Class C, 5.6529% 1/10/45 (f)(g) 3,600,000 3,742,535 
Class D, 5.6529% 1/10/45 (f)(g) 4,165,000 3,948,173 
Class E, 5% 1/10/45 (f)(g) 4,516,000 3,865,007 
Series 2012-GCJ7:   
Class C, 5.6985% 5/10/45 (g) 6,500,000 6,680,530 
Class D, 5.6985% 5/10/45 (f)(g) 10,192,000 9,797,717 
Class E, 5% 5/10/45 (f) 6,920,000 5,642,295 
Series 2012-GCJ9 Class D, 4.7461% 11/10/45 (f)(g) 5,565,000 5,311,425 
Series 2013-GC14 Class D, 4.7648% 8/10/46 (f)(g) 1,680,000 1,607,518 
Series 2013-GC16:   
Class D, 5.3285% 11/10/46 (f)(g) 3,750,000 3,631,538 
Class F, 3.5% 11/10/46 (f) 7,303,000 5,197,761 
Series 2014-NEW Class D, 3.79% 1/10/31 (f) 2,510,000 2,497,678 
Series 2016-GS3 Class D, 2.728% 10/10/49 (f) 3,398,000 2,628,717 
Series 2016-REMZ Class MZB, 7.727% 2/10/21 (f) 29,826,000 29,205,619 
Series 2016-RENT:   
Class E, 4.0667% 2/10/29 (f)(g) 2,009,000 1,976,622 
Class F, 4.0667% 2/10/29 (f)(g) 15,890,000 14,712,754 
Hilton U.S.A. Trust:   
Series 2016-HHV Class F, 4.1935% 11/5/38 (f)(g) 8,440,000 7,470,794 
Series 2016-SFP Class F, 6.0801% 11/5/35 (f) 8,457,000 8,507,377 
IMT Trust Series 2017-APTS:   
Class EFX, 3.4966% 6/15/34 (f)(g) 9,317,000 8,654,109 
Class FFL, 1 month U.S. LIBOR + 2.850% 4.6266% 6/15/34 (f)(g)(i) 3,909,000 3,916,969 
JPMBB Commercial Mortgage Securities Trust:   
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (f) 8,738,000 7,333,340 
Series 2014-C26 Class D, 3.9241% 1/15/48 (f)(g) 3,398,000 2,915,770 
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.4619% 12/15/49 (f) 10,241,000 8,407,198 
JPMDB Commercial Mortgage Securities Trust Series 2016-C4 Class D, 3.0952% 12/15/49 (f)(g) 7,388,000 5,805,660 
JPMorgan Chase Commercial Mortgage Securities Corp.:   
Series 2003-C1 Class F, 5.4883% 1/12/37 (f)(g) 700,797 719,463 
Series 2010-CNTR Class XB, 0.9314% 8/5/32 (f)(g)(h) 32,655,000 576,145 
Series 2012-CBX:   
Class C, 5.2137% 6/15/45 (g) 4,530,000 4,572,702 
Class E, 5.2137% 6/15/45 (f)(g) 4,635,000 4,214,321 
Class F, 4% 6/15/45 (f) 8,192,000 6,168,112 
Class G 4% 6/15/45 (f) 4,044,000 2,054,203 
JPMorgan Chase Commercial Mortgage Securities Trust:   
Series 2011-C3:   
Class E, 5.6735% 2/15/46 (f)(g) 6,518,000 6,354,767 
Class G, 4.409% 2/15/46 (f)(g) 1,000,000 798,026 
Class H, 4.409% 2/15/46 (f)(g) 7,077,000 5,090,973 
Series 2011-C4 Class F, 3.873% 7/15/46 (f) 1,400,000 1,288,087 
Series 2013-LC11:   
Class C, 3.9582% 4/15/46 (g) 848,000 830,986 
Class D, 4.1953% 4/15/46 (g) 7,672,000 7,042,246 
Class E, 3.25% 4/15/46 (f)(g) 472,000 349,873 
Class F, 3.25% 4/15/46 (f)(g) 2,518,000 1,472,457 
Series 2014-DSTY Class E, 3.8046% 6/10/27 (f)(g) 2,752,000 2,583,061 
Series 2015-UES Class F, 3.621% 9/5/32 (f)(g) 5,432,000 5,274,657 
JPMorgan Commercial Mortgage Finance Corp. Series 1999-C8 Class H, 6% 7/15/31 (f) 150,068 140,477 
LSTAR Commercial Mortgage Trust Series 2014-2:   
Class D, 5.1548% 1/20/41 (f)(g) 3,000,000 2,983,214 
Class E, 5.1548% 1/20/41 (f)(g) 4,800,000 4,436,679 
Merrill Lynch Mortgage Trust Series 2006-C1 Class AJ, 5.4286% 5/12/39 (g) 2,203,824 2,226,540 
Morgan Stanley BAML Trust:   
Series 2012-C5 Class E, 4.6878% 8/15/45 (f)(g) 3,889,000 3,799,077 
Series 2012-C6 Class D, 4.5754% 11/15/45 (f)(g) 2,000,000 1,992,640 
Series 2013-C12 Class D, 4.7669% 10/15/46 (f)(g) 7,164,000 6,699,501 
Series 2013-C13:   
Class D, 4.8895% 11/15/46 (f)(g) 5,277,000 5,078,046 
Class E, 4.8895% 11/15/46 (f)(g) 3,379,000 2,862,219 
Series 2013-C7:   
Class D, 4.2505% 2/15/46 (f)(g) 5,650,000 5,104,253 
Class E, 4.2505% 2/15/46 (f)(g) 1,000,000 772,822 
Series 2013-C9:   
Class C, 4.0469% 5/15/46 (g) 3,339,000 3,257,614 
Class D, 4.1349% 5/15/46 (f)(g) 5,137,000 4,795,625 
Series 2016-C30 Class D, 3% 9/15/49 (f) 5,408,000 4,066,684 
Series 2016-C31 Class D, 3% 11/15/49 (f)(g) 1,500,000 1,121,210 
Series 2016-C32 Class D, 3.396% 12/15/49 (f) 5,929,000 4,541,576 
Morgan Stanley Capital I Trust:   
sequential payer Series 2012-C4 Class E, 5.4213% 3/15/45 (f)(g) 7,294,000 6,115,234 
Series 1997-RR Class F, 7.51% 4/30/39 (f)(g) 226,263 224,421 
Series 1998-CF1 Class G, 7.35% 7/15/32 (f) 1,036,077 999,815 
Series 2011-C2:   
Class D, 5.484% 6/15/44 (f)(g) 5,387,000 5,298,994 
Class E, 5.484% 6/15/44 (f)(g) 12,150,000 11,425,334 
Class F, 5.484% 6/15/44 (f)(g) 4,440,000 3,772,327 
Class XB, 0.5349% 6/15/44 (f)(g)(h) 63,708,222 949,635 
Series 2011-C3:   
Class D, 5.1557% 7/15/49 (f)(g) 7,400,000 7,596,448 
Class E, 5.1557% 7/15/49 (f)(g) 1,353,000 1,313,973 
Class F, 5.1557% 7/15/49 (f)(g) 3,438,050 3,244,835 
Class G, 5.1557% 7/15/49 (f)(g) 3,902,000 3,270,835 
Series 2012-C4 Class D, 5.4213% 3/15/45 (f)(g) 6,310,000 5,992,907 
Series 2015-MS1 Class D, 4.0302% 5/15/48 (f)(g) 10,956,000 9,284,985 
Series 2015-UBS8 Class D, 3.18% 12/15/48 (f) 5,013,000 4,207,984 
Series 2016-BNK2 Class C, 3% 11/15/49(f) 3,000,000 2,368,245 
Motel 6 Trust floater:   
Series 2017-M6MZ, Class M, 1 month U.S. LIBOR + 6.927% 8.7031% 8/15/19 (f)(g)(i) 7,868,000 7,946,769 
Series 2017-MTL6, Class F, 1 month U.S. LIBOR + 4.250% 6.0266% 8/15/34 (f)(g)(i) 13,477,290 13,616,632 
MSCG Trust Series 2016-SNR:   
Class D, 6.55% 11/15/34 (f) 11,889,000 11,773,909 
Class E, 6.8087% 11/15/34 (f) 11,364,000 10,731,231 
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 4.851% 9/5/47 (f)(g) 1,500,000 1,368,483 
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (f) 4,294,396 5,239,163 
Starwood Retail Property Trust Series 2014-STAR Class D, 1 month U.S. LIBOR + 3.250% 5.0266% 11/15/27 (f)(g)(i) 2,500,000 2,423,276 
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.4766% 8/15/39 (g) 195,879 196,241 
UBS Commercial Mortgage Trust Series 2012-C1:   
Class D, 5.5451% 5/10/45 (f)(g) 3,235,000 3,184,394 
Class E, 5% 5/10/45 (f)(g) 6,339,000 5,218,837 
Class F, 5% 5/10/45 (f)(g) 2,221,350 1,532,856 
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 6.0516% 1/10/45 (f)(g) 3,000,000 3,206,516 
Wells Fargo Commercial Mortgage Trust:   
Series 2012-LC5:   
Class D, 4.7651% 10/15/45 (f)(g) 12,964,000 12,370,198 
Class E, 4.7651% 10/15/45 (f)(g) 7,588,000 6,495,234 
Series 2016-BNK1 Class D, 3% 8/15/49 (f) 6,979,000 5,520,529 
Series 2016-C35 Class D, 3.142% 7/15/48 (f) 18,542,000 13,654,820 
Series 2016-NXS6 Class D, 3.059% 11/15/49(f) 5,094,000 3,678,915 
Series 2017-C38 Class D, 3% 7/15/50 (f)(g) 4,373,000 3,349,980 
WF-RBS Commercial Mortgage Trust:   
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (f) 4,000,000 2,718,084 
Series 2011-C3:   
Class C, 5.335% 3/15/44 (f) 4,900,000 5,034,705 
Class D, 5.6861% 3/15/44 (f)(g) 1,000,000 876,172 
Class E, 5% 3/15/44 (f) 3,000,000 2,438,238 
Series 2011-C5:   
Class E, 5.6714% 11/15/44 (f)(g) 3,807,000 3,806,807 
Class F, 5.25% 11/15/44 (f)(g) 3,000,000 2,603,051 
Class G, 5.25% 11/15/44 (f)(g) 2,000,000 1,626,600 
Series 2012-C10 Class E, 4.4478% 12/15/45 (f)(g) 4,090,000 2,945,531 
Series 2012-C7:   
Class D, 4.8255% 6/15/45 (f)(g) 2,380,000 2,188,748 
Class F, 4.5% 6/15/45 (f) 2,000,000 1,345,381 
Series 2012-C8 Class E, 4.8939% 8/15/45 (f)(g) 2,922,500 2,795,660 
Series 2013-C11:   
Class D, 4.2722% 3/15/45 (f)(g) 5,830,000 5,434,938 
Class E, 4.2722% 3/15/45(f)(g) 4,780,000 3,712,615 
Series 2013-C13 Class D, 4.1386% 5/15/45 (f)(g) 4,000,000 3,654,736 
Series 2013-C16 Class D, 5.0286% 9/15/46 (f)(g) 3,728,000 3,465,706 
Series 2013-UBS1 Class D, 4.6232% 3/15/46 (f)(g) 4,589,000 4,218,963 
WFCG Commercial Mortgage Trust floater Series 2015-BXRP:   
Class F, 1 month U.S. LIBOR + 3.721% 5.4969% 11/15/29 (f)(g)(i) 5,152,378 5,142,768 
Class G, 1 month U.S. LIBOR + 3.001% 4.7966% 11/15/29 (f)(g)(i) 8,859,793 8,713,546 
WP Glimcher Mall Trust Series 2015-WPG:   
Class PR1, 3.516% 6/5/35 (f)(g) 6,725,000 5,171,138 
Class PR2, 3.516% 6/5/35 (f)(g) 2,541,000 1,810,473 
TOTAL COMMERCIAL MORTGAGE SECURITIES   
(Cost $830,900,768)  838,075,487 
Bank Loan Obligations - 4.5%   
CONSUMER DISCRETIONARY - 0.9%   
Hotels, Restaurants & Leisure - 0.6%   
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 12/22/24 (g)(i) 3,371,550 3,398,253 
ESH Hospitality, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 8/30/23 (g)(i) 4,206,883 4,225,015 
Hilton Los Cabos 3 month U.S. LIBOR + 8.000% 10.117% 9/9/18 (c)(g)(i) 5,375,000 5,375,000 
La Quinta Intermediate Holdings LLC Tranche B LN, term loan 3 month U.S. LIBOR + 3.000% 5.3477% 4/14/21 (g)(i) 12,819,223 12,827,299 
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5% 4/27/24 (g)(i) 4,316,640 4,339,302 
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3/29/25 (i)(j) 1,000,000 1,007,380 
  31,172,249 
Multiline Retail - 0.3%   
JC Penney Corp., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.2342% 6/23/23 (g)(i) 12,441,921 12,106,735 
TOTAL CONSUMER DISCRETIONARY  43,278,984 
CONSUMER STAPLES - 0.5%   
Food & Staples Retailing - 0.5%   
Albertson's LLC Tranche B, term loan:   
3 month U.S. LIBOR + 3.000% 4.9563% 6/22/23 (g)(i) 12,947,560 12,801,899 
3 month U.S. LIBOR + 3.000% 5.2916% 12/21/22 (g)(i) 11,528,646 11,435,033 
  24,236,932 
ENERGY - 0.8%   
Oil, Gas & Consumable Fuels - 0.8%   
Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 8.052% 12/19/20 (g)(i) 22,127,844 21,537,694 
Panda Temple Power, LLC term loan 3 month U.S. LIBOR + 6.000% 8.302% 4/3/19 (g)(i) 13,834,778 12,727,996 
TPF II Power LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.6508% 10/2/23 (g)(i) 5,730,711 5,730,711 
  39,996,401 
FINANCIALS - 0.4%   
Real Estate Management & Development - 0.3%   
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.3576% 11/4/21 (g)(i) 13,351,191 13,369,750 
Thrifts & Mortgage Finance - 0.1%   
Ocwen Loan Servicing LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 6.8969% 12/5/20 (g)(i) 3,697,061 3,734,031 
TOTAL FINANCIALS  17,103,781 
HEALTH CARE - 0.1%   
Health Care Providers & Services - 0.1%   
Community Health Systems, Inc. Tranche H, term loan 3 month U.S. LIBOR + 3.250% 5.2342% 1/27/21 (g)(i) 6,141,305 5,951,968 
INDUSTRIALS - 0.0%   
Commercial Services & Supplies - 0.0%   
Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.8769% 2/27/25 (g)(i) 2,050,000 2,048,729 
INFORMATION TECHNOLOGY - 0.1%   
Electronic Equipment & Components - 0.1%   
Compass Power Generation LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.052% 12/20/24 (g)(i) 3,381,525 3,414,292 
REAL ESTATE - 1.0%   
Equity Real Estate Investment Trusts (REITs) - 0.6%   
Invitation Homes Operating Par Tranche B, term loan 3 month U.S. LIBOR + 1.700% 3.5969% 2/6/22 (c)(g)(i) 15,000,000 14,643,750 
iStar Financial, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.8937% 10/1/21 (g)(i) 6,304,148 6,335,668 
QCP SNF West (REIT) LLC Tranche B, term loan 3 month U.S. LIBOR + 5.250% 7.1508% 10/31/22 (g)(i) 6,705,125 6,766,611 
  27,746,029 
Real Estate Management & Development - 0.4%   
Capital Automotive LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.41% 3/24/24 (g)(i) 3,104,193 3,114,871 
Simply Storage Management LLC 8.2375% 9/6/21 (c)(g) 16,974,000 17,101,305 
  20,216,176 
TOTAL REAL ESTATE  47,962,205 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4/11/25 (i)(j) 1,755,000 1,759,142 
UTILITIES - 0.7%   
Electric Utilities - 0.2%   
Lightstone Holdco LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.6508% 1/30/24 (g)(i) 8,900,897 8,972,104 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.6508% 1/30/24 (g)(i) 569,885 574,444 
Southeast Powergen LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.41% 12/2/21 (g)(i) 2,491,846 2,311,187 
  11,857,735 
Independent Power and Renewable Electricity Producers - 0.5%   
APLP Holdings LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.3769% 4/13/23 (g)(i) 8,655,749 8,688,208 
Dynegy, Inc. Tranche C-2, term loan 3 month U.S. LIBOR + 2.750% 4.3983% 2/7/24 (g)(i) 1,533,797 1,543,214 
MRP Generation Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 7.000% 9.302% 10/18/22 (g)(i) 14,520,406 13,994,041 
  24,225,463 
TOTAL UTILITIES  36,083,198 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $222,030,203)  221,835,632 
Preferred Securities - 0.0%   
FINANCIALS - 0.0%   
Diversified Financial Services - 0.0%   
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, (c)(f) 1,220,000 122 
Thrifts & Mortgage Finance - 0.0%   
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (c)(f)(i) 500,000 50,750 
TOTAL PREFERRED SECURITIES   
(Cost $1,297,768)  50,872 
 Shares Value 
Money Market Funds - 7.7%   
Fidelity Cash Central Fund, 1.74% (k) 342,865,653 342,934,227 
Fidelity Securities Lending Cash Central Fund 1.74% (k)(l) 41,588,207 41,592,365 
TOTAL MONEY MARKET FUNDS   
(Cost $384,470,922)  384,526,592 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $4,863,201,701)  4,985,383,610 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (24,438,127) 
NET ASSETS - 100%  $4,960,945,483 

Legend

 (a) Non-income producing

 (b) 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 $149,642 or 0.0% of net assets.

 (c) Level 3 security

 (d) Affiliated company

 (e) Security or a portion of the security is on loan at period end.

 (f) 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 $1,083,671,998 or 21.8% of net assets.

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

 (h) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

 (i) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (j) The coupon rate will be determined upon settlement of the loan after period end.

 (k) 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.

 (l) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Stanley Martin Communities LLC Class B (Escrow) 7/17/16 $121,944 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $3,239,520 
Fidelity Securities Lending Cash Central Fund 222,984 
Total $3,462,504 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

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 Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Acadia Realty Trust (SBI) $124,832,133 $3,899,389 $-- $3,385,553 $-- $(25,711,646) $103,019,876 
Ellington Financial LLC 25,147,846 1,105,555 -- 1,992,229 -- (1,851,980) 24,401,421 
Great Ajax Corp. 21,962,447 -- -- 1,419,986 -- (757,326) 21,205,121 
Great Ajax Corp. 7.25% 4,545,000 -- -- 244,688 -- (78,750) 4,466,250 
Total $176,487,426 $5,004,944 $-- $7,042,456 $-- $(28,399,702) $153,092,668 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 $21,975,173 $21,825,531 $-- $149,642 
Financials 695,253,105 680,697,279 14,555,826 -- 
Real Estate 1,778,121,077 1,720,248,718 57,872,359 -- 
Utilities 3,363,716 3,363,716 -- -- 
Corporate Bonds 899,884,837 -- 899,884,837 -- 
Asset-Backed Securities 134,198,449 -- 134,186,828 11,621 
Collateralized Mortgage Obligations 8,098,670 -- 8,098,434 236 
Commercial Mortgage Securities 838,075,487 -- 838,075,487 -- 
Bank Loan Obligations 221,835,632 -- 184,715,577 37,120,055 
Preferred Securities 50,872 -- -- 50,872 
Money Market Funds 384,526,592 384,526,592 -- -- 
Total Investments in Securities: $4,985,383,610 $2,810,661,836 $2,137,389,348 $37,332,426 

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

Investments in Securities:  
Bank Loan Obligations  
Beginning Balance $ 53,726,431  
Net Realized Gain (Loss) on Investment Securities  109,454  
Net Unrealized Gain (Loss) on Investment Securities  587,050  
Cost of Purchases  5,375,000  
Proceeds of Sales (22,789,931 ) 
Amortization/Accretion  112,051  
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $ 37,120,055  
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2018 $ 531,391  
Other Investments in Securities  
Beginning Balance  1,906,920  
Net Realized Gain (Loss) on Investment Securities (93,177) 
Net Unrealized Gain (Loss) on Investment Securities  49,811  
Cost of Purchases  43,579  
Proceeds of Sales (28,278) 
Amortization/Accretion (46,311) 
Transfers into Level 3 -- 
Transfers out of Level 3 (1,620,173) 
Ending Balance $ 212,371  
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2018 $(38,137) 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

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, bank loan obligations and preferred securities 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. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, 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.

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 Real Estate Income Fund

April 30, 2018







SRE-QTLY-0618
1.924316.106





Schedule of Investments April 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 15.2%   
 Shares Value 
CONSUMER DISCRETIONARY - 0.2%   
Hotels, Restaurants & Leisure - 0.2%   
Wyndham Worldwide Corp. 16,600 $1,895,886 
FINANCIALS - 2.5%   
Capital Markets - 0.2%   
Ellington Financial LLC 124,800 1,862,016 
Insurance - 0.1%   
FNF Group 15,100 556,133 
Mortgage Real Estate Investment Trusts - 2.2%   
Anworth Mortgage Asset Corp. 62,700 296,571 
Arbor Realty Trust, Inc. 161,520 1,414,915 
Chimera Investment Corp. 118,500 2,072,565 
Dynex Capital, Inc. 129,500 852,110 
Five Oaks Investment Corp. 17,008 48,133 
Great Ajax Corp. 171,626 2,306,653 
Invesco Mortgage Capital, Inc. 158,800 2,577,324 
MFA Financial, Inc. 1,169,200 8,792,384 
New Residential Investment Corp. 54,900 959,652 
Redwood Trust, Inc. 48,200 739,388 
  20,059,695 
TOTAL FINANCIALS  22,477,844 
REAL ESTATE - 12.5%   
Equity Real Estate Investment Trusts (REITs) - 12.3%   
Acadia Realty Trust (SBI) 454,800 10,733,280 
American Homes 4 Rent Class A 204,567 4,132,253 
American Tower Corp. 50,300 6,858,908 
Apartment Investment & Management Co. Class A 236,900 9,618,140 
AvalonBay Communities, Inc. 15,500 2,526,500 
Cedar Realty Trust, Inc. 52,600 204,614 
Colony NorthStar, Inc. 698,199 4,265,996 
DDR Corp. 239,400 1,735,650 
Douglas Emmett, Inc. 16,600 618,682 
Equinix, Inc. 11,100 4,670,769 
Equity Lifestyle Properties, Inc. 145,200 12,946,029 
Equity Residential (SBI) 53,100 3,276,801 
Extra Space Storage, Inc. 22,000 1,970,980 
Front Yard Residential Corp. Class B 18,400 180,688 
Gramercy Property Trust 48,500 1,139,750 
Healthcare Realty Trust, Inc. 47,500 1,321,925 
Healthcare Trust of America, Inc. 98,950 2,472,761 
Lexington Corporate Properties Trust 384,422 3,090,753 
Mid-America Apartment Communities, Inc. 71,414 6,531,524 
National Retail Properties, Inc. 16,400 623,856 
Omega Healthcare Investors, Inc. 89,700 2,330,406 
Public Storage 12,700 2,562,606 
Rexford Industrial Realty, Inc. 24,400 745,420 
Sabra Health Care REIT, Inc. 241,000 4,412,710 
Safety Income and Growth, Inc. 46,000 825,700 
Select Income REIT 18,700 354,552 
Senior Housing Properties Trust (SBI) 258,600 4,026,402 
Spirit Realty Capital, Inc. 74,200 597,310 
Store Capital Corp. 111,300 2,808,099 
Terreno Realty Corp. 54,180 2,012,787 
Ventas, Inc. 168,328 8,655,426 
VEREIT, Inc. 326,900 2,222,920 
  110,474,197 
Real Estate Management & Development - 0.2%   
Colony NorthStar Credit Real Estate, Inc. 71,600 1,363,264 
TOTAL REAL ESTATE  111,837,461 
TOTAL COMMON STOCKS   
(Cost $120,175,808)  136,211,191 
Preferred Stocks - 23.5%   
Convertible Preferred Stocks - 2.2%   
FINANCIALS - 0.9%   
Mortgage Real Estate Investment Trusts - 0.9%