N-Q 1 filing977.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number   811-649


Fidelity Puritan Trust

(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, 2017


Item 1.

Schedule of Investments




Quarterly Holdings Report
for

Fidelity® Series Intrinsic Opportunities Fund

April 30, 2017







O2T-QTLY-0617
1.951016.104





Investments April 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 86.2%   
 Shares Value 
CONSUMER DISCRETIONARY - 23.4%   
Auto Components - 3.5%   
Adient PLC 100,000 $7,356,000 
Cooper Tire & Rubber Co. 300,000 11,490,000 
Dongah Tire & Rubber Co. Ltd. 5,000 109,441 
ElringKlinger AG 25,000 499,036 
Exedy Corp. 15,000 409,060 
G-Tekt Corp. (a) 2,500,000 44,068,177 
Gentex Corp. 200,000 4,130,000 
Harada Industries Co. Ltd. (b) 200,000 1,446,064 
Hu Lane Associate, Inc. 50,000 244,019 
Hyundai Mobis 700,000 136,603,376 
Ichikoh Industries Ltd. 25,000 130,298 
IJT Technology Holdings Co. Ltd. 1,100,000 6,216,641 
INFAC Corp. 362,529 1,959,875 
Piolax, Inc. 924,000 21,236,044 
Seoyon Co. Ltd. 314,275 2,790,240 
Seoyon E-Hwa Co., Ltd. 685,725 8,258,116 
TBK Co. Ltd. (a) 1,800,000 8,073,559 
TPR Co. Ltd. 700,000 23,579,278 
Yorozu Corp. (a) 1,680,000 25,695,447 
  304,294,671 
Automobiles - 0.2%   
Audi AG 23,500 16,562,262 
Harley-Davidson, Inc. 5,000 284,050 
  16,846,312 
Distributors - 0.5%   
Amcon Distributing Co. 500 45,250 
Chori Co. Ltd. (a) 1,434,500 25,569,424 
Doshisha Co. Ltd. 375,000 7,579,054 
Harima-Kyowa Co. Ltd. 27,100 470,649 
Nakayamafuku Co. Ltd. 192,300 1,474,918 
SPK Corp. 5,000 114,510 
Yagi & Co. Ltd. 399,000 5,637,363 
  40,891,168 
Diversified Consumer Services - 0.7%   
Asante, Inc. 65,000 988,338 
Cross-Harbour Holdings Ltd. 300,000 451,253 
Heian Ceremony Service Co. Ltd. (b) 300,000 2,516,259 
Kukbo Design Co. Ltd. 20,000 266,350 
MegaStudy Co. Ltd. (a) 362,315 10,223,551 
MegaStudyEdu Co. Ltd. (a) 209,684 7,806,010 
Step Co. Ltd. 217,000 2,881,005 
Strayer Education, Inc. 10,000 867,100 
Tsukada Global Holdings, Inc. 1,050,000 5,510,204 
Weight Watchers International, Inc. (b)(c) 1,150,000 24,012,000 
  55,522,070 
Hotels, Restaurants & Leisure - 0.7%   
Flight Centre Travel Group Ltd. (b) 125,000 2,943,720 
Hiday Hidaka Corp. 240,000 5,068,042 
Hiramatsu, Inc. 25,000 145,773 
Hub Co. Ltd. 20,800 397,434 
Koshidaka Holdings Co. Ltd. 300,000 7,408,836 
Kura Corp. Ltd. (b) 100,000 4,117,515 
Ohsho Food Service Corp. 125,000 4,659,116 
St. Marc Holdings Co. Ltd. 75,000 2,284,144 
The Monogatari Corp. 5,000 224,714 
The Restaurant Group PLC 6,660,000 30,147,982 
Whitbread PLC 1,000 52,261 
Wyndham Worldwide Corp. 5,000 476,550 
  57,926,087 
Household Durables - 1.1%   
Ace Bed Co. Ltd. 42,029 6,240,065 
Emak SpA 600,000 1,041,153 
FJ Next Co. Ltd. (b) 1,100,000 9,384,167 
Fuji Corp. Ltd. 50,000 327,428 
Helen of Troy Ltd. (c) 625,000 58,750,000 
NACCO Industries, Inc. Class A 500 42,325 
Q.E.P. Co., Inc. (c) 34,998 804,604 
SABAF SpA 400,000 5,694,860 
Sanei Architecture Planning Co. Ltd. 660,000 9,058,533 
Sanyo Housing Nagoya Co. Ltd. 700,000 6,348,509 
  97,691,644 
Internet & Direct Marketing Retail - 0.0%   
NS Shopping Co. Ltd. 5,000 747,187 
Trade Maine Group Ltd. 50,000 181,949 
Webjet Ltd. 100,000 852,883 
  1,782,019 
Leisure Products - 0.4%   
Accell Group NV 650,000 22,657,440 
Mars Engineering Corp. 600,000 12,363,310 
Polaris Industries, Inc. 10,000 852,600 
Vista Outdoor, Inc. (c) 50,000 978,000 
  36,851,350 
Media - 0.7%   
AMC Networks, Inc. Class A (c) 15,000 895,200 
Corus Entertainment, Inc. Class B (non-vtg.) 400,000 3,926,596 
Gendai Agency, Inc. (a) 850,000 4,392,016 
Hyundai HCN 2,000,049 6,874,289 
Interspace Co. Ltd. 20,000 262,839 
Ipsos SA 10,000 320,690 
ITE Group PLC 202,135 463,395 
Liberty Global PLC LiLAC Class A (c) 6,871 147,520 
Multiplus SA 500,000 6,156,173 
Nippon BS Broadcasting Corp. 125,000 1,282,799 
Pico Far East Holdings Ltd. 8,000,000 3,239,762 
Proto Corp. 125,000 1,637,138 
SMG PLC 10,000 47,987 
Television Broadcasts Ltd. 2,000,000 7,688,006 
tronc, Inc. (c) 6,250 89,625 
Viacom, Inc.:   
Class A 250,000 11,150,000 
Class B (non-vtg.) 50,000 2,128,000 
WOWOW INC. 180,000 5,966,360 
  56,668,395 
Multiline Retail - 0.7%   
Grazziotin SA 307,000 1,886,076 
Gwangju Shinsegae Co. Ltd. (a) 97,372 21,954,921 
Hanwha Galleria Timeworld Co. Ltd. 60,000 1,806,435 
Lifestyle China Group Ltd. (c) 12,500,000 4,065,772 
Lifestyle International Holdings Ltd. 13,000,000 18,551,492 
Treasure Factory Co. Ltd. (a)(b) 875,000 6,295,133 
Watts Co. Ltd. 448,800 5,032,519 
  59,592,348 
Specialty Retail - 12.7%   
Arc Land Sakamoto Co. Ltd. 500,000 6,185,243 
AT-Group Co. Ltd. 550,000 13,025,342 
Beacon Lighting Group Ltd. 25,000 33,696 
Bed Bath & Beyond, Inc. 2,650,000 102,687,500 
Best Buy Co., Inc. 5,000,000 259,050,000 
DCM Japan Holdings Co. Ltd. 25,000 217,762 
Dunelm Group PLC 200,000 1,571,078 
E-Life Mall Corp. Ltd. 100,000 211,098 
Ff Group (c) 600,000 12,770,953 
Formosa Optical Technology Co. Ltd. 751,000 1,821,404 
Fuji Corp. (a) 595,990 10,703,494 
GameStop Corp. Class A 703,000 15,951,070 
GNC Holdings, Inc. 100,000 778,000 
Goldlion Holdings Ltd. 8,000,000 3,404,321 
Guess?, Inc. (b) 3,448,800 38,488,608 
Handsman Co. Ltd. 700,000 11,114,600 
Hibbett Sports, Inc. (c) 200,000 5,200,000 
Hour Glass Ltd. 11,666,300 5,761,548 
IA Group Corp. 91,000 530,612 
International Housewares Retail Co. Ltd. 1,000,000 226,269 
JB Hi-Fi Ltd. (b) 863,636 15,966,792 
John David Group PLC 34,000,000 195,963,760 
Jumbo SA 1,750,000 27,621,925 
K's Holdings Corp. (b) 2,400,000 46,180,758 
Ku Holdings Co. Ltd. (b) 600,000 5,080,960 
Lookers PLC 1,100,000 1,852,136 
Mandarake, Inc. (b) 180,000 870,330 
Michael Hill International Ltd. 150,000 135,907 
Mitsui & Associates Telepark Corp. 15,000 258,758 
Mr. Bricolage SA 311,600 3,940,734 
Nafco Co. Ltd. 640,400 10,185,505 
Nitori Holdings Co. Ltd. 1,500,000 195,245,571 
Nojima Co. Ltd. 50,000 745,907 
Oriental Watch Holdings Ltd. 6,000,000 1,396,183 
Padini Holdings Bhd 2,700,000 1,990,325 
Pal Group Holdings Co. Ltd. 25,000 664,499 
Sa Sa International Holdings Ltd. 500,000 214,056 
Sacs Bar Holdings, Inc. 400,000 4,460,193 
Samse SA 35,000 5,309,357 
Shimamura Co. Ltd. 5,000 684,458 
Silvano Fashion Group A/S 9,800 28,926 
Sports Direct International PLC (b)(c) 100,000 397,238 
Staples, Inc. 5,700,000 55,689,000 
The Buckle, Inc. 630,000 11,781,000 
Tokatsu Holdings Co. Ltd. 150,000 480,377 
Truworths International Ltd. 334,900 2,168,470 
United Arrows Ltd. 50,000 1,547,432 
Urban Outfitters, Inc. (c) 400,000 9,152,000 
Vita Group Ltd. 25,681 43,652 
  1,089,788,807 
Textiles, Apparel & Luxury Goods - 2.2%   
Belle International Holdings Ltd. 700,000 474,265 
Best Pacific International Holdings Ltd. 2,700,000 2,370,811 
Coach, Inc. 1,300,000 51,207,000 
Deckers Outdoor Corp. (c) 275,000 16,387,250 
Embry Holdings Ltd. 2,879,000 1,232,533 
Fossil Group, Inc. (c) 825,000 14,231,250 
Fujibo Holdings, Inc. 2,000 54,541 
G-III Apparel Group Ltd. (c) 10,000 237,000 
Geox SpA (b) 5,500,000 14,870,034 
Gerry Weber International AG (Bearer) (b) 625,000 9,167,140 
Grendene SA 52,300 406,167 
Handsome Co. Ltd. 25,000 688,950 
Hugo Boss AG 100,000 7,606,582 
Magni-Tech Industries Bhd 1,250,000 1,419,604 
Michael Kors Holdings Ltd. (c) 900,000 33,597,000 
Portico International Holdings (c) 12,000,000 4,736,223 
Sitoy Group Holdings Ltd. 4,500,000 919,861 
Swatch Group AG (Bearer) 1,000 400,302 
Texwinca Holdings Ltd. 1,800,000 1,207,968 
Van de Velde 94,969 5,213,866 
Youngone Holdings Co. Ltd. 258,000 12,042,722 
Yue Yuen Industrial (Holdings) Ltd. 2,500,000 9,883,201 
  188,354,270 
TOTAL CONSUMER DISCRETIONARY  2,006,209,141 
CONSUMER STAPLES - 5.4%   
Beverages - 0.8%   
A.G. Barr PLC 500,000 4,021,596 
Britvic PLC 3,200,000 27,561,856 
C&C Group PLC 400,000 1,650,072 
Jinro Distillers Co. Ltd. (a) 400,000 11,058,369 
Lucas Bols BV (b) 120,000 2,295,373 
Muhak Co. Ltd. 340,000 6,874,121 
Olvi PLC (A Shares) 100,000 3,093,612 
Spritzer Bhd 700,000 380,557 
Willamette Valley Vineyards, Inc. (c) 5,000 40,000 
Yantai Changyu Pioneer Wine Co. Ltd. (B Shares) 5,000,885 12,292,700 
  69,268,256 
Food & Staples Retailing - 2.0%   
Ain Holdings, Inc. 275,000 19,044,629 
Amsterdam Commodities NV 600,000 16,731,648 
Belc Co. Ltd. 30,000 1,334,828 
Create SD Holdings Co. Ltd. 930,000 21,841,130 
Daiichi Co. Ltd. 20,000 221,395 
Dong Suh Companies, Inc. (c) 725,000 19,660,909 
Genky Stores, Inc. (b) 426,800 10,919,342 
Halows Co. Ltd. 63,700 1,341,714 
J Sainsbury PLC 200,000 713,396 
Majestic Wine PLC 490,277 2,422,551 
MARR SpA 800,000 19,319,825 
McColl's Retail Group PLC 25,000 67,027 
OM2 Network Co. Ltd. 60,000 667,952 
Retail Partners Co. Ltd. (b) 443,700 4,465,857 
Sapporo Clinical Laboratory 7,900 88,018 
Satsudora Holdings Co. Ltd. (a)(c) 400,000 7,915,676 
Shoei Foods Corp. (b) 60,000 1,350,976 
Tesco PLC (c) 11,000,000 26,105,368 
United Natural Foods, Inc. (c) 75,000 3,114,750 
Valor Holdings Co. Ltd. 650,000 15,533,528 
Woolworths Ltd. 52,417 1,055,036 
  173,915,555 
Food Products - 1.8%   
Ajinomoto Malaysia Bhd 1,700,000 7,049,067 
Astral Foods Ltd. 375,000 4,349,453 
Bakkafrost 75,000 2,541,929 
Binggrea Co. Ltd. 15,000 904,536 
Changshouhua Food Co. Ltd. 1,500,000 765,587 
Cranswick PLC 502,941 17,470,794 
Dean Foods Co. 50,000 987,000 
Fresh Del Monte Produce, Inc. 1,150,000 70,495,000 
Japan Meat Co. Ltd. 25,000 416,013 
Kaneko Seeds Co. Ltd. 25,000 320,475 
Kaveri Seed Co. Ltd. (c) 550,000 4,829,289 
Kawan Food Bhd 100,000 102,281 
Kwality Ltd. (c) 50,000 117,553 
Lamb Weston Holdings, Inc. 25,000 1,043,750 
Lassonde Industries, Inc. Class A (sub. vtg.) 50,000 8,745,833 
London Biscuits Bhd (c) 4,000,000 695,692 
London Biscuits Bhd warrants 1/26/20 (c) 400,000 19,811 
Natori Co. Ltd. 20,000 336,398 
Origin Enterprises PLC 50,000 405,764 
Pickles Corp. 85,200 1,079,952 
President Bakery PCL 16,500 30,520 
President Rice Products PCL 310,000 544,292 
Prima Meat Packers Ltd. 250,000 1,152,725 
S Foods, Inc. (b) 279,600 8,715,945 
Select Harvests Ltd. 1,430,000 5,825,065 
Synear Food Holdings Ltd. (c) 1,000,000 7 
TER Beke SA 5,000 977,647 
Thai Wah PCL 426,000 123,121 
The Hain Celestial Group, Inc. (c) 100,000 3,699,000 
Toyo Sugar Refining Co. Ltd. 1,600,000 1,621,888 
Valsoia SpA 85,000 1,628,667 
Want Want China Holdings Ltd. 3,300,000 2,375,825 
  149,370,879 
Personal Products - 0.8%   
Asaleo Care Ltd. 1,000,000 1,344,096 
Cyanotech Corp. (c) 10,000 39,000 
Herbalife Ltd. (c) 5,000 316,300 
Natura Cosmeticos SA 20,000 190,608 
Sarantis SA 1,200,000 15,110,770 
USANA Health Sciences, Inc. (c) 875,200 49,755,120 
  66,755,894 
TOTAL CONSUMER STAPLES  459,310,584 
ENERGY - 1.5%   
Energy Equipment & Services - 0.7%   
AKITA Drilling Ltd. Class A (non-vtg.) 250,000 1,593,348 
Atwood Oceanics, Inc. (c) 1,450,000 11,353,500 
Boustead Singapore Ltd. 6,070,060 3,866,695 
Fugro NV (Certificaten Van Aandelen) (c) 140,000 2,064,877 
Geospace Technologies Corp. (b)(c) 588,000 9,725,520 
Gulfmark Offshore, Inc. Class A (a)(b)(c) 2,714,000 868,480 
National Oilwell Varco, Inc. 200,000 6,994,000 
Oceaneering International, Inc. 400,000 10,556,000 
Prosafe ASA (b)(c) 100,000 398,323 
Shinko Plantech Co. Ltd. 1,700,000 12,703,297 
TechnipFMC PLC (c) 10,000 301,300 
  60,425,340 
Oil, Gas & Consumable Fuels - 0.8%   
Alvopetro Energy Ltd. (c) 2,800,000 389,729 
Arch Coal, Inc. (c) 5,000 351,200 
Baytex Energy Corp. (b)(c) 600,000 1,815,318 
Bonavista Energy Corp. 50,000 105,124 
ConocoPhillips Co. 200,000 9,582,000 
Contango Oil & Gas Co. (c) 250,000 1,790,000 
Enagas SA 200,000 5,261,319 
Fuji Kosan Co. Ltd. 105,000 462,480 
International Seaways, Inc. (c) 10,000 193,300 
Motor Oil (HELLAS) Corinth Refineries SA 300,000 5,088,120 
Murphy Oil Corp. 1,000,000 26,180,000 
San-Ai Oil Co. Ltd. 200,000 1,697,242 
Ship Finance International Ltd. (NY Shares) (b) 10,000 140,500 
Tsakos Energy Navigation Ltd. 450,000 2,065,500 
World Fuel Services Corp. 350,000 12,890,500 
  68,012,332 
TOTAL ENERGY  128,437,672 
FINANCIALS - 8.3%   
Banks - 0.1%   
Cambridge Bancorp 5,000 335,000 
Central Valley Community Bancorp 25,000 567,750 
Citizens Financial Services, Inc. 12,120 660,540 
Erste Group Bank AG 5,000 178,754 
F & M Bank Corp. 5,000 138,500 
Gree Electric Appliances, Inc. of Zhuhai ELS (A Shares) (BNP Paribas Warrant Program) warrants 11/14/17 (c)(d) 325,000 1,555,813 
Skandiabanken ASA 250,000 2,234,743 
Van Lanschot NV (Bearer) 81,300 2,209,574 
  7,880,674 
Capital Markets - 0.5%   
ABG Sundal Collier ASA 1,500,000 981,831 
BinckBank NV 109,000 541,782 
Edify SA (c) 10,068 566,011 
Franklin Resources, Inc. 150,000 6,466,500 
Goldman Sachs Group, Inc. 100,000 22,380,000 
MLP AG 2,340,000 14,750,843 
  45,686,967 
Consumer Finance - 0.5%   
Credit Corp. Group Ltd. 52,450 714,797 
Discover Financial Services 400,000 25,036,000 
Synchrony Financial 500,000 13,900,000 
  39,650,797 
Diversified Financial Services - 1.3%   
Bioverativ, Inc. 200,000 11,762,000 
Fuyo General Lease Co. Ltd. 450,000 20,991,254 
Kyushu Railway Co. 260,000 8,151,604 
Ricoh Leasing Co. Ltd. 1,070,000 34,650,819 
Scandinavian Tobacco Group A/S 400,000 6,982,755 
Tokyo Century Corp. 875,000 30,141,287 
Varex Imaging Corp. (c) 24,000 805,440 
  113,485,159 
Insurance - 5.7%   
AFLAC, Inc. 2,000,000 149,760,000 
April 1,129,000 14,684,047 
ASR Nederland NV 375,000 11,092,478 
Assurant, Inc. 200,000 19,248,000 
Dongbu Insurance Co. Ltd. 1,037,957 62,043,843 
Genworth Financial, Inc. Class A (c) 6,400,000 25,856,000 
Hyundai Fire & Marine Insurance Co. Ltd. 225,000 7,258,703 
Kansas City Life Insurance Co. 2,000 91,000 
MetLife, Inc. 2,500,000 129,525,000 
National Western Life Group, Inc. 13,000 3,981,120 
NN Group NV 1,600,000 53,053,267 
Sony Financial Holdings, Inc. 1,000,000 16,613,590 
  493,207,048 
Thrifts & Mortgage Finance - 0.2%   
ASAX Co. Ltd. 150,000 2,122,000 
Genworth MI Canada, Inc. (b) 135,000 3,352,624 
Genworth Mortgage Insurance Ltd. 3,250,899 8,008,759 
Hingham Institution for Savings 10,100 1,812,849 
  15,296,232 
TOTAL FINANCIALS  715,206,877 
HEALTH CARE - 23.8%   
Biotechnology - 6.3%   
AbbVie, Inc. 1,350,000 89,019,000 
Amgen, Inc. 375,000 61,245,000 
Biocon Ltd. (c) 25,000 429,188 
Biogen, Inc. (c) 265,000 71,870,650 
Cell Biotech Co. Ltd. 25,000 812,017 
Essex Bio-Technology Ltd. 600,000 330,147 
Gilead Sciences, Inc. 1,525,000 104,538,750 
United Therapeutics Corp. (c) 1,720,000 216,204,000 
  544,448,752 
Health Care Equipment & Supplies - 0.9%   
Ansell Ltd. (c) 500,000 8,910,720 
Fukuda Denshi Co. Ltd. 450,000 27,167,526 
Medikit Co. Ltd. 10,000 416,237 
Microlife Corp. 500,000 1,143,169 
Nakanishi, Inc. 250,000 9,822,830 
Pacific Hospital Supply Co. Ltd. 200,000 515,501 
Paramount Bed Holdings Co. Ltd. 75,000 3,145,324 
St.Shine Optical Co. Ltd. 900,000 17,390,729 
TaiDoc Technology Corp. 104,999 352,625 
Varian Medical Systems, Inc. (c) 60,000 5,444,400 
  74,309,061 
Health Care Providers & Services - 14.5%   
Aetna, Inc. 1,250,000 168,837,500 
Almost Family, Inc. (c) 200,000 9,930,000 
Amedisys, Inc. (a)(c) 1,750,000 94,850,000 
Anthem, Inc. 2,750,000 489,197,501 
Chemed Corp. 375,000 75,517,500 
EBOS Group Ltd. 487,300 6,126,163 
Humana, Inc. 525,000 116,539,500 
Laboratory Corp. of America Holdings (c) 1,000 140,150 
LHC Group, Inc. (c) 150,000 8,115,000 
Lifco AB 100,018 3,043,236 
Life Healthcare Group Ltd. 332,376 532,610 
National Healthcare Corp. 25,000 1,860,500 
Patterson Companies, Inc. (b) 5,000 222,450 
Pelion SA (c) 315,800 4,347,216 
Quest Diagnostics, Inc. 335,000 35,345,850 
Ship Healthcare Holdings, Inc. 25,000 672,124 
Uchiyama Holdings Co. Ltd. 775,000 3,065,934 
UnitedHealth Group, Inc. 1,300,000 227,344,000 
  1,245,687,234 
Health Care Technology - 0.1%   
Cegedim SA (c) 25,000 695,518 
Pharmagest Interactive 275,000 11,431,114 
  12,126,632 
Life Sciences Tools & Services - 0.2%   
ICON PLC (c) 150,000 12,673,500 
Pharmaceuticals - 1.8%   
Apex Healthcare Bhd 750,000 820,663 
AstraZeneca PLC sponsored ADR (b) 1,000,000 30,250,000 
Biofermin Pharmaceutical Co. Ltd. 100,000 2,618,524 
Bliss Gvs Pharma Ltd. (c) 100,000 264,427 
Dawnrays Pharmaceutical Holdings Ltd. 1,900,000 1,113,861 
DongKook Pharmaceutical Co. Ltd. 25,000 1,489,979 
Genomma Lab Internacional SA de CV (c) 5,000,000 6,308,017 
Indivior PLC 2,600,000 11,281,192 
Kaken Pharmaceutical Co. Ltd. 10,000 592,958 
Korea United Pharm, Inc. 40,000 722,574 
Kwang Dong Pharmaceutical Co. Ltd. 2,400,000 18,607,595 
Lee's Pharmaceutical Holdings Ltd. 3,000,000 2,977,495 
Nippon Chemiphar Co. Ltd. 10,000 461,090 
PT Tempo Scan Pacific Tbk 500,000 77,650 
Sanofi SA sponsored ADR 200,000 9,460,000 
SciClone Pharmaceuticals, Inc. (c) 5,000 48,250 
Shandong Luoxin Pharmaceutical Group Stock Co. Ltd. 200,000 425,797 
Stallergenes Greer PLC (c) 104,976 3,927,935 
Taro Pharmaceutical Industries Ltd. (b)(c) 240,000 28,044,000 
Towa Pharmaceutical Co. Ltd. (b) 150,000 7,481,498 
Tsumura & Co. 800,000 25,871,272 
Vetoquinol SA 10,000 549,225 
  153,394,002 
TOTAL HEALTH CARE  2,042,639,181 
INDUSTRIALS - 7.3%   
Aerospace & Defense - 0.0%   
Austal Ltd. 300,000 385,258 
Kongsberg Gruppen ASA 10,000 156,068 
Orbital ATK, Inc. 5,000 495,000 
Senior Engineering Group PLC 100,000 277,691 
SIFCO Industries, Inc. (c) 36,000 291,600 
The Lisi Group 5,000 196,074 
  1,801,691 
Air Freight & Logistics - 0.1%   
AIT Corp. (b) 900,000 8,235,030 
CTI Logistics Ltd. 421,930 221,159 
Onelogix Group Ltd. 4,000,000 900,945 
SBS Co. Ltd. 150,000 1,081,857 
  10,438,991 
Building Products - 0.1%   
InnoTec TSS AG 50,000 969,368 
Nihon Dengi Co. Ltd. 150,000 3,234,806 
Noda Corp. (b) 100,000 787,621 
Sekisui Jushi Corp. 400,000 7,047,320 
Sunspring Metal Corp. 100,000 148,893 
  12,188,008 
Commercial Services & Supplies - 0.7%   
Aeon Delight Co. Ltd. 170,000 5,185,019 
Asia File Corp. Bhd 3,525,600 2,736,990 
Civeo Corp. (c) 2,944,500 8,804,055 
Fursys, Inc. 200,000 5,555,556 
Matsuda Sangyo Co. Ltd. 150,000 2,008,971 
Mitie Group PLC 2,400,000 6,515,374 
Nippon Kanzai Co. Ltd. 20,000 327,428 
Prestige International, Inc. 1,811,400 16,265,633 
Riverstone Holdings Ltd. 100,000 63,343 
VSE Corp. 325,000 13,861,250 
  61,323,619 
Construction & Engineering - 0.3%   
Arcadis NV 500,000 8,662,658 
Boustead Projs. Pte Ltd. (c) 1,536,569 940,319 
Daiichi Kensetsu Corp. 275,000 2,977,573 
Geumhwa PSC Co. Ltd. 1,000 32,173 
Hokuriku Electrical Construction Co. Ltd. 25,000 194,214 
Joban Kaihatsu Co. Ltd. 50,000 245,346 
Meisei Industrial Co. Ltd. 100,000 568,737 
Metka Industrial-Construction 300,000 2,287,530 
Monadelphous Group Ltd. 10,000 93,525 
Nippon Rietec Co. Ltd. 800,000 8,360,619 
Watanabe Sato Co. Ltd. 25,000 71,765 
  24,434,459 
Electrical Equipment - 0.3%   
Aichi Electric Co. Ltd. 25,000 616,730 
Aros Quality Group AB (b) 853,205 20,710,496 
Canare Electric Co. Ltd. 50,000 987,217 
Hammond Power Solutions, Inc. Class A 450,000 2,030,695 
Somfy SA 10,000 4,836,492 
  29,181,630 
Industrial Conglomerates - 0.1%   
Carr's Group PLC 1,839,224 3,385,649 
Nolato AB Series B 35,000 1,114,335 
Reunert Ltd. 300,000 1,591,619 
  6,091,603 
Machinery - 1.2%   
Castings PLC 75,000 461,415 
Conrad Industries, Inc. 1,000 19,450 
Daihatsu Diesel Manufacturing Co. Ltd. (a) 3,184,000 20,536,407 
Daiwa Industries Ltd. 1,150,000 11,327,203 
Fujimak Corp. 250,000 2,982,732 
Fukushima Industries Corp. 60,000 2,128,728 
Global Brass & Copper Holdings, Inc. 250,000 8,912,500 
Haitian International Holdings Ltd. 3,750,000 9,188,967 
Hy-Lok Corp. 100,000 1,969,058 
Ihara Science Corp. 200,000 2,639,157 
Jaya Holdings Ltd. 1,157,500 124,271 
Koike Sanso Kogyo Co. Ltd. 100,000 260,148 
Kokusai Co. Ltd.(b) 10,000 75,802 
Luxfer Holdings PLC sponsored ADR 5,000 58,450 
Mitsuboshi Belting Ltd. 25,000 239,740 
Nakano Refrigerators Co. Ltd. 20,000 549,002 
Samyoung M-Tek Co. Ltd. 500,000 2,250,352 
Sansei Co. Ltd. (a) 600,000 1,211,034 
Semperit AG Holding (b) 350,000 9,340,747 
SIMPAC, Inc. (a) 2,325,000 10,086,036 
Suzumo Machinery Co. Ltd. 10,000 205,248 
Teikoku Sen-I Co. Ltd. 700,000 11,083,203 
Tocalo Co. Ltd. 100,000 2,695,672 
  98,345,322 
Marine - 0.0%   
Nippon Concept Corp. 25,000 293,788 
SITC International Holdings Co. Ltd. 200,000 143,218 
  437,006 
Professional Services - 2.9%   
Akka Technologies SA 1,100,000 51,440,014 
Bertrandt AG (b) 60,000 6,265,871 
CBIZ, Inc. (c) 2,600,000 40,950,000 
Dun & Bradstreet Corp. 875,000 95,908,750 
Harvey Nash Group PLC 300,000 285,592 
McMillan Shakespeare Ltd. 2,592,772 26,268,058 
Robert Half International, Inc. 500,000 23,025,000 
SEEK Ltd. 10,000 127,596 
WDB Holdings Co. Ltd. 210,000 2,895,447 
  247,166,328 
Road & Rail - 0.7%   
Autohellas SA (a) 625,000 10,484,512 
Daqin Railway Co. Ltd. (A Shares) 36,000,867 40,735,006 
Hamakyorex Co. Ltd. 92,000 1,928,719 
Higashi Twenty One Co. Ltd. 150,000 476,340 
STEF-TFE Group 10,000 898,455 
Tohbu Network Co. Ltd. 125,000 1,249,159 
Utoc Corp. 1,400,000 5,412,873 
  61,185,064 
Trading Companies & Distributors - 0.9%   
AerCap Holdings NV (c) 300,000 13,803,000 
Bergman & Beving AB (B Shares) 525,000 12,032,448 
Canox Corp. 303,400 2,329,764 
Green Cross Co. Ltd. (c) 172,500 2,717,291 
HERIGE (c) 60,000 2,155,507 
Howden Joinery Group PLC 150,000 899,516 
iMarketKorea, Inc. 10,000 116,913 
Kamei Corp. 590,800 6,508,207 
Lumax International Corp. Ltd. 150,000 256,593 
Meiwa Corp. 999,200 3,710,866 
Mitani Shoji Co. Ltd. 555,500 17,316,551 
Narasaki Sangyo Co. Ltd. 45,000 117,067 
Shinsho Corp. 45,000 1,010,406 
Yamazen Co. Ltd. 50,000 473,649 
Yuasa Trading Co. Ltd. 425,000 12,295,358 
  75,743,136 
TOTAL INDUSTRIALS  628,336,857 
INFORMATION TECHNOLOGY - 13.4%   
Communications Equipment - 0.8%   
Cisco Systems, Inc. 2,000,000 68,140,000 
EVS Broadcast Equipment SA 5,000 201,221 
HF Co. 225,000 2,120,050 
SerComm Corp. 125,000 314,744 
  70,776,015 
Electronic Equipment & Components - 1.0%   
AAC Technology Holdings, Inc. 400,000 5,872,711 
Daido Signal Co. Ltd. 200,000 871,944 
Elematec Corp. 400,000 6,333,259 
Insight Enterprises, Inc. (c) 75,000 3,157,500 
Intelligent Digital Integrated Security Co. Ltd. 129,285 1,038,735 
ITC Networks Corp. 5,000 76,564 
Lacroix SA (a) 376,493 7,812,668 
Macnica Fuji Electronics Holdings, Inc. 1,900,000 26,963,893 
Makus, Inc. 300,000 949,367 
Redington India Ltd. 2,261,800 4,390,615 
Riken Kieki Co. Ltd. 500,000 7,418,704 
Shibaura Electronics Co. Ltd. 233,200 5,529,021 
Simplo Technology Co. Ltd. 2,000,000 6,683,652 
VST Holdings Ltd. 20,443,500 7,122,575 
  84,221,208 
Internet Software & Services - 0.3%   
AuFeminin.com SA (c) 125,018 3,877,105 
CROOZ, Inc. (b) 50,000 1,536,219 
E-Credible Co. Ltd. 75,000 883,439 
F@N Communications, Inc. 500,000 3,982,956 
GMO Internet, Inc. 5,000 59,341 
GMO Pepabo, Inc. (b) 42,300 1,307,230 
mixi, Inc. 10,000 554,384 
Yahoo! Japan Corp. 2,900,000 12,409,060 
Zappallas, Inc. (a)(c) 1,100,000 4,647,679 
  29,257,413 
IT Services - 6.6%   
Amdocs Ltd. 1,300,000 79,612,000 
Calian Technologies Ltd. 309,000 6,145,819 
Computer Services, Inc. 5,000 229,250 
Data#3 Ltd. 500,001 643,969 
Dimerco Data System Corp. 425,000 495,690 
DXC Technology Co. (c) 500,000 37,670,000 
eClerx Services Ltd. 129,101 2,611,037 
Estore Corp. 496,000 3,959,991 
Future Corp. (c) 350,000 2,715,856 
Korea Information & Communication Co. Ltd. (c) 75,000 672,468 
ManTech International Corp. Class A 300,000 10,650,000 
Neurones (b) 10,000 272,325 
Nice Information & Telecom, Inc. 125,000 2,988,748 
Persistent Systems Ltd. (c) 125,000 1,138,785 
Shinsegae Information & Communication Co. Ltd. 28,000 1,843,530 
Societe Pour L'Informatique Industrielle SA 174,000 3,601,226 
Softcreate Co. Ltd. 25,000 321,148 
Sopra Steria Group 550,000 82,498,135 
Syntel, Inc. 200,000 3,522,000 
Tessi SA 199,798 31,818,962 
The Western Union Co. 14,170,000 281,416,200 
TravelSky Technology Ltd. (H Shares) 350,000 922,432 
Wipro Ltd. 971,092 7,465,890 
  563,215,461 
Semiconductors & Semiconductor Equipment - 0.1%   
e-LITECOM Co. Ltd. 50,000 422,380 
Miraial Co. Ltd. (a) 631,900 5,220,721 
Phison Electronics Corp. 100,000 941,336 
  6,584,437 
Software - 0.7%   
Ebix, Inc. 318,700 19,663,790 
GAMEVIL, Inc. (c) 10,000 658,404 
InfoVine Co. Ltd. 63,600 1,727,532 
init innovation in traffic systems AG 10,000 152,502 
Justplanning, Inc. 95,400 619,597 
KPIT Cummins Infosystems Ltd. 1,600,000 3,195,520 
KSK Co., Ltd. 121,900 1,401,891 
Oracle Corp. 600,000 26,976,000 
Uchida Esco Co. Ltd. (a) 315,400 3,383,883 
Zensar Technologies Ltd. 96,152 1,293,991 
  59,073,110 
Technology Hardware, Storage & Peripherals - 3.9%   
Hewlett Packard Enterprise Co. 6,700,000 124,821,000 
HP, Inc. 7,100,000 133,622,000 
Seagate Technology LLC 1,750,000 73,727,500 
TPV Technology Ltd. 25,000,000 6,813,784 
  338,984,284 
TOTAL INFORMATION TECHNOLOGY  1,152,111,928 
MATERIALS - 2.1%   
Chemicals - 1.4%   
Bloomage BioTechnology Corp. Ltd. (b) 1,700,000 2,884,931 
C. Uyemura & Co. Ltd. 100,000 5,238,843 
Chokwang Paint Ltd. 50,000 487,869 
Chugoku Marine Paints Ltd. 675,000 4,989,460 
Daishin-Chemical Co. Ltd. (a) 297,000 4,627,845 
Fuso Chemical Co. Ltd. 544,900 17,034,999 
Green Seal Holding Ltd. 50,000 244,019 
Hannong Chemicals, Inc. (a) 1,288,000 6,476,231 
K&S AG (b) 850,000 20,281,949 
KH Neochem Co. Ltd. 50,000 701,503 
KPX Green Chemical Co. Ltd. 50,000 191,851 
Kuriyama Holdings Corp. 25,000 371,832 
Nippon Soda Co. Ltd. 100,000 541,826 
NOF Corp. 150,000 1,690,065 
Potash Corp. of Saskatchewan, Inc. 300,000 5,059,155 
Robertet SA 500 191,717 
Scientex Bhd 4,000,000 7,638,793 
Soda Aromatic Co. Ltd. 172,900 1,141,551 
T&K Toka Co. Ltd. 150,000 1,477,461 
Tae Kyung Industrial Co. Ltd. 900,000 3,817,247 
Toho Acetylene Co. Ltd. 125,000 1,180,758 
Yara International ASA 910,000 33,830,887 
Yung Chi Paint & Varnish Manufacturing Co. Ltd. 1,026,000 2,783,708 
  122,884,500 
Construction Materials - 0.1%   
Ibstock PLC 500,000 1,483,004 
Mitani Sekisan Co. Ltd. 350,000 8,439,560 
RHI AG 10,000 291,388 
  10,213,952 
Containers & Packaging - 0.1%   
Chuoh Pack Industry Co. Ltd. 12,000 130,792 
Mayr-Melnhof Karton AG 35,000 4,231,930 
  4,362,722 
Metals & Mining - 0.5%   
Alconix Corp. 9,000 158,080 
Ausdrill Ltd. 8,500,000 8,687,952 
Chubu Steel Plate Co. Ltd. 379,600 2,070,391 
CI Resources Ltd. 25,000 29,952 
Compania de Minas Buenaventura SA sponsored ADR 350,000 4,203,500 
Handy & Harman Ltd. (c) 100,000 2,725,000 
Mount Gibson Iron Ltd. (c) 10,500,000 2,830,464 
Orvana Minerals Corp. (c) 50,000 8,608 
Pacific Metals Co. Ltd. (b)(c) 7,000,000 22,731,554 
Teck Resources Ltd. Class B (sub. vtg.) 10,000 207,465 
  43,652,966 
TOTAL MATERIALS  181,114,140 
REAL ESTATE - 0.2%   
Real Estate Management & Development - 0.2%   
HFF, Inc. 10,000 314,000 
Lai Sun Garment (International) Ltd. 1,018,709 292,057 
Leopalace21 Corp. 500,000 2,655,304 
Nisshin Fudosan Co. Ltd. (a) 2,600,000 14,693,878 
Tai Cheung Holdings Ltd. 100,000 94,107 
  18,049,346 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Okinawa Cellular Telephone Co. 135,000 4,402,108 
UTILITIES - 0.8%   
Electric Utilities - 0.0%   
EVN AG 10,000 132,404 
Public Power Corp. of Greece (c) 25,000 92,046 
Vistra Energy Corp. 25,000 373,750 
  598,200 
Gas Utilities - 0.8%   
Busan City Gas Co. Ltd. 72,468 2,216,848 
GAIL India Ltd. 6,666,666 43,962,250 
Hokuriku Gas Co. 25,000 610,227 
K&O Energy Group, Inc. 200,000 3,102,041 
Rubis 10,000 1,016,099 
Seoul City Gas Co. Ltd. 79,583 5,575,567 
YESCO Co. Ltd. 235,000 7,612,298 
  64,095,330 
Water Utilities - 0.0%   
Manila Water Co., Inc. 500,000 318,535 
TOTAL UTILITIES  65,012,065 
TOTAL COMMON STOCKS   
(Cost $5,289,561,964)  7,400,829,899 
Nonconvertible Preferred Stocks - 0.1%   
INDUSTRIALS - 0.0%   
Machinery - 0.0%   
Danieli & C. Officine Meccaniche SpA 10,000 180,715 
MATERIALS - 0.1%   
Construction Materials - 0.1%   
Buzzi Unicem SpA (Risparmio Shares) 550,000 8,129,991 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $4,509,708)  8,310,706 
Money Market Funds - 15.4%   
Fidelity Cash Central Fund, 0.85% (e) 1,171,972,366 1,172,206,760 
Fidelity Securities Lending Cash Central Fund 0.86% (e)(f) 145,610,479 145,625,040 
TOTAL MONEY MARKET FUNDS   
(Cost $1,317,702,298)  1,317,831,800 
TOTAL INVESTMENT PORTFOLIO - 101.7%   
(Cost $6,611,773,970)  8,726,972,405 
NET OTHER ASSETS (LIABILITIES) - (1.7)%  (146,077,097) 
NET ASSETS - 100%  $8,580,895,308 

Security Type Abbreviations

ELS – Equity-Linked Security

Legend

 (a) Affiliated company

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

 (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 $1,555,813 or 0.0% of net assets.

 (e) 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.

 (f) 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 $3,480,244 
Fidelity Securities Lending Cash Central Fund 3,282,955 
Total $6,763,199 

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 Value, end of period 
Amedisys, Inc. $117,810,000 $-- $22,465,569 $-- $94,850,000 
Autohellas SA 7,465,052 439,510 -- -- 10,484,512 
CBIZ, Inc. 30,268,000 -- 2,682,061 -- -- 
Chori Co. Ltd. 21,454,810 -- -- 478,914 25,569,424 
Daihatsu Diesel Manufacturing Co. Ltd. 17,807,163 -- -- 387,313 20,536,407 
Daishin-Chemical Co. Ltd. 2,748,995 693,079 -- 58,389 4,627,845 
Fuji Corp. 9,845,160 -- -- 150,119 10,703,494 
G-Tekt Corp. 38,160,465 -- -- 766,265 44,068,177 
Gendai Agency, Inc. 4,353,168 -- -- 180,782 4,392,016 
Gulfmark Offshore, Inc. Class A 7,290,600 75,000 -- -- 868,480 
Gwangju Shinsegae Co. Ltd. 21,831,698 -- -- 83,805 21,954,921 
Hannong Chemicals, Inc. 4,774,443 -- -- 97,993 6,476,231 
Jinro Distillers Co. Ltd. 10,899,806 1,024,425 -- 314,177 11,058,369 
Lacroix SA 7,176,672 -- -- 135,758 7,812,668 
MegaStudy Co. Ltd. 10,972,336 -- -- 176,346 10,223,551 
MegaStudyEdu Co. Ltd. 8,884,436 -- -- 143,079 7,806,010 
Miraial Co. Ltd. 4,502,855 -- -- -- 5,220,721 
Nisshin Fudosan Co. Ltd. 8,878,686 -- -- 316,273 14,693,878 
Sansei Co. Ltd. 1,041,822 108,990 -- 38,926 1,211,034 
Sapporo Drug Store Co. Ltd. (formerly Sapporo Drug Store Co. Ltd.) 8,289,984 -- -- -- 7,915,676 
SIMPAC, Inc. 10,801,806 -- -- 157,819 10,086,036 
TBK Co. Ltd. 6,623,944 -- -- 245,490 8,073,559 
Treasure Factory Co. Ltd. 7,938,429 -- -- 118,525 6,295,133 
Uchida Esco Co. Ltd. 2,414,074 -- -- -- 3,383,883 
Yorozu Corp. 26,169,214 -- -- 601,545 25,695,447 
Zappallas, Inc. 3,937,668 -- -- 44,581 4,647,679 
Total $402,341,286 $2,341,004 $25,147,630 $4,496,099 $368,655,151 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $2,006,209,141 $1,997,299,683 $7,688,006 $1,221,452 
Consumer Staples 459,310,584 433,205,209 26,105,368 7 
Energy 128,437,672 128,437,672 -- -- 
Financials 715,206,877 713,651,064 1,555,813 -- 
Health Care 2,042,639,181 2,042,639,181 -- -- 
Industrials 628,517,572 628,517,572 -- -- 
Information Technology 1,152,111,928 1,144,646,038 7,465,890 -- 
Materials 189,244,131 189,244,131 -- -- 
Real Estate 18,049,346 18,049,346 -- -- 
Telecommunication Services 4,402,108 4,402,108 -- -- 
Utilities 65,012,065 65,012,065 -- -- 
Money Market Funds 1,317,831,800 1,317,831,800 -- -- 
Total Investments in Securities: $8,726,972,405 $8,682,935,869 $42,815,077 $1,221,459 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2017. 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 $6,779,748 
Level 2 to Level 1 $1,043,976,441 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Other Information

Income Tax Information

At April 30, 2017, the cost of investment securities for income tax purposes was $6,611,851,479. Net unrealized appreciation aggregated $2,115,120,926, of which $2,675,967,545 related to appreciated investment securities and $560,846,619 related to depreciated investment securities.

Subsequent Event

Effective after the close of business on April 30, 2017, certain affiliated entities (Investing Funds) completed exchanges in-kind with the Fund. The Investing Funds delivered investments and cash valued at $3,024,754,769 in exchange for 178,428,561 shares of the Fund. The Fund recognized no gain or loss for federal income tax purposes.

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® Low-Priced Stock Fund

April 30, 2017







LPS-QTLY-0617
1.800342.113





Investments April 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.2%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 24.0%   
Auto Components - 1.2%   
Adient PLC 493,137 $36,275 
ASTI Corp. (a)(b) 1,032,000 6,480 
Cooper Tire & Rubber Co. 24,422 935 
ElringKlinger AG (a) 789,200 15,754 
G-Tekt Corp. 77,700 1,370 
Gentex Corp. 2,532,300 52,292 
Gentherm, Inc. (c) 369,924 13,743 
Hi-Lex Corp. 1,492,500 36,872 
INFAC Corp. 325,139 1,758 
INZI Controls Co. Ltd. (b) 1,516,000 7,130 
Motonic Corp. (b) 3,250,000 26,883 
Murakami Corp. (b) 831,500 16,059 
Nippon Seiki Co. Ltd. 2,804,500 58,367 
Piolax, Inc. (b) 2,641,100 60,700 
S&T Holdings Co. Ltd. (b) 859,329 11,860 
Samsung Climate Control Co. Ltd. (b) 499,950 5,186 
Sewon Precision Industries Co. Ltd. (b) 500,000 8,351 
Shoei Co. Ltd. 230,000 6,386 
SJM Co. Ltd. (b) 1,282,000 7,122 
SJM Holdings Co. Ltd. (b) 1,332,974 6,281 
Strattec Security Corp. (b) 321,600 10,339 
Sungwoo Hitech Co. Ltd. 1,888,517 12,301 
TBK Co. Ltd. 983,500 4,411 
The Goodyear Tire & Rubber Co. 493,500 17,880 
Yachiyo Industry Co. Ltd. 952,400 11,448 
Yutaka Giken Co. Ltd. (b) 1,304,700 28,324 
  464,507 
Distributors - 0.2%   
Central Automotive Products Ltd. 80,000 829 
Chori Co. Ltd. 457,200 8,149 
Nakayamafuku Co. Ltd. (b) 1,069,400 8,202 
PALTAC Corp. 98,650 2,911 
SPK Corp. (b) 269,300 6,168 
Uni-Select, Inc. 1,900,000 50,345 
  76,604 
Diversified Consumer Services - 0.5%   
American Public Education, Inc. (c) 544,900 12,042 
Clip Corp. (b) 289,100 2,256 
Collectors Universe, Inc. 5,128 140 
Cross-Harbour Holdings Ltd. 2,466,000 3,709 
Houghton Mifflin Harcourt Co. (c) 1,360,000 15,640 
Meiko Network Japan Co. Ltd. 880,400 11,475 
Service Corp. International 130,600 4,208 
ServiceMaster Global Holdings, Inc. (c) 465,662 17,742 
Shingakukai Co. Ltd. 153,400 794 
Step Co. Ltd. (b) 1,144,400 15,194 
Weight Watchers International, Inc. (a)(b)(c) 4,296,310 89,707 
  172,907 
Hotels, Restaurants & Leisure - 0.6%   
Ark Restaurants Corp. (b) 199,665 5,062 
Bojangles', Inc. (c) 43,928 964 
BRONCO BILLY Co. Ltd. (a) 47,700 1,093 
Create Restaurants Holdings, Inc. (a) 1,150,000 9,316 
El Pollo Loco Holdings, Inc. (a)(c) 400,000 5,020 
Flanigans Enterprises, Inc. 73,800 1,860 
Hiday Hidaka Corp. (b) 2,286,922 48,293 
Hilton Grand Vacations, Inc. (c) 98,707 3,304 
Ibersol SGPS SA 646,080 10,191 
Ilg, Inc. 910,000 21,940 
Intralot SA (c) 1,393,300 1,882 
Koshidaka Holdings Co. Ltd. 627,480 15,496 
Kura Corp. Ltd. (a) 97,800 4,027 
Nagacorp Ltd. 494,000 274 
Ohsho Food Service Corp. 300,000 11,182 
Sportscene Group, Inc. Class A (b)(c) 352,300 1,381 
St. Marc Holdings Co. Ltd. 984,000 29,968 
The Monogatari Corp. 219,000 9,842 
The Restaurant Group PLC 6,904,100 31,253 
Toridoll.corporation 97,400 2,346 
  214,694 
Household Durables - 3.4%   
Abbey PLC (b) 1,886,500 30,824 
Barratt Developments PLC (b) 76,748,300 576,048 
Bellway PLC 4,159,300 153,318 
D.R. Horton, Inc. 3,150,243 103,611 
Dorel Industries, Inc. Class B (sub. vtg.) (a) 2,810,900 67,541 
Emak SpA 4,661,800 8,089 
First Juken Co. Ltd. (b) 1,487,800 19,339 
Helen of Troy Ltd. (b)(c) 2,025,000 190,350 
Henry Boot PLC 3,458,300 11,243 
Iida Group Holdings Co. Ltd. 156,500 2,491 
Libbey, Inc. 685,721 7,200 
M/I Homes, Inc. 10,000 272 
NACCO Industries, Inc. Class A 187,592 15,880 
P&F Industries, Inc. Class A (b) 333,648 2,299 
PulteGroup, Inc. 998,400 22,634 
Q.E.P. Co., Inc. (c) 500 11 
Sanei Architecture Planning Co. Ltd. (b) 1,286,100 17,652 
Stanley Furniture Co., Inc. 391,436 446 
Taylor Morrison Home Corp. (c) 332,110 7,672 
Token Corp. (b) 680,800 53,865 
Toll Brothers, Inc. 394,800 14,209 
  1,304,994 
Internet & Direct Marketing Retail - 0.2%   
Belluna Co. Ltd. (b) 8,244,800 75,588 
Liberty Interactive Corp. QVC Group Series A (c) 880,000 18,638 
  94,226 
Leisure Products - 0.3%   
Accell Group NV (b) 1,900,000 66,229 
Amer Group PLC (A Shares) 108,000 2,394 
Fenix Outdoor AB Class B (c) 32,298 0 
Kabe Husvagnar AB (B Shares) 294,398 7,096 
Mars Engineering Corp. 562,700 11,595 
Mattel, Inc. 450,000 10,089 
Miroku Corp. 747,000 2,982 
Vista Outdoor, Inc. (c) 98,900 1,934 
  102,319 
Media - 0.9%   
Cinderella Media Group Ltd. (c) 16,894,000 7,276 
Corus Entertainment, Inc. Class B (non-vtg.) 622,300 6,109 
Discovery Communications, Inc. Class A (c) 1,382,982 39,802 
Emerald Expositions Events, Inc. 124,900 2,436 
Gannett Co., Inc. 1,499,950 12,540 
Harte-Hanks, Inc. (c) 787,362 1,071 
Hyundai HCN 2,723,979 9,362 
Intage Holdings, Inc. (b) 1,770,100 33,171 
Interpublic Group of Companies, Inc. 592,200 13,958 
Ipsos SA 9,414 302 
ITE Group PLC 92,397 212 
Live Nation Entertainment, Inc. (c) 630,000 20,261 
MSG Network, Inc. Class A (c) 226,900 5,661 
Multiplus SA 536,800 6,609 
Pico Far East Holdings Ltd. 19,690,000 7,974 
Proto Corp. 325,900 4,268 
RKB Mainichi Broadcasting Corp. 45,200 1,950 
Saga Communications, Inc. Class A 389,100 19,941 
Salem Communications Corp. Class A 14,964 114 
Sky Network Television Ltd. (c) 6,212,162 16,464 
STW Group Ltd. 4,356,770 3,801 
Tegna, Inc. 1,430,563 36,451 
Television Broadcasts Ltd. 3,660,300 14,070 
TOW Co. Ltd. (b) 1,945,500 13,840 
TVA Group, Inc. Class B (non-vtg.) (c) 3,284,003 7,987 
Twenty-First Century Fox, Inc.:   
Class A 640,000 19,546 
Class B 47,807 1,428 
Viacom, Inc. Class B (non-vtg.) 443,933 18,894 
WOWOW INC. 195,900 6,493 
  331,991 
Multiline Retail - 2.2%   
Lifestyle China Group Ltd. (c) 36,162,500 11,762 
Lifestyle International Holdings Ltd. 37,677,000 53,767 
Next PLC (b) 13,996,100 780,400 
Watts Co. Ltd. (b) 1,200,000 13,456 
  859,385 
Specialty Retail - 12.8%   
Abercrombie & Fitch Co. Class A (a)(b) 5,284,680 63,363 
Adastria Co. Ltd. 293,000 7,278 
AT-Group Co. Ltd. 1,163,500 27,555 
AutoCanada, Inc. 123,300 2,121 
AutoZone, Inc. (c) 792,318 548,435 
Bed Bath & Beyond, Inc. 5,809,854 225,132 
Best Buy Co., Inc. (b) 20,850,000 1,080,239 
BMTC Group, Inc. (b) 4,208,200 39,213 
Bonia Corp. Bhd 2,503,000 375 
Bonjour Holdings Ltd. 4,125,000 209 
Buffalo Co. Ltd. 99,000 759 
Cash Converters International Ltd. 23,454,588 4,830 
Chico's FAS, Inc. 1,255,500 17,351 
CST Brands, Inc. 2,638,747 127,425 
Delek Automotive Systems Ltd. 783,200 6,877 
DSW, Inc. Class A (a)(b) 4,254,500 87,728 
Dunelm Group PLC 690,500 5,424 
Ff Group (b)(c) 4,635,600 98,668 
Formosa Optical Technology Co. Ltd. 1,362,000 3,303 
Fourlis Holdings SA (c) 295,800 1,547 
GameStop Corp. Class A (a)(b) 9,597,871 217,776 
GNC Holdings, Inc. (a)(b) 5,826,322 45,329 
Goldlion Holdings Ltd. 23,321,000 9,924 
Guess?, Inc. (b) 7,284,563 81,296 
Halfords Group PLC 1,272,200 6,159 
Hibbett Sports, Inc. (c) 643,100 16,721 
Hour Glass Ltd. 8,855,600 4,373 
IA Group Corp. (b) 624,700 3,643 
JB Hi-Fi Ltd. 112,692 2,083 
John David Group PLC 9,100,000 52,449 
Jumbo SA (b) 10,653,068 168,148 
K's Holdings Corp. 3,500,000 67,347 
Ku Holdings Co. Ltd. 903,700 7,653 
Kyoto Kimono Yuzen Co. Ltd. 600,000 5,146 
Le Chateau, Inc. Class A (sub. vtg.) (c) 1,672,600 184 
Leon's Furniture Ltd. 197,900 2,460 
Lewis Group Ltd. 1,144,500 3,238 
Mr. Bricolage SA (b) 914,475 11,565 
Nafco Co. Ltd. (b) 2,059,500 32,756 
Office Depot, Inc. 1,761,080 8,753 
Pal Group Holdings Co. Ltd. 1,131,600 30,078 
Ross Stores, Inc. 16,500,000 1,072,500 
Sa Sa International Holdings Ltd. 3,428,000 1,468 
Sacs Bar Holdings, Inc. 393,500 4,388 
Sally Beauty Holdings, Inc. (c) 4,853,400 92,312 
Second Chance Properties Ltd. 1,917,400 350 
Second Chance Properties Ltd.:   
warrants 7/24/17 (c) 8,507,800 6 
warrants 1/23/20 (c) 1,941,600 11 
Silvano Fashion Group A/S 7,130 21 
Sonic Automotive, Inc. Class A (sub. vtg.) 1,131,859 22,184 
Staples, Inc. 21,296,409 208,066 
The Buckle, Inc. (a)(b) 4,783,800 89,457 
Urban Outfitters, Inc. (c) 3,674,700 84,077 
USS Co. Ltd. 7,350,000 129,890 
Vitamin Shoppe, Inc. (c) 610,408 11,781 
Workman Co. Ltd. (b) 2,345,500 68,592 
Zumiez, Inc. (c) 324,652 5,828 
  4,915,844 
Textiles, Apparel & Luxury Goods - 1.7%   
Anta Sports Products Ltd. 689,000 1,935 
Best Pacific International Holdings Ltd. 74,000 65 
Coach, Inc. 2,509,100 98,833 
Daphne International Holdings Ltd. (c) 882,000 87 
Deckers Outdoor Corp. (c) 36,542 2,178 
Embry Holdings Ltd. 2,296,000 983 
Fossil Group, Inc. (a)(b)(c) 4,521,600 77,998 
G-III Apparel Group Ltd. (c) 394,530 9,350 
Geox SpA 781,800 2,114 
Gerry Weber International AG (Bearer) 48,900 717 
Gildan Activewear, Inc. 7,900,100 221,484 
Handsome Co. Ltd. (b) 2,125,000 58,561 
JLM Couture, Inc. (b)(c) 170,367 520 
Makalot Industrial Co. Ltd. 331,000 1,391 
McRae Industries, Inc. 6,500 198 
Michael Kors Holdings Ltd. (c) 48,505 1,811 
Movado Group, Inc. 121,307 2,839 
Portico International Holdings (c) 10,835,000 4,276 
Steven Madden Ltd. (c) 1,051,560 40,012 
Sun Hing Vision Group Holdings Ltd. (b) 21,071,000 7,666 
Texwinca Holdings Ltd. 52,814,000 35,443 
Van de Velde 15,000 824 
Vera Bradley, Inc. (c) 732,969 6,707 
Victory City International Holdings Ltd. 96,217,225 3,340 
Wolverine World Wide, Inc. 143,200 3,453 
Youngone Corp. 500,000 14,900 
Youngone Holdings Co. Ltd. (b) 889,600 41,524 
Yue Yuen Industrial (Holdings) Ltd. 5,412,000 21,395 
  660,604 
TOTAL CONSUMER DISCRETIONARY  9,198,075 
CONSUMER STAPLES - 9.1%   
Beverages - 1.4%   
A.G. Barr PLC 3,268,320 26,288 
Baron de Ley SA (c) 140,800 17,347 
Britvic PLC 6,854,900 59,042 
C&C Group PLC 2,800,000 11,551 
Jinro Distillers Co. Ltd. 47,081 1,302 
Kweichow Moutai Co. Ltd. (A Shares) 275,110 16,501 
Monster Beverage Corp. (c) 7,130,674 323,590 
Muhak Co. Ltd. (b) 2,799,256 56,595 
Olvi PLC (A Shares) 25,263 782 
Spritzer Bhd 5,120,400 2,784 
Stock Spirits Group PLC 98,600 223 
Synergy Co. (c) 90,231 975 
Yantai Changyu Pioneer Wine Co. Ltd. (B Shares) 2,799,936 6,883 
  523,863 
Food & Staples Retailing - 5.2%   
AdvancePierre Foods Holdings, Inc. 380,000 15,436 
Amsterdam Commodities NV 147,900 4,124 
Aoki Super Co. Ltd. 237,000 2,934 
Australasian Foods Holdco Pty Ltd. 3,481,102 2,346 
Australasian Foods Holdco Pty Ltd. rights (c) 192,720 0 
Belc Co. Ltd. (b) 1,799,700 80,076 
Cosmos Pharmaceutical Corp. (b) 1,275,000 258,145 
Create SD Holdings Co. Ltd. (b) 5,881,500 138,128 
Daikokutenbussan Co. Ltd. 616,000 29,453 
Dong Suh Companies, Inc.(c) 1,850,000 50,169 
Genky Stores, Inc. (b) 779,200 19,935 
Greggs PLC 879,200 12,241 
Halows Co. Ltd. (b) 1,380,000 29,067 
Kroger Co. 2,033,600 60,296 
Kusuri No Aoki Holdings Co. Ltd. 875,500 37,816 
Majestic Wine PLC (a) 3,307,287 16,342 
MARR SpA 250,000 6,037 
McColl's Retail Group PLC 2,464,057 6,606 
Medical System Network Co. Ltd. 73,800 321 
Metro, Inc. Class A (sub. vtg.) (b) 26,200,699 897,893 
North West Co., Inc. 21,200 500 
Performance Food Group Co. (c) 156,500 3,897 
Qol Co. Ltd. (b) 1,967,900 26,868 
Retail Partners Co. Ltd. 467,700 4,707 
Safeway, Inc.:   
rights (c) 16,069,900 0 
rights (c) 16,069,900 2,893 
Sligro Food Group NV 900,000 36,602 
Sundrug Co. Ltd. 3,439,900 120,655 
Tesco PLC (c) 11,000,000 26,105 
Total Produce PLC 9,480,400 20,892 
United Natural Foods, Inc. (c) 1,229,898 51,078 
Valor Holdings Co. Ltd. 518,500 12,391 
Yaoko Co. Ltd. 1,021,400 39,582 
  2,013,535 
Food Products - 2.2%   
Aryzta AG 1,528,770 49,643 
Astral Foods Ltd. 344,400 3,995 
Bakkafrost 438 15 
Cranswick PLC 646,749 22,466 
Dean Foods Co. 245,400 4,844 
Devro PLC 2,617,600 6,738 
Dutch Lady Milk Industries Bhd 100,000 1,327 
Food Empire Holdings Ltd. (b) 43,534,200 17,138 
Fresh Del Monte Produce, Inc. (b) 5,165,712 316,658 
Hilton Food Group PLC 632,200 6,301 
Japan Meat Co. Ltd. 320,100 5,327 
Kaveri Seed Co. Ltd. (c) 100,000 878 
Lamb Weston Holdings, Inc. 49,304 2,058 
Lifeway Foods, Inc. (c) 247,500 2,376 
Mitsui Sugar Co. Ltd. 373,100 9,194 
Nam Yang Dairy Products 11,000 8,383 
Natori Co. Ltd. 172,700 2,905 
Omega Protein Corp. 119,032 2,398 
Origin Enterprises PLC (b) 9,772,895 79,310 
Pacific Andes International Holdings Ltd. (c) 109,496,500 2,400 
Pacific Andes Resources Development Ltd. (c) 205,047,093 3,229 
Pickles Corp. 105,800 1,341 
President Rice Products PCL 1,284,600 2,255 
Rocky Mountain Chocolate Factory, Inc. (b) 413,393 5,366 
S Foods, Inc. 427,000 13,311 
Seaboard Corp. 42,028 177,947 
Select Harvests Ltd. (b) 4,712,859 19,198 
Sunjin Co. Ltd. (b) 1,627,260 29,109 
Synear Food Holdings Ltd. (c) 38,027,000 0 
The Hain Celestial Group, Inc. (c) 763,992 28,260 
Want Want China Holdings Ltd. 16,767,000 12,071 
  836,441 
Personal Products - 0.3%   
Asaleo Care Ltd. 4,308,758 5,791 
Coty, Inc. Class A 1,628,000 29,060 
Grape King Bio Ltd. 1,748,000 11,220 
Natural Alternatives International, Inc. (c) 11,113 108 
Nutraceutical International Corp. (b) 1,006,738 31,914 
Sarantis SA (b) 2,127,500 26,790 
  104,883 
Tobacco - 0.0%   
Karelia Tobacco Co., Inc. 1,711 479 
TOTAL CONSUMER STAPLES  3,479,201 
ENERGY - 2.9%   
Energy Equipment & Services - 1.0%   
AKITA Drilling Ltd. Class A (non-vtg.) 1,564,500 9,971 
Atwood Oceanics, Inc. (a)(b)(c) 7,421,700 58,112 
Boustead Singapore Ltd. 4,453,700 2,837 
Bristow Group, Inc. 502,793 6,722 
Carbo Ceramics, Inc. (a)(b)(c) 2,085,827 14,330 
Cathedral Energy Services Ltd. (c) 1,409,800 981 
Divestco, Inc. (c) 3,080,000 181 
Farstad Shipping ASA (c) 36,535,003 1,404 
Fugro NV (Certificaten Van Aandelen) (c) 1,683,100 24,824 
Geospace Technologies Corp. (b)(c) 1,220,616 20,189 
Gulfmark Offshore, Inc. Class A (c) 448,667 144 
John Wood Group PLC 604,200 5,944 
Nabors Industries Ltd. 868,521 8,981 
National Oilwell Varco, Inc. 24,622 861 
Oceaneering International, Inc. 246,622 6,508 
Oil States International, Inc. (c) 2,521,075 75,002 
PHX Energy Services Corp. (c) 1,454,900 3,400 
Precision Drilling Corp. (c) 197,300 785 
Prosafe ASA (a)(c) 197,302 786 
Shinko Plantech Co. Ltd. 1,248,300 9,328 
Solstad Offshore ASA (c) 1,173,682 1,661 
Total Energy Services, Inc. (b) 2,182,100 21,740 
Unit Corp. (b)(c) 4,592,132 98,685 
  373,376 
Oil, Gas & Consumable Fuels - 1.9%   
Adams Resources & Energy, Inc. 139,951 5,685 
Beach Energy Ltd. 13,808,307 7,600 
Boardwalk Pipeline Partners, LP 630,800 11,443 
Bonavista Energy Corp. 295,800 622 
Contango Oil & Gas Co. (b)(c) 2,077,600 14,876 
Denbury Resources, Inc. (a)(c) 8,054,071 17,880 
Enagas SA 98,631 2,595 
Eni SpA 7,791,800 120,859 
Fuji Kosan Co. Ltd. (b) 677,200 2,983 
Great Eastern Shipping Co. Ltd. (c) 5,100,000 34,896 
Hankook Shell Oil Co. Ltd. 57,000 20,193 
HollyFrontier Corp. 498,597 14,031 
International Seaways, Inc. (c) 24,757 479 
Marathon Oil Corp. 3,064,382 45,567 
Michang Oil Industrial Co. Ltd. (b) 173,900 13,269 
Murphy Oil Corp. (a) 7,915,300 207,223 
Newfield Exploration Co. (c) 387,857 13,428 
Tesoro Corp. 1,347,247 107,389 
Thai Oil PCL (For. Reg.) 394,500 889 
Tsakos Energy Navigation Ltd. 224,900 1,032 
Uehara Sei Shoji Co. Ltd. 859,000 4,939 
Whitecap Resources, Inc. 454,900 3,219 
Whiting Petroleum Corp. (c) 159,869 1,327 
World Fuel Services Corp. 2,152,730 79,285 
WPX Energy, Inc. (c) 1,067,024 12,730 
  744,439 
TOTAL ENERGY  1,117,815 
FINANCIALS - 11.4%   
Banks - 1.2%   
ACNB Corp. 116,373 3,602 
Associated Banc-Corp. 265,400 6,608 
Bank of Ireland (c) 364,781,300 92,385 
Bar Harbor Bankshares 24,700 761 
Boston Private Financial Holdings, Inc. 25,000 390 
Camden National Corp. 59,184 2,530 
Cathay General Bancorp 1,375,000 52,319 
Central Valley Community Bancorp 40,200 913 
Codorus Valley Bancorp, Inc. (b) 647,439 18,769 
ConnectOne Bancorp, Inc. 678,395 15,060 
CVB Financial Corp. 84,596 1,822 
Dimeco, Inc. 25,675 1,244 
East West Bancorp, Inc. 98,900 5,367 
Farmers & Merchants Bancorp, Inc. 29,606 1,279 
First Bancorp, Puerto Rico (c) 7,147,817 42,029 
First West Virginia Bancorp, Inc. (c) 73,556 1,490 
Hope Bancorp, Inc. 800,000 14,648 
Horizon Bancorp Industries 6,000 162 
Huntington Bancshares, Inc. 101,500 1,305 
Investors Bancorp, Inc. 1,081,000 14,972 
KeyCorp 107,000 1,952 
LCNB Corp. (b) 671,200 14,867 
Northrim Bancorp, Inc. 113,800 3,642 
Norwood Financial Corp. 180,900 6,728 
OFG Bancorp (a)(b) 2,347,058 27,461 
Popular, Inc. 1,385,200 58,054 
SpareBank 1 SR-Bank ASA (primary capital certificate) 1,310,500 10,341 
Sparebanken More (primary capital certificate) 221,534 6,180 
Sparebanken Nord-Norge 2,459,900 16,259 
Trico Bancshares 352,995 12,517 
Union Bankshares Corp. 8,201 281 
United Community Bank, Inc. 78,700 2,152 
Van Lanschot NV (Bearer) 1,128,140 30,661 
  468,750 
Capital Markets - 0.5%   
AllianceBernstein Holding LP 665,000 15,229 
Ares Capital Corp. 96,258 1,694 
Banca Generali SpA 131,100 3,769 
Carlyle Group LP 75,000 1,328 
Close Brothers Group PLC 115,500 2,531 
Cowen Group, Inc. Class A (a)(c) 595,900 9,475 
Federated Investors, Inc. Class B (non-vtg.) 399,800 10,723 
Franklin Resources, Inc. 1,168,144 50,359 
Greenhill & Co., Inc. 186,353 4,715 
Lazard Ltd. Class A 319,776 13,731 
State Street Corp. 248,300 20,832 
Waddell & Reed Financial, Inc. Class A (a) 2,942,000 52,927 
  187,313 
Consumer Finance - 0.5%   
Aeon Credit Service (Asia) Co. Ltd. 13,544,000 10,221 
Ally Financial, Inc. 241,200 4,776 
H&T Group PLC 572,400 2,187 
Nicholas Financial, Inc. (c) 360,167 3,594 
Santander Consumer U.S.A. Holdings, Inc. (c) 4,193,629 53,427 
Synchrony Financial 5,058,887 140,637 
  214,842 
Diversified Financial Services - 0.3%   
Far East Horizon Ltd. 725,000 667 
Newship Ltd. (c) 2,500 933 
Ricoh Leasing Co. Ltd. 813,400 26,341 
Scandinavian Tobacco Group A/S 2,043,595 35,675 
Voya Financial, Inc. 1,750,000 65,415 
  129,031 
Insurance - 8.0%   
Admiral Group PLC 141,634 3,689 
AEGON NV 50,618,700 258,351 
AFLAC, Inc. 315,814 23,648 
April 2,442,800 31,772 
ASR Nederland NV 591,800 17,505 
Assurant, Inc. (b) 3,450,000 332,028 
Axis Capital Holdings Ltd. (b) 5,450,000 359,155 
CNO Financial Group, Inc. 11,000 232 
FBD Holdings PLC (c) 154,100 1,368 
FNF Group 74,000 3,030 
Genworth Financial, Inc. Class A (c) 7,321,700 29,580 
Great-West Lifeco, Inc. 49,300 1,326 
Hartford Financial Services Group, Inc. 3,600,000 174,096 
Hiscox Ltd. 334,755 4,908 
James River Group Holdings Ltd. 363,464 15,832 
Kinsale Capital Group, Inc. 293,619 10,617 
Lincoln National Corp. 6,200,000 408,766 
MetLife, Inc. 792,253 41,047 
National Western Life Group, Inc. 131,014 40,122 
NN Group NV 1,223,302 40,563 
Primerica, Inc. 223,700 18,746 
RenaissanceRe Holdings Ltd. (b) 2,400,000 341,208 
Sony Financial Holdings, Inc. 2,755,000 45,770 
Torchmark Corp. 326,747 25,065 
Universal Insurance Holdings, Inc. 59,200 1,542 
Unum Group (b) 16,268,533 753,721 
Validus Holdings Ltd. 1,300,000 71,864 
  3,055,551 
Mortgage Real Estate Investment Trusts - 0.5%   
Annaly Capital Management, Inc. 15,338,446 181,147 
MFA Financial, Inc. 64,500 536 
  181,683 
Thrifts & Mortgage Finance - 0.4%   
ASAX Co. Ltd. 118,100 1,671 
Genworth MI Canada, Inc. 4,250,300 105,553 
Genworth Mortgage Insurance Ltd. 6,565,375 16,174 
Meridian Bancorp, Inc. Maryland 879,776 15,440 
Nationstar Mortgage Holdings, Inc. (a)(c) 452,209 7,285 
  146,123 
TOTAL FINANCIALS  4,383,293 
HEALTH CARE - 12.0%   
Biotechnology - 1.1%   
Amgen, Inc. 2,640,843 431,302 
Myriad Genetics, Inc. (c) 98,607 1,813 
  433,115 
Health Care Equipment & Supplies - 0.9%   
Ansell Ltd. (c) 293,938 5,238 
Apex Biotechnology Corp. 1,400,000 1,802 
Arts Optical International Holdings Ltd. (b) 24,385,000 9,186 
Atrion Corp. 8,800 4,550 
Boston Scientific Corp. (c) 987,100 26,040 
Exactech, Inc. (c) 170,488 5,055 
Hoshiiryou Sanki Co. Ltd. (b) 317,064 11,960 
Huvitz Co. Ltd. 50,000 560 
Integer Holdings Corp. (c) 4,900 180 
Microlife Corp. 3,683,500 8,422 
Nakanishi, Inc. 660,700 25,960 
Pacific Hospital Supply Co. Ltd. 1,454,000 3,748 
Prim SA (b) 1,526,800 16,182 
ResMed, Inc. 148,000 10,063 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 984,000 717 
Span-America Medical System, Inc. (b) 275,562 6,002 
St.Shine Optical Co. Ltd. 2,450,000 47,341 
Supermax Corp. Bhd 24,000,000 10,615 
Techno Medica Co. Ltd. 41,100 731 
Top Glove Corp. Bhd 1,000,034 1,053 
Utah Medical Products, Inc. (b) 374,069 23,417 
Zimmer Biomet Holdings, Inc. 1,098,399 131,423 
  350,245 
Health Care Providers & Services - 8.4%   
Addus HomeCare Corp. (c) 126 4 
Aetna, Inc. 4,514,184 609,731 
Almost Family, Inc. (c) 650,000 32,273 
Anthem, Inc. 1,980,832 352,370 
DVx, Inc. (b) 741,700 9,082 
Grupo Casa Saba SA de CV (c) 11,473,200 0 
Hanger, Inc. (b)(c) 2,665,532 34,892 
Hi-Clearance, Inc. 1,489,000 4,868 
LHC Group, Inc. (c) 890,500 48,176 
Lifco AB 632,300 19,239 
Medica Sur SA de CV 361,200 767 
MEDNAX, Inc. (c) 176,056 10,627 
Pelion SA (c) 556,100 7,655 
Premier, Inc. (c) 519,802 17,569 
Ship Healthcare Holdings, Inc. 94,800 2,549 
The Ensign Group, Inc. 1,089,574 19,558 
Tokai Corp. 181,800 6,711 
Triple-S Management Corp. (b)(c) 1,948,495 35,268 
Tsukui Corp. 2,766,300 15,683 
U.S. Physical Therapy, Inc. 76,700 5,032 
United Drug PLC (United Kingdom) 7,100,000 68,694 
UnitedHealth Group, Inc. 10,900,000 1,906,183 
WIN-Partners Co. Ltd. (b) 2,685,200 23,871 
  3,230,802 
Health Care Technology - 0.1%   
Addlife AB (c) 409,000 7,781 
Computer Programs & Systems, Inc. (a) 147,911 4,060 
HMS Holdings Corp. (c) 94,000 1,924 
ND Software Co. Ltd. (b) 1,279,700 11,560 
Pharmagest Interactive 9,840 409 
  25,734 
Life Sciences Tools & Services - 0.1%   
Bruker Corp. 93,456 2,279 
VWR Corp. (c) 724,053 20,462 
  22,741 
Pharmaceuticals - 1.4%   
Apex Healthcare Bhd 47,600 52 
Bliss Gvs Pharma Ltd. (c) 4,600,000 12,164 
Daewon Pharmaceutical Co. Ltd. (b) 1,782,271 34,232 
Daewoong Co. Ltd. 70,000 3,957 
Dawnrays Pharmaceutical Holdings Ltd. 11,804,000 6,920 
DongKook Pharmaceutical Co. Ltd. (b) 623,700 37,172 
FDC Ltd. (c) 3,250,000 10,088 
Fuji Pharma Co. Ltd. 440,400 14,321 
Genomma Lab Internacional SA de CV (c) 2,153,100 2,716 
Indivior PLC 17,957,100 77,914 
Innoviva, Inc. (c) 151,900 1,790 
Korea United Pharm, Inc. 239,629 4,329 
Kwang Dong Pharmaceutical Co. Ltd. (b) 3,100,000 24,035 
Kyung Dong Pharmaceutical Co. Ltd. 480,000 7,932 
Lee's Pharmaceutical Holdings Ltd. 8,681,598 8,616 
Novo Nordisk A/S Series B sponsored ADR 1,183,489 45,777 
Phibro Animal Health Corp. Class A 431,886 12,849 
Recordati SpA 4,200,000 155,598 
Shandong Luoxin Pharmaceutical Group Stock Co. Ltd. 1,265,000 2,693 
Torrent Pharmaceuticals Ltd. (c) 150,000 3,310 
Tsumura & Co. 791,500 25,596 
Whanin Pharmaceutical Co. Ltd. (b) 1,750,000 26,536 
  518,597 
TOTAL HEALTH CARE  4,581,234 
INDUSTRIALS - 7.9%   
Aerospace & Defense - 0.1%   
Aerojet Rocketdyne Holdings, Inc. (c) 1,085,106 24,317 
Austal Ltd. 1,499,167 1,925 
Engility Holdings, Inc. (c) 1,010,738 28,654 
  54,896 
Air Freight & Logistics - 0.2%   
Air T, Inc. (b)(c) 204,201 3,951 
Atlas Air Worldwide Holdings, Inc. (c) 678,666 39,363 
Yusen Logistics Co. Ltd. (b) 2,900,000 27,602 
  70,916 
Airlines - 0.0%   
JetBlue Airways Corp. (c) 112,308 2,452 
Building Products - 0.0%   
Continental Building Products, Inc. (c) 259,400 6,316 
Kondotec, Inc. (b) 1,663,800 13,731 
  20,047 
Commercial Services & Supplies - 0.8%   
1010 Printing Group Ltd. 20,427,640 4,386 
Acme United Corp. 5,270 153 
Aeon Delight Co. Ltd. 3,500 107 
Aggreko PLC 729,134 8,381 
AJIS Co. Ltd. (b) 948,500 18,089 
Asia File Corp. Bhd 4,480,000 3,478 
Civeo Corp. (b)(c) 12,673,920 37,895 
Essendant, Inc. (b) 2,092,398 34,943 
Fursys, Inc. (b) 950,000 26,389 
Interface, Inc. 193,420 3,849 
Loomis AB (B Shares) 393,900 14,298 
Mears Group PLC 1,608,423 10,854 
Mitie Group PLC (a)(b) 18,888,837 51,278 
Nac Co. Ltd. (b) 1,100,500 9,379 
NICE Total Cash Management Co., Ltd. (b) 1,375,000 10,697 
Prestige International, Inc. 1,461,200 13,121 
Programmed Maintenance Services Ltd. 963,318 1,241 
Team, Inc. (a)(c) 453,391 12,196 
VICOM Ltd. 2,993,600 12,299 
VSE Corp. (b) 887,517 37,853 
West Corp. 201,252 5,371 
  316,257 
Construction & Engineering - 1.3%   
AECOM (c) 7,519,895 257,256 
Arcadis NV (a) 2,932,609 50,808 
Astaldi SpA (c) 2,589,900 16,983 
Boustead Projs. Pte Ltd. (c) 1,097,787 672 
C-Cube Corp. 342,800 1,365 
Chicago Bridge & Iron Co. NV 579,418 17,429 
Daiichi Kensetsu Corp. (b) 1,836,300 19,883 
Geumhwa PSC Co. Ltd. (b) 360,000 11,582 
Jacobs Engineering Group, Inc. 245,928 13,506 
KBR, Inc. 155,703 2,188 
Kyeryong Construction Industrial Co. Ltd. (b)(c) 700,000 10,830 
Meisei Industrial Co. Ltd. 1,173,300 6,673 
Metka Industrial-Construction 919,500 7,011 
Mirait Holdings Corp. 1,637,800 17,013 
Nippon Rietec Co. Ltd. 1,241,800 12,978 
Severfield PLC 2,934,533 3,345 
Shinnihon Corp. 1,672,600 13,144 
ShoLodge, Inc. (b)(c) 443,162 0 
Sterling Construction Co., Inc. (b)(c) 2,111,765 20,083 
United Integration Services Co. Ltd. 5,143,500 10,960 
  493,709 
Electrical Equipment - 0.8%   
Aichi Electric Co. Ltd. 330,500 8,153 
Aros Quality Group AB 770,500 18,703 
AZZ, Inc. 1,236,800 73,033 
Bharat Heavy Electricals Ltd. 20,700,000 56,572 
Chiyoda Integre Co. Ltd. 391,400 8,616 
Graphite India Ltd. 900,000 1,738 
Hammond Power Solutions, Inc. Class A 481,000 2,171 
I-Sheng Electric Wire & Cable Co. Ltd. (b) 12,500,000 20,349 
Korea Electric Terminal Co. Ltd. (b) 700,000 43,750 
Servotronics, Inc. (b) 173,200 1,758 
TKH Group NV unit (a) 1,600,000 73,550 
  308,393 
Industrial Conglomerates - 1.5%   
Carr's Group PLC 2,370,000 4,363 
DCC PLC (United Kingdom) (b) 5,900,000 544,852 
Reunert Ltd. 1,805,900 9,581 
  558,796 
Machinery - 1.4%   
Aalberts Industries NV (b) 8,300,000 329,280 
Allison Transmission Holdings, Inc. 250,859 9,703 
ASL Marine Holdings Ltd.(b)(c) 48,007,013 4,707 
Foremost Income Fund (c) 2,141,103 8,188 
Gencor Industries, Inc. (c) 206,597 3,430 
Global Brass & Copper Holdings, Inc. 77,600 2,766 
Haitian International Holdings Ltd. 7,380,000 18,084 
Hurco Companies, Inc. (b) 529,300 15,350 
Hwacheon Machine Tool Co. Ltd. (b) 219,900 9,916 
Hyster-Yale Materials Handling:   
Class A (b) 220,370 13,246 
Class B (b) 310,000 18,634 
Ihara Science Corp. (b) 1,056,600 13,943 
Jaya Holdings Ltd. (b) 3,286,740 353 
Kyowakogyosyo Co. Ltd. 304,000 2,681 
Luxfer Holdings PLC sponsored ADR 325,400 3,804 
Maruzen Co. Ltd. (b) 1,689,000 18,409 
Miller Industries, Inc. 6,812 173 
Mincon Group PLC 2,012,721 2,280 
Mirle Automation Corp. 1,500,000 2,003 
Nadex Co. Ltd. (b) 845,300 5,763 
Nakano Refrigerators Co. Ltd. 27,200 747 
Nitchitsu Co. Ltd. 592,000 1,057 
Semperit AG Holding 491,900 13,128 
SIMPAC, Inc. 583,000 2,529 
Takamatsu Machinery Co. Ltd. 391,500 3,066 
Techno Smart Corp. (b) 952,200 6,534 
Tocalo Co. Ltd. (b) 836,500 22,549 
Trinity Industrial Corp. 767,000 4,376 
  536,699 
Marine - 0.0%   
SITC International Holdings Co. Ltd. 48,000 34 
Tokyo Kisen Co. Ltd. (b) 881,000 5,635 
  5,669 
Professional Services - 0.5%   
Akka Technologies SA 1,130,808 52,881 
Boardroom Ltd. 2,734,642 1,233 
Clarius Group Ltd. (c) 2,951,860 212 
ICF International, Inc. (c) 253,800 11,205 
McMillan Shakespeare Ltd. 2,246,635 22,761 
SHL-JAPAN Ltd. 54,100 1,609 
Sporton International, Inc. 302,999 1,790 
Stantec, Inc. (a) 2,450,000 62,872 
Synergie SA 135,500 5,656 
TriNet Group, Inc. (c) 89,336 2,626 
TrueBlue, Inc. (c) 732,785 20,042 
  182,887 
Road & Rail - 0.6%   
Alps Logistics Co. Ltd. (b) 3,034,700 20,690 
Chilled & Frozen Logistics Holdings Co. Ltd. (b) 1,500,000 19,646 
CSX Corp. 229,213 11,653 
Daqin Railway Co. Ltd. (A Shares) 26,000,000 29,419 
Hamakyorex Co. Ltd. (b) 1,331,400 27,912 
Higashi Twenty One Co. Ltd. 265,900 844 
Roadrunner Transportation Systems, Inc. (b)(c) 3,834,032 25,765 
Sakai Moving Service Co. Ltd. (b) 1,383,800 40,282 
Trancom Co. Ltd. (b) 908,800 45,654 
Universal Logistics Holdings, Inc. (b) 1,644,841 22,946 
  244,811 
Trading Companies & Distributors - 0.6%   
AddTech AB (B Shares) 1,309,400 23,579 
AerCap Holdings NV (c) 246,618 11,347 
Goodfellow, Inc. (b) 768,100 4,231 
Hanwa Co. Ltd. 572,000 4,054 
HERIGE (c) 64,753 2,326 
Houston Wire & Cable Co. (b) 1,187,300 7,421 
KS Energy Services Ltd. (c) 13,995,400 431 
Lumax International Corp. Ltd. 2,778,000 4,752 
Meiwa Corp. 1,824,700 6,777 
Mitani Shoji Co. Ltd. 781,100 24,349 
MRC Global, Inc. (c) 1,032,407 18,821 
Nexeo Solutions, Inc. (c) 1,090,006 9,930 
Otec Corp. 132,100 1,783 
Parker Corp. (b) 2,359,000 11,195 
Richelieu Hardware Ltd. (a) 924,200 20,569 
Senshu Electric Co. Ltd. (b) 950,700 17,151 
Strongco Corp. (b)(c) 902,488 893 
Tanaka Co. Ltd. 38,900 240 
TECHNO ASSOCIE Co. Ltd. 271,000 2,844 
Titan Machinery, Inc. (c) 1,020,212 16,170 
Totech Corp. (b) 984,000 15,703 
Univar, Inc. (c) 665,737 19,872 
  224,438 
Transportation Infrastructure - 0.1%   
Isewan Terminal Service Co. Ltd. 1,373,300 8,020 
Meiko Transportation Co. Ltd. 881,000 8,496 
Qingdao Port International Co. Ltd. 2,323,000 1,236 
Sinwa Ltd. (b) 21,671,800 3,413 
  21,165 
TOTAL INDUSTRIALS  3,041,135 
INFORMATION TECHNOLOGY - 18.3%   
Communications Equipment - 0.1%   
ADTRAN, Inc. 13,300 266 
Bel Fuse, Inc. Class A 98,607 1,928 
Black Box Corp. (b) 1,581,911 15,661 
ClearOne, Inc. 125,212 1,277 
CommScope Holding Co., Inc. (c) 272,001 11,435 
Juniper Networks, Inc. 56,700 1,705 
Tessco Technologies, Inc. (b) 471,362 6,599 
  38,871 
Electronic Equipment & Components - 5.0%   
A&D Co. Ltd. 850,000 3,363 
AAC Technology Holdings, Inc. 361,500 5,307 
AVX Corp. 121,956 2,062 
Beijer Electronics AB 113,900 540 
Cardtronics PLC 247,442 10,289 
CDW Corp. 618,286 36,535 
Corning, Inc. 58,900 1,699 
CTS Corp. 33,987 751 
Daido Signal Co. Ltd. 104,000 453 
DigiTech Systems Co., Ltd. (c) 725,000 0 
Dynapack International Technology Corp. 3,200,000 4,283 
Elec & Eltek International Co. Ltd. 1,584,400 2,313 
Elematec Corp. (b) 1,254,600 19,864 
Excel Co. Ltd. (b) 800,900 10,540 
FLIR Systems, Inc. 98,607 3,622 
Hi-P International Ltd. 18,553,000 9,163 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 182,476,140 596,521 
IDIS Holdings Co. Ltd. (b) 800,000 10,408 
Image Sensing Systems, Inc. (c) 68,466 199 
Insight Enterprises, Inc. (c) 636,345 26,790 
Intelligent Digital Integrated Security Co. Ltd. (b) 900,010 7,231 
INTOPS Co. Ltd. (b) 1,719,800 18,444 
Isra Vision AG (b) 370,000 54,209 
Jabil Circuit, Inc. 320,612 9,304 
Keysight Technologies, Inc. (c) 3,250,000 121,648 
Kingboard Chemical Holdings Ltd. (b) 83,243,500 300,190 
Kingboard Laminates Holdings Ltd. 3,957,500 4,772 
Mesa Laboratories, Inc. (b) 252,300 35,277 
Muramoto Electronic Thailand PCL (For. Reg.) (b) 1,354,200 9,158 
Nippo Ltd. (b)(c) 782,800 1,889 
PAX Global Technology Ltd. 4,331,000 2,684 
Philips Lighting NV 117,700 3,982 
Pinnacle Technology Holdings Ltd. 8,042,000 12,667 
Redington India Ltd. 14,700,000 28,536 
ScanSource, Inc. (b)(c) 2,226,200 87,935 
Shibaura Electronics Co. Ltd. (b) 684,800 16,236 
Sigmatron International, Inc. (b)(c) 255,479 1,385 
Simplo Technology Co. Ltd. 10,500,000 35,089 
SYNNEX Corp. (b) 2,869,300 311,118 
Tomen Devices Corp. (b) 598,700 11,982 
Tripod Technology Corp. 600,000 1,693 
TTM Technologies, Inc. (c) 1,278,924 21,396 
UKC Holdings Corp. (b) 1,382,000 25,179 
VST Holdings Ltd. (b) 128,034,800 44,608 
Wayside Technology Group, Inc. 8,261 174 
Wireless Telecom Group, Inc. (c) 428,912 686 
  1,912,174 
Internet Software & Services - 0.2%   
Bankrate, Inc. (c) 133,568 1,416 
E-Credible Co. Ltd. 129,349 1,524 
eBay, Inc. (c) 474,573 15,855 
Gabia, Inc. (b) 975,000 5,331 
Liquidity Services, Inc. (c) 295,822 2,307 
Melbourne IT Ltd. 787,163 1,267 
NetGem SA 902,800 2,459 
Pandora Media, Inc. (c) 50,000 543 
Rentabiliweb Group SA (a)(c) 26,095 182 
Softbank Technology Corp. (a) 136,400 4,839 
Stamps.com, Inc. (c) 120,000 12,738 
Yahoo! Japan Corp. 2,918,800 12,490 
  60,951 
IT Services - 4.8%   
ALTEN 701,800 59,476 
Amdocs Ltd. 6,865,900 420,468 
Argo Graphics, Inc. 418,200 9,409 
Blackhawk Network Holdings, Inc. (c) 1,873,551 75,785 
Calian Technologies Ltd. (b) 685,500 13,634 
Computer Services, Inc. 274,464 12,584 
Conduent, Inc. (c) 2,435,217 39,718 
CSE Global Ltd. (b) 43,215,700 16,084 
CSRA, Inc. 5,009,713 145,682 
Data#3 Ltd. 2,979,439 3,837 
Dimerco Data System Corp. 510,000 595 
DXC Technology Co. (c) 740,275 55,772 
eClerx Services Ltd. 1,791,278 36,228 
Econocom Group SA 221,519 3,563 
EOH Holdings Ltd. 7,027,300 74,381 
Estore Corp. 301,600 2,408 
EVERTEC, Inc. 2,031,507 32,199 
ExlService Holdings, Inc. (c) 189,658 9,049 
First Data Corp. Class A (c) 812,709 12,695 
Genpact Ltd. 315,824 7,712 
Hackett Group, Inc. 5,854 116 
HIQ International AB 542,400 3,705 
Indra Sistemas (b)(c) 13,916,800 190,783 
Know IT AB (a)(b) 1,520,100 22,397 
Leidos Holdings, Inc. 680,770 35,849 
Luxoft Holding, Inc. (c) 97,410 6,005 
Mastek Ltd. 1,000,000 4,330 
NCI, Inc. Class A (b)(c) 680,770 10,109 
Net 1 UEPS Technologies, Inc. (c) 489,344 5,300 
Neustar, Inc. Class A (c) 1,214,129 40,309 
Nice Information & Telecom, Inc. 53,000 1,267 
Perficient, Inc. (c) 576,915 10,050 
Rolta India Ltd. (c) 2,699,942 2,547 
Societe Pour L'Informatique Industrielle SA (b) 1,760,600 36,439 
Softcreate Co. Ltd. 639,600 8,216 
Sword Group 346,295 11,845 
The Western Union Co. 19,430,255 385,885 
TravelSky Technology Ltd. (H Shares) 1,858,000 4,897 
Vantiv, Inc. (c) 119,970 7,443 
  1,818,771 
Semiconductors & Semiconductor Equipment - 0.8%   
Axell Corp. (b) 812,500 5,343 
Integrated Device Technology, Inc. (c) 392,480 9,416 
Lasertec Corp. 650,000 8,461 
Leeno Industrial, Inc. 600,000 22,468 
Melexis NV (b) 2,400,000 200,022 
Miraial Co. Ltd. 190,900 1,577 
ON Semiconductor Corp. (c) 1,041,559 14,769 
Phison Electronics Corp. 1,900,000 17,885 
Powertech Technology, Inc. 9,000,000 28,200 
Trio-Tech International (b)(c) 243,800 1,004 
Varitronix International Ltd. 7,675,000 3,641 
  312,786 
Software - 3.5%   
Activision Blizzard, Inc. 250,898 13,109 
AdaptIT Holdings Ltd. 2,671,400 2,139 
ANSYS, Inc. (c) 4,265,000 469,832 
Aspen Technology, Inc. (c) 140,243 8,624 
AVG Technologies NV (c) 502,588 12,489 
Ebix, Inc. (a)(b) 2,771,487 171,001 
ICT Automatisering NV (b) 665,800 8,337 
IGE + XAO SA 35,129 3,587 
InfoVine Co. Ltd. (b) 175,000 4,753 
init innovation in traffic systems AG (a) 123,288 1,880 
Jorudan Co. Ltd. (b) 462,200 3,856 
KPIT Cummins Infosystems Ltd. 9,000,000 17,975 
KSK Co., Ltd. (b) 564,500 6,492 
Majesco Ltd. (c) 450,000 2,521 
NIIT Technologies Ltd. 300,000 2,141 
Nucleus Software Exports Ltd. (b)(c) 2,200,000 10,807 
Oracle Corp. 11,971,074 538,219 
Pegasystems, Inc. 288,671 13,149 
Pro-Ship, Inc. 268,200 3,777 
RealPage, Inc. (c) 397,558 14,730 
Reckon Ltd. 93,378 109 
RS Software (India) Ltd. (c) 500,000 661 
Synopsys, Inc. (c) 284,847 20,993 
Vitec Software Group AB 841,000 6,813 
Zensar Technologies Ltd. 800,000 10,766 
  1,348,760 
Technology Hardware, Storage & Peripherals - 3.9%   
Compal Electronics, Inc. 72,000,000 48,122 
Hewlett Packard Enterprise Co. 5,424,706 101,062 
HP, Inc. 8,102,362 152,486 
Seagate Technology LLC (b) 26,250,000 1,105,913 
Super Micro Computer, Inc. (c) 876,103 21,377 
TPV Technology Ltd. 73,944,000 20,154 
Xerox Corp. 8,755,601 62,953 
  1,512,067 
TOTAL INFORMATION TECHNOLOGY  7,004,380 
MATERIALS - 3.2%   
Chemicals - 2.3%   
Axalta Coating Systems (c) 417,800 13,106 
C. Uyemura & Co. Ltd. 407,700 21,359 
Chase Corp. (b) 760,000 77,900 
Core Molding Technologies, Inc. (b)(c) 694,785 13,743 
Deepak Fertilisers and Petrochemicals Corp. Ltd. (b)(c) 6,564,325 27,293 
Deepak Nitrite Ltd. (c) 4,100,000 8,727 
EcoGreen International Group Ltd. (b) 53,254,080 11,707 
FMC Corp. 1,731,500 126,798 
Fujikura Kasei Co., Ltd. (b) 2,880,200 17,001 
Fuso Chemical Co. Ltd. 1,025,000 32,044 
Gujarat Narmada Valley Fertilizers Co. (b) 10,500,000 49,315 
Gujarat State Fertilizers & Chemicals Ltd. (b) 31,000,000 61,841 
Honshu Chemical Industry Co. Ltd. (b) 837,600 6,064 
Huntsman Corp. 118,400 2,933 
Innospec, Inc. 764,208 50,438 
JSR Corp. 201,600 3,682 
K&S AG (a) 986,300 23,534 
KPC Holdings Corp. 43,478 2,389 
KPX Chemical Co. Ltd. 163,083 8,773 
KPX Green Chemical Co. Ltd. 369,165 1,416 
Miwon Chemicals Co. Ltd. 55,095 3,245 
Miwon Commercial Co. Ltd. (c) 13,819 2,764 
Muto Seiko Co. Ltd. (c) 264,000 1,208 
Nihon Parkerizing Co. Ltd. 390,900 5,018 
Nippon Soda Co. Ltd. 1,673,000 9,065 
PolyOne Corp. 288,727 11,321 
Potash Corp. of Saskatchewan, Inc. 1,731,500 29,200 
SK Kaken Co. Ltd. 344,000 32,710 
Soda Aromatic Co. Ltd. 265,100 1,750 
Soken Chemical & Engineer Co. Ltd. (b) 708,500 9,190 
T&K Toka Co. Ltd. (b) 1,444,400 14,227 
Thai Carbon Black PCL (For. Reg.) 12,188,800 11,801 
Thai Rayon PCL:   
unit 91,000 124 
(For. Reg.) 2,889,100 3,945 
UPL Ltd. (c) 1,000,000 12,539 
Victrex PLC 9,764 242 
Vivimed Labs Ltd. (c) 600,000 1,107 
Yara International ASA 4,427,900 164,615 
Yip's Chemical Holdings Ltd. 27,292,000 12,280 
  886,414 
Construction Materials - 0.1%   
Brampton Brick Ltd. Class A (sub. vtg.) (c) 714,500 5,208 
Mitani Sekisan Co. Ltd. (b) 1,583,100 38,173 
RHI AG 24,176 704 
  44,085 
Containers & Packaging - 0.3%   
AMVIG Holdings Ltd. 3,688,000 1,233 
Ball Corp. 187,652 14,429 
Berry Global Group, Inc. (c) 237,934 11,897 
Chuoh Pack Industry Co. Ltd. (b) 448,000 4,883 
Graphic Packaging Holding Co. 64,100 870 
Kohsoku Corp. (b) 1,846,200 18,234 
Samhwa Crown & Closure Co. Ltd. 50,000 2,035 
Sealed Air Corp. 236,900 10,428 
Silgan Holdings, Inc. 190,000 11,518 
The Pack Corp. (b) 1,658,200 46,708 
UFP Technologies, Inc. (c) 1,100 29 
  122,264 
Metals & Mining - 0.4%   
Alcoa Corp. 189,200 6,382 
Alconix Corp. (b) 1,126,300 19,783 
Ausdrill Ltd. 2,226,269 2,275 
Chubu Steel Plate Co. Ltd. 440,200 2,401 
Compania de Minas Buenaventura SA sponsored ADR 2,397,119 28,789 
Freeport-McMoRan, Inc. (c) 446,300 5,690 
Granges AB 209,900 2,180 
Handy & Harman Ltd. (c) 115,000 3,134 
Hill & Smith Holdings PLC 1,484,100 25,527 
Newmont Mining Corp. 51,200 1,731 
Orosur Mining, Inc. (c) 3,160,000 625 
Orvana Minerals Corp. (c) 812,575 140 
Pacific Metals Co. Ltd. (c) 4,049,000 13,149 
Petra Diamonds Ltd. (c) 1,504,800 2,528 
Tohoku Steel Co. Ltd. (b) 664,900 8,750 
Tokyo Tekko Co. Ltd. (b) 4,049,000 15,437 
Universal Stainless & Alloy Products, Inc. (c) 88,627 1,600 
Webco Industries, Inc. (c) 8,098 672 
  140,793 
Paper & Forest Products - 0.1%   
Cardinal Co. Ltd. 97,800 850 
Kapstone Paper & Packaging Corp. 85,000 1,793 
Stella-Jones, Inc. 600,000 19,006 
Western Forest Products, Inc. 2,067,600 3,257 
  24,906 
TOTAL MATERIALS  1,218,462 
REAL ESTATE - 0.8%   
Equity Real Estate Investment Trusts (REITs) - 0.3%   
CareTrust (REIT), Inc. 475,400 8,091 
Colony NorthStar, Inc. 1,023,802 13,381 
Corrections Corp. of America 1,175,036 40,480 
Four Corners Property Trust, Inc. 147,800 3,448 
Nsi NV (a) 70,838 299 
Outfront Media, Inc. 104,400 2,731 
Parkway, Inc. 49,304 993 
Piedmont Office Realty Trust, Inc. Class A 335,600 7,333 
Store Capital Corp. 213,000 5,110 
VEREIT, Inc. 3,707,500 31,032 
WP Glimcher, Inc. 148,900 1,310 
  114,208 
Real Estate Management & Development - 0.5%   
Anabuki Kosan, Inc. 45,750 1,121 
Buwog-Gemeinnuetzige Wohnung 139,289 3,761 
CBRE Group, Inc. (c) 371,400 13,300 
Century21 Real Estate Japan Ltd. 103,300 1,332 
Devine Ltd. (c) 1,870,697 616 
Leopalace21 Corp. 4,514,200 23,973 
LSL Property Services PLC 3,621,283 9,650 
Open House Co. Ltd. 293,800 7,206 
Relo Holdings Corp. (b) 8,050,000 132,151 
Selvaag Bolig ASA 1,236,200 5,111 
Sino Land Ltd. 1,762,000 2,986 
Tejon Ranch Co. (c) 349,018 7,993 
  209,200 
TOTAL REAL ESTATE  323,408 
TELECOMMUNICATION SERVICES - 0.0%   
Diversified Telecommunication Services - 0.0%   
Asia Satellite Telecommunications Holdings Ltd. (c) 896,500 1,089 
UTILITIES - 0.6%   
Electric Utilities - 0.2%   
Exelon Corp. 2,511,400 86,970 
Hawaiian Electric Industries, Inc. 32,925 1,104 
  88,074 
Gas Utilities - 0.2%   
Busan City Gas Co. Ltd. 13,931 426 
GAIL India Ltd. 3,000,000 19,783 
Hokuriku Gas Co. 162,500 3,966 
K&O Energy Group, Inc. 570,700 8,852 
Keiyo Gas Co. Ltd. 630,000 2,809 
KyungDong City Gas Co. Ltd. 153,670 9,753 
South Jersey Industries, Inc. 263,459 9,885 
Star Gas Partners LP 431,200 4,040 
  59,514 
Independent Power and Renewable Electricity Producers - 0.1%   
Mega First Corp. Bhd (b) 32,700,045 28,549 
Mega First Corp. Bhd warrants 4/8/20 (c) 4,315,390 2,117 
  30,666 
Multi-Utilities - 0.1%   
CMS Energy Corp. 657,755 29,862 
Water Utilities - 0.0%   
Manila Water Co., Inc. 5,969,700 3,803 
TOTAL UTILITIES  211,919 
TOTAL COMMON STOCKS   
(Cost $17,396,347)  34,560,011 
Nonconvertible Preferred Stocks - 0.1%   
CONSUMER DISCRETIONARY - 0.0%   
Textiles, Apparel & Luxury Goods - 0.0%   
Alpargatas SA (PN) 92,300 387 
CONSUMER STAPLES - 0.0%   
Food Products - 0.0%   
Nam Yang Dairy Products 4,917 1,145 
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Centrus Energy Corp. 7.50% (c)(d) 6,852 1,502 
MATERIALS - 0.1%   
Construction Materials - 0.1%   
Buzzi Unicem SpA (Risparmio Shares) 1,627,400 24,056 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $19,232)  27,090 
 Principal Amount (000s) Value (000s) 
Nonconvertible Bonds - 0.0%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Centrus Energy Corp. 8.25% 2/28/27(d)   
(Cost $12,163)  4,892  3,962 
 Shares Value (000s) 
Money Market Funds - 10.8%   
Fidelity Cash Central Fund, 0.85% (e) 3,796,799,239 3,797,559 
Fidelity Securities Lending Cash Central Fund 0.86% (e)(f) 348,317,557 348,352 
TOTAL MONEY MARKET FUNDS   
(Cost $4,145,302)  4,145,911 
TOTAL INVESTMENT PORTFOLIO - 101.1%   
(Cost $21,573,044)  38,736,974 
NET OTHER ASSETS (LIABILITIES) - (1.1)%  (410,963) 
NET ASSETS - 100%  $38,326,011 

Values shown as $0 may reflect amounts less than $500.

Legend

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

 (b) Affiliated company

 (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 $5,464,000 or 0.0% of net assets.

 (e) 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.

 (f) 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 $15,556 
Fidelity Securities Lending Cash Central Fund 6,608 
Total $22,164 

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds* Dividend Income Value, end of period 
Aalberts Industries NV $280,615 $-- $5,502 $4,385 $329,280 
Abbey PLC 27,009 -- 451 313 30,824 
Abercrombie & Fitch Co. Class A 111,229 -- 1,078 3,214 63,363 
Accell Group NV 55,294 -- 6,359 1,265 66,229 
AECOM 276,570 10,144 21,011 -- -- 
Air T, Inc. 4,609 -- 70 -- 3,951 
AJIS Co. Ltd. 28,027 -- 367 311 18,089 
Alconix Corp. 15,908 17 290 428 19,783 
Almost Family, Inc. 32,103 -- 7,406 -- -- 
Alps Logistics Co. Ltd. 17,736 -- 325 472 20,690 
ANSYS, Inc. 399,734 -- 21,352 -- -- 
Arctic Cat, Inc. 17,363 -- 20,533 -- -- 
Ark Restaurants Corp. 4,594 121 79 148 5,062 
Arts Optical International Holdings Ltd. 12,370 -- 2,145 133 9,186 
ASL Marine Holdings Ltd. 5,316 1,536 74 -- 4,707 
Assurant, Inc. 352,793 -- 75,418 6,364 332,028 
ASTI Corp. 2,051 -- 81 59 6,480 
Atlas Air Worldwide Holdings, Inc. 72,657 487 53,282 -- -- 
Atwood Oceanics, Inc. 67,818 13,725 1,176 -- 58,112 
Axell Corp. 5,716 -- 100 33 5,343 
Axis Capital Holdings Ltd. 363,338 -- 69,793 6,881 359,155 
AZZ, Inc. 83,311 -- 6,407 658 -- 
Barratt Developments PLC 451,627 -- 8,296 30,566 576,048 
Bel Fuse, Inc. Class A 3,309 -- 2,133 24 -- 
Belc Co. Ltd. 74,524 -- 1,134 921 80,076 
Belluna Co. Ltd. 59,870 -- 8,904 985 75,588 
Best Buy Co., Inc. 1,013,053 -- 388,173 22,510 1,080,239 
Black Box Corp. 21,944 -- 277 577 15,661 
BMTC Group, Inc. 44,380 -- 1,996 672 39,213 
Calian Technologies Ltd. 12,538 -- 206 378 13,634 
Carbo Ceramics, Inc. 29,891 -- 416 -- 14,330 
Chase Corp. 49,296 -- 4,912 568 77,900 
Chilled & Frozen Logistics Holdings Co. Ltd. 17,074 -- 2,155 283 19,646 
Chuoh Pack Industry Co. Ltd. 4,728 -- 86 155 4,883 
Cinderella Media Group Ltd. 4,868 -- 102 -- -- 
Civeo Corp. 14,344 7,191 510 -- 37,895 
Clip Corp. 2,635 -- 39 95 2,256 
Codorus Valley Bancorp, Inc. 13,291 -- 268 257 18,769 
Contango Oil & Gas Co. 18,778 569 263 -- 14,876 
Core Molding Technologies, Inc. 11,084 918 1,015 -- 13,743 
Cosmos Pharmaceutical Corp. 288,551 -- 19,615 379 258,145 
Create SD Holdings Co. Ltd. 145,712 -- 2,256 718 138,128 
CSE Global Ltd. 14,906 -- 252 406 16,084 
Daewon Pharmaceutical Co. Ltd. 34,676 -- -- 314 34,232 
Daiichi Kensetsu Corp. 19,901 -- 327 391 19,883 
DCC PLC (United Kingdom) 624,867 -- 95,053 3,098 544,852 
Deepak Fertilisers and Petrochemicals Corp. Ltd. 18,663 -- 3,958 -- 27,293 
DongKook Pharmaceutical Co. Ltd. 37,160 -- -- 174 37,172 
DSW, Inc. Class A 116,448 239 12,943 2,700 87,728 
DVx, Inc. 8,067 -- 143 140 9,082 
Ebix, Inc. 153,226 -- 5,888 633 171,001 
EcoGreen International Group Ltd. 10,325 -- 187 97 11,707 
Elematec Corp. 28,328 -- 357 227 19,864 
EOH Holdings Ltd. 72,904 -- 1,247 831 -- 
Essendant, Inc. 41,363 1,176 740 862 34,943 
Excel Co. Ltd. 10,832 -- 174 235 10,540 
Farstad Shipping ASA 3,213 1,410 36 -- -- 
Ff Group 107,213 7,232 1,513 -- 98,668 
First Juken Co. Ltd. 18,267 -- 326 522 19,339 
Food Empire Holdings Ltd. 12,087 -- 1,410 187 17,138 
Fossil Group, Inc. 144,576 397 1,511 -- 77,998 
Fresh Del Monte Produce, Inc. 299,600 -- 6,207 2,359 316,658 
Fuji Kosan Co. Ltd. 2,866 -- 47 78 2,983 
Fujikura Kasei Co., Ltd. 17,183 -- 272 396 17,001 
Fursys, Inc. 28,855 -- -- 458 26,389 
Fyffes PLC (Ireland) 44,248 -- 62,002 825 -- 
Gabia, Inc. 5,345 -- -- 20 5,331 
GameStop Corp. Class A 293,285 13,297 9,843 10,761 217,776 
Genky Stores, Inc. 13,359 -- 361 60 19,935 
Geospace Technologies Corp. 20,470 -- 353 -- 20,189 
Geumhwa PSC Co. Ltd. 12,187 307 -- 223 11,582 
GNC Holdings, Inc. 98,942 26,341 17,700 1,875 45,329 
Goodfellow, Inc. 6,846 -- 84 -- 4,231 
Guess?, Inc. 110,594 -- 2,628 5,058 81,296 
Gujarat Narmada Valley Fertilizers Co. 31,358 -- 12,399 404 49,315 
Gujarat State Fertilizers & Chemicals Ltd. 33,010 -- 945 1,037 61,841 
Halows Co. Ltd. 27,422 -- 463 236 29,067 
Hamakyorex Co. Ltd. 24,611 -- 428 460 27,912 
Hampshire Group Ltd. 12 -- 4 -- -- 
Handsome Co. Ltd. 74,379 -- -- 439 58,561 
Hanger, Inc. 29,120 -- 530 -- 34,892 
Helen of Troy Ltd. 242,740 -- 38,220 -- 190,350 
Hiday Hidaka Corp. 48,144 -- 785 586 48,293 
Honshu Chemical Industry Co. Ltd. 5,713 -- 98 186 6,064 
Hoshiiryou Sanki Co. Ltd. 10,919 -- 178 110 11,960 
Houston Wire & Cable Co. 6,545 521 128 34 7,421 
Hurco Companies, Inc. 13,824 551 263 147 15,350 
Hwacheon Machine Tool Co. Ltd. 9,871 -- -- 187 9,916 
Hyster-Yale Materials Handling Class A 14,289 -- 212 198 13,246 
Hyster-Yale Materials Handling Class B 19,775 -- -- 274 18,634 
I-Sheng Electric Wire & Cable Co. Ltd. 15,341 -- -- 5 20,349 
IA Group Corp. 5,226 -- 894 142 3,643 
ICT Automatisering NV 8,959 -- 1,002 -- 8,337 
IDIS Holdings Co. Ltd. 11,718 -- -- 83 10,408 
Ihara Science Corp. 8,622 -- 197 217 13,943 
Indra Sistemas 171,608 -- 2,974 -- 190,783 
InfoVine Co. Ltd. 4,207 -- -- -- 4,753 
Intage Holdings, Inc. 28,744 -- 510 508 33,171 
Intelligent Digital Integrated Security Co. Ltd. 10,555 -- -- 120 7,231 
INTOPS Co. Ltd. 15,416 -- -- 117 18,444 
INZI Controls Co. Ltd. 8,474 -- -- 94 7,130 
Isewan Terminal Service Co. Ltd. 9,100 -- 136 261 -- 
Isra Vision AG 35,314 -- 2,746 167 54,209 
Jaya Holdings Ltd. 1,121 -- 7 893 353 
JLM Couture, Inc. 563 -- 8 -- 520 
Jorudan Co. Ltd. 3,328 -- 63 55 3,856 
Jumbo SA 127,943 -- 2,638 5,676 168,148 
Kingboard Chemical Holdings Ltd. 182,540 -- 4,769 3,272 300,190 
Know IT AB 13,677 -- 299 553 22,397 
Kohsoku Corp. 16,596 -- 299 431 18,234 
Kondotec, Inc. 12,597 -- 218 331 13,731 
Korea Electric Terminal Co. Ltd. 55,230 -- -- 218 43,750 
KSK Co., Ltd. 5,892 -- 100 203 6,492 
Kwang Dong Pharmaceutical Co. Ltd. 26,493 -- -- 171 24,035 
Kyeryong Construction Industrial Co. Ltd. 7,674 -- -- -- 10,830 
Kyoto Kimono Yuzen Co. Ltd. 7,517 -- 2,372 239 -- 
LCNB Corp. 12,258 -- 412 328 14,867 
LHC Group, Inc. 49,216 -- 9,329 -- -- 
Maruzen Co. Ltd. 16,271 -- 288 316 18,409 
Mastek Ltd. 2,396 -- 399 16 -- 
Mega First Corp. Bhd 14,781 -- -- 158 28,549 
Melexis NV 177,059 -- 24,212 4,751 200,022 
Mesa Laboratories, Inc. 31,428 -- 2,384 127 35,277 
Metro, Inc. Class A (sub. vtg.) 1,005,281 -- 44,960 7,792 897,893 
Michang Oil Industrial Co. Ltd. 14,143 -- -- 264 13,269 
Miroku Corp. 2,212 -- 42 50 -- 
Mitani Sekisan Co. Ltd. 34,093 -- 2,023 237 38,173 
Mitie Group PLC 64,987 -- 2,317 979 51,278 
Motonic Corp. 27,044 -- -- 556 26,883 
Mr. Bricolage SA 13,237 -- 196 -- 11,565 
Muhak Co. Ltd. 59,618 -- -- 686 56,595 
Murakami Corp. 12,838 -- 268 201 16,059 
Muramoto Electronic Thailand PCL (For. Reg.) 8,851 -- 149 492 9,158 
Nac Co. Ltd. 9,478 -- 156 361 9,379 
Nadex Co. Ltd. 4,108 -- 89 120 5,763 
Nafco Co. Ltd. 33,322 -- 540 676 32,756 
Nakayamafuku Co. Ltd. 8,398 -- 130 237 8,202 
NCI, Inc. Class A 8,780 -- 159 -- 10,109 
ND Software Co. Ltd. 10,531 -- 196 192 11,560 
Next PLC 960,887 -- 27,284 17,315 780,400 
NICE Total Cash Management Co., Ltd. 8,303 -- -- 76 10,697 
Nippo Ltd. 1,768 -- 31 -- 1,889 
Norwood Financial Corp. 5,246 392 772 181 -- 
Nucleus Software Exports Ltd. 6,405 -- -- -- 10,807 
Nutraceutical International Corp. 26,232 -- 524 255 31,914 
OFG Bancorp 25,308 -- 452 402 27,461 
Origin Enterprises PLC 52,849 6,916 1,102 2,218 79,310 
P&F Industries, Inc. Class A 3,150 -- 41 34 2,299 
Parker Corp. 7,322 -- 180 172 11,195 
Piolax, Inc. 45,328 -- 968 681 60,700 
Prim SA 14,833 -- 250 84 16,182 
Qol Co. Ltd. 27,774 964 459 408 26,868 
Relo Holdings Corp. 157,507 -- 32,208 1,291 132,151 
RenaissanceRe Holdings Ltd. 325,965 -- 53,206 2,583 341,208 
Roadrunner Transportation Systems, Inc. 21,448 8,216 464 -- 25,765 
Rocky Mountain Chocolate Factory, Inc. 4,457 -- 74 151 5,366 
S&T Holdings Co. Ltd. 14,556 -- -- 210 11,860 
Sakai Moving Service Co. Ltd. 34,221 -- 601 473 40,282 
Samsung Climate Control Co. Ltd. 4,560 -- -- 31 5,186 
Sanei Architecture Planning Co. Ltd. 14,043 -- 287 381 17,652 
Sarantis SA 21,370 -- 416 -- 26,790 
ScanSource, Inc. 91,087 5,774 7,197 -- 87,935 
Seagate Technology LLC 877,660 -- 51,269 51,360 1,105,913 
Select Harvests Ltd. 27,700 -- 348 1,268 19,198 
Senshu Electric Co. Ltd. 15,380 -- 271 319 17,151 
Servotronics, Inc. 1,320 318 29 -- 1,758 
Sewon Precision Industries Co. Ltd. 8,290 -- -- 38 8,351 
Shibaura Electronics Co. Ltd. 11,774 -- 264 337 16,236 
ShoLodge, Inc. 0 -- -- -- 0 
Sigmatron International, Inc. 1,501 11 20 -- 1,385 
Sinwa Ltd. 4,271 -- 59 186 3,413 
SJM Co. Ltd. 8,445 -- -- 177 7,122 
SJM Holdings Co. Ltd. 6,768 -- -- 184 6,281 
Societe Pour L'Informatique Industrielle SA 25,005 -- 586 153 36,439 
Soken Chemical & Engineer Co. Ltd. 6,538 -- 149 261 9,190 
Span-America Medical System, Inc. 4,705 280 87 128 6,002 
SPK Corp. 5,479 140 97 146 6,168 
Sportscene Group, Inc. Class A 1,316 -- 23 -- 1,381 
Step Co. Ltd. 12,446 -- 242 306 15,194 
Sterling Construction Co., Inc. 12,194 478 299 -- 20,083 
Strattec Security Corp. 7,047 5,383 141 100 10,339 
Strongco Corp. 1,173 -- 15 -- 893 
Sun Hing Vision Group Holdings Ltd. 7,647 -- 125 635 7,666 
Sunjin Co. Ltd. 20,180 -- -- 2 29,109 
Sword Group 13,332 -- 4,605 -- -- 
SYNNEX Corp. 307,461 -- 22,072 2,219 311,118 
T&K Toka Co. Ltd. 13,161 -- 223 271 14,227 
Techno Smart Corp. 3,363 -- 98 146 6,534 
Tessco Technologies, Inc. 6,533 -- 200 193 6,599 
The Buckle, Inc. 132,461 4,280 6,200 7,253 89,457 
The Pack Corp. 46,476 -- 731 323 46,708 
Tocalo Co. Ltd. 16,802 -- 332 611 22,549 
Tohoku Steel Co. Ltd. 6,546 -- 135 126 8,750 
Token Corp. 57,849 -- 852 717 53,865 
Tokyo Kisen Co. Ltd. 5,555 -- 91 166 5,635 
Tokyo Tekko Co. Ltd. 15,150 -- 270 206 15,437 
Tomen Devices Corp. 10,840 -- 190 294 11,982 
Total Energy Services, Inc. 21,762 -- 389 254 21,740 
Totech Corp. 11,171 395 237 318 15,703 
TOW Co. Ltd. 11,751 -- 200 197 13,840 
Trancom Co. Ltd. 59,491 -- 782 612 45,654 
Trio-Tech International 875 -- 15 -- 1,004 
Triple-S Management Corp. 49,208 -- 598 -- 35,268 
Tsukui Corp. 28,721 -- 5,095 238 -- 
UKC Holdings Corp. 22,097 -- 411 716 25,179 
Uni-Select, Inc. 53,667 -- 7,866 357 -- 
Unit Corp. 58,338 -- 1,784 -- 98,685 
Universal Logistics Holdings, Inc. 24,741 2,420 2,494 356 22,946 
Unum Group 576,028 -- 39,227 9,923 753,721 
Utah Medical Products, Inc. 24,740 -- 389 300 23,417 
VSE Corp. 27,966 646 568 107 37,853 
VST Holdings Ltd. 31,048 -- 746 -- 44,608 
Watts Co. Ltd. 12,358 -- 526 165 13,456 
Weight Watchers International, Inc. 52,032 59 987 -- 89,707 
Whanin Pharmaceutical Co. Ltd. 25,398 -- -- 301 26,536 
WIN-Partners Co. Ltd. 20,281 -- 372 572 23,871 
Workman Co. Ltd. 80,055 -- 1,136 1,018 68,592 
Youngone Holdings Co. Ltd. 48,445 -- -- 306 41,524 
Yusen Logistics Co. Ltd. 34,365 -- 2,282 471 27,602 
Yutaka Giken Co. Ltd. 26,673 -- 454 676 28,324 
Zumiez, Inc. 32,011 406 32,514 -- -- 
Total $14,865,186 $123,257 $1,439,362 $265,233 $14,018,341 

 * 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, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $9,198,462 $9,184,386 $14,070 $6 
Consumer Staples 3,480,346 3,443,373 26,105 10,868 
Energy 1,119,317 996,956 120,859 1,502 
Financials 4,383,293 4,122,519 259,841 933 
Health Care 4,581,234 4,577,277 -- 3,957 
Industrials 3,041,135 3,032,947 8,188 -- 
Information Technology 7,004,380 7,004,380 -- -- 
Materials 1,242,518 1,242,518 -- -- 
Real Estate 323,408 323,408 -- -- 
Telecommunication Services 1,089 1,089 -- -- 
Utilities 211,919 202,166 -- 9,753 
Corporate Bonds 3,962 -- 3,962 -- 
Money Market Funds 4,145,911 4,145,911 -- -- 
Total Investments in Securities: $38,736,974 $38,276,930 $433,025 $27,019 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2017. 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) 
(Amounts in thousands)  
Level 1 to Level 2 $13,957 
Level 2 to Level 1 $3,199,707 

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.

Other Information

Income Tax Information

At April 30, 2017, the cost of investment securities for income tax purposes was $21,770,388,000. Net unrealized appreciation aggregated $16,966,586,000, of which $19,144,137,000 related to appreciated investment securities and $2,177,551,000 related to depreciated investment securities.

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





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

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

Quarterly Holdings Report
for

Fidelity Flex℠ Funds

Fidelity Flex℠ Intrinsic Opportunities Fund

April 30, 2017







ZTO-QTLY-0617
1.9881588.100





Investments April 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 88.8%   
 Shares Value 
CONSUMER DISCRETIONARY - 23.0%   
Auto Components - 3.8%   
Adient PLC 68 $5,002 
Cooper Tire & Rubber Co. 204 7,813 
ElringKlinger AG 17 339 
G-Tekt Corp. 1,700 29,966 
Gentex Corp. 136 2,808 
Harada Industries Co. Ltd. 100 723 
Hyundai Mobis 460 89,768 
IJT Technology Holdings Co. Ltd. 700 3,956 
INFAC Corp. 71 384 
Piolax, Inc. 600 13,790 
Seoyon Co. Ltd. 214 1,900 
Seoyon E-Hwa Co., Ltd. 467 5,624 
TBK Co. Ltd. 400 1,794 
TPR Co. Ltd. 500 16,842 
Yorozu Corp. 1,100 16,824 
  197,533 
Automobiles - 0.2%   
Audi AG 16 11,276 
Harley-Davidson, Inc. 3 170 
  11,446 
Distributors - 0.5%   
Chori Co. Ltd. 1,000 17,825 
Doshisha Co. Ltd. 300 6,063 
Nakayamafuku Co. Ltd. 100 767 
Yagi & Co. Ltd. 200 2,826 
  27,481 
Diversified Consumer Services - 0.7%   
Heian Ceremony Service Co. Ltd. 200 1,678 
Kukbo Design Co. Ltd. 14 186 
MegaStudy Co. Ltd. 247 6,970 
MegaStudyEdu Co. Ltd. 143 5,324 
Strayer Education, Inc. 7 607 
Tsukada Global Holdings, Inc. 700 3,673 
Weight Watchers International, Inc.(a) 784 16,370 
  34,808 
Hotels, Restaurants & Leisure - 0.8%   
Flight Centre Travel Group Ltd. 85 2,002 
Hiday Hidaka Corp. 200 4,223 
Kura Corp. Ltd. 100 4,118 
Ohsho Food Service Corp. 100 3,727 
St. Marc Holdings Co. Ltd. 100 3,046 
The Restaurant Group PLC 4,533 20,520 
Whitbread PLC 1 52 
Wyndham Worldwide Corp. 3 286 
  37,974 
Household Durables - 0.3%   
Ace Bed Co. Ltd. 28 4,157 
Emak SpA 409 710 
FJ Next Co. Ltd. 700 5,972 
Q.E.P. Co., Inc. (a) 24 552 
Sanyo Housing Nagoya Co. Ltd. 500 4,535 
  15,926 
Internet & Direct Marketing Retail - 0.0%   
NS Shopping Co. Ltd. 3 448 
Trade Maine Group Ltd. 34 124 
Webjet Ltd. 68 580 
  1,152 
Leisure Products - 0.0%   
Polaris Industries, Inc. 7 597 
Vista Outdoor, Inc. (a) 34 665 
  1,262 
Media - 0.7%   
AMC Networks, Inc. Class A (a) 3 179 
Corus Entertainment, Inc. Class B (non-vtg.) 273 2,680 
Gendai Agency, Inc. 600 3,100 
Hyundai HCN 1,363 4,685 
Ipsos SA 7 224 
Liberty Global PLC LiLAC Class A (a) 5 107 
Multiplus SA 300 3,694 
Pico Far East Holdings Ltd. 6,000 2,430 
Proto Corp. 100 1,310 
SMG PLC 7 34 
Television Broadcasts Ltd. 1,400 5,382 
tronc, Inc. (a) 4 57 
Viacom, Inc.:   
Class A 170 7,582 
Class B (non-vtg.) 34 1,447 
WOWOW INC. 100 3,315 
  36,226 
Multiline Retail - 0.4%   
Grazziotin SA 100 614 
Hanwha Galleria Timeworld Co. Ltd. 41 1,234 
Lifestyle China Group Ltd. (a) 8,500 2,765 
Lifestyle International Holdings Ltd. 9,000 12,843 
Treasure Factory Co. Ltd. 600 4,317 
  21,773 
Specialty Retail - 13.0%   
Arc Land Sakamoto Co. Ltd. 300 3,711 
Beacon Lighting Group Ltd. 17 23 
Bed Bath & Beyond, Inc. 1,806 69,983 
Best Buy Co., Inc. 3,511 181,905 
Dunelm Group PLC 136 1,068 
Ff Group (a) 409 8,706 
GameStop Corp. Class A 447 10,142 
Goldlion Holdings Ltd. 5,000 2,128 
Handsman Co. Ltd. 500 7,939 
Hibbett Sports, Inc. (a) 136 3,536 
JB Hi-Fi Ltd. 589 10,889 
John David Group PLC 23,449 135,152 
K's Holdings Corp. 1,600 30,787 
Ku Holdings Co. Ltd. 400 3,387 
Leon's Furniture Ltd. 57 709 
Lookers PLC 750 1,263 
Mandarake, Inc. 100 484 
Michael Hill International Ltd. 102 92 
Nafco Co. Ltd. 200 3,181 
Nitori Holdings Co. Ltd. 1,000 130,164 
Oriental Watch Holdings Ltd. 4,000 931 
Padini Holdings Bhd 1,800 1,327 
Sacs Bar Holdings, Inc. 300 3,345 
Samse SA 24 3,641 
Silvano Fashion Group A/S 7 21 
Sports Direct International PLC (a) 68 270 
Staples, Inc. 3,886 37,966 
The Buckle, Inc. 415 7,761 
Tokatsu Holdings Co. Ltd. 100 320 
Truworths International Ltd. 228 1,476 
Urban Outfitters, Inc. (a) 239 5,468 
Vita Group Ltd. 17 29 
  667,804 
Textiles, Apparel & Luxury Goods - 2.6%   
Best Pacific International Holdings Ltd. 2,000 1,756 
Coach, Inc. 886 34,900 
Deckers Outdoor Corp. (a) 187 11,143 
Embry Holdings Ltd. 1,000 428 
Fossil Group, Inc. (a) 562 9,695 
G-III Apparel Group Ltd. (a) 7 166 
Geox SpA 3,749 10,136 
Gerry Weber International AG (Bearer) 426 6,248 
Handsome Co. Ltd. 17 468 
Hugo Boss AG 170 12,931 
Magni-Tech Industries Bhd 900 1,022 
Michael Kors Holdings Ltd. (a) 614 22,921 
Portico International Holdings (a) 8,000 3,157 
Sitoy Group Holdings Ltd. 3,000 613 
Swatch Group AG (Bearer) 1 400 
Texwinca Holdings Ltd. 2,000 1,342 
Van de Velde 65 3,569 
Youngone Holdings Co. Ltd. 176 8,215 
Yue Yuen Industrial (Holdings) Ltd. 1,500 5,930 
  135,040 
TOTAL CONSUMER DISCRETIONARY  1,188,425 
CONSUMER STAPLES - 4.5%   
Beverages - 0.9%   
A.G. Barr PLC 273 2,196 
Britvic PLC 2,045 17,614 
C&C Group PLC 300 1,238 
Jinro Distillers Co. Ltd. 267 7,381 
Kweichow Moutai Co. Ltd. (A Shares) 100 5,998 
Lucas Bols BV 82 1,569 
Olvi PLC (A Shares) 68 2,104 
Spritzer Bhd 200 109 
Willamette Valley Vineyards, Inc. (a) 3 24 
Yantai Changyu Pioneer Wine Co. Ltd. (B Shares) 2,700 6,637 
  44,870 
Food & Staples Retailing - 2.0%   
Ain Holdings, Inc. 300 20,776 
Amsterdam Commodities NV 409 11,405 
Dong Suh Companies, Inc. (a) 494 13,397 
Genky Stores, Inc. 200 5,117 
J Sainsbury PLC 136 485 
Majestic Wine PLC 334 1,650 
MARR SpA 545 13,162 
Retail Partners Co. Ltd. 300 3,020 
Satsudora Holdings Co. Ltd. (a) 300 5,937 
Tesco PLC (a) 7,498 17,794 
United Natural Foods, Inc. (a) 51 2,118 
Valor Holdings Co. Ltd. 400 9,559 
Woolworths Ltd. 35 704 
  105,124 
Food Products - 0.9%   
Ajinomoto Malaysia Bhd 1,200 4,976 
Astral Foods Ltd. 256 2,969 
Binggrea Co. Ltd. 10 603 
Changshouhua Food Co. Ltd. 1,000 510 
Cranswick PLC 343 11,915 
Dean Foods Co. 34 671 
Kawan Food Bhd 100 102 
Lamb Weston Holdings, Inc. 17 710 
Lassonde Industries, Inc. Class A (sub. vtg.) 34 5,947 
London Biscuits Bhd (a) 2,700 470 
Pickles Corp. 100 1,268 
President Rice Products PCL 100 176 
S Foods, Inc. 200 6,235 
Select Harvests Ltd. 975 3,972 
TER Beke SA 3 587 
Thai Wah PCL 300 87 
The Hain Celestial Group, Inc. (a) 68 2,515 
Toyo Sugar Refining Co. Ltd. 1,000 1,014 
Valsoia SpA 42 805 
Want Want China Holdings Ltd. 2,000 1,440 
  46,972 
Personal Products - 0.7%   
Asaleo Care Ltd. 682 917 
Cyanotech Corp. (a) 7 27 
Herbalife Ltd. (a) 3 190 
USANA Health Sciences, Inc. (a) 586 33,314 
  34,448 
TOTAL CONSUMER STAPLES  231,414 
ENERGY - 1.3%   
Energy Equipment & Services - 0.5%   
AKITA Drilling Ltd. Class A (non-vtg.) 170 1,083 
Atwood Oceanics, Inc. (a) 920 7,204 
Fugro NV (Certificaten Van Aandelen) (a) 95 1,401 
Geospace Technologies Corp. (a) 401 6,633 
Gulfmark Offshore, Inc. Class A (a) 1,714 548 
National Oilwell Varco, Inc. 136 4,756 
Oceaneering International, Inc. 46 1,214 
Prosafe ASA (a) 68 271 
TechnipFMC PLC (a) 7 211 
  23,321 
Oil, Gas & Consumable Fuels - 0.8%   
Alvopetro Energy Ltd. (a) 1,900 264 
Arch Coal, Inc. (a) 3 211 
Baytex Energy Corp. (a) 409 1,237 
Bonavista Energy Corp. 34 71 
ConocoPhillips Co. 68 3,258 
Contango Oil & Gas Co. (a) 170 1,217 
Enagas SA 136 3,578 
Fuji Kosan Co. Ltd. 100 440 
International Seaways, Inc. (a) 7 135 
Motor Oil (HELLAS) Corinth Refineries SA 205 3,477 
Murphy Oil Corp. 682 17,855 
San-Ai Oil Co. Ltd. 100 849 
Ship Finance International Ltd. (NY Shares) 7 98 
Tsakos Energy Navigation Ltd. 307 1,409 
World Fuel Services Corp. 239 8,802 
  42,901 
TOTAL ENERGY  66,222 
FINANCIALS - 9.9%   
Banks - 0.1%   
Cambridge Bancorp 3 201 
Central Valley Community Bancorp 17 386 
Citizens Financial Services, Inc. 8 436 
Erste Group Bank AG 3 107 
Skandiabanken ASA 170 1,520 
Van Lanschot NV (Bearer) 55 1,495 
  4,145 
Capital Markets - 1.5%   
ABG Sundal Collier ASA 1,023 670 
Edify SA (a) 7 394 
Franklin Resources, Inc. 102 4,397 
Goldman Sachs Group, Inc. 273 61,097 
MLP AG 1,595 10,055 
  76,613 
Consumer Finance - 0.4%   
Credit Corp. Group Ltd. 36 491 
Discover Financial Services 273 17,087 
Synchrony Financial 68 1,890 
  19,468 
Diversified Financial Services - 1.5%   
Bioverativ, Inc. 136 7,998 
Fuyo General Lease Co. Ltd. 300 13,994 
Kyushu Railway Co. 200 6,270 
Ricoh Leasing Co. Ltd. 700 22,669 
Scandinavian Tobacco Group A/S 273 4,766 
Tokyo Century Corp. 600 20,668 
Varex Imaging Corp. (a) 16 537 
  76,902 
Insurance - 6.2%   
AFLAC, Inc. 1,363 102,061 
ASR Nederland NV 256 7,572 
Assurant, Inc. 136 13,089 
Dongbu Insurance Co. Ltd. 682 40,767 
Genworth Financial, Inc. Class A (a) 4,363 17,627 
Hyundai Fire & Marine Insurance Co. Ltd. 68 2,194 
Kansas City Life Insurance Co. 1 46 
MetLife, Inc. 1,704 88,284 
National Western Life Group, Inc. 7 2,144 
NN Group NV 1,091 36,176 
Sony Financial Holdings, Inc. 700 11,630 
  321,590 
Thrifts & Mortgage Finance - 0.2%   
ASAX Co. Ltd. 100 1,415 
Genworth MI Canada, Inc. 92 2,285 
Genworth Mortgage Insurance Ltd. 2,216 5,459 
Hingham Institution for Savings 7 1,256 
  10,415 
TOTAL FINANCIALS  509,133 
HEALTH CARE - 27.0%   
Biotechnology - 7.2%   
AbbVie, Inc. 920 60,665 
Amgen, Inc. 256 41,810 
Biogen, Inc. (a) 181 49,089 
Cell Biotech Co. Ltd. 3 97 
Gilead Sciences, Inc. 1,040 71,292 
United Therapeutics Corp. (a) 1,172 147,320 
  370,273 
Health Care Equipment & Supplies - 0.8%   
Ansell Ltd. (a) 341 6,077 
Fukuda Denshi Co. Ltd. 300 18,112 
Nakanishi, Inc. 200 7,858 
Paramount Bed Holdings Co. Ltd. 100 4,194 
Varian Medical Systems, Inc. (a) 41 3,720 
  39,961 
Health Care Providers & Services - 17.1%   
Aetna, Inc. 852 115,080 
Almost Family, Inc. (a) 170 8,441 
Amedisys, Inc. (a) 1,432 77,614 
Anthem, Inc. 1,875 333,534 
Chemed Corp. 290 58,400 
Humana, Inc. 416 92,344 
Laboratory Corp. of America Holdings (a) 1 140 
LHC Group, Inc. (a) 136 7,358 
Lifco AB 68 2,069 
National Healthcare Corp. 17 1,265 
Patterson Companies, Inc. 3 133 
Quest Diagnostics, Inc. 228 24,056 
Uchiyama Holdings Co. Ltd. 500 1,978 
UnitedHealth Group, Inc. 920 160,890 
  883,302 
Health Care Technology - 0.1%   
Pharmagest Interactive 187 7,773 
Life Sciences Tools & Services - 0.2%   
ICON PLC (a) 95 8,027 
Pharmaceuticals - 1.6%   
Apex Healthcare Bhd 500 547 
AstraZeneca PLC sponsored ADR 682 20,631 
Biofermin Pharmaceutical Co. Ltd. 100 2,619 
Genomma Lab Internacional SA de CV (a) 3,300 4,163 
Indivior PLC 1,772 7,689 
Korea United Pharm, Inc. 17 307 
PT Tempo Scan Pacific Tbk 300 47 
Sanofi SA sponsored ADR 136 6,433 
SciClone Pharmaceuticals, Inc. (a) 3 29 
Stallergenes Greer PLC (a) 72 2,694 
Taro Pharmaceutical Industries Ltd. (a) 157 18,345 
Towa Pharmaceutical Co. Ltd. 100 4,988 
Tsumura & Co. 500 16,170 
Vetoquinol SA 7 384 
  85,046 
TOTAL HEALTH CARE  1,394,382 
INDUSTRIALS - 6.0%   
Aerospace & Defense - 0.0%   
Austal Ltd. 205 263 
Kongsberg Gruppen ASA 7 109 
Orbital ATK, Inc. 3 297 
SIFCO Industries, Inc. (a) 25 203 
The Lisi Group 3 118 
  990 
Air Freight & Logistics - 0.0%   
CTI Logistics Ltd. 282 148 
Onelogix Group Ltd. 2,727 614 
SBS Co. Ltd. 100 721 
  1,483 
Building Products - 0.1%   
Nihon Dengi Co. Ltd. 100 2,157 
Noda Corp. 100 788 
Sekisui Jushi Corp. 200 3,524 
  6,469 
Commercial Services & Supplies - 0.5%   
Aeon Delight Co. Ltd. 100 3,050 
Asia File Corp. Bhd 2,400 1,863 
Civeo Corp. (a) 2,007 6,001 
Matsuda Sangyo Co. Ltd. 100 1,339 
Mitie Group PLC 1,636 4,441 
Riverstone Holdings Ltd. 100 63 
VSE Corp. 221 9,426 
  26,183 
Construction & Engineering - 0.2%   
Boustead Projs. Pte Ltd. (a) 800 490 
Geumhwa PSC Co. Ltd. 1 32 
Meisei Industrial Co. Ltd. 100 569 
Metka Industrial-Construction 205 1,563 
Monadelphous Group Ltd. 7 65 
Nippon Rietec Co. Ltd. 500 5,225 
  7,944 
Electrical Equipment - 0.4%   
Aros Quality Group AB 582 14,127 
Hammond Power Solutions, Inc. Class A 307 1,385 
Somfy SA 7 3,386 
  18,898 
Industrial Conglomerates - 0.0%   
Carr's Group PLC 341 628 
Nolato AB Series B 24 764 
Reunert Ltd. 205 1,088 
  2,480 
Machinery - 1.0%   
Castings PLC 51 314 
Conrad Industries, Inc. 1 19 
Daihatsu Diesel Manufacturing Co. Ltd. 900 5,805 
Daiwa Industries Ltd. 800 7,880 
Fujimak Corp. 200 2,386 
Global Brass & Copper Holdings, Inc. 239 8,520 
Haitian International Holdings Ltd. 3,000 7,351 
Hy-Lok Corp. 68 1,339 
Luxfer Holdings PLC sponsored ADR 3 35 
Samyoung M-Tek Co. Ltd. 409 1,841 
Semperit AG Holding 261 6,966 
Teikoku Sen-I Co. Ltd. 500 7,917 
  50,373 
Professional Services - 2.3%   
Bertrandt AG 34 3,551 
CBIZ, Inc. (a) 1,875 29,531 
Dun & Bradstreet Corp. 596 65,328 
Harvey Nash Group PLC 205 195 
Robert Half International, Inc. 392 18,052 
SEEK Ltd. 7 89 
WDB Holdings Co. Ltd. 100 1,379 
  118,125 
Road & Rail - 0.5%   
Autohellas SA 406 6,811 
Daqin Railway Co. Ltd. (A Shares) 10,900 12,333 
Higashi Twenty One Co. Ltd. 100 318 
STEF-TFE Group 7 629 
Tohbu Network Co. Ltd. 100 999 
Utoc Corp. 1,000 3,866 
  24,956 
Trading Companies & Distributors - 1.0%   
AerCap Holdings NV (a) 205 9,432 
Bergman & Beving AB (B Shares) 358 8,205 
Canox Corp. 200 1,536 
Green Cross Co. Ltd. (a) 100 1,575 
HERIGE (a) 41 1,473 
Howden Joinery Group PLC 102 612 
iMarketKorea, Inc. 7 82 
Kamei Corp. 400 4,406 
Meiwa Corp. 600 2,228 
Mitani Shoji Co. Ltd. 400 12,469 
Yuasa Trading Co. Ltd. 300 8,679 
  50,697 
TOTAL INDUSTRIALS  308,598 
INFORMATION TECHNOLOGY - 14.5%   
Communications Equipment - 0.9%   
Cisco Systems, Inc. 1,363 46,437 
EVS Broadcast Equipment SA 3 121 
HF Co. 153 1,442 
  48,000 
Electronic Equipment & Components - 1.0%   
AAC Technology Holdings, Inc. 500 7,341 
Elematec Corp. 300 4,750 
Insight Enterprises, Inc. (a) 273 11,493 
Intelligent Digital Integrated Security Co. Ltd. 88 707 
Lacroix SA 163 3,382 
Macnica Fuji Electronics Holdings, Inc. 1,300 18,449 
Makus, Inc. 205 649 
Riken Kieki Co. Ltd. 300 4,451 
  51,222 
Internet Software & Services - 0.3%   
AuFeminin.com SA (a) 85 2,636 
E-Credible Co. Ltd. 17 200 
F@N Communications, Inc. 300 2,390 
Yahoo! Japan Corp. 2,000 8,558 
Zappallas, Inc. (a) 700 2,958 
  16,742 
IT Services - 7.0%   
Amdocs Ltd. 886 54,259 
Calian Technologies Ltd. 211 4,197 
Computer Services, Inc. 3 138 
Data#3 Ltd. 341 439 
DXC Technology Co. (a) 392 29,533 
Estore Corp. 300 2,395 
Future Corp. (a) 200 1,552 
ManTech International Corp. Class A 204 7,242 
Neurones 7 191 
Shinsegae Information & Communication Co. Ltd. 19 1,251 
Sopra Steria Group 375 56,249 
Syntel, Inc. 177 3,117 
Tessi SA 50 7,963 
The Western Union Co. 9,659 191,828 
  360,354 
Semiconductors & Semiconductor Equipment - 0.1%   
e-LITECOM Co. Ltd. 34 287 
Miraial Co. Ltd. 400 3,305 
  3,592 
Software - 0.7%   
Ebix, Inc. 217 13,389 
GAMEVIL, Inc. (a) 7 461 
InfoVine Co. Ltd. 43 1,168 
Justplanning, Inc. 100 649 
KSK Co., Ltd. 100 1,150 
Oracle Corp. 443 19,917 
  36,734 
Technology Hardware, Storage & Peripherals - 4.5%   
Hewlett Packard Enterprise Co. 4,567 85,083 
HP, Inc. 4,840 91,089 
Seagate Technology LLC 1,193 50,261 
TPV Technology Ltd. 18,000 4,906 
  231,339 
TOTAL INFORMATION TECHNOLOGY  747,983 
MATERIALS - 2.1%   
Chemicals - 1.4%   
C. Uyemura & Co. Ltd. 100 5,239 
Chokwang Paint Ltd. 34 332 
Chugoku Marine Paints Ltd. 400 2,957 
Fuso Chemical Co. Ltd. 400 12,505 
K&S AG 545 13,004 
KPX Green Chemical Co. Ltd. 34 130 
Potash Corp. of Saskatchewan, Inc. 204 3,440 
Scientex Bhd 2,700 5,156 
Soda Aromatic Co. Ltd. 100 660 
T&K Toka Co. Ltd. 100 985 
Tae Kyung Industrial Co. Ltd. 614 2,604 
Toho Acetylene Co. Ltd. 100 945 
Yara International ASA 620 23,050 
  71,007 
Construction Materials - 0.1%   
Mitani Sekisan Co. Ltd. 200 4,823 
RHI AG 7 204 
  5,027 
Containers & Packaging - 0.0%   
Mayr-Melnhof Karton AG 17 2,056 
Metals & Mining - 0.6%   
Ausdrill Ltd. 5,794 5,922 
Chubu Steel Plate Co. Ltd. 300 1,636 
CI Resources Ltd. 16 19 
Compania de Minas Buenaventura SA sponsored ADR 239 2,870 
Handy & Harman Ltd. (a) 68 1,853 
Mount Gibson Iron Ltd. (a) 6,817 1,838 
Orvana Minerals Corp. (a) 34 6 
Pacific Metals Co. Ltd. (a) 5,000 16,237 
Teck Resources Ltd. Class B (sub. vtg.) 7 145 
  30,526 
TOTAL MATERIALS  108,616 
REAL ESTATE - 0.2%   
Real Estate Management & Development - 0.2%   
HFF, Inc. 7 220 
Leopalace21 Corp. 300 1,593 
Nisshin Fudosan Co. Ltd. 1,800 10,173 
  11,986 
TELECOMMUNICATION SERVICES - 0.1%   
Wireless Telecommunication Services - 0.1%   
Okinawa Cellular Telephone Co. 100 3,261 
UTILITIES - 0.2%   
Electric Utilities - 0.0%   
EVN AG 7 93 
Public Power Corp. of Greece (a) 17 63 
Vistra Energy Corp. 17 254 
  410 
Gas Utilities - 0.2%   
Busan City Gas Co. Ltd. 34 1,040 
K&O Energy Group, Inc. 100 1,551 
Rubis 7 711 
Seoul City Gas Co. Ltd. 52 3,643 
YESCO Co. Ltd. 160 5,183 
  12,128 
Water Utilities - 0.0%   
Manila Water Co., Inc. 300 191 
TOTAL UTILITIES  12,729 
TOTAL COMMON STOCKS   
(Cost $4,438,906)  4,582,749 
Nonconvertible Preferred Stocks - 0.1%   
INDUSTRIALS - 0.0%   
Machinery - 0.0%   
Danieli & C. Officine Meccaniche SpA 7 127 
MATERIALS - 0.1%   
Construction Materials - 0.1%   
Buzzi Unicem SpA (Risparmio Shares) 375 5,543 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $5,330)  5,670 
Money Market Funds - 10.9%   
Fidelity Cash Central Fund, 0.85% (b)   
(Cost $562,487) 562,375 562,487 
TOTAL INVESTMENT PORTFOLIO - 99.8%   
(Cost $5,006,723)  5,150,906 
NET OTHER ASSETS (LIABILITIES) - 0.2%  10,271 
NET ASSETS - 100%  $5,161,177 

Legend

 (a) Non-income producing

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $1,123 
Total $1,123 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $1,188,425 $1,182,595 $5,382 $448 
Consumer Staples 231,414 213,620 17,794 -- 
Energy 66,222 66,222 -- -- 
Financials 509,133 509,133 -- -- 
Health Care 1,394,382 1,394,382 -- -- 
Industrials 308,725 308,725 -- -- 
Information Technology 747,983 747,983 -- -- 
Materials 114,159 114,159 -- -- 
Real Estate 11,986 11,986 -- -- 
Telecommunication Services 3,261 3,261 -- -- 
Utilities 12,729 12,729 -- -- 
Money Market Funds 562,487 562,487 -- -- 
Total Investments in Securities: $5,150,906 $5,127,282 $23,176 $448 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Other Information

Income Tax Information

At April 30, 2017, the cost of investment securities for income tax purposes was $5,006,707. Net unrealized appreciation aggregated $144,199, of which $239,530 related to appreciated investment securities and $95,331 related to depreciated investment securities.





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

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

Quarterly Holdings Report
for

Fidelity® Value Discovery Fund

April 30, 2017







FVD-QTLY-0617
1.800366.113





Investments April 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%   
 Shares Value 
CONSUMER DISCRETIONARY - 9.8%   
Auto Components - 0.4%   
Hyundai Mobis 51,044 $9,961,118 
Leisure Products - 0.5%   
Vista Outdoor, Inc. (a) 630,800 12,338,448 
Media - 6.6%   
CBS Corp. Class B 399,000 26,557,440 
Charter Communications, Inc. Class A (a) 42,629 14,713,826 
Corus Entertainment, Inc. Class B (non-vtg.) 817,000 8,020,073 
Discovery Communications, Inc. Class A (a)(b) 729,600 20,997,888 
John Wiley & Sons, Inc. Class A 281,485 14,834,260 
Lions Gate Entertainment Corp.:   
Class A (b) 242,200 6,338,374 
Class B (a) 776,821 18,527,181 
Time Warner, Inc. 250,200 24,837,354 
Twenty-First Century Fox, Inc. Class A 793,600 24,236,544 
  159,062,940 
Specialty Retail - 0.6%   
Cabela's, Inc. Class A (a) 259,100 14,146,860 
Textiles, Apparel & Luxury Goods - 1.7%   
Christian Dior SA 69,900 19,183,994 
PVH Corp. 227,400 22,974,222 
  42,158,216 
TOTAL CONSUMER DISCRETIONARY  237,667,582 
CONSUMER STAPLES - 7.4%   
Beverages - 1.5%   
C&C Group PLC 4,415,910 18,216,420 
PepsiCo, Inc. 162,400 18,396,672 
  36,613,092 
Food & Staples Retailing - 2.4%   
CVS Health Corp. 375,500 30,956,220 
Wal-Mart Stores, Inc. 359,400 27,019,692 
  57,975,912 
Food Products - 2.2%   
Kellogg Co. 178,400 12,666,400 
Seaboard Corp. 3,224 13,650,448 
The J.M. Smucker Co. 218,721 27,716,325 
  54,033,173 
Personal Products - 0.6%   
Unilever NV (Certificaten Van Aandelen) (Bearer) 270,700 14,180,752 
Tobacco - 0.7%   
British American Tobacco PLC:   
(United Kingdom) 190,900 12,897,847 
sponsored ADR 36,800 2,503,872 
  15,401,719 
TOTAL CONSUMER STAPLES  178,204,648 
ENERGY - 8.5%   
Oil, Gas & Consumable Fuels - 8.5%   
Chevron Corp. 419,381 44,747,953 
FLEX LNG Ltd.(a)(b)(c) 8,726,500 12,196,366 
GasLog Ltd. (b) 355,400 4,975,600 
GasLog Partners LP 1,021,100 24,353,235 
Golar LNG Partners LP 917,300 20,941,959 
Hoegh LNG Partners LP 607,300 12,297,825 
Phillips 66 Co. 279,400 22,229,064 
Suncor Energy, Inc. 453,100 14,199,933 
Teekay Corp. 1,554,700 13,494,796 
Teekay LNG Partners LP 1,010,815 16,880,611 
Teekay Offshore Partners LP 3,818,100 20,274,111 
  206,591,453 
FINANCIALS - 24.9%   
Banks - 9.7%   
JPMorgan Chase & Co. 893,241 77,711,967 
SunTrust Banks, Inc. 435,600 24,746,436 
U.S. Bancorp 989,100 50,721,048 
Wells Fargo & Co. 1,509,037 81,246,552 
  234,426,003 
Capital Markets - 1.5%   
Goldman Sachs Group, Inc. 159,800 35,763,240 
Consumer Finance - 2.1%   
Capital One Financial Corp. 173,282 13,928,407 
Discover Financial Services 323,600 20,254,124 
Synchrony Financial 637,200 17,714,160 
  51,896,691 
Diversified Financial Services - 3.6%   
Berkshire Hathaway, Inc. Class B (a) 533,331 88,111,615 
Insurance - 5.4%   
Allied World Assurance Co. Holdings AG 352,600 18,719,534 
Allstate Corp. 282,300 22,948,167 
Chubb Ltd. 177,200 24,320,700 
FNF Group 336,120 13,764,114 
FNFV Group (a) 390,433 5,348,932 
Prudential PLC 754,092 16,736,214 
The Travelers Companies, Inc. 232,413 28,275,366 
  130,113,027 
Mortgage Real Estate Investment Trusts - 2.6%   
Agnc Investment Corp. 970,199 20,442,093 
Annaly Capital Management, Inc. 1,984,895 23,441,610 
MFA Financial, Inc. 2,211,364 18,376,435 
  62,260,138 
TOTAL FINANCIALS  602,570,714 
HEALTH CARE - 14.7%   
Biotechnology - 3.2%   
Amgen, Inc. 316,500 51,690,780 
Dyax Corp. rights 12/31/19 (a) 635,500 1,620,525 
Shire PLC sponsored ADR 144,905 25,642,389 
  78,953,694 
Health Care Providers & Services - 4.6%   
Aetna, Inc. 144,100 19,463,587 
Anthem, Inc. 107,000 19,034,230 
Cigna Corp. 270,300 42,266,811 
McKesson Corp. 216,300 29,912,127 
  110,676,755 
Pharmaceuticals - 6.9%   
Allergan PLC 157,500 38,407,950 
Bayer AG 207,500 25,674,630 
Johnson & Johnson 363,408 44,869,986 
Sanofi SA sponsored ADR 530,700 25,102,110 
Teva Pharmaceutical Industries Ltd. sponsored ADR 1,055,568 33,334,837 
  167,389,513 
TOTAL HEALTH CARE  357,019,962 
INDUSTRIALS - 6.9%   
Aerospace & Defense - 1.8%   
United Technologies Corp. 356,800 42,455,632 
Industrial Conglomerates - 2.1%   
General Electric Co. 1,783,100 51,692,069 
Machinery - 0.5%   
Deere & Co. 112,890 12,599,653 
Professional Services - 1.9%   
Dun & Bradstreet Corp. 281,400 30,844,254 
Nielsen Holdings PLC 378,300 15,559,479 
  46,403,733 
Trading Companies & Distributors - 0.6%   
AerCap Holdings NV (a) 310,400 14,281,504 
TOTAL INDUSTRIALS  167,432,591 
INFORMATION TECHNOLOGY - 12.9%   
Communications Equipment - 3.4%   
Cisco Systems, Inc. 1,340,518 45,671,448 
Harris Corp. 191,600 21,438,124 
Juniper Networks, Inc. 509,400 15,317,658 
  82,427,230 
Electronic Equipment & Components - 0.5%   
TE Connectivity Ltd. 164,302 12,712,046 
Internet Software & Services - 3.3%   
Alphabet, Inc. Class A (a) 55,500 51,310,860 
comScore, Inc. (a) 457,100 11,747,470 
VeriSign, Inc. (a)(b) 193,700 17,223,804 
  80,282,134 
IT Services - 2.0%   
Amdocs Ltd. 192,200 11,770,328 
Cognizant Technology Solutions Corp. Class A (a) 261,400 15,744,122 
The Western Union Co. 1,035,700 20,569,002 
  48,083,452 
Semiconductors & Semiconductor Equipment - 0.7%   
Lattice Semiconductor Corp. (a) 457,800 3,140,508 
NXP Semiconductors NV (a) 141,000 14,910,750 
  18,051,258 
Software - 0.7%   
Oracle Corp. 373,513 16,793,144 
Technology Hardware, Storage & Peripherals - 2.3%   
Apple, Inc. 370,500 53,222,325 
Samsung Electronics Co. Ltd. 1,104 2,165,105 
  55,387,430 
TOTAL INFORMATION TECHNOLOGY  313,736,694 
MATERIALS - 3.9%   
Chemicals - 2.6%   
CF Industries Holdings, Inc. 152,445 4,076,379 
LyondellBasell Industries NV Class A 269,000 22,800,440 
Monsanto Co. 135,400 15,788,994 
Syngenta AG sponsored ADR 131,900 12,270,657 
Valspar Corp. 77,500 8,714,100 
  63,650,570 
Containers & Packaging - 1.3%   
Ball Corp. 205,800 15,823,962 
Graphic Packaging Holding Co. 1,148,000 15,589,840 
  31,413,802 
TOTAL MATERIALS  95,064,372 
REAL ESTATE - 0.9%   
Real Estate Management & Development - 0.9%   
CBRE Group, Inc. (a) 637,900 22,843,199 
TELECOMMUNICATION SERVICES - 1.5%   
Diversified Telecommunication Services - 1.5%   
Verizon Communications, Inc. 766,800 35,203,788 
UTILITIES - 3.7%   
Electric Utilities - 3.7%   
DONG Energy A/S 174,700 6,882,334 
Exelon Corp. 927,900 32,133,177 
PPL Corp. 520,900 19,851,499 
Xcel Energy, Inc. 682,700 30,755,635 
  89,622,645 
TOTAL COMMON STOCKS   
(Cost $1,995,445,028)  2,305,957,648 
Money Market Funds - 6.3%   
Fidelity Cash Central Fund, 0.85% (d) 120,012,673 120,036,675 
Fidelity Securities Lending Cash Central Fund 0.86% (d)(e) 32,552,595 32,555,850 
TOTAL MONEY MARKET FUNDS   
(Cost $152,573,619)  152,592,525 
TOTAL INVESTMENT PORTFOLIO - 101.4%   
(Cost $2,148,018,647)  2,458,550,173 
NET OTHER ASSETS (LIABILITIES) - (1.4)%  (33,849,769) 
NET ASSETS - 100%  $2,424,700,404 

Legend

 (a) Non-income producing

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

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (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 $559,594 
Fidelity Securities Lending Cash Central Fund 136,113 
Total $695,707 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $237,667,582 $237,667,582 $-- $-- 
Consumer Staples 178,204,648 151,126,049 27,078,599 -- 
Energy 206,591,453 206,591,453 -- -- 
Financials 602,570,714 585,834,500 16,736,214 -- 
Health Care 357,019,962 329,724,807 25,674,630 1,620,525 
Industrials 167,432,591 167,432,591 -- -- 
Information Technology 313,736,694 313,736,694 -- -- 
Materials 95,064,372 95,064,372 -- -- 
Real Estate 22,843,199 22,843,199 -- -- 
Telecommunication Services 35,203,788 35,203,788 -- -- 
Utilities 89,622,645 89,622,645 -- -- 
Money Market Funds 152,592,525 152,592,525 -- -- 
Total Investments in Securities: $2,458,550,173 $2,387,440,205 $69,489,443 $1,620,525 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Other Information

Income Tax Information

At April 30, 2017, the cost of investment securities for income tax purposes was $2,150,948,927. Net unrealized appreciation aggregated $307,601,246, of which $357,387,438 related to appreciated investment securities and $49,786,192 related to depreciated investment securities.

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





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

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




Item 2.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Puritan Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.


Item 3.

Exhibits


Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Puritan Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

June 28, 2017


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

June 28, 2017



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

June 28, 2017