N-CSRS 1 filing977.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-649


Fidelity Puritan Trust

(Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

(Address of principal executive offices)       (Zip code)


William C. Coffey, 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:

August 31


Date of reporting period:

February 28, 2019


Item 1.

Reports to Stockholders




Fidelity® Puritan® Fund



Semi-Annual Report

February 28, 2019



Fidelity Investments


Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Fixed-Income Central Funds.

Top Five Stocks as of February 28, 2019

 % of fund's net assets 
Microsoft Corp. 3.5 
Alphabet, Inc. Class C 2.2 
Bank of America Corp. 2.0 
Salesforce.com, Inc. 1.6 
Amazon.com, Inc. 1.6 
 10.9 

Top Five Bond Issuers as of February 28, 2019

(with maturities greater than one year) % of fund's net assets 
U.S. Treasury Obligations 9.4 
Fannie Mae 3.7 
Freddie Mac 2.0 
Ginnie Mae 2.0 
Bank of America Corp. 0.4 
 17.5 

Top Five Market Sectors as of February 28, 2019

 % of fund's net assets 
Information Technology 15.6 
Health Care 14.1 
Financials 11.9 
Communication Services 8.3 
Consumer Discretionary 8.0 

Asset Allocation (% of fund's net assets)

As of February 28, 2019*,** 
   Stocks 64.7% 
   Bonds 33.9% 
   Convertible Securities 1.2% 
   Other Investments 1.0% 
 Short-Term Investments and Net Other Assets (Liabilities)*** (0.8)% 


 * Foreign investments - 7.9%

 ** Futures and Swaps - 0.1%

 *** Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.

Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.

Percentages are adjusted for the effect of futures contracts and swaps, if applicable.

Schedule of Investments February 28, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 64.6%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 6.6%   
Diversified Telecommunication Services - 1.0%   
Verizon Communications, Inc. 4,797,500 $273,074 
Entertainment - 2.0%   
Electronic Arts, Inc. (a) 820,900 78,626 
Lions Gate Entertainment Corp. Class B 602,385 8,849 
Live Nation Entertainment, Inc. (a) 543,900 30,763 
LiveXLive Media, Inc. (a)(b)(c) 4,110,233 24,456 
Netflix, Inc. (a) 436,700 156,382 
The Void LLC (a)(d)(e)(f) 40,946 11,285 
The Walt Disney Co. 1,297,200 146,376 
WME Entertainment Parent, LLC Class A (a)(d)(e)(f) 25,595,704 74,995 
  531,732 
Interactive Media & Services - 3.1%   
Alphabet, Inc. Class C (a) 537,083 601,490 
Facebook, Inc. Class A (a) 1,435,260 231,723 
Momo, Inc. ADR (a) 224,500 7,447 
  840,660 
Media - 0.5%   
Comcast Corp. Class A 887,000 34,300 
Tribune Media Co. Class A 13,773 637 
tronc, Inc. (a) 3,443 42 
Vice Holding, Inc. (a)(e)(f) 86,301 83,343 
  118,322 
TOTAL COMMUNICATION SERVICES  1,763,788 
CONSUMER DISCRETIONARY - 6.8%   
Auto Components - 0.0%   
Aptiv PLC 18,393 1,529 
UC Holdings, Inc. (a)(f) 18,330 417 
  1,946 
Diversified Consumer Services - 0.2%   
Arco Platform Ltd. Class A 166,100 4,006 
Grand Canyon Education, Inc. (a) 350,737 40,573 
  44,579 
Hotels, Restaurants & Leisure - 1.0%   
Boyd Gaming Corp. 81,500 2,425 
Eldorado Resorts, Inc. (a) 57,808 2,787 
Extended Stay America, Inc. unit 51,900 947 
Golden Entertainment, Inc. (a) 126,300 2,301 
McDonald's Corp. 1,287,300 236,657 
Penn National Gaming, Inc. (a) 161,400 4,011 
Red Rock Resorts, Inc. 153,655 4,321 
Sea Ltd. ADR (a) 550,000 11,825 
Studio City International Holdings Ltd. ADR 28,000 455 
YETI Holdings, Inc. (b) 300,000 7,197 
  272,926 
Household Durables - 0.0%   
Blu Homes, Inc. (a)(e)(f) 14,988,638 26 
Internet & Direct Marketing Retail - 2.3%   
Alibaba Group Holding Ltd. sponsored ADR (a) 222,700 40,761 
Amazon.com, Inc. (a) 260,200 426,684 
Etsy, Inc. (a) 640,400 45,641 
GrubHub, Inc. (a)(b) 945,498 77,134 
The Booking Holdings, Inc. (a) 18,300 31,056 
  621,276 
Multiline Retail - 0.6%   
Dollar General Corp. 58,000 6,871 
Dollar Tree, Inc. (a) 1,563,500 150,612 
  157,483 
Specialty Retail - 1.4%   
Burlington Stores, Inc. (a) 110,900 18,824 
Five Below, Inc. (a) 228,000 27,440 
Lowe's Companies, Inc. 1,307,700 137,426 
TJX Companies, Inc. 1,310,700 67,226 
Ulta Beauty, Inc. (a) 254,300 79,466 
Williams-Sonoma, Inc. (b) 1,010,300 58,759 
  389,141 
Textiles, Apparel & Luxury Goods - 1.3%   
Brunello Cucinelli SpA 1,540,200 60,003 
Kering SA 11,600 6,335 
LVMH Moet Hennessy - Louis Vuitton SA 53,314 18,297 
NIKE, Inc. Class B 1,347,400 115,513 
PVH Corp. 500,500 57,477 
Tory Burch LLC:   
Class A (d)(e)(f) 702,741 39,136 
Class B (d)(e)(f) 324,840 19,036 
Under Armour, Inc. Class A (sub. vtg.) (a)(b) 1,228,609 27,705 
  343,502 
TOTAL CONSUMER DISCRETIONARY  1,830,879 
CONSUMER STAPLES - 2.8%   
Beverages - 0.5%   
Coca-Cola European Partners PLC 79,852 3,764 
Keurig Dr. Pepper, Inc. 664,700 16,717 
Monster Beverage Corp. (a) 906,200 57,843 
The Coca-Cola Co. 991,564 44,958 
  123,282 
Food & Staples Retailing - 0.8%   
BJ's Wholesale Club Holdings, Inc. 1,513,800 38,329 
Costco Wholesale Corp. 124,600 27,255 
Southeastern Grocers, Inc. (a)(f) 51,368 2,177 
Tops Markets Corp. (f) 2,955 1,039 
Tops Markets Corp. (Escrow) (e)(f) 2,955,000 0 
Walmart, Inc. 1,521,100 150,574 
  219,374 
Food Products - 0.1%   
Darling International, Inc. (a) 1,754,200 38,557 
Household Products - 1.0%   
Kimberly-Clark Corp. 190,500 22,256 
Procter & Gamble Co. 2,499,800 246,355 
  268,611 
Personal Products - 0.2%   
Estee Lauder Companies, Inc. Class A 262,000 41,118 
L'Oreal SA 10,600 2,673 
  43,791 
Tobacco - 0.2%   
Altria Group, Inc. 1,151,000 60,324 
TOTAL CONSUMER STAPLES  753,939 
ENERGY - 2.3%   
Energy Equipment & Services - 0.0%   
Pacific Drilling SA (a) 305,987 4,682 
Pacific Drilling SA 17,729 271 
Tidewater, Inc.:   
warrants 11/14/42 (a) 23,695 592 
warrants 11/14/42 (a) 8,251 206 
  5,751 
Oil, Gas & Consumable Fuels - 2.3%   
Anadarko Petroleum Corp. 1,479,900 64,376 
Ascent Resources Marcellus Holdings, Inc. (f) 182,155 579 
Ascent Resources Marcellus Holdings, Inc. warrants 3/30/23 (a)(f) 51,925 26 
BP PLC 17,561,400 124,498 
Chevron Corp. 366,000 43,766 
ConocoPhillips Co. 534,600 36,273 
Contura Energy, Inc. (a) 840 52 
Devon Energy Corp. 900,000 26,559 
EOG Resources, Inc. 505,600 47,526 
Hess Corp. 1,673,200 96,795 
Marathon Petroleum Corp. 1,016,300 63,021 
Reliance Industries Ltd. 3,777,500 65,645 
Riviera Resources, Inc. (a) 5,326 79 
Roan Resources, Inc. (a) 42,734 332 
Suncor Energy, Inc. 1,060,000 36,538 
Ultra Petroleum Corp. warrants 7/14/25 (a) 33,810 0 
  606,065 
TOTAL ENERGY  611,816 
FINANCIALS - 6.4%   
Banks - 3.9%   
Bank of America Corp. 19,002,100 552,581 
Citigroup, Inc. 3,030,340 193,881 
HDFC Bank Ltd. sponsored ADR 174,900 17,686 
Huntington Bancshares, Inc. 3,763,000 54,225 
JPMorgan Chase & Co. 1,108,523 115,685 
M&T Bank Corp. 246,000 42,573 
SunTrust Banks, Inc. 1,304,000 84,590 
  1,061,221 
Capital Markets - 1.6%   
Charles Schwab Corp. 1,845,100 84,893 
CME Group, Inc. 693,900 126,227 
E*TRADE Financial Corp. 485,800 23,799 
Motors Liquidation Co. GUC Trust (a) 28,150 274 
MSCI, Inc. 554,300 102,390 
S&P Global, Inc. 410,200 82,192 
  419,775 
Diversified Financial Services - 0.9%   
Berkshire Hathaway, Inc. Class B (a) 1,167,300 234,977 
TOTAL FINANCIALS  1,715,973 
HEALTH CARE - 12.9%   
Biotechnology - 3.4%   
ACADIA Pharmaceuticals, Inc. (a) 860,504 22,803 
Alexion Pharmaceuticals, Inc. (a) 1,585,300 214,539 
Amgen, Inc. 249,800 47,482 
Audentes Therapeutics, Inc. (a) 644,800 19,744 
Biogen, Inc. (a) 192,500 63,142 
Blueprint Medicines Corp. (a) 121,200 9,961 
Celgene Corp. (a) 145,000 12,052 
Neurocrine Biosciences, Inc. (a) 401,522 31,018 
Regeneron Pharmaceuticals, Inc. (a) 280,000 120,607 
Sarepta Therapeutics, Inc. (a) 393,900 56,816 
Vertex Pharmaceuticals, Inc. (a) 1,608,000 303,510 
  901,674 
Health Care Equipment & Supplies - 4.2%   
Becton, Dickinson & Co. 1,165,600 289,990 
Boston Scientific Corp. (a) 7,356,700 295,151 
Corindus Vascular Robotics, Inc. (a)(e) 5,000,000 6,600 
Danaher Corp. 1,019,022 129,436 
Edwards Lifesciences Corp. (a) 419,700 71,051 
Hologic, Inc. (a) 765,016 36,071 
Intuitive Surgical, Inc. (a) 242,500 132,795 
Stryker Corp. 697,200 131,429 
Teleflex, Inc. 98,000 28,404 
  1,120,927 
Health Care Providers & Services - 2.8%   
Cigna Corp. 337,000 58,786 
HCA Holdings, Inc. 587,500 81,686 
Humana, Inc. 744,200 212,127 
UnitedHealth Group, Inc. 1,488,700 360,593 
Wellcare Health Plans, Inc. (a) 200,828 50,926 
  764,118 
Life Sciences Tools & Services - 0.6%   
Thermo Fisher Scientific, Inc. 576,600 149,668 
Pharmaceuticals - 1.9%   
Allergan PLC 453,400 62,438 
AstraZeneca PLC sponsored ADR 4,520,700 187,971 
Bristol-Myers Squibb Co. 1,227,000 63,387 
Eli Lilly & Co. 575,700 72,705 
Nektar Therapeutics (a) 234,300 9,499 
The Medicines Company (a) 461,000 11,373 
Zoetis, Inc. Class A 1,115,400 105,104 
  512,477 
TOTAL HEALTH CARE  3,448,864 
INDUSTRIALS - 7.0%   
Aerospace & Defense - 1.8%   
Huntington Ingalls Industries, Inc. 183,600 38,448 
Northrop Grumman Corp. 319,400 92,613 
Space Exploration Technologies Corp.:   
Class A (a)(e)(f) 41,122 7,649 
Class C (a)(e)(f) 5,607 1,043 
The Boeing Co. 443,000 194,902 
TransDigm Group, Inc. (a) 95,500 41,456 
United Technologies Corp. 866,900 108,943 
  485,054 
Air Freight & Logistics - 0.1%   
United Parcel Service, Inc. Class B 270,000 29,754 
Airlines - 0.1%   
American Airlines Group, Inc. 1,019,500 36,325 
Commercial Services & Supplies - 0.1%   
TulCo LLC (a)(d)(e)(f) 42,857 23,493 
Construction & Engineering - 0.5%   
Jacobs Engineering Group, Inc. 1,847,200 136,286 
Electrical Equipment - 0.6%   
AMETEK, Inc. 567,000 45,122 
Emerson Electric Co. 562,800 38,355 
Fortive Corp. 815,000 66,480 
  149,957 
Industrial Conglomerates - 0.4%   
General Electric Co. 11,645,300 120,995 
Machinery - 0.9%   
Deere & Co. 1,220,340 200,185 
Wabtec Corp. 43,211 3,166 
Xylem, Inc. 338,863 25,601 
  228,952 
Professional Services - 0.3%   
IHS Markit Ltd. (a) 1,289,300 68,552 
Road & Rail - 2.2%   
CSX Corp. 1,910,400 138,829 
Norfolk Southern Corp. 1,444,100 258,927 
Union Pacific Corp. 1,204,100 201,928 
  599,684 
Trading Companies & Distributors - 0.0%   
United Rentals, Inc. (a) 22,500 3,028 
TOTAL INDUSTRIALS  1,882,080 
INFORMATION TECHNOLOGY - 14.7%   
Communications Equipment - 0.1%   
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR 2,705,000 24,534 
Electronic Equipment & Components - 0.0%   
CDW Corp. 16,700 1,568 
IT Services - 3.2%   
Accenture PLC Class A 403,000 65,036 
Adyen BV (g) 40,895 30,701 
GoDaddy, Inc. (a) 350,000 26,128 
MasterCard, Inc. Class A 1,172,400 263,520 
MongoDB, Inc. Class A (a)(b) 170,000 17,265 
PayPal Holdings, Inc. (a) 1,389,100 136,229 
Visa, Inc. Class A 1,973,200 292,270 
Worldpay, Inc. (a) 390,200 37,381 
  868,530 
Semiconductors & Semiconductor Equipment - 2.1%   
Advanced Micro Devices, Inc. (a) 600,000 14,118 
ASML Holding NV 612,200 111,953 
Broadcom, Inc. 546,800 150,567 
Cypress Semiconductor Corp. 1,614 25 
Intel Corp. 838,100 44,386 
Lam Research Corp. 400,700 70,559 
Marvell Technology Group Ltd. 559,600 11,164 
NVIDIA Corp. 356,000 54,917 
NXP Semiconductors NV 666,600 60,874 
Qualcomm, Inc. 572,000 30,539 
  549,102 
Software - 8.5%   
2U, Inc. (a)(b) 1,071,853 78,996 
Adobe, Inc. (a) 970,600 254,783 
Atom Tickets LLC (a)(d)(e)(f) 2,580,511 7,690 
Autodesk, Inc. (a) 185,000 30,157 
CDK Global, Inc. 67,200 3,898 
Citrix Systems, Inc. 935,700 98,716 
Guidewire Software, Inc. (a) 360,000 33,026 
Intuit, Inc. 637,766 157,611 
Microsoft Corp. 8,318,700 931,935 
Salesforce.com, Inc. (a) 2,671,182 437,139 
The Trade Desk, Inc. (a) 386,500 76,349 
Workday, Inc. Class A (a) 887,400 175,643 
  2,285,943 
Technology Hardware, Storage & Peripherals - 0.8%   
Apple, Inc. 1,237,500 214,273 
TOTAL INFORMATION TECHNOLOGY  3,943,950 
MATERIALS - 2.0%   
Chemicals - 1.8%   
CF Industries Holdings, Inc. 1,284,400 54,202 
DowDuPont, Inc. 2,268,202 120,736 
FMC Corp. 198,512 17,767 
Nutrien Ltd. 1,715,000 93,365 
Olin Corp. 1,430,000 36,980 
Sherwin-Williams Co. 152,900 66,236 
The Chemours Co. LLC 327,500 12,455 
The Mosaic Co. 2,965,700 92,737 
  494,478 
Metals & Mining - 0.2%   
Barrick Gold Corp. 3,298,500 41,693 
Franco-Nevada Corp. 156,000 11,753 
Warrior Metropolitan Coal, Inc. 242 7 
  53,453 
TOTAL MATERIALS  547,931 
REAL ESTATE - 1.8%   
Equity Real Estate Investment Trusts (REITs) - 1.8%   
American Tower Corp. 1,698,500 299,191 
Ant International Co. Ltd. Class C (e)(f) 1,782,512 11,283 
Crown Castle International Corp. 1,071,500 127,241 
Gaming & Leisure Properties 126,400 4,598 
Simon Property Group, Inc. 283,605 51,378 
  493,691 
UTILITIES - 1.3%   
Electric Utilities - 0.9%   
FirstEnergy Corp. 699,000 28,484 
NextEra Energy, Inc. 440,500 82,691 
Vistra Energy Corp. 5,314,300 138,384 
  249,559 
Independent Power and Renewable Electricity Producers - 0.4%   
NRG Energy, Inc. 2,309,200 96,247 
NRG Yield, Inc. Class C 144,200 2,162 
  98,409 
TOTAL UTILITIES  347,968 
TOTAL COMMON STOCKS   
(Cost $13,053,304)  17,340,879 
Convertible Preferred Stocks - 1.2%   
CONSUMER DISCRETIONARY - 0.5%   
Hotels, Restaurants & Leisure - 0.1%   
Neutron Holdings, Inc.:   
Series C (e)(f) 38,589,900 9,358 
Series D (e)(f) 40,824,742 9,900 
  19,258 
Internet & Direct Marketing Retail - 0.1%   
The Honest Co., Inc.:   
Series D (a)(e)(f) 196,700 9,001 
Series E (a)(e)(f) 1,020,158 19,995 
  28,996 
Leisure Products - 0.1%   
Peloton Interactive, Inc. Series E (a)(e)(f) 1,846,568 26,665 
Specialty Retail - 0.1%   
Moda Operandi, Inc.:   
Series E (a)(e)(f) 508,444 16,006 
Series F (a)(e)(f) 157,251 4,950 
  20,956 
Textiles, Apparel & Luxury Goods - 0.1%   
Goop International Holdings, Inc. Series C (a)(e)(f) 1,881,874 13,681 
Rent the Runway, Inc. Series E (a)(e)(f) 1,378,930 30,819 
  44,500 
TOTAL CONSUMER DISCRETIONARY  140,375 
HEALTH CARE - 0.1%   
Biotechnology - 0.0%   
Generation Bio Series B (e)(f) 370,500 3,368 
Health Care Providers & Services - 0.1%   
Get Heal, Inc. Series B (a)(e)(f) 8,512,822 145 
Mulberry Health, Inc.:   
Series A (e)(f) 700,782 5,008 
Series A8 (a)(e)(f) 2,960,879 21,158 
Series AA (e)(f) 58,145 415 
  26,726 
TOTAL HEALTH CARE  30,094 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series H (a)(e)(f) 51,921 9,657 
INFORMATION TECHNOLOGY - 0.5%   
Software - 0.5%   
Jello Labs, Inc. Series C (a)(e)(f) 1,050,307 0 
Lyft, Inc.:   
Series H (a)(e)(f) 754,791 37,513 
Series I (e)(f) 380,117 18,892 
Uber Technologies, Inc. Series D, 8.00% (a)(e)(f) 1,596,241 77,849 
  134,254 
UTILITIES - 0.0%   
Electric Utilities - 0.0%   
Vistra Energy Corp. 7.00% 57,400 5,665 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $267,357)  320,045 
 Principal Amount (000s) Value (000s) 
Corporate Bonds - 14.5%   
Convertible Bonds - 0.0%   
INDUSTRIALS - 0.0%   
Electrical Equipment - 0.0%   
SolarCity Corp. 1.625% 11/1/19 4,288 4,071 
Nonconvertible Bonds - 14.5%   
COMMUNICATION SERVICES - 1.6%   
Diversified Telecommunication Services - 0.4%   
Altice Finco SA:   
7.625% 2/15/25 (g) 4,785 4,283 
8.125% 1/15/24 (g) 574 580 
AT&T, Inc.:   
2.45% 6/30/20 4,383 4,352 
3.6% 2/17/23 9,124 9,181 
4.45% 4/1/24 590 611 
4.5% 3/9/48 17,000 15,217 
BellSouth Capital Funding Corp. 7.875% 2/15/30 68 80 
C&W Senior Financing Designated Activity Co.:   
6.875% 9/15/27 (g) 1,715 1,681 
7.5% 10/15/26 (g) 1,270 1,295 
CenturyLink, Inc. 6.15% 9/15/19 3,331 3,368 
Frontier Communications Corp.:   
8.5% 4/1/26 (g) 3,620 3,367 
11% 9/15/25 4,170 2,664 
GCI, Inc. 6.875% 4/15/25 1,350 1,377 
Level 3 Communications, Inc. 5.75% 12/1/22 1,295 1,310 
Level 3 Financing, Inc.:   
5.375% 8/15/22 2,110 2,123 
6.125% 1/15/21 1,405 1,411 
SFR Group SA:   
6.25% 5/15/24 (g) 660 660 
7.375% 5/1/26 (g) 4,650 4,563 
8.125% 2/1/27 (g) 4,145 4,166 
Sprint Capital Corp.:   
6.875% 11/15/28 3,440 3,395 
6.9% 5/1/19 3,975 3,985 
8.75% 3/15/32 4,680 5,075 
Verizon Communications, Inc.:   
2.625% 2/21/20 4,697 4,689 
3.85% 11/1/42 1,470 1,325 
4.522% 9/15/48 2,247 2,205 
4.862% 8/21/46 4,188 4,306 
5.012% 4/15/49 6,100 6,385 
5.012% 8/21/54 23,690 24,336 
  117,990 
Entertainment - 0.2%   
AOL Time Warner, Inc. 2.95% 7/15/26 17,000 15,784 
NBCUniversal, Inc.:   
4.45% 1/15/43 2,479 2,457 
5.95% 4/1/41 1,734 2,048 
Netflix, Inc.:   
4.375% 11/15/26 3,415 3,286 
5.875% 11/15/28 (g) 2,195 2,286 
New Cotai LLC/New Cotai Capital Corp. 10.625% 5/1/19 pay-in-kind (g)(h) 6,964 3,482 
Time Warner, Inc. 2.1% 6/1/19 10,446 10,422 
Viacom, Inc.:   
5.875% 2/28/57 (h) 1,375 1,358 
6.25% 2/28/57 (h) 1,850 1,840 
  42,963 
Interactive Media & Services - 0.0%   
Match Group, Inc.:   
5% 12/15/27 (g) 1,235 1,221 
5.625% 2/15/29 (g) 1,255 1,248 
  2,469 
Media - 0.9%   
21st Century Fox America, Inc. 7.75% 12/1/45 8,012 11,807 
Altice Financing SA:   
6.625% 2/15/23 (g) 2,620 2,679 
7.5% 5/15/26 (g) 3,625 3,507 
Altice SA:   
7.625% 2/15/25 (g) 4,905 4,356 
7.75% 5/15/22 (g) 10,065 10,002 
Cable One, Inc. 5.75% 6/15/22 (g) 895 911 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
5% 2/1/28 (g) 1,315 1,266 
5.125% 5/1/23 (g) 3,155 3,211 
5.125% 5/1/27 (g) 9,765 9,582 
5.25% 3/15/21 3,375 3,388 
5.5% 5/1/26 (g) 2,370 2,417 
5.75% 1/15/24 4,235 4,338 
5.75% 2/15/26 (g) 5,010 5,192 
5.875% 5/1/27 (g) 6,060 6,225 
Cengage Learning, Inc. 9.5% 6/15/24 (g) 1,005 837 
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:   
4.464% 7/23/22 7,702 7,900 
4.908% 7/23/25 5,177 5,363 
5.375% 5/1/47 27,968 26,517 
6.484% 10/23/45 1,983 2,133 
Clear Channel Worldwide Holdings, Inc.:   
Series A, 6.5% 11/15/22 755 771 
7.625% 3/15/20 3,205 3,207 
Comcast Corp.:   
3.9% 3/1/38 1,325 1,253 
3.969% 11/1/47 4,281 3,971 
3.999% 11/1/49 4,886 4,537 
4% 3/1/48 2,423 2,265 
4.6% 8/15/45 3,500 3,534 
4.65% 7/15/42 3,127 3,175 
CSC Holdings LLC:   
5.375% 7/15/23 (g) 2,375 2,441 
5.375% 2/1/28 (g) 3,605 3,542 
5.5% 4/15/27 (g) 8,830 8,874 
6.5% 2/1/29 (g) 3,155 3,301 
7.5% 4/1/28 (g) 3,610 3,809 
7.75% 7/15/25 (g) 1,990 2,124 
DISH DBS Corp.:   
5% 3/15/23 2,675 2,364 
5.875% 7/15/22 2,655 2,536 
E.W. Scripps Co. 5.125% 5/15/25 (g) 695 669 
Fox Corp.:   
3.666% 1/25/22 (g) 1,060 1,072 
4.03% 1/25/24 (g) 1,864 1,900 
4.709% 1/25/29 (g) 2,698 2,797 
5.476% 1/25/39 (g) 2,660 2,788 
5.576% 1/25/49 (g) 1,765 1,864 
Lamar Media Corp. 5.375% 1/15/24 630 647 
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (g) 685 683 
Sirius XM Radio, Inc.:   
5% 8/1/27 (g) 2,770 2,708 
5.375% 4/15/25 (g) 1,490 1,518 
Time Warner Cable, Inc.:   
4% 9/1/21 9,654 9,749 
4.5% 9/15/42 14,732 12,375 
5.5% 9/1/41 2,304 2,180 
6.55% 5/1/37 12,627 13,390 
7.3% 7/1/38 3,823 4,315 
8.25% 4/1/19 10,176 10,217 
Ziggo Bond Finance BV:   
5.875% 1/15/25 (g) 1,120 1,089 
6% 1/15/27 (g) 4,760 4,510 
Ziggo Secured Finance BV 5.5% 1/15/27 (g) 7,840 7,566 
  245,372 
Wireless Telecommunication Services - 0.1%   
Intelsat Jackson Holdings SA 8.5% 10/15/24 (g) 5,935 5,993 
Neptune Finco Corp. 10.875% 10/15/25 (g) 3,767 4,370 
Sprint Communications, Inc. 6% 11/15/22 9,820 9,962 
Sprint Corp.:   
7.125% 6/15/24 3,105 3,208 
7.625% 2/15/25 775 812 
7.625% 3/1/26 1,220 1,266 
7.875% 9/15/23 4,515 4,825 
T-Mobile U.S.A., Inc. 6% 3/1/23 2,590 2,661 
  33,097 
TOTAL COMMUNICATION SERVICES  441,891 
CONSUMER DISCRETIONARY - 0.6%   
Automobiles - 0.2%   
General Motors Financial Co., Inc.:   
3.15% 1/15/20 12,000 11,999 
3.5% 7/10/19 17,868 17,902 
4% 1/15/25 6,368 6,117 
4.25% 5/15/23 3,285 3,295 
4.375% 9/25/21 11,267 11,451 
  50,764 
Diversified Consumer Services - 0.0%   
Laureate Education, Inc. 8.25% 5/1/25 (g) 4,170 4,504 
Service Corp. International 5.375% 1/15/22 505 510 
  5,014 
Hotels, Restaurants & Leisure - 0.3%   
Aramark Services, Inc. 5% 2/1/28 (g) 2,480 2,449 
Chukchansi Economic Development Authority 9.75% 5/30/20 (g)(i) 2,861 1,573 
Delta Merger Sub, Inc. 6% 9/15/26 (g) 685 697 
Eldorado Resorts, Inc. 6% 4/1/25 1,690 1,717 
GLP Capital LP/GLP Financing II, Inc.:   
5.25% 6/1/25 1,440 1,491 
5.375% 4/15/26 735 759 
Golden Nugget, Inc.:   
6.75% 10/15/24 (g) 3,025 3,040 
8.75% 10/1/25 (g) 1,385 1,427 
Hilton Domestic Operating Co., Inc. 5.125% 5/1/26 (g) 3,650 3,667 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.:   
4.625% 4/1/25 1,940 1,930 
4.875% 4/1/27 1,165 1,159 
International Game Technology PLC 6.25% 1/15/27 (g) 960 1,000 
KFC Holding Co./Pizza Hut Holding LLC:   
4.75% 6/1/27 (g) 1,325 1,305 
5% 6/1/24 (g) 3,275 3,317 
Merlin Entertainments PLC 5.75% 6/15/26 (g) 4,500 4,646 
MGM Growth Properties Operating Partnership LP 5.75% 2/1/27 (g) 1,315 1,346 
MGM Mirage, Inc. 5.75% 6/15/25 5,680 5,803 
Penn National Gaming, Inc. 5.625% 1/15/27 (g) 355 339 
Scientific Games Corp.:   
6.25% 9/1/20 580 581 
6.625% 5/15/21 5,350 5,420 
10% 12/1/22 6,840 7,191 
Silversea Cruises 7.25% 2/1/25 (g) 745 807 
Studio City Co. Ltd. 5.875% 11/30/19 (g) 1,180 1,194 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (g) 1,280 1,264 
Voc Escrow Ltd. 5% 2/15/28 (g) 1,265 1,230 
Wyndham Hotels & Resorts, Inc. 5.375% 4/15/26 (g) 2,180 2,205 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (g) 3,060 2,927 
Wynn Macau Ltd.:   
4.875% 10/1/24 (g) 1,175 1,134 
5.5% 10/1/27 (g) 1,445 1,378 
  62,996 
Household Durables - 0.0%   
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (g) 785 780 
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (g) 620 622 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:   
5.125% 7/15/23 (g) 925 925 
5.75% 10/15/20 4,433 4,442 
7% 7/15/24 (g) 1,160 1,188 
  7,957 
Internet & Direct Marketing Retail - 0.0%   
Netflix, Inc. 4.875% 4/15/28 1,735 1,688 
Zayo Group LLC/Zayo Capital, Inc. 5.75% 1/15/27 (g) 3,785 3,671 
  5,359 
Specialty Retail - 0.1%   
Home Depot, Inc. 3.9% 12/6/28 15,000 15,544 
Sonic Automotive, Inc. 5% 5/15/23 195 184 
  15,728 
TOTAL CONSUMER DISCRETIONARY  147,818 
CONSUMER STAPLES - 0.7%   
Beverages - 0.3%   
Anheuser-Busch InBev Finance, Inc.:   
3.65% 2/1/26 20,000 19,758 
4.7% 2/1/36 14,328 13,868 
4.9% 2/1/46 9,290 8,941 
Anheuser-Busch InBev Worldwide, Inc.:   
4.75% 4/15/58 7,024 6,376 
5.45% 1/23/39 6,930 7,273 
5.55% 1/23/49 15,844 16,641 
5.8% 1/23/59 (Reg. S) 16,764 17,884 
  90,741 
Food & Staples Retailing - 0.1%   
C&S Group Enterprises LLC 5.375% 7/15/22 (g) 1,445 1,454 
Cumberland Farms, Inc. 6.75% 5/1/25 (g) 670 694 
ESAL GmbH 6.25% 2/5/23 (g) 3,315 3,345 
Performance Food Group, Inc. 5.5% 6/1/24 (g) 1,050 1,053 
Rite Aid Corp.:   
6.875% 12/15/28 (g)(h) 3,505 2,138 
7.7% 2/15/27 3,085 2,103 
Tops Markets LLC 13% 11/19/24 pay-in-kind (h) 528 536 
  11,323 
Food Products - 0.1%   
CF Industries Holdings, Inc.:   
4.95% 6/1/43 6,065 5,072 
5.15% 3/15/34 3,065 2,881 
5.375% 3/15/44 2,305 2,014 
Darling International, Inc. 5.375% 1/15/22 745 752 
JBS Investments II GmbH 7% 1/15/26 (g) 1,415 1,461 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:   
5.75% 6/15/25 (g) 6,370 6,461 
5.875% 7/15/24 (g) 1,500 1,542 
6.75% 2/15/28 (g) 3,150 3,256 
Pilgrim's Pride Corp.:   
5.75% 3/15/25 (g) 525 525 
5.875% 9/30/27 (g) 935 919 
Post Holdings, Inc.:   
5% 8/15/26 (g) 5,230 5,027 
5.5% 3/1/25 (g) 1,485 1,489 
5.75% 3/1/27 (g) 4,110 4,053 
  35,452 
Tobacco - 0.2%   
Altria Group, Inc.:   
2.625% 1/14/20 4,950 4,935 
4% 1/31/24 3,123 3,152 
Imperial Tobacco Finance PLC:   
3.75% 7/21/22 (g) 6,420 6,432 
4.25% 7/21/25 (g) 6,420 6,411 
Reynolds American, Inc.:   
3.25% 6/12/20 1,273 1,272 
4% 6/12/22 4,375 4,428 
4.45% 6/12/25 3,173 3,200 
4.85% 9/15/23 7,000 7,312 
5.7% 8/15/35 1,646 1,623 
5.85% 8/15/45 5,525 5,264 
7.25% 6/15/37 6,101 6,668 
Vector Group Ltd. 6.125% 2/1/25 (g) 2,745 2,429 
  53,126 
TOTAL CONSUMER STAPLES  190,642 
ENERGY - 2.5%   
Energy Equipment & Services - 0.2%   
El Paso Pipeline Partners Operating Co. LLC:   
5% 10/1/21 5,755 5,975 
6.5% 4/1/20 2,937 3,039 
Ensco PLC:   
4.5% 10/1/24 3,510 2,716 
5.2% 3/15/25 660 507 
7.75% 2/1/26 1,600 1,344 
Exterran Partners LP/EXLP Finance Corp.:   
6% 4/1/21 7,640 7,602 
6% 10/1/22 930 921 
Halliburton Co.:   
3.8% 11/15/25 3,469 3,485 
4.85% 11/15/35 3,029 3,069 
Jonah Energy LLC 7.25% 10/15/25 (g) 2,740 1,767 
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (g) 1,585 1,648 
Nabors Industries, Inc.:   
5.5% 1/15/23 1,205 1,130 
5.75% 2/1/25 3,671 3,240 
Noble Holding International Ltd.:   
6.05% 3/1/41 80 51 
6.2% 8/1/40 2,270 1,453 
7.75% 1/15/24 3,517 3,130 
7.875% 2/1/26 (g) 1,405 1,314 
7.95% 4/1/25 (h) 2,995 2,621 
Pacific Drilling Second Lien Escrow Issuer Ltd. 12% 4/1/24 pay-in-kind (g)(h) 137 140 
Pride International, Inc. 7.875% 8/15/40 2,554 2,069 
SESI LLC 7.75% 9/15/24 985 837 
Summit Midstream Holdings LLC 5.75% 4/15/25 1,290 1,232 
Transocean Pontus Ltd. 6.125% 8/1/25 (g) 473 477 
Transocean, Inc. 7.25% 11/1/25 (g) 3,170 3,027 
Weatherford International Ltd. 9.875% 2/15/24 1,560 1,123 
Weatherford International, Inc. 9.875% 3/1/25 6,937 4,943 
  58,860 
Oil, Gas & Consumable Fuels - 2.3%   
Alberta Energy Co. Ltd. 8.125% 9/15/30 5,984 7,352 
Alpha Natural Resources, Inc. 9.75% 4/15/18 (f)(i) 1,099 0 
Amerada Hess Corp.:   
7.3% 8/15/31 1,988 2,265 
7.875% 10/1/29 2,989 3,503 
Anadarko Finance Co. 7.5% 5/1/31 6,940 8,399 
Anadarko Petroleum Corp.:   
4.85% 3/15/21 8,942 9,187 
5.55% 3/15/26 7,601 8,122 
6.45% 9/15/36 3,100 3,489 
6.6% 3/15/46 8,166 9,655 
Antero Midstream Partners LP/Antero Midstream Finance Corp.:   
5.375% 9/15/24 785 785 
5.75% 3/1/27 (g) 2,685 2,705 
Antero Resources Finance Corp. 5.375% 11/1/21 1,790 1,797 
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.125% 11/15/22 (g) 5,000 5,069 
California Resources Corp. 8% 12/15/22 (g) 13,740 10,975 
Callon Petroleum Co.:   
6.125% 10/1/24 730 735 
6.375% 7/1/26 845 845 
Canadian Natural Resources Ltd. 5.85% 2/1/35 3,450 3,771 
Cenovus Energy, Inc. 4.25% 4/15/27 6,485 6,176 
Cheniere Corpus Christi Holdings LLC:   
5.125% 6/30/27 4,290 4,376 
5.875% 3/31/25 2,210 2,354 
Cheniere Energy Partners LP 5.625% 10/1/26 (g) 1,685 1,717 
Chesapeake Energy Corp.:   
3 month U.S. LIBOR + 3.250% 6.0373% 4/15/19 (h)(j) 2,150 2,153 
4.875% 4/15/22 2,820 2,707 
5.75% 3/15/23 1,800 1,737 
8% 6/15/27 4,455 4,412 
Columbia Pipeline Group, Inc.:   
3.3% 6/1/20 5,938 5,944 
4.5% 6/1/25 1,813 1,861 
Comstock Escrow Corp. 9.75% 8/15/26 (g) 3,095 2,869 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 6.5382% 6/15/22 (g)(h)(j) 3,895 3,876 
6.5% 5/15/26 (g) 6,020 5,704 
6.875% 6/15/25 (g) 3,205 3,125 
Covey Park Energy LLC 7.5% 5/15/25 (g) 670 623 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6.25% 4/1/23 1,150 1,180 
DCP Midstream LLC:   
4.75% 9/30/21 (g) 5,634 5,733 
5.35% 3/15/20 (g) 5,174 5,265 
5.85% 5/21/43 (g)(h) 5,735 5,075 
DCP Midstream Operating LP:   
2.7% 4/1/19 4,139 4,134 
3.875% 3/15/23 2,327 2,310 
4.95% 4/1/22 1,048 1,072 
5.375% 7/15/25 2,390 2,486 
5.6% 4/1/44 1,686 1,557 
Denbury Resources, Inc.:   
4.625% 7/15/23 4,810 3,175 
5.5% 5/1/22 2,000 1,470 
6.375% 8/15/21 610 511 
7.5% 2/15/24 (g) 4,531 4,044 
9.25% 3/31/22 (g) 815 817 
Duke Energy Field Services 6.45% 11/3/36 (g) 3,753 3,781 
Empresa Nacional de Petroleo 4.375% 10/30/24 (g) 4,545 4,621 
Enable Midstream Partners LP:   
2.4% 5/15/19 (h) 1,656 1,654 
3.9% 5/15/24 (h) 1,746 1,700 
Enbridge Energy Partners LP:   
4.2% 9/15/21 6,629 6,747 
4.375% 10/15/20 4,351 4,429 
Enbridge, Inc. 4.25% 12/1/26 2,391 2,438 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.5% 1/30/26 (g) 665 697 
5.75% 1/30/28 (g) 670 714 
Energy Transfer Partners LP:   
4.2% 9/15/23 1,460 1,489 
4.5% 4/15/24 1,866 1,916 
4.95% 6/15/28 4,982 5,076 
5.25% 4/15/29 3,035 3,174 
5.8% 6/15/38 2,778 2,835 
6% 6/15/48 21,809 22,629 
6.25% 4/15/49 4,731 5,078 
EP Energy LLC/Everest Acquisition Finance, Inc.:   
7.75% 5/15/26 (g) 6,350 5,628 
8% 11/29/24 (g) 990 698 
Hess Infrastructure Partners LP 5.625% 2/15/26 (g) 1,990 2,000 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5.75% 10/1/25 (g) 6,625 6,584 
6.25% 11/1/28 (g) 1,570 1,539 
Indigo Natural Resources LLC 6.875% 2/15/26 (g) 1,660 1,448 
Kinder Morgan Energy Partners LP:   
3.45% 2/15/23 7,202 7,212 
3.5% 3/1/21 2,994 3,012 
6.55% 9/15/40 674 775 
Kinder Morgan, Inc.:   
5% 2/15/21 (g) 3,749 3,863 
5.55% 6/1/45 3,581 3,760 
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (g) 1,480 1,476 
Marathon Petroleum Corp. 5.125% 3/1/21 3,173 3,282 
MEG Energy Corp.:   
6.375% 1/30/23 (g) 1,855 1,693 
7% 3/31/24 (g) 4,725 4,323 
MPLX LP:   
4.5% 7/15/23 2,476 2,559 
4.8% 2/15/29 1,458 1,495 
4.875% 12/1/24 3,335 3,482 
5.5% 2/15/49 4,374 4,480 
Nakilat, Inc. 6.067% 12/31/33 (g) 1,839 2,064 
Nexen, Inc. 6.2% 7/30/19 1,865 1,889 
Nine Energy Service, Inc. 8.75% 11/1/23 (g) 760 760 
Northern Oil & Gas, Inc. 9.5% 5/15/23 pay-in-kind 1,639 1,680 
Oasis Petroleum, Inc. 6.875% 3/15/22 563 562 
Parsley Energy LLC/Parsley:   
5.375% 1/15/25 (g) 2,595 2,601 
5.625% 10/15/27 (g) 780 772 
6.25% 6/1/24 (g) 4,225 4,331 
PBF Holding Co. LLC/PBF Finance Corp.:   
7% 11/15/23 1,475 1,508 
7.25% 6/15/25 1,820 1,866 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 2,785 2,835 
Peabody Securities Finance Corp.:   
6% 3/31/22 (g) 545 550 
6.375% 3/31/25 (g) 680 669 
Petrobras Global Finance BV:   
4.375% 5/20/23 3,648 3,660 
7.25% 3/17/44 28,868 30,845 
Petroleos Mexicanos:   
3.5% 1/30/23 4,530 4,219 
4.5% 1/23/26 6,398 5,713 
4.625% 9/21/23 10,200 9,769 
4.875% 1/24/22 2,315 2,296 
4.875% 1/18/24 5,974 5,708 
5.375% 3/13/22 3,625 3,632 
5.5% 1/21/21 12,842 13,006 
5.5% 6/27/44 7,252 5,653 
5.625% 1/23/46 6,203 4,854 
6% 3/5/20 2,593 2,638 
6.375% 1/23/45 13,324 11,189 
6.5% 3/13/27 5,590 5,397 
6.5% 6/2/41 7,783 6,771 
6.75% 9/21/47 45,424 39,387 
6.875% 8/4/26 12,000 11,985 
8% 5/3/19 2,772 2,793 
Phillips 66 Co. 4.3% 4/1/22 5,338 5,521 
Phillips 66 Partners LP 2.646% 2/15/20 527 525 
Rose Rock Midstream LP/Rose Rock Finance Corp. 5.625% 7/15/22 635 618 
Sanchez Energy Corp.:   
6.125% 1/15/23 4,680 708 
7.25% 2/15/23 (g) 5,515 4,757 
SemGroup Corp. 7.25% 3/15/26 2,140 2,070 
Shell International Finance BV 4.375% 5/11/45 6,392 6,720 
SM Energy Co.:   
5% 1/15/24 1,585 1,492 
5.625% 6/1/25 1,670 1,561 
6.625% 1/15/27 1,145 1,091 
6.75% 9/15/26 805 771 
Southeast Supply Header LLC 4.25% 6/15/24 (g) 4,893 4,876 
Southwestern Energy Co.:   
6.2% 1/23/25 (h) 3,470 3,434 
7.5% 4/1/26 1,470 1,529 
7.75% 10/1/27 1,090 1,132 
Sunoco Logistics Partner Operations LP 5.4% 10/1/47 2,002 1,926 
Sunoco LP/Sunoco Finance Corp.:   
4.875% 1/15/23 1,630 1,650 
5.5% 2/15/26 1,385 1,376 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
5.375% 2/1/27 1,025 1,030 
5.875% 4/15/26 (g) 1,095 1,139 
6.5% 7/15/27 (g) 785 830 
6.75% 3/15/24 3,500 3,666 
6.875% 1/15/29 (g) 1,390 1,479 
Teekay Corp. 8.5% 1/15/20 5,705 5,674 
Teine Energy Ltd. 6.875% 9/30/22 (g) 2,994 3,009 
Tesoro Logistics LP/Tesoro Logistics Finance Corp. 6.375% 5/1/24 1,185 1,241 
The Williams Companies, Inc.:   
3.7% 1/15/23 12,205 12,194 
4.55% 6/24/24 19,902 20,499 
Ultra Resources, Inc. 11% 7/12/24 pay-in-kind 1,671 1,078 
W&T Offshore, Inc. 9.75% 11/1/23 (g) 1,530 1,515 
Western Gas Partners LP:   
4.65% 7/1/26 1,642 1,630 
4.75% 8/15/28 1,458 1,439 
5.375% 6/1/21 16,313 16,806 
Whiting Petroleum Corp. 6.625% 1/15/26 1,005 985 
Williams Partners LP:   
3.6% 3/15/22 5,146 5,173 
3.9% 1/15/25 1,767 1,770 
4% 11/15/21 2,349 2,387 
4.3% 3/4/24 4,038 4,130 
4.5% 11/15/23 2,564 2,646 
WPX Energy, Inc. 8.25% 8/1/23 1,070 1,200 
  620,283 
TOTAL ENERGY  679,143 
FINANCIALS - 5.1%   
Banks - 2.3%   
Banco Nacional de Desenvolvimento Economico e Social:   
4% 4/14/19 (g) 21,750 21,742 
5.5% 7/12/20 (g) 16,673 17,236 
5.75% 9/26/23 (g) 5,082 5,425 
6.5% 6/10/19 (g) 1,763 1,772 
Bank of America Corp.:   
3.004% 12/20/23 (h) 57,008 56,267 
3.419% 12/20/28 (h) 8,042 7,759 
3.5% 4/19/26 7,374 7,299 
3.705% 4/24/28 (h) 7,919 7,810 
3.864% 7/23/24 (h) 37,687 38,298 
3.95% 4/21/25 5,678 5,674 
4.2% 8/26/24 9,221 9,398 
4.25% 10/22/26 5,465 5,490 
Barclays PLC:   
2.75% 11/8/19 4,598 4,580 
4.375% 1/12/26 8,817 8,745 
BB&T Corp. 3.95% 3/22/22 1,495 1,520 
CIT Group, Inc.:   
4.125% 3/9/21 1,570 1,587 
5.25% 3/7/25 1,310 1,369 
Citigroup, Inc.:   
2.4% 2/18/20 4,295 4,273 
2.7% 10/27/22 32,987 32,392 
3.142% 1/24/23 (h) 5,705 5,683 
4.05% 7/30/22 14,700 14,983 
4.3% 11/20/26 14,141 14,160 
4.45% 9/29/27 14,000 14,048 
5.5% 9/13/25 18,723 20,222 
Citizens Bank NA 2.55% 5/13/21 2,268 2,239 
Citizens Financial Group, Inc. 4.15% 9/28/22 (g) 6,650 6,685 
Credit Suisse Group Funding Guernsey Ltd.:   
2.75% 3/26/20 6,421 6,394 
3.75% 3/26/25 6,420 6,344 
3.8% 9/15/22 9,940 9,993 
3.8% 6/9/23 12,454 12,453 
Credit Suisse New York Branch 5.4% 1/14/20 1,200 1,223 
Discover Bank 7% 4/15/20 3,075 3,193 
Fifth Third Bancorp 3.5% 3/15/22 529 533 
HSBC Holdings PLC 4.25% 3/14/24 2,900 2,937 
Huntington Bancshares, Inc. 7% 12/15/20 2,561 2,724 
Huntington National Bank 2.2% 4/1/19 2,700 2,699 
Intesa Sanpaolo SpA:   
5.017% 6/26/24 (g) 5,678 5,261 
5.71% 1/15/26 (g) 13,492 12,634 
JPMorgan Chase & Co.:   
2.95% 10/1/26 8,946 8,529 
3.875% 9/10/24 12,321 12,463 
4.125% 12/15/26 49,975 50,572 
4.452% 12/5/29 (h) 25,000 26,165 
KeyCorp. 5.1% 3/24/21 519 540 
Rabobank Nederland 4.375% 8/4/25 9,821 9,935 
Regions Bank 6.45% 6/26/37 10,147 12,061 
Regions Financial Corp. 3.2% 2/8/21 4,117 4,122 
Royal Bank of Scotland Group PLC:   
5.125% 5/28/24 45,209 45,825 
6% 12/19/23 14,202 14,924 
6.1% 6/10/23 10,097 10,591 
6.125% 12/15/22 35,362 37,307 
Synchrony Bank 3% 6/15/22 5,296 5,136 
UniCredit SpA 6.572% 1/14/22 (g) 8,231 8,438 
  629,652 
Capital Markets - 1.3%   
Affiliated Managers Group, Inc.:   
3.5% 8/1/25 7,721 7,467 
4.25% 2/15/24 2,760 2,835 
Balboa Merger Sub, Inc. 11.375% 12/1/21 (g) 9,335 9,918 
CyrusOne LP/CyrusOne Finance Corp.:   
5% 3/15/24 1,110 1,129 
5.375% 3/15/27 920 936 
Deutsche Bank AG 4.5% 4/1/25 14,192 13,211 
Deutsche Bank AG New York Branch:   
3.15% 1/22/21 6,215 6,071 
3.3% 11/16/22 13,520 12,760 
5% 2/14/22 13,461 13,544 
Goldman Sachs Group, Inc.:   
2.876% 10/31/22 (h) 95,103 93,678 
3.2% 2/23/23 1,300 1,289 
3.691% 6/5/28 (h) 19,000 18,398 
3.75% 2/25/26 15,000 14,814 
6.75% 10/1/37 2,771 3,296 
Lazard Group LLC 4.25% 11/14/20 1,706 1,732 
Moody's Corp.:   
3.25% 1/15/28 2,803 2,677 
4.875% 2/15/24 2,632 2,784 
Morgan Stanley:   
3.125% 1/23/23 39,834 39,515 
3.7% 10/23/24 10,237 10,282 
3.737% 4/24/24 (h) 30,000 30,261 
4.431% 1/23/30 (h) 6,495 6,706 
4.875% 11/1/22 7,232 7,569 
5% 11/24/25 20,351 21,391 
5.625% 9/23/19 453 460 
MSCI, Inc. 5.75% 8/15/25 (g) 870 905 
Peachtree Corners Funding Trust 3.976% 2/15/25 (g) 7,000 6,951 
UBS AG Stamford Branch 2.375% 8/14/19 10,750 10,735 
UBS Group Funding Ltd. 4.125% 9/24/25 (g) 7,279 7,401 
  348,715 
Consumer Finance - 0.6%   
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:   
3.5% 5/26/22 2,254 2,223 
4.125% 7/3/23 5,160 5,126 
4.45% 12/16/21 4,345 4,402 
4.875% 1/16/24 2,590 2,650 
Ally Financial, Inc.:   
5.75% 11/20/25 4,715 4,998 
8% 11/1/31 9,130 11,139 
8% 11/1/31 17,338 21,412 
Capital One Financial Corp. 3.8% 1/31/28 5,544 5,328 
Discover Financial Services:   
3.85% 11/21/22 1,983 1,995 
3.95% 11/6/24 15,000 14,846 
4.5% 1/30/26 6,952 6,984 
5.2% 4/27/22 2,146 2,245 
Ford Motor Credit Co. LLC:   
5.085% 1/7/21 4,339 4,420 
5.596% 1/7/22 8,976 9,196 
5.875% 8/2/21 10,438 10,786 
Navient Corp.:   
5.875% 10/25/24 5,675 5,462 
6.75% 6/25/25 1,840 1,801 
6.75% 6/15/26 5,455 5,237 
SLM Corp.:   
4.875% 6/17/19 2,727 2,727 
5.5% 1/25/23 190 188 
6.125% 3/25/24 6,670 6,503 
8% 3/25/20 5,930 6,193 
Springleaf Financial Corp. 7.125% 3/15/26 4,515 4,538 
Synchrony Financial:   
3% 8/15/19 1,910 1,909 
3.75% 8/15/21 7,084 7,100 
3.95% 12/1/27 9,650 8,837 
4.25% 8/15/24 2,903 2,846 
  161,091 
Diversified Financial Services - 0.4%   
Avolon Holdings Funding Ltd.:   
5.125% 10/1/23 (g) 7,244 7,316 
5.25% 5/15/24 (g)(k) 2,570 2,634 
5.5% 1/15/23 (g) 2,905 2,978 
AXA Equitable Holdings, Inc. 3.9% 4/20/23 1,279 1,289 
Brixmor Operating Partnership LP:   
3.25% 9/15/23 8,309 8,065 
3.875% 8/15/22 7,497 7,501 
4.125% 6/15/26 2,949 2,880 
Chobani LLC/Finance Corp., Inc. 7.5% 4/15/25 (g) 2,400 2,160 
Cigna Corp.:   
4.125% 11/15/25 (g) 2,979 3,024 
4.375% 10/15/28 (g) 7,689 7,794 
4.8% 8/15/38 (g) 4,787 4,778 
4.9% 12/15/48 (g) 4,783 4,762 
CRC Escrow Issuer LLC/CRC Finance LLC 5.25% 10/15/25 (g) 8,365 7,936 
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 4,315 4,336 
Eagle Intermediate Global Holding BV 7.5% 5/1/25 (g) 555 539 
Grinding Media, Inc./MC Grinding Media Canada, Inc. 7.375% 12/15/23 (g) 1,110 1,111 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 2,725 2,756 
6% 8/1/20 2,230 2,252 
6.375% 12/15/25 4,115 4,233 
6.75% 2/1/24 1,565 1,637 
j2 Cloud Services LLC/j2 Global Communications, Inc. 6% 7/15/25 (g) 1,150 1,181 
Park Aerospace Holdings Ltd.:   
4.5% 3/15/23 (g) 2,520 2,501 
5.25% 8/15/22 (g)(k) 1,790 1,832 
5.5% 2/15/24 (g) 11,360 11,743 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
6.625% 2/15/25 (g) 3,365 3,163 
6.875% 2/15/23 (g) 1,505 1,460 
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (g) 5,165 5,598 
Starfruit Finco BV / Starfruit U.S. Holdco LLC 8% 10/1/26 (g) 945 943 
Transocean Poseidon Ltd. 6.875% 2/1/27 (g) 2,175 2,235 
Voya Financial, Inc. 3.125% 7/15/24 3,320 3,213 
  113,850 
Insurance - 0.5%   
Acrisure LLC / Acrisure Finance, Inc.:   
7% 11/15/25 (g) 2,320 2,049 
8.125% 2/15/24 (g) 1,095 1,122 
AIA Group Ltd. 2.25% 3/11/19 (g) 1,203 1,203 
Alliant Holdings Co.-Issuer, Inc./Wayne Merger Sub LLC 8.25% 8/1/23 (g) 2,360 2,438 
American International Group, Inc.:   
3.3% 3/1/21 3,455 3,460 
3.75% 7/10/25 11,144 10,954 
4.875% 6/1/22 10,692 11,204 
AmWINS Group, Inc. 7.75% 7/1/26 (g) 2,090 2,142 
Aon Corp. 5% 9/30/20 107 110 
Centene Escrow Corp. 5.375% 6/1/26 (g) 3,715 3,854 
HUB International Ltd. 7% 5/1/26 (g) 1,395 1,367 
Liberty Mutual Group, Inc.:   
4.25% 6/15/23 (g) 586 596 
4.569% 2/1/29 (g) 8,132 8,230 
Marsh & McLennan Companies, Inc.:   
4.375% 3/15/29 5,883 6,063 
4.75% 3/15/39 2,700 2,796 
4.8% 7/15/21 3,441 3,559 
4.9% 3/15/49 5,372 5,651 
Massachusetts Mutual Life Insurance Co. 4.5% 4/15/65 (g) 7,265 6,834 
Northwestern Mutual Life Insurance Co. 6.063% 3/30/40 (g) 3,585 4,426 
Pacific LifeCorp 5.125% 1/30/43 (g) 6,960 7,119 
Prudential Financial, Inc.:   
4.5% 11/16/21 1,461 1,514 
7.375% 6/15/19 1,880 1,904 
Teachers Insurance & Annuity Association of America 4.9% 9/15/44 (g) 6,853 7,332 
TIAA Asset Management Finance LLC 4.125% 11/1/24 (g) 2,275 2,349 
Unum Group:   
3.875% 11/5/25 6,934 6,743 
5.625% 9/15/20 2,879 2,974 
5.75% 8/15/42 10,079 10,505 
USIS Merger Sub, Inc. 6.875% 5/1/25 (g) 2,030 1,974 
  120,472 
TOTAL FINANCIALS  1,373,780 
HEALTH CARE - 1.1%   
Health Care Equipment & Supplies - 0.0%   
Hologic, Inc.:   
4.375% 10/15/25 (g) 1,505 1,479 
4.625% 2/1/28 (g) 505 489 
  1,968 
Health Care Providers & Services - 0.8%   
Cigna Corp. 3.75% 7/15/23 (g) 6,161 6,235 
Community Health Systems, Inc.:   
5.125% 8/1/21 2,120 2,080 
6.25% 3/31/23 13,660 13,148 
8% 3/15/26 (g) 8,440 8,329 
8.125% 6/30/24 (g) 965 803 
8.625% 1/15/24 (g) 3,670 3,771 
CVS Health Corp.:   
3.7% 3/9/23 3,400 3,421 
3.875% 7/20/25 5,311 5,300 
4.1% 3/25/25 14,035 14,227 
4.3% 3/25/28 16,299 16,310 
4.78% 3/25/38 7,256 7,058 
5.05% 3/25/48 10,668 10,571 
DaVita HealthCare Partners, Inc.:   
5% 5/1/25 3,525 3,401 
5.125% 7/15/24 5,800 5,742 
Elanco Animal Health, Inc.:   
3.912% 8/27/21 (g) 1,267 1,275 
4.272% 8/28/23 (g) 4,000 4,059 
4.9% 8/28/28 (g) 1,685 1,746 
Encompass Health Corp.:   
5.75% 11/1/24 4,285 4,329 
5.75% 9/15/25 3,965 4,005 
HCA Holdings, Inc.:   
4.25% 10/15/19 3,850 3,874 
4.75% 5/1/23 305 315 
5.375% 2/1/25 6,835 7,089 
5.375% 9/1/26 1,560 1,598 
5.625% 9/1/28 2,740 2,825 
5.875% 3/15/22 365 388 
5.875% 2/15/26 5,470 5,778 
5.875% 2/1/29 835 876 
6.5% 2/15/20 13,898 14,314 
Medco Health Solutions, Inc. 4.125% 9/15/20 3,728 3,782 
Polaris Intermediate Corp. 8.5% 12/1/22 pay-in-kind (g)(h) 2,925 2,888 
Sabra Health Care LP/Sabra Capital Corp. 5.5% 2/1/21 625 634 
Tenet Healthcare Corp.:   
4.625% 7/15/24 5,240 5,207 
5.125% 5/1/25 5,585 5,536 
6.25% 2/1/27 (g) 3,770 3,881 
6.75% 6/15/23 13,530 13,868 
8.125% 4/1/22 5,010 5,348 
Toledo Hospital:   
5.325% 11/15/28 2,704 2,778 
6.015% 11/15/48 12,979 13,732 
Vizient, Inc. 10.375% 3/1/24 (g) 2,055 2,225 
Wellcare Health Plans, Inc.:   
5.25% 4/1/25 1,405 1,434 
5.375% 8/15/26 (g) 945 972 
  215,152 
Health Care Technology - 0.0%   
IMS Health, Inc. 5% 10/15/26 (g) 1,070 1,089 
Life Sciences Tools & Services - 0.0%   
Charles River Laboratories International, Inc. 5.5% 4/1/26 (g) 595 619 
Pharmaceuticals - 0.3%   
Actavis Funding SCS 3.45% 3/15/22 12,768 12,712 
Bayer U.S. Finance II LLC 4.25% 12/15/25 (g) 6,406 6,407 
Catalent Pharma Solutions 4.875% 1/15/26 (g) 530 525 
Mylan NV:   
2.5% 6/7/19 3,008 3,004 
3.15% 6/15/21 7,274 7,191 
3.95% 6/15/26 3,535 3,297 
NVA Holdings, Inc. 6.875% 4/1/26 (g) 775 748 
Perrigo Finance PLC 3.5% 12/15/21 569 547 
Teva Pharmaceutical Finance Netherlands III BV:   
2.2% 7/21/21 5,133 4,877 
2.8% 7/21/23 2,079 1,881 
Valeant Pharmaceuticals International, Inc.:   
5.5% 3/1/23 (g) 3,325 3,308 
5.5% 11/1/25 (g) 2,295 2,315 
5.75% 8/15/27 (g)(k) 395 398 
5.875% 5/15/23 (g) 7,005 6,970 
6.125% 4/15/25 (g) 7,740 7,450 
7% 3/15/24 (g) 2,965 3,124 
8.5% 1/31/27 (g)(k) 1,190 1,232 
9.25% 4/1/26 (g) 3,415 3,680 
  69,666 
TOTAL HEALTH CARE  288,494 
INDUSTRIALS - 0.4%   
Aerospace & Defense - 0.1%   
BAE Systems Holdings, Inc. 6.375% 6/1/19 (g) 3,650 3,679 
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (g) 520 530 
Bombardier, Inc.:   
7.5% 12/1/24 (g) 1,530 1,561 
7.875% 4/15/27 (g) 4,255 4,223 
BWX Technologies, Inc. 5.375% 7/15/26 (g) 1,010 1,030 
DAE Funding LLC:   
4.5% 8/1/22 (g) 1,210 1,198 
5% 8/1/24 (g) 1,665 1,650 
TransDigm UK Holdings PLC 6.875% 5/15/26 (g) 1,460 1,424 
TransDigm, Inc.:   
6.25% 3/15/26 (g) 1,510 1,548 
7.5% 3/15/27 (g) 5,445 5,472 
  22,315 
Airlines - 0.0%   
Continental Airlines, Inc. pass-thru trust certificates:   
8.388% 11/1/20 0 0 
9.798% 4/1/21 720 752 
  752 
Building Products - 0.0%   
HD Supply, Inc. 5.375% 10/15/26 (g) 2,355 2,390 
HMAN Finance Sub Corp. 6.375% 7/15/22 (g) 510 439 
  2,829 
Commercial Services & Supplies - 0.1%   
APX Group, Inc. 7.625% 9/1/23 3,500 3,084 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (g) 3,740 3,375 
CD&R Waterworks Merger Sub LLC 6.125% 8/15/25 (g) 655 630 
Covanta Holding Corp.:   
5.875% 3/1/24 2,865 2,926 
6% 1/1/27 2,705 2,712 
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (g) 2,710 2,564 
Ritchie Brothers Auctioneers, Inc. 5.375% 1/15/25 (g) 545 555 
Tervita Escrow Corp. 7.625% 12/1/21 (g) 650 648 
  16,494 
Electrical Equipment - 0.0%   
Vertiv Group Corp. 9.25% 10/15/24 (g) 910 911 
Machinery - 0.0%   
Apergy Corp. 6.375% 5/1/26 515 514 
Ingersoll-Rand Luxembourg Finance SA 2.625% 5/1/20 1,481 1,469 
U.S.A. Compression Partners LP 6.875% 4/1/26 (k)(l) 520 529 
  2,512 
Marine - 0.0%   
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (g) 3,825 2,773 
Navios Maritime Holdings, Inc.:   
7.375% 1/15/22 (g) 4,775 2,137 
11.25% 8/15/22 (g) 2,475 1,572 
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (g) 1,380 1,242 
  7,724 
Professional Services - 0.0%   
Thomson Reuters Corp. 3.85% 9/29/24 1,327 1,299 
Road & Rail - 0.0%   
Jurassic Holdings III, Inc. 6.875% 2/15/21 (Reg. S) (g) 1,245 1,162 
Trading Companies & Distributors - 0.2%   
Air Lease Corp.:   
2.125% 1/15/20 10,000 9,916 
3% 9/15/23 1,146 1,100 
3.375% 6/1/21 3,689 3,663 
3.75% 2/1/22 6,505 6,516 
3.875% 4/1/21 4,155 4,186 
4.25% 2/1/24 8,439 8,487 
4.25% 9/15/24 4,566 4,563 
4.75% 3/1/20 4,617 4,682 
FLY Leasing Ltd. 5.25% 10/15/24 1,260 1,197 
  44,310 
TOTAL INDUSTRIALS  100,308 
INFORMATION TECHNOLOGY - 0.3%   
Communications Equipment - 0.1%   
CommScope Finance LLC 6% 3/1/26 (g) 1,650 1,689 
Gray Escrow, Inc. 7% 5/15/27 (g) 4,135 4,373 
Hughes Satellite Systems Corp. 6.5% 6/15/19 5,408 5,442 
  11,504 
Electronic Equipment & Components - 0.1%   
Diamond 1 Finance Corp./Diamond 2 Finance Corp.:   
3.48% 6/1/19 (g) 13,573 13,568 
5.45% 6/15/23 (g) 6,600 6,935 
6.02% 6/15/26 (g) 2,285 2,423 
Sanmina Corp. 4.375% 6/1/19 (g) 1,295 1,295 
TTM Technologies, Inc. 5.625% 10/1/25 (g) 540 512 
  24,733 
IT Services - 0.0%   
Banff Merger Sub, Inc. 9.75% 9/1/26 (g) 5,470 5,299 
Semiconductors & Semiconductor Equipment - 0.0%   
Entegris, Inc. 4.625% 2/10/26 (g) 1,735 1,705 
Qorvo, Inc. 5.5% 7/15/26 (g) 6,700 6,834 
Sensata Technologies UK Financing Co. PLC 6.25% 2/15/26 (g) 2,675 2,822 
  11,361 
Software - 0.1%   
CDK Global, Inc. 5.875% 6/15/26 535 552 
Ensemble S Merger Sub, Inc. 9% 9/30/23 (g) 4,530 4,677 
Open Text Corp. 5.875% 6/1/26 (g) 3,700 3,893 
Uber Technologies, Inc. 8% 11/1/26 (g) 4,755 4,969 
Veritas U.S., Inc./Veritas Bermuda Ltd.:   
7.5% 2/1/23 (g) 795 755 
10.5% 2/1/24 (g) 6,565 5,525 
  20,371 
TOTAL INFORMATION TECHNOLOGY  73,268 
MATERIALS - 0.3%   
Chemicals - 0.1%   
Element Solutions, Inc. 5.875% 12/1/25 (g) 1,610 1,629 
LSB Industries, Inc. 9.625% 5/1/23 (g) 835 873 
NOVA Chemicals Corp.:   
4.875% 6/1/24 (g) 1,835 1,777 
5.25% 6/1/27 (g) 1,860 1,748 
OCI NV 6.625% 4/15/23 (g) 6,265 6,484 
Olin Corp. 5% 2/1/30 1,215 1,180 
The Chemours Co. LLC:   
5.375% 5/15/27 715 697 
7% 5/15/25 825 860 
The Dow Chemical Co. 4.55% 11/30/25 (g) 13,459 13,907 
TPC Group, Inc. 8.75% 12/15/20 (g) 7,895 7,737 
  36,892 
Containers & Packaging - 0.1%   
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
6% 2/15/25 (g) 3,030 2,992 
7.25% 5/15/24 (g) 3,410 3,541 
Berry Global, Inc. 4.5% 2/15/26 (g) 3,580 3,388 
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 970 934 
Flex Acquisition Co., Inc. 6.875% 1/15/25 (g) 810 765 
Plastipak Holdings, Inc. 6.25% 10/15/25 (g) 465 425 
  12,045 
Metals & Mining - 0.1%   
Alcoa Nederland Holding BV 6.125% 5/15/28 (g) 425 435 
BHP Billiton Financial (U.S.A.) Ltd.:   
6.25% 10/19/75 (g)(h) 2,727 2,838 
6.75% 10/19/75 (g)(h) 6,773 7,430 
Big River Steel LLC/BRS Finance Corp. 7.25% 9/1/25 (g) 1,270 1,316 
Constellium NV 5.875% 2/15/26 (g) 650 632 
Corporacion Nacional del Cobre de Chile (Codelco):   
3.625% 8/1/27 (g) 1,966 1,940 
4.5% 8/1/47 (g) 1,995 1,999 
First Quantum Minerals Ltd.:   
6.5% 3/1/24 (g) 1,605 1,517 
6.875% 3/1/26 (g) 1,605 1,501 
7.25% 4/1/23 (g) 1,705 1,675 
7.5% 4/1/25 (g) 3,525 3,402 
FMG Resources (August 2006) Pty Ltd.:   
4.75% 5/15/22 (g) 1,140 1,140 
5.125% 3/15/23 (g) 1,530 1,526 
Freeport-McMoRan, Inc. 6.875% 2/15/23 6,818 7,202 
Joseph T Ryerson & Son, Inc. 11% 5/15/22 (g) 1,085 1,138 
Murray Energy Corp. 11.25% 4/15/21 (g) 305 159 
Novelis Corp. 5.875% 9/30/26 (g) 2,150 2,096 
  37,946 
TOTAL MATERIALS  86,883 
REAL ESTATE - 1.1%   
Equity Real Estate Investment Trusts (REITs) - 0.7%   
Alexandria Real Estate Equities, Inc.:   
2.75% 1/15/20 1,148 1,143 
4.6% 4/1/22 2,000 2,064 
American Campus Communities Operating Partnership LP 3.75% 4/15/23 1,587 1,584 
American Tower Corp. 2.8% 6/1/20 6,000 5,976 
AvalonBay Communities, Inc. 3.625% 10/1/20 2,452 2,475 
Boston Properties, Inc. 4.5% 12/1/28 5,097 5,285 
Camden Property Trust 2.95% 12/15/22 2,154 2,130 
CommonWealth REIT 5.875% 9/15/20 991 1,013 
Corporate Office Properties LP:   
3.6% 5/15/23 5,166 5,049 
3.7% 6/15/21 3,614 3,585 
5% 7/1/25 4,043 4,144 
5.25% 2/15/24 3,576 3,721 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 2,585 2,598 
DDR Corp.:   
3.625% 2/1/25 3,112 3,002 
4.25% 2/1/26 2,564 2,534 
4.625% 7/15/22 1,216 1,244 
Duke Realty LP:   
3.25% 6/30/26 1,061 1,021 
3.625% 4/15/23 2,844 2,860 
3.75% 12/1/24 2,012 2,020 
3.875% 10/15/22 4,799 4,886 
4.375% 6/15/22 3,202 3,310 
Equinix, Inc. 5.375% 5/15/27 1,410 1,459 
Equity One, Inc. 3.75% 11/15/22 7,300 7,338 
HCP, Inc.:   
3.4% 2/1/25 8,000 7,773 
3.875% 8/15/24 11,000 11,037 
Health Care REIT, Inc.:   
4% 6/1/25 4,568 4,608 
4.125% 4/1/19 11,300 11,304 
Hudson Pacific Properties LP 4.65% 4/1/29 2,056 2,025 
Lexington Corporate Properties Trust 4.4% 6/15/24 1,905 1,901 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 5,480 5,439 
5.25% 8/1/26 2,206 2,234 
6.375% 3/1/24 1,545 1,618 
Omega Healthcare Investors, Inc.:   
4.375% 8/1/23 8,734 8,785 
4.5% 1/15/25 3,358 3,342 
4.5% 4/1/27 21,587 21,172 
4.75% 1/15/28 7,767 7,766 
4.95% 4/1/24 1,785 1,818 
5.25% 1/15/26 7,807 8,028 
Retail Opportunity Investments Partnership LP:   
4% 12/15/24 1,250 1,191 
5% 12/15/23 980 985 
Store Capital Corp. 4.625% 3/15/29 2,656 2,622 
Ventas Realty LP:   
3.125% 6/15/23 1,874 1,847 
3.5% 2/1/25 2,295 2,262 
4% 3/1/28 2,728 2,689 
4.125% 1/15/26 2,088 2,096 
4.375% 2/1/45 1,098 1,017 
WP Carey, Inc. 4% 2/1/25 7,547 7,444 
  191,444 
Real Estate Management & Development - 0.4%   
Brandywine Operating Partnership LP:   
3.95% 2/15/23 7,907 7,941 
3.95% 11/15/27 5,258 5,062 
4.1% 10/1/24 5,444 5,424 
4.55% 10/1/29 5,773 5,716 
Digital Realty Trust LP:   
3.4% 10/1/20 6,817 6,837 
3.95% 7/1/22 4,464 4,520 
4.75% 10/1/25 4,899 5,096 
5.25% 3/15/21 2,876 2,967 
Howard Hughes Corp. 5.375% 3/15/25 (g) 3,040 3,002 
Kennedy-Wilson, Inc. 5.875% 4/1/24 795 782 
Liberty Property LP:   
3.25% 10/1/26 2,723 2,582 
3.375% 6/15/23 2,951 2,919 
4.125% 6/15/22 2,746 2,807 
4.75% 10/1/20 6,595 6,725 
Mack-Cali Realty LP:   
3.15% 5/15/23 6,708 5,695 
4.5% 4/18/22 1,689 1,603 
Mattamy Group Corp. 6.875% 12/15/23 (g) 660 657 
Mid-America Apartments LP 4% 11/15/25 1,682 1,702 
Post Apartment Homes LP 3.375% 12/1/22 1,196 1,190 
Tanger Properties LP:   
3.125% 9/1/26 4,273 3,877 
3.75% 12/1/24 3,781 3,685 
3.875% 12/1/23 2,341 2,322 
3.875% 7/15/27 9,215 8,681 
  91,792 
TOTAL REAL ESTATE  283,236 
UTILITIES - 0.8%   
Electric Utilities - 0.4%   
Clearway Energy Operating LLC 5.75% 10/15/25 (g) 1,695 1,665 
Cleco Corporate Holdings LLC 3.743% 5/1/26 2,557 2,437 
Drax Finco PLC 6.625% 11/1/25 (g) 1,335 1,357 
Duquesne Light Holdings, Inc.:   
5.9% 12/1/21 (g) 3,934 4,145 
6.4% 9/15/20 (g) 10,769 11,214 
FirstEnergy Corp.:   
4.25% 3/15/23 23,348 23,912 
7.375% 11/15/31 16,161 20,826 
InterGen NV 7% 6/30/23 (g) 14,505 13,055 
IPALCO Enterprises, Inc.:   
3.45% 7/15/20 10,457 10,429 
3.7% 9/1/24 2,490 2,447 
LG&E and KU Energy LLC 3.75% 11/15/20 745 750 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (g) 3,827 4,095 
NV Energy, Inc. 6.25% 11/15/20 1,666 1,752 
TECO Finance, Inc. 5.15% 3/15/20 2,029 2,070 
Vistra Operations Co. LLC:   
5.5% 9/1/26 (g) 2,025 2,101 
5.625% 2/15/27 (g) 3,580 3,687 
  105,942 
Gas Utilities - 0.0%   
Southern Natural Gas Co./Southern Natural Issuing Corp. 4.4% 6/15/21 1,753 1,795 
Independent Power and Renewable Electricity Producers - 0.3%   
Calpine Corp.:   
5.375% 1/15/23 1,475 1,460 
6% 1/15/22 (g) 1,115 1,130 
Dolphin Subsidiary II, Inc. 7.25% 10/15/21 17,756 19,043 
Dynegy, Inc.:   
5.875% 6/1/23 1,745 1,793 
7.625% 11/1/24 7,785 8,272 
Emera U.S. Finance LP:   
2.15% 6/15/19 1,742 1,736 
2.7% 6/15/21 1,715 1,683 
3.55% 6/15/26 2,743 2,631 
NextEra Energy Partners LP:   
4.25% 9/15/24 (g) 1,070 1,051 
4.5% 9/15/27 (g) 745 708 
NRG Energy, Inc.:   
5.75% 1/15/28 7,555 7,753 
6.625% 1/15/27 4,390 4,675 
Pattern Energy Group, Inc. 5.875% 2/1/24 (g) 855 867 
Talen Energy Supply LLC:   
6.5% 6/1/25 3,405 3,034 
10.5% 1/15/26 (g) 5,700 5,900 
TerraForm Global, Inc. 6.125% 3/1/26 (g) 2,450 2,358 
TerraForm Power Operating LLC:   
4.25% 1/31/23 (g) 805 798 
5% 1/31/28 (g) 805 765 
6.625% 6/15/25 (g)(h) 1,200 1,260 
The AES Corp.:   
4% 3/15/21 3,125 3,124 
4.5% 3/15/23 2,065 2,080 
5.125% 9/1/27 1,280 1,315 
  73,436 
Multi-Utilities - 0.1%   
Dominion Resources, Inc.:   
3 month U.S. LIBOR + 2.300% 5.103% 9/30/66 (h)(j) 19,347 17,799 
3 month U.S. LIBOR + 2.825% 5.628% 6/30/66 (h)(j) 2,474 2,350 
Puget Energy, Inc. 6% 9/1/21 691 729 
Sempra Energy 6% 10/15/39 5,386 6,066 
Wind Tre SpA 5% 1/20/26 (g) 2,690 2,319 
Wisconsin Energy Corp. 3 month U.S. LIBOR + 2.113% 4.7963% 5/15/67 (h)(j) 3,876 3,409 
  32,672 
TOTAL UTILITIES  213,845 
TOTAL NONCONVERTIBLE BONDS  3,879,308 
TOTAL CORPORATE BONDS   
(Cost $3,864,808)  3,883,379 
U.S. Treasury Obligations - 9.5%   
U.S. Treasury Bills, yield at date of purchase 2.35% 3/7/19 (m) 16,700 16,694 
U.S. Treasury Bonds 3% 2/15/49 (b) 345,515 339,765 
U.S. Treasury Notes:   
1.25% 10/31/21 $282,669 $273,526 
1.625% 5/15/26 218,148 203,747 
1.75% 6/30/22 849,611 829,400 
1.875% 7/31/22 207,750 203,465 
2% 8/15/25 167,514 161,461 
2.125% 11/30/24 12,481 12,180 
2.25% 1/31/24 59,805 59,013 
2.25% 12/31/24 16,866 16,564 
2.25% 2/15/27 67,980 65,975 
2.25% 8/15/27 243,505 235,544 
2.625% 12/31/23 37,800 37,957 
3.125% 11/15/28 96,100 99,381 
TOTAL U.S. TREASURY OBLIGATIONS   
(Cost $2,586,938)  2,554,672 
Asset-Backed Securities - 0.2%   
AASET Trust Series 2018-1A Class A, 3.844% 1/16/38 (g) $5,368 $5,340 
Blackbird Capital Aircraft Series 2016-1A:   
Class A, 4.213% 12/16/41 (g) 11,721 11,836 
Class AA, 2.487% 12/16/41 (g) 2,520 2,450 
Castlelake Aircraft Structured Trust Series 2018-1 Class A, 4.125% 6/15/43 (g) 8,517 8,506 
Countrywide Home Loans, Inc. Series 2004-7 Class AF5, 4.7734% 1/25/35 176 177 
DB Master Finance LLC Series 2017-1A:   
Class A2I, 3.629% 11/20/47 (g) 4,017 3,954 
Class A2II, 4.03% 11/20/47 (g) 6,767 6,656 
First Franklin Mortgage Loan Trust Series 2004-FF2 Class M3, 1 month U.S. LIBOR + 0.825% 3.3149% 3/25/34 (h)(j) 2 2 
GE Business Loan Trust Series 2006-2A:   
Class A, 1 month U.S. LIBOR + 0.180% 2.6688% 11/15/34 (g)(h)(j) 168 165 
Class B, 1 month U.S. LIBOR + 0.280% 2.7688% 11/15/34 (g)(h)(j) 61 60 
Class C, 1 month U.S. LIBOR + 0.380% 2.8688% 11/15/34 (g)(h)(j) 101 96 
Class D, 1 month U.S. LIBOR + 0.750% 3.2388% 11/15/34 (g)(h)(j) 38 36 
Horizon Aircraft Finance I Ltd. Series 2018-1 Class A, 4.458% 12/15/38 (g) 3,905 3,961 
Keycorp Student Loan Trust Series 2006-A Class 2C, 3 month U.S. LIBOR + 1.150% 3.9716% 3/27/42 (h)(j) 2,016 1,638 
Magnetite CLO Ltd. Series 2019-21A Class A, 3 month U.S. LIBOR + 1.280% 0% 4/20/30 (g)(h)(j)(k) 8,375 8,375 
New Century Home Equity Loan Trust Series 2005-4 Class M2, 1 month U.S. LIBOR + 0.510% 2.9999% 9/25/35 (h)(j) 736 735 
Park Place Securities, Inc. Series 2005-WCH1 Class M4, 1 month U.S. LIBOR + 1.245% 3.7349% 1/25/36 (h)(j) 1,120 1,112 
Terwin Mortgage Trust Series 2003-4HE Class A1, 1 month U.S. LIBOR + 0.860% 3.3499% 9/25/34 (h)(j) 19 18 
Thunderbolt Aircraft Lease Ltd. Series 2018-A Class A, 4.147% 9/15/38 (g) 8,605 8,657 
Trapeza CDO XII Ltd./Trapeza CDO XII, Inc. Series 2007-12A Class B, 3 month U.S. LIBOR + 0.560% 3.355% 4/6/42 (f)(g)(h)(j) 1,467 1,015 
TOTAL ASSET-BACKED SECURITIES   
(Cost $61,590)  64,789 
Collateralized Mortgage Obligations - 0.0%   
Private Sponsor - 0.0%   
Bear Stearns ALT-A Trust floater Series 2005-1 Class A1, 1 month U.S. LIBOR + 0.560% 3.0499% 1/25/35 (h)(j) 141 141 
Merrill Lynch Alternative Note Asset Trust floater Series 2007-OAR1 Class A1, 1 month U.S. LIBOR + 0.170% 2.68% 2/25/37 (h)(j) 116 114 
Opteum Mortgage Acceptance Corp. floater Series 2005-3 Class APT, 1 month U.S. LIBOR + 0.290% 2.7799% 7/25/35 (h)(j) 133 132 
Sequoia Mortgage Trust floater Series 2004-6 Class A3B, 6 month U.S. LIBOR + 0.880% 3.3769% 7/20/34 (h)(j) 10 10 
Thornburg Mortgage Securities Trust floater Series 2003-4 Class A1, 1 month U.S. LIBOR + 0.640% 3.1299% 9/25/43 (h)(j) 861 855 
TOTAL PRIVATE SPONSOR  1,252 
U.S. Government Agency - 0.0%   
Ginnie Mae guaranteed REMIC pass-thru certificates sequential payer Series 2013-H06 Class HA, 1.65% 1/20/63 (n) 3,335 3,298 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   
(Cost $4,488)  4,550 
Commercial Mortgage Securities - 0.4%   
Asset Securitization Corp. Series 1997-D5 Class PS1, 1.8356% 2/14/43 (h)(o) 10 0 
Bayview Commercial Asset Trust:   
Series 2004-1, Class IO, 1.25% 4/25/34 (g)(o) 375 15 
Series 2006-3A, Class IO, 0% 10/25/36 (f)(g)(h)(o) 9,323 0 
Benchmark Mortgage Trust Series 2018-B8 Class A5, 4.2317% 1/15/52 15,031 15,808 
BX Trust floater:   
Series 2018-EXCL Class D, 1 month U.S. LIBOR + 2.625% 5.1138% 9/15/37 (g)(h)(j) 2,568 2,564 
Series 2018-IND Class F, 1 month U.S. LIBOR + 1.800% 4.2888% 11/15/35 (g)(h)(j) 3,681 3,687 
CGBAM Commercial Mortgage Trust Series 2015-SMRT Class D, 3.768% 4/10/28 (g) 1,100 1,108 
Citigroup Commercial Mortgage Trust Series 2018-C6 Class A4, 4.412% 11/10/51 4,362 4,643 
Credit Suisse Mortgage Trust Series 2018-SITE:   
Class A, 4.284% 4/15/36 (g) 5,378 5,574 
Class B, 4.5349% 4/15/36 (g) 964 999 
Class C, 4.6278% 4/15/36 (g) 1,110 1,140 
Class D, 4.6278% 4/15/36 (g) 2,219 2,229 
CSAIL Commercial Mtg Trust Series 2018-C14 Class A4 4.4216% 11/15/51 3,584 3,805 
GAHR Commercial Mortgage Trust Series 2015-NRF:   
Class BFX, 3.3822% 12/15/34 (g)(h) 6,410 6,381 
Class CFX, 3.3822% 12/15/34 (g)(h) 5,380 5,349 
Class DFX, 3.3822% 12/15/34 (g)(h) 4,559 4,517 
JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-WPT:   
Class CFX, 4.9498% 7/5/33 (g) 914 954 
Class DFX, 5.3503% 7/5/33 (g) 1,406 1,467 
Class EFX, 5.5422% 7/5/33 (g) 1,924 1,999 
Morgan Stanley Capital I Trust Series 2018-H4 Class A4, 4.31% 12/15/51 15,164 15,997 
MSCG Trust Series 2016-SNR:   
Class A, 3.348% 11/15/34 (g)(h) 5,237 5,124 
Class B, 4.181% 11/15/34 (g) 2,207 2,172 
Class C, 5.205% 11/15/34 (g) 1,548 1,541 
Wells Fargo Commercial Mortgage Trust Series 2018-C48 Class A5, 4.302% 1/15/52 11,378 11,994 
TOTAL COMMERCIAL MORTGAGE SECURITIES   
(Cost $98,671)  99,067 
Municipal Securities - 0.4%   
California Gen. Oblig. Series 2009:   
7.35% 11/1/39 $1,095 $1,545 
7.5% 4/1/34 7,195 10,130 
7.55% 4/1/39 10,865 15,958 
Chicago Gen. Oblig.:   
(Taxable Proj.):   
Series 2008 B, 5.63% 1/1/22 790 800 
Series 2010 C1, 7.781% 1/1/35 4,620 5,090 
6.05% 1/1/29 310 319 
Illinois Gen. Oblig.:   
Series 2003, 4.95% 6/1/23 1,700 1,717 
Series 2010-1, 6.63% 2/1/35 15,330 16,345 
Series 2010-3:   
5.547% 4/1/19 155 155 
6.725% 4/1/35 11,505 12,149 
7.35% 7/1/35 4,495 4,989 
Series 2010-5, 6.2% 7/1/21 1,149 1,185 
Series 2011, 5.877% 3/1/19 19,390 19,390 
Series 2013, 4% 12/1/20 6,040 6,084 
TOTAL MUNICIPAL SECURITIES   
(Cost $93,324)  95,856 
Bank Loan Obligations - 0.5%   
COMMUNICATION SERVICES - 0.1%   
Diversified Telecommunication Services - 0.0%   
Sable International Finance Ltd. Tranche B 4LN, term loan 3 month U.S. LIBOR + 3.250% 5.743% 2/2/26 (h)(j) $2,335 $2,324 
SFR Group SA Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.688% 6.1763% 1/31/26 (h)(j) 4,024 3,888 
  6,212 
Entertainment - 0.0%   
Cinemark U.S.A., Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.25% 3/29/25 (h)(j) 2,574 2,557 
Media - 0.1%   
Cengage Learning, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.7399% 6/7/23 (h)(j) 3,191 2,940 
CSC Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.9888% 1/25/26 (h)(j) 457 454 
Mediacom Illinois LLC Tranche N, term loan 3 month U.S. LIBOR + 1.750% 4.17% 2/15/24 (h)(j) 2,054 2,031 
NEP/NCP Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.743% 10/19/25 (h)(j) 85 85 
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7311% 8/19/23 (h)(j) 10,682 10,495 
  16,005 
Wireless Telecommunication Services - 0.0%   
Intelsat Jackson Holdings SA Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2291% 11/27/23 (h)(j) 9,305 9,295 
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.5% 4/11/25 (h)(j) 498 492 
Sprint Communications, Inc. Tranche B 2LN, term loan 3 month U.S. LIBOR + 3.000% 5.5% 2/2/24 (h)(j) 1,190 1,175 
  10,962 
TOTAL COMMUNICATION SERVICES  35,736 
CONSUMER DISCRETIONARY - 0.1%   
Diversified Consumer Services - 0.0%   
KUEHG Corp.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 11.053% 8/22/25 (h)(j) 2,230 2,208 
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.553% 2/21/25 (h)(j) 627 621 
  2,829 
Hotels, Restaurants & Leisure - 0.0%   
Alterra Mountain Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.493% 7/31/24 (h)(j) 45 44 
Internet & Direct Marketing Retail - 0.0%   
Bass Pro Shops LLC. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.493% 9/25/24 (h)(j) 2,918 2,908 
Media - 0.1%   
Crown Finance U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.993% 2/28/25 (h)(j) 4,538 4,505 
TOTAL CONSUMER DISCRETIONARY  10,286 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
BI-LO LLC Tranche B, term loan 3 month U.S. LIBOR + 8.000% 10.7665% 5/31/24 (h)(j) 4,975 4,772 
Tops Markets LLC 1LN, term loan 3 month U.S. LIBOR + 8.500% 11% 11/19/23 (h)(j) 1,201 1,231 
U.S. Foods, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.493% 6/27/23 (h)(j) 630 626 
  6,629 
ENERGY - 0.1%   
Energy Equipment & Services - 0.0%   
BCP Raptor II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.3695% 11/3/25 (h)(j) 745 720 
Oil, Gas & Consumable Fuels - 0.1%   
Ascent Resources Marcellus LLC term loan 3 month U.S. LIBOR + 6.500% 9.0169% 3/30/23 (h)(j) 279 279 
BCP Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.8789% 6/22/24 (h)(j) 1,276 1,217 
California Resources Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 10.375% 12.868% 12/31/21 (h)(j) 6,180 6,477 
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.243% 12/31/22 (h)(j) 3,700 3,638 
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 2/21/26 (j)(p) 5,205 5,140 
Gavilan Resources LLC Tranche 2LN, term loan 3 month U.S. LIBOR + 6.000% 8.4899% 3/1/24 (h)(j) 4,780 3,791 
GIP III Stetson I LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.7314% 7/18/25 (h)(j) 618 611 
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 6.25% 11/14/25 (h)(j) 275 275 
  21,428 
TOTAL ENERGY  22,148 
FINANCIALS - 0.1%   
Capital Markets - 0.0%   
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.8489% 3/1/25 (h)(j) 306 303 
Diversified Financial Services - 0.1%   
Cabazon Finance Authority term loan 11% 3/7/24 pay-in-kind (f) 1,992 1,992 
Financial & Risk U.S. Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.243% 10/1/25 (h)(j) 4,365 4,296 
RegionalCare Hospital Partners Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.9814% 11/16/25 (h)(j) 3,860 3,854 
  10,142 
Insurance - 0.0%   
Alliant Holdings Intermediate LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.2314% 5/10/25 (h)(j) 64 63 
Asurion LLC:   
Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.000% 5.493% 11/3/24 (h)(j) 3,841 3,838 
Tranche B, term loan 3 month U.S. LIBOR + 6.500% 8.993% 8/4/25 (h)(j) 360 365 
USI, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.803% 5/16/24 (h)(j) 454 450 
  4,716 
TOTAL FINANCIALS  15,161 
HEALTH CARE - 0.0%   
Health Care Equipment & Supplies - 0.0%   
VVC Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 7.197% 2/5/26 (h)(j) 3,760 3,737 
Pharmaceuticals - 0.0%   
Valeant Pharmaceuticals International, Inc. Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.750% 5.2623% 11/27/25 (h)(j) 3,210 3,200 
TOTAL HEALTH CARE  6,937 
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
TransDigm, Inc. Tranche G, term loan 3 month U.S. LIBOR + 2.500% 4.993% 8/22/24 (h)(j) 4,309 4,246 
Commercial Services & Supplies - 0.0%   
IRI Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 7.1289% 11/30/25 (h)(j) 4,720 4,649 
TOTAL INDUSTRIALS  8,895 
INFORMATION TECHNOLOGY - 0.1%   
Communications Equipment - 0.0%   
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.243% 8/10/25 (h)(j) 374 354 
Electronic Equipment & Components - 0.0%   
ATS Consolidated, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.243% 2/28/25 (h)(j) 154 154 
IT Services - 0.0%   
Web.com Group, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.750% 10.2669% 10/11/26 (h)(j) 710 696 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2669% 10/11/25 (h)(j) 290 288 
  984 
Software - 0.1%   
Kronos, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 8.250% 10.9863% 11/1/24 (h)(j) 6,915 7,032 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.7363% 11/1/23 (h)(j) 1,670 1,662 
SS&C Technologies, Inc.:   
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.250% 4.743% 4/16/25 (h)(j) 3,478 3,461 
Tranche B 4LN, term loan 3 month U.S. LIBOR + 2.250% 4.743% 4/16/25 (h)(j) 1,332 1,326 
Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.250% 4.743% 4/16/25 (h)(j) 384 382 
Uber Technologies, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.500% 5.9814% 7/13/23 (h)(j) 2,015 2,005 
3 month U.S. LIBOR + 4.000% 6.5169% 4/4/25 (h)(j) 1,572 1,572 
  17,440 
TOTAL INFORMATION TECHNOLOGY  18,932 
MATERIALS - 0.0%   
Chemicals - 0.0%   
Invictus U.S. Newco LLC Tranche 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.5791% 3/28/25 (h)(j) 134 133 
Messer Industries U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 9/28/25 (j)(p) 5,085 5,047 
PQ Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.2444% 2/8/25 (h)(j) 87 86 
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7638% 10/1/25 (h)(j) 880 874 
  6,140 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $131,389)  130,864 
Bank Notes - 0.2%   
Capital One NA 2.95% 7/23/21 7,402 7,334 
Discover Bank:   
(Delaware) 3.2% 8/9/21 $9,037 $9,005 
3.1% 6/4/20 8,635 8,628 
4.682% 8/9/28 (h) 3,485 3,474 
8.7% 11/18/19 532 551 
RBS Citizens NA 2.5% 3/14/19 4,029 4,029 
Synchrony Bank 3.65% 5/24/21 5,873 5,898 
TOTAL BANK NOTES   
(Cost $38,988)  38,919 
Preferred Securities - 0.3%   
FINANCIALS - 0.3%   
Banks - 0.3%   
Bank of America Corp.:   
5.875% (h)(q) $14,020 $14,093 
6.1% (h)(q) 1,680 1,833 
Barclays Bank PLC 7.625% 11/21/22 7,765 8,541 
Citigroup, Inc.:   
5.35% (h)(q) 6,540 6,561 
5.95% (h)(q) 12,415 12,725 
5.95% (h)(q) 5,000 5,074 
6.3% (h)(q) 3,635 3,766 
Credit Agricole SA:   
6.625% (g)(h)(q) 7,820 7,990 
7.875% (g)(h)(q) 2,225 2,421 
8.125% (g)(h)(q) 2,840 3,211 
JPMorgan Chase & Co. 6% (h)(q) 11,680 12,118 
Standard Chartered PLC 7.5% (g)(h)(q) 3,195 3,438 
TOTAL PREFERRED SECURITIES   
(Cost $79,815)  81,771 
 Shares Value (000s) 
Fixed-Income Funds - 7.4%   
Fidelity Mortgage Backed Securities Central Fund (r)   
(Cost $1,970,110) 18,805,985 1,996,820 
Other - 0.0%   
Other - 0.0%   
Tribune Co. Claim (a)(f)   
(Cost $11) 11,217 11 
Money Market Funds - 1.5%   
Fidelity Cash Central Fund, 2.44% (s) 249,119,339 249,169 
Fidelity Securities Lending Cash Central Fund 2.45% (s)(t) 153,453,956 153,469 
TOTAL MONEY MARKET FUNDS   
(Cost $402,628)  402,638 
 Maturity Amount (000s) Value (000s) 
Repurchase Agreements - 0.7%   
Investments in repurchase agreements in a joint trading account at 2.59%, dated 2/28/19 due 3/1/19 (Collateralized by U.S. Government Obligations) # (u)   
(Cost $197,097) 197,111 197,097 
TOTAL INVESTMENT IN SECURITIES - 101.4%   
(Cost $22,850,518)  27,211,357 
NET OTHER ASSETS (LIABILITIES) - (1.4)%  (366,907) 
NET ASSETS - 100%  $26,844,450 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount (000s) Value (000s) Unrealized Appreciation/(Depreciation) (000s) 
Purchased      
Equity Index Contracts      
CME E-mini S&P 500 Index Contracts (United States) 125 March 2019 $17,404 $1,354 $1,354 

The notional amount of futures purchased as a percentage of Net Assets is 0.1%

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

Legend

 (a) Non-income producing

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

 (c) Affiliated company

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

 (e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $599,959,000 or 2.2% of net assets.

 (f) Level 3 security

 (g) 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 $1,087,273,000 or 4.1% of net assets.

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

 (i) Non-income producing - Security is in default.

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

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

 (l) A portion of the security sold on a delayed delivery basis.

 (m) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $802,000.

 (n) Represents an investment in an underlying pool of reverse mortgages which typically do not require regular principal and interest payments as repayment is deferred until a maturity event.

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

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

 (q) Security is perpetual in nature with no stated maturity date.

 (r) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (s) 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.

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

 (u) Includes investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Ant International Co. Ltd. Class C 5/16/18 $10,000 
Atom Tickets LLC 8/15/17 $15,000 
Blu Homes, Inc. 6/10/13 $5,000 
Corindus Vascular Robotics, Inc. 9/12/14 $12,500 
Generation Bio Series B 2/21/18 $3,388 
Get Heal, Inc. Series B 11/7/16 $2,597 
Goop International Holdings, Inc. Series C 12/15/17 $20,000 
Jello Labs, Inc. Series C 12/22/16 $17,000 
Lyft, Inc. Series H 11/22/17 $30,000 
Lyft, Inc. Series I 6/27/18 $18,000 
Moda Operandi, Inc. Series E 12/18/14 $20,000 
Moda Operandi, Inc. Series F 12/13/17 $8,526 
Mulberry Health, Inc. Series A 3/23/18 $5,000 
Mulberry Health, Inc. Series A8 1/20/16 $20,000 
Mulberry Health, Inc. Series AA 3/23/18 $170 
Neutron Holdings, Inc. Series C 7/3/18 $7,056 
Neutron Holdings, Inc. Series D 1/25/19 $9,900 
Peloton Interactive, Inc. Series E 3/31/17 $10,000 
Rent the Runway, Inc. Series E 12/22/16 $30,000 
Space Exploration Technologies Corp. Class A 9/11/17 $5,551 
Space Exploration Technologies Corp. Class C 9/11/17 $757 
Space Exploration Technologies Corp. Series H 8/4/17 $7,009 
The Honest Co., Inc. Series D 8/3/15 $9,000 
The Honest Co., Inc. Series E 9/28/17 $20,000 
The Void LLC 12/21/17 $20,000 
Tory Burch LLC Class A 5/14/15 $50,000 
Tory Burch LLC Class B 12/31/12 $17,505 
TulCo LLC 8/24/17 - 12/14/17 $15,000 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $25,000 
Vice Holding, Inc. 8/3/12 - 7/18/14 $61,641 
WME Entertainment Parent, LLC Class A 4/13/16 - 8/16/16 $50,000 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $12,159 
Fidelity Mortgage Backed Securities Central Fund 28,414 
Fidelity Securities Lending Cash Central Fund 690 
Total $41,263 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Mortgage Backed Securities Central Fund $1,547,167 $429,214 $-- $-- $20,439 $1,996,820 22.5% 
Total $1,547,167 $429,214 $-- $-- $20,439 $1,996,820  

Other Affiliated Issuers

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

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
LiveXLive Media, Inc. $20,381 $314 $-- $-- $-- $3,761 $24,456 
Total $20,381 $314 $-- $-- $-- $3,761 $24,456 

Investment Valuation

The following is a summary of the inputs used, as of February 28, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $1,763,788 $1,594,165 $-- $169,623 
Consumer Discretionary 1,971,254 1,753,967 18,297 198,990 
Consumer Staples 753,939 748,050 2,673 3,216 
Energy 611,816 486,713 124,498 605 
Financials 1,715,973 1,715,973 -- -- 
Health Care 3,478,958 3,448,864 -- 30,094 
Industrials 1,891,737 1,849,895 -- 41,842 
Information Technology 4,078,204 3,936,260 -- 141,944 
Materials 547,931 547,931 -- -- 
Real Estate 493,691 482,408 -- 11,283 
Utilities 353,633 347,968 5,665 -- 
Corporate Bonds 3,883,379 -- 3,883,379 -- 
U.S. Government and Government Agency Obligations 2,554,672 -- 2,554,672 -- 
Asset-Backed Securities 64,789 -- 63,774 1,015 
Collateralized Mortgage Obligations 4,550 -- 4,550 -- 
Commercial Mortgage Securities 99,067 -- 99,067 -- 
Municipal Securities 95,856 -- 95,856 -- 
Bank Loan Obligations 130,864 -- 128,872 1,992 
Bank Notes 38,919 -- 38,919 -- 
Preferred Securities 81,771 -- 81,771 -- 
Fixed-Income Funds 1,996,820 1,996,820 -- -- 
Other 11 -- -- 11 
Money Market Funds 402,638 402,638 -- -- 
Repurchase Agreements 197,097 -- 197,097 -- 
Total Investments in Securities: $27,211,357 $19,311,652 $7,299,090 $600,615 
Derivative Instruments:     
Assets     
Futures Contracts $1,354 $1,354 $-- $-- 
Total Assets $1,354 $1,354 $-- $-- 
Total Derivative Instruments: $1,354 $1,354 $-- $-- 

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

(Amounts in thousands)  
Investments in Securities:  
Equities - Consumer Discretionary  
Beginning Balance $418,843 
Net Realized Gain (Loss) on Investment Securities 128 
Net Unrealized Gain (Loss) on Investment Securities (229,254) 
Cost of Purchases 15,016 
Proceeds of Sales (5,743) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $198,990 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2019 $(229,254) 
Other Investments in Securities  
Beginning Balance $248,058 
Net Realized Gain (Loss) on Investment Securities (7,747) 
Net Unrealized Gain (Loss) on Investment Securities 163,196 
Cost of Purchases 1,178 
Proceeds of Sales (3,081) 
Amortization/Accretion 21 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $401,625 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2019 $155,193 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 28, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
(Amounts in thousands)   
Equity Risk   
Futures Contracts(a) $1,354 $0 
Total Equity Risk 1,354 0 
Total Value of Derivatives $1,354 $0 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in distributable earnings.

Other Information

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty Value 
 (000s) 
$197,097,000 due 3/1/19 at 2.59%  
Merrill Lynch, Pierce, Fenner & Smith, Inc. $39,427 
J.P. Morgan Securities, Inc. 157,670 
 $197,097 

The composition of credit quality ratings as a percentage of Total Net Assets is as follows (Unaudited):

U.S. Government and U.S. Government Agency Obligations 17.9% 
AAA,AA,A 2.8% 
BBB 8.4% 
BB 3.2% 
B 1.1% 
CCC,CC,C 1.0% 
Not Rated 0.1% 
Equities 65.8% 
Short-Term Investments and Net Other Assets (0.3)% 
 100.0% 

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

The information in the above tables is based on the combined investments of the fund and its pro-rata share of the investments of Fidelity's Fixed-Income Central Funds

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  February 28, 2019 
Assets   
Investment in securities, at value (including securities loaned of $342,265 and repurchase agreements of $197,097) — See accompanying schedule:
Unaffiliated issuers (cost $20,461,385) 		$24,787,443  
Fidelity Central Funds (cost $2,372,738) 2,399,458  
Other affiliated issuers (cost $16,395) 24,456  
Total Investment in Securities (cost $22,850,518)  $27,211,357 
Cash  44 
Restricted cash  380 
Receivable for investments sold   
Regular delivery  193,309 
Delayed delivery  1,151 
Receivable for fund shares sold  11,001 
Dividends receivable  28,146 
Interest receivable  62,409 
Distributions receivable from Fidelity Central Funds  1,183 
Prepaid expenses  27 
Other receivables  1,868 
Total assets  27,510,875 
Liabilities   
Payable for investments purchased   
Regular delivery $153,512  
Delayed delivery 15,513  
Payable for fund shares redeemed 133,627  
Accrued management fee 8,709  
Payable for daily variation margin on futures contracts 65  
Other affiliated payables 2,684  
Other payables and accrued expenses 1,737  
Collateral on securities loaned 350,578  
Total liabilities  666,425 
Net Assets  $26,844,450 
Net Assets consist of:   
Paid in capital  $22,303,022 
Total distributable earnings (loss)  4,541,428 
Net Assets  $26,844,450 
Net Asset Value and Maximum Offering Price   
Puritan:   
Net Asset Value, offering price and redemption price per share ($21,063,579 ÷ 995,082 shares)  $21.17 
Class K:   
Net Asset Value, offering price and redemption price per share ($5,780,871 ÷ 273,275 shares)  $21.15 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended February 28, 2019 
Investment Income   
Dividends  $118,536 
Interest  134,081 
Income from Fidelity Central Funds  41,263 
Total income  293,880 
Expenses   
Management fee $53,099  
Transfer agent fees 15,507  
Accounting and security lending fees 1,123  
Custodian fees and expenses 131  
Independent trustees' fees and expenses 88  
Registration fees 311  
Audit 98  
Legal 31  
Miscellaneous 81  
Total expenses before reductions 70,469  
Expense reductions (396)  
Total expenses after reductions  70,073 
Net investment income (loss)  223,807 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $1) 1,631,868  
Fidelity Central Funds (15)  
Foreign currency transactions (73)  
Futures contracts (34,052)  
Total net realized gain (loss)  1,597,728 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $40) (3,141,666)  
Fidelity Central Funds 20,454  
Other affiliated issuers 3,761  
Assets and liabilities in foreign currencies 189  
Futures contracts 1,354  
Total change in net unrealized appreciation (depreciation)  (3,115,908) 
Net gain (loss)  (1,518,180) 
Net increase (decrease) in net assets resulting from operations  $(1,294,373) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended February 28, 2019 Year ended August 31, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $223,807 $434,354 
Net realized gain (loss) 1,597,728 2,067,514 
Change in net unrealized appreciation (depreciation) (3,115,908) 1,226,331 
Net increase (decrease) in net assets resulting from operations (1,294,373) 3,728,199 
Distributions to shareholders (3,401,022) – 
Distributions to shareholders from net investment income – (374,856) 
Distributions to shareholders from net realized gain – (766,442) 
Total distributions (3,401,022) (1,141,298) 
Share transactions - net increase (decrease) 2,064,065 559,715 
Total increase (decrease) in net assets (2,631,330) 3,146,616 
Net Assets   
Beginning of period 29,475,780 26,329,164 
End of period $26,844,450 $29,475,780 
Other Information   
Undistributed net investment income end of period  $116,716 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Puritan Fund

 Six months ended February 28, Years endedAugust 31,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $25.10 $22.90 $21.07 $21.02 $22.91 $20.98 
Income from Investment Operations       
Net investment income (loss)A .18 .37 .37 .36 .47B .36 
Net realized and unrealized gain (loss) (1.29) 2.81 2.21 1.10 (.33) 3.60 
Total from investment operations (1.11) 3.18 2.58 1.46 .14 3.96 
Distributions from net investment income (.19) (.32) (.39)C (.34) (.46) (.35) 
Distributions from net realized gain (2.63) (.67) (.36)C (1.07) (1.57) (1.68) 
Total distributions (2.82) (.98)D (.75) (1.41) (2.03) (2.03) 
Net asset value, end of period $21.17 $25.10 $22.90 $21.07 $21.02 $22.91 
Total ReturnE,F (4.16)% 14.34% 12.64% 7.36% .87% 20.17% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .54%I .54% .55% .56% .56% .56% 
Expenses net of fee waivers, if any .54%I .53% .55% .56% .56% .56% 
Expenses net of all reductions .53%I .53% .55% .55% .55% .56% 
Net investment income (loss) 1.62%I 1.54% 1.73% 1.77% 2.13%B 1.68% 
Supplemental Data       
Net assets, end of period (in millions) $21,064 $22,864 $20,132 $19,754 $18,812 $18,351 
Portfolio turnover rateJ 125%I 44%K 45% 36% 106% 160% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.55%.

 C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 D Total distributions of $.98 per share is comprised of distributions from net investment income of $.318 and distributions from net realized gain of $.666 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses of any underlying non-money market Fidelity Central Funds were less than .005%.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Puritan Fund Class K

 Six months ended February 28, Years endedAugust 31,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $25.09 $22.89 $21.06 $21.01 $22.90 $20.98 
Income from Investment Operations       
Net investment income (loss)A .19 .39 .39 .38 .49B .39 
Net realized and unrealized gain (loss) (1.30) 2.81 2.21 1.10 (.33) 3.58 
Total from investment operations (1.11) 3.20 2.60 1.48 .16 3.97 
Distributions from net investment income (.20) (.34) (.41)C (.36) (.48) (.37) 
Distributions from net realized gain (2.63) (.67) (.36)C (1.07) (1.57) (1.68) 
Total distributions (2.83) (1.00)D (.77) (1.43) (2.05) (2.05) 
Net asset value, end of period $21.15 $25.09 $22.89 $21.06 $21.01 $22.90 
Total ReturnE,F (4.16)% 14.44% 12.76% 7.48% .96% 20.25% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .45%I .45% .46% .46% .46% .46% 
Expenses net of fee waivers, if any .45%I .45% .46% .46% .46% .46% 
Expenses net of all reductions .45%I .44% .45% .46% .46% .46% 
Net investment income (loss) 1.71%I 1.63% 1.82% 1.86% 2.23%B 1.78% 
Supplemental Data       
Net assets, end of period (in millions) $5,781 $6,612 $6,198 $6,009 $5,939 $6,162 
Portfolio turnover rateJ 125%I 44%K 45% 36% 106% 160% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.65%.

 C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 D Total distributions of $1.00 per share is comprised of distributions from net investment income of $.337 and distributions from net realized gain of $.666 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses of any underlying non-money market Fidelity Central Funds were less than .005%.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended February 28, 2019
(Amounts in thousands except percentages)

1. Organization.

Fidelity Puritan Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Puritan and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the Fund. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the Fund. The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%. The following summarizes the Fund's investment in each non-money market Fidelity Central Fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Mortgage Backed Securities Central Fund Fidelity Investment Money Management, Inc. (FIMM) Seeks a high level of income by normally investing in investment-grade mortgage-related securities and repurchase agreements for those securities. Delayed Delivery & When Issued Securities
Futures
Options
Restricted Securities
 		Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank notes, bank loan obligations, municipal securities, preferred securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Corporate Bonds  $0 Recovery value Recovery value 0.0% Increase 
Equities  $597,597 Recovery value Recovery value 0.0% Increase 
  Market comparable Enterprise value/Sales multiple (EV/S) 1.2 - 8.8 / 3.3 Increase 
   Transaction price $9.15 Increase 
   Enterprise value/EBITDA multiple (EV/EBITDA) 3.6 - 5.8 / 5.4 Increase 
   Liquidity preference $19.60 - $45.76 / $27.72 Increase 
   Discount rate 6.0% - 60.0% / 21.1% Decrease 
   Discount for lack of marketability 10.0% - 25.0% / 10.0% Decrease 
   Proxy discount 0.6% Decrease 
   Premium rate 29.0% Increase 
  Book value Book value multiple 1.0 Increase 
  Market Approach Transaction price $0.00 - $548.17 / $83.34 Increase 
Asset-Backed Securities  $1,015 Discount cash flow Spread 3.3% Decrease 
Commercial Mortgage Securities  $0 Expected distribution Recovery rate 0.0% Increase 
Bank Loan Obligations  $1,992 Market comparable Enterprise value/EBITDA multiple (EV/EBITDA) 6.5 Increase 
   Discount for lack of marketability 15.0% Decrease 
Other  $11 Recovery value Recovery value 1.0% Increase 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of February 28, 2019, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. The principal amount on inflation-indexed securities is periodically adjusted to the rate of inflation and interest is accrued based on the principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $1,123 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, market discount, contingent interest, deferred trustees compensation, partnerships (including allocations from Fidelity Central Funds), equity-debt classifications and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $4,806,266 
Gross unrealized depreciation (570,273) 
Net unrealized appreciation (depreciation) $4,235,993 
Tax cost $22,976,718 

Repurchase Agreements. Pursuant to an Exemptive Order issued by the SEC, the Fund along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR), or other affiliated entities of FMR, are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $176,015 in these Subsidiaries, representing 0.66% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation (As Applicable) Prior Line-Item Presentation (As Applicable) 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 
Distributions to Shareholders Note to Financial Statements Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities (including the Fixed-Income Central Funds), other than short-term securities and U.S. government securities, aggregated $14,775,492 and $14,403,139, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .15% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .39% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Puritan, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Puritan $14,117 .13 
Class K 1,390 .05 
 $15,507  

 (a) Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .01%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $311 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $63.

Prior Fiscal Year Exchanges In-Kind. During the prior period, the Fund completed an exchange in-kind with Fidelity Mortgage Backed Securities Central Fund. The Fund delivered investments, including accrued interest valued at $74,989 (which included $19 of unrealized depreciation), in exchange for 695 shares of Fidelity Mortgage Backed Securities Central Fund. The Fund generally did not recognize gain or loss for federal income tax purposes.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $37 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is maintained at the Fund's custodian and/or invested in cash equivalents and/or the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $691. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of interest income. Total security lending income during the period, presented in the Statement of Operations as a component of interest income, amounted to $11. Net income from the Fidelity Securities Lending Cash Central Fund during the period, presented in the Statement of Operations as a component of income from Fidelity Central Funds, amounted to $690 (including $61 from securities loaned to FCM).

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $260 for the period. In addition, through arrangements with the Fund's custodian credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $18. During the period, credits reduced each class' transfer agent expense as noted in the table below.

 Transfer Agent expense reduction 
Puritan $14 

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $104.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
February 28, 2019 		Year ended
August 31, 2018 
Distributions to shareholders   
Puritan $2,642,810 $– 
Class K 758,212 – 
Total $3,401,022 $– 
From net investment income   
Puritan $– $284,446 
Class K – 90,410 
Total $– $374,856 
From net realized gain   
Puritan $– $586,678 
Class K – 179,764 
Total $– $766,442 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended February 28, 2019 Year ended August 31, 2018 Six months ended February 28, 2019 Year ended August 31, 2018 
Puritan     
Shares sold 56,218 116,115 $1,244,199 $2,767,345 
Reinvestment of distributions 117,378 35,650 2,505,815 823,587 
Shares redeemed (89,233) (120,147) (1,905,387) (2,852,632) 
Net increase (decrease) 84,363 31,618 $1,844,627 $738,300 
Class K     
Shares sold 17,549 38,459 $384,393 $912,229 
Reinvestment of distributions 35,544 11,704 758,168 270,174 
Shares redeemed (43,347) (57,431) (923,123) (1,360,988) 
Net increase (decrease) 9,746 (7,268) $219,438 $(178,585) 

12. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2018 to February 28, 2019).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
September 1, 2018 		Ending
Account Value
February 28, 2019 		Expenses Paid
During Period-B
September 1, 2018
to February 28, 2019 
Puritan .54%    
Actual  $1,000.00 $958.40 $2.62 
Hypothetical-C  $1,000.00 $1,022.12 $2.71 
Class K .45%    
Actual  $1,000.00 $958.40 $2.19 
Hypothetical-C  $1,000.00 $1,022.56 $2.26 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio. In addition to the expenses noted above, the Fund also indirectly bears its proportional share of the expenses of the underlying Fidelity Central Funds. Annualized expenses of the underlying non-money market Fidelity Central Funds as of their most recent fiscal half year were less than .005%.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Puritan Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its January 2019 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

The Board noted that it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The fund had portfolio manager changes in July 2015 and June 2018. The Board will continue to monitor closely the fund's performance, taking into account the portfolio manager changes.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2018, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Puritan Fund


Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods (ended June 30 for 2018 and December 31 for prior periods) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Puritan Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2018.

The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below the competitive median for the 12-month period ended June 30, 2018.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus the assets of sector funds previously under FMR's management). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (iii) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (iv) the methodology with respect to the evaluation of competitive fund data and peer group classifications and fee comparisons; (v) the expense structures for different funds and classes; (vi) information regarding other accounts managed by Fidelity, including collective investment trusts; and (vii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

PUR-SANN-0419
1.700677.121

Fidelity® Balanced Fund



Semi-Annual Report

February 28, 2019



Fidelity Investments


Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


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Investment Summary (Unaudited)

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Fixed-Income Central Funds.

Top Five Stocks as of February 28, 2019

 % of fund's net assets 
Microsoft Corp. 3.0 
Apple, Inc. 2.5 
Amazon.com, Inc. 1.9 
Alphabet, Inc. Class C 1.6 
UnitedHealth Group, Inc. 1.2 
 10.2 

Top Five Bond Issuers as of February 28, 2019

(with maturities greater than one year) % of fund's net assets 
U.S. Treasury Obligations 9.5 
Fannie Mae 3.8 
Freddie Mac 2.1 
Ginnie Mae 2.0 
Morgan Stanley 0.5 
 17.9 

Top Five Market Sectors as of February 28, 2019

 % of fund's net assets 
Financials 13.8 
Information Technology 13.2 
Health Care 11.1 
Communication Services 8.2 
Consumer Discretionary 7.4 

Asset Allocation (% of fund's net assets)

As of February 28, 2019*,** 
   Stocks and Equity Futures 66.8% 
   Bonds 32.6% 
   Other Investments 0.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.1% 


 * Foreign investments - 8.6%

 ** Futures and Swaps - 0.1%

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.

Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.

Percentages are adjusted for the effect of futures contracts and swaps, if applicable.

Schedule of Investments February 28, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 66.3%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 6.7%   
Diversified Telecommunication Services - 0.8%   
AT&T, Inc. 8,169,364 $254,231 
CenturyLink, Inc. 891,300 11,756 
  265,987 
Entertainment - 1.3%   
Activision Blizzard, Inc. 1,697,531 71,534 
Electronic Arts, Inc. (a) 810,884 77,666 
Netflix, Inc. (a) 394,514 141,275 
Take-Two Interactive Software, Inc. (a) 204,800 17,871 
The Walt Disney Co. 903,200 101,917 
  410,263 
Interactive Media & Services - 3.5%   
Alphabet, Inc.:   
Class A (a) 141,723 159,658 
Class C (a) 472,447 529,103 
ANGI Homeservices, Inc. Class A (a) 1,759,685 28,894 
Facebook, Inc. Class A (a) 2,230,069 360,045 
Momo, Inc. ADR (a) 1,020,800 33,860 
Tencent Holdings Ltd. 312,100 13,365 
Twitter, Inc. (a) 663,000 20,407 
  1,145,332 
Media - 0.7%   
Charter Communications, Inc. Class A (a) 30,800 10,623 
Comcast Corp. Class A 4,752,992 183,798 
Liberty Broadband Corp. Class A (a) 193,200 17,257 
MDC Partners, Inc. Class A (a) 2,162,434 7,179 
MultiChoice Group Ltd. 19,000 142 
Naspers Ltd. Class N 19,000 4,106 
  223,105 
Wireless Telecommunication Services - 0.4%   
T-Mobile U.S., Inc. (a) 1,717,566 124,025 
TOTAL COMMUNICATION SERVICES  2,168,712 
CONSUMER DISCRETIONARY - 7.0%   
Auto Components - 0.1%   
Aptiv PLC 510,100 42,394 
Distributors - 0.1%   
LKQ Corp. (a) 934,000 25,872 
Diversified Consumer Services - 0.0%   
Arco Platform Ltd. Class A 522,300 12,598 
Hotels, Restaurants & Leisure - 2.1%   
ARAMARK Holdings Corp. 839,800 25,446 
Cedar Fair LP (depositary unit) 553,100 29,314 
Compass Group PLC 2,861,700 63,201 
Dunkin' Brands Group, Inc. 331,900 23,714 
Marriott International, Inc. Class A 586,537 73,475 
McDonald's Corp. 1,068,400 196,415 
Sea Ltd. ADR (a)(b) 3,417,500 73,476 
Starbucks Corp. 885,474 62,213 
U.S. Foods Holding Corp. (a) 1,725,300 60,800 
Wyndham Destinations, Inc. 352,000 15,851 
Wyndham Hotels & Resorts, Inc. 650,200 34,181 
  658,086 
Household Durables - 0.2%   
Lennar Corp. Class A 1,169,600 56,117 
Internet & Direct Marketing Retail - 2.2%   
Alibaba Group Holding Ltd. sponsored ADR (a) 266,100 48,704 
Amazon.com, Inc. (a) 368,800 604,769 
The Booking Holdings, Inc. (a) 37,600 63,809 
  717,282 
Leisure Products - 0.1%   
Mattel, Inc. (a)(b) 1,538,800 22,189 
Multiline Retail - 0.2%   
Dollar Tree, Inc. (a) 721,500 69,502 
Specialty Retail - 1.6%   
Home Depot, Inc. 1,301,944 241,042 
Lowe's Companies, Inc. 1,035,200 108,789 
O'Reilly Automotive, Inc. (a) 119,208 44,341 
TJX Companies, Inc. 2,463,514 126,354 
Ulta Beauty, Inc. (a) 18,600 5,812 
  526,338 
Textiles, Apparel & Luxury Goods - 0.4%   
NIKE, Inc. Class B 887,150 76,055 
Prada SpA 3,673,800 11,771 
PVH Corp. 148,500 17,054 
Tapestry, Inc. 882,300 30,828 
  135,708 
TOTAL CONSUMER DISCRETIONARY  2,266,086 
CONSUMER STAPLES - 4.4%   
Beverages - 1.2%   
Constellation Brands, Inc. Class A (sub. vtg.) 349,627 59,143 
Keurig Dr. Pepper, Inc. 574,300 14,444 
Monster Beverage Corp. (a) 840,542 53,652 
PepsiCo, Inc. 517,900 59,890 
The Coca-Cola Co. 4,434,208 201,047 
  388,176 
Food & Staples Retailing - 0.5%   
Costco Wholesale Corp. 135,800 29,705 
Kroger Co. 246,700 7,236 
Sysco Corp. 580,600 39,220 
Walgreens Boots Alliance, Inc. 361,075 25,705 
Walmart, Inc. 543,800 53,831 
  155,697 
Food Products - 0.6%   
Bunge Ltd. 445,263 23,635 
Conagra Brands, Inc. 788,500 18,427 
Mondelez International, Inc. 2,698,500 127,261 
The Kraft Heinz Co. 802,900 26,648 
The Simply Good Foods Co. (a) 522,621 10,693 
  206,664 
Household Products - 1.0%   
Colgate-Palmolive Co. 1,536,167 101,187 
Procter & Gamble Co. 2,071,700 204,166 
  305,353 
Personal Products - 0.3%   
Coty, Inc. Class A 2,478,902 27,268 
Edgewell Personal Care Co. (a) 352,300 15,628 
Estee Lauder Companies, Inc. Class A 255,282 40,064 
Unilever NV (Certificaten Van Aandelen) (Bearer) 453,200 24,544 
  107,504 
Tobacco - 0.8%   
Altria Group, Inc. 1,681,695 88,138 
British American Tobacco PLC sponsored ADR 548,719 20,160 
Philip Morris International, Inc. 1,660,799 144,390 
  252,688 
TOTAL CONSUMER STAPLES  1,416,082 
ENERGY - 3.4%   
Energy Equipment & Services - 0.3%   
Baker Hughes, a GE Co. Class A 1,578,000 41,628 
Hess Midstream Partners LP 407,700 9,328 
Liberty Oilfield Services, Inc. Class A (b) 628,700 10,298 
NCS Multistage Holdings, Inc. (a) 1,567,839 8,639 
Oceaneering International, Inc. (a) 474,391 7,329 
Schlumberger Ltd. 435,800 19,201 
  96,423 
Oil, Gas & Consumable Fuels - 3.1%   
Anadarko Petroleum Corp. 1,448,502 63,010 
Black Stone Minerals LP 757,000 13,505 
BP PLC sponsored ADR 766,670 32,698 
Cabot Oil & Gas Corp. 1,005,150 24,747 
Centennial Resource Development, Inc. Class A (a) 696,100 6,314 
Chevron Corp. 664,905 79,509 
ConocoPhillips Co. 486,600 33,016 
Devon Energy Corp. 2,451,000 72,329 
Diamondback Energy, Inc. 134,900 13,885 
EOG Resources, Inc. 1,134,400 106,634 
Exxon Mobil Corp. 1,411,743 111,570 
HollyFrontier Corp. 487,500 24,960 
Magnolia Oil & Gas Corp. 931,000 11,451 
Magnolia Oil & Gas Corp. Class A (a) 1,185,000 14,576 
Noble Energy, Inc. 1,832,800 40,597 
Parsley Energy, Inc. Class A (a) 1,092,230 19,813 
Phillips 66 Co. 811,417 78,188 
Pioneer Natural Resources Co. 357,800 50,432 
PrairieSky Royalty Ltd. (b) 858,637 12,508 
Reliance Industries Ltd. 2,625,662 45,628 
Suncor Energy, Inc. 1,918,100 66,116 
Targa Resources Corp. 316,200 12,724 
Valero Energy Corp. 635,600 51,840 
Viper Energy Partners LP 168,300 5,539 
Whiting Petroleum Corp. (a) 434,900 10,599 
  1,002,188 
TOTAL ENERGY  1,098,611 
FINANCIALS - 8.8%   
Banks - 3.8%   
Bank of America Corp. 10,646,208 309,592 
Citigroup, Inc. 3,364,012 215,229 
First Horizon National Corp. 3,650,700 57,060 
Huntington Bancshares, Inc. 12,332,512 177,711 
KB Financial Group, Inc. 136,300 5,368 
KeyCorp 4,120,400 72,766 
M&T Bank Corp. 205,300 35,529 
PNC Financial Services Group, Inc. 422,600 53,256 
Signature Bank 315,500 42,832 
SunTrust Banks, Inc. 662,400 42,970 
Wells Fargo & Co. 4,567,100 227,853 
  1,240,166 
Capital Markets - 1.3%   
Bank of New York Mellon Corp. 1,112,400 58,379 
Cboe Global Markets, Inc. 688,011 65,987 
E*TRADE Financial Corp. 2,413,949 118,259 
Goldman Sachs Group, Inc. 121,800 23,958 
Morgan Stanley 963,900 40,465 
Oaktree Capital Group LLC Class A 556,300 23,570 
State Street Corp. 261,200 18,772 
TD Ameritrade Holding Corp. 686,900 38,693 
Virtu Financial, Inc. Class A 1,206,600 30,334 
  418,417 
Consumer Finance - 1.9%   
360 Finance, Inc. ADR 584,900 9,914 
American Express Co. 623,400 67,165 
Capital One Financial Corp. 3,606,201 301,406 
LexinFintech Holdings Ltd. ADR (a) 1,685,600 19,637 
OneMain Holdings, Inc. 3,139,194 103,593 
PPDAI Group, Inc. ADR (a) 1,818,600 8,766 
SLM Corp. 3,891,498 43,001 
Synchrony Financial 1,312,900 42,814 
  596,296 
Diversified Financial Services - 0.1%   
Berkshire Hathaway, Inc. Class A (a) 78 23,572 
Kimbell Royalty Partners LP 821,226 14,371 
  37,943 
Insurance - 1.7%   
American International Group, Inc. 2,768,500 119,599 
Hartford Financial Services Group, Inc. 767,100 37,864 
Marsh & McLennan Companies, Inc. 923,377 85,893 
MetLife, Inc. 2,846,300 128,624 
RSA Insurance Group PLC 1,913,000 12,966 
The Travelers Companies, Inc. 463,986 61,668 
Willis Group Holdings PLC 579,543 99,693 
  546,307 
TOTAL FINANCIALS  2,839,129 
HEALTH CARE - 10.2%   
Biotechnology - 1.9%   
Alexion Pharmaceuticals, Inc. (a) 956,404 129,430 
Amgen, Inc. 957,288 181,961 
Biogen, Inc. (a) 265,185 86,983 
Global Blood Therapeutics, Inc. (a) 327,146 17,175 
Immunomedics, Inc. (a)(b) 632,600 9,970 
Sarepta Therapeutics, Inc. (a) 301,300 43,460 
Vertex Pharmaceuticals, Inc. (a) 763,100 144,035 
  613,014 
Health Care Equipment & Supplies - 3.3%   
Abbott Laboratories 2,908,000 225,719 
Baxter International, Inc. 1,475,800 110,287 
Becton, Dickinson & Co. 817,500 203,386 
Boston Scientific Corp. (a) 6,469,070 259,539 
Danaher Corp. 158,200 20,095 
Hologic, Inc. (a) 949,000 44,745 
Intuitive Surgical, Inc. (a) 250,100 136,957 
Wright Medical Group NV (a) 1,531,300 47,945 
  1,048,673 
Health Care Providers & Services - 2.7%   
AmerisourceBergen Corp. 589,000 49,064 
DaVita HealthCare Partners, Inc. (a) 900,700 51,250 
Elanco Animal Health, Inc. (b) 912,300 27,588 
HCA Holdings, Inc. 852,100 118,476 
Humana, Inc. 487,600 138,986 
Molina Healthcare, Inc. (a) 712,100 95,870 
UnitedHealth Group, Inc. 1,609,684 389,898 
  871,132 
Life Sciences Tools & Services - 0.6%   
Thermo Fisher Scientific, Inc. 736,597 191,198 
Pharmaceuticals - 1.7%   
Allergan PLC 396,843 54,649 
AstraZeneca PLC sponsored ADR 3,936,700 163,688 
Bristol-Myers Squibb Co. 2,793,041 144,288 
Nektar Therapeutics (a) 44,151 1,790 
Roche Holding AG (participation certificate) 642,257 178,242 
  542,657 
TOTAL HEALTH CARE  3,266,674 
INDUSTRIALS - 7.0%   
Aerospace & Defense - 1.3%   
General Dynamics Corp. 204,100 34,742 
Northrop Grumman Corp. 228,174 66,161 
Raytheon Co. 122,980 22,936 
The Boeing Co. 284,120 125,001 
United Technologies Corp. 1,349,052 169,535 
  418,375 
Air Freight & Logistics - 0.5%   
United Parcel Service, Inc. Class B 1,350,191 148,791 
Airlines - 0.3%   
American Airlines Group, Inc. 2,838,746 101,145 
Building Products - 0.2%   
Allegion PLC 531,570 47,820 
USG Corp. 425,056 18,324 
  66,144 
Commercial Services & Supplies - 0.0%   
Stericycle, Inc. (a) 225,600 10,057 
Construction & Engineering - 0.6%   
AECOM (a) 5,370,657 166,276 
Jacobs Engineering Group, Inc. 106,800 7,880 
  174,156 
Electrical Equipment - 1.0%   
Sensata Technologies, Inc. PLC (a) 2,426,101 123,076 
Sunrun, Inc. (a)(b)(c) 10,106,501 156,752 
Vivint Solar, Inc. (a)(c) 10,129,753 52,979 
  332,807 
Industrial Conglomerates - 0.6%   
3M Co. 92,940 19,275 
General Electric Co. 9,316,816 96,802 
Honeywell International, Inc. 421,700 64,971 
  181,048 
Machinery - 0.4%   
Minebea Mitsumi, Inc. 2,373,200 38,195 
WABCO Holdings, Inc. (a) 557,844 76,720 
Wabtec Corp. 50,040 3,666 
  118,581 
Marine - 0.3%   
A.P. Moller - Maersk A/S Series B 61,609 82,887 
Professional Services - 0.4%   
Nielsen Holdings PLC 3,504,330 91,813 
WageWorks, Inc. (a) 1,287,855 42,370 
  134,183 
Road & Rail - 0.9%   
CSX Corp. 1,616,150 117,446 
Norfolk Southern Corp. 824,836 147,893 
Union Pacific Corp. 197,300 33,087 
  298,426 
Trading Companies & Distributors - 0.5%   
HD Supply Holdings, Inc. (a) 3,844,684 165,360 
Univar, Inc. (a) 246,300 5,569 
  170,929 
TOTAL INDUSTRIALS  2,237,529 
INFORMATION TECHNOLOGY - 13.0%   
Electronic Equipment & Components - 0.1%   
Flextronics International Ltd. (a) 1,833,100 19,321 
Jabil, Inc. 242,400 6,884 
TE Connectivity Ltd. 163,700 13,438 
  39,643 
IT Services - 1.4%   
Akamai Technologies, Inc. (a) 32,600 2,271 
Alliance Data Systems Corp. 889,900 153,953 
Cognizant Technology Solutions Corp. Class A 823,600 58,459 
DXC Technology Co. 381,300 25,112 
FleetCor Technologies, Inc. (a) 80,700 18,826 
GoDaddy, Inc. (a) 269,900 20,148 
Leidos Holdings, Inc. 153,400 9,908 
Liveramp Holdings, Inc. (a) 42,900 2,306 
MasterCard, Inc. Class A 64,400 14,475 
MongoDB, Inc. Class A (a)(b) 220,728 22,417 
PayPal Holdings, Inc. (a) 781,071 76,600 
Shopify, Inc. Class A (a) 189,800 35,954 
  440,429 
Semiconductors & Semiconductor Equipment - 3.4%   
Analog Devices, Inc. 252,547 27,012 
Applied Materials, Inc. 2,042,700 78,317 
Broadcom, Inc. 308,984 85,082 
Intel Corp. 2,058,900 109,039 
Lam Research Corp. 695,400 122,453 
MACOM Technology Solutions Holdings, Inc. (a)(c) 3,723,626 71,084 
Marvell Technology Group Ltd. 2,545,200 50,777 
Microchip Technology, Inc. (b) 162,800 14,142 
Micron Technology, Inc. (a) 1,990,426 81,369 
NVIDIA Corp. 836,942 129,107 
NXP Semiconductors NV 823,000 75,156 
ON Semiconductor Corp. (a) 6,355,395 136,514 
Qualcomm, Inc. 1,989,177 106,202 
  1,086,254 
Software - 5.6%   
2U, Inc. (a) 370,200 27,284 
Adobe, Inc. (a) 495,416 130,047 
Autodesk, Inc. (a) 937,991 152,902 
Avast PLC (d) 7,459,300 30,527 
Box, Inc. Class A (a) 85,700 1,735 
Cardlytics, Inc. (a) 494,572 8,714 
Citrix Systems, Inc. 322,750 34,050 
Cloudera, Inc. (a) 3,459,610 50,407 
Kingsoft Corp. Ltd. 18,782,000 36,512 
Microsoft Corp. 8,767,312 982,200 
Nuance Communications, Inc. (a) 730,455 12,250 
Nutanix, Inc. Class A (a) 216,300 10,834 
Oracle Corp. 489,600 25,523 
Parametric Technology Corp. (a) 308,311 28,617 
Salesforce.com, Inc. (a) 913,120 149,432 
Sophos Group PLC (d) 3,521,300 15,310 
SS&C Technologies Holdings, Inc. 54,700 3,368 
SurveyMonkey (b) 1,728,358 26,219 
Symantec Corp. 100,800 2,267 
Talend SA ADR (a) 1,076,294 51,554 
Totvs SA 689,800 6,694 
Varonis Systems, Inc. (a) 365,900 20,842 
Zuora, Inc. 179,500 4,265 
  1,811,553 
Technology Hardware, Storage & Peripherals - 2.5%   
Apple, Inc. 4,580,339 793,086 
TOTAL INFORMATION TECHNOLOGY  4,170,965 
MATERIALS - 1.7%   
Chemicals - 1.5%   
Air Products & Chemicals, Inc. 259,200 46,962 
DowDuPont, Inc. 3,073,914 163,624 
Element Solutions, Inc. (a) 1,339,500 15,083 
LG Chemical Ltd. 56,660 19,659 
Linde PLC 375,494 65,051 
LyondellBasell Industries NV Class A 123,300 10,545 
Olin Corp. 1,870,400 48,369 
Sherwin-Williams Co. 13,200 5,718 
The Chemours Co. LLC 2,092,964 79,595 
Tronox Ltd. Class A 1,498,400 17,726 
Westlake Chemical Corp. 74,541 5,208 
  477,540 
Construction Materials - 0.1%   
Vulcan Materials Co. 201,400 22,448 
Containers & Packaging - 0.0%   
Crown Holdings, Inc. (a) 289,500 15,717 
Metals & Mining - 0.1%   
Antofagasta PLC 1,247,800 15,504 
Livent Corp. (b) 455,900 5,836 
Newmont Mining Corp. 460,000 15,695 
  37,035 
TOTAL MATERIALS  552,740 
REAL ESTATE - 2.0%   
Equity Real Estate Investment Trusts (REITs) - 1.9%   
American Tower Corp. 854,300 150,485 
Ant International Co. Ltd. Class C (e)(f) 4,971,128 31,467 
Boston Properties, Inc. 376,197 49,918 
CorePoint Lodging, Inc. 766,400 10,707 
Corporate Office Properties Trust (SBI) 919,900 23,908 
Crown Castle International Corp. 251,700 29,889 
Equinix, Inc. 121,000 51,244 
Equity Lifestyle Properties, Inc. 123,900 13,460 
Essex Property Trust, Inc. 127,200 35,596 
Front Yard Residential Corp. Class B 2,091,811 23,282 
Outfront Media, Inc. 373,862 8,389 
Prologis, Inc. 825,200 57,814 
Public Storage 163,900 34,663 
Simon Property Group, Inc. 123,600 22,391 
Spirit Realty Capital, Inc. 150,920 5,832 
Store Capital Corp. 470,000 15,261 
The Macerich Co. 302,500 13,189 
VEREIT, Inc. 742,600 5,919 
Welltower, Inc. 639,500 47,521 
  630,935 
Real Estate Management & Development - 0.1%   
Cushman & Wakefield PLC 794,700 14,567 
VICI Properties, Inc. 472,900 10,077 
  24,644 
TOTAL REAL ESTATE  655,579 
UTILITIES - 2.1%   
Electric Utilities - 1.3%   
Duke Energy Corp. 136,800 12,265 
Edison International 597,938 35,811 
Entergy Corp. 275,200 25,684 
Evergy, Inc. 279,461 15,625 
Exelon Corp. 2,017,225 98,017 
FirstEnergy Corp. 1,310,500 53,403 
NextEra Energy, Inc. 590,900 110,924 
PPL Corp. 1,699,194 54,663 
Southern Co. 327,131 16,255 
  422,647 
Independent Power and Renewable Electricity Producers - 0.1%   
NRG Energy, Inc. 484,575 20,197 
The AES Corp. 929,000 16,007 
  36,204 
Multi-Utilities - 0.7%   
Dominion Resources, Inc. 1,351,392 100,125 
Public Service Enterprise Group, Inc. 894,370 52,598 
Sempra Energy 472,057 56,855 
  209,578 
TOTAL UTILITIES  668,429 
TOTAL COMMON STOCKS   
(Cost $16,880,387)  21,340,536 
 Principal Amount (000s) Value (000s) 
Nonconvertible Bonds - 10.9%   
COMMUNICATION SERVICES - 1.0%   
Diversified Telecommunication Services - 0.3%   
AT&T, Inc.:   
2.45% 6/30/20 5,759 5,718 
3.6% 2/17/23 12,300 12,377 
4.45% 4/1/24 854 884 
4.5% 3/9/48 25,000 22,378 
4.75% 5/15/46 10,000 9,285 
BellSouth Capital Funding Corp. 7.875% 2/15/30 61 72 
Verizon Communications, Inc.:   
2.625% 2/21/20 5,764 5,754 
3.85% 11/1/42 2,128 1,918 
5.012% 4/15/49 5,561 5,821 
5.012% 8/21/54 23,143 23,774 
5.5% 3/16/47 16,500 18,343 
  106,324 
Entertainment - 0.1%   
AOL Time Warner, Inc. 2.95% 7/15/26 23,000 21,355 
NBCUniversal, Inc.:   
4.45% 1/15/43 3,588 3,557 
5.95% 4/1/41 2,510 2,964 
Time Warner, Inc. 2.1% 6/1/19 12,500 12,471 
  40,347 
Media - 0.6%   
21st Century Fox America, Inc. 7.75% 12/1/45 9,421 13,883 
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:   
4.464% 7/23/22 10,261 10,525 
4.908% 7/23/25 6,898 7,146 
5.375% 5/1/47 9,270 8,789 
5.75% 4/1/48 9,330 9,338 
Comcast Corp.:   
3.9% 3/1/38 1,918 1,814 
3.969% 11/1/47 6,197 5,748 
3.999% 11/1/49 7,076 6,571 
4% 3/1/48 3,508 3,280 
4.6% 8/15/45 5,066 5,115 
4.65% 7/15/42 4,526 4,596 
Fox Corp.:   
3.666% 1/25/22 (d) 1,312 1,327 
4.03% 1/25/24 (d) 2,307 2,351 
4.709% 1/25/29 (d) 3,339 3,461 
5.476% 1/25/39 (d) 3,293 3,452 
5.576% 1/25/49 (d) 2,185 2,307 
Time Warner Cable, Inc.:   
4% 9/1/21 10,989 11,097 
4.5% 9/15/42 2,648 2,224 
5.5% 9/1/41 3,051 2,887 
5.875% 11/15/40 7,066 7,011 
6.55% 5/1/37 43,346 45,964 
7.3% 7/1/38 7,024 7,927 
8.25% 4/1/19 11,974 12,022 
  178,835 
TOTAL COMMUNICATION SERVICES  325,506 
CONSUMER DISCRETIONARY - 0.3%   
Automobiles - 0.3%   
General Motors Financial Co., Inc.:   
3.15% 1/15/20 19,000 18,998 
3.5% 7/10/19 41,541 41,619 
4% 1/15/25 7,674 7,371 
4.2% 3/1/21 10,665 10,786 
4.25% 5/15/23 3,220 3,230 
  82,004 
CONSUMER STAPLES - 0.9%   
Beverages - 0.4%   
Anheuser-Busch InBev Finance, Inc.:   
4.7% 2/1/36 19,253 18,635 
4.9% 2/1/46 22,019 21,191 
Anheuser-Busch InBev Worldwide, Inc.:   
4.75% 4/15/58 10,422 9,460 
5.45% 1/23/39 8,520 8,941 
5.55% 1/23/49 19,483 20,463 
5.8% 1/23/59 (Reg. S) 20,579 21,954 
Molson Coors Brewing Co. 3% 7/15/26 30,000 27,527 
  128,171 
Food & Staples Retailing - 0.0%   
Walgreens Boots Alliance, Inc.:   
2.7% 11/18/19 3,939 3,931 
3.3% 11/18/21 4,671 4,696 
  8,627 
Tobacco - 0.5%   
Altria Group, Inc.:   
2.625% 1/14/20 12,900 12,860 
3.875% 9/16/46 8,420 6,381 
4% 1/31/24 3,615 3,649 
4.25% 8/9/42 10,063 8,128 
4.4% 2/14/26 4,333 4,367 
4.5% 5/2/43 6,746 5,584 
4.8% 2/14/29 5,634 5,623 
5.375% 1/31/44 12,168 11,327 
5.95% 2/14/49 6,600 6,584 
BAT Capital Corp. 4.54% 8/15/47 20,000 16,223 
Imperial Tobacco Finance PLC:   
3.75% 7/21/22 (d) 8,553 8,568 
4.25% 7/21/25 (d) 10,443 10,429 
Reynolds American, Inc.:   
3.25% 6/12/20 1,695 1,693 
4% 6/12/22 5,830 5,901 
4.45% 6/12/25 4,227 4,263 
4.85% 9/15/23 8,000 8,357 
5.7% 8/15/35 2,194 2,163 
5.85% 8/15/45 16,830 16,035 
6.15% 9/15/43 14,000 13,791 
7.25% 6/15/37 7,569 8,273 
  160,199 
TOTAL CONSUMER STAPLES  296,997 
ENERGY - 1.7%   
Energy Equipment & Services - 0.1%   
El Paso Pipeline Partners Operating Co. LLC:   
5% 10/1/21 2,791 2,897 
6.5% 4/1/20 3,517 3,639 
Halliburton Co.:   
3.8% 11/15/25 4,660 4,681 
4.85% 11/15/35 4,069 4,122 
Noble Holding International Ltd.:   
7.95% 4/1/25 (g) 3,936 3,444 
8.95% 4/1/45 (g) 3,799 3,115 
  21,898 
Oil, Gas & Consumable Fuels - 1.6%   
Amerada Hess Corp.:   
7.3% 8/15/31 2,435 2,774 
7.875% 10/1/29 4,487 5,258 
Anadarko Finance Co. 7.5% 5/1/31 14,552 17,611 
Anadarko Petroleum Corp.:   
4.85% 3/15/21 12,068 12,398 
5.55% 3/15/26 9,887 10,565 
6.45% 9/15/36 8,540 9,611 
6.6% 3/15/46 11,115 13,142 
Canadian Natural Resources Ltd. 5.85% 2/1/35 4,725 5,164 
Cenovus Energy, Inc. 4.25% 4/15/27 14,753 14,049 
Columbia Pipeline Group, Inc.:   
3.3% 6/1/20 7,911 7,919 
4.5% 6/1/25 2,416 2,480 
DCP Midstream LLC:   
4.75% 9/30/21 (d) 6,909 7,030 
5.35% 3/15/20 (d) 6,814 6,933 
DCP Midstream Operating LP:   
3.875% 3/15/23 2,761 2,740 
4.95% 4/1/22 1,267 1,296 
5.6% 4/1/44 2,216 2,047 
Duke Energy Field Services 6.45% 11/3/36 (d) 6,493 6,542 
Empresa Nacional de Petroleo 4.375% 10/30/24 (d) 5,615 5,709 
Enable Midstream Partners LP:   
2.4% 5/15/19 (g) 1,957 1,954 
3.9% 5/15/24 (g) 2,064 2,010 
Enbridge Energy Partners LP:   
4.2% 9/15/21 8,103 8,248 
4.375% 10/15/20 5,808 5,913 
Enbridge, Inc. 4.25% 12/1/26 3,252 3,316 
Energy Transfer Partners LP:   
4.2% 9/15/23 2,113 2,155 
4.5% 4/15/24 2,294 2,356 
4.95% 6/15/28 7,210 7,346 
5.25% 4/15/29 3,732 3,903 
5.8% 6/15/38 4,020 4,103 
6% 6/15/48 2,618 2,716 
6.25% 4/15/49 5,817 6,243 
Kinder Morgan Energy Partners LP 6.55% 9/15/40 904 1,039 
Kinder Morgan, Inc. 5.55% 6/1/45 4,432 4,653 
Marathon Petroleum Corp. 5.125% 3/1/21 4,415 4,566 
MPLX LP:   
4.5% 7/15/23 3,584 3,704 
4.8% 2/15/29 2,108 2,161 
4.875% 12/1/24 4,918 5,134 
5.5% 2/15/49 6,323 6,476 
Nakilat, Inc. 6.067% 12/31/33 (d) 2,490 2,795 
Nexen, Inc. 6.2% 7/30/19 2,252 2,281 
Petrobras Global Finance BV:   
4.375% 5/20/23 4,137 4,150 
7.25% 3/17/44 30,172 32,239 
Petroleos Mexicanos:   
3.5% 1/30/23 5,005 4,662 
4.5% 1/23/26 11,915 10,640 
4.625% 9/21/23 13,980 13,389 
4.875% 1/24/22 1,430 1,419 
4.875% 1/18/24 7,021 6,708 
5.375% 3/13/22 4,960 4,970 
5.5% 1/21/21 13,423 13,594 
5.5% 6/27/44 6,301 4,912 
5.625% 1/23/46 11,673 9,134 
6% 3/5/20 3,052 3,105 
6.35% 2/12/48 15,500 12,857 
6.375% 1/23/45 26,396 22,166 
6.5% 3/13/27 8,390 8,101 
6.5% 6/2/41 8,420 7,325 
6.75% 9/21/47 21,513 18,654 
6.875% 8/4/26 13,000 12,984 
8% 5/3/19 3,330 3,355 
Phillips 66 Co. 4.3% 4/1/22 6,383 6,602 
Phillips 66 Partners LP 2.646% 2/15/20 652 650 
Southeast Supply Header LLC 4.25% 6/15/24 (d) 5,790 5,770 
Southwestern Energy Co. 6.2% 1/23/25 (g) 4,632 4,584 
Sunoco Logistics Partner Operations LP 5.4% 10/1/47 2,451 2,358 
The Williams Companies, Inc.:   
3.7% 1/15/23 5,046 5,042 
4.55% 6/24/24 25,316 26,075 
Western Gas Partners LP:   
4.5% 3/1/28 1,600 1,549 
4.65% 7/1/26 2,228 2,212 
4.75% 8/15/28 2,109 2,081 
5.375% 6/1/21 23,110 23,809 
Williams Partners LP:   
3.6% 3/15/22 6,925 6,962 
3.9% 1/15/25 2,391 2,395 
4% 11/15/21 3,157 3,208 
4.3% 3/4/24 10,014 10,243 
4.5% 11/15/23 3,444 3,554 
  517,798 
TOTAL ENERGY  539,696 
FINANCIALS - 4.6%   
Banks - 2.3%   
Bank of America Corp.:   
3.004% 12/20/23 (g) 49,521 48,877 
3.3% 1/11/23 13,500 13,540 
3.419% 12/20/28 (g) 10,395 10,029 
3.5% 4/19/26 9,902 9,802 
3.864% 7/23/24 (g) 8,285 8,419 
3.95% 4/21/25 6,998 6,993 
4.2% 8/26/24 11,449 11,669 
4.25% 10/22/26 6,748 6,779 
4.45% 3/3/26 2,886 2,938 
Barclays PLC:   
2.75% 11/8/19 5,728 5,706 
3.25% 1/12/21 8,790 8,730 
4.375% 1/12/26 11,847 11,750 
5.2% 5/12/26 10,495 10,560 
BB&T Corp. 3.95% 3/22/22 1,805 1,836 
Citigroup, Inc.:   
2.7% 10/27/22 53,057 52,100 
3.875% 3/26/25 17,000 16,894 
4.05% 7/30/22 17,500 17,837 
4.3% 11/20/26 17,098 17,120 
4.45% 9/29/27 14,000 14,048 
Citizens Bank NA 2.55% 5/13/21 3,064 3,025 
Citizens Financial Group, Inc. 4.15% 9/28/22 (d) 7,659 7,699 
Credit Suisse Group Funding Guernsey Ltd.:   
2.75% 3/26/20 8,440 8,405 
3.75% 3/26/25 8,440 8,340 
3.8% 9/15/22 13,270 13,341 
3.8% 6/9/23 16,850 16,849 
4.55% 4/17/26 4,788 4,905 
Credit Suisse New York Branch 5.4% 1/14/20 1,450 1,477 
Discover Bank 7% 4/15/20 4,144 4,303 
Fifth Third Bancorp:   
2.875% 7/27/20 43,000 42,935 
3.5% 3/15/22 638 643 
HSBC Holdings PLC 4.25% 3/14/24 3,415 3,458 
Huntington Bancshares, Inc. 7% 12/15/20 3,353 3,567 
Huntington National Bank:   
2.2% 4/1/19 3,200 3,199 
2.4% 4/1/20 40,000 39,769 
Intesa Sanpaolo SpA:   
5.017% 6/26/24 (d) 7,748 7,179 
5.71% 1/15/26 (d) 18,498 17,322 
JPMorgan Chase & Co.:   
2.95% 10/1/26 34,906 33,279 
3.797% 7/23/24 (g) 10,331 10,479 
3.875% 9/10/24 24,177 24,456 
4.125% 12/15/26 61,229 61,961 
KeyCorp. 5.1% 3/24/21 628 653 
Rabobank Nederland 4.375% 8/4/25 13,516 13,673 
Regions Bank 6.45% 6/26/37 12,100 14,382 
Regions Financial Corp. 3.2% 2/8/21 5,563 5,570 
Royal Bank of Scotland Group PLC:   
5.125% 5/28/24 23,104 23,419 
6% 12/19/23 16,075 16,892 
6.1% 6/10/23 12,713 13,335 
6.125% 12/15/22 39,429 41,597 
UniCredit SpA 6.572% 1/14/22 (d) 10,119 10,374 
  732,113 
Capital Markets - 1.4%   
Affiliated Managers Group, Inc.:   
3.5% 8/1/25 9,670 9,352 
4.25% 2/15/24 3,357 3,448 
Credit Suisse Group AG 3.869% 1/12/29 (d)(g) 6,889 6,627 
Deutsche Bank AG 4.5% 4/1/25 27,715 25,800 
Deutsche Bank AG New York Branch:   
3.3% 11/16/22 18,270 17,243 
5% 2/14/22 16,487 16,589 
Goldman Sachs Group, Inc.:   
2.876% 10/31/22 (g) 125,990 124,102 
3.2% 2/23/23 14,500 14,374 
4.25% 10/21/25 4,219 4,236 
6.75% 10/1/37 4,014 4,774 
IntercontinentalExchange, Inc. 2.75% 12/1/20 3,082 3,070 
Lazard Group LLC 4.25% 11/14/20 2,027 2,058 
Moody's Corp.:   
3.25% 1/15/28 4,208 4,019 
4.875% 2/15/24 3,952 4,180 
Morgan Stanley:   
2.65% 1/27/20 2,659 2,651 
3.125% 1/23/23 68,526 67,977 
3.125% 7/27/26 1,531 1,461 
3.7% 10/23/24 5,388 5,412 
3.737% 4/24/24 (g) 53,000 53,462 
4.35% 9/8/26 8,014 8,047 
4.431% 1/23/30(g) 8,038 8,300 
4.875% 11/1/22 8,674 9,079 
5% 11/24/25 13,300 13,980 
5.625% 9/23/19 547 555 
Peachtree Corners Funding Trust 3.976% 2/15/25 (d) 10,000 9,930 
UBS AG Stamford Branch 2.375% 8/14/19 12,750 12,732 
UBS Group Funding Ltd. 4.125% 9/24/25 (d) 9,717 9,880 
  443,338 
Consumer Finance - 0.3%   
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:   
3.5% 5/26/22 3,172 3,128 
4.125% 7/3/23 7,468 7,419 
4.45% 12/16/21 5,342 5,412 
4.875% 1/16/24 3,187 3,261 
Capital One Financial Corp. 3.8% 1/31/28 7,659 7,360 
Discover Financial Services:   
3.85% 11/21/22 2,701 2,717 
3.95% 11/6/24 20,000 19,795 
4.5% 1/30/26 8,513 8,552 
5.2% 4/27/22 2,488 2,603 
Ford Motor Credit Co. LLC:   
5.085% 1/7/21 5,501 5,603 
5.596% 1/7/22 11,381 11,660 
5.875% 8/2/21 12,574 12,994 
Synchrony Financial:   
3% 8/15/19 2,283 2,282 
3.75% 8/15/21 8,466 8,485 
3.95% 12/1/27 13,987 12,808 
4.25% 8/15/24 3,469 3,400 
  117,479 
Diversified Financial Services - 0.2%   
AXA Equitable Holdings, Inc. 3.9% 4/20/23 1,851 1,865 
Brixmor Operating Partnership LP:   
3.25% 9/15/23 11,325 10,992 
3.875% 8/15/22 10,251 10,257 
4.125% 6/15/26 3,990 3,897 
Cigna Corp.:   
4.125% 11/15/25 (d) 4,310 4,375 
4.375% 10/15/28 (d) 11,124 11,276 
4.8% 8/15/38 (d) 6,926 6,912 
4.9% 12/15/48 (d) 6,920 6,890 
Voya Financial, Inc. 3.125% 7/15/24 4,991 4,830 
  61,294 
Insurance - 0.4%   
AIA Group Ltd. 2.25% 3/11/19 (d) 1,416 1,416 
American International Group, Inc.:   
3.3% 3/1/21 4,640 4,646 
3.75% 7/10/25 14,847 14,593 
4.875% 6/1/22 11,881 12,450 
Aon Corp. 5% 9/30/20 129 132 
Liberty Mutual Group, Inc.:   
4.25% 6/15/23 (d) 1,433 1,456 
4.569% 2/1/29 (d) 13,590 13,754 
Marsh & McLennan Companies, Inc.:   
4.375% 3/15/29 7,233 7,455 
4.75% 3/15/39 3,319 3,437 
4.8% 7/15/21 4,819 4,984 
4.9% 3/15/49 6,605 6,948 
Massachusetts Mutual Life Insurance Co. 4.5% 4/15/65 (d) 9,547 8,981 
Northwestern Mutual Life Insurance Co. 6.063% 3/30/40 (d) 4,915 6,068 
Pacific LifeCorp 5.125% 1/30/43 (d) 7,709 7,885 
Prudential Financial, Inc. 7.375% 6/15/19 2,520 2,552 
Teachers Insurance & Annuity Association of America 4.9% 9/15/44 (d) 8,243 8,819 
TIAA Asset Management Finance LLC 4.125% 11/1/24 (d) 2,810 2,901 
Unum Group:   
3.875% 11/5/25 9,271 9,016 
5.625% 9/15/20 3,860 3,987 
5.75% 8/15/42 12,079 12,590 
  134,070 
TOTAL FINANCIALS  1,488,294 
HEALTH CARE - 0.7%   
Health Care Equipment & Supplies - 0.0%   
Becton, Dickinson & Co.:   
2.894% 6/6/22 4,880 4,826 
3.7% 6/6/27 2,392 2,317 
  7,143 
Health Care Providers & Services - 0.5%   
Cigna Corp. 3.75% 7/15/23 (d) 8,913 9,020 
CVS Health Corp.:   
3.7% 3/9/23 4,500 4,528 
3.875% 7/20/25 7,967 7,950 
4.1% 3/25/25 20,820 21,105 
4.3% 3/25/28 24,177 24,194 
4.78% 3/25/38 10,763 10,470 
5.05% 3/25/48 15,824 15,680 
Elanco Animal Health, Inc.:   
3.912% 8/27/21 (d) 1,834 1,846 
4.272% 8/28/23 (d) 5,788 5,874 
4.9% 8/28/28 (d) 2,438 2,526 
HCA Holdings, Inc.:   
4.25% 10/15/19 20,200 20,327 
4.75% 5/1/23 375 388 
5.875% 3/15/22 450 479 
6.5% 2/15/20 12,966 13,354 
Medco Health Solutions, Inc. 4.125% 9/15/20 5,031 5,103 
Toledo Hospital:   
5.325% 11/15/28 3,910 4,018 
6.015% 11/15/48 18,768 19,857 
  166,719 
Pharmaceuticals - 0.2%   
Actavis Funding SCS 3.45% 3/15/22 16,210 16,139 
Bayer U.S. Finance II LLC 4.25% 12/15/25 (d) 7,941 7,943 
Mylan NV:   
2.5% 6/7/19 2,645 2,641 
3.15% 6/15/21 9,840 9,728 
3.95% 6/15/26 4,843 4,516 
4.55% 4/15/28 6,200 5,851 
Perrigo Finance PLC 3.5% 12/15/21 739 711 
Teva Pharmaceutical Finance Netherlands III BV:   
2.2% 7/21/21 6,966 6,619 
2.8% 7/21/23 2,817 2,549 
  56,697 
TOTAL HEALTH CARE  230,559 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.0%   
BAE Systems Holdings, Inc. 6.375% 6/1/19 (d) 5,000 5,039 
Machinery - 0.0%   
Ingersoll-Rand Luxembourg Finance SA 2.625% 5/1/20 1,829 1,814 
Professional Services - 0.0%   
Thomson Reuters Corp. 3.85% 9/29/24 1,596 1,562 
Trading Companies & Distributors - 0.1%   
Air Lease Corp.:   
3% 9/15/23 1,367 1,312 
3.375% 6/1/21 4,953 4,918 
3.75% 2/1/22 7,839 7,852 
3.875% 4/1/21 4,953 4,990 
4.25% 2/1/24 10,444 10,503 
4.25% 9/15/24 5,492 5,489 
4.75% 3/1/20 5,518 5,596 
  40,660 
TOTAL INDUSTRIALS  49,075 
INFORMATION TECHNOLOGY - 0.0%   
Electronic Equipment & Components - 0.0%   
Diamond 1 Finance Corp./Diamond 2 Finance Corp.:   
5.45% 6/15/23 (d) 8,400 8,827 
6.02% 6/15/26 (d) 2,888 3,063 
  11,890 
MATERIALS - 0.1%   
Metals & Mining - 0.1%   
BHP Billiton Financial (U.S.A.) Ltd.:   
6.25% 10/19/75 (d)(g) 3,645 3,794 
6.75% 10/19/75 (d)(g) 9,054 9,932 
Corporacion Nacional del Cobre de Chile (Codelco):   
3.625% 8/1/27 (d) 2,954 2,915 
4.5% 8/1/47 (d) 3,000 3,006 
  19,647 
REAL ESTATE - 1.0%   
Equity Real Estate Investment Trusts (REITs) - 0.7%   
Alexandria Real Estate Equities, Inc.:   
2.75% 1/15/20 1,369 1,363 
4.6% 4/1/22 2,434 2,512 
American Campus Communities Operating Partnership LP 3.75% 4/15/23 1,759 1,756 
American Tower Corp. 2.8% 6/1/20 8,000 7,968 
AvalonBay Communities, Inc. 3.625% 10/1/20 2,800 2,827 
Boston Properties, Inc. 4.5% 12/1/28 7,294 7,563 
Camden Property Trust 2.95% 12/15/22 2,417 2,390 
CommonWealth REIT 5.875% 9/15/20 1,166 1,192 
Corporate Office Properties LP:   
3.7% 6/15/21 4,267 4,233 
5% 7/1/25 5,570 5,710 
DDR Corp.:   
3.625% 2/1/25 3,968 3,828 
4.25% 2/1/26 3,429 3,389 
4.625% 7/15/22 1,402 1,435 
Duke Realty LP:   
3.625% 4/15/23 3,152 3,169 
3.75% 12/1/24 2,549 2,559 
3.875% 10/15/22 5,452 5,551 
Equity One, Inc. 3.75% 11/15/22 8,200 8,243 
HCP, Inc.:   
3.4% 2/1/25 7,000 6,801 
3.875% 8/15/24 13,000 13,043 
Health Care REIT, Inc. 4.125% 4/1/19 13,700 13,705 
Hudson Pacific Properties LP 4.65% 4/1/29 2,518 2,480 
Lexington Corporate Properties Trust 4.4% 6/15/24 2,249 2,244 
Omega Healthcare Investors, Inc.:   
4.375% 8/1/23 11,855 11,924 
4.5% 1/15/25 4,460 4,439 
4.5% 4/1/27 34,977 34,304 
4.75% 1/15/28 11,399 11,398 
4.95% 4/1/24 2,101 2,139 
5.25% 1/15/26 10,420 10,715 
Retail Opportunity Investments Partnership LP:   
4% 12/15/24 1,583 1,508 
5% 12/15/23 1,140 1,146 
Store Capital Corp. 4.625% 3/15/29 3,261 3,219 
Ventas Realty LP:   
3.125% 6/15/23 2,534 2,497 
3.5% 2/1/25 2,833 2,792 
3.75% 5/1/24 7,900 7,932 
4% 3/1/28 4,046 3,989 
4.125% 1/15/26 2,782 2,793 
4.375% 2/1/45 1,322 1,224 
Weingarten Realty Investors 3.375% 10/15/22 1,228 1,216 
WP Carey, Inc. 4% 2/1/25 9,404 9,275 
  216,471 
Real Estate Management & Development - 0.3%   
Brandywine Operating Partnership LP:   
3.95% 2/15/23 9,479 9,520 
3.95% 11/15/27 7,910 7,616 
4.1% 10/1/24 6,548 6,524 
4.55% 10/1/29 7,034 6,965 
Digital Realty Trust LP:   
3.4% 10/1/20 9,100 9,127 
3.95% 7/1/22 5,951 6,026 
4.75% 10/1/25 6,539 6,802 
5.25% 3/15/21 4,138 4,269 
Liberty Property LP:   
3.375% 6/15/23 3,313 3,278 
4.125% 6/15/22 3,219 3,291 
4.75% 10/1/20 8,747 8,919 
Mack-Cali Realty LP:   
3.15% 5/15/23 7,438 6,314 
4.5% 4/18/22 2,016 1,914 
Post Apartment Homes LP 3.375% 12/1/22 1,364 1,357 
Tanger Properties LP:   
3.125% 9/1/26 5,880 5,335 
3.75% 12/1/24 4,790 4,668 
3.875% 12/1/23 2,716 2,694 
  94,619 
TOTAL REAL ESTATE  311,090 
UTILITIES - 0.5%   
Electric Utilities - 0.4%   
Cleco Corporate Holdings LLC 3.743% 5/1/26 3,700 3,527 
Duquesne Light Holdings, Inc.:   
5.9% 12/1/21 (d) 5,539 5,836 
6.4% 9/15/20 (d) 14,254 14,843 
FirstEnergy Corp.:   
4.25% 3/15/23 27,079 27,733 
7.375% 11/15/31 35,412 45,634 
IPALCO Enterprises, Inc.:   
3.45% 7/15/20 13,932 13,895 
3.7% 9/1/24 3,782 3,717 
LG&E and KU Energy LLC 3.75% 11/15/20 1,034 1,041 
NV Energy, Inc. 6.25% 11/15/20 1,957 2,057 
TECO Finance, Inc. 5.15% 3/15/20 164 167 
  118,450 
Gas Utilities - 0.0%   
Southern Natural Gas Co./Southern Natural Issuing Corp. 4.4% 6/15/21 2,473 2,532 
Independent Power and Renewable Electricity Producers - 0.0%   
Emera U.S. Finance LP:   
2.15% 6/15/19 2,358 2,350 
2.7% 6/15/21 2,321 2,278 
3.55% 6/15/26 3,712 3,561 
  8,189 
Multi-Utilities - 0.1%   
Dominion Resources, Inc.:   
3 month U.S. LIBOR + 2.300% 5.103% 9/30/66 (g)(h) 20,448 18,812 
3 month U.S. LIBOR + 2.825% 5.628% 6/30/66 (g)(h) 5,485 5,211 
Puget Energy, Inc. 6% 9/1/21 813 858 
Wisconsin Energy Corp. 3 month U.S. LIBOR + 2.113% 4.7963% 5/15/67 (g)(h) 4,882 4,294 
  29,175 
TOTAL UTILITIES  158,346 
TOTAL NONCONVERTIBLE BONDS   
(Cost $3,506,133)  3,513,104 
U.S. Government and Government Agency Obligations - 9.5%   
U.S. Treasury Inflation-Protected Obligations - 1.0%   
U.S. Treasury Inflation-Indexed Bonds:   
0.75% 2/15/45 $60,248 $55,277 
1% 2/15/46 26,200 25,478 
U.S. Treasury Inflation-Indexed Notes:   
0.125% 7/15/26 17,294 16,623 
0.375% 1/15/27 31,118 30,261 
0.625% 1/15/26 96,623 96,224 
0.75% 7/15/28 97,364 97,491 
TOTAL U.S. TREASURY INFLATION-PROTECTED OBLIGATIONS  321,354 
U.S. Treasury Obligations - 8.5%   
U.S. Treasury Bills, yield at date of purchase 2.41% 5/30/19 (i) 8,380 8,330 
U.S. Treasury Bonds:   
2.75% 11/15/47 49,046 45,848 
3% 2/15/49 (b) 316,398 311,133 
U.S. Treasury Notes:   
1.25% 10/31/21 (j) 441,071 426,805 
1.75% 6/30/22 95,692 93,416 
1.875% 3/31/22 207,272 203,507 
1.875% 7/31/22 98,619 96,585 
2% 12/31/21 442,692 436,726 
2.125% 12/31/22 201,389 198,510 
2.125% 7/31/24 236,093 230,892 
2.125% 11/30/24 137,131 133,826 
2.25% 12/31/24 157,034 154,225 
2.25% 8/15/27 9,044 8,748 
2.375% 2/29/24 81,650 81,105 
2.5% 1/31/24 (b) 80,000 79,913 
2.625% 6/30/23 105,807 106,241 
3.125% 11/15/28 97,390 100,715 
TOTAL U.S. TREASURY OBLIGATIONS  2,716,525 
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS   
(Cost $3,088,660)  3,037,879 
Asset-Backed Securities - 0.3%   
AASET Trust Series 2018-1A Class A, 3.844% 1/16/38 (d) $7,416 $7,377 
Blackbird Capital Aircraft Series 2016-1A:   
Class A, 4.213% 12/16/41 (d) 15,937 16,093 
Class AA, 2.487% 12/16/41 (d) 3,426 3,332 
Castlelake Aircraft Structured Trust Series 2018-1 Class A, 4.125% 6/15/43 (d) 12,328 12,312 
Countrywide Home Loans, Inc. Series 2004-7 Class AF5, 4.7734% 1/25/35 203 203 
DB Master Finance LLC Series 2017-1A:   
Class A2I, 3.629% 11/20/47 (d) 6,111 6,014 
Class A2II, 4.03% 11/20/47 (d) 10,310 10,140 
First Franklin Mortgage Loan Trust Series 2004-FF2 Class M3, 1 month U.S. LIBOR + 0.825% 3.3149% 3/25/34 (g)(h) 2 2 
GE Business Loan Trust Series 2006-2A:   
Class A, 1 month U.S. LIBOR + 0.180% 2.6688% 11/15/34 (d)(g)(h) 242 238 
Class B, 1 month U.S. LIBOR + 0.280% 2.7688% 11/15/34 (d)(g)(h) 87 86 
Class C, 1 month U.S. LIBOR + 0.380% 2.8688% 11/15/34 (d)(g)(h) 145 138 
Class D, 1 month U.S. LIBOR + 0.750% 3.2388% 11/15/34 (d)(g)(h) 55 52 
Horizon Aircraft Finance I Ltd. Series 2018-1 Class A, 4.458% 12/15/38 (d) 5,642 5,722 
Keycorp Student Loan Trust Series 2006-A Class 2C, 3 month U.S. LIBOR + 1.150% 3.9716% 3/27/42 (g)(h) 2,909 2,363 
Magnetite CLO Ltd. Series 2019-21A Class A, 3 month U.S. LIBOR + 1.280% 0% 4/20/30 (d)(g)(h)(k) 10,257 10,257 
New Century Home Equity Loan Trust Series 2005-4 Class M2, 1 month U.S. LIBOR + 0.510% 2.9999% 9/25/35 (g)(h) 1,064 1,062 
Park Place Securities, Inc. Series 2005-WCH1 Class M4, 1 month U.S. LIBOR + 1.245% 3.7349% 1/25/36 (g)(h) 1,620 1,607 
Terwin Mortgage Trust Series 2003-4HE Class A1, 1 month U.S. LIBOR + 0.860% 3.3499% 9/25/34 (g)(h) 27 26 
Thunderbolt Aircraft Lease Ltd. Series 2018-A Class A, 4.147% 9/15/38 (d) 12,454 12,529 
Trapeza CDO XII Ltd./Trapeza CDO XII, Inc. Series 2007-12A Class B, 3 month U.S. LIBOR + 0.560% 3.355% 4/6/42 (d)(f)(g)(h) 2,116 1,464 
TOTAL ASSET-BACKED SECURITIES   
(Cost $86,407)  91,017 
Collateralized Mortgage Obligations - 0.0%   
Private Sponsor - 0.0%   
Bear Stearns ALT-A Trust floater Series 2005-1 Class A1, 1 month U.S. LIBOR + 0.560% 3.0499% 1/25/35 (g)(h) 204 204 
Merrill Lynch Alternative Note Asset Trust floater Series 2007-OAR1 Class A1, 1 month U.S. LIBOR + 0.170% 2.68% 2/25/37 (g)(h) 167 165 
Opteum Mortgage Acceptance Corp. floater Series 2005-3 Class APT, 1 month U.S. LIBOR + 0.290% 2.7799% 7/25/35 (g)(h) 192 190 
Sequoia Mortgage Trust floater Series 2004-6 Class A3B, 6 month U.S. LIBOR + 0.880% 3.3769% 7/20/34 (g)(h) 15 15 
Thornburg Mortgage Securities Trust floater Series 2003-4 Class A1, 1 month U.S. LIBOR + 0.640% 3.1299% 9/25/43 (g)(h) 955 948 
TOTAL PRIVATE SPONSOR  1,522 
U.S. Government Agency - 0.0%   
Ginnie Mae guaranteed REMIC pass-thru certificates:   
sequential payer Series 2013-H06 Class HA, 1.65% 1/20/63 (l) 4,477 4,428 
Series 2015-H21 Class JA, 2.5% 6/20/65 (l) 4,286 4,266 
TOTAL U.S. GOVERNMENT AGENCY  8,694 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   
(Cost $10,167)  10,216 
Commercial Mortgage Securities - 0.4%   
Asset Securitization Corp. Series 1997-D5 Class PS1, 1.8356% 2/14/43 (g)(m) 15 0 
Bayview Commercial Asset Trust:   
Series 2004-1, Class IO, 1.25% 4/25/34 (d)(m) 540 21 
Series 2006-3A, Class IO, 0% 10/25/36 (d)(f)(g)(m) 9,660 0 
Benchmark Mortgage Trust Series 2018-B8 Class A5, 4.2317% 1/15/52 19,567 20,578 
BX Trust floater:   
Series 2018-EXCL Class D, 1 month U.S. LIBOR + 2.625% 5.1138% 9/15/37 (d)(g)(h) 3,670 3,665 
Series 2018-IND Class F, 1 month U.S. LIBOR + 1.800% 4.2888% 11/15/35 (d)(g)(h) 5,322 5,330 
Citigroup Commercial Mortgage Trust Series 2018-C6 Class A4, 4.412% 11/10/51 6,304 6,710 
Credit Suisse Mortgage Trust Series 2018-SITE:   
Class A, 4.284% 4/15/36 (d) 6,999 7,254 
Class B, 4.5349% 4/15/36 (d) 1,255 1,300 
Class C, 4.6278% 4/15/36 (d) 1,444 1,483 
Class D, 4.6278% 4/15/36 (d) 2,888 2,902 
CSAIL Commercial Mtg Trust Series 2018-C14 Class A4 4.4216% 11/15/51 5,179 5,499 
GAHR Commercial Mortgage Trust Series 2015-NRF:   
Class BFX, 3.3822% 12/15/34 (d)(g) 7,930 7,895 
Class CFX, 3.3822% 12/15/34 (d)(g) 6,656 6,617 
Class DFX, 3.3822% 12/15/34 (d)(g) 5,641 5,589 
JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-WPT:   
Class CFX, 4.9498% 7/5/33 (d) 1,323 1,381 
Class DFX, 5.3503% 7/5/33 (d) 2,035 2,124 
Class EFX, 5.5422% 7/5/33 (d) 2,784 2,893 
Morgan Stanley Capital I Trust Series 2018-H4 Class A4, 4.31% 12/15/51 19,734 20,818 
MSCG Trust Series 2016-SNR:   
Class A, 3.348% 11/15/34 (d)(g) 7,135 6,982 
Class B, 4.181% 11/15/34 (d) 3,007 2,961 
Class C, 5.205% 11/15/34 (d) 2,110 2,100 
Wells Fargo Commercial Mortgage Trust Series 2018-C48 Class A5, 4.302% 1/15/52 14,814 15,616 
TOTAL COMMERCIAL MORTGAGE SECURITIES   
(Cost $128,879)  129,718 
Municipal Securities - 0.5%   
California Gen. Oblig. Series 2009:   
7.35% 11/1/39 $1,255 $1,771 
7.5% 4/1/34 8,780 12,362 
7.55% 4/1/39 17,675 25,960 
Chicago Gen. Oblig.:   
(Taxable Proj.):   
Series 2008 B, 5.63% 1/1/22 920 931 
Series 2010 C1, 7.781% 1/1/35 1,665 1,834 
Series 2012 B, 5.432% 1/1/42 6,845 6,066 
6.05% 1/1/29 365 375 
Illinois Gen. Oblig.:   
Series 2003:   
4.95% 6/1/23 8,975 9,064 
5.1% 6/1/33 16,965 16,091 
Series 2010-1, 6.63% 2/1/35 17,960 19,149 
Series 2010-3:   
5.547% 4/1/19 185 185 
6.725% 4/1/35 10,580 11,172 
7.35% 7/1/35 5,140 5,705 
Series 2010-5, 6.2% 7/1/21 2,472 2,549 
Series 2011, 5.877% 3/1/19 26,600 26,600 
Series 2013, 4% 12/1/20 7,040 7,092 
TOTAL MUNICIPAL SECURITIES   
(Cost $142,182)  146,906 
Foreign Government and Government Agency Obligations - 0.0%   
Brazilian Federative Republic 4.625% 1/13/28
(Cost $3,827) 		$3,841 $3,816 
Bank Notes - 0.2%   
Capital One NA 2.95% 7/23/21 8,837 8,755 
Discover Bank:   
(Delaware) 3.2% 8/9/21 $10,936 $10,897 
3.1% 6/4/20 11,505 11,496 
3.35% 2/6/23 5,490 5,422 
4.682% 8/9/28 (g) 14,042 13,999 
8.7% 11/18/19 745 772 
RBS Citizens NA 2.5% 3/14/19 5,410 5,410 
Synchrony Bank 3.65% 5/24/21 8,499 8,536 
TOTAL BANK NOTES   
(Cost $65,476)  65,287 
 Shares Value (000s) 
Fixed-Income Funds - 9.8%   
Fidelity High Income Central Fund 2 (n) 6,597,017 $725,276 
Fidelity Mortgage Backed Securities Central Fund (n) 22,982,268 2,440,257 
TOTAL FIXED-INCOME FUNDS   
(Cost $3,124,089)  3,165,533 
Money Market Funds - 2.6%   
Fidelity Cash Central Fund, 2.44% (o) 711,238,848 711,381 
Fidelity Securities Lending Cash Central Fund 2.45% (o)(p) 126,318,924 126,332 
TOTAL MONEY MARKET FUNDS   
(Cost $837,662)  837,713 
 Maturity Amount (000s) Value (000s) 
Repurchase Agreements - 0.8%   
Investments in repurchase agreements in a joint trading account at 2.59%, dated 2/28/19 due 3/1/19 (Collateralized by U.S. Government Obligations) # (q)   
(Cost $260,748) 260,767 260,748 
TOTAL INVESTMENT IN SECURITIES - 101.3%   
(Cost $28,134,617)  32,602,473 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (408,378) 
NET ASSETS - 100%  $32,194,095 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount (000s) Value (000s) Unrealized Appreciation/(Depreciation) (000s) 
Purchased      
Equity Index Contracts      
CME E-mini S&P 500 Index Contracts (United States) 1,247 March 2019 $173,626 $12,970 $12,970 

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

Swaps

Underlying Reference Rating(1) Maturity Date Clearinghouse / Counterparty Fixed Payment Received/(Paid) Payment Frequency Notional Amount (000s)(2) Value (000s)(1) Upfront Premium Received/(Paid) (000s) Unrealized Appreciation/(Depreciation) (000s) 
Credit Default Swaps          
Sell Protection          
Ameriquest Mortgage Securities Inc Series 2004-R11 Class M9 C Dec. 2034 Bank of America 4.25% Monthly $161 $(158) $0 $(158) 

 (1) Ratings are presented for credit default swaps in which the Fund has sold protection on the underlying referenced debt. Ratings for an underlying index represent a weighted average of the ratings of all securities included in the index. The credit rating or value can be measures of the current payment/performance risk. Ratings are from Moody's Investors Service, Inc. Where Moody's® ratings are not available, S&P® ratings are disclosed and are indicated as such. All ratings are as of the report date and do not reflect subsequent changes.

 (2) The notional amount of each credit default swap where the Fund has sold protection approximates the maximum potential amount of future payments that the Portfolio could be required to make if a credit event were to occur.

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

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $492,970,000 or 1.5% of net assets.

 (e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $31,467,000 or 0.1% of net assets.

 (f) Level 3 security

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

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

 (i) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $8,330,000.

 (j) Security or a portion of the security has been segregated as collateral for open bi-lateral over-the-counter (OTC) swaps. At period end, the value of securities pledged amounted to $113,000.

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

 (l) Represents an investment in an underlying pool of reverse mortgages which typically do not require regular principal and interest payments as repayment is deferred until a maturity event.

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

 (n) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (o) 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.

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

 (q) Includes investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Ant International Co. Ltd. Class C 5/16/18 $27,888 

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 $7,689 
Fidelity High Income Central Fund 2 28,055 
Fidelity Mortgage Backed Securities Central Fund 38,209 
Fidelity Securities Lending Cash Central Fund 393 
Total $74,346 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity High Income Central Fund 2 $715,546 $24,343 $-- $-- $(14,613) $725,276 80.8% 
Fidelity Mortgage Backed Securities Central Fund 2,366,031 173,209 120,102 804 20,315 2,440,257 27.5% 
Total $3,081,577 $197,552 $120,102 $804 $5,702 $3,165,533  

Other Affiliated Issuers

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

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
MACOM Technology Solutions Holdings, Inc. $74,037 $15,209 $9,235 $-- $(819) $(8,108) $71,084 
Sunrun, Inc. 161,066 3,140 30,646 -- 10,111 13,081 156,752 
Vivint Solar, Inc. 43,267 9,229 -- -- -- 483 52,979 
Total $278,370 $27,578 $39,881 $-- $9,292 $5,456 $280,815 

Investment Valuation

The following is a summary of the inputs used, as of February 28, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $2,168,712 $2,155,347 $13,365 $-- 
Consumer Discretionary 2,266,086 2,202,885 63,201 -- 
Consumer Staples 1,416,082 1,391,538 24,544 -- 
Energy 1,098,611 1,098,611 -- -- 
Financials 2,839,129 2,833,761 5,368 -- 
Health Care 3,266,674 3,088,432 178,242 -- 
Industrials 2,237,529 2,116,447 121,082 -- 
Information Technology 4,170,965 4,170,965 -- -- 
Materials 552,740 552,740 -- -- 
Real Estate 655,579 624,112 -- 31,467 
Utilities 668,429 668,429 -- -- 
Corporate Bonds 3,513,104 -- 3,513,104 -- 
U.S. Government and Government Agency Obligations 3,037,879 -- 3,037,879 -- 
Asset-Backed Securities 91,017 -- 89,553 1,464 
Collateralized Mortgage Obligations 10,216 -- 10,216 -- 
Commercial Mortgage Securities 129,718 -- 129,718 -- 
Municipal Securities 146,906 -- 146,906 -- 
Foreign Government and Government Agency Obligations 3,816 -- 3,816 -- 
Bank Notes 65,287 -- 65,287 -- 
Fixed-Income Funds 3,165,533 3,165,533 -- -- 
Money Market Funds 837,713 837,713 -- -- 
Repurchase Agreements 260,748 -- 260,748 -- 
Total Investments in Securities: $32,602,473 $24,906,513 $7,663,029 $32,931 
Derivative Instruments:     
Assets     
Futures Contracts $12,970 $12,970 $-- $-- 
Total Assets $12,970 $12,970 $-- $-- 
Liabilities     
Swaps $(158) $-- $(158) $-- 
Total Liabilities $(158) $-- $(158) $-- 
Total Derivative Instruments: $12,812 $12,970 $(158) $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 28, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
(Amounts in thousands)   
Credit Risk   
Swaps(a) $0 $(158) 
Total Credit Risk 0 (158) 
Equity Risk   
Futures Contracts(b) 12,970 0 
Total Equity Risk 12,970 0 
Total Value of Derivatives $12,970 $(158) 

 (a) For bi-lateral over-the-counter (OTC) swaps, reflects gross value which is presented in the Statement of Assets and Liabilities in the bi-lateral OTC swaps, at value line-items.

 (b) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in distributable earnings.

Other Information

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty Value (000s) 
$260,748,000 due 3/01/19 at 2.59%  
J.P. Morgan Securities, Inc. $52,160 
Merrill Lynch, Pierce, Penner & Smith, Inc. 208,588 
 $260,748 

The composition of credit quality ratings as a percentage of Total Net Assets is as follows (Unaudited):

U.S. Government and U.S. Government Agency Obligations 18.2% 
AAA,AA,A 3.0% 
BBB 7.8% 
BB 2.3% 
B 0.9% 
CCC,CC,C 0.4% 
Not Rated 0.2% 
Equities 66.3% 
Short-Term Investments and Net Other Assets 0.9% 
 100.0% 

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

The information in the above tables is based on the combined investments of the fund and its pro-rata share of the investments of Fidelity's Fixed-Income Central Funds

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  February 28, 2019 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $380,116 and repurchase agreements of $260,748) — See accompanying schedule:
Unaffiliated issuers (cost $23,988,235) 		$28,318,412  
Fidelity Central Funds (cost $3,961,751) 4,003,246  
Other affiliated issuers (cost $184,631) 280,815  
Total Investment in Securities (cost $28,134,617)  $32,602,473 
Receivable for investments sold  153,168 
Receivable for fund shares sold  18,445 
Dividends receivable  39,695 
Interest receivable  54,191 
Distributions receivable from Fidelity Central Funds  1,660 
Prepaid expenses  31 
Other receivables  1,240 
Total assets  32,870,903 
Liabilities   
Payable to custodian bank $2,931  
Payable for investments purchased   
Regular delivery 246,219  
Delayed delivery 10,257  
Payable for fund shares redeemed 14,576  
Bi-lateral OTC swaps, at value 158  
Accrued management fee 10,368  
Payable for daily variation margin on futures contracts 648  
Other affiliated payables 3,005  
Other payables and accrued expenses 1,573  
Collateral on securities loaned 387,073  
Total liabilities  676,808 
Net Assets  $32,194,095 
Net Assets consist of:   
Paid in capital  $27,979,981 
Total distributable earnings (loss)  4,214,114 
Net Assets  $32,194,095 
Net Asset Value and Maximum Offering Price   
Balanced:   
Net Asset Value, offering price and redemption price per share ($23,787,676 ÷ 1,056,105 shares)  $22.52 
Class K:   
Net Asset Value, offering price and redemption price per share ($8,406,419 ÷ 373,215 shares)  $22.52 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended February 28, 2019 (Unaudited) 
Investment Income   
Dividends  $187,073 
Interest  114,176 
Income from Fidelity Central Funds  68,097 
Total income  369,346 
Expenses   
Management fee $62,183  
Transfer agent fees 17,290  
Accounting and security lending fees 1,170  
Custodian fees and expenses 393  
Independent trustees' fees and expenses 102  
Registration fees 474  
Audit 63  
Legal 34  
Miscellaneous 94  
Total expenses before reductions 81,803  
Expense reductions (325)  
Total expenses after reductions  81,478 
Net investment income (loss)  287,868 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 150,110  
Fidelity Central Funds 838  
Other affiliated issuers 9,292  
Foreign currency transactions 33  
Futures contracts (14,978)  
Swaps 1  
Capital gain distributions from Fidelity Central Funds 6,249  
Total net realized gain (loss)  151,545 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (1,412,989)  
Fidelity Central Funds 5,674  
Other affiliated issuers 5,456  
Assets and liabilities in foreign currencies (39)  
Futures contracts 1,148  
Swaps (3)  
Total change in net unrealized appreciation (depreciation)  (1,400,753) 
Net gain (loss)  (1,249,208) 
Net increase (decrease) in net assets resulting from operations  $(961,340) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended February 28, 2019 (Unaudited) Year ended August 31, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $287,868 $513,482 
Net realized gain (loss) 151,545 2,804,960 
Change in net unrealized appreciation (depreciation) (1,400,753) 629,349 
Net increase (decrease) in net assets resulting from operations (961,340) 3,947,791 
Distributions to shareholders (2,851,604) – 
Distributions to shareholders from net investment income – (499,431) 
Distributions to shareholders from net realized gain – (1,956,992) 
Total distributions (2,851,604) (2,456,423) 
Share transactions - net increase (decrease) 1,761,540 1,303,346 
Total increase (decrease) in net assets (2,051,404) 2,794,714 
Net Assets   
Beginning of period 34,245,499 31,450,785 
End of period $32,194,095 $34,245,499 
Other Information   
Undistributed net investment income end of period  $116,764 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Balanced Fund

 Six months ended (Unaudited) February 28, Years endedAugust 31,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $25.33 $24.27 $22.32 $22.33 $24.40 $21.85 
Income from Investment Operations       
Net investment income (loss)A .20 .38 .38 .37 .37 .38 
Net realized and unrealized gain (loss) (.92) 2.55 2.26 1.25 (.23) 3.68 
Total from investment operations (.72) 2.93 2.64 1.62 .14 4.06 
Distributions from net investment income (.21) (.37) (.37) (.36) (.35) (.38) 
Distributions from net realized gain (1.89) (1.50) (.32) (1.27) (1.86) (1.13) 
Total distributions (2.09)B (1.87) (.69) (1.63) (2.21) (1.51) 
Net asset value, end of period $22.52 $25.33 $24.27 $22.32 $22.33 $24.40 
Total ReturnC,D (2.66)% 12.78% 12.12% 7.73% .86% 19.46% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .54%G .53% .55% .55% .56% .56% 
Expenses net of fee waivers, if any .53%G .53% .54% .55% .55% .56% 
Expenses net of all reductions .53%G .53% .54% .55% .55% .56% 
Net investment income (loss) 1.78%G 1.55% 1.65% 1.71% 1.59% 1.65% 
Supplemental Data       
Net assets, end of period (in millions) $23,788 $25,088 $22,915 $20,840 $20,176 $19,574 
Portfolio turnover rateH 65%G 66%I 91% 64% 128% 176% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.09 per share is comprised of distributions from net investment income of $.205 and distributions from net realized gain of $1.886 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses of any underlying non-money market Fidelity Central Funds were less than .005%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Balanced Fund Class K

 Six months ended (Unaudited) February 28, Years endedAugust 31,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $25.33 $24.27 $22.32 $22.33 $24.40 $21.85 
Income from Investment Operations       
Net investment income (loss)A .21 .40 .40 .39 .39 .40 
Net realized and unrealized gain (loss) (.92) 2.55 2.26 1.25 (.23) 3.69 
Total from investment operations (.71) 2.95 2.66 1.64 .16 4.09 
Distributions from net investment income (.22) (.39) (.39) (.38) (.37) (.40) 
Distributions from net realized gain (1.89) (1.50) (.32) (1.27) (1.86) (1.13) 
Total distributions (2.10)B (1.89) (.71) (1.65) (2.23) (1.54)C 
Net asset value, end of period $22.52 $25.33 $24.27 $22.32 $22.33 $24.40 
Total ReturnD,E (2.61)% 12.87% 12.22% 7.84% .95% 19.59% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .45%H .45% .46% .46% .46% .46% 
Expenses net of fee waivers, if any .45%H .45% .45% .46% .46% .46% 
Expenses net of all reductions .45%H .44% .45% .45% .46% .46% 
Net investment income (loss) 1.87%H 1.63% 1.74% 1.81% 1.68% 1.75% 
Supplemental Data       
Net assets, end of period (in millions) $8,406 $9,157 $8,536 $7,984 $7,695 $7,372 
Portfolio turnover rateI 65%H 66%J 91% 64% 128% 176% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.10 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $1.886 per share.

 C Total distributions of $1.54 per share is comprised of distributions from net investment income of $.401 and distributions from net realized gain of $1.134 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses of any underlying non-money market Fidelity Central Funds were less than .005%.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended February 28, 2019
(Amounts in thousands except percentages)

1. Organization.

Fidelity Balanced Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Balanced and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the Fund. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the Fund. The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%. The following summarizes the Fund's investment in each non-money market Fidelity Central Fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity High Income Central Fund 2 FMR Co., Inc. (FMRC) Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. Delayed Delivery & When Issued Securities
Loans & Direct Debt Instruments
Restricted Securities
 		Less than .005% 
Fidelity Mortgage Backed Securities Central Fund FIMM Seeks a high level of income by normally investing in investment-grade mortgage-related securities and repurchase agreements for those securities. Delayed Delivery & When Issued Securities
Futures
Restricted Securities
Options
 		Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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, bank notes, foreign government and government agency obligations, municipal securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Swaps are marked-to-market daily based on valuations from third party pricing vendors, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities and swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of February 28, 2019 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. The principal amount on inflation-indexed securities is periodically adjusted to the rate of inflation and interest is accrued based on the principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $1,138 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, swaps, foreign currency transactions, passive foreign investment companies (PFIC), market discount, short-term gain distributions from the Underlying Funds, partnerships (including allocations from Fidelity Central Funds), deferred trustees compensation and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $5,308,306 
Gross unrealized depreciation (1,009,726) 
Net unrealized appreciation (depreciation) $4,298,580 
Tax cost $28,316,705 

Repurchase Agreements. Pursuant to an Exemptive Order issued by the SEC, the Fund along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR), or other affiliated entities of FMR, are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation (As Applicable) Prior Line-Item Presentation (As Applicable) 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 
Distributions to Shareholders Note to Financial Statements Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts and swaps. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns, to gain exposure to certain types of assets and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risks:

Credit Risk Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.
 
Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as bi-lateral swaps, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, the Fund receives collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. The Fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded futures contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance of the Fund, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

Primary Risk Exposure / Derivative Type Net Realized Gain (Loss) Change in Net Unrealized Appreciation (Depreciation) 
Credit Risk   
Swaps $1 $(3) 
Equity Risk   
Futures Contracts (14,978) 1,148 
Totals $(14,977) $1,145 

A summary of the value of derivatives by primary risk exposure as of period end is included at the end of the Schedule of Investments.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

Swaps. A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. A bi-lateral OTC swap is a transaction between a fund and a dealer counterparty where cash flows are exchanged between the two parties for the life of the swap.

Bi-lateral OTC swaps are marked-to-market daily and changes in value are reflected in the Statement of Assets and Liabilities in the bi-lateral OTC swaps at value line items. Any upfront premiums paid or received upon entering a bi-lateral OTC swap to compensate for differences between stated terms of the swap and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded in net unrealized appreciation (depreciation) in the Statement of Assets and Liabilities and amortized to realized gain or (loss) ratably over the term of the swap. Any unamortized upfront premiums are presented in the Schedule of Investments.

Payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is presented in the Statement of Operations.

Any open swaps at period end are included in the Schedule of Investments under the caption "Swaps" and are representative of volume of activity during the period.

Credit Default Swaps. Credit default swaps enable the Fund to buy or sell protection against specified credit events on a single-name issuer or a traded credit index. Under the terms of a credit default swap the buyer of protection (buyer) receives credit protection in exchange for making periodic payments to the seller of protection (seller) based on a fixed percentage applied to a notional principal amount. In return for these payments, the seller will be required to make a payment upon the occurrence of one or more specified credit events. The Fund enters into credit default swaps as a seller to gain credit exposure to an issuer and/or as a buyer to obtain a measure of protection against defaults of an issuer. Periodic payments are made over the life of the contract by the buyer provided that no credit event occurs.

For credit default swaps on most corporate and sovereign issuers, credit events include bankruptcy, failure to pay or repudiation/moratorium. For credit default swaps on corporate or sovereign issuers, the obligation that may be put to the seller is not limited to the specific reference obligation described in the Schedule of Investments. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down. For credit default swaps on asset-backed securities, the reference obligation described represents the security that may be put to the seller. For credit default swaps on a traded credit index, a specified credit event may affect all or individual underlying securities included in the index.

As a seller, if an underlying credit event occurs, the Fund will pay a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will the Fund be required to take delivery of the reference obligation or underlying securities comprising an index and pay an amount equal to the notional amount of the swap.

As a buyer, if an underlying credit event occurs, the Fund will receive a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will the Fund be required to deliver the reference obligation or underlying securities comprising an index in exchange for payment of an amount equal to the notional amount of the swap.

Typically, the value of each credit default swap and credit rating disclosed for each reference obligation in the Schedule of Investments, where the Fund is the seller, can be used as measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. In addition to these measures, the investment adviser monitors a variety of factors including cash flow assumptions, market activity and market sentiment as part of its ongoing process of assessing payment/performance risk.

5. Purchases and Sales of Investments.

Purchases and sales of securities (including the Underlying Fund shares), other than short-term securities and U.S. government securities, aggregated $8,776,623 and $8,428,468, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .15% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .39% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Balanced, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Balanced $15,349 .13 
Class K 1,941 .05 
 $17,290  

 (a) Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .01%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $210 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $5.

Prior Fiscal Year Exchanges In-Kind. During the prior period, the Fund completed an exchange in-kind with Fidelity Mortgage Backed Securities Central Fund. The Fund delivered investments, including accrued interest valued at $106,799, (which included $85 of unrealized depreciation), in exchange for 990 shares of Fidelity Mortgage Backed Securities Central Fund. The Fund generally did not recognize gain or loss for federal income tax purposes.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $43 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is maintained at the Fund's custodian and/or invested in cash equivalents and/or the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $1,037. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of interest income. Total security lending income during the period, presented in the Statement of Operations as a component of interest income, amounted to $32. Net income from the Fidelity Securities Lending Cash Central Fund during the period, presented in the Statement of Operations as a component of income from Fidelity Central Funds, amounted to $393 (including $14 from securities loaned to FCM).

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $184 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $18. During the period, credits reduced each class' transfer agent expense as noted in the table below.

 Transfer Agent expense reduction 
Balanced $2 

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $121.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
February 28, 2019 		Year ended
August 31, 2018 
Distributions to shareholders   
Balanced $2,093,171 $– 
Class K 758,433 – 
Total $2,851,604 $– 
From net investment income   
Balanced $– $359,979 
Class K – 139,452 
Total $– $499,431 
From net realized gain   
Balanced $– $1,428,048 
Class K – 528,944 
Total $– $1,956,992 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended February 28, 2019 Year ended August 31, 2018 Six months ended February 28, 2019 Year ended August 31, 2018 
Balanced     
Shares sold 72,455 125,613 $1,627,186 $3,045,579 
Reinvestment of distributions 88,943 71,987 1,985,852 1,701,887 
Shares redeemed (95,669) (151,447) (2,114,452) (3,668,283) 
Net increase (decrease) 65,729 46,153 $1,498,586 $1,079,183 
Class K     
Shares sold 27,003 46,606 $604,919 $1,131,393 
Reinvestment of distributions 33,970 28,274 758,433 668,396 
Shares redeemed (49,213) (65,136) (1,100,398) (1,575,626) 
Net increase (decrease) 11,760 9,744 $262,954 $224,163 

12. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2018 to February 28, 2019).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
September 1, 2018 		Ending
Account Value
February 28, 2019 		Expenses Paid
During Period-B
September 1, 2018
to February 28, 2019 
Balanced .53%    
Actual  $1,000.00 $973.40 $2.59 
Hypothetical-C  $1,000.00 $1,022.17 $2.66 
Class K .45%    
Actual  $1,000.00 $973.90 $2.20 
Hypothetical-C  $1,000.00 $1,022.56 $2.26 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio. In addition to the expenses noted above, the Fund also indirectly bears its proportional share of the expenses of the underlying Fidelity Central Funds. Annualized expenses of the underlying non-money market Fidelity Central Funds as of their most recent fiscal half year were less than .005%.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Balanced Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its January 2019 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

The Board noted that it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The fund had portfolio manager changes July 2015, October 2015, October 2016, August 2018, and November 2018. The Board will continue to monitor closely the fund's performance, taking into account the portfolio manager changes.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2018, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Balanced Fund


Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods (ended June 30 for 2018 and December 31 for prior periods) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Balanced Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2018.

The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below the competitive median for the 12-month period ended June 30, 2018.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus the assets of sector funds previously under FMR's management). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (iii) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (iv) the methodology with respect to the evaluation of competitive fund data and peer group classifications and fee comparisons; (v) the expense structures for different funds and classes; (vi) information regarding other accounts managed by Fidelity, including collective investment trusts; and (vii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

BAL-SANN-0419
1.471161.121

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Puritan Trust’s Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


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


Fidelity Puritan Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

April 24, 2019


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:

April 24, 2019



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

April 24, 2019