0001379491-17-003220.txt : 20170526 0001379491-17-003220.hdr.sgml : 20170526 20170526092737 ACCESSION NUMBER: 0001379491-17-003220 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170526 DATE AS OF CHANGE: 20170526 EFFECTIVENESS DATE: 20170526 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY HASTINGS STREET TRUST CENTRAL INDEX KEY: 0000035348 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-00215 FILM NUMBER: 17872005 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FUND INC DATE OF NAME CHANGE: 19851205 0000035348 S000007019 Fidelity Growth Discovery Fund C000019191 Fidelity Growth Discovery Fund FDSVX C000064239 Class K FGDKX 0000035348 S000007021 Fidelity Fund C000019193 Fidelity Fund FFIDX C000064240 Class K FFDKX 0000035348 S000007022 Fidelity Mega Cap Stock Fund C000019194 Fidelity Mega Cap Stock Fund FGRTX C000059099 Fidelity Advisor Mega Cap Stock Fund: Class A FGTAX C000059101 Fidelity Advisor Mega Cap Stock Fund: Class C FGRCX C000059102 Fidelity Advisor Mega Cap Stock Fund: Class M FTGRX C000059103 Fidelity Advisor Mega Cap Stock Fund: Class I FTRIX C000130146 Fidelity Advisor Mega Cap Stock Fund: Class Z FZALX 0000035348 S000039214 Fidelity Series Growth & Income Fund C000120647 Fidelity Series Growth & Income Fund FGLGX C000120648 Class F FTBTX 0000035348 S000039215 Fidelity Advisor Series Growth & Income Fund C000120649 Fidelity Advisor Series Growth & Income Fund FMALX N-Q 1 filing906.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number   811-215


Fidelity Hastings Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts  02210

 (Address of principal executive offices)       (Zip code)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

June 30



Date of reporting period:

March 31, 2017


Item 1.

Schedule of Investments



Quarterly Holdings Report
for

Fidelity® Fund

March 31, 2017







FID-QTLY-0517
1.799854.113





Investments March 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 10.6%   
Hotels, Restaurants & Leisure - 2.4%   
Domino's Pizza, Inc. 282,400 $52,046 
Vail Resorts, Inc. 285,000 54,692 
  106,738 
Internet & Direct Marketing Retail - 2.5%   
Amazon.com, Inc. (a) 123,000 109,044 
Media - 3.1%   
Comcast Corp. Class A 2,141,400 80,495 
The Walt Disney Co. 500,000 56,695 
  137,190 
Multiline Retail - 0.9%   
Dollar Tree, Inc. (a) 505,000 39,622 
Specialty Retail - 1.7%   
Home Depot, Inc. 500,000 73,415 
TOTAL CONSUMER DISCRETIONARY  466,009 
CONSUMER STAPLES - 4.6%   
Beverages - 0.6%   
Molson Coors Brewing Co. Class B 254,200 24,329 
Food & Staples Retailing - 1.4%   
Costco Wholesale Corp. 375,000 62,884 
Food Products - 0.8%   
Mondelez International, Inc. 779,600 33,585 
Household Products - 0.5%   
Spectrum Brands Holdings, Inc. (b) 150,000 20,852 
Personal Products - 0.9%   
Estee Lauder Companies, Inc. Class A 192,300 16,305 
Unilever NV (Certificaten Van Aandelen) (Bearer) 500,000 24,825 
  41,130 
Tobacco - 0.4%   
British American Tobacco PLC (United Kingdom) 60,000 3,981 
Reynolds American, Inc. 250,000 15,755 
  19,736 
TOTAL CONSUMER STAPLES  202,516 
ENERGY - 11.4%   
Energy Equipment & Services - 1.7%   
Schlumberger Ltd. 935,000 73,024 
Oil, Gas & Consumable Fuels - 9.7%   
Anadarko Petroleum Corp. 1,320,450 81,868 
Cheniere Energy Partners LP 761,461 24,603 
ConocoPhillips Co. 1,618,100 80,695 
Devon Energy Corp. 1,350,000 56,322 
EOG Resources, Inc. 400,000 39,020 
EQT Midstream Partners LP 250,200 19,240 
Kinder Morgan, Inc. 1,940,000 42,176 
Suncor Energy, Inc. 1,100,000 33,773 
Teekay LNG Partners LP 1,000,001 17,550 
Williams Partners LP 815,000 33,276 
  428,523 
TOTAL ENERGY  501,547 
FINANCIALS - 18.4%   
Banks - 12.6%   
Bank of America Corp. 6,450,000 152,156 
Citigroup, Inc. 1,380,000 82,552 
JPMorgan Chase & Co. 1,748,900 153,623 
SunTrust Banks, Inc. 1,241,300 68,644 
Wells Fargo & Co. 1,778,367 98,984 
  555,959 
Capital Markets - 4.7%   
Goldman Sachs Group, Inc. 410,000 94,185 
Moody's Corp. 105,200 11,787 
Morgan Stanley 1,420,000 60,833 
MSCI, Inc. 250,000 24,298 
S&P Global, Inc. 130,725 17,091 
  208,194 
Consumer Finance - 0.5%   
Capital One Financial Corp. 230,000 19,932 
Insurance - 0.6%   
Marsh & McLennan Companies, Inc. 375,000 27,709 
TOTAL FINANCIALS  811,794 
HEALTH CARE - 10.7%   
Biotechnology - 3.9%   
Alexion Pharmaceuticals, Inc. (a) 175,000 21,217 
Amgen, Inc. 776,300 127,368 
Vertex Pharmaceuticals, Inc. (a) 200,000 21,870 
  170,455 
Health Care Equipment & Supplies - 3.6%   
Boston Scientific Corp. (a) 2,012,000 50,038 
Danaher Corp. 703,200 60,145 
Medtronic PLC 609,700 49,117 
  159,300 
Health Care Providers & Services - 1.1%   
UnitedHealth Group, Inc. 300,000 49,203 
Life Sciences Tools & Services - 0.9%   
Agilent Technologies, Inc. 700,000 37,009 
Pharmaceuticals - 1.2%   
Allergan PLC 225,000 53,757 
TOTAL HEALTH CARE  469,724 
INDUSTRIALS - 8.3%   
Aerospace & Defense - 4.1%   
Huntington Ingalls Industries, Inc. 245,500 49,159 
Northrop Grumman Corp. 225,000 53,514 
Raytheon Co. 500,000 76,250 
  178,923 
Building Products - 1.1%   
A.O. Smith Corp. 443,980 22,714 
Masco Corp. 750,000 25,493 
  48,207 
Electrical Equipment - 0.6%   
Fortive Corp. 451,600 27,195 
Machinery - 2.5%   
Caterpillar, Inc. 550,000 51,018 
Flowserve Corp. 600,000 29,052 
Rational AG 25,000 11,643 
Xylem, Inc. 400,000 20,088 
  111,801 
TOTAL INDUSTRIALS  366,126 
INFORMATION TECHNOLOGY - 24.5%   
Electronic Equipment & Components - 2.5%   
Amphenol Corp. Class A 1,541,776 109,728 
Internet Software & Services - 5.8%   
Alphabet, Inc.:   
Class A (a) 145,600 123,440 
Class C (a) 26,027 21,591 
Facebook, Inc. Class A (a) 789,200 112,106 
  257,137 
IT Services - 2.9%   
CSRA, Inc. 570,000 16,695 
MasterCard, Inc. Class A 460,300 51,770 
Visa, Inc. Class A 646,400 57,446 
  125,911 
Semiconductors & Semiconductor Equipment - 2.4%   
Lam Research Corp. 200,000 25,672 
NXP Semiconductors NV (a) 345,817 35,792 
Texas Instruments, Inc. 575,000 46,322 
  107,786 
Software - 5.0%   
Adobe Systems, Inc. (a) 574,400 74,747 
Microsoft Corp. 2,200,000 144,892 
  219,639 
Technology Hardware, Storage & Peripherals - 5.9%   
Apple, Inc. 1,822,200 261,772 
TOTAL INFORMATION TECHNOLOGY  1,081,973 
MATERIALS - 7.9%   
Chemicals - 6.9%   
CF Industries Holdings, Inc. 900,000 26,415 
E.I. du Pont de Nemours & Co. 725,000 58,239 
Ecolab, Inc. 402,500 50,449 
LyondellBasell Industries NV Class A 650,000 59,274 
Monsanto Co. 428,500 48,506 
The Chemours Co. LLC 500,000 19,250 
The Scotts Miracle-Gro Co. Class A 250,000 23,348 
W.R. Grace & Co. 300,000 20,913 
  306,394 
Construction Materials - 0.6%   
Vulcan Materials Co. 212,299 25,578 
Metals & Mining - 0.4%   
Freeport-McMoRan, Inc. (a) 1,300,000 17,368 
TOTAL MATERIALS  349,340 
REAL ESTATE - 1.7%   
Equity Real Estate Investment Trusts (REITs) - 1.7%   
American Tower Corp. 244,100 29,668 
Easterly Government Properties, Inc. (b) 1,211,300 23,972 
Public Storage 100,000 21,891 
  75,531 
TELECOMMUNICATION SERVICES - 0.7%   
Wireless Telecommunication Services - 0.7%   
T-Mobile U.S., Inc. (a) 450,000 29,066 
TOTAL COMMON STOCKS   
(Cost $3,278,817)  4,353,626 
Nonconvertible Preferred Stocks - 0.4%   
CONSUMER DISCRETIONARY - 0.4%   
Automobiles - 0.4%   
Porsche Automobil Holding SE (Germany)   
(Cost $21,358) 375,000 20,459 
Money Market Funds - 1.2%   
Fidelity Cash Central Fund, 0.84% (c) 48,265,050 48,275 
Fidelity Securities Lending Cash Central Fund 0.84% (c)(d) 4,768,708 4,769 
TOTAL MONEY MARKET FUNDS   
(Cost $53,044)  53,044 
TOTAL INVESTMENT PORTFOLIO - 100.4%   
(Cost $3,353,219)  4,427,129 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (19,770) 
NET ASSETS - 100%  $4,407,359 

Legend

 (a) Non-income producing

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

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

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


Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $322 
Fidelity Securities Lending Cash Central Fund 23 
Total $345 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $486,468 $486,468 $-- $-- 
Consumer Staples 202,516 173,710 28,806 -- 
Energy 501,547 501,547 -- -- 
Financials 811,794 811,794 -- -- 
Health Care 469,724 469,724 -- -- 
Industrials 366,126 366,126 -- -- 
Information Technology 1,081,973 1,081,973 -- -- 
Materials 349,340 349,340 -- -- 
Real Estate 75,531 75,531 -- -- 
Telecommunication Services 29,066 29,066 -- -- 
Money Market Funds 53,044 53,044 -- -- 
Total Investments in Securities: $4,427,129 $4,398,323 $28,806 $-- 

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

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

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

Other Information

Income Tax Information

At March 31, 2017 the cost of investment securities for income tax purposes was $3,358,462,000. Net unrealized appreciation aggregated $1,068,667,000, of which $1,106,347,000 related to appreciated investment securities and $37,680,000 related to depreciated investment securities.

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





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

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


Quarterly Holdings Report
for

Fidelity Advisor® Series Growth & Income Fund

March 31, 2017







AMHTI-QTLY-0517
1.950945.104





Investments March 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%   
 Shares Value 
CONSUMER DISCRETIONARY - 7.7%   
Auto Components - 0.1%   
Gentex Corp. 51,200 $1,092,096 
Automobiles - 0.0%   
General Motors Co. 12,200 431,392 
Hotels, Restaurants & Leisure - 0.3%   
Cedar Fair LP (depositary unit) 5,600 379,736 
DineEquity, Inc. 6,200 337,404 
Dunkin' Brands Group, Inc. 15,100 825,668 
Las Vegas Sands Corp. 24,900 1,421,043 
Wingstop, Inc. 18,800 531,664 
  3,495,515 
Leisure Products - 0.0%   
NJOY, Inc. (a)(b) 121,929 
Media - 4.8%   
Comcast Corp. Class A (c) 587,880 22,098,409 
Omnicom Group, Inc. 8,100 698,301 
Scripps Networks Interactive, Inc. Class A (c) 65,450 5,129,317 
Sinclair Broadcast Group, Inc. Class A 35,871 1,452,776 
The Walt Disney Co. 63,100 7,154,909 
Time Warner, Inc. (c) 136,141 13,302,337 
Viacom, Inc. Class B (non-vtg.) (c) 91,800 4,279,716 
  54,115,765 
Multiline Retail - 0.8%   
Dollar General Corp. 13,100 913,463 
Target Corp. 152,763 8,430,990 
  9,344,453 
Specialty Retail - 1.6%   
Foot Locker, Inc. 15,500 1,159,555 
L Brands, Inc. 79,000 3,720,900 
Lowe's Companies, Inc. 122,177 10,044,171 
TJX Companies, Inc. 43,000 3,400,440 
  18,325,066 
Textiles, Apparel & Luxury Goods - 0.1%   
VF Corp. 26,800 1,473,196 
TOTAL CONSUMER DISCRETIONARY  88,277,484 
CONSUMER STAPLES - 7.2%   
Beverages - 2.9%   
Coca-Cola European Partners PLC 19,100 719,879 
Cott Corp. 18,200 225,268 
Diageo PLC 90,212 2,583,239 
Dr. Pepper Snapple Group, Inc. 35,100 3,436,992 
Molson Coors Brewing Co. Class B 77,400 7,407,954 
PepsiCo, Inc. 25,294 2,829,387 
The Coca-Cola Co. 369,398 15,677,251 
  32,879,970 
Food & Staples Retailing - 1.4%   
Costco Wholesale Corp. (c) 16,100 2,699,809 
CVS Health Corp. 100,790 7,912,015 
Kroger Co. 190,300 5,611,947 
  16,223,771 
Food Products - 0.2%   
B&G Foods, Inc. Class A 39,000 1,569,750 
Hostess Brands, Inc. Class A (a) 49,900 791,913 
  2,361,663 
Household Products - 1.7%   
Procter & Gamble Co. 211,417 18,995,817 
Personal Products - 0.4%   
Coty, Inc. Class A 104,200 1,889,146 
Edgewell Personal Care Co. (a) 12,300 899,622 
Unilever NV (NY Reg.) 45,600 2,265,408 
  5,054,176 
Tobacco - 0.6%   
Altria Group, Inc. 96,300 6,877,746 
TOTAL CONSUMER STAPLES  82,393,143 
ENERGY - 12.6%   
Energy Equipment & Services - 1.0%   
Baker Hughes, Inc. 53,300 3,188,406 
National Oilwell Varco, Inc. 93,800 3,760,442 
Oceaneering International, Inc. 118,800 3,217,104 
Schlumberger Ltd. 13,420 1,048,102 
  11,214,054 
Oil, Gas & Consumable Fuels - 11.6%   
Anadarko Petroleum Corp. 34,400 2,132,800 
Apache Corp. 191,247 9,828,183 
Cabot Oil & Gas Corp. 184,700 4,416,177 
Cenovus Energy, Inc. 447,600 5,065,519 
Chevron Corp. (c) 176,288 18,928,043 
ConocoPhillips Co. 423,700 21,129,919 
Golar LNG Ltd. 104,000 2,904,720 
Imperial Oil Ltd. 216,900 6,608,857 
Kinder Morgan, Inc. 507,700 11,037,398 
Legacy Reserves LP (a) 189,300 433,497 
Plains All American Pipeline LP 7,000 221,270 
PrairieSky Royalty Ltd. 88,060 1,858,077 
Suncor Energy, Inc. 634,290 19,474,422 
Teekay LNG Partners LP 87,600 1,537,380 
The Williams Companies, Inc. 570,674 16,886,244 
Williams Partners LP 229,580 9,373,751 
  131,836,257 
TOTAL ENERGY  143,050,311 
FINANCIALS - 23.1%   
Banks - 15.4%   
Bank of America Corp. (c) 1,600,137 37,747,232 
Citigroup, Inc. (c) 539,636 32,281,026 
Comerica, Inc. (c) 63,900 4,382,262 
Cullen/Frost Bankers, Inc. 4,500 400,365 
JPMorgan Chase & Co. (c) 429,388 37,717,442 
Lloyds Banking Group PLC 236,400 196,609 
M&T Bank Corp. 39,700 6,142,781 
PNC Financial Services Group, Inc. 71,744 8,626,499 
Regions Financial Corp. (c) 309,600 4,498,488 
SunTrust Banks, Inc. (c) 237,650 13,142,045 
U.S. Bancorp 230,971 11,895,007 
Wells Fargo & Co. 339,600 18,902,136 
  175,931,892 
Capital Markets - 6.9%   
Apollo Global Management LLC Class A 93,400 2,271,488 
CBOE Holdings, Inc. 46,500 3,769,755 
Charles Schwab Corp. 182,654 7,454,110 
Federated Investors, Inc. Class B (non-vtg.) 8,900 234,426 
Goldman Sachs Group, Inc. 14,300 3,284,996 
KKR & Co. LP 419,378 7,645,261 
Morgan Stanley (c) 197,380 8,455,759 
Northern Trust Corp. (c) 127,610 11,048,474 
Oaktree Capital Group LLC Class A 44,200 2,002,260 
S&P Global, Inc. 34,600 4,523,604 
State Street Corp. (c) 254,974 20,298,480 
The Blackstone Group LP 262,700 7,802,190 
  78,790,803 
Insurance - 0.4%   
Marsh & McLennan Companies, Inc. 55,819 4,124,466 
Thrifts & Mortgage Finance - 0.4%   
MGIC Investment Corp. (a) 62,400 632,112 
Radian Group, Inc. 193,352 3,472,602 
  4,104,714 
TOTAL FINANCIALS  262,951,875 
HEALTH CARE - 12.8%   
Biotechnology - 2.8%   
Alexion Pharmaceuticals, Inc. (a) 40,900 4,958,716 
Amgen, Inc. 89,565 14,694,930 
Biogen, Inc. (a) 13,600 3,718,512 
Gilead Sciences, Inc. 63,400 4,306,128 
Intercept Pharmaceuticals, Inc. (a) 9,500 1,074,450 
Shire PLC sponsored ADR 16,100 2,805,103 
Vertex Pharmaceuticals, Inc. (a) 8,600 940,410 
  32,498,249 
Health Care Equipment & Supplies - 1.9%   
Abbott Laboratories 26,391 1,172,024 
Becton, Dickinson & Co. 3,200 587,008 
Boston Scientific Corp. (a) 95,500 2,375,085 
Medtronic PLC 140,068 11,283,878 
Meridian Bioscience, Inc. 21,200 292,560 
Steris PLC 15,900 1,104,414 
Zimmer Biomet Holdings, Inc. 36,700 4,481,437 
  21,296,406 
Health Care Providers & Services - 2.3%   
Aetna, Inc. 8,000 1,020,400 
Anthem, Inc. 36,200 5,986,756 
Cigna Corp. 38,600 5,654,514 
Humana, Inc. 13,800 2,844,732 
McKesson Corp. 39,725 5,889,629 
Patterson Companies, Inc. (d) 70,377 3,183,152 
UnitedHealth Group, Inc. 7,800 1,279,278 
  25,858,461 
Life Sciences Tools & Services - 0.4%   
Agilent Technologies, Inc. 86,000 4,546,820 
Pharmaceuticals - 5.4%   
Allergan PLC 6,700 1,600,764 
AstraZeneca PLC sponsored ADR(d) 58,600 1,824,804 
Bayer AG 6,700 771,931 
Bristol-Myers Squibb Co. 132,600 7,210,788 
GlaxoSmithKline PLC sponsored ADR 438,740 18,497,278 
Innoviva, Inc. (a) 40,500 560,115 
Johnson & Johnson (c) 153,474 19,115,187 
Novartis AG sponsored ADR 4,132 306,884 
Sanofi SA 37,934 3,429,055 
Teva Pharmaceutical Industries Ltd. sponsored ADR 252,249 8,094,670 
  61,411,476 
TOTAL HEALTH CARE  145,611,412 
INDUSTRIALS - 11.3%   
Aerospace & Defense - 2.2%   
General Dynamics Corp. 16,000 2,995,200 
Meggitt PLC 35,073 195,678 
Rolls-Royce Holdings PLC 198,300 1,873,352 
The Boeing Co. (c) 42,079 7,442,092 
United Technologies Corp. 111,820 12,547,322 
  25,053,644 
Air Freight & Logistics - 1.6%   
C.H. Robinson Worldwide, Inc. 62,800 4,853,812 
Expeditors International of Washington, Inc. 49,500 2,796,255 
United Parcel Service, Inc. Class B 96,570 10,361,961 
  18,012,028 
Commercial Services & Supplies - 0.1%   
KAR Auction Services, Inc. 28,300 1,235,861 
Ritchie Brothers Auctioneers, Inc. 5,277 173,684 
  1,409,545 
Construction & Engineering - 0.1%   
Fluor Corp. 18,600 978,732 
Electrical Equipment - 0.7%   
Acuity Brands, Inc. 5,800 1,183,200 
AMETEK, Inc. 53,300 2,882,464 
Hubbell, Inc. Class B 29,537 3,545,917 
  7,611,581 
Industrial Conglomerates - 2.6%   
General Electric Co. 990,366 29,512,907 
Machinery - 0.8%   
Burckhardt Compression Holding AG (d) 2,140 579,519 
Donaldson Co., Inc. 34,900 1,588,648 
Flowserve Corp. 93,500 4,527,270 
IMI PLC 11,700 174,881 
Wabtec Corp. 27,300 2,129,400 
  8,999,718 
Professional Services - 0.3%   
Intertrust NV 42,400 813,277 
Nielsen Holdings PLC 45,400 1,875,474 
Robert Half International, Inc. 16,200 791,046 
  3,479,797 
Road & Rail - 2.3%   
CSX Corp. (c) 224,512 10,451,034 
J.B. Hunt Transport Services, Inc. (c) 86,865 7,968,995 
Norfolk Southern Corp. (c) 41,880 4,689,304 
Union Pacific Corp. 30,100 3,188,192 
  26,297,525 
Trading Companies & Distributors - 0.6%   
Fastenal Co. 30,800 1,586,200 
Howden Joinery Group PLC 18,800 102,156 
W.W. Grainger, Inc. 4,900 1,140,524 
Watsco, Inc. 28,951 4,145,204 
  6,974,084 
TOTAL INDUSTRIALS  128,329,561 
INFORMATION TECHNOLOGY - 17.0%   
Communications Equipment - 1.7%   
Cisco Systems, Inc. (c) 558,840 18,888,792 
Electronic Equipment & Components - 0.1%   
Philips Lighting NV 28,300 809,406 
Internet Software & Services - 3.1%   
Alphabet, Inc.:   
Class A (a) 23,159 19,634,200 
Class C (a) 18,634 15,458,021 
  35,092,221 
IT Services - 3.5%   
Accenture PLC Class A 7,700 923,076 
MasterCard, Inc. Class A (c) 75,950 8,542,097 
Paychex, Inc. 189,314 11,150,595 
Sabre Corp. 93,000 1,970,670 
Unisys Corp. (a)(d) 218,900 3,053,655 
Visa, Inc. Class A 157,880 14,030,796 
  39,670,889 
Semiconductors & Semiconductor Equipment - 1.6%   
Qualcomm, Inc. 328,310 18,825,295 
Software - 3.5%   
Microsoft Corp. (c) 597,208 39,332,113 
Oracle Corp. 23,013 1,026,610 
  40,358,723 
Technology Hardware, Storage & Peripherals - 3.5%   
Apple, Inc. (c) 254,006 36,490,502 
Western Digital Corp. 35,500 2,929,815 
  39,420,317 
TOTAL INFORMATION TECHNOLOGY  193,065,643 
MATERIALS - 3.0%   
Chemicals - 2.4%   
CF Industries Holdings, Inc. 97,100 2,849,885 
E.I. du Pont de Nemours & Co. 40,330 3,239,709 
LyondellBasell Industries NV Class A 65,300 5,954,707 
Monsanto Co. 70,414 7,970,865 
Potash Corp. of Saskatchewan, Inc. 276,210 4,718,947 
W.R. Grace & Co. 41,200 2,872,052 
  27,606,165 
Containers & Packaging - 0.6%   
Ball Corp. 37,200 2,762,472 
Graphic Packaging Holding Co. 12,400 159,588 
WestRock Co. 62,400 3,246,672 
  6,168,732 
Metals & Mining - 0.0%   
Reliance Steel & Aluminum Co. 2,800 224,056 
TOTAL MATERIALS  33,998,953 
REAL ESTATE - 1.0%   
Equity Real Estate Investment Trusts (REITs) - 1.0%   
American Tower Corp. 14,300 1,738,022 
CoreSite Realty Corp. 6,400 576,320 
Crown Castle International Corp. 51,700 4,883,065 
First Potomac Realty Trust 9,679 99,500 
Omega Healthcare Investors, Inc. 21,700 715,883 
Public Storage 13,400 2,933,394 
Sabra Health Care REIT, Inc. 35,300 985,929 
  11,932,113 
TELECOMMUNICATION SERVICES - 0.9%   
Diversified Telecommunication Services - 0.9%   
Verizon Communications, Inc. 218,659 10,659,626 
UTILITIES - 1.0%   
Electric Utilities - 1.0%   
Exelon Corp. 282,400 10,160,752 
PPL Corp. 25,000 934,750 
  11,095,502 
Multi-Utilities - 0.0%   
Sempra Energy 100 11,050 
TOTAL UTILITIES  11,106,552 
TOTAL COMMON STOCKS   
(Cost $885,797,880)  1,111,376,673 
Preferred Stocks - 1.1%   
Convertible Preferred Stocks - 1.1%   
HEALTH CARE - 0.9%   
Health Care Equipment & Supplies - 0.9%   
Alere, Inc. 3.00% 29,827 9,872,737 
INDUSTRIALS - 0.2%   
Commercial Services & Supplies - 0.2%   
Stericycle, Inc. 2.25% 33,300 2,364,633 
UTILITIES - 0.0%   
Independent Power and Renewable Electricity Producers - 0.0%   
Dynegy, Inc. 7.00% (a) 10,600 622,750 
TOTAL CONVERTIBLE PREFERRED STOCKS  12,860,120 
Nonconvertible Preferred Stocks - 0.0%   
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
Rolls-Royce Holdings PLC (C Shares) 28,859,070 36,158 
TOTAL PREFERRED STOCKS   
(Cost $11,787,244)  12,896,278 
 Principal Amount(e) Value 
Convertible Bonds - 0.2%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Amyris, Inc.:   
9.5% 4/15/19 pay-in-kind 741,000 370,500 
10% 10/15/18 pay-in-kind (b)(f) 1,009,333 744,656 
  1,115,156 
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Bayer Capital Corp. BV 5.625% 11/22/19 (g) EUR1,200,000 1,477,561 
TOTAL CONVERTIBLE BONDS   
(Cost $3,032,173)  2,592,717 
 Shares Value 
Other - 0.2%   
ENERGY – 0.2%   
Oil, Gas & Consumable Fuels – 0.2%   
Utica Shale Drilling Program (non-operating revenue interest) (b)(h)   
(Cost $2,131,572) 2,131,572 2,131,572 
Money Market Funds - 1.3%   
Fidelity Cash Central Fund, 0.84% (i) 7,267,313 7,268,766 
Fidelity Securities Lending Cash Central Fund 0.84% (i)(j) 7,378,575 7,379,313 
TOTAL MONEY MARKET FUNDS   
(Cost $14,648,018)  14,648,079 
TOTAL INVESTMENT PORTFOLIO - 100.4%   
(Cost $917,396,887)  1,143,645,319 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (5,068,781) 
NET ASSETS - 100%  $1,138,576,538 

Written Options     
 Expiration Date/Exercise Price Number of Contracts Premium Value 
Call Options     
Apple, Inc. 4/21/17 - $130.00 302 $30,229 $(420,533) 
Bank of America Corp. 4/21/17 - $26.00 1,586 38,063 (7,137) 
Bank of America Corp. 5/19/17 - $27.00 1,576 85,102 (11,820) 
Chevron Corp. 5/19/17 - $115.00 176 25,061 (4,840) 
Cisco Systems, Inc. 5/19/17 - $36.00 556 12,791 (6,394) 
Citigroup, Inc. 4/21/17 - $65.00 268 16,616 (1,474) 
Citigroup, Inc. 5/19/17 - $65.00 259 27,453 (7,511) 
Comcast Corp. Class A 4/21/17 - $38.75 900 40,051 (6,750) 
Comcast Corp. Class A 5/19/17 - $38.75 584 29,808 (24,820) 
Comerica, Inc. 4/21/17 - $72.50 131 22,289 (7,795) 
Costco Wholesale Corp. 4/21/17 - $170.00 36 10,224 (4,104) 
CSX Corp. 5/19/17 - $52.50 222 30,697 (5,994) 
CSX Corp. 5/19/17 - $55.00 337 28,698 (3,707) 
J.B. Hunt Transport Services, Inc. 5/19/17 - $105.00 83 17,465 (1,245) 
Johnson & Johnson 5/19/17 - $130.00 152 12,008 (7,144) 
JPMorgan Chase & Co. 5/19/17 - $95.00 417 69,642 (12,302) 
MasterCard, Inc. Class A 4/21/17 - $115.00 77 12,637 (2,464) 
Microsoft Corp. 5/19/17 - $67.50 299 28,404 (28,854) 
Morgan Stanley 5/19/17 - $49.00 183 19,117 (2,013) 
Norfolk Southern Corp. 6/16/17 - $130.00 84 26,250 (2,730) 
Northern Trust Corp. 4/21/17 - $92.50 65 6,305 (1,138) 
Regions Financial Corp. 5/19/17 - $17.00 511 11,884 (1,533) 
Scripps Networks Interactive, Inc. Class A 6/16/17 - $85.00 164 24,517 (15,990) 
State Street Corp. 5/19/17 - $85.00 241 29,426 (20,726) 
SunTrust Banks, Inc. 7/21/17 - $65.00 228 32,831 (6,954) 
The Boeing Co. 5/19/17 - $185.00 76 34,731 (12,616) 
The Boeing Co. 5/19/17 - $190.00 76 20,824 (5,814) 
Time Warner, Inc. 4/21/17 - $97.50 323 66,215 (32,165) 
Time Warner, Inc. 4/21/17 - $100.00 240 26,399 (4,800) 
Viacom, Inc. Class B 4/21/17 - $47.50 188 4,395 (11,280) 
TOTAL WRITTEN OPTIONS   $840,132 $(682,647) 

Currency Abbreviations

EUR – European Monetary Unit

Legend

 (a) Non-income producing

 (b) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,876,229 or 0.3% of net assets.

 (c) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $50,958,792.

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

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

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

 (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 $1,477,561 or 0.1% of net assets.

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

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

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Amyris, Inc. 10% 10/15/18 pay-in-kind 10/16/13 - 1/6/17 $1,009,333 
NJOY, Inc. 2/14/14 $211,475 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 11/4/16 $2,131,572 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $27,446 
Fidelity Securities Lending Cash Central Fund 44,942 
Total $72,388 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $88,277,484 $88,277,483 $-- $1 
Consumer Staples 82,393,143 79,809,904 2,583,239 -- 
Energy 143,050,311 143,050,311 -- -- 
Financials 262,951,875 262,755,266 196,609 -- 
Health Care 155,484,149 141,410,426 14,073,723 -- 
Industrials 130,730,352 126,492,367 4,237,985 -- 
Information Technology 193,065,643 193,065,643 -- -- 
Materials 33,998,953 33,998,953 -- -- 
Real Estate 11,932,113 11,932,113 -- -- 
Telecommunication Services 10,659,626 10,659,626 -- -- 
Utilities 11,729,302 11,729,302 -- -- 
Corporate Bonds 2,592,717 -- 1,848,061 744,656 
Other 2,131,572 -- -- 2,131,572 
Money Market Funds 14,648,079 14,648,079 -- -- 
Total Investments in Securities: $1,143,645,319 $1,117,829,473 $22,939,617 $2,876,229 
Derivative Instruments:     
Liabilities     
Written Options $(682,647) $(650,482) $(32,165) $-- 
Total Liabilities $(682,647) $(650,482) $(32,165) $-- 
Total Derivative Instruments: $(682,647) $(650,482) $(32,165) $-- 

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

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

Other Information

Income Tax Information

At March 31, 2017, the cost of investment securities for income tax purposes was $921,910,082. Net unrealized appreciation aggregated $221,735,237, of which $263,393,498 related to appreciated investment securities and $41,658,261 related to depreciated investment securities.

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





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

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


Quarterly Holdings Report
for

Fidelity® Series Growth & Income Fund

March 31, 2017







MHT-QTLY-0517
1.951036.104





Investments March 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%   
 Shares Value 
CONSUMER DISCRETIONARY - 7.8%   
Auto Components - 0.1%   
Gentex Corp. 415,600 $8,864,748 
Automobiles - 0.1%   
General Motors Co. 99,000 3,500,640 
Hotels, Restaurants & Leisure - 0.3%   
Cedar Fair LP (depositary unit) 44,500 3,017,545 
DineEquity, Inc. 49,700 2,704,674 
Dunkin' Brands Group, Inc. 125,500 6,862,340 
Las Vegas Sands Corp. 203,100 11,590,917 
Wingstop, Inc. 150,400 4,253,312 
  28,428,788 
Leisure Products - 0.0%   
NJOY, Inc. (a)(b) 791,469 
Media - 4.8%   
Comcast Corp. Class A (c) 4,826,900 181,443,171 
Omnicom Group, Inc. 66,400 5,724,344 
Scripps Networks Interactive, Inc. Class A (c) 531,214 41,631,241 
Sinclair Broadcast Group, Inc. Class A 294,723 11,936,282 
The Walt Disney Co. 517,800 58,713,342 
Time Warner, Inc. (c) 1,105,377 108,006,387 
Viacom, Inc. Class B (non-vtg.) (c) 745,200 34,741,224 
  442,195,991 
Multiline Retail - 0.8%   
Dollar General Corp. 107,800 7,516,894 
Target Corp. 1,240,675 68,472,853 
  75,989,747 
Specialty Retail - 1.6%   
Foot Locker, Inc. 126,817 9,487,180 
L Brands, Inc. 639,500 30,120,450 
Lowe's Companies, Inc. 992,100 81,560,541 
TJX Companies, Inc. 348,800 27,583,104 
  148,751,275 
Textiles, Apparel & Luxury Goods - 0.1%   
VF Corp. 220,400 12,115,388 
TOTAL CONSUMER DISCRETIONARY  719,846,585 
CONSUMER STAPLES - 7.2%   
Beverages - 2.9%   
Coca-Cola European Partners PLC 156,600 5,902,254 
Cott Corp. 163,600 2,024,932 
Diageo PLC 732,688 20,980,669 
Dr. Pepper Snapple Group, Inc. 284,100 27,819,072 
Molson Coors Brewing Co. Class B 628,500 60,153,735 
PepsiCo, Inc. 207,800 23,244,508 
The Coca-Cola Co. 3,000,418 127,337,740 
  267,462,910 
Food & Staples Retailing - 1.4%   
Costco Wholesale Corp. (c) 131,200 22,000,928 
CVS Health Corp. 818,420 64,245,970 
Kroger Co. 1,539,700 45,405,753 
  131,652,651 
Food Products - 0.2%   
B&G Foods, Inc. Class A 317,900 12,795,475 
Hostess Brands, Inc. Class A (a) 410,370 6,512,572 
  19,308,047 
Household Products - 1.7%   
Procter & Gamble Co. 1,717,000 154,272,450 
Personal Products - 0.4%   
Coty, Inc. Class A 852,600 15,457,638 
Edgewell Personal Care Co. (a) 102,200 7,474,908 
Unilever NV (NY Reg.) 372,700 18,515,736 
  41,448,282 
Tobacco - 0.6%   
Altria Group, Inc. 782,000 55,850,440 
TOTAL CONSUMER STAPLES  669,994,780 
ENERGY - 12.6%   
Energy Equipment & Services - 1.0%   
Baker Hughes, Inc. 431,700 25,824,294 
National Oilwell Varco, Inc. 757,700 30,376,193 
Oceaneering International, Inc. 914,297 24,759,163 
Schlumberger Ltd. 106,807 8,341,627 
  89,301,277 
Oil, Gas & Consumable Fuels - 11.6%   
Anadarko Petroleum Corp. 279,400 17,322,800 
Apache Corp. 1,556,541 79,990,642 
Cabot Oil & Gas Corp. 1,516,400 36,257,124 
Cenovus Energy, Inc. 3,675,400 41,594,744 
Chevron Corp. (c) 1,431,835 153,736,124 
ConocoPhillips Co. 3,460,480 172,574,138 
Golar LNG Ltd. 825,800 23,064,594 
Imperial Oil Ltd. 1,781,400 54,278,549 
Kinder Morgan, Inc. 4,127,100 89,723,154 
Legacy Reserves LP (a) 1,445,200 3,309,508 
Plains All American Pipeline LP 55,400 1,751,194 
PrairieSky Royalty Ltd. 716,515 15,118,555 
Suncor Energy, Inc. 5,209,100 159,933,491 
Teekay LNG Partners LP 692,700 12,156,885 
The Williams Companies, Inc. 4,636,757 137,201,640 
Williams Partners LP 1,885,291 76,976,432 
  1,074,989,574 
TOTAL ENERGY  1,164,290,851 
FINANCIALS - 23.2%   
Banks - 15.5%   
Bank of America Corp. (c) 13,086,905 308,720,089 
Citigroup, Inc. (c) 4,431,178 265,073,068 
Comerica, Inc. (c) 518,400 35,551,872 
Cullen/Frost Bankers, Inc. 36,000 3,202,920 
JPMorgan Chase & Co. (c) 3,515,449 308,797,040 
Lloyds Banking Group PLC 2,122,900 1,765,576 
M&T Bank Corp. 322,300 49,869,479 
PNC Financial Services Group, Inc. 582,724 70,066,734 
Regions Financial Corp. (c) 2,519,100 36,602,523 
SunTrust Banks, Inc. (c) 1,948,000 107,724,400 
U.S. Bancorp 1,875,939 96,610,859 
Wells Fargo & Co. 2,758,299 153,526,922 
  1,437,511,482 
Capital Markets - 6.9%   
Apollo Global Management LLC Class A 758,500 18,446,720 
CBOE Holdings, Inc. 377,400 30,595,818 
Charles Schwab Corp. 1,486,681 60,671,452 
Federated Investors, Inc. Class B (non-vtg.) 78,300 2,062,422 
Goldman Sachs Group, Inc. 116,000 26,647,520 
KKR & Co. LP 3,297,911 60,120,918 
Morgan Stanley (c) 1,620,500 69,422,220 
Northern Trust Corp. (c) 1,036,351 89,727,270 
Oaktree Capital Group LLC Class A 351,900 15,941,070 
S&P Global, Inc. 279,700 36,567,978 
State Street Corp. (c) 2,090,351 166,412,843 
The Blackstone Group LP 2,135,100 63,412,470 
  640,028,701 
Insurance - 0.4%   
Marsh & McLennan Companies, Inc. 451,907 33,391,408 
Thrifts & Mortgage Finance - 0.4%   
MGIC Investment Corp. (a) 987,900 10,007,427 
Radian Group, Inc. 1,510,164 27,122,545 
  37,129,972 
TOTAL FINANCIALS  2,148,061,563 
HEALTH CARE - 12.8%   
Biotechnology - 2.8%   
Alexion Pharmaceuticals, Inc. (a) 332,600 40,324,424 
Amgen, Inc. 735,519 120,676,602 
Biogen, Inc. (a) 110,900 30,322,278 
Gilead Sciences, Inc. 514,720 34,959,782 
Intercept Pharmaceuticals, Inc. (a) 62,500 7,068,750 
Shire PLC sponsored ADR 131,900 22,980,937 
Vertex Pharmaceuticals, Inc. (a) 70,700 7,731,045 
  264,063,818 
Health Care Equipment & Supplies - 1.9%   
Abbott Laboratories 216,649 9,621,382 
Becton, Dickinson & Co. 25,900 4,751,096 
Boston Scientific Corp. (a) 775,300 19,281,711 
Medtronic PLC 1,137,936 91,672,124 
Meridian Bioscience, Inc. 168,300 2,322,540 
Steris PLC 130,200 9,043,692 
Zimmer Biomet Holdings, Inc. 296,600 36,217,826 
  172,910,371 
Health Care Providers & Services - 2.3%   
Aetna, Inc. 66,900 8,533,095 
Anthem, Inc. 293,700 48,572,106 
Cigna Corp. 312,800 45,822,072 
Humana, Inc. 113,000 23,293,820 
McKesson Corp. 322,247 47,776,340 
Patterson Companies, Inc. 565,538 25,579,284 
UnitedHealth Group, Inc. 64,400 10,562,244 
  210,138,961 
Life Sciences Tools & Services - 0.4%   
Agilent Technologies, Inc. 699,000 36,956,130 
Pharmaceuticals - 5.4%   
Allergan PLC 55,300 13,212,276 
AstraZeneca PLC sponsored ADR (d) 475,800 14,816,412 
Bayer AG 53,400 6,152,402 
Bristol-Myers Squibb Co. 1,077,100 58,572,698 
GlaxoSmithKline PLC sponsored ADR 3,588,300 151,282,728 
Innoviva, Inc. (a) 324,600 4,489,218 
Johnson & Johnson (c) 1,246,470 155,247,839 
Novartis AG sponsored ADR 32,830 2,438,284 
Sanofi SA 307,341 27,782,178 
Teva Pharmaceutical Industries Ltd. sponsored ADR 2,048,484 65,735,852 
  499,729,887 
TOTAL HEALTH CARE  1,183,799,167 
INDUSTRIALS - 11.3%   
Aerospace & Defense - 2.2%   
General Dynamics Corp. 129,900 24,317,280 
Meggitt PLC 321,073 1,791,319 
Rolls-Royce Holdings PLC 1,610,900 15,218,270 
The Boeing Co. (c) 342,241 60,528,743 
United Technologies Corp. 918,000 103,008,780 
  204,864,392 
Air Freight & Logistics - 1.6%   
C.H. Robinson Worldwide, Inc. 515,900 39,873,911 
Expeditors International of Washington, Inc. 406,200 22,946,238 
United Parcel Service, Inc. Class B 792,245 85,007,889 
  147,828,038 
Commercial Services & Supplies - 0.1%   
KAR Auction Services, Inc. 231,200 10,096,504 
Ritchie Brothers Auctioneers, Inc. 43,000 1,415,280 
  11,511,784 
Construction & Engineering - 0.1%   
Fluor Corp. 152,700 8,035,074 
Electrical Equipment - 0.7%   
Acuity Brands, Inc. 47,700 9,730,800 
AMETEK, Inc. 437,300 23,649,184 
Hubbell, Inc. Class B 239,903 28,800,355 
  62,180,339 
Industrial Conglomerates - 2.6%   
General Electric Co. 8,132,156 242,338,249 
Machinery - 0.8%   
Burckhardt Compression Holding AG (d) 16,990 4,600,946 
Donaldson Co., Inc. 283,400 12,900,368 
Flowserve Corp. 757,700 36,687,834 
IMI PLC 102,200 1,527,593 
Wabtec Corp. 221,700 17,292,600 
  73,009,341 
Professional Services - 0.3%   
Intertrust NV 346,700 6,650,075 
Nielsen Holdings PLC 368,300 15,214,473 
Robert Half International, Inc. 132,800 6,484,624 
  28,349,172 
Road & Rail - 2.3%   
CSX Corp. (c) 1,841,608 85,726,852 
J.B. Hunt Transport Services, Inc. (c) 713,088 65,418,693 
Norfolk Southern Corp. (c) 339,134 37,972,834 
Union Pacific Corp. 246,400 26,098,688 
  215,217,067 
Trading Companies & Distributors - 0.6%   
Fastenal Co. 252,400 12,998,600 
Howden Joinery Group PLC 153,000 831,376 
W.W. Grainger, Inc. 40,400 9,403,504 
Watsco, Inc. 232,947 33,353,351 
  56,586,831 
TOTAL INDUSTRIALS  1,049,920,287 
INFORMATION TECHNOLOGY - 17.0%   
Communications Equipment - 1.6%   
Cisco Systems, Inc. (c) 4,539,033 153,419,315 
Electronic Equipment & Components - 0.1%   
Philips Lighting NV 235,100 6,724,073 
Internet Software & Services - 3.1%   
Alphabet, Inc.:   
Class A (a) 188,109 159,478,810 
Class C (a) 151,865 125,981,129 
  285,459,939 
IT Services - 3.5%   
Accenture PLC Class A 62,800 7,528,464 
MasterCard, Inc. Class A (c) 616,800 69,371,496 
Paychex, Inc. 1,551,441 91,379,875 
Sabre Corp. 755,900 16,017,521 
Unisys Corp. (a)(d) 1,723,284 24,039,812 
Visa, Inc. Class A 1,282,500 113,975,775 
  322,312,943 
Semiconductors & Semiconductor Equipment - 1.6%   
Qualcomm, Inc. 2,684,500 153,929,230 
Software - 3.6%   
Microsoft Corp. (c) 4,882,517 321,562,568 
Oracle Corp. 189,069 8,434,368 
  329,996,936 
Technology Hardware, Storage & Peripherals - 3.5%   
Apple, Inc. (c) 2,073,860 297,930,728 
Western Digital Corp. 291,100 24,024,483 
  321,955,211 
TOTAL INFORMATION TECHNOLOGY  1,573,797,647 
MATERIALS - 3.0%   
Chemicals - 2.4%   
CF Industries Holdings, Inc. 788,600 23,145,410 
E.I. du Pont de Nemours & Co. 326,331 26,214,169 
LyondellBasell Industries NV Class A 530,800 48,403,652 
Monsanto Co. 572,121 64,764,097 
Potash Corp. of Saskatchewan, Inc. 2,283,500 39,012,761 
W.R. Grace & Co. 338,400 23,589,864 
  225,129,953 
Containers & Packaging - 0.6%   
Ball Corp. 305,700 22,701,282 
Graphic Packaging Holding Co. 98,500 1,267,695 
WestRock Co. 506,600 26,358,398 
  50,327,375 
Metals & Mining - 0.0%   
Reliance Steel & Aluminum Co. 22,500 1,800,450 
TOTAL MATERIALS  277,257,778 
REAL ESTATE - 1.0%   
Equity Real Estate Investment Trusts (REITs) - 1.0%   
American Tower Corp. 117,100 14,232,334 
CoreSite Realty Corp. 52,700 4,745,635 
Crown Castle International Corp. 424,400 40,084,580 
First Potomac Realty Trust 78,131 803,187 
Omega Healthcare Investors, Inc. (d) 174,800 5,766,652 
Public Storage 108,700 23,795,517 
Sabra Health Care REIT, Inc. 283,700 7,923,741 
  97,351,646 
TELECOMMUNICATION SERVICES - 0.9%   
Diversified Telecommunication Services - 0.9%   
Verizon Communications, Inc. 1,775,923 86,576,246 
UTILITIES - 1.0%   
Electric Utilities - 1.0%   
Exelon Corp. 2,309,300 83,088,614 
PPL Corp. 204,200 7,635,038 
  90,723,652 
Multi-Utilities - 0.0%   
Sempra Energy 700 77,350 
TOTAL UTILITIES  90,801,002 
TOTAL COMMON STOCKS   
(Cost $7,252,368,880)  9,061,697,552 
Preferred Stocks - 1.1%   
Convertible Preferred Stocks - 1.1%   
HEALTH CARE - 0.8%   
Health Care Equipment & Supplies - 0.8%   
Alere, Inc. 3.00% 236,606 78,316,586 
INDUSTRIALS - 0.2%   
Commercial Services & Supplies - 0.2%   
Stericycle, Inc. 2.25% 266,700 18,938,367 
UTILITIES - 0.1%   
Independent Power and Renewable Electricity Producers - 0.1%   
Dynegy, Inc. 7.00% (a) 85,300 5,011,375 
TOTAL CONVERTIBLE PREFERRED STOCKS  102,266,328 
Nonconvertible Preferred Stocks - 0.0%   
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
Rolls-Royce Holdings PLC (C Shares) 227,415,800 284,929 
TOTAL PREFERRED STOCKS   
(Cost $100,625,642)  102,551,257 
 Principal Amount(e) Value 
Convertible Bonds - 0.2%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Amyris, Inc.:   
9.5% 4/15/19 pay-in-kind 5,081,000 2,540,500 
10% 10/15/18 pay-in-kind (b)(f) 3,162,578 2,333,255 
  4,873,755 
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Bayer Capital Corp. BV 5.625% 11/22/19 (g) EUR9,500,000 11,697,355 
TOTAL CONVERTIBLE BONDS   
(Cost $18,391,478)  16,571,110 
 Shares Value 
Other - 0.2%   
ENERGY - 0.2%   
Oil, Gas & Consumable Fuels - 0.2%   
Utica Shale Drilling Program (non-operating revenue interest)(b)(h)   
(Cost $17,170,118) 17,170,118 17,170,118 
Money Market Funds - 1.3%   
Fidelity Cash Central Fund, 0.84% (i) 108,699,047 108,720,787 
Fidelity Securities Lending Cash Central Fund 0.84% (i)(j) 14,787,837 14,789,316 
TOTAL MONEY MARKET FUNDS   
(Cost $123,509,902)  123,510,103 
TOTAL INVESTMENT PORTFOLIO - 100.6%   
(Cost $7,512,066,020)  9,321,500,140 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (56,521,335) 
NET ASSETS - 100%  $9,264,978,805 

Written Options     
 Expiration Date/Exercise Price Number of Contracts Premium Value 
Call Options     
Apple, Inc. 4/21/17 - $130.00 2,381 $238,317 $(3,315,539) 
Bank of America Corp. 4/21/17 - $26.00 12,570 301,673 (56,565) 
Bank of America Corp. 5/19/17 - $27.00 12,850 693,885 (96,375) 
Chevron Corp. 5/19/17 - $115.00 1,433 204,045 (39,408) 
Cisco Systems, Inc. 5/19/17 - $36.00 4,538 104,401 (52,187) 
Citigroup, Inc. 4/21/17 - $65.00 2,150 133,297 (11,825) 
Citigroup, Inc. 5/19/17 - $65.00 2,101 222,701 (60,929) 
Comcast Corp. Class A 4/21/17 - $38.75 7,156 318,447 (53,670) 
Comcast Corp. Class A 5/19/17 - $38.75 4,776 243,773 (202,980) 
Comerica, Inc. 4/21/17 - $72.50 1,045 177,803 (62,178) 
Costco Wholesale Corp. 4/21/17 - $170.00 287 81,506 (32,718) 
CSX Corp. 5/19/17 - $52.50 1,763 243,779 (47,601) 
CSX Corp. 5/19/17 - $55.00 2,668 227,202 (29,348) 
J.B. Hunt Transport Services, Inc. 5/19/17 - $105.00 670 140,985 (10,050) 
Johnson & Johnson 5/19/17 - $130.00 1,243 98,195 (58,421) 
JPMorgan Chase & Co. 5/19/17 - $95.00 3,391 566,318 (100,035) 
MasterCard, Inc. Class A 4/21/17 - $115.00 621 101,919 (19,872) 
Microsoft Corp. 5/19/17 - $67.50 2,423 230,180 (233,820) 
Morgan Stanley 5/19/17 - $49.00 1,467 153,253 (16,137) 
Norfolk Southern Corp. 6/16/17 - $130.00 668 208,749 (21,710) 
Northern Trust Corp. 4/21/17 - $92.50 523 50,730 (9,153) 
Regions Financial Corp. 5/19/17 - $17.00 4,146 96,294 (12,438) 
Scripps Network Interactive, Inc. Class A 6/16/17 - $85.00 1,337 199,877 (130,358) 
State Street Corp. 5/19/17 - $85.00 1,959 239,194 (168,474) 
SunTrust Banks, Inc. 7/21/17 - $65.00 1,864 268,410 (56,852) 
The Boeing Co. 5/19/17 - $185.00 621 283,791 (103,086) 
The Boeing Co. 5/19/17 - $190.00 621 170,150 (47,507) 
Time Warner, Inc. 4/21/17 - $97.50 2,580 528,900 (256,919) 
Time Warner, Inc. 4/21/17 - $100.00 1,907 209,765 (38,140) 
Viacom, Inc. Class B 4/21/17 - $47.50 1,529 35,747 (91,740) 
TOTAL WRITTEN OPTIONS   $6,773,286 $(5,436,035) 

Currency Abbreviations

EUR – European Monetary Unit

Legend

 (a) Non-income producing

 (b) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $19,503,381 or 0.2% of net assets.

 (c) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $410,565,820.

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

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

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

 (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 $11,697,355 or 0.1% of net assets.

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

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

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Amyris, Inc. 10% 10/15/18 pay-in-kind 10/16/13 - 1/6/17 $3,162,578 
NJOY, Inc. 2/14/14 $1,372,724 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 11/4/16 $17,170,118 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $347,064 
Fidelity Securities Lending Cash Central Fund 230,319 
Total $577,383 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $719,846,585 $719,846,577 $-- $8 
Consumer Staples 669,994,780 649,014,111 20,980,669 -- 
Energy 1,164,290,851 1,164,290,851 -- -- 
Financials 2,148,061,563 2,146,295,987 1,765,576 -- 
Health Care 1,262,115,753 1,149,864,587 112,251,166 -- 
Industrials 1,069,143,583 1,034,986,946 34,156,637 -- 
Information Technology 1,573,797,647 1,573,797,647 -- -- 
Materials 277,257,778 277,257,778 -- -- 
Real Estate 97,351,646 97,351,646 -- -- 
Telecommunication Services 86,576,246 86,576,246 -- -- 
Utilities 95,812,377 95,812,377 -- -- 
Corporate Bonds 16,571,110 -- 14,237,855 2,333,255 
Other 17,170,118 -- -- 17,170,118 
Money Market Funds 123,510,103 123,510,103 -- -- 
Total Investments in Securities: $9,321,500,140 $9,118,604,856 $183,391,903 $19,503,381 
Derivative Instruments:     
Liabilities     
Written Options $(5,436,035) $(5,179,116) $(256,919) $-- 
Total Liabilities $(5,436,035) $(5,179,116) $(256,919) $-- 
Total Derivative Instruments: $(5,436,035) $(5,179,116) $(256,919) $-- 

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

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

Other Information

Income Tax Information

At March 31, 2017, the cost of investment securities for income tax purposes was $7,548,817,225. Net unrealized appreciation aggregated $1,772,682,915, of which $2,093,613,804 related to appreciated investment securities and $320,930,889 related to depreciated investment securities.

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





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

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


Quarterly Holdings Report
for

Fidelity® Growth Discovery Fund

March 31, 2017







CII-QTLY-0517
1.799853.113





Investments March 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 16.8%   
Automobiles - 0.7%   
Tesla, Inc. (a) 30,600 $8,516 
Diversified Consumer Services - 0.7%   
Grand Canyon Education, Inc. (a) 85,900 6,151 
Nord Anglia Education, Inc. (a) 111,372 2,822 
  8,973 
Hotels, Restaurants & Leisure - 2.1%   
Dave & Buster's Entertainment, Inc. (a) 174,300 10,648 
Domino's Pizza, Inc. 9,723 1,792 
Papa John's International, Inc. 47,400 3,794 
Starbucks Corp. 144,652 8,446 
Wingstop, Inc. 66,600 1,883 
  26,563 
Household Durables - 0.1%   
Gree Electric Appliances, Inc. of Zhuhai Class A 140,800 648 
Internet & Direct Marketing Retail - 5.4%   
Amazon.com, Inc. (a) 56,800 50,355 
Ctrip.com International Ltd. ADR (a) 183,300 9,009 
Netflix, Inc. (a) 36,300 5,366 
NutriSystem, Inc. 54,500 3,025 
  67,755 
Leisure Products - 0.0%   
NJOY, Inc. (a)(b) 56,145 
Media - 3.8%   
Charter Communications, Inc. Class A (a) 118,700 38,853 
Cinemark Holdings, Inc. 60,200 2,669 
Sirius XM Holdings, Inc. (c) 1,015,400 5,229 
  46,751 
Multiline Retail - 0.5%   
Dollar Tree, Inc. (a) 44,400 3,484 
Ollie's Bargain Outlet Holdings, Inc. (a) 94,300 3,159 
  6,643 
Specialty Retail - 2.7%   
Five Below, Inc. (a) 2,600 113 
Home Depot, Inc. 230,424 33,833 
  33,946 
Textiles, Apparel & Luxury Goods - 0.8%   
Canada Goose Holdings, Inc. (a) 2,600 41 
Kate Spade & Co. (a) 246,129 5,718 
LVMH Moet Hennessy - Louis Vuitton SA 17,809 3,914 
  9,673 
TOTAL CONSUMER DISCRETIONARY  209,468 
CONSUMER STAPLES - 7.4%   
Beverages - 3.1%   
Anheuser-Busch InBev SA NV ADR 50,300 5,521 
Constellation Brands, Inc. Class A (sub. vtg.) 20,200 3,274 
Kweichow Moutai Co. Ltd. (A Shares) 28,829 1,617 
Molson Coors Brewing Co. Class B 62,400 5,972 
PepsiCo, Inc. 55,300 6,186 
Pernod Ricard SA ADR 107,700 2,546 
The Coca-Cola Co. 324,236 13,761 
  38,877 
Food & Staples Retailing - 0.8%   
Costco Wholesale Corp. 47,100 7,898 
Whole Foods Market, Inc. 71,351 2,121 
  10,019 
Food Products - 0.9%   
Danone SA 84,100 5,721 
Hostess Brands, Inc. Class A (a) 25,300 402 
The Hain Celestial Group, Inc. (a) 123,400 4,590 
  10,713 
Household Products - 0.5%   
Procter & Gamble Co. 72,400 6,505 
Personal Products - 1.6%   
Coty, Inc. Class A 138,200 2,506 
Estee Lauder Companies, Inc. Class A 78,700 6,673 
Herbalife Ltd. (a)(c) 180,700 10,506 
  19,685 
Tobacco - 0.5%   
British American Tobacco PLC sponsored ADR 94,200 6,247 
TOTAL CONSUMER STAPLES  92,046 
ENERGY - 0.7%   
Energy Equipment & Services - 0.4%   
Baker Hughes, Inc. 87,100 5,210 
Oil, Gas & Consumable Fuels - 0.3%   
Golar LNG Ltd. 108,961 3,043 
Reliance Industries Ltd. 9,261 189 
  3,232 
TOTAL ENERGY  8,442 
FINANCIALS - 7.0%   
Banks - 2.9%   
Citigroup, Inc. 50,900 3,045 
First Republic Bank 134,800 12,646 
HDFC Bank Ltd. 31,265 709 
JPMorgan Chase & Co. 209,200 18,376 
Metro Bank PLC 22,400 913 
  35,689 
Capital Markets - 3.3%   
BlackRock, Inc. Class A 8,994 3,449 
CBOE Holdings, Inc. 9,948 806 
CME Group, Inc. 148,245 17,612 
Goldman Sachs Group, Inc. 12,100 2,780 
JMP Group, Inc. 64,700 393 
MSCI, Inc. 85,100 8,271 
S&P Global, Inc. 60,712 7,937 
  41,248 
Diversified Financial Services - 0.5%   
Berkshire Hathaway, Inc. Class B (a) 24,800 4,134 
Bioverativ, Inc. 4,500 245 
Quantenna Communications, Inc. 66,800 1,391 
  5,770 
Thrifts & Mortgage Finance - 0.3%   
Essent Group Ltd. (a) 102,100 3,693 
TOTAL FINANCIALS  86,400 
HEALTH CARE - 12.9%   
Biotechnology - 5.7%   
Advanced Accelerator Applications SA sponsored ADR (a) 45,600 1,818 
Alexion Pharmaceuticals, Inc. (a) 74,900 9,081 
Amgen, Inc. 112,000 18,376 
Biogen, Inc. (a) 9,000 2,461 
BioMarin Pharmaceutical, Inc. (a) 72,196 6,337 
Cytokinetics, Inc. (a) 63,071 810 
Insmed, Inc. (a) 342,678 6,000 
Regeneron Pharmaceuticals, Inc. (a) 14,500 5,619 
Samsung Biologics Co. Ltd. 926 143 
TESARO, Inc. (a) 48,700 7,493 
Vertex Pharmaceuticals, Inc. (a) 117,693 12,870 
  71,008 
Health Care Equipment & Supplies - 4.4%   
Boston Scientific Corp. (a) 615,700 15,312 
Danaher Corp. 129,355 11,064 
DexCom, Inc. (a) 13,600 1,152 
Intuitive Surgical, Inc. (a) 15,500 11,880 
Medtronic PLC 79,500 6,405 
Novadaq Technologies, Inc. (a) 396,700 3,090 
ResMed, Inc. 62,100 4,469 
The Cooper Companies, Inc. 6,600 1,319 
  54,691 
Health Care Providers & Services - 2.0%   
Henry Schein, Inc. (a) 11,500 1,955 
UnitedHealth Group, Inc. 137,200 22,502 
  24,457 
Pharmaceuticals - 0.8%   
Allergan PLC 24,000 5,734 
Patheon NV 16,800 443 
Zoetis, Inc. Class A 85,400 4,558 
  10,735 
TOTAL HEALTH CARE  160,891 
INDUSTRIALS - 7.6%   
Aerospace & Defense - 0.9%   
Taser International, Inc. (a)(c) 338,700 7,719 
TransDigm Group, Inc. 14,927 3,286 
  11,005 
Airlines - 0.2%   
Ryanair Holdings PLC sponsored ADR (a) 33,264 2,760 
Commercial Services & Supplies - 0.7%   
KAR Auction Services, Inc. 206,700 9,027 
Electrical Equipment - 2.1%   
Acuity Brands, Inc. 11,900 2,428 
AMETEK, Inc. 195,500 10,573 
Fortive Corp. 210,427 12,672 
  25,673 
Industrial Conglomerates - 0.4%   
Roper Technologies, Inc. 22,314 4,608 
Machinery - 0.9%   
Allison Transmission Holdings, Inc. 281,100 10,136 
Rational AG 1,500 699 
  10,835 
Professional Services - 2.3%   
Equifax, Inc. 57,600 7,876 
IHS Markit Ltd. (a) 117,502 4,929 
Robert Half International, Inc. 77,100 3,765 
TransUnion Holding Co., Inc. (a) 110,500 4,238 
WageWorks, Inc. (a) 114,073 8,247 
  29,055 
Trading Companies & Distributors - 0.1%   
MSC Industrial Direct Co., Inc. Class A 17,400 1,788 
TOTAL INDUSTRIALS  94,751 
INFORMATION TECHNOLOGY - 37.8%   
Electronic Equipment & Components - 0.2%   
CDW Corp. 44,100 2,545 
Internet Software & Services - 16.6%   
Alphabet, Inc. Class A (a) 82,252 69,733 
CommerceHub, Inc.:   
Series A (a) 168,370 2,606 
Series C (a) 145,840 2,265 
Facebook, Inc. Class A (a) 683,691 97,119 
GoDaddy, Inc. (a) 131,900 4,999 
Just Dial Ltd. (a) 61,822 503 
NetEase, Inc. ADR 12,300 3,493 
Shopify, Inc. Class A (a) 19,900 1,355 
Stamps.com, Inc. (a) 70,901 8,391 
Tencent Holdings Ltd. 107,000 3,083 
Twilio, Inc. Class A (c) 217,700 6,285 
VeriSign, Inc. (a)(c) 75,800 6,603 
  206,435 
IT Services - 6.0%   
Cognizant Technology Solutions Corp. Class A (a) 70,530 4,198 
Fidelity National Information Services, Inc. 45,700 3,639 
FleetCor Technologies, Inc. (a) 14,100 2,135 
Global Payments, Inc. 274,500 22,147 
PayPal Holdings, Inc. (a) 204,300 8,789 
Square, Inc. (a) 520,800 8,999 
Vantiv, Inc. (a) 69,400 4,450 
Visa, Inc. Class A 224,196 19,924 
  74,281 
Semiconductors & Semiconductor Equipment - 1.7%   
ASML Holding NV 23,800 3,161 
Maxim Integrated Products, Inc. 123,305 5,544 
Monolithic Power Systems, Inc. 56,118 5,168 
Qualcomm, Inc. 128,000 7,340 
  21,213 
Software - 9.7%   
Activision Blizzard, Inc. 126,687 6,317 
Adobe Systems, Inc. (a) 177,900 23,150 
Autodesk, Inc. (a) 176,000 15,219 
Blackbaud, Inc. 18,300 1,403 
Computer Modelling Group Ltd. 241,400 1,879 
CyberArk Software Ltd. (a) 24,200 1,231 
Electronic Arts, Inc. (a) 384,834 34,450 
Intuit, Inc. 36,100 4,187 
Microsoft Corp. 191,100 12,586 
Red Hat, Inc. (a) 54,200 4,688 
Salesforce.com, Inc. (a) 188,964 15,588 
  120,698 
Technology Hardware, Storage & Peripherals - 3.6%   
Apple, Inc. 263,300 37,826 
Samsung Electronics Co. Ltd. 4,034 7,438 
  45,264 
TOTAL INFORMATION TECHNOLOGY  470,436 
MATERIALS - 1.6%   
Chemicals - 1.0%   
Monsanto Co. 57,200 6,475 
Sherwin-Williams Co. 19,800 6,142 
  12,617 
Construction Materials - 0.6%   
Eagle Materials, Inc. 79,700 7,742 
TOTAL MATERIALS  20,359 
REAL ESTATE - 3.8%   
Equity Real Estate Investment Trusts (REITs) - 2.1%   
American Tower Corp. 164,900 20,042 
Equinix, Inc. 8,400 3,363 
SBA Communications Corp. Class A (a) 23,800 2,865 
  26,270 
Real Estate Management & Development - 1.7%   
Realogy Holdings Corp. 703,281 20,951 
TOTAL REAL ESTATE  47,221 
TOTAL COMMON STOCKS   
(Cost $935,058)  1,190,014 
Convertible Preferred Stocks - 0.7%   
CONSUMER DISCRETIONARY - 0.0%   
Household Durables - 0.0%   
Blu Homes, Inc. Series A, 5.00% (a)(b) 239,736 14 
INFORMATION TECHNOLOGY - 0.7%   
Internet Software & Services - 0.6%   
Uber Technologies, Inc. Series D, 8.00% (a)(b) 162,572 7,929 
IT Services - 0.1%   
AppNexus, Inc. Series E (a)(b) 48,212 1,391 
TOTAL INFORMATION TECHNOLOGY  9,320 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $4,596)  9,334 
Money Market Funds - 7.4%   
Fidelity Cash Central Fund, 0.84% (d) 62,833,723 62,846 
Fidelity Securities Lending Cash Central Fund 0.84% (d)(e) 28,670,498 28,673 
TOTAL MONEY MARKET FUNDS   
(Cost $91,522)  91,519 
TOTAL INVESTMENT PORTFOLIO - 103.7%   
(Cost $1,031,176)  1,290,867 
NET OTHER ASSETS (LIABILITIES) - (3.7)%  (46,511) 
NET ASSETS - 100%  $1,244,356 

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

Legend

 (a) Non-income producing

 (b) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $9,334,000 or 0.7% of net assets.

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

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

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
AppNexus, Inc. Series E 8/1/14 $966 
Blu Homes, Inc. Series A, 5.00% 6/21/13 $1,108 
NJOY, Inc. 9/11/13 $454 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $2,522 

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 $219 
Fidelity Securities Lending Cash Central Fund 291 
Total $510 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $209,482 $205,554 $3,914 $14 
Consumer Staples 92,046 86,325 5,721 -- 
Energy 8,442 8,442 -- -- 
Financials 86,400 85,691 709 -- 
Health Care 160,891 160,891 -- -- 
Industrials 94,751 94,751 -- -- 
Information Technology 479,756 467,353 3,083 9,320 
Materials 20,359 20,359 -- -- 
Real Estate 47,221 47,221 -- -- 
Money Market Funds 91,519 91,519 -- -- 
Total Investments in Securities: $1,290,867 $1,268,106 $13,427 $9,334 

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

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

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

Other Information

Income Tax Information

At March 31, 2017, the cost of investment securities for income tax purposes was $1,031,250,000. Net unrealized appreciation aggregated $259,617,000, of which $284,684,000 related to appreciated investment securities and $25,067,000 related to depreciated investment securities.

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





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

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


Quarterly Holdings Report
for

Fidelity® Mega Cap Stock Fund

March 31, 2017







GII-QTLY-0517
1.799848.113





Investments March 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%   
 Shares Value 
CONSUMER DISCRETIONARY - 8.4%   
Automobiles - 0.3%   
General Motors Co. 320,100 $11,318,736 
Hotels, Restaurants & Leisure - 0.1%   
Las Vegas Sands Corp. 89,500 5,107,765 
Media - 5.6%   
Comcast Corp. Class A (a) 1,916,900 72,056,271 
The Walt Disney Co. 345,300 39,153,567 
Time Warner, Inc. (a) 551,000 53,838,210 
Viacom, Inc. Class B (non-vtg.) (a) 308,500 14,382,270 
  179,430,318 
Multiline Retail - 0.8%   
Target Corp. 450,700 24,874,133 
Specialty Retail - 1.6%   
Lowe's Companies, Inc. 520,200 42,765,642 
TJX Companies, Inc. 95,800 7,575,864 
  50,341,506 
TOTAL CONSUMER DISCRETIONARY  271,072,458 
CONSUMER STAPLES - 7.3%   
Beverages - 2.6%   
Diageo PLC 411,226 11,775,540 
PepsiCo, Inc. 218,405 24,430,783 
The Coca-Cola Co. 1,159,400 49,204,936 
  85,411,259 
Food & Staples Retailing - 1.7%   
Costco Wholesale Corp. (a) 61,800 10,363,242 
CVS Health Corp. 339,400 26,642,900 
Kroger Co. 285,200 8,410,548 
Walgreens Boots Alliance, Inc. 99,497 8,263,226 
  53,679,916 
Household Products - 2.2%   
Procter & Gamble Co. 775,100 69,642,735 
Personal Products - 0.3%   
Estee Lauder Companies, Inc. Class A 23,300 1,975,607 
Unilever NV (NY Reg.) 132,200 6,567,696 
  8,543,303 
Tobacco - 0.5%   
Altria Group, Inc. 247,300 17,662,166 
TOTAL CONSUMER STAPLES  234,939,379 
ENERGY - 11.6%   
Energy Equipment & Services - 0.7%   
Baker Hughes, Inc. 74,800 4,474,536 
Schlumberger Ltd. 207,400 16,197,940 
  20,672,476 
Oil, Gas & Consumable Fuels - 10.9%   
Anadarko Petroleum Corp. 279,200 17,310,400 
Apache Corp. 573,005 29,446,727 
Chevron Corp. (a) 687,800 73,849,086 
ConocoPhillips Co. 1,357,700 67,708,499 
Imperial Oil Ltd. 641,900 19,558,437 
Kinder Morgan, Inc. 1,815,100 39,460,274 
Suncor Energy, Inc. 1,804,900 55,415,323 
The Williams Companies, Inc. 1,647,000 48,734,730 
  351,483,476 
TOTAL ENERGY  372,155,952 
FINANCIALS - 20.8%   
Banks - 15.8%   
Bank of America Corp. (a) 5,226,000 123,281,340 
Citigroup, Inc. (a) 1,749,770 104,671,241 
JPMorgan Chase & Co. (a) 1,522,600 133,745,184 
PNC Financial Services Group, Inc. 267,600 32,176,224 
U.S. Bancorp 925,300 47,652,950 
Wells Fargo & Co. 1,209,830 67,339,138 
  508,866,077 
Capital Markets - 4.3%   
Charles Schwab Corp. 547,600 22,347,556 
Goldman Sachs Group, Inc. 97,600 22,420,672 
Morgan Stanley (a) 840,400 36,002,736 
State Street Corp. (a) 704,700 56,101,167 
  136,872,131 
Insurance - 0.7%   
American International Group, Inc. 36,700 2,291,181 
Marsh & McLennan Companies, Inc. 200,980 14,850,412 
MetLife, Inc. 130,295 6,882,182 
  24,023,775 
TOTAL FINANCIALS  669,761,983 
HEALTH CARE - 14.5%   
Biotechnology - 3.8%   
Alexion Pharmaceuticals, Inc. (b) 153,900 18,658,836 
Amgen, Inc. 286,690 47,037,228 
Biogen, Inc. (b) 62,700 17,143,434 
Gilead Sciences, Inc. 229,210 15,567,943 
Intercept Pharmaceuticals, Inc. (b) 9,500 1,074,450 
Regeneron Pharmaceuticals, Inc. (b) 24,400 9,455,244 
Vertex Pharmaceuticals, Inc. (b) 107,100 11,711,385 
  120,648,520 
Health Care Equipment & Supplies - 1.9%   
Abbott Laboratories 332,000 14,744,120 
Becton, Dickinson & Co. 12,900 2,366,376 
Boston Scientific Corp. (b) 536,700 13,347,729 
Medtronic PLC 392,213 31,596,679 
  62,054,904 
Health Care Providers & Services - 2.5%   
Anthem, Inc. 104,600 17,298,748 
Cigna Corp. 100,300 14,692,947 
Express Scripts Holding Co. (b) 126,962 8,368,065 
Humana, Inc. 43,400 8,946,476 
McKesson Corp. 157,300 23,321,298 
UnitedHealth Group, Inc. 34,100 5,592,741 
  78,220,275 
Pharmaceuticals - 6.3%   
Allergan PLC 53,000 12,662,760 
AstraZeneca PLC sponsored ADR 167,200 5,206,608 
Bayer AG 13,500 1,555,383 
Bristol-Myers Squibb Co. 417,050 22,679,179 
GlaxoSmithKline PLC sponsored ADR 1,238,900 52,232,024 
Johnson & Johnson (a) 592,800 73,833,240 
Novartis AG sponsored ADR 67,200 4,990,944 
Sanofi SA 106,778 9,652,228 
Teva Pharmaceutical Industries Ltd. sponsored ADR 647,700 20,784,693 
  203,597,059 
TOTAL HEALTH CARE  464,520,758 
INDUSTRIALS - 9.2%   
Aerospace & Defense - 2.4%   
General Dynamics Corp. 25,700 4,811,040 
The Boeing Co. (a) 148,800 26,316,768 
United Technologies Corp. 397,800 44,637,138 
  75,764,946 
Air Freight & Logistics - 1.5%   
FedEx Corp. 74,200 14,480,130 
United Parcel Service, Inc. Class B 321,400 34,486,220 
  48,966,350 
Industrial Conglomerates - 3.0%   
General Electric Co. 3,257,100 97,061,580 
Road & Rail - 2.3%   
CSX Corp. (a) 609,500 28,372,225 
Norfolk Southern Corp. (a) 153,100 17,142,607 
Union Pacific Corp. 278,490 29,497,661 
  75,012,493 
TOTAL INDUSTRIALS  296,805,369 
INFORMATION TECHNOLOGY - 20.9%   
Communications Equipment - 1.9%   
Cisco Systems, Inc. (a) 1,799,900 60,836,620 
Internet Software & Services - 4.5%   
Alphabet, Inc.:   
Class A (b) 74,050 62,779,590 
Class C (b) 69,226 57,427,121 
Facebook, Inc. Class A (a)(b) 181,200 25,739,460 
  145,946,171 
IT Services - 3.3%   
Accenture PLC Class A 20,800 2,493,504 
Cognizant Technology Solutions Corp. Class A (b) 187,700 11,171,904 
MasterCard, Inc. Class A (a) 286,200 32,188,914 
PayPal Holdings, Inc. (b) 213,700 9,193,374 
Visa, Inc. Class A 564,700 50,184,889 
  105,232,585 
Semiconductors & Semiconductor Equipment - 1.8%   
Qualcomm, Inc. 995,800 57,099,172 
Software - 5.2%   
Adobe Systems, Inc. (b) 141,000 18,348,330 
Microsoft Corp. (a) 1,856,500 122,269,090 
Oracle Corp. 470,100 20,971,161 
Salesforce.com, Inc. (b) 55,600 4,586,444 
  166,175,025 
Technology Hardware, Storage & Peripherals - 4.2%   
Apple, Inc.(a) 951,807 136,736,593 
TOTAL INFORMATION TECHNOLOGY  672,026,166 
MATERIALS - 2.2%   
Chemicals - 2.2%   
E.I. du Pont de Nemours & Co. 211,800 17,013,894 
LyondellBasell Industries NV Class A 210,100 19,159,019 
Monsanto Co. 258,910 29,308,612 
PPG Industries, Inc. 35,100 3,688,308 
  69,169,833 
REAL ESTATE - 0.4%   
Equity Real Estate Investment Trusts (REITs) - 0.4%   
American Tower Corp. 49,200 5,979,768 
Crown Castle International Corp. 37,800 3,570,210 
Public Storage 20,200 4,421,982 
  13,971,960 
TELECOMMUNICATION SERVICES - 1.3%   
Diversified Telecommunication Services - 1.3%   
Verizon Communications, Inc. 854,225 41,643,469 
UTILITIES - 0.7%   
Electric Utilities - 0.7%   
Exelon Corp. 655,900 23,599,282 
TOTAL COMMON STOCKS   
(Cost $2,193,337,565)  3,129,666,609 
Other - 0.2%   
ENERGY - 0.2%   
Oil, Gas and Consumable Fuels - 0.2%   
Utica Shale Drilling Program (non-operating revenue interest) (c)(d)   
(Cost $6,161,494) 6,161,494 6,161,494 
Money Market Funds - 2.9%   
Fidelity Cash Central Fund, 0.84% (e)   
(Cost $93,058,071) 93,039,464 93,058,072 
TOTAL INVESTMENT PORTFOLIO - 100.4%   
(Cost $2,292,557,130)  3,228,886,175 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (11,365,086) 
NET ASSETS - 100%  $3,217,521,089 

Written Options     
 Expiration Date/Exercise Price Number of Contracts Premium Value 
Call Options     
Apple, Inc. 4/21/17 - $130.00 1,015 $101,592 $(1,413,383) 
Bank of America Corp. 4/21/17 - $26.00 5,007 120,165 (22,532) 
Bank of America Corp. 5/19/17 - $27.00 5,066 273,559 (37,995) 
Chevron Corp. 5/19/17 - $115.00 635 90,418 (17,463) 
Cisco Systems, Inc. 5/19/17 - $36.00 1,768 40,675 (20,332) 
Citigroup, Inc. 4/21/17 - $65.00 854 52,947 (4,697) 
Citigroup, Inc. 5/19/17 - $65.00 823 87,236 (23,867) 
Comcast Corp. Class A 4/21/17 - $38.75 2,699 120,107 (20,243) 
Comcast Corp. Class A 5/19/17 - $38.75 1,901 97,029 (80,793) 
Costco Wholesale Corp. 4/21/17 - $170.00 112 31,807 (12,768) 
CSX Corp. 5/19/17 - $52.50 562 77,710 (15,174) 
CSX Corp. 5/19/17 - $55.00 844 71,874 (9,284) 
Facebook, Inc. Class A 4/21/17 - $140.00 57 11,406 (18,098) 
Facebook, Inc. Class A 4/21/17 - $145.00 57 5,814 (4,190) 
Johnson & Johnson 5/19/17 - $130.00 567 44,792 (26,649) 
JPMorgan Chase & Co. 5/19/17 - $95.00 1,455 242,994 (42,923) 
MasterCard, Inc. Class A 4/21/17 - $115.00 280 45,954 (8,960) 
Microsoft Corp. 5/19/17 - $67.50 883 83,883 (85,210) 
Morgan Stanley 5/19/17 - $49.00 822 85,872 (9,042) 
Norfolk Southern Corp. 6/16/17 - $130.00 285 89,062 (9,263) 
State Street Corp. 5/19/17 - $85.00 631 77,045 (54,266) 
The Boeing Co. 5/19/17 - $185.00 252 115,161 (41,832) 
The Boeing Co. 5/19/17 - $190.00 252 69,046 (19,278) 
Time Warner, Inc. 4/21/17 - $97.50 1,181 242,105 (117,605) 
Time Warner, Inc. 4/21/17 - $100.00 844 92,838 (16,880) 
Viacom, Inc. Class B 4/21/17 - $47.50 626 14,636 (37,560) 
TOTAL WRITTEN OPTIONS   $2,385,727  $(2,170,287) 

Legend

 (a) Security or a portion of the security has been segregated as collateral for open options. At period end, the value of securities pledged amounted to $149,125,341.

 (b) Non-income producing

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

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $6,161,494 or 0.2% of net assets.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 11/4/16 $6,161,494 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $172,781 
Fidelity Securities Lending Cash Central Fund 42,608 
Total $215,389 

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $271,072,458 $271,072,458 $-- $-- 
Consumer Staples 234,939,379 223,163,839 11,775,540 -- 
Energy 372,155,952 372,155,952 -- -- 
Financials 669,761,983 669,761,983 -- -- 
Health Care 464,520,758 453,313,147 11,207,611 -- 
Industrials 296,805,369 296,805,369 -- -- 
Information Technology 672,026,166 672,026,166 -- -- 
Materials 69,169,833 69,169,833 -- -- 
Real Estate 13,971,960 13,971,960 -- -- 
Telecommunication Services 41,643,469 41,643,469 -- -- 
Utilities 23,599,282 23,599,282 -- -- 
Other 6,161,494 -- -- 6,161,494 
Money Market Funds 93,058,072 93,058,072 -- -- 
Total Investments in Securities: $3,228,886,175 $3,199,741,530 $22,983,151 $6,161,494 
Derivative Instruments:     
Liabilities     
Written Options $(2,170,287) $(2,052,682) $(117,605) $-- 
Total Liabilities $(2,170,287) $(2,052,682) $(117,605) $-- 
Total Derivative Instruments: $(2,170,287) $(2,052,682) $(117,605) $-- 

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

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

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

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

Other Information

Income Tax Information

At March 31, 2017, the cost of investment securities for income tax purposes was $2,307,547,447. Net unrealized appreciation aggregated $921,338,728, of which $982,760,256 related to appreciated investment securities and $61,421,528 related to depreciated investment securities.

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





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

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


Item 2.

Controls and Procedures


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


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




Item 3.

Exhibits


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




SIGNATURES


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


Fidelity Hastings Street Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

May 26, 2017


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



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

May 26, 2017



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

May 26, 2017

 





EX-99.CERT 2 ex99cert.htm EX99CERT.HTM Converted by EDGARwiz

                                                      Exhibit EX-99.CERT

     

I, Stacie M. Smith, certify that:

1.

I have reviewed this report on Form N-Q of Fidelity Hastings Street Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and



5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

May 26, 2017

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer


     



                                                 

     

I, Howard J. Galligan III, certify that:

1.

I have reviewed this report on Form N-Q of Fidelity Hastings Street Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and



5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

May 26, 2017

/s/Howard J. Galligan III

Howard J. Galligan III

Chief Financial Officer