NPORT-EX 2 QTLY_308_20200229.htm

Quarterly Holdings Report
for

Fidelity® Convertible Securities Fund

February 29, 2020







CVS-QTLY-0420
1.797939.116





Schedule of Investments February 29, 2020 (Unaudited)

Showing Percentage of Net Assets

Convertible Bonds - 71.0%   
 Principal Amount (000s)(a) Value (000s) 
COMMUNICATION SERVICES - 11.8%   
Diversified Telecommunication Services - 1.3%   
Bandwidth, Inc. 0.25% 3/1/26 (b) $2,400 $2,338 
Intelsat SA 4.5% 6/15/25 1,850 779 
Liberty Media Corp. 2.25% 9/30/46 29,450 15,837 
Vonage Holdings Corp. 1.75% 6/1/24 (b) 280 266 
  19,220 
Entertainment - 2.2%   
iQIYI, Inc.:   
2% 4/1/25 (b) 171 178 
3.75% 12/1/23 287 336 
Liberty Media Corp. 2.25% 12/1/48 (b) 2,985 3,228 
Live Nation Entertainment, Inc.:   
2% 2/15/25 (b) 2,850 2,804 
2.5% 3/15/23 1,970 2,255 
Pandora Media, Inc. 1.75% 12/1/23 843 974 
Sea Ltd.:   
1% 12/1/24 (b) 5,193 6,013 
2.25% 7/1/23 2,651 6,256 
World Wrestling Entertainment, Inc. 3.375% 12/15/23 4,000 8,000 
Zynga, Inc. 0.25% 6/1/24 (b) 2,744 2,984 
  33,028 
Interactive Media & Services - 2.4%   
IAC FinanceCo 2, Inc.:   
0.875% 6/15/26 (b) 3,620 3,702 
2% 1/15/30 (b) 3,470 3,683 
Momo, Inc. 1.25% 7/1/25 210 190 
Snap, Inc. 0.75% 8/1/26 (b) 7,021 7,137 
Twitter, Inc. 0.25% 6/15/24 8,356 8,288 
Weibo Corp. 1.25% 11/15/22 149 141 
YY, Inc.:   
0.75% 6/15/25 (b) 160 146 
1.375% 6/15/26 (b) 170 154 
Zillow Group, Inc.:   
0.75% 9/1/24 (b) 2,840 4,061 
1.375% 9/1/26 (b) 2,815 4,071 
1.5% 7/1/23 1,350 1,413 
2% 12/1/21 1,750 2,137 
  35,123 
Media - 5.8%   
DISH Network Corp.:   
2.375% 3/15/24 8,432 7,839 
3.375% 8/15/26 31,748 30,653 
Gannett Co., Inc. 4.75% 4/15/24 1,450 1,289 
GCI Liberty, Inc. 1.75% 9/30/46 (b) 12,201 17,081 
Liberty Interactive LLC 1.75% 9/30/46 (b) 4,949 7,382 
Liberty Latin America Ltd. 2% 7/15/24 (b) 2,250 2,138 
Liberty Media Corp.:   
1% 1/30/23 3,926 4,647 
1.375% 10/15/23 9,263 11,429 
2.125% 3/31/48 (b) 2,830 2,872 
  85,330 
Wireless Telecommunication Services - 0.1%   
Boingo Wireless, Inc. 1% 10/1/23 2,350 2,145 
TOTAL COMMUNICATION SERVICES  174,846 
CONSUMER DISCRETIONARY - 8.3%   
Auto Components - 0.1%   
Veoneer, Inc. 4% 6/1/24 1,950 1,848 
Automobiles - 3.8%   
Tesla, Inc.:   
1.25% 3/1/21 7,892 14,997 
2% 5/15/24 12,223 28,028 
2.375% 3/15/22 6,347 13,501 
  56,526 
Diversified Consumer Services - 0.9%   
Chegg, Inc.:   
0.125% 3/15/25 (b) 3,800 3,963 
0.25% 5/15/23 2,550 3,945 
IAC Financeco, Inc. 0.875% 10/1/22 (b) 3,970 5,789 
  13,697 
Hotels, Restaurants & Leisure - 1.5%   
Caesars Entertainment Corp. 5% 10/1/24 10,983 19,854 
Marriott Vacations Worldwide Corp. 1.5% 9/15/22 2,700 2,658 
  22,512 
Internet & Direct Marketing Retail - 2.0%   
Baozun, Inc. 1.625% 5/1/24 (b) 181 168 
Etsy, Inc.:   
0% 3/1/23 1,080 1,838 
0.125% 10/1/26 (b) 3,750 3,778 
MercadoLibre, Inc. 2% 8/15/28 2,908 4,665 
Pinduoduo, Inc. 0% 10/1/24 (b) 5,775 6,455 
Quotient Technology, Inc. 1.75% 12/1/22 710 696 
The Booking Holdings, Inc.:   
0.35% 6/15/20 4,054 5,268 
0.9% 9/15/21 5,143 5,521 
Wayfair LLC:   
0.375% 9/1/22 110 101 
1.125% 11/1/24 120 103 
  28,593 
Specialty Retail - 0.0%   
Guess?, Inc. 2% 4/15/24 (b) 121 115 
TOTAL CONSUMER DISCRETIONARY  123,291 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
Chefs' Warehouse Holdings 1.875% 12/1/24 (b) 1,500 1,477 
ENERGY - 2.1%   
Energy Equipment & Services - 0.0%   
Oil States International, Inc. 1.5% 2/15/23 175 143 
Vantage Drilling Co. 5.5% 7/15/43 (b)(c)(d) 20,000 600 
  743 
Oil, Gas & Consumable Fuels - 2.1%   
Chesapeake Energy Corp. 5.5% 9/15/26 15,302 4,007 
DHT Holdings, Inc. 4.5% 8/15/21 12,399 13,880 
Golar LNG Ltd. 2.75% 2/15/22 2,735 2,398 
Oasis Petroleum, Inc. 2.625% 9/15/23 305 183 
PDC Energy, Inc. 1.125% 9/15/21 166 153 
Scorpio Tankers, Inc. 3% 5/15/22 3,240 3,106 
Ship Finance International Ltd. 4.875% 5/1/23 6,706 6,961 
SM Energy Co. 1.5% 7/1/21 150 143 
Teekay Corp. 5% 1/15/23 180 159 
  30,990 
TOTAL ENERGY  31,733 
FINANCIALS - 1.2%   
Banks - 0.0%   
Hope Bancorp, Inc. 2% 5/15/38 200 186 
Consumer Finance - 0.3%   
LendingTree, Inc. 0.625% 6/1/22 2,450 3,563 
Diversified Financial Services - 0.8%   
AXA SA 7.25% 5/15/21 (b) 10,770 10,887 
RWT Holdings, Inc. 5.75% 10/1/25 (b) 800 826 
  11,713 
Mortgage Real Estate Investment Trusts - 0.1%   
Arbor Realty Trust, Inc. 4.75% 11/1/22 (b) 180 173 
Exantas Capital Corp. 4.5% 8/15/22 502 516 
Starwood Property Trust, Inc. 4.375% 4/1/23 1,000 1,010 
  1,699 
TOTAL FINANCIALS  17,161 
HEALTH CARE - 9.9%   
Biotechnology - 3.7%   
Apellis Pharmaceuticals, Inc. 3.5% 9/15/26 (b) 1,900 2,286 
BioMarin Pharmaceutical, Inc.:   
0.599% 8/1/24 190 208 
1.5% 10/15/20 140 153 
Clovis Oncology, Inc.:   
2.5% 9/15/21 879 749 
4.5% 8/1/24 (b) 750 900 
Exact Sciences Corp.:   
0.375% 3/15/27 6,750 6,932 
0.375% 3/1/28 6,010 5,833 
1% 1/15/25 4,300 5,628 
Flexion Therapeutics, Inc. 3.375% 5/1/24 1,530 1,482 
Halozyme Therapeutics, Inc. 1.25% 12/1/24 (b) 480 516 
Intercept Pharmaceuticals, Inc.:   
2% 5/15/26 724 818 
3.25% 7/1/23 999 950 
Invitae Corp. 2% 9/1/24 (b) 505 528 
Ironwood Pharmaceuticals, Inc.:   
0.75% 6/15/24 (b) 800 898 
1.5% 6/15/26 (b) 800 915 
2.25% 6/15/22 750 841 
Isis Pharmaceuticals, Inc. 1% 11/15/21 5,224 5,561 
Neurocrine Biosciences, Inc. 2.25% 5/15/24 4,740 6,588 
Novavax, Inc. 3.75% 2/1/23 8,115 5,285 
PTC Therapeutics, Inc.:   
1.5% 9/15/26 (b) 150 190 
3% 8/15/22 100 122 
Retrophin, Inc. 2.5% 9/15/25 200 161 
Sarepta Therapeutics, Inc. 1.5% 11/15/24 4,636 8,194 
  55,738 
Health Care Equipment & Supplies - 3.5%   
CONMED Corp. 2.625% 2/1/24 4,781 5,816 
DexCom, Inc.:   
0.75% 5/15/22 4,021 11,201 
0.75% 12/1/23 7,400 13,109 
Insulet Corp. 1.375% 11/15/24 3,798 7,821 
Integra LifeSciences Holdings Corp. 0.5% 8/15/25 (b) 4,750 4,651 
Mesa Laboratories, Inc. 1.375% 8/15/25 1,970 2,113 
Nevro Corp. 1.75% 6/1/21 730 1,060 
NuVasive, Inc.:   
0.375% 3/15/25 (b) 1,900 1,871 
2.25% 3/15/21 3,250 3,872 
Wright Medical Group NV 2.25% 11/15/21 65 93 
Wright Medical Group, Inc. 1.625% 6/15/23 215 225 
  51,832 
Health Care Providers & Services - 0.4%   
Anthem, Inc. 2.75% 10/15/42 1,689 6,082 
Health Care Technology - 1.1%   
Allscripts Healthcare Solutions, Inc. 0.875% 1/1/27 (b) 1,700 1,467 
Tabula Rasa HealthCare, Inc. 1.75% 2/15/26 (b) 820 888 
Teladoc Health, Inc.:   
1.375% 5/15/25 2,420 5,846 
3% 12/15/22 2,602 7,479 
  15,680 
Life Sciences Tools & Services - 0.5%   
Illumina, Inc.:   
0% 8/15/23 2,234 2,305 
0.5% 6/15/21 1,813 2,138 
Repligen Corp. 0.375% 7/15/24 3,000 3,130 
  7,573 
Pharmaceuticals - 0.7%   
Aerie Pharmaceuticals, Inc. 1.5% 10/1/24 (b) 1,410 1,433 
Collegium Pharmaceutical, Inc. 2.625% 2/15/26 1,684 1,853 
Innoviva, Inc.:   
2.125% 1/15/23 800 798 
2.5% 8/15/25 150 160 
Jazz Investments I Ltd.:   
1.5% 8/15/24 1,200 1,143 
1.875% 8/15/21 690 688 
Pacira Biosciences, Inc. 2.375% 4/1/22 800 823 
Revance Therapeutics, Inc. 1.75% 2/15/27 (b) 2,750 2,752 
Supernus Pharmaceuticals, Inc. 0.625% 4/1/23 180 162 
Theravance Biopharma, Inc. 3.25% 11/1/23 170 178 
  9,990 
TOTAL HEALTH CARE  146,895 
INDUSTRIALS - 2.3%   
Aerospace & Defense - 0.3%   
Aerojet Rocketdyne Holdings, Inc. 2.25% 12/15/23 2,440 4,702 
Air Freight & Logistics - 0.2%   
Air Transport Services Group, Inc. 1.125% 10/15/24 2,560 2,303 
Best, Inc. 1.75% 10/1/24 (b) 157 163 
Echo Global Logistics, Inc. 2.5% 5/1/20 150 149 
  2,615 
Building Products - 0.2%   
Patrick Industries, Inc. 1% 2/1/23 3,180 3,043 
Construction & Engineering - 0.7%   
Dycom Industries, Inc. 0.75% 9/15/21 158 148 
Granite Construction, Inc. 2.75% 11/1/24 (b) 11,057 10,467 
  10,615 
Machinery - 0.3%   
Chart Industries, Inc. 1% 11/15/24 (b) 2,500 2,915 
Fortive Corp. 0.875% 2/15/22 147 146 
Greenbrier Companies, Inc. 2.875% 2/1/24 151 139 
Meritor, Inc. 3.25% 10/15/37 634 660 
  3,860 
Marine - 0.0%   
Eagle Bulk Shipping, Inc. 5% 8/1/24 (b) 160 152 
Professional Services - 0.5%   
FTI Consulting, Inc. 2% 8/15/23 6,011 7,588 
Trading Companies & Distributors - 0.1%   
Kaman Corp. 3.25% 5/1/24 700 772 
TOTAL INDUSTRIALS  33,347 
INFORMATION TECHNOLOGY - 31.9%   
Communications Equipment - 1.3%   
Applied Optoelectronics, Inc. 5% 3/15/24 (b) 814 714 
CalAmp Corp. 2% 8/1/25 189 160 
InterDigital, Inc. 2% 6/1/24 (b) 1,460 1,454 
Liberty Media Corp. 3.5% 1/15/31 4,050 3,680 
Lumentum Holdings, Inc.:   
0.25% 3/15/24 3,887 5,594 
0.5% 12/15/26 (b) 6,700 7,223 
Viavi Solutions, Inc.:   
1% 3/1/24 500 599 
1.75% 6/1/23 550 631 
  20,055 
Electronic Equipment & Components - 1.1%   
II-VI, Inc. 0.25% 9/1/22 7,040 6,992 
Insight Enterprises, Inc. 0.75% 2/15/25 (b) 3,780 3,898 
Knowles Corp. 3.25% 11/1/21 1,200 1,355 
Par Technology Corp. 4.5% 4/15/24 (b) 1,630 1,897 
TTM Technologies, Inc. 1.75% 12/15/20 1,505 2,080 
  16,222 
IT Services - 4.6%   
Akamai Technologies, Inc.:   
0.125% 5/1/25 7,045 7,868 
0.375% 9/1/27 (b) 3,911 3,898 
Euronet Worldwide, Inc. 0.75% 3/15/49 (b) 4,200 4,611 
i3 Verticals LLC 1% 2/15/25 (b) 1,450 1,421 
KBR, Inc. 2.5% 11/1/23 3,200 3,823 
MongoDB, Inc.:   
0.25% 1/15/26 (b) 3,000 3,161 
0.75% 6/15/24 1,825 4,186 
Okta, Inc.:   
0.125% 9/1/25 (b) 8,080 8,146 
0.25% 2/15/23 921 2,458 
Perficient, Inc. 2.375% 9/15/23 670 836 
Square, Inc.:   
0.375% 3/1/22 981 3,542 
0.5% 5/15/23 7,476 9,677 
Twilio, Inc. 0.25% 6/1/23 4,345 7,310 
Unisys Corp. 5.5% 3/1/21 121 200 
Wix.com Ltd. 0% 7/1/23 6,206 7,379 
  68,516 
Semiconductors & Semiconductor Equipment - 6.5%   
Adesto Technologies Corp. 4.25% 9/15/24 (b) 1,541 1,847 
Advanced Micro Devices, Inc. 2.125% 9/1/26 1,203 6,866 
Cree, Inc. 0.875% 9/1/23 2,937 3,086 
Cypress Semiconductor Corp.:   
2% 2/1/23 660 795 
4.5% 1/15/22 1,780 3,072 
Impinj, Inc. 2% 12/15/26 (b) 2,320 2,615 
Inphi Corp.:   
0.75% 9/1/21 1,950 2,778 
1.125% 12/1/20 1,650 3,105 
Microchip Technology, Inc.:   
1.625% 2/15/25 11,567 21,695 
1.625% 2/15/27 11,628 14,989 
2.25% 2/15/37 4,413 5,700 
Micron Technology, Inc. 3.125% 5/1/32 1,040 5,481 
Novellus Systems, Inc. 2.625% 5/15/41 400 3,676 
ON Semiconductor Corp.:   
1% 12/1/20 4,115 4,685 
1.625% 10/15/23 3,893 4,642 
Rambus, Inc. 1.375% 2/1/23 780 802 
Silicon Laboratories, Inc. 1.375% 3/1/22 120 138 
SMART Global Holdings, Inc. 2.25% 2/15/26 (b) 5,500 5,473 
Synaptics, Inc. 0.5% 6/15/22 800 895 
Teradyne, Inc. 1.25% 12/15/23 1,970 3,783 
  96,123 
Software - 18.2%   
8x8, Inc. 0.5% 2/1/24 2,160 2,177 
Altair Engineering, Inc. 0.25% 6/1/24 810 825 
Alteryx, Inc.:   
0.5% 6/1/23 705 2,220 
0.5% 8/1/24 (b) 1,762 1,899 
1% 8/1/26 (b) 2,120 2,307 
Atlassian, Inc. 0.625% 5/1/23 7,175 13,205 
Avaya Holdings Corp. 2.25% 6/15/23 180 164 
Benefitfocus, Inc. 1.25% 12/15/23 2,144 1,736 
BlackLine, Inc. 0.125% 8/1/24 (b) 5,105 5,604 
Coupa Software, Inc.:   
0.125% 6/15/25 (b) 9,611 11,596 
0.375% 1/15/23 888 2,978 
CyberArk Software Ltd. 0% 11/15/24 (b) 3,810 3,789 
DocuSign, Inc. 0.5% 9/15/23 5,260 7,145 
Everbridge, Inc.:   
0.125% 12/15/24 (b) 3,200 3,737 
1.5% 11/1/22 872 2,737 
FireEye, Inc.:   
0.875% 6/1/24 4,850 4,533 
1.625% 6/1/35 4,090 3,933 
Five9, Inc. 0.125% 5/1/23 2,535 4,659 
Guidewire Software, Inc. 1.25% 3/15/25 3,550 4,169 
HubSpot, Inc. 0.25% 6/1/22 3,240 6,169 
j2 Global, Inc.:   
1.75% 11/1/26 (b) 5,310 5,246 
3.25% 6/15/29 3,200 4,386 
LivePerson, Inc. 0.75% 3/1/24 (b) 15,457 15,831 
New Relic, Inc. 0.5% 5/1/23 800 750 
Nice Systems, Inc. 1.25% 1/15/24 4,425 8,888 
Nuance Communications, Inc.:   
1% 12/15/35 4,305 4,721 
1.25% 4/1/25 3,783 4,847 
Nutanix, Inc. 0% 1/15/23 3,741 3,505 
Palo Alto Networks, Inc. 0.75% 7/1/23 8,876 9,044 
Pegasystems, Inc. 0.75% 3/1/25 (b) 4,380 4,346 
Pluralsight, Inc. 0.375% 3/1/24 (b) 200 179 
Proofpoint, Inc. 0.25% 8/15/24 (b) 7,271 7,285 
PROS Holdings, Inc. 1% 5/15/24 (b) 4,215 4,226 
Q2 Holdings, Inc.:   
0.75% 2/15/23 2,025 2,882 
0.75% 6/1/26 (b) 4,410 4,923 
Rapid7, Inc. 1.25% 8/1/23 2,145 2,778 
RealPage, Inc. 1.5% 11/15/22 2,800 4,494 
RingCentral, Inc.:   
0% 3/15/23 3,695 10,619 
0% 3/1/25 (b) 10,700 10,700 
SailPoint Technologies Holding, Inc. 0.125% 9/15/24 (b) 8,119 9,106 
ServiceNow, Inc. 0% 6/1/22 5,739 13,595 
Splunk, Inc.:   
0.5% 9/15/23 9,708 11,611 
1.125% 9/15/25 6,480 7,907 
Talend SA 1.75% 9/1/24 (b) EUR5,850 6,353 
Verint Systems, Inc. 1.5% 6/1/21 300 320 
Workday, Inc.:   
0.25% 10/1/22 10,137 13,343 
1.5% 7/15/20 1,471 3,119 
Workiva, Inc. 1.125% 8/15/26 (b) 3,416 3,141 
Zendesk, Inc. 0.25% 3/15/23 4,454 6,215 
  269,942 
Technology Hardware, Storage & Peripherals - 0.2%   
Pure Storage, Inc. 0.125% 4/15/23 130 127 
Western Digital Corp. 1.5% 2/1/24 3,269 3,200 
  3,327 
TOTAL INFORMATION TECHNOLOGY  474,185 
MATERIALS - 0.8%   
Metals & Mining - 0.8%   
Allegheny Technologies, Inc. 4.75% 7/1/22 1,570 2,197 
Cleveland-Cliffs, Inc. 1.5% 1/15/25 424 399 
Endeavour Mining Corp. 3% 2/15/23 (b) 3,160 3,280 
SSR Mining, Inc. 2.5% 4/1/39 (b) 3,335 3,921 
United States Steel Corp. 5% 11/1/26 (b) 2,728 2,518 
  12,315 
REAL ESTATE - 0.7%   
Equity Real Estate Investment Trusts (REITs) - 0.7%   
CorEnergy Infrastructure Trust, Inc. 5.875% 8/15/25 (b) 1,230 1,172 
Extra Space Storage LP 3.125% 10/1/35 (b) 2,650 2,964 
Hannon Armstrong Sustainable Infrastructure Capital, Inc. 4.125% 9/1/22 600 774 
IH Merger Sub LLC 3.5% 1/15/22 1,900 2,456 
iStar Financial, Inc. 3.125% 9/15/22 1,700 1,992 
National Health Investors, Inc. 3.25% 4/1/21 900 1,078 
Uniti Fiber Holdings, Inc. 4% 6/15/24 (b) 250 267 
  10,703 
Real Estate Management & Development - 0.0%   
Redfin Corp. 1.75% 7/15/23 270 309 
TOTAL REAL ESTATE  11,012 
UTILITIES - 1.9%   
Independent Power and Renewable Electricity Producers - 1.9%   
NextEra Energy Partners LP 1.5% 9/15/20 (b) 6,400 7,036 
NRG Energy, Inc. 2.75% 6/1/48 19,877 21,015 
  28,051 
TOTAL CONVERTIBLE BONDS   
(Cost $944,070)  1,054,313 
 Shares Value (000s) 
Common Stocks - 5.3%   
COMMUNICATION SERVICES - 0.5%   
Wireless Telecommunication Services - 0.5%   
T-Mobile U.S., Inc. (e) 82,000 7,393 
ENERGY - 3.2%   
Oil, Gas & Consumable Fuels - 3.2%   
BP PLC sponsored ADR 213,200 6,671 
Canadian Natural Resources Ltd. (f) 197,620 5,099 
DHT Holdings, Inc. 3,875,881 21,511 
Frontline Ltd. (NY Shares) (f) 1,019,419 8,349 
Scorpio Tankers, Inc. (f) 330,927 6,546 
  48,176 
HEALTH CARE - 0.3%   
Biotechnology - 0.3%   
AbbVie, Inc. 42,600 3,651 
Alder Biopharmaceuticals, Inc. rights 12/31/99 (d)(e) 103,495 91 
  3,742 
INDUSTRIALS - 0.3%   
Marine - 0.0%   
Scorpio Bulkers, Inc. 159,896 515 
Road & Rail - 0.3%   
Hertz Global Holdings, Inc. (e) 321,477 4,112 
TOTAL INDUSTRIALS  4,627 
INFORMATION TECHNOLOGY - 0.4%   
Software - 0.4%   
CDK Global, Inc. 64,200 2,954 
SS&C Technologies Holdings, Inc. 52,000 2,886 
  5,840 
MATERIALS - 0.2%   
Chemicals - 0.2%   
The Chemours Co. LLC 235,500 3,500 
UTILITIES - 0.4%   
Independent Power and Renewable Electricity Producers - 0.4%   
Vistra Energy Corp. 284,044 5,462 
TOTAL COMMON STOCKS   
(Cost $89,759)  78,740 
Convertible Preferred Stocks - 19.7%   
CONSUMER STAPLES - 0.4%   
Food Products - 0.1%   
Bunge Ltd. 4.875% 21,200 2,083 
Household Products - 0.3%   
Energizer Holdings, Inc. 7.50% 43,600 4,098 
TOTAL CONSUMER STAPLES  6,181 
ENERGY - 0.1%   
Energy Equipment & Services - 0.1%   
Nabors Industries Ltd. Series A, 6.00% 47,300 668 
FINANCIALS - 5.1%   
Banks - 5.1%   
Bank of America Corp. Series L, 7.25% 22,029 33,352 
Wells Fargo & Co. 7.50% 28,180 42,412 
  75,764 
Mortgage Real Estate Investment Trusts - 0.0%   
Great Ajax Corp. 7.25% 19,800 524 
TOTAL FINANCIALS  76,288 
HEALTH CARE - 3.4%   
Health Care Equipment & Supplies - 2.3%   
Becton, Dickinson & Co. Series A, 6.125% 345,600 19,685 
Danaher Corp. 4.75% 12,900 14,145 
  33,830 
Health Care Technology - 0.3%   
Change Healthcare, Inc. 6.00% 82,800 4,219 
Life Sciences Tools & Services - 0.6%   
Avantor, Inc. Series A 6.25% 156,800 8,782 
Pharmaceuticals - 0.2%   
Elanco Animal Health, Inc. 5.00% 72,000 3,628 
TOTAL HEALTH CARE  50,459 
INDUSTRIALS - 1.8%   
Machinery - 1.8%   
Colfax Corp. 5.75% 32,400 4,702 
Fortive Corp. Series A, 5.00% 14,390 13,110 
Stanley Black & Decker, Inc.:   
5.375% 30,200 2,972 
Series D 5.25% 67,700 6,457 
  27,241 
INFORMATION TECHNOLOGY - 1.8%   
Semiconductors & Semiconductor Equipment - 1.8%   
Broadcom, Inc. Series A 8.00% 24,800 26,066 
MATERIALS - 0.2%   
Chemicals - 0.2%   
International Flavors & Fragrances, Inc. 6.00% 61,400 2,775 
REAL ESTATE - 1.3%   
Equity Real Estate Investment Trusts (REITs) - 1.3%   
Crown Castle International Corp. Series A, 6.875% 13,407 17,085 
QTS Realty Trust, Inc. 6.50% 13,000 1,733 
  18,818 
UTILITIES - 5.6%   
Electric Utilities - 2.9%   
American Electric Power Co., Inc. 6.125% 98,800 5,173 
NextEra Energy, Inc.:   
4.872% 225,000 11,626 
5.279% (e) 325,700 14,807 
Southern Co. 6.75% 233,500 11,899 
  43,505 
Gas Utilities - 0.1%   
South Jersey Industries, Inc. 7.25% 14,600 668 
Multi-Utilities - 2.5%   
CenterPoint Energy, Inc.:   
2.00% ZENS (e) 84,750 4,783 
Series B, 7.00% 5,100 219 
Dominion Energy, Inc. 7.25% 114,300 11,601 
DTE Energy Co. 6.25% 127,500 5,801 
Sempra Energy:   
6.75% 6,700 748 
Series A, 6.00% 127,600 14,374 
  37,526 
Water Utilities - 0.1%   
Aqua America, Inc. 6.00% 24,500 1,404 
TOTAL UTILITIES  83,103 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $272,850)  291,599 
Money Market Funds - 6.4%   
Fidelity Cash Central Fund 1.60% (g) 91,509,192 91,527 
Fidelity Securities Lending Cash Central Fund 1.60% (g)(h) 3,851,865 3,852 
TOTAL MONEY MARKET FUNDS   
(Cost $95,379)  95,379 
TOTAL INVESTMENT IN SECURITIES - 102.4%   
(Cost $1,402,058)  1,520,031 
NET OTHER ASSETS (LIABILITIES) - (2.4)%  (35,109) 
NET ASSETS - 100%  $1,484,922 

Currency Abbreviations

EUR – European Monetary Unit

Legend

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

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $305,245,000 or 20.6% of net assets.

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

 (d) Level 3 security

 (e) Non-income producing

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

 (g) 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.

 (h) 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 $250 
Fidelity Securities Lending Cash Central Fund 17 
Total $267 

Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

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. 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 prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

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

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.