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 811-4118
Fidelity Securities Fund
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: |
July 31 |
|
|
Date of reporting period: |
October 31, 2014 |
Item 1. Schedule of Investments
Quarterly Holdings Report
for
Fidelity ® Blue Chip Growth Fund
October 31, 2014
1.809076.111
BCF-QTLY-1214
Showing Percentage of Net Assets
Common Stocks - 98.9% |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - 21.3% |
|||
Auto Components - 0.2% |
|||
Magna International, Inc. Class A (sub. vtg.) |
285,625 |
$ 28,191 |
|
The Goodyear Tire & Rubber Co. |
76,200 |
1,846 |
|
|
30,037 |
||
Automobiles - 0.5% |
|||
Ford Motor Co. |
128,500 |
1,811 |
|
General Motors Co. |
58,200 |
1,827 |
|
Mahindra & Mahindra Ltd. (a) |
247,500 |
5,262 |
|
Tata Motors Ltd. (a) |
1,444,431 |
12,619 |
|
Tata Motors Ltd. sponsored ADR |
265,500 |
12,505 |
|
Tesla Motors, Inc. (a)(d) |
216,556 |
52,342 |
|
|
86,366 |
||
Diversified Consumer Services - 0.4% |
|||
H&R Block, Inc. |
1,173,700 |
37,922 |
|
Houghton Mifflin Harcourt Co. |
277,900 |
5,561 |
|
Kroton Educacional SA |
4,720,000 |
33,639 |
|
|
77,122 |
||
Hotels, Restaurants & Leisure - 4.3% |
|||
Bloomin' Brands, Inc. (a) |
188,900 |
3,572 |
|
Buffalo Wild Wings, Inc. (a) |
232,338 |
34,683 |
|
China Lodging Group Ltd. ADR (a) |
270,800 |
7,444 |
|
Chipotle Mexican Grill, Inc. (a) |
238,317 |
152,046 |
|
Chuy's Holdings, Inc. (a) |
67,800 |
2,028 |
|
Domino's Pizza, Inc. |
116,300 |
10,326 |
|
Dunkin' Brands Group, Inc. |
398,300 |
18,115 |
|
Extended Stay America, Inc. unit |
223,900 |
5,163 |
|
Fiesta Restaurant Group, Inc. (a) |
253,700 |
13,992 |
|
Hilton Worldwide Holdings, Inc. |
721,500 |
18,211 |
|
Home Inns & Hotels Management, Inc. sponsored ADR (a) |
308,094 |
9,308 |
|
Hyatt Hotels Corp. Class A (a) |
888,600 |
52,623 |
|
Las Vegas Sands Corp. |
1,890,894 |
117,727 |
|
Melco Crown Entertainment Ltd. sponsored ADR |
562,900 |
15,277 |
|
MGM Mirage, Inc. (a) |
499,800 |
11,620 |
|
Panera Bread Co. Class A (a) |
344,256 |
55,646 |
|
Sonic Corp. |
284,000 |
7,160 |
|
Starbucks Corp. |
2,795,822 |
211,252 |
|
Whitbread PLC |
310,250 |
21,659 |
|
Zoe's Kitchen, Inc. (d) |
338,800 |
12,353 |
|
|
780,205 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - continued |
|||
Household Durables - 0.7% |
|||
D.R. Horton, Inc. |
1,231,700 |
$ 28,070 |
|
KB Home (d) |
450,300 |
7,088 |
|
Whirlpool Corp. |
493,800 |
84,958 |
|
|
120,116 |
||
Internet & Catalog Retail - 4.3% |
|||
Amazon.com, Inc. (a) |
1,375,644 |
420,204 |
|
Ctrip.com International Ltd. sponsored ADR (a) |
388,484 |
22,649 |
|
Expedia, Inc. |
285,489 |
24,258 |
|
Groupon, Inc. Class A (a)(d) |
4,873,700 |
35,627 |
|
HomeAway, Inc. (a) |
376,500 |
13,140 |
|
Lands' End, Inc. (a)(d) |
81,800 |
3,883 |
|
MakeMyTrip Ltd. (a) |
327,100 |
9,857 |
|
Netflix, Inc. (a) |
66,623 |
26,168 |
|
priceline.com, Inc. (a) |
147,500 |
177,916 |
|
Qunar Cayman Islands Ltd. sponsored ADR |
113,300 |
3,048 |
|
The Honest Co., Inc. (f) |
150,143 |
4,054 |
|
Travelport Worldwide Ltd. |
383,800 |
5,546 |
|
Vipshop Holdings Ltd. ADR (a)(d) |
91,500 |
20,980 |
|
Wayfair, Inc. |
332,900 |
8,356 |
|
zulily, Inc. Class A |
155,300 |
5,650 |
|
|
781,336 |
||
Leisure Products - 0.0% |
|||
NJOY, Inc. (a)(f) |
1,178,168 |
9,508 |
|
Media - 3.2% |
|||
Comcast Corp. Class A |
4,600,636 |
254,645 |
|
DISH Network Corp. Class A (a) |
163,700 |
10,420 |
|
Lions Gate Entertainment Corp. (d) |
338,900 |
11,228 |
|
Naspers Ltd. Class N |
131,900 |
16,415 |
|
The Walt Disney Co. |
3,172,300 |
289,885 |
|
|
582,593 |
||
Multiline Retail - 1.1% |
|||
Big Lots, Inc. |
307,200 |
14,024 |
|
Macy's, Inc. |
1,390,685 |
80,409 |
|
Target Corp. |
1,453,823 |
89,875 |
|
Tuesday Morning Corp. (a) |
640,500 |
13,060 |
|
|
197,368 |
||
Specialty Retail - 4.5% |
|||
GNC Holdings, Inc. |
565,800 |
23,520 |
|
Home Depot, Inc. |
3,377,300 |
329,354 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - continued |
|||
Specialty Retail - continued |
|||
L Brands, Inc. |
750,782 |
$ 54,146 |
|
Lumber Liquidators Holdings, Inc. (a) |
34,100 |
1,834 |
|
Murphy U.S.A., Inc. (a) |
724,370 |
41,506 |
|
Restoration Hardware Holdings, Inc. (a)(d) |
1,770,022 |
142,168 |
|
Ross Stores, Inc. |
891,863 |
71,991 |
|
TJX Companies, Inc. |
2,024,252 |
128,176 |
|
Ulta Salon, Cosmetics & Fragrance, Inc. (a) |
161,500 |
19,511 |
|
|
812,206 |
||
Textiles, Apparel & Luxury Goods - 2.1% |
|||
G-III Apparel Group Ltd. (a) |
65,000 |
5,158 |
|
Hanesbrands, Inc. |
136,900 |
14,458 |
|
Kate Spade & Co. (a) |
1,646,504 |
44,670 |
|
lululemon athletica, Inc. (a) |
363,081 |
15,122 |
|
Michael Kors Holdings Ltd. (a) |
1,053,872 |
82,824 |
|
NIKE, Inc. Class B |
795,475 |
73,955 |
|
Pandora A/S |
240,500 |
20,246 |
|
PVH Corp. |
362,076 |
41,403 |
|
Ralph Lauren Corp. |
376,200 |
62,013 |
|
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) |
426,100 |
23,329 |
|
Under Armour, Inc. Class A (sub. vtg.) (a) |
28,200 |
1,849 |
|
|
385,027 |
||
TOTAL CONSUMER DISCRETIONARY |
3,861,884 |
||
CONSUMER STAPLES - 10.0% |
|||
Beverages - 3.4% |
|||
Anheuser-Busch InBev SA NV ADR |
396,491 |
44,003 |
|
Constellation Brands, Inc. Class A (sub. vtg.) (a) |
80,100 |
7,332 |
|
Monster Beverage Corp. (a) |
1,181,635 |
119,203 |
|
PepsiCo, Inc. |
2,047,954 |
196,952 |
|
The Coca-Cola Co. |
5,976,752 |
250,306 |
|
|
617,796 |
||
Food & Staples Retailing - 2.5% |
|||
Costco Wholesale Corp. |
878,600 |
117,179 |
|
CVS Health Corp. |
1,894,100 |
162,533 |
|
Kroger Co. |
2,018,587 |
112,455 |
|
Sprouts Farmers Market LLC (a)(d) |
1,233,977 |
35,921 |
|
Whole Foods Market, Inc. |
617,910 |
24,302 |
|
|
452,390 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER STAPLES - continued |
|||
Food Products - 2.6% |
|||
Bunge Ltd. |
379,867 |
$ 33,675 |
|
China Modern Dairy Holdings Ltd. (a) |
7,498,000 |
3,308 |
|
Keurig Green Mountain, Inc. |
2,190,888 |
332,467 |
|
Mead Johnson Nutrition Co. Class A |
882,094 |
87,601 |
|
WhiteWave Foods Co. (a) |
470,269 |
17,508 |
|
|
474,559 |
||
Household Products - 0.8% |
|||
Procter & Gamble Co. |
1,401,004 |
122,266 |
|
Svenska Cellulosa AB (SCA) (B Shares) |
537,600 |
12,020 |
|
|
134,286 |
||
Personal Products - 0.4% |
|||
Coty, Inc. Class A |
53,300 |
885 |
|
Herbalife Ltd. |
1,323,758 |
69,444 |
|
Natura Cosmeticos SA |
89,700 |
1,303 |
|
|
71,632 |
||
Tobacco - 0.3% |
|||
Lorillard, Inc. |
914,827 |
56,262 |
|
TOTAL CONSUMER STAPLES |
1,806,925 |
||
ENERGY - 3.3% |
|||
Energy Equipment & Services - 0.7% |
|||
Halliburton Co. |
2,088,576 |
115,164 |
|
National Oilwell Varco, Inc. |
97,700 |
7,097 |
|
|
122,261 |
||
Oil, Gas & Consumable Fuels - 2.6% |
|||
Anadarko Petroleum Corp. |
906,900 |
83,235 |
|
BG Group PLC |
317,500 |
5,291 |
|
Carrizo Oil & Gas, Inc. (a) |
234,600 |
12,185 |
|
Cheniere Energy, Inc. (a) |
196,780 |
14,759 |
|
Cimarex Energy Co. |
379,507 |
43,139 |
|
Continental Resources, Inc. (a) |
918,900 |
51,798 |
|
EOG Resources, Inc. |
904,024 |
85,927 |
|
Golar LNG Ltd. |
292,200 |
16,395 |
|
Hess Corp. |
293,178 |
24,864 |
|
Kinder Morgan Holding Co. LLC |
172,100 |
6,660 |
|
Newfield Exploration Co. (a) |
350,200 |
11,420 |
|
Phillips 66 Co. |
175,733 |
13,795 |
|
Pioneer Natural Resources Co. |
458,800 |
86,741 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
ENERGY - continued |
|||
Oil, Gas & Consumable Fuels - continued |
|||
PrairieSky Royalty Ltd. |
191,600 |
$ 5,899 |
|
Rice Energy, Inc. |
722,400 |
19,093 |
|
Suncor Energy, Inc. |
99,900 |
3,547 |
|
|
484,748 |
||
TOTAL ENERGY |
607,009 |
||
FINANCIALS - 4.5% |
|||
Banks - 2.4% |
|||
Axis Bank Ltd. (a) |
953,180 |
7,025 |
|
Bank of America Corp. |
6,525,587 |
111,979 |
|
Citigroup, Inc. |
2,202,190 |
117,883 |
|
HDFC Bank Ltd. sponsored ADR |
443,200 |
23,237 |
|
ICICI Bank Ltd. sponsored ADR |
623,629 |
35,148 |
|
JPMorgan Chase & Co. |
2,421,177 |
146,433 |
|
Punjab National Bank (a) |
189,600 |
2,899 |
|
Yes Bank Ltd. |
170,103 |
1,926 |
|
|
446,530 |
||
Capital Markets - 1.2% |
|||
Ameriprise Financial, Inc. |
187,753 |
23,689 |
|
BlackRock, Inc. Class A |
179,100 |
61,093 |
|
Carlyle Group LP |
275,200 |
7,640 |
|
Charles Schwab Corp. |
457,500 |
13,117 |
|
Invesco Ltd. |
620,572 |
25,115 |
|
Morgan Stanley |
1,468,851 |
51,336 |
|
State Street Corp. |
311,200 |
23,483 |
|
The Blackstone Group LP |
579,400 |
17,452 |
|
|
222,925 |
||
Consumer Finance - 0.7% |
|||
American Express Co. |
1,168,744 |
105,129 |
|
Capital One Financial Corp. |
137,900 |
11,414 |
|
Shriram Transport Finance Co. Ltd. |
339,455 |
5,251 |
|
|
121,794 |
||
Real Estate Management & Development - 0.1% |
|||
Parsvnath Developers Ltd. (a)(e) |
21,771,340 |
7,178 |
|
Realogy Holdings Corp. (a) |
282,767 |
11,596 |
|
|
18,774 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
FINANCIALS - continued |
|||
Thrifts & Mortgage Finance - 0.1% |
|||
Housing Development Finance Corp. Ltd. |
697,722 |
$ 12,565 |
|
LIC Housing Finance Ltd. |
351,944 |
2,073 |
|
|
14,638 |
||
TOTAL FINANCIALS |
824,661 |
||
HEALTH CARE - 16.3% |
|||
Biotechnology - 9.0% |
|||
Acceleron Pharma, Inc. (a) |
42,800 |
1,583 |
|
Agios Pharmaceuticals, Inc. (a) |
161,640 |
13,583 |
|
Alexion Pharmaceuticals, Inc. (a) |
626,196 |
119,829 |
|
Alkermes PLC (a) |
711,400 |
35,961 |
|
Alnylam Pharmaceuticals, Inc. (a) |
616,063 |
57,134 |
|
Amgen, Inc. |
1,438,502 |
233,296 |
|
Avalanche Biotechnologies, Inc. (a) |
22,200 |
797 |
|
BioCryst Pharmaceuticals, Inc. (a) |
833,700 |
9,771 |
|
Biogen Idec, Inc. (a) |
738,900 |
237,246 |
|
BioMarin Pharmaceutical, Inc. (a) |
281,704 |
23,241 |
|
Bluebird Bio, Inc. (a) |
124,700 |
5,236 |
|
Calithera Biosciences, Inc. |
266,400 |
2,509 |
|
Celgene Corp. (a) |
372,600 |
39,902 |
|
Dicerna Pharmaceuticals, Inc. |
161,260 |
1,511 |
|
Gilead Sciences, Inc. (a) |
4,668,860 |
522,912 |
|
Intercept Pharmaceuticals, Inc. (a) |
88,100 |
22,764 |
|
Intrexon Corp. (a)(d) |
234,059 |
5,224 |
|
Ironwood Pharmaceuticals, Inc. Class A (a) |
907,481 |
12,723 |
|
Isis Pharmaceuticals, Inc. (a) |
63,700 |
2,934 |
|
Keryx Biopharmaceuticals, Inc. (a)(d) |
395,173 |
6,659 |
|
KYTHERA Biopharmaceuticals, Inc. (a)(d) |
263,156 |
9,276 |
|
Merrimack Pharmaceuticals, Inc. (a) |
1,594,658 |
14,623 |
|
Neurocrine Biosciences, Inc. (a) |
442,100 |
8,188 |
|
NPS Pharmaceuticals, Inc. (a) |
88,000 |
2,411 |
|
Pharmacyclics, Inc. (a) |
170,900 |
22,332 |
|
Puma Biotechnology, Inc. (a) |
58,400 |
14,635 |
|
Regeneron Pharmaceuticals, Inc. (a) |
353,289 |
139,097 |
|
Seattle Genetics, Inc. (a) |
158,900 |
5,827 |
|
Synageva BioPharma Corp. (a) |
130,800 |
9,907 |
|
Ultragenyx Pharma, Inc. |
26,500 |
1,246 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Biotechnology - continued |
|||
uniQure B.V. |
305,687 |
$ 3,473 |
|
Vertex Pharmaceuticals, Inc. (a) |
421,660 |
47,496 |
|
|
1,633,326 |
||
Health Care Equipment & Supplies - 1.0% |
|||
Accuray, Inc. (a)(d) |
935,165 |
5,920 |
|
Boston Scientific Corp. (a) |
2,388,900 |
31,725 |
|
Covidien PLC |
196,100 |
18,127 |
|
Insulet Corp. (a) |
88,000 |
3,799 |
|
Intuitive Surgical, Inc. (a) |
91,807 |
45,518 |
|
Medtronic, Inc. |
52,100 |
3,551 |
|
Novadaq Technologies, Inc. (a) |
607,819 |
9,494 |
|
The Cooper Companies, Inc. |
323,230 |
52,977 |
|
Zeltiq Aesthetics, Inc. (a) |
504,000 |
12,923 |
|
|
184,034 |
||
Health Care Providers & Services - 0.7% |
|||
Apollo Hospitals Enterprise Ltd. (a) |
936,371 |
16,993 |
|
Cardinal Health, Inc. |
313,331 |
24,590 |
|
HCA Holdings, Inc. (a) |
879,900 |
61,637 |
|
HealthEquity, Inc. (a) |
14,834 |
303 |
|
McKesson Corp. |
70,400 |
14,320 |
|
Qualicorp SA (a) |
516,800 |
5,256 |
|
|
123,099 |
||
Health Care Technology - 0.3% |
|||
athenahealth, Inc. (a) |
76,475 |
9,368 |
|
Castlight Health, Inc. Class B (a)(d) |
255,543 |
3,197 |
|
Cerner Corp. (a) |
747,918 |
47,373 |
|
|
59,938 |
||
Life Sciences Tools & Services - 0.8% |
|||
Agilent Technologies, Inc. |
397,010 |
21,947 |
|
Genfit (a) |
89,600 |
4,592 |
|
Illumina, Inc. (a) |
612,535 |
117,962 |
|
Lonza Group AG |
38,412 |
4,228 |
|
|
148,729 |
||
Pharmaceuticals - 4.5% |
|||
AbbVie, Inc. |
1,806,206 |
114,622 |
|
Achaogen, Inc. (a) |
331,200 |
3,517 |
|
Actavis PLC (a) |
965,255 |
234,306 |
|
Allergan, Inc. |
410,673 |
78,053 |
|
Bristol-Myers Squibb Co. |
262,500 |
15,275 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Pharmaceuticals - continued |
|||
Dermira, Inc. |
317,800 |
$ 4,885 |
|
GW Pharmaceuticals PLC ADR (a)(d) |
265,666 |
19,593 |
|
Jazz Pharmaceuticals PLC (a) |
91,500 |
15,449 |
|
Johnson & Johnson |
255,200 |
27,505 |
|
Mallinckrodt PLC (a) |
76,400 |
7,043 |
|
Merck & Co., Inc. |
412,803 |
23,918 |
|
Pacira Pharmaceuticals, Inc. (a) |
117,166 |
10,875 |
|
Perrigo Co. PLC |
135,440 |
21,867 |
|
Salix Pharmaceuticals Ltd. (a) |
141,737 |
20,389 |
|
Shire PLC sponsored ADR |
285,659 |
57,075 |
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
1,030,400 |
58,187 |
|
Valeant Pharmaceuticals International (Canada) (a) |
703,700 |
93,531 |
|
|
806,090 |
||
TOTAL HEALTH CARE |
2,955,216 |
||
INDUSTRIALS - 8.4% |
|||
Aerospace & Defense - 1.4% |
|||
Honeywell International, Inc. |
905,100 |
86,998 |
|
L-3 Communications Holdings, Inc. |
94,800 |
11,514 |
|
Precision Castparts Corp. |
136,400 |
30,103 |
|
The Boeing Co. |
992,826 |
124,014 |
|
|
252,629 |
||
Air Freight & Logistics - 0.7% |
|||
C.H. Robinson Worldwide, Inc. |
80,900 |
5,599 |
|
FedEx Corp. |
244,978 |
41,009 |
|
United Parcel Service, Inc. Class B |
603,600 |
63,324 |
|
XPO Logistics, Inc. (a)(d) |
524,500 |
20,938 |
|
|
130,870 |
||
Airlines - 2.1% |
|||
American Airlines Group, Inc. |
4,776,393 |
197,504 |
|
Azul-Linhas Aereas Brasileiras warrants (f) |
165,571 |
0 |
|
Delta Air Lines, Inc. |
1,821,000 |
73,259 |
|
JetBlue Airways Corp. (a) |
578,900 |
6,681 |
|
Southwest Airlines Co. |
472,602 |
16,295 |
|
Spirit Airlines, Inc. (a) |
802,400 |
58,663 |
|
United Continental Holdings, Inc. (a) |
548,100 |
28,945 |
|
|
381,347 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Building Products - 0.1% |
|||
A.O. Smith Corp. |
309,754 |
$ 16,525 |
|
Construction & Engineering - 0.0% |
|||
Larsen & Toubro Ltd. (a) |
70,158 |
1,891 |
|
Electrical Equipment - 0.3% |
|||
Acuity Brands, Inc. |
131,300 |
18,307 |
|
SolarCity Corp. (a)(d) |
463,232 |
27,414 |
|
TCP International Holdings Ltd. |
600,400 |
4,167 |
|
Vestas Wind Systems A/S (a) |
231,300 |
7,742 |
|
|
57,630 |
||
Industrial Conglomerates - 1.0% |
|||
Danaher Corp. |
1,823,700 |
146,625 |
|
General Electric Co. |
1,305,800 |
33,703 |
|
|
180,328 |
||
Machinery - 0.9% |
|||
Cummins, Inc. |
676,461 |
98,885 |
|
Ingersoll-Rand PLC |
507,884 |
31,804 |
|
ITT Corp. |
388,800 |
17,519 |
|
Manitowoc Co., Inc. |
294,100 |
6,129 |
|
|
154,337 |
||
Professional Services - 0.1% |
|||
Huron Consulting Group, Inc. (a) |
194,520 |
13,541 |
|
Road & Rail - 1.6% |
|||
Canadian Pacific Railway Ltd. |
217,400 |
45,220 |
|
Container Corp. of India Ltd. |
159,518 |
3,519 |
|
CSX Corp. |
597,600 |
21,292 |
|
Hertz Global Holdings, Inc. (a) |
1,178,396 |
25,830 |
|
J.B. Hunt Transport Services, Inc. |
602,500 |
48,061 |
|
Landstar System, Inc. |
76,700 |
5,677 |
|
Old Dominion Freight Lines, Inc. (a) |
49,200 |
3,585 |
|
Swift Transporation Co. (a) |
244,700 |
6,044 |
|
Union Pacific Corp. |
1,169,700 |
136,212 |
|
|
295,440 |
||
Trading Companies & Distributors - 0.2% |
|||
United Rentals, Inc. (a) |
309,100 |
34,020 |
|
TOTAL INDUSTRIALS |
1,518,558 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - 32.3% |
|||
Communications Equipment - 2.2% |
|||
Arista Networks, Inc. (d) |
112,200 |
$ 9,116 |
|
Aruba Networks, Inc. (a) |
360,500 |
7,780 |
|
Cisco Systems, Inc. |
1,667,200 |
40,796 |
|
F5 Networks, Inc. (a) |
194,006 |
23,859 |
|
Palo Alto Networks, Inc. (a) |
249,891 |
26,413 |
|
QUALCOMM, Inc. |
3,337,414 |
262,020 |
|
Riverbed Technology, Inc. (a) |
1,434,841 |
27,248 |
|
|
397,232 |
||
Electronic Equipment & Components - 0.0% |
|||
Trimble Navigation Ltd. (a) |
117,800 |
3,164 |
|
Internet Software & Services - 11.0% |
|||
Akamai Technologies, Inc. (a) |
416,430 |
25,111 |
|
Alibaba Group Holding Ltd. sponsored ADR |
942,300 |
92,911 |
|
Baidu.com, Inc. sponsored ADR (a) |
414,700 |
99,018 |
|
Cornerstone OnDemand, Inc. (a) |
264,000 |
9,575 |
|
Dropbox, Inc. (a)(f) |
1,003,814 |
19,173 |
|
Equinix, Inc. |
8,600 |
1,797 |
|
Facebook, Inc. Class A (a) |
5,543,601 |
415,715 |
|
Gogo, Inc. (a)(d) |
1,022,200 |
16,979 |
|
Google, Inc.: |
|
|
|
Class A (a) |
845,254 |
479,994 |
|
Class C (a) |
770,054 |
430,522 |
|
Info Edge India Ltd. |
661,765 |
9,094 |
|
Just Dial Ltd. |
669,562 |
16,368 |
|
LinkedIn Corp. (a) |
243,700 |
55,798 |
|
NAVER Corp. |
42,162 |
29,588 |
|
Rackspace Hosting, Inc. (a) |
1,776,101 |
68,131 |
|
Tencent Holdings Ltd. |
2,912,200 |
46,806 |
|
Twitter, Inc. |
2,209,600 |
91,632 |
|
Yahoo!, Inc. (a) |
2,065,576 |
95,120 |
|
|
2,003,332 |
||
IT Services - 4.1% |
|||
Cognizant Technology Solutions Corp. Class A (a) |
3,988,254 |
194,826 |
|
MasterCard, Inc. Class A |
2,785,300 |
233,269 |
|
Samsung SDS Co. Ltd. (a) |
9,865 |
1,744 |
|
VeriFone Systems, Inc. (a) |
991,400 |
36,940 |
|
Visa, Inc. Class A |
1,106,899 |
267,239 |
|
|
734,018 |
||
Semiconductors & Semiconductor Equipment - 3.8% |
|||
Ambarella, Inc. (a)(d) |
433,800 |
19,213 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Semiconductors & Semiconductor Equipment - continued |
|||
Atmel Corp. (a) |
515,800 |
$ 3,827 |
|
Broadcom Corp. Class A |
1,083,700 |
45,385 |
|
Canadian Solar, Inc. (a)(d) |
484,500 |
15,456 |
|
Cavium, Inc. (a) |
919,701 |
47,190 |
|
Cree, Inc. (a) |
671,302 |
21,133 |
|
Cypress Semiconductor Corp. |
513,085 |
5,085 |
|
eMemory Technology, Inc. |
155,000 |
1,673 |
|
First Solar, Inc. (a) |
1,216,700 |
71,664 |
|
Freescale Semiconductor, Inc. (a) |
2,258,754 |
44,927 |
|
Lam Research Corp. |
140,200 |
10,916 |
|
Micron Technology, Inc. (a) |
3,083,900 |
102,046 |
|
Monolithic Power Systems, Inc. |
201,194 |
8,891 |
|
NVIDIA Corp. |
1,103,570 |
21,564 |
|
NXP Semiconductors NV (a) |
3,710,407 |
254,757 |
|
SunEdison, Inc. (a) |
846,845 |
16,522 |
|
SunPower Corp. (a)(d) |
145,100 |
4,620 |
|
|
694,869 |
||
Software - 4.4% |
|||
Activision Blizzard, Inc. |
4,766,200 |
95,086 |
|
Adobe Systems, Inc. (a) |
973,050 |
68,230 |
|
FireEye, Inc. (a)(d) |
183,300 |
6,230 |
|
Fortinet, Inc. (a) |
568,596 |
14,812 |
|
Intuit, Inc. |
224,800 |
19,785 |
|
Microsoft Corp. |
5,318,344 |
249,696 |
|
Red Hat, Inc. (a) |
325,400 |
19,173 |
|
salesforce.com, Inc. (a) |
4,185,069 |
267,803 |
|
SAP AG sponsored ADR |
40,036 |
2,728 |
|
Tableau Software, Inc. (a) |
467,300 |
38,594 |
|
Yodlee, inc. |
416,200 |
5,756 |
|
Zynga, Inc. (a) |
3,981,983 |
10,154 |
|
|
798,047 |
||
Technology Hardware, Storage & Peripherals - 6.8% |
|||
Apple, Inc. |
10,457,109 |
1,129,362 |
|
BlackBerry Ltd. (a) |
4,792,000 |
50,316 |
|
EMC Corp. |
126,000 |
3,620 |
|
Hewlett-Packard Co. |
1,104,800 |
39,640 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Technology Hardware, Storage & Peripherals - continued |
|||
Nimble Storage, Inc. |
221,200 |
$ 6,052 |
|
Samsung Electronics Co. Ltd. |
9,687 |
11,216 |
|
|
1,240,206 |
||
TOTAL INFORMATION TECHNOLOGY |
5,870,868 |
||
MATERIALS - 2.5% |
|||
Chemicals - 2.0% |
|||
Agrium, Inc. |
93,600 |
9,158 |
|
CF Industries Holdings, Inc. |
52,500 |
13,650 |
|
E.I. du Pont de Nemours & Co. |
1,901,200 |
131,468 |
|
Eastman Chemical Co. |
410,500 |
33,160 |
|
Huntsman Corp. |
233,961 |
5,709 |
|
Intrepid Potash, Inc. (a)(d) |
515,965 |
6,940 |
|
LyondellBasell Industries NV Class A |
208,525 |
19,107 |
|
Monsanto Co. |
1,149,200 |
132,204 |
|
Potash Corp. of Saskatchewan, Inc. |
201,100 |
6,864 |
|
PPG Industries, Inc. |
26,900 |
5,479 |
|
Westlake Chemical Corp. |
9,000 |
635 |
|
|
364,374 |
||
Construction Materials - 0.1% |
|||
Caesarstone Sdot-Yam Ltd. |
255,800 |
14,289 |
|
Eagle Materials, Inc. |
40,900 |
3,576 |
|
|
17,865 |
||
Containers & Packaging - 0.0% |
|||
Sealed Air Corp. |
211,400 |
7,663 |
|
Metals & Mining - 0.4% |
|||
Steel Dynamics, Inc. |
964,700 |
22,198 |
|
United States Steel Corp. (d) |
1,206,400 |
48,304 |
|
|
70,502 |
||
TOTAL MATERIALS |
460,404 |
||
TELECOMMUNICATION SERVICES - 0.2% |
|||
Wireless Telecommunication Services - 0.2% |
|||
Bharti Infratel Ltd. |
4,990,661 |
23,917 |
|
T-Mobile U.S., Inc. (a) |
305,909 |
8,929 |
|
|
32,846 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
UTILITIES - 0.1% |
|||
Electric Utilities - 0.0% |
|||
Power Grid Corp. of India Ltd. |
757,980 |
$ 1,798 |
|
Independent Power and Renewable Electricity Producers - 0.0% |
|||
Abengoa Yield PLC |
83,100 |
2,701 |
|
Vivint Solar, Inc. |
280,500 |
3,949 |
|
|
6,650 |
||
Independent Power Producers & Energy Traders - 0.1% |
|||
Dynegy, Inc. (a) |
390,232 |
11,902 |
|
TOTAL UTILITIES |
20,350 |
||
TOTAL COMMON STOCKS (Cost $11,788,998) |
|
||
Convertible Preferred Stocks - 0.7% |
|||
|
|
|
|
CONSUMER DISCRETIONARY - 0.1% |
|||
Internet & Catalog Retail - 0.1% |
|||
The Honest Co., Inc. Series C (f) |
350,333 |
9,459 |
|
Leisure Products - 0.0% |
|||
NJOY, Inc.: |
|
|
|
Series C (a)(f) |
607,766 |
4,905 |
|
Series D (f) |
149,114 |
1,203 |
|
|
6,108 |
||
TOTAL CONSUMER DISCRETIONARY |
15,567 |
||
INDUSTRIALS - 0.0% |
|||
Airlines - 0.0% |
|||
Azul-Linhas Aereas Brasileiras Series B (f) |
165,571 |
6,882 |
|
INFORMATION TECHNOLOGY - 0.6% |
|||
Internet Software & Services - 0.5% |
|||
New Relic, Inc. Series F (f) |
152,912 |
4,187 |
|
Uber Technologies, Inc. 8.00% (f) |
1,289,237 |
80,000 |
|
|
84,187 |
||
IT Services - 0.1% |
|||
AppNexus, Inc. Series E (f) |
646,522 |
12,951 |
|
Nutanix, Inc. Series E (f) |
482,746 |
6,467 |
|
|
19,418 |
||
Convertible Preferred Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Software - 0.0% |
|||
Cloudera, Inc. Series F (f) |
186,078 |
$ 3,580 |
|
TOTAL INFORMATION TECHNOLOGY |
107,185 |
||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $130,490) |
|
||
Money Market Funds - 2.1% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
97,631,696 |
97,632 |
|
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) |
285,899,705 |
285,900 |
|
TOTAL MONEY MARKET FUNDS (Cost $383,532) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $12,303,020) |
18,471,887 |
||
NET OTHER ASSETS (LIABILITIES) - (1.7)% |
(310,718) |
||
NET ASSETS - 100% |
$ 18,161,169 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) 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 $162,369,000 or 0.9% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost (000s) |
AppNexus, Inc. Series E |
8/1/14 |
$ 12,951 |
Azul-Linhas Aereas Brasileiras Series B |
12/24/13 |
$ 7,023 |
Security |
Acquisition Date |
Acquisition Cost (000s) |
Azul-Linhas Aereas Brasileiras warrants |
12/24/13 |
$ 0 |
Cloudera, Inc. Series F |
2/5/14 |
$ 2,709 |
Dropbox, Inc. |
5/2/12 |
$ 9,084 |
New Relic, Inc. Series F |
4/17/14 |
$ 4,424 |
NJOY, Inc. |
9/11/13 |
$ 9,520 |
NJOY, Inc. Series C |
6/7/13 |
$ 4,913 |
NJOY, Inc. Series D |
2/14/14 |
$ 2,524 |
Nutanix, Inc. Series E |
8/26/14 |
$ 6,467 |
The Honest Co., Inc. |
8/21/14 |
$ 4,062 |
The Honest Co., Inc. Series C |
8/21/14 |
$ 9,479 |
Uber Technologies, Inc. 8.00% |
6/6/14 |
$ 80,000 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 15 |
Fidelity Securities Lending Cash Central Fund |
839 |
Total |
$ 854 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Parsvnath Developers Ltd. |
$ 9,495 |
$ - |
$ - |
$ - |
$ 7,178 |
Total |
$ 9,495 |
$ - |
$ - |
$ - |
$ 7,178 |
Other Information |
The following is a summary of the inputs used, as of October 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Equities: |
||||
Consumer Discretionary |
$ 3,877,451 |
$ 3,830,441 |
$ 17,881 |
$ 29,129 |
Consumer Staples |
1,806,925 |
1,803,617 |
3,308 |
- |
Energy |
607,009 |
601,718 |
5,291 |
- |
Financials |
824,661 |
785,744 |
38,917 |
- |
Health Care |
2,955,216 |
2,938,223 |
16,993 |
- |
Industrials |
1,525,440 |
1,513,148 |
5,410 |
6,882 |
Information Technology |
5,978,053 |
5,777,754 |
73,941 |
126,358 |
Materials |
460,404 |
460,404 |
- |
- |
Telecommunication Services |
32,846 |
8,929 |
23,917 |
- |
Utilities |
20,350 |
18,552 |
1,798 |
- |
Money Market Funds |
383,532 |
383,532 |
- |
- |
Total Investments in Securities: |
$ 18,471,887 |
$ 18,122,062 |
$ 187,456 |
$ 162,369 |
Income Tax Information |
At October 31, 2014, the cost of investment securities for income tax purposes was $12,330,522,000. Net unrealized appreciation aggregated $6,141,365,000, of which $6,369,718,000 related to appreciated investment securities and $228,353,000 related to depreciated investment 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Blue Chip Value Fund
October 31, 2014
1.809087.111
BCV-QTLY-1214
Showing Percentage of Net Assets
Common Stocks - 98.9% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 12.3% |
|||
Media - 6.8% |
|||
DIRECTV (a) |
68,800 |
$ 5,971,152 |
|
Time Warner Cable, Inc. |
61,600 |
9,068,136 |
|
Viacom, Inc. Class B (non-vtg.) |
105,800 |
7,689,544 |
|
|
22,728,832 |
||
Specialty Retail - 5.5% |
|||
AutoZone, Inc. (a) |
16,000 |
8,856,320 |
|
Bed Bath & Beyond, Inc. (a) |
61,800 |
4,161,612 |
|
GNC Holdings, Inc. |
127,100 |
5,283,547 |
|
|
18,301,479 |
||
TOTAL CONSUMER DISCRETIONARY |
41,030,311 |
||
CONSUMER STAPLES - 4.3% |
|||
Food & Staples Retailing - 4.3% |
|||
CVS Health Corp. |
81,282 |
6,974,808 |
|
Kroger Co. |
129,200 |
7,197,732 |
|
|
14,172,540 |
||
ENERGY - 9.3% |
|||
Energy Equipment & Services - 1.4% |
|||
BW Offshore Ltd. |
3,762,300 |
4,612,965 |
|
Oil, Gas & Consumable Fuels - 7.9% |
|||
Chevron Corp. |
95,335 |
11,435,433 |
|
Marathon Petroleum Corp. |
86,300 |
7,844,670 |
|
Suncor Energy, Inc. |
202,300 |
7,183,396 |
|
|
26,463,499 |
||
TOTAL ENERGY |
31,076,464 |
||
FINANCIALS - 26.9% |
|||
Banks - 7.9% |
|||
JPMorgan Chase & Co. |
161,716 |
9,780,584 |
|
U.S. Bancorp |
155,897 |
6,641,212 |
|
Wells Fargo & Co. |
188,698 |
10,017,977 |
|
|
26,439,773 |
||
Capital Markets - 2.5% |
|||
Fortress Investment Group LLC |
586,300 |
4,408,976 |
|
The Blackstone Group LP |
128,600 |
3,873,432 |
|
|
8,282,408 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Consumer Finance - 1.5% |
|||
Capital One Financial Corp. |
59,633 |
$ 4,935,823 |
|
Diversified Financial Services - 3.5% |
|||
Berkshire Hathaway, Inc. Class B (a) |
82,300 |
11,535,168 |
|
Insurance - 7.9% |
|||
ACE Ltd. |
54,200 |
5,924,060 |
|
Allstate Corp. |
92,900 |
6,024,565 |
|
Prudential PLC |
359,979 |
8,335,684 |
|
The Travelers Companies, Inc. |
60,700 |
6,118,560 |
|
|
26,402,869 |
||
Real Estate Investment Trusts - 3.6% |
|||
American Capital Agency Corp. |
190,800 |
4,338,792 |
|
Annaly Capital Management, Inc. |
673,800 |
7,688,058 |
|
|
12,026,850 |
||
TOTAL FINANCIALS |
89,622,891 |
||
HEALTH CARE - 21.5% |
|||
Biotechnology - 2.8% |
|||
Amgen, Inc. |
56,900 |
9,228,042 |
|
Health Care Equipment & Supplies - 4.6% |
|||
Covidien PLC |
139,500 |
12,895,381 |
|
Medtronic, Inc. |
38,300 |
2,610,528 |
|
|
15,505,909 |
||
Health Care Providers & Services - 6.8% |
|||
Cigna Corp. |
89,100 |
8,871,687 |
|
Express Scripts Holding Co. (a) |
61,900 |
4,755,158 |
|
UnitedHealth Group, Inc. |
94,000 |
8,930,940 |
|
|
22,557,785 |
||
Pharmaceuticals - 7.3% |
|||
AbbVie, Inc. |
95,400 |
6,054,084 |
|
Shire PLC |
91,300 |
6,125,950 |
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
212,500 |
11,999,875 |
|
|
24,179,909 |
||
TOTAL HEALTH CARE |
71,471,645 |
||
INDUSTRIALS - 5.6% |
|||
Aerospace & Defense - 2.5% |
|||
United Technologies Corp. |
77,400 |
8,281,800 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INDUSTRIALS - continued |
|||
Machinery - 2.1% |
|||
Deere & Co. |
82,700 |
$ 7,074,158 |
|
Professional Services - 1.0% |
|||
Dun & Bradstreet Corp. |
27,900 |
3,426,399 |
|
TOTAL INDUSTRIALS |
18,782,357 |
||
INFORMATION TECHNOLOGY - 15.4% |
|||
Communications Equipment - 2.4% |
|||
Cisco Systems, Inc. |
323,585 |
7,918,125 |
|
IT Services - 2.5% |
|||
IBM Corp. |
24,600 |
4,044,240 |
|
The Western Union Co. |
253,100 |
4,292,576 |
|
|
8,336,816 |
||
Software - 3.5% |
|||
Oracle Corp. |
296,100 |
11,562,705 |
|
Technology Hardware, Storage & Peripherals - 7.0% |
|||
EMC Corp. |
394,800 |
11,342,604 |
|
Samsung Electronics Co. Ltd. |
10,498 |
12,154,658 |
|
|
23,497,262 |
||
TOTAL INFORMATION TECHNOLOGY |
51,314,908 |
||
MATERIALS - 2.3% |
|||
Chemicals - 2.3% |
|||
CF Industries Holdings, Inc. |
29,200 |
7,592,000 |
|
UTILITIES - 1.3% |
|||
Multi-Utilities - 1.3% |
|||
CMS Energy Corp. |
133,100 |
4,348,377 |
|
TOTAL COMMON STOCKS (Cost $312,324,266) |
|
||
Money Market Funds - 0.5% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.11% (b) |
1,612,350 |
$ 1,612,350 |
|
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $313,936,616) |
331,023,843 |
||
NET OTHER ASSETS (LIABILITIES) - 0.6% |
1,883,193 |
||
NET ASSETS - 100% |
$ 332,907,036 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 3,788 |
Fidelity Securities Lending Cash Central Fund |
574 |
Total |
$ 4,362 |
Other Information |
The following is a summary of the inputs used, as of October 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Equities: |
||||
Consumer Discretionary |
$ 41,030,311 |
$ 41,030,311 |
$ - |
$ - |
Consumer Staples |
14,172,540 |
14,172,540 |
- |
- |
Energy |
31,076,464 |
31,076,464 |
- |
- |
Financials |
89,622,891 |
81,287,207 |
8,335,684 |
- |
Health Care |
71,471,645 |
65,345,695 |
6,125,950 |
- |
Industrials |
18,782,357 |
18,782,357 |
- |
- |
Information Technology |
51,314,908 |
51,314,908 |
- |
- |
Materials |
7,592,000 |
7,592,000 |
- |
- |
Utilities |
4,348,377 |
4,348,377 |
- |
- |
Money Market Funds |
1,612,350 |
1,612,350 |
- |
- |
Total Investments in Securities: |
$ 331,023,843 |
$ 316,562,209 |
$ 14,461,634 |
$ - |
Income Tax Information |
At October 31, 2014, the cost of investment securities for income tax purposes was $317,443,270. Net unrealized appreciation aggregated $13,580,573, of which $19,071,745 related to appreciated investment securities and $5,491,172 related to depreciated investment 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Dividend Growth Fund
October 31, 2014
1.809095.111
DGF-QTLY-1214
Showing Percentage of Net Assets
Common Stocks - 95.7% |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - 9.3% |
|||
Auto Components - 0.8% |
|||
Johnson Controls, Inc. |
1,415,436 |
$ 66,879 |
|
Diversified Consumer Services - 0.6% |
|||
H&R Block, Inc. |
1,658,852 |
53,598 |
|
Hotels, Restaurants & Leisure - 1.8% |
|||
ARAMARK Holdings Corp. |
1,654,400 |
46,174 |
|
Darden Restaurants, Inc. |
895,800 |
46,385 |
|
McDonald's Corp. |
222,100 |
20,817 |
|
Wyndham Worldwide Corp. |
603,691 |
46,889 |
|
|
160,265 |
||
Media - 2.6% |
|||
Altice SA |
360,400 |
22,442 |
|
Atresmedia Corporacion de Medios de Comunicacion SA (d) |
584,953 |
8,569 |
|
Comcast Corp. Class A |
1,868,696 |
103,432 |
|
Corus Entertainment, Inc. Class B (non-vtg.) |
555,400 |
10,220 |
|
MDC Partners, Inc. Class A (sub. vtg.) |
996,608 |
20,630 |
|
Time Warner Cable, Inc. |
406,500 |
59,841 |
|
|
225,134 |
||
Multiline Retail - 1.2% |
|||
Dillard's, Inc. Class A |
425,500 |
45,001 |
|
Target Corp. |
989,900 |
61,196 |
|
|
106,197 |
||
Specialty Retail - 1.9% |
|||
AutoZone, Inc. (a) |
182,500 |
101,017 |
|
Foot Locker, Inc. |
1,031,679 |
57,784 |
|
VT Holdings Co. Ltd. |
814,900 |
3,218 |
|
|
162,019 |
||
Textiles, Apparel & Luxury Goods - 0.4% |
|||
VF Corp. |
494,200 |
33,447 |
|
TOTAL CONSUMER DISCRETIONARY |
807,539 |
||
CONSUMER STAPLES - 11.5% |
|||
Beverages - 3.8% |
|||
Dr. Pepper Snapple Group, Inc. |
1,278,208 |
88,516 |
|
PepsiCo, Inc. |
1,173,400 |
112,846 |
|
The Coca-Cola Co. |
2,963,238 |
124,100 |
|
|
325,462 |
||
Food & Staples Retailing - 2.0% |
|||
Kroger Co. |
1,348,909 |
75,148 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER STAPLES - continued |
|||
Food & Staples Retailing - continued |
|||
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. |
489,201 |
$ 21,780 |
|
Tsuruha Holdings, Inc. |
156,600 |
9,246 |
|
Walgreen Co. |
1,097,936 |
70,509 |
|
|
176,683 |
||
Food Products - 1.9% |
|||
Archer Daniels Midland Co. |
1,258,760 |
59,162 |
|
Bunge Ltd. |
478,580 |
42,426 |
|
Greencore Group PLC |
5,872,077 |
24,649 |
|
Hilton Food Group PLC |
1,918,266 |
11,507 |
|
Kellogg Co. |
475,200 |
30,394 |
|
|
168,138 |
||
Household Products - 1.6% |
|||
Procter & Gamble Co. |
1,565,700 |
136,639 |
|
Tobacco - 2.2% |
|||
British American Tobacco PLC (United Kingdom) |
1,648,903 |
93,456 |
|
Japan Tobacco, Inc. |
1,261,800 |
43,051 |
|
Lorillard, Inc. |
919,456 |
56,547 |
|
|
193,054 |
||
TOTAL CONSUMER STAPLES |
999,976 |
||
ENERGY - 8.6% |
|||
Energy Equipment & Services - 0.7% |
|||
Aspen Aerogels, Inc. |
754,877 |
6,746 |
|
National Oilwell Varco, Inc. |
749,342 |
54,432 |
|
|
61,178 |
||
Oil, Gas & Consumable Fuels - 7.9% |
|||
Chevron Corp. |
1,644,600 |
197,270 |
|
Emerald Oil, Inc. warrants 2/4/16 (a) |
171,198 |
0 |
|
EQT Midstream Partners LP |
318,600 |
28,222 |
|
Exxon Mobil Corp. |
2,347,697 |
227,046 |
|
Kinder Morgan Holding Co. LLC (d) |
889,600 |
34,428 |
|
MPLX LP |
551,422 |
36,769 |
|
Northern Oil & Gas, Inc. (a) |
1,037,290 |
11,721 |
|
Phillips 66 Partners LP |
489,436 |
34,109 |
|
PrairieSky Royalty Ltd. (d) |
971,100 |
29,899 |
|
Suncor Energy, Inc. |
1,881,100 |
66,795 |
|
TAG Oil Ltd. (a) |
854,800 |
1,206 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
ENERGY - continued |
|||
Oil, Gas & Consumable Fuels - continued |
|||
TAG Oil Ltd. (a)(e) |
146,900 |
$ 207 |
|
Woodside Petroleum Ltd. |
437,638 |
15,545 |
|
|
683,217 |
||
TOTAL ENERGY |
744,395 |
||
FINANCIALS - 15.0% |
|||
Banks - 9.9% |
|||
Bank of America Corp. |
8,941,217 |
153,431 |
|
Citigroup, Inc. |
2,324,961 |
124,455 |
|
JPMorgan Chase & Co. |
3,665,835 |
221,710 |
|
Nordea Bank AB |
4,045,990 |
51,889 |
|
SunTrust Banks, Inc. |
1,427,000 |
55,853 |
|
U.S. Bancorp |
1,932,369 |
82,319 |
|
Wells Fargo & Co. |
3,228,293 |
171,390 |
|
|
861,047 |
||
Capital Markets - 1.2% |
|||
Ameriprise Financial, Inc. |
355,600 |
44,866 |
|
Carlyle Group LP |
774,106 |
21,489 |
|
The Blackstone Group LP |
1,344,784 |
40,505 |
|
|
106,860 |
||
Consumer Finance - 1.0% |
|||
Capital One Financial Corp. |
1,053,567 |
87,204 |
|
Diversified Financial Services - 0.9% |
|||
McGraw Hill Financial, Inc. |
864,527 |
78,222 |
|
Insurance - 2.0% |
|||
Allied World Assurance Co. |
1,185,424 |
45,046 |
|
MetLife, Inc. |
884,100 |
47,954 |
|
Reinsurance Group of America, Inc. |
377,014 |
31,763 |
|
The Chubb Corp. |
445,000 |
44,215 |
|
|
168,978 |
||
TOTAL FINANCIALS |
1,302,311 |
||
HEALTH CARE - 14.9% |
|||
Biotechnology - 3.1% |
|||
Amgen, Inc. |
1,048,310 |
170,015 |
|
Gilead Sciences, Inc. (a) |
906,241 |
101,499 |
|
|
271,514 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Health Care Equipment & Supplies - 2.6% |
|||
Covidien PLC |
1,224,000 |
$ 113,147 |
|
Medtronic, Inc. |
990,200 |
67,492 |
|
The Cooper Companies, Inc. |
274,984 |
45,070 |
|
|
225,709 |
||
Health Care Providers & Services - 2.1% |
|||
Cardinal Health, Inc. |
1,186,703 |
93,132 |
|
McKesson Corp. |
429,258 |
87,315 |
|
|
180,447 |
||
Health Care Technology - 0.1% |
|||
CompuGroup Medical AG |
466,312 |
10,694 |
|
Life Sciences Tools & Services - 1.0% |
|||
Agilent Technologies, Inc. |
855,400 |
47,287 |
|
Lonza Group AG |
361,151 |
39,750 |
|
|
87,037 |
||
Pharmaceuticals - 6.0% |
|||
AbbVie, Inc. |
1,529,251 |
97,046 |
|
Astellas Pharma, Inc. |
2,833,000 |
43,970 |
|
GlaxoSmithKline PLC |
1,869,600 |
42,279 |
|
Horizon Pharma PLC warrants 9/25/17 (a) |
932,200 |
8,212 |
|
Johnson & Johnson |
2,024,143 |
218,162 |
|
Meda AB (A Shares) (d) |
533,100 |
7,003 |
|
Shire PLC |
474,600 |
31,844 |
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
1,230,700 |
69,498 |
|
|
518,014 |
||
TOTAL HEALTH CARE |
1,293,415 |
||
INDUSTRIALS - 10.5% |
|||
Aerospace & Defense - 2.4% |
|||
Precision Castparts Corp. |
197,100 |
43,500 |
|
The Boeing Co. |
491,100 |
61,343 |
|
United Technologies Corp. |
952,266 |
101,892 |
|
|
206,735 |
||
Air Freight & Logistics - 1.0% |
|||
FedEx Corp. |
509,452 |
85,282 |
|
Airlines - 0.6% |
|||
Copa Holdings SA Class A |
83,500 |
9,763 |
|
Delta Air Lines, Inc. |
1,002,400 |
40,327 |
|
|
50,090 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Electrical Equipment - 0.2% |
|||
Generac Holdings, Inc. (a)(d) |
484,894 |
$ 21,985 |
|
Industrial Conglomerates - 3.7% |
|||
Danaher Corp. |
1,166,392 |
93,778 |
|
General Electric Co. |
6,519,500 |
168,268 |
|
Roper Industries, Inc. |
389,644 |
61,681 |
|
|
323,727 |
||
Machinery - 0.8% |
|||
Deere & Co. |
277,300 |
23,720 |
|
Manitowoc Co., Inc. |
646,375 |
13,470 |
|
Valmont Industries, Inc. |
221,100 |
30,107 |
|
|
67,297 |
||
Professional Services - 0.6% |
|||
Dun & Bradstreet Corp. |
435,202 |
53,447 |
|
Road & Rail - 1.2% |
|||
Union Pacific Corp. |
885,930 |
103,167 |
|
TOTAL INDUSTRIALS |
911,730 |
||
INFORMATION TECHNOLOGY - 18.8% |
|||
Communications Equipment - 2.7% |
|||
Cisco Systems, Inc. |
4,816,486 |
117,859 |
|
QUALCOMM, Inc. |
1,525,383 |
119,758 |
|
|
237,617 |
||
Electronic Equipment & Components - 0.8% |
|||
TE Connectivity Ltd. |
1,078,294 |
65,916 |
|
Internet Software & Services - 1.4% |
|||
Google, Inc. Class C (a) |
217,012 |
121,327 |
|
IT Services - 3.5% |
|||
Amdocs Ltd. |
731,382 |
34,770 |
|
ASAC II LP (a)(f) |
2,514,134 |
34,435 |
|
Computer Sciences Corp. |
778,461 |
47,019 |
|
Fidelity National Information Services, Inc. |
742,150 |
43,334 |
|
IBM Corp. |
607,000 |
99,791 |
|
Leidos Holdings, Inc. |
237,800 |
8,696 |
|
Total System Services, Inc. |
1,059,285 |
35,793 |
|
|
303,838 |
||
Software - 5.3% |
|||
Activision Blizzard, Inc. |
1,709,717 |
34,109 |
|
Microsoft Corp. |
4,685,716 |
219,994 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Software - continued |
|||
Mobileye NV |
1,383,745 |
$ 64,772 |
|
Oracle Corp. |
3,585,560 |
140,016 |
|
|
458,891 |
||
Technology Hardware, Storage & Peripherals - 5.1% |
|||
Apple, Inc. |
3,360,518 |
362,938 |
|
EMC Corp. |
2,644,900 |
75,988 |
|
Samsung Electronics Co. Ltd. |
7,756 |
8,980 |
|
|
447,906 |
||
TOTAL INFORMATION TECHNOLOGY |
1,635,495 |
||
MATERIALS - 3.7% |
|||
Chemicals - 3.2% |
|||
Cabot Corp. |
736,148 |
34,179 |
|
E.I. du Pont de Nemours & Co. |
1,056,300 |
73,043 |
|
LyondellBasell Industries NV Class A |
787,538 |
72,162 |
|
Potash Corp. of Saskatchewan, Inc. (d) |
1,265,200 |
43,186 |
|
W.R. Grace & Co. (a) |
592,991 |
56,097 |
|
|
278,667 |
||
Metals & Mining - 0.5% |
|||
Freeport-McMoRan, Inc. |
1,440,600 |
41,057 |
|
TOTAL MATERIALS |
319,724 |
||
TELECOMMUNICATION SERVICES - 1.9% |
|||
Diversified Telecommunication Services - 1.9% |
|||
Verizon Communications, Inc. |
3,371,680 |
169,427 |
|
UTILITIES - 1.5% |
|||
Electric Utilities - 1.0% |
|||
Edison International |
541,700 |
33,900 |
|
NRG Yield, Inc. Class A (d) |
338,600 |
16,920 |
|
Xcel Energy, Inc. |
983,752 |
32,926 |
|
|
83,746 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
UTILITIES - continued |
|||
Multi-Utilities - 0.5% |
|||
CMS Energy Corp. |
1,383,445 |
$ 45,197 |
|
TOTAL UTILITIES |
128,943 |
||
TOTAL COMMON STOCKS (Cost $6,606,018) |
|
Convertible Bonds - 0.1% |
||||
|
Principal Amount (000s) |
|
||
ENERGY - 0.1% |
||||
Oil, Gas & Consumable Fuels - 0.1% |
||||
Amyris, Inc. 3% 2/27/17 (Cost $7,356) |
|
$ 7,356 |
|
Money Market Funds - 5.3% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.11% (b) |
361,904,452 |
361,904 |
|
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) |
99,398,719 |
99,399 |
|
TOTAL MONEY MARKET FUNDS (Cost $461,303) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $7,074,677) |
8,780,414 |
||
NET OTHER ASSETS (LIABILITIES) - (1.1)% |
(92,476) |
||
NET ASSETS - 100% |
$ 8,687,938 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $207,000 or 0.0% of net assets. |
(f) 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 $34,435,000 or 0.4% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost (000s) |
ASAC II LP |
10/10/13 |
$ 25,141 |
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 |
$ 104 |
Fidelity Securities Lending Cash Central Fund |
117 |
Total |
$ 221 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
TAG Oil Ltd. |
$ 7,147 |
$ - |
$ 3,691 |
$ - |
$ - |
TAG Oil Ltd. (144A) |
337 |
- |
- |
- |
- |
Total |
$ 7,484 |
$ - |
$ 3,691 |
$ - |
$ - |
Other Information |
The following is a summary of the inputs used, as of October 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Equities: |
||||
Consumer Discretionary |
$ 807,539 |
$ 804,321 |
$ 3,218 |
$ - |
Consumer Staples |
999,976 |
854,223 |
145,753 |
- |
Energy |
744,395 |
722,104 |
22,291 |
- |
Financials |
1,302,311 |
1,302,311 |
- |
- |
Health Care |
1,293,415 |
1,167,110 |
126,305 |
- |
Industrials |
911,730 |
911,730 |
- |
- |
Information Technology |
1,635,495 |
1,536,288 |
64,772 |
34,435 |
Materials |
319,724 |
319,724 |
- |
- |
Telecommunication Services |
169,427 |
169,427 |
- |
- |
Utilities |
128,943 |
128,943 |
- |
- |
Corporate Bonds |
6,156 |
- |
6,156 |
- |
Money Market Funds |
461,303 |
461,303 |
- |
- |
Total Investments in Securities: |
$ 8,780,414 |
$ 8,377,484 |
$ 368,495 |
$ 34,435 |
Income Tax Information |
At October 31, 2014, the cost of investment securities for income tax purposes was $7,079,901,000. Net unrealized appreciation aggregated $1,700,513,000, of which $1,800,079,000 related to appreciated investment securities and $99,566,000 related to depreciated investment 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ®
Growth & Income Portfolio
October 31, 2014
1.809089.111
GAI-QTLY-1214
Showing Percentage of Net Assets
Common Stocks - 98.9% |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - 10.5% |
|||
Diversified Consumer Services - 0.3% |
|||
H&R Block, Inc. |
823,207 |
$ 26,598 |
|
Hotels, Restaurants & Leisure - 1.8% |
|||
Darden Restaurants, Inc. |
725,900 |
37,587 |
|
Domino's Pizza, Inc. |
55,800 |
4,954 |
|
Las Vegas Sands Corp. |
360,400 |
22,439 |
|
McDonald's Corp. |
188,361 |
17,655 |
|
Yum! Brands, Inc. |
805,744 |
57,877 |
|
|
140,512 |
||
Household Durables - 0.2% |
|||
Tupperware Brands Corp. |
202,400 |
12,903 |
|
Media - 4.0% |
|||
Comcast Corp. Class A |
2,693,800 |
149,102 |
|
Lamar Advertising Co. Class A |
109,300 |
5,645 |
|
Scripps Networks Interactive, Inc. Class A |
164,089 |
12,674 |
|
Sinclair Broadcast Group, Inc. Class A (e) |
963,161 |
27,980 |
|
Time Warner, Inc. |
1,124,617 |
89,373 |
|
Viacom, Inc. Class B (non-vtg.) |
278,000 |
20,205 |
|
|
304,979 |
||
Multiline Retail - 2.2% |
|||
Target Corp. |
2,683,025 |
165,865 |
|
Specialty Retail - 1.9% |
|||
Lowe's Companies, Inc. |
1,907,879 |
109,131 |
|
Sally Beauty Holdings, Inc. (a) |
444,600 |
13,031 |
|
Staples, Inc. |
404,840 |
5,133 |
|
TJX Companies, Inc. |
231,900 |
14,684 |
|
|
141,979 |
||
Textiles, Apparel & Luxury Goods - 0.1% |
|||
adidas AG |
132,300 |
9,624 |
|
TOTAL CONSUMER DISCRETIONARY |
802,460 |
||
CONSUMER STAPLES - 11.2% |
|||
Beverages - 3.2% |
|||
Diageo PLC |
1,413,430 |
41,685 |
|
PepsiCo, Inc. |
486,414 |
46,778 |
|
SABMiller PLC |
517,548 |
29,184 |
|
The Coca-Cola Co. |
3,032,503 |
127,001 |
|
|
244,648 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER STAPLES - continued |
|||
Food & Staples Retailing - 1.1% |
|||
CVS Health Corp. |
578,804 |
$ 49,667 |
|
Walgreen Co. |
588,884 |
37,818 |
|
|
87,485 |
||
Food Products - 0.4% |
|||
Kellogg Co. |
445,254 |
28,478 |
|
Household Products - 2.1% |
|||
Procter & Gamble Co. |
1,812,615 |
158,187 |
|
Svenska Cellulosa AB (SCA) (B Shares) |
322,591 |
7,213 |
|
|
165,400 |
||
Tobacco - 4.4% |
|||
British American Tobacco PLC sponsored ADR |
979,923 |
111,280 |
|
Lorillard, Inc. |
1,684,597 |
103,603 |
|
Philip Morris International, Inc. |
832,971 |
74,143 |
|
Reynolds American, Inc. |
726,800 |
45,723 |
|
|
334,749 |
||
TOTAL CONSUMER STAPLES |
860,760 |
||
ENERGY - 10.6% |
|||
Energy Equipment & Services - 1.2% |
|||
Ensco PLC Class A |
548,823 |
22,277 |
|
National Oilwell Varco, Inc. |
87,700 |
6,371 |
|
Oceaneering International, Inc. |
372,400 |
26,169 |
|
Schlumberger Ltd. |
341,132 |
33,656 |
|
|
88,473 |
||
Oil, Gas & Consumable Fuels - 9.4% |
|||
Apache Corp. |
590,168 |
45,561 |
|
BG Group PLC |
3,967,864 |
66,129 |
|
Canadian Natural Resources Ltd. |
711,200 |
24,818 |
|
Chevron Corp. |
1,624,396 |
194,846 |
|
Dominion Midstream Partners LP |
257,217 |
7,678 |
|
EQT Midstream Partners LP |
90,700 |
8,034 |
|
Exxon Mobil Corp. |
149,911 |
14,498 |
|
Golar LNG Ltd. (e) |
355,300 |
19,936 |
|
Imperial Oil Ltd. |
973,000 |
46,818 |
|
Kinder Morgan Holding Co. LLC |
517,900 |
20,043 |
|
Markwest Energy Partners LP |
873,282 |
61,173 |
|
Peabody Energy Corp. (e) |
358,900 |
3,743 |
|
PrairieSky Royalty Ltd. (e) |
166,600 |
5,129 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
ENERGY - continued |
|||
Oil, Gas & Consumable Fuels - continued |
|||
Suncor Energy, Inc. |
3,386,050 |
$ 120,234 |
|
The Williams Companies, Inc. |
1,323,672 |
73,477 |
|
Western Gas Partners LP |
99,700 |
6,969 |
|
|
719,086 |
||
TOTAL ENERGY |
807,559 |
||
FINANCIALS - 20.2% |
|||
Banks - 12.3% |
|||
Bank of America Corp. |
9,218,856 |
158,196 |
|
Citigroup, Inc. |
3,329,530 |
178,230 |
|
FirstMerit Corp. |
490,804 |
9,006 |
|
JPMorgan Chase & Co. |
5,131,492 |
310,345 |
|
PNC Financial Services Group, Inc. |
530,654 |
45,843 |
|
Standard Chartered PLC (United Kingdom) |
3,292,739 |
49,492 |
|
SunTrust Banks, Inc. |
1,552,466 |
60,764 |
|
U.S. Bancorp |
1,384,773 |
58,991 |
|
Wells Fargo & Co. |
1,351,341 |
71,743 |
|
|
942,610 |
||
Capital Markets - 4.8% |
|||
Apollo Investment Corp. |
483,703 |
3,991 |
|
Artisan Partners Asset Management, Inc. |
217,400 |
10,540 |
|
BlackRock, Inc. Class A |
23,900 |
8,153 |
|
Carlyle Group LP |
306,500 |
8,508 |
|
Charles Schwab Corp. |
1,885,843 |
54,067 |
|
FXCM, Inc. Class A (e) |
187,600 |
3,088 |
|
Invesco Ltd. |
156,200 |
6,321 |
|
KKR & Co. LP |
2,044,543 |
44,080 |
|
Morgan Stanley |
1,394,597 |
48,741 |
|
Northern Trust Corp. |
656,864 |
43,550 |
|
Oaktree Capital Group LLC Class A |
165,200 |
7,844 |
|
State Street Corp. |
1,398,127 |
105,503 |
|
The Blackstone Group LP |
824,900 |
24,846 |
|
|
369,232 |
||
Diversified Financial Services - 0.6% |
|||
IntercontinentalExchange Group, Inc. |
163,617 |
34,080 |
|
TPG Specialty Lending, Inc. |
954,900 |
16,014 |
|
|
50,094 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
FINANCIALS - continued |
|||
Insurance - 1.4% |
|||
Brown & Brown, Inc. |
169,900 |
$ 5,413 |
|
Marsh & McLennan Companies, Inc. |
329,846 |
17,934 |
|
MetLife, Inc. |
1,286,140 |
69,760 |
|
Principal Financial Group, Inc. |
229,500 |
12,019 |
|
|
105,126 |
||
Real Estate Investment Trusts - 0.8% |
|||
American Homes 4 Rent (f) |
258,675 |
4,535 |
|
Aviv REIT, Inc. |
100,552 |
3,392 |
|
First Potomac Realty Trust |
188,418 |
2,355 |
|
Sun Communities, Inc. |
665,514 |
38,580 |
|
WP Carey, Inc. |
151,000 |
10,226 |
|
|
59,088 |
||
Thrifts & Mortgage Finance - 0.3% |
|||
Radian Group, Inc. |
1,178,568 |
19,859 |
|
TOTAL FINANCIALS |
1,546,009 |
||
HEALTH CARE - 8.6% |
|||
Biotechnology - 1.5% |
|||
Amgen, Inc. |
685,803 |
111,224 |
|
Intercept Pharmaceuticals, Inc. (a) |
21,626 |
5,588 |
|
|
116,812 |
||
Health Care Equipment & Supplies - 0.9% |
|||
Abbott Laboratories |
487,104 |
21,233 |
|
Ansell Ltd. |
266,311 |
4,671 |
|
Covidien PLC |
17,500 |
1,618 |
|
ResMed, Inc. (e) |
219,067 |
11,440 |
|
Zimmer Holdings, Inc. |
246,410 |
27,411 |
|
|
66,373 |
||
Health Care Providers & Services - 1.7% |
|||
Cardinal Health, Inc. |
373,900 |
29,344 |
|
McKesson Corp. |
331,287 |
67,387 |
|
Patterson Companies, Inc. |
430,170 |
18,545 |
|
Quest Diagnostics, Inc. |
195,984 |
12,437 |
|
|
127,713 |
||
Pharmaceuticals - 4.5% |
|||
AbbVie, Inc. |
228,501 |
14,501 |
|
Astellas Pharma, Inc. |
1,146,600 |
17,796 |
|
GlaxoSmithKline PLC sponsored ADR |
1,915,422 |
87,133 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Pharmaceuticals - continued |
|||
Johnson & Johnson |
1,020,069 |
$ 109,943 |
|
Novartis AG sponsored ADR |
418,644 |
38,804 |
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
1,257,820 |
71,029 |
|
Theravance, Inc. (e) |
531,800 |
8,519 |
|
|
347,725 |
||
TOTAL HEALTH CARE |
658,623 |
||
INDUSTRIALS - 12.8% |
|||
Aerospace & Defense - 2.1% |
|||
Meggitt PLC |
2,702,600 |
19,503 |
|
Rolls-Royce Group PLC |
884,700 |
11,931 |
|
The Boeing Co. |
631,189 |
78,842 |
|
United Technologies Corp. |
470,782 |
50,374 |
|
|
160,650 |
||
Air Freight & Logistics - 2.0% |
|||
C.H. Robinson Worldwide, Inc. |
368,273 |
25,488 |
|
FedEx Corp. |
71,100 |
11,902 |
|
PostNL NV (a) |
2,666,100 |
11,303 |
|
United Parcel Service, Inc. Class B |
995,404 |
104,428 |
|
|
153,121 |
||
Airlines - 0.2% |
|||
Copa Holdings SA Class A |
121,100 |
14,159 |
|
Building Products - 0.1% |
|||
Lennox International, Inc. |
63,800 |
5,673 |
|
Commercial Services & Supplies - 0.8% |
|||
ADT Corp. (e) |
1,034,810 |
37,088 |
|
Interface, Inc. |
100,820 |
1,616 |
|
KAR Auction Services, Inc. |
613,400 |
18,623 |
|
Waste Management, Inc. |
98,300 |
4,806 |
|
|
62,133 |
||
Electrical Equipment - 0.3% |
|||
Hubbell, Inc. Class B |
231,239 |
26,225 |
|
Industrial Conglomerates - 3.2% |
|||
General Electric Co. |
9,478,980 |
244,652 |
|
Machinery - 0.5% |
|||
Cummins, Inc. |
42,800 |
6,257 |
|
Deere & Co. |
227,200 |
19,435 |
|
IMI PLC |
39,000 |
762 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Machinery - continued |
|||
Parker Hannifin Corp. |
45,200 |
$ 5,742 |
|
Stanley Black & Decker, Inc. |
33,000 |
3,090 |
|
Valmont Industries, Inc. |
45,900 |
6,250 |
|
|
41,536 |
||
Professional Services - 0.4% |
|||
Acacia Research Corp. |
448,202 |
8,068 |
|
Bureau Veritas SA |
890,177 |
22,009 |
|
Exova Group Ltd. PLC (a) |
782,600 |
2,125 |
|
|
32,202 |
||
Road & Rail - 2.4% |
|||
CSX Corp. |
2,276,520 |
81,112 |
|
J.B. Hunt Transport Services, Inc. |
620,645 |
49,509 |
|
Kansas City Southern |
88,400 |
10,855 |
|
Norfolk Southern Corp. |
348,899 |
38,602 |
|
TransForce, Inc. (e) |
123,200 |
3,013 |
|
|
183,091 |
||
Trading Companies & Distributors - 0.8% |
|||
W.W. Grainger, Inc. |
78,707 |
19,425 |
|
Watsco, Inc. |
386,892 |
39,316 |
|
|
58,741 |
||
TOTAL INDUSTRIALS |
982,183 |
||
INFORMATION TECHNOLOGY - 19.4% |
|||
Communications Equipment - 2.4% |
|||
Cisco Systems, Inc. |
4,401,052 |
107,694 |
|
QUALCOMM, Inc. |
959,446 |
75,326 |
|
|
183,020 |
||
Internet Software & Services - 3.0% |
|||
Google, Inc.: |
|
|
|
Class A (a) |
168,807 |
95,860 |
|
Class C (a) |
149,907 |
83,810 |
|
Yahoo!, Inc. (a) |
1,107,195 |
50,986 |
|
|
230,656 |
||
IT Services - 4.9% |
|||
Amadeus IT Holding SA Class A |
21,300 |
782 |
|
Cognizant Technology Solutions Corp. Class A (a) |
666,872 |
32,577 |
|
Fidelity National Information Services, Inc. |
256,036 |
14,950 |
|
IBM Corp. |
214,504 |
35,264 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
IT Services - continued |
|||
Leidos Holdings, Inc. |
75,100 |
$ 2,746 |
|
MasterCard, Inc. Class A |
881,700 |
73,842 |
|
Paychex, Inc. |
2,257,557 |
105,970 |
|
The Western Union Co. |
796,080 |
13,502 |
|
Unisys Corp. (a) |
494,600 |
12,682 |
|
Visa, Inc. Class A |
333,971 |
80,631 |
|
|
372,946 |
||
Semiconductors & Semiconductor Equipment - 1.5% |
|||
Applied Materials, Inc. |
2,095,149 |
46,282 |
|
Broadcom Corp. Class A |
1,531,982 |
64,159 |
|
Xilinx, Inc. |
115,400 |
5,133 |
|
|
115,574 |
||
Software - 3.5% |
|||
Intuit, Inc. |
46,300 |
4,075 |
|
Microsoft Corp. |
5,241,099 |
246,070 |
|
Oracle Corp. |
488,353 |
19,070 |
|
|
269,215 |
||
Technology Hardware, Storage & Peripherals - 4.1% |
|||
Apple, Inc. |
2,727,894 |
294,613 |
|
First Data Holdings, Inc. Class B (h) |
5,155,476 |
20,622 |
|
|
315,235 |
||
TOTAL INFORMATION TECHNOLOGY |
1,486,646 |
||
MATERIALS - 3.5% |
|||
Chemicals - 3.0% |
|||
Airgas, Inc. |
419,006 |
46,736 |
|
Balchem Corp. |
67,700 |
4,380 |
|
E.I. du Pont de Nemours & Co. |
360,546 |
24,932 |
|
FMC Corp. |
398,182 |
22,836 |
|
Methanex Corp. |
234,600 |
13,942 |
|
Monsanto Co. |
621,815 |
71,534 |
|
Potash Corp. of Saskatchewan, Inc. |
331,700 |
11,322 |
|
Syngenta AG (Switzerland) |
88,619 |
27,406 |
|
Tronox Ltd. Class A |
221,600 |
5,358 |
|
|
228,446 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
MATERIALS - continued |
|||
Metals & Mining - 0.5% |
|||
Freeport-McMoRan, Inc. |
1,151,600 |
$ 32,821 |
|
SunCoke Energy Partners LP |
47,272 |
1,228 |
|
|
34,049 |
||
Paper & Forest Products - 0.0% |
|||
Domtar Corp. |
80,900 |
3,323 |
|
TOTAL MATERIALS |
265,818 |
||
TELECOMMUNICATION SERVICES - 2.0% |
|||
Diversified Telecommunication Services - 2.0% |
|||
Verizon Communications, Inc. |
2,996,974 |
150,598 |
|
UTILITIES - 0.1% |
|||
Electric Utilities - 0.1% |
|||
Exelon Corp. |
195,700 |
7,161 |
|
TOTAL COMMON STOCKS (Cost $6,063,133) |
|
||
Preferred Stocks - 0.8% |
|||
|
|
|
|
Convertible Preferred Stocks - 0.8% |
|||
CONSUMER DISCRETIONARY - 0.0% |
|||
Leisure Products - 0.0% |
|||
NJOY, Inc. Series D (h) |
68,794 |
555 |
|
HEALTH CARE - 0.8% |
|||
Health Care Equipment & Supplies - 0.8% |
|||
Alere, Inc. 3.00% |
185,143 |
59,477 |
|
TOTAL CONVERTIBLE PREFERRED STOCKS |
60,032 |
||
Nonconvertible Preferred Stocks - 0.0% |
|||
INDUSTRIALS - 0.0% |
|||
Aerospace & Defense - 0.0% |
|||
Rolls-Royce Group PLC |
79,623,000 |
127 |
|
TOTAL PREFERRED STOCKS (Cost $47,075) |
|
Convertible Bonds - 0.2% |
||||
|
Principal |
Value (000s) |
||
ENERGY - 0.2% |
||||
Oil, Gas & Consumable Fuels - 0.2% |
||||
Amyris, Inc.: |
|
|
|
|
3% 2/27/17 |
|
$ 5,615 |
$ 4,699 |
|
5% 10/15/18 (h) |
|
2,870 |
2,270 |
|
Peabody Energy Corp. 4.75% 12/15/41 |
|
7,660 |
5,075 |
|
|
12,044 |
|||
TOTAL CONVERTIBLE BONDS (Cost $14,445) |
|
|||
Preferred Securities - 0.0% |
||||
|
||||
FINANCIALS - 0.0% |
||||
Diversified Financial Services - 0.0% |
||||
Baggot Securities Ltd. 10.24% (f)(g) (Cost $4,623) |
EUR |
3,010 |
4,264 |
Money Market Funds - 1.0% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.11% (b) |
11,130,216 |
11,130 |
|
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) |
67,884,538 |
67,885 |
|
TOTAL MONEY MARKET FUNDS (Cost $79,015) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $6,208,291) |
7,723,299 |
||
NET OTHER ASSETS (LIABILITIES) - (0.9)% |
(68,593) |
||
NET ASSETS - 100% |
$ 7,654,706 |
Currency Abbreviations |
||
EUR |
- |
European Monetary Unit |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Amount is stated in United States dollars unless otherwise noted. |
(e) Security or a portion of the security is on loan at period end. |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $8,799,000 or 0.1% of net assets. |
(g) Security is perpetual in nature with no stated maturity date. |
(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $23,447,000 or 0.3% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost (000s) |
Amyris, Inc. 5% 10/15/18 |
10/16/13 - 4/15/14 |
$ 2,870 |
First Data Holdings, Inc. Class B |
6/26/14 |
$ 20,622 |
NJOY, Inc. Series D |
2/14/14 |
$ 1,164 |
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 |
$ 2 |
Fidelity Securities Lending Cash Central Fund |
137 |
Total |
$ 139 |
Other Information |
The following is a summary of the inputs used, as of October 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Equities: |
||||
Consumer Discretionary |
$ 803,015 |
$ 802,460 |
$ - |
$ 555 |
Consumer Staples |
860,760 |
819,075 |
41,685 |
- |
Energy |
807,559 |
741,430 |
66,129 |
- |
Financials |
1,546,009 |
1,546,009 |
- |
- |
Health Care |
718,100 |
695,633 |
22,467 |
- |
Industrials |
982,310 |
982,310 |
- |
- |
Information Technology |
1,486,646 |
1,466,024 |
- |
20,622 |
Materials |
265,818 |
238,412 |
27,406 |
- |
Telecommunication Services |
150,598 |
150,598 |
- |
- |
Utilities |
7,161 |
7,161 |
- |
- |
Corporate Bonds |
12,044 |
- |
12,044 |
- |
Preferred Securities |
4,264 |
- |
4,264 |
- |
Money Market Funds |
79,015 |
79,015 |
- |
- |
Total Investments in Securities: |
$ 7,723,299 |
$ 7,528,127 |
$ 173,995 |
$ 21,177 |
Income Tax Information |
At October 31, 2014, the cost of investment securities for income tax purposes was $6,227,548,000. Net unrealized appreciation aggregated $1,495,751,000, of which $1,639,605,000 related to appreciated investment securities and $143,854,000 related to depreciated investment 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. 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 and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity® Leveraged Company
Stock Fund
October 31, 2014
1.809078.111
LSF-QTLY-1214
Showing Percentage of Net Assets
Common Stocks - 97.3% |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - 24.7% |
|||
Auto Components - 2.4% |
|||
Delphi Automotive PLC |
592,300 |
$ 40,857 |
|
Tenneco, Inc. (a) |
825,300 |
43,213 |
|
TRW Automotive Holdings Corp. (a) |
396,200 |
40,155 |
|
|
124,225 |
||
Automobiles - 5.1% |
|||
Ford Motor Co. |
8,332,333 |
117,403 |
|
General Motors Co. |
4,081,587 |
128,162 |
|
General Motors Co.: |
|
|
|
warrants 7/10/16 (a) |
469,476 |
10,174 |
|
warrants 7/10/19 (a) |
469,476 |
6,699 |
|
Motors Liquidation Co. GUC Trust (a) |
123,112 |
2,844 |
|
|
265,282 |
||
Diversified Consumer Services - 4.1% |
|||
Service Corp. International |
9,896,727 |
216,441 |
|
Hotels, Restaurants & Leisure - 0.6% |
|||
ARAMARK Holdings Corp. |
987,744 |
27,568 |
|
Penn National Gaming, Inc. (a) |
360,340 |
4,717 |
|
Station Holdco LLC unit (a)(g)(h) |
146,846 |
54 |
|
|
32,339 |
||
Household Durables - 2.1% |
|||
Hovnanian Enterprises, Inc. Class A (a)(d) |
1,419,000 |
5,335 |
|
Lennar Corp. Class A (d) |
677,100 |
29,169 |
|
Newell Rubbermaid, Inc. |
2,341,747 |
78,050 |
|
|
112,554 |
||
Media - 7.3% |
|||
AMC Networks, Inc. Class A (a) |
446,400 |
27,074 |
|
Cinemark Holdings, Inc. |
2,601,645 |
91,890 |
|
Comcast Corp. Class A |
3,767,334 |
208,522 |
|
Gray Television, Inc. (a)(e) |
3,766,164 |
34,799 |
|
Nexstar Broadcasting Group, Inc. Class A |
455,698 |
20,561 |
|
|
382,846 |
||
Specialty Retail - 3.1% |
|||
Asbury Automotive Group, Inc. (a) |
385,122 |
26,974 |
|
GameStop Corp. Class A (d) |
2,590,007 |
110,749 |
|
Sally Beauty Holdings, Inc. (a) |
808,000 |
23,682 |
|
|
161,405 |
||
TOTAL CONSUMER DISCRETIONARY |
1,295,092 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER STAPLES - 1.8% |
|||
Food Products - 1.4% |
|||
ConAgra Foods, Inc. |
541,700 |
$ 18,607 |
|
Darling International, Inc. (a) |
3,065,983 |
53,961 |
|
|
72,568 |
||
Personal Products - 0.4% |
|||
Revlon, Inc. (a) |
553,261 |
18,977 |
|
TOTAL CONSUMER STAPLES |
91,545 |
||
ENERGY - 9.4% |
|||
Energy Equipment & Services - 2.4% |
|||
Ensco PLC Class A |
110,000 |
4,465 |
|
Halliburton Co. |
1,126,593 |
62,120 |
|
Noble Corp. |
987,610 |
20,661 |
|
Oil States International, Inc. (a) |
270,466 |
16,158 |
|
Paragon Offshore PLC (a)(d) |
329,203 |
1,603 |
|
Schlumberger Ltd. |
109,400 |
10,793 |
|
Transocean Ltd. (United States) (d) |
381,900 |
11,392 |
|
|
127,192 |
||
Oil, Gas & Consumable Fuels - 7.0% |
|||
Continental Resources, Inc. (a)(d) |
988,974 |
55,748 |
|
Denbury Resources, Inc. |
1,522,200 |
18,875 |
|
Hess Corp. |
835,910 |
70,894 |
|
HollyFrontier Corp. |
1,549,563 |
70,319 |
|
Kodiak Oil & Gas Corp. (a) |
2,019,747 |
21,793 |
|
Peabody Energy Corp. (d) |
2,252,625 |
23,495 |
|
Range Resources Corp. |
247,200 |
16,908 |
|
Valero Energy Corp. |
1,328,266 |
66,533 |
|
Western Refining, Inc. |
451,814 |
20,598 |
|
|
365,163 |
||
TOTAL ENERGY |
492,355 |
||
FINANCIALS - 12.4% |
|||
Banks - 8.6% |
|||
Bank of America Corp. |
8,641,999 |
148,297 |
|
Barclays PLC sponsored ADR (d) |
2,441,721 |
37,603 |
|
CIT Group, Inc. |
229,310 |
11,220 |
|
Citigroup, Inc. |
1,458,047 |
78,049 |
|
Huntington Bancshares, Inc. |
8,526,580 |
84,498 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
FINANCIALS - continued |
|||
Banks - continued |
|||
Regions Financial Corp. |
5,015,480 |
$ 49,804 |
|
SunTrust Banks, Inc. |
1,019,600 |
39,907 |
|
|
449,378 |
||
Consumer Finance - 1.2% |
|||
American Express Co. |
679,548 |
61,125 |
|
Insurance - 1.2% |
|||
AFLAC, Inc. |
641,700 |
38,329 |
|
Lincoln National Corp. |
435,700 |
23,859 |
|
|
62,188 |
||
Real Estate Investment Trusts - 1.0% |
|||
Gaming & Leisure Properties |
430,875 |
13,465 |
|
Host Hotels & Resorts, Inc. |
1,016,122 |
23,686 |
|
Sabra Health Care REIT, Inc. |
547,507 |
15,642 |
|
|
52,793 |
||
Real Estate Management & Development - 0.3% |
|||
Realogy Holdings Corp. (a) |
463,840 |
19,022 |
|
Thrifts & Mortgage Finance - 0.1% |
|||
MGIC Investment Corp. (a) |
441,300 |
3,936 |
|
TOTAL FINANCIALS |
648,442 |
||
HEALTH CARE - 11.6% |
|||
Health Care Equipment & Supplies - 2.4% |
|||
Boston Scientific Corp. (a) |
9,434,356 |
125,288 |
|
Health Care Providers & Services - 6.3% |
|||
Community Health Systems, Inc. (a) |
1,376,027 |
75,640 |
|
DaVita HealthCare Partners, Inc. (a) |
532,952 |
41,608 |
|
HCA Holdings, Inc. (a) |
1,216,779 |
85,235 |
|
Tenet Healthcare Corp. (a) |
1,591,444 |
89,200 |
|
Universal Health Services, Inc. Class B |
385,505 |
39,981 |
|
|
331,664 |
||
Pharmaceuticals - 2.9% |
|||
Johnson & Johnson |
153,000 |
16,490 |
|
Merck & Co., Inc. |
1,551,500 |
89,894 |
|
Sanofi SA sponsored ADR |
992,534 |
45,895 |
|
|
152,279 |
||
TOTAL HEALTH CARE |
609,231 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - 11.9% |
|||
Aerospace & Defense - 1.9% |
|||
Honeywell International, Inc. |
478,776 |
$ 46,020 |
|
Huntington Ingalls Industries, Inc. |
258,160 |
27,318 |
|
Textron, Inc. |
602,700 |
25,030 |
|
|
98,368 |
||
Airlines - 4.7% |
|||
American Airlines Group, Inc. |
1,481,380 |
61,255 |
|
Delta Air Lines, Inc. |
3,665,001 |
147,443 |
|
Southwest Airlines Co. |
571,283 |
19,698 |
|
United Continental Holdings, Inc. (a) |
370,700 |
19,577 |
|
|
247,973 |
||
Building Products - 0.5% |
|||
Allegion PLC |
246,500 |
13,087 |
|
Armstrong World Industries, Inc. (a) |
273,500 |
13,243 |
|
|
26,330 |
||
Commercial Services & Supplies - 1.3% |
|||
Civeo Corp. |
540,932 |
6,594 |
|
Deluxe Corp. |
742,413 |
45,139 |
|
Tyco International Ltd. |
328,233 |
14,091 |
|
|
65,824 |
||
Electrical Equipment - 0.6% |
|||
Emerson Electric Co. |
163,500 |
10,474 |
|
Generac Holdings, Inc. (a)(d) |
490,557 |
22,242 |
|
|
32,716 |
||
Industrial Conglomerates - 0.6% |
|||
General Electric Co. |
1,103,883 |
28,491 |
|
Machinery - 1.6% |
|||
Harsco Corp. |
1,103,224 |
23,918 |
|
Ingersoll-Rand PLC |
739,500 |
46,307 |
|
Pentair PLC |
78,757 |
5,281 |
|
Timken Co. |
228,734 |
9,833 |
|
|
85,339 |
||
Marine - 0.4% |
|||
Genco Shipping & Trading Ltd. (a) |
573,680 |
8,950 |
|
Navios Maritime Holdings, Inc. (d) |
2,162,794 |
12,739 |
|
|
21,689 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Road & Rail - 0.3% |
|||
Hertz Global Holdings, Inc. (a) |
707,700 |
$ 15,513 |
|
TOTAL INDUSTRIALS |
622,243 |
||
INFORMATION TECHNOLOGY - 8.8% |
|||
Communications Equipment - 1.1% |
|||
Cisco Systems, Inc. |
2,383,049 |
58,313 |
|
Electronic Equipment & Components - 2.0% |
|||
Avnet, Inc. |
594,313 |
25,704 |
|
Belden, Inc. |
777,664 |
55,362 |
|
Corning, Inc. |
726,800 |
14,849 |
|
Viasystems Group, Inc. (a) |
540,460 |
8,577 |
|
|
104,492 |
||
Internet Software & Services - 0.2% |
|||
VeriSign, Inc. (a)(d) |
194,300 |
11,611 |
|
Semiconductors & Semiconductor Equipment - 3.2% |
|||
Advanced Micro Devices, Inc. (a)(d) |
1,704,692 |
4,773 |
|
Freescale Semiconductor, Inc. (a) |
1,235,600 |
24,576 |
|
Intersil Corp. Class A |
1,460,387 |
19,409 |
|
Micron Technology, Inc. (a) |
2,293,545 |
75,893 |
|
NXP Semiconductors NV (a) |
269,464 |
18,501 |
|
ON Semiconductor Corp. (a) |
2,920,068 |
24,207 |
|
|
167,359 |
||
Software - 1.7% |
|||
Citrix Systems, Inc. (a) |
230,899 |
14,831 |
|
Microsoft Corp. |
1,619,168 |
76,020 |
|
|
90,851 |
||
Technology Hardware, Storage & Peripherals - 0.6% |
|||
NCR Corp. (a) |
1,117,931 |
30,933 |
|
TOTAL INFORMATION TECHNOLOGY |
463,559 |
||
MATERIALS - 12.9% |
|||
Chemicals - 9.7% |
|||
H.B. Fuller Co. |
461,829 |
19,383 |
|
LyondellBasell Industries NV Class A |
4,894,955 |
448,530 |
|
OMNOVA Solutions, Inc. (a)(e) |
3,114,962 |
21,898 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
MATERIALS - continued |
|||
Chemicals - continued |
|||
Phosphate Holdings, Inc. (a) |
307,500 |
$ 95 |
|
W.R. Grace & Co. (a) |
179,956 |
17,024 |
|
|
506,930 |
||
Containers & Packaging - 2.4% |
|||
Rock-Tenn Co. Class A |
2,116,528 |
108,260 |
|
Sealed Air Corp. |
483,434 |
17,524 |
|
|
125,784 |
||
Metals & Mining - 0.1% |
|||
Ormet Corp. (a)(e) |
1,405,000 |
5 |
|
TimkenSteel Corp. |
114,367 |
4,641 |
|
|
4,646 |
||
Paper & Forest Products - 0.7% |
|||
Louisiana-Pacific Corp. (a) |
1,563,090 |
22,821 |
|
Neenah Paper, Inc. |
266,200 |
16,241 |
|
|
39,062 |
||
TOTAL MATERIALS |
676,422 |
||
TELECOMMUNICATION SERVICES - 1.1% |
|||
Diversified Telecommunication Services - 1.1% |
|||
Frontier Communications Corp. (d) |
5,528,256 |
36,155 |
|
Intelsat SA (a) |
1,144,700 |
22,276 |
|
|
58,431 |
||
UTILITIES - 2.7% |
|||
Electric Utilities - 0.3% |
|||
FirstEnergy Corp. |
421,304 |
15,731 |
|
Independent Power Producers & Energy Traders - 2.4% |
|||
Calpine Corp. (a) |
2,616,200 |
59,702 |
|
The AES Corp. |
4,595,007 |
64,652 |
|
|
124,354 |
||
TOTAL UTILITIES |
140,085 |
||
TOTAL COMMON STOCKS (Cost $3,192,141) |
|
||
Nonconvertible Preferred Stocks - 0.2% |
|||
Shares |
Value (000s) |
||
FINANCIALS - 0.2% |
|||
Capital Markets - 0.2% |
|||
GMAC Capital Trust I Series 2, 8.125% |
439,013 |
$ 11,735 |
Nonconvertible Bonds - 0.3% |
||||
|
Principal Amount (000s) |
|
||
ENERGY - 0.3% |
||||
Energy Equipment & Services - 0.3% |
||||
Offshore Group Investment Ltd. 7.5% 11/1/19 |
|
$ 13,360 |
11,389 |
|
SAExploration Holdings, Inc. 10% 7/15/19 (f) |
|
6,930 |
6,376 |
|
|
17,765 |
|||
TOTAL NONCONVERTIBLE BONDS (Cost $20,920) |
|
Money Market Funds - 7.4% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.11% (b) |
109,853,079 |
109,853 |
|
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) |
280,034,966 |
280,035 |
|
TOTAL MONEY MARKET FUNDS (Cost $389,888) |
|
||
TOTAL INVESTMENT PORTFOLIO - 105.2% (Cost $3,613,924) |
5,516,793 |
||
NET OTHER ASSETS (LIABILITIES) - (5.2)% |
(274,826) |
||
NET ASSETS - 100% |
$ 5,241,967 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,376,000 or 0.1% of net assets. |
(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund. |
(h) 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 $54,000 or 0.0% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost (000s) |
Station Holdco LLC unit |
10/28/08 - 12/1/08 |
$ 5,990 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 33 |
Fidelity Securities Lending Cash Central Fund |
212 |
Total |
$ 245 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, beginning of period |
Purchases |
Sales Proceeds |
Dividend Income |
Value, |
Gray Television, Inc. |
$ 45,872 |
$ - |
$ - |
$ - |
$ 34,799 |
OMNOVA Solutions, Inc. |
25,138 |
- |
- |
- |
21,898 |
Ormet Corp. |
8 |
- |
- |
- |
5 |
Total |
$ 71,018 |
$ - |
$ - |
$ - |
$ 56,702 |
Other Information |
The following is a summary of the inputs used, as of October 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Equities: |
||||
Consumer Discretionary |
$ 1,295,092 |
$ 1,295,038 |
$ - |
$ 54 |
Consumer Staples |
91,545 |
91,545 |
- |
- |
Energy |
492,355 |
492,355 |
- |
- |
Financials |
660,177 |
660,177 |
- |
- |
Health Care |
609,231 |
609,231 |
- |
- |
Industrials |
622,243 |
622,243 |
- |
- |
Information Technology |
463,559 |
463,559 |
- |
- |
Materials |
676,422 |
676,422 |
- |
- |
Telecommunication Services |
58,431 |
58,431 |
- |
- |
Utilities |
140,085 |
140,085 |
- |
- |
Corporate Bonds |
17,765 |
- |
17,765 |
- |
Money Market Funds |
389,888 |
389,888 |
- |
- |
Total Investments in Securities: |
$ 5,516,793 |
$ 5,498,974 |
$ 17,765 |
$ 54 |
Income Tax Information |
At October 31, 2014, the cost of investment securities for income tax purposes was $3,613,924,000. Net unrealized appreciation aggregated $1,902,869,000, of which $2,094,872,000 related to appreciated investment securities and $192,003,000 related to depreciated investment 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® OTC Portfolio
October 31, 2014
1.809071.111
OTC-QTLY-1214
Showing Percentage of Net Assets
Common Stocks - 98.9% |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - 14.9% |
|||
Automobiles - 0.4% |
|||
Tesla Motors, Inc. (a)(d) |
171,299 |
$ 41,403 |
|
Hotels, Restaurants & Leisure - 1.2% |
|||
Bloomin' Brands, Inc. (a) |
771,100 |
14,582 |
|
Intrawest Resorts Holdings, Inc. |
764,235 |
8,131 |
|
Panera Bread Co. Class A (a) |
540,500 |
87,366 |
|
Starbucks Corp. |
207,710 |
15,695 |
|
The Cheesecake Factory, Inc. |
151,702 |
6,969 |
|
Vail Resorts, Inc. |
89,900 |
7,764 |
|
|
140,507 |
||
Internet & Catalog Retail - 12.2% |
|||
Amazon.com, Inc. (a) |
1,967,898 |
601,114 |
|
ASOS PLC (a)(e) |
4,616,740 |
196,156 |
|
Groupon, Inc. Class A (a)(d)(e) |
66,933,381 |
489,283 |
|
priceline.com, Inc. (a) |
29,000 |
34,980 |
|
Wayfair LLC |
381,300 |
8,614 |
|
Wayfair, Inc. |
28,200 |
708 |
|
zulily, Inc. Class A (d) |
2,690,587 |
97,884 |
|
|
1,428,739 |
||
Media - 0.0% |
|||
Comcast Corp. Class A |
31,400 |
1,738 |
|
Specialty Retail - 0.5% |
|||
Francesca's Holdings Corp. (a) |
1,509 |
18 |
|
Monro Muffler Brake, Inc. |
613 |
33 |
|
Ross Stores, Inc. |
526,700 |
42,515 |
|
Ulta Salon, Cosmetics & Fragrance, Inc. (a) |
91,315 |
11,032 |
|
|
53,598 |
||
Textiles, Apparel & Luxury Goods - 0.6% |
|||
adidas AG sponsored ADR |
29,400 |
1,067 |
|
Kate Spade & Co. (a) |
205,800 |
5,583 |
|
lululemon athletica, Inc. (a)(d) |
227,746 |
9,486 |
|
NIKE, Inc. Class B |
400 |
37 |
|
Ralph Lauren Corp. |
339,800 |
56,013 |
|
|
72,186 |
||
TOTAL CONSUMER DISCRETIONARY |
1,738,171 |
||
CONSUMER STAPLES - 3.8% |
|||
Beverages - 0.3% |
|||
Monster Beverage Corp. (a) |
385,100 |
38,849 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER STAPLES - continued |
|||
Food & Staples Retailing - 1.9% |
|||
Costco Wholesale Corp. |
1,471,750 |
$ 196,287 |
|
Sprouts Farmers Market LLC (a) |
727,500 |
21,178 |
|
|
217,465 |
||
Food Products - 1.6% |
|||
Danone SA sponsored ADR |
3,721,723 |
50,876 |
|
Keurig Green Mountain, Inc. |
632,117 |
95,924 |
|
Mondelez International, Inc. |
1,010,900 |
35,644 |
|
|
182,444 |
||
TOTAL CONSUMER STAPLES |
438,758 |
||
ENERGY - 0.5% |
|||
Energy Equipment & Services - 0.2% |
|||
Oceaneering International, Inc. |
327,800 |
23,035 |
|
Oil, Gas & Consumable Fuels - 0.3% |
|||
Anadarko Petroleum Corp. |
12,600 |
1,156 |
|
EOG Resources, Inc. |
146,500 |
13,925 |
|
Noble Energy, Inc. |
365,000 |
21,035 |
|
Rosetta Resources, Inc. (a) |
124,800 |
4,746 |
|
|
40,862 |
||
TOTAL ENERGY |
63,897 |
||
FINANCIALS - 4.5% |
|||
Banks - 2.6% |
|||
Bank of America Corp. |
2,390,100 |
41,014 |
|
Citigroup, Inc. |
692,300 |
37,059 |
|
Commerce Bancshares, Inc. |
747,900 |
33,850 |
|
First Republic Bank |
115,300 |
5,872 |
|
Huntington Bancshares, Inc. |
4,400 |
44 |
|
JPMorgan Chase & Co. |
1,591,300 |
96,242 |
|
PacWest Bancorp |
1,000 |
43 |
|
Signature Bank (a) |
214,600 |
25,994 |
|
UMB Financial Corp. |
558,800 |
33,293 |
|
Wells Fargo & Co. |
625,000 |
33,181 |
|
|
306,592 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
FINANCIALS - continued |
|||
Capital Markets - 0.5% |
|||
Carlyle Group LP |
630,500 |
$ 17,503 |
|
Northern Trust Corp. |
575,600 |
38,162 |
|
|
55,665 |
||
Consumer Finance - 1.4% |
|||
American Express Co. |
955,400 |
85,938 |
|
Capital One Financial Corp. |
907,500 |
75,114 |
|
|
161,052 |
||
TOTAL FINANCIALS |
523,309 |
||
HEALTH CARE - 18.9% |
|||
Biotechnology - 12.8% |
|||
Acceleron Pharma, Inc. (a) |
167,000 |
6,176 |
|
Aegerion Pharmaceuticals, Inc. (a) |
9,600 |
194 |
|
Alexion Pharmaceuticals, Inc. (a) |
775,289 |
148,359 |
|
Alkermes PLC (a) |
865,236 |
43,738 |
|
Alnylam Pharmaceuticals, Inc. (a) |
141,500 |
13,123 |
|
Amgen, Inc. |
89,200 |
14,466 |
|
Avalanche Biotechnologies, Inc. |
700,821 |
22,631 |
|
Avalanche Biotechnologies, Inc. (a)(d) |
251,499 |
9,024 |
|
BioCryst Pharmaceuticals, Inc. (a) |
1,582,464 |
18,546 |
|
Biogen Idec, Inc. (a) |
291,000 |
93,434 |
|
BioMarin Pharmaceutical, Inc. (a) |
1,881,456 |
155,220 |
|
Celldex Therapeutics, Inc. (a)(d) |
1,255,985 |
21,038 |
|
Clovis Oncology, Inc. (a)(d) |
432,455 |
25,800 |
|
Dicerna Pharmaceuticals, Inc. (d) |
253,207 |
2,373 |
|
Epizyme, Inc. (a) |
85 |
2 |
|
Foundation Medicine, Inc. (a)(d)(e) |
2,162,912 |
55,976 |
|
Genocea Biosciences, Inc. |
686,570 |
6,028 |
|
Gilead Sciences, Inc. (a) |
1,810,999 |
202,832 |
|
Intercept Pharmaceuticals, Inc. (a) |
283,119 |
73,155 |
|
Ironwood Pharmaceuticals, Inc. Class A (a) |
3,220,042 |
45,145 |
|
Isis Pharmaceuticals, Inc. (a) |
46,249 |
2,130 |
|
KYTHERA Biopharmaceuticals, Inc. (a)(d)(e) |
1,257,482 |
44,326 |
|
Lion Biotechnologies, Inc. (a) |
1,713,600 |
10,950 |
|
Medivation, Inc. (a) |
750,904 |
79,371 |
|
NPS Pharmaceuticals, Inc. (a) |
422,700 |
11,582 |
|
Ophthotech Corp. (a)(d) |
955,500 |
39,863 |
|
Otonomy, Inc. |
208,938 |
5,506 |
|
Portola Pharmaceuticals, Inc. (a)(e) |
2,884,007 |
82,194 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Biotechnology - continued |
|||
PTC Therapeutics, Inc. (a)(d)(e) |
1,959,289 |
$ 80,076 |
|
Puma Biotechnology, Inc. (a) |
148,100 |
37,114 |
|
Seattle Genetics, Inc. (a)(d) |
1,401,386 |
51,389 |
|
Synageva BioPharma Corp. (a) |
849,683 |
64,355 |
|
Targacept, Inc. (a) |
4,749 |
11 |
|
Ultragenyx Pharma, Inc. (d) |
257,996 |
12,128 |
|
uniQure B.V. |
192,200 |
2,183 |
|
Versartis, Inc. (a)(d) |
517,200 |
10,297 |
|
XOMA Corp. (a)(d) |
1,521,913 |
6,529 |
|
|
1,497,264 |
||
Health Care Equipment & Supplies - 1.3% |
|||
Accuray, Inc. (a)(d) |
2,427,800 |
15,368 |
|
Endologix, Inc. (a) |
1,400 |
16 |
|
HeartWare International, Inc. (a) |
22,700 |
1,751 |
|
IDEXX Laboratories, Inc. (a) |
207,002 |
29,326 |
|
Insulet Corp. (a) |
22,817 |
985 |
|
Novadaq Technologies, Inc. (a)(e) |
4,659,873 |
72,787 |
|
Quidel Corp. (a) |
1,088,274 |
31,070 |
|
|
151,303 |
||
Health Care Providers & Services - 0.6% |
|||
Accretive Health, Inc. (a)(d)(e) |
9,842,302 |
70,865 |
|
Health Care Technology - 2.8% |
|||
athenahealth, Inc. (a)(d)(e) |
2,369,183 |
290,225 |
|
Castlight Health, Inc. Class B (a)(d) |
65,400 |
818 |
|
Veeva Systems, Inc. Class A |
1,317,500 |
39,235 |
|
|
330,278 |
||
Life Sciences Tools & Services - 0.4% |
|||
Illumina, Inc. (a) |
210,000 |
40,442 |
|
Pharmaceuticals - 1.0% |
|||
Achaogen, Inc. (a) |
847,200 |
8,997 |
|
GW Pharmaceuticals PLC ADR (a)(d) |
130,327 |
9,612 |
|
Intra-Cellular Therapies, Inc. (a) |
263,900 |
4,090 |
|
Jazz Pharmaceuticals PLC (a) |
78,709 |
13,289 |
|
Mallinckrodt PLC (a) |
82 |
8 |
|
Revance Therapeutics, Inc. |
910,100 |
18,348 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Pharmaceuticals - continued |
|||
Shire PLC sponsored ADR |
293,800 |
$ 58,701 |
|
Theravance, Inc. (d) |
326,579 |
5,232 |
|
|
118,277 |
||
TOTAL HEALTH CARE |
2,208,429 |
||
INDUSTRIALS - 3.9% |
|||
Airlines - 1.1% |
|||
American Airlines Group, Inc. |
3,202,400 |
132,419 |
|
Commercial Services & Supplies - 0.2% |
|||
Stericycle, Inc. (a) |
147,000 |
18,522 |
|
Electrical Equipment - 0.7% |
|||
SolarCity Corp. (a)(d) |
1,296,048 |
76,700 |
|
Professional Services - 0.9% |
|||
Verisk Analytics, Inc. (a) |
1,761,500 |
109,830 |
|
Road & Rail - 1.0% |
|||
J.B. Hunt Transport Services, Inc. |
1,415,480 |
112,913 |
|
TOTAL INDUSTRIALS |
450,384 |
||
INFORMATION TECHNOLOGY - 50.1% |
|||
Communications Equipment - 2.7% |
|||
Aruba Networks, Inc. (a) |
848,635 |
18,314 |
|
Cisco Systems, Inc. |
5,228,500 |
127,941 |
|
Juniper Networks, Inc. |
1,666,500 |
35,113 |
|
QUALCOMM, Inc. |
1,798,153 |
141,173 |
|
|
322,541 |
||
Electronic Equipment & Components - 1.1% |
|||
Control4 Corp. (a)(d) |
1,600 |
25 |
|
Trimble Navigation Ltd. (a) |
4,707,300 |
126,438 |
|
|
126,463 |
||
Internet Software & Services - 18.5% |
|||
Alibaba Group Holding Ltd. sponsored ADR |
19,700 |
1,942 |
|
Baidu.com, Inc. sponsored ADR (a) |
390,400 |
93,216 |
|
Benefitfocus, Inc. (a)(d) |
3,400 |
94 |
|
Constant Contact, Inc. (a) |
757,636 |
26,790 |
|
Cornerstone OnDemand, Inc. (a) |
1,724,882 |
62,561 |
|
Criteo SA sponsored ADR (e) |
3,875,687 |
118,945 |
|
Cvent, Inc. (a) |
176,200 |
4,571 |
|
Dropbox, Inc. (a)(f) |
331,524 |
6,332 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Internet Software & Services - continued |
|||
E2open, Inc. (a)(d) |
1,152,491 |
$ 6,731 |
|
Facebook, Inc. Class A (a) |
4,144,538 |
310,799 |
|
Google, Inc.: |
|
|
|
Class A (a) |
868,427 |
493,154 |
|
Class C (a) |
860,077 |
480,852 |
|
Marketo, Inc. (a)(d) |
2,011,478 |
64,910 |
|
Opower, Inc. (d) |
278,747 |
5,062 |
|
Rackspace Hosting, Inc. (a)(e) |
9,689,146 |
371,676 |
|
Textura Corp. (a) |
600 |
16 |
|
Twitter, Inc. |
870,800 |
36,112 |
|
Wix.com Ltd. (a)(d) |
364,405 |
6,191 |
|
Yahoo!, Inc. (a) |
1,514,800 |
69,757 |
|
|
2,159,711 |
||
Semiconductors & Semiconductor Equipment - 2.9% |
|||
Analog Devices, Inc. |
233,400 |
11,581 |
|
Applied Micro Circuits Corp. (a) |
457,650 |
2,961 |
|
Cree, Inc. (a)(d) |
1,408,400 |
44,336 |
|
Freescale Semiconductor, Inc. (a) |
1,187,600 |
23,621 |
|
Inphi Corp. (a) |
1,595 |
25 |
|
Marvell Technology Group Ltd. |
89,600 |
1,204 |
|
Mellanox Technologies Ltd. (a) |
54 |
2 |
|
Micron Technology, Inc. (a) |
2,013,900 |
66,640 |
|
NVE Corp. (a)(e) |
265,557 |
19,035 |
|
NVIDIA Corp. |
7,988,461 |
156,095 |
|
Xilinx, Inc. |
302,800 |
13,469 |
|
|
338,969 |
||
Software - 13.7% |
|||
Activision Blizzard, Inc. |
12,606,804 |
251,506 |
|
Check Point Software Technologies Ltd. (a) |
400 |
30 |
|
CommVault Systems, Inc. (a)(e) |
3,453,584 |
153,132 |
|
Electronic Arts, Inc. (a) |
22,960 |
941 |
|
Fleetmatics Group PLC (a) |
1,341,522 |
49,824 |
|
GameLoft SE (a)(e) |
7,764,787 |
39,895 |
|
Imperva, Inc. (a) |
406,800 |
16,667 |
|
Interactive Intelligence Group, Inc. (a) |
222,187 |
10,723 |
|
Microsoft Corp. |
10,020,439 |
470,460 |
|
NetSuite, Inc. (a)(d) |
556,200 |
60,437 |
|
Red Hat, Inc. (a) |
167,700 |
9,881 |
|
salesforce.com, Inc. (a) |
1,970,120 |
126,068 |
|
SAP AG sponsored ADR |
97,129 |
6,617 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Software - continued |
|||
SolarWinds, Inc. (a) |
700 |
$ 33 |
|
Synchronoss Technologies, Inc. (a)(e) |
4,013,107 |
207,357 |
|
Synopsys, Inc. (a) |
123,300 |
5,053 |
|
Tableau Software, Inc. (a) |
12,300 |
1,016 |
|
Ubisoft Entertainment SA (a)(e) |
10,112,456 |
182,863 |
|
Xero Ltd. (f) |
661,157 |
8,169 |
|
Yodlee, inc. |
87,600 |
1,212 |
|
|
1,601,884 |
||
Technology Hardware, Storage & Peripherals - 11.2% |
|||
Apple, Inc. |
10,912,520 |
1,178,549 |
|
Cray, Inc. (a) |
65 |
2 |
|
Electronics for Imaging, Inc. (a) |
1,202,400 |
54,974 |
|
EMC Corp. |
1,000 |
29 |
|
Nimble Storage, Inc. (d) |
2,041,444 |
55,854 |
|
SanDisk Corp. |
233,900 |
22,019 |
|
Silicon Graphics International Corp. (a) |
1,774 |
15 |
|
Stratasys Ltd. (a) |
32,000 |
3,852 |
|
|
1,315,294 |
||
TOTAL INFORMATION TECHNOLOGY |
5,864,862 |
||
MATERIALS - 0.8% |
|||
Chemicals - 0.4% |
|||
Monsanto Co. |
435,300 |
50,077 |
|
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR |
900 |
21 |
|
|
50,098 |
||
Metals & Mining - 0.4% |
|||
Anglo American PLC ADR (d) |
4,430,000 |
46,958 |
|
Randgold Resources Ltd. sponsored ADR |
333 |
19 |
|
|
46,977 |
||
TOTAL MATERIALS |
97,075 |
||
TELECOMMUNICATION SERVICES - 1.5% |
|||
Diversified Telecommunication Services - 1.5% |
|||
Cogent Communications Group, Inc. |
265,500 |
9,011 |
|
Level 3 Communications, Inc. (a)(d) |
3,672,047 |
172,256 |
|
|
181,267 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
UTILITIES - 0.0% |
|||
Independent Power and Renewable Electricity Producers - 0.0% |
|||
Vivint Solar, Inc. |
184,000 |
$ 2,591 |
|
TOTAL COMMON STOCKS (Cost $9,108,275) |
|
||
Convertible Preferred Stocks - 1.0% |
|||
|
|
|
|
CONSUMER DISCRETIONARY - 0.4% |
|||
Household Durables - 0.2% |
|||
Roku, Inc.: |
|
|
|
8.00% (a)(f) |
16,562,507 |
21,524 |
|
Series G, 8.00% (f) |
3,185,945 |
4,140 |
|
|
25,664 |
||
Internet & Catalog Retail - 0.1% |
|||
One Kings Lane, Inc. Series E (f) |
648,635 |
8,303 |
|
Media - 0.1% |
|||
Turn, Inc. Series E (f) |
1,199,041 |
8,345 |
|
TOTAL CONSUMER DISCRETIONARY |
42,312 |
||
INFORMATION TECHNOLOGY - 0.6% |
|||
Internet Software & Services - 0.3% |
|||
Uber Technologies, Inc. 8.00% (f) |
564,041 |
35,000 |
|
IT Services - 0.3% |
|||
AppNexus, Inc. Series E (f) |
1,416,796 |
28,382 |
|
Nutanix, Inc. Series E (f) |
311,503 |
4,173 |
|
|
32,555 |
||
Software - 0.0% |
|||
Cloudera, Inc. Series F (f) |
126,709 |
2,438 |
|
Technology Hardware, Storage & Peripherals - 0.0% |
|||
Pure Storage, Inc. Series E (a)(f) |
184,982 |
2,656 |
|
TOTAL INFORMATION TECHNOLOGY |
72,649 |
||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $109,822) |
|
||
Money Market Funds - 4.5% |
|||
Shares |
Value (000s) |
||
Fidelity Cash Central Fund, 0.11% (b) |
41,281,991 |
$ 41,282 |
|
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) |
483,037,958 |
483,038 |
|
TOTAL MONEY MARKET FUNDS (Cost $524,320) |
|
||
TOTAL INVESTMENT PORTFOLIO - 104.4% (Cost $9,742,417) |
12,208,024 |
||
NET OTHER ASSETS (LIABILITIES) - (4.4)% |
(510,463) |
||
NET ASSETS - 100% |
$ 11,697,561 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) 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 $129,462,000 or 1.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost (000s) |
AppNexus, Inc. Series E |
8/1/14 - 9/17/14 |
$ 28,382 |
Cloudera, Inc. Series F |
2/5/14 |
$ 1,845 |
Dropbox, Inc. |
5/2/12 |
$ 3,000 |
Nutanix, Inc. Series E |
8/26/14 |
$ 4,173 |
One Kings Lane, Inc. Series E |
1/29/14 |
$ 10,000 |
Pure Storage, Inc. Series E |
8/22/13 |
$ 1,282 |
Roku, Inc. 8.00% |
5/7/13 |
$ 15,000 |
Roku, Inc. Series G, 8.00% |
10/1/14 |
$ 4,140 |
Turn, Inc. Series E |
12/30/13 |
$ 10,000 |
Uber Technologies, Inc. 8.00% |
6/6/14 |
$ 35,000 |
Xero Ltd. |
10/14/13 |
$ 10,054 |
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 |
$ 10 |
Fidelity Securities Lending Cash Central Fund |
1,385 |
Total |
$ 1,395 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, beginning of period |
Purchases |
Sales Proceeds |
Dividend Income |
Value, |
Accretive Health, Inc. |
$ 82,872 |
$ - |
$ - |
$ - |
$ 70,865 |
ASOS PLC |
- |
156,359 |
- |
- |
196,156 |
athenahealth, Inc. |
294,726 |
- |
- |
- |
290,225 |
CommVault Systems, Inc. |
159,387 |
5,572 |
- |
- |
153,132 |
Criteo SA sponsored ADR |
- |
131,223 |
3,134 |
- |
118,945 |
E2open, Inc. |
25,119 |
- |
4,307 |
- |
- |
Foundation Medicine, Inc. |
35,879 |
11,036 |
- |
- |
55,976 |
GameLoft SE |
49,492 |
- |
- |
- |
39,895 |
Groupon, Inc. Class A |
390,059 |
39,856 |
- |
- |
489,283 |
KYTHERA Biopharmaceuticals, Inc. |
42,226 |
- |
- |
- |
44,326 |
Lion Biotechnologies, Inc. |
12,870 |
- |
585 |
- |
- |
Marketo, Inc. |
56,923 |
- |
2,249 |
- |
- |
Novadaq Technologies, Inc. |
38,683 |
27,409 |
- |
- |
72,787 |
NVE Corp. |
17,620 |
- |
- |
- |
19,035 |
Portola Pharmaceuticals, Inc. |
58,747 |
14,580 |
- |
- |
82,194 |
PTC Therapeutics, Inc. |
55,466 |
2,229 |
8,514 |
- |
80,076 |
Rackspace Hosting, Inc. |
293,484 |
- |
- |
- |
371,676 |
Synchronoss Technologies, Inc. |
165,112 |
- |
3,385 |
- |
207,357 |
Ubisoft Entertainment SA |
169,602 |
- |
- |
- |
182,863 |
Total |
$ 1,948,267 |
$ 388,264 |
$ 22,174 |
$ - |
$ 2,474,791 |
Other Information |
The following is a summary of the inputs used, as of October 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Equities: |
||||
Consumer Discretionary |
$ 1,780,483 |
$ 1,729,557 |
$ 8,614 |
$ 42,312 |
Consumer Staples |
438,758 |
438,758 |
- |
- |
Energy |
63,897 |
63,897 |
- |
- |
Financials |
523,309 |
523,309 |
- |
- |
Health Care |
2,208,429 |
2,185,798 |
22,631 |
- |
Industrials |
450,384 |
450,384 |
- |
- |
Information Technology |
5,937,511 |
5,858,530 |
- |
78,981 |
Materials |
97,075 |
97,075 |
- |
- |
Telecommunication Services |
181,267 |
181,267 |
- |
- |
Utilities |
2,591 |
2,591 |
- |
- |
Money Market Funds |
524,320 |
524,320 |
- |
- |
Total Investments in Securities: |
$ 12,208,024 |
$ 12,055,486 |
$ 31,245 |
$ 121,293 |
Income Tax Information |
At October 31, 2014, the cost of investment securities for income tax purposes was $9,792,452,000. Net unrealized appreciation aggregated $2,415,572,000, of which $2,999,549,000 related to appreciated investment securities and $583,977,000 related to depreciated investment 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Real Estate Income Fund
October 31, 2014
1.809106.111
REI-QTLY-1214
Showing Percentage of Net Assets
Common Stocks - 30.9% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 0.2% |
|||
Household Durables - 0.2% |
|||
Stanley Martin Communities LLC Class B (a)(k) |
4,620 |
$ 6,928,291 |
|
FINANCIALS - 30.6% |
|||
Capital Markets - 0.6% |
|||
Ellington Financial LLC |
1,051,800 |
23,654,982 |
|
Real Estate Investment Trusts - 29.3% |
|||
Acadia Realty Trust (SBI) (g) |
3,630,949 |
113,285,609 |
|
AG Mortgage Investment Trust, Inc. |
781,700 |
14,907,019 |
|
American Tower Corp. |
179,900 |
17,540,250 |
|
Annaly Capital Management, Inc. |
826,600 |
9,431,506 |
|
Anworth Mortgage Asset Corp. |
1,572,210 |
8,159,770 |
|
Apartment Investment & Management Co. Class A |
1,268,100 |
45,385,299 |
|
Arbor Realty Trust, Inc. (g) |
3,068,975 |
20,654,202 |
|
AvalonBay Communities, Inc. |
154,900 |
24,139,616 |
|
Boardwalk (REIT) |
136,200 |
8,628,437 |
|
Canadian (REIT) |
83,600 |
3,670,968 |
|
CBL & Associates Properties, Inc. |
2,202,873 |
42,140,960 |
|
Cedar Shopping Centers, Inc. |
1,208,910 |
8,317,301 |
|
Chambers Street Properties |
1,457,593 |
11,966,839 |
|
CYS Investments, Inc. |
2,094,739 |
18,706,019 |
|
Douglas Emmett, Inc. |
564,100 |
15,868,133 |
|
Dynex Capital, Inc. |
1,989,943 |
16,755,320 |
|
EastGroup Properties, Inc. |
88,000 |
6,059,680 |
|
Ellington Residential Mortgage REIT (f) |
260,000 |
4,635,800 |
|
Equity Lifestyle Properties, Inc. |
2,555,260 |
125,463,266 |
|
Equity Residential (SBI) |
316,700 |
22,029,652 |
|
Excel Trust, Inc. |
2,016,928 |
26,220,064 |
|
Extra Space Storage, Inc. |
188,900 |
10,986,424 |
|
First Potomac Realty Trust |
1,381,615 |
17,270,188 |
|
Five Oaks Investment Corp. (f) |
479,100 |
5,332,383 |
|
H&R REIT/H&R Finance Trust |
375,100 |
7,465,057 |
|
Hatteras Financial Corp. |
787,600 |
14,995,904 |
|
Lexington Corporate Properties Trust |
4,251,582 |
46,597,339 |
|
LTC Properties, Inc. |
397,313 |
16,663,307 |
|
MFA Financial, Inc. |
16,465,593 |
137,981,642 |
|
Mid-America Apartment Communities, Inc. |
612,400 |
43,272,184 |
|
Monmouth Real Estate Investment Corp. Class A (f) |
1,037,773 |
11,623,058 |
|
National Retail Properties, Inc. |
244,200 |
9,308,904 |
|
Newcastle Investment Corp. |
1,381,100 |
33,353,565 |
|
NorthStar Realty Finance Corp. |
285,500 |
5,304,590 |
|
Piedmont Office Realty Trust, Inc. Class A |
828,800 |
16,120,160 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Potlatch Corp. |
306,900 |
$ 13,500,531 |
|
Prologis, Inc. |
393,287 |
16,380,404 |
|
Redwood Trust, Inc. (f) |
247,700 |
4,654,283 |
|
Select Income (REIT) |
473,800 |
11,612,838 |
|
Senior Housing Properties Trust (SBI) |
1,953,800 |
44,136,342 |
|
Simon Property Group, Inc. |
161,500 |
28,942,415 |
|
Stag Industrial, Inc. |
156,469 |
3,817,844 |
|
Terreno Realty Corp. |
1,515,264 |
31,911,460 |
|
Two Harbors Investment Corp. |
1,721,280 |
17,436,566 |
|
Ventas, Inc. |
920,646 |
63,073,457 |
|
Washington Prime Group, Inc. |
972,963 |
17,153,338 |
|
Washington REIT (SBI) |
224,300 |
6,338,718 |
|
Weyerhaeuser Co. |
730,000 |
24,717,800 |
|
WP Carey, Inc. (f) |
665,000 |
45,033,800 |
|
|
1,268,950,211 |
||
Real Estate Management & Development - 0.7% |
|||
Brookfield Asset Management, Inc. Class A |
257,600 |
12,609,726 |
|
Kennedy-Wilson Holdings, Inc. |
664,021 |
17,988,329 |
|
|
30,598,055 |
||
TOTAL FINANCIALS |
1,323,203,248 |
||
MATERIALS - 0.1% |
|||
Paper & Forest Products - 0.1% |
|||
West Fraser Timber Co. Ltd. |
113,300 |
5,944,216 |
|
TOTAL COMMON STOCKS (Cost $1,123,723,910) |
|
||
Preferred Stocks - 18.2% |
|||
|
|
|
|
Convertible Preferred Stocks - 0.9% |
|||
FINANCIALS - 0.9% |
|||
Real Estate Investment Trusts - 0.9% |
|||
Alexandria Real Estate Equities, Inc. Series D 7.00% |
195,000 |
5,289,375 |
|
Excel Trust, Inc. 7.00% (h) |
248,200 |
6,360,125 |
|
Health Care REIT, Inc. Series I, 6.50% |
46,800 |
2,925,000 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Convertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Lexington Corporate Properties Trust Series C, 6.50% |
439,550 |
$ 21,515,973 |
|
Ramco-Gershenson Properties Trust (SBI) Series D, 7.25% |
40,000 |
2,547,200 |
|
|
38,637,673 |
||
Nonconvertible Preferred Stocks - 17.3% |
|||
CONSUMER DISCRETIONARY - 0.1% |
|||
Hotels, Restaurants & Leisure - 0.1% |
|||
Red Lion Hotels Capital Trust 9.50% |
135,953 |
3,466,802 |
|
FINANCIALS - 17.2% |
|||
Capital Markets - 0.1% |
|||
Arlington Asset Investment Corp. 6.625% |
182,517 |
4,447,939 |
|
Real Estate Investment Trusts - 16.9% |
|||
AG Mortgage Investment Trust, Inc. 8.00% |
532,287 |
12,961,188 |
|
Alexandria Real Estate Equities, Inc. Series E, 6.45% |
145,913 |
3,720,782 |
|
American Capital Agency Corp.: |
|
|
|
8.00% |
200,000 |
5,134,000 |
|
Series B, 7.75% |
360,200 |
8,785,278 |
|
American Capital Mortgage Investment Corp. Series A, 8.125% |
248,636 |
6,205,955 |
|
American Home Mortgage Investment Corp.: |
|
|
|
Series A, 9.375% (a) |
120,300 |
12 |
|
Series B, 9.25% (a) |
124,100 |
12 |
|
American Homes 4 Rent: |
|
|
|
Series A, 5.00% |
302,231 |
7,456,039 |
|
Series B, 5.00% |
215,802 |
5,243,989 |
|
Series C, 5.50% |
602,913 |
14,735,194 |
|
American Realty Capital Properties, Inc. Series F, 6.70% |
528,579 |
11,639,310 |
|
Annaly Capital Management, Inc.: |
|
|
|
Series A, 7.875% |
134,900 |
3,441,299 |
|
Series C, 7.625% |
162,837 |
4,013,932 |
|
Series D, 7.50% |
363,531 |
8,928,321 |
|
Anworth Mortgage Asset Corp. Series A, 8.625% |
309,630 |
7,864,602 |
|
Apollo Commercial Real Estate Finance, Inc. Series A, 8.625% |
375,101 |
9,730,120 |
|
Apollo Residential Mortgage, Inc. Series A, 8.00% |
279,276 |
6,853,433 |
|
Arbor Realty Trust, Inc.: |
|
|
|
7.375% (g) |
430,605 |
10,485,232 |
|
Series A, 8.25% (g) |
189,089 |
4,698,862 |
|
Series B, 7.75% (g) |
240,000 |
5,944,800 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Arbor Realty Trust, Inc.: - continued |
|
|
|
Series C, 8.50% (g) |
100,000 |
$ 2,543,000 |
|
Armour Residential REIT, Inc. Series B, 7.875% |
153,654 |
3,695,379 |
|
Ashford Hospitality Trust, Inc.: |
|
|
|
Series D, 8.45% |
47,000 |
1,196,620 |
|
Series E, 9.00% |
140,751 |
3,772,127 |
|
Boston Properties, Inc. 5.25% |
10,915 |
263,597 |
|
Brandywine Realty Trust Series E, 6.90% |
95,000 |
2,448,150 |
|
Campus Crest Communities, Inc. Series A, 8.00% |
251,931 |
6,444,395 |
|
Capstead Mortgage Corp. Series E, 7.50% |
202,984 |
4,938,601 |
|
CBL & Associates Properties, Inc.: |
|
|
|
Series D, 7.375% |
289,876 |
7,339,660 |
|
Series E, 6.625% |
197,063 |
4,922,634 |
|
Cedar Shopping Centers, Inc. Series B, 7.25% |
399,750 |
10,445,468 |
|
CenterPoint Properties Trust Series D, 5.377% |
3,575 |
2,538,250 |
|
Chesapeake Lodging Trust Series A, 7.75% |
266,916 |
6,966,508 |
|
Colony Financial, Inc.: |
|
|
|
Series A, 8.50% |
282,171 |
7,454,958 |
|
Series B, 7.50% |
80,000 |
2,001,600 |
|
Coresite Realty Corp. Series A, 7.25% |
369,799 |
9,522,324 |
|
Corporate Office Properties Trust Series L, 7.375% |
161,840 |
4,209,458 |
|
CubeSmart Series A, 7.75% |
40,000 |
1,060,000 |
|
CYS Investments, Inc.: |
|
|
|
Series A, 7.75% |
117,824 |
2,854,876 |
|
Series B, 7.50% |
446,667 |
10,474,341 |
|
DDR Corp.: |
|
|
|
Series J, 6.50% |
340,721 |
8,749,715 |
|
Series K, 6.25% |
228,888 |
5,715,333 |
|
Digital Realty Trust, Inc.: |
|
|
|
Series E, 7.00% |
219,819 |
5,691,114 |
|
Series G, 5.875% |
145,444 |
3,330,668 |
|
Series H, 7.375% |
50,000 |
1,335,500 |
|
Duke Realty LP Series L, 6.60% |
10,666 |
269,956 |
|
DuPont Fabros Technology, Inc. Series B, 7.625% |
381,202 |
9,716,839 |
|
Dynex Capital, Inc.: |
|
|
|
Series A, 8.50% |
362,932 |
9,127,740 |
|
Series B, 7.625% |
252,120 |
6,025,668 |
|
Equity Commonwealth: |
|
|
|
7.50% |
93,300 |
1,866,933 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Equity Commonwealth: - continued |
|
|
|
Series E, 7.25% |
648,952 |
$ 16,457,423 |
|
Equity Lifestyle Properties, Inc. Series C, 6.75% |
950,148 |
24,333,290 |
|
Essex Property Trust, Inc. Series H, 7.125% |
40,000 |
1,044,800 |
|
Excel Trust, Inc. Series B, 8.125% |
400,000 |
10,836,000 |
|
First Potomac Realty Trust 7.75% |
415,296 |
10,801,849 |
|
Five Oaks Investment Corp. Series A, 8.75% |
100,000 |
2,528,000 |
|
General Growth Properties, Inc. Series A, 6.375% |
166,463 |
4,129,947 |
|
Gladstone Commercial Corp. Series C, 7.125% |
232,238 |
6,128,761 |
|
Glimcher Realty Trust: |
|
|
|
6.875% |
256,115 |
6,441,292 |
|
Series G, 8.125% |
109,192 |
2,759,282 |
|
Series H, 7.50% |
198,527 |
5,100,159 |
|
Hatteras Financial Corp. Series A, 7.625% |
472,361 |
11,024,906 |
|
Health Care REIT, Inc. Series J, 6.50% |
81,600 |
2,122,416 |
|
Hersha Hospitality Trust: |
|
|
|
Series B, 8.00% |
162,538 |
4,234,115 |
|
Series C, 6.875% |
50,000 |
1,288,500 |
|
Hospitality Properties Trust Series D, 7.125% |
40,800 |
1,075,896 |
|
Hudson Pacific Properties, Inc. 8.375% |
394,069 |
10,194,565 |
|
Inland Real Estate Corp.: |
|
|
|
Series A, 8.125% |
423,500 |
11,019,470 |
|
Series B, 6.95% |
245,000 |
6,252,400 |
|
Invesco Mortgage Capital, Inc.: |
|
|
|
Series A, 7.75% |
123,342 |
2,936,773 |
|
Series B, 7.75% |
458,845 |
10,938,865 |
|
Investors Real Estate Trust Series B, 7.95% |
126,572 |
3,331,375 |
|
iStar Financial, Inc.: |
|
|
|
Series E, 7.875% |
188,696 |
4,666,452 |
|
Series F, 7.80% |
418,693 |
10,383,586 |
|
Kilroy Realty Corp.: |
|
|
|
Series G, 6.875% |
46,760 |
1,211,552 |
|
Series H, 6.375% |
143,296 |
3,616,791 |
|
Kite Realty Group Trust 8.25% |
96,100 |
2,505,327 |
|
LaSalle Hotel Properties: |
|
|
|
Series H, 7.50% |
141,308 |
3,679,660 |
|
Series I, 6.375% |
354,698 |
8,743,306 |
|
LBA Realty Fund II: |
|
|
|
Series A, 8.75% (a) |
69,000 |
3,036,000 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
LBA Realty Fund II: - continued |
|
|
|
Series B, 7.625% |
31,240 |
$ 707,586 |
|
MFA Financial, Inc.: |
|
|
|
8.00% |
538,930 |
14,265,477 |
|
Series B, 7.50% |
592,024 |
14,575,631 |
|
Monmouth Real Estate Investment Corp.: |
|
|
|
Series A, 7.625% |
80,000 |
2,067,200 |
|
Series B, 7.875% |
95,000 |
2,531,750 |
|
National Retail Properties, Inc.: |
|
|
|
5.70% |
376,404 |
9,146,617 |
|
Series D, 6.625% |
222,138 |
5,768,924 |
|
New York Mortgage Trust, Inc. Series B, 7.75% |
171,101 |
4,183,419 |
|
NorthStar Realty Finance Corp.: |
|
|
|
Series B, 8.25% |
225,708 |
5,658,500 |
|
Series C, 8.875% |
277,101 |
7,135,351 |
|
Series D, 8.50% |
218,195 |
5,539,971 |
|
Series E, 8.75% |
326,272 |
8,323,199 |
|
Pebblebrook Hotel Trust: |
|
|
|
Series A, 7.875% |
412,000 |
10,699,640 |
|
Series B, 8.00% |
185,085 |
4,839,973 |
|
Series C, 6.50% |
182,910 |
4,517,877 |
|
Pennsylvania (REIT) 7.375% |
100,510 |
2,598,184 |
|
Prologis, Inc. Series Q, 8.54% |
94,446 |
5,982,569 |
|
PS Business Parks, Inc.: |
|
|
|
Series R, 6.875% |
116,903 |
3,016,097 |
|
Series S, 6.45% |
68,868 |
1,788,502 |
|
Series T, 6.00% |
198,004 |
4,960,000 |
|
Series U, 5.75% |
600 |
14,190 |
|
RAIT Financial Trust: |
|
|
|
7.125% |
289,514 |
7,049,666 |
|
7.625% |
216,190 |
5,104,246 |
|
Regency Centers Corp.: |
|
|
|
Series 6, 6.625% |
152,661 |
3,931,021 |
|
Series 7, 6.00% |
123,000 |
2,977,830 |
|
Resource Capital Corp. 8.625% |
117,847 |
2,794,152 |
|
Retail Properties America, Inc. 7.00% |
394,411 |
10,089,033 |
|
Sabra Health Care REIT, Inc. Series A, 7.125% |
298,123 |
7,706,480 |
|
Saul Centers, Inc.: |
|
|
|
Series A, 8.00% |
38,072 |
971,978 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Saul Centers, Inc.: - continued |
|
|
|
Series C, 6.875% |
315,478 |
$ 8,047,844 |
|
Senior Housing Properties Trust 5.625% |
283,543 |
6,671,767 |
|
Stag Industrial, Inc.: |
|
|
|
Series A, 9.00% |
280,000 |
7,686,000 |
|
Series B, 6.625% |
80,300 |
1,978,592 |
|
Strategic Hotel & Resorts, Inc. Series B, 8.25% |
80,000 |
2,040,000 |
|
Summit Hotel Properties, Inc.: |
|
|
|
Series A, 9.25% |
138,340 |
3,869,370 |
|
Series B, 7.875% |
190,173 |
5,130,868 |
|
Series C, 7.125% |
153,212 |
4,014,154 |
|
Sun Communities, Inc. Series A, 7.125% |
375,000 |
9,656,250 |
|
Sunstone Hotel Investors, Inc. Series D, 8.00% |
129,723 |
3,377,987 |
|
Taubman Centers, Inc. Series K, 6.25% |
96,120 |
2,407,806 |
|
Terreno Realty Corp. Series A, 7.75% |
213,690 |
5,491,833 |
|
UMH Properties, Inc. Series A, 8.25% |
600,000 |
15,942,000 |
|
Urstadt Biddle Properties, Inc.: |
|
|
|
6.75% |
160,000 |
4,056,000 |
|
Series F, 7.125% |
210,000 |
5,365,500 |
|
Weingarten Realty Investors (SBI) Series F, 6.50% |
49,813 |
1,258,276 |
|
Winthrop Realty Trust 7.75% |
360,000 |
9,273,600 |
|
|
732,799,440 |
||
Real Estate Management & Development - 0.2% |
|||
Kennedy-Wilson, Inc. 7.75% |
321,574 |
8,238,726 |
|
TOTAL FINANCIALS |
745,486,105 |
||
TOTAL NONCONVERTIBLE PREFERRED STOCKS |
748,952,907 |
||
TOTAL PREFERRED STOCKS (Cost $767,617,893) |
|
Corporate Bonds - 20.3% |
||||
|
Principal Amount (e) |
Value |
||
Convertible Bonds - 3.7% |
||||
FINANCIALS - 3.7% |
||||
Consumer Finance - 0.1% |
||||
Zais Financial Partners LP 8% 11/15/16 (h) |
|
$ 2,000,000 |
$ 2,106,250 |
|
Real Estate Investment Trusts - 2.9% |
||||
Annaly Capital Management, Inc. 5% 5/15/15 |
|
31,396,000 |
31,631,470 |
|
Apollo Commercial Real Estate Finance, Inc. 5.5% 3/15/19 |
|
5,600,000 |
5,505,500 |
|
Ares Commercial Real Estate Corp. 7% 12/15/15 |
|
14,700,000 |
15,049,125 |
|
Blackstone Mortgage Trust, Inc. 5.25% 12/1/18 |
|
5,750,000 |
5,936,875 |
|
Campus Crest Communities Operating Partnership LP 4.75% 10/15/18 (h) |
|
9,000,000 |
8,465,625 |
|
Colony Financial, Inc.: |
|
|
|
|
3.875% 1/15/21 |
|
9,910,000 |
9,693,219 |
|
5% 4/15/23 |
|
9,000,000 |
9,180,000 |
|
PennyMac Corp. 5.375% 5/1/20 |
|
6,000,000 |
5,820,000 |
|
RAIT Financial Trust 4% 10/1/33 |
|
21,025,000 |
19,172,172 |
|
Redwood Trust, Inc. 4.625% 4/15/18 |
|
6,500,000 |
6,455,313 |
|
Spirit Realty Capital, Inc. 3.75% 5/15/21 |
|
2,400,000 |
2,380,500 |
|
Starwood Property Trust, Inc. 3.75% 10/15/17 |
|
3,230,000 |
3,240,094 |
|
Starwood Waypoint Residential 4.5% 10/15/17 (h) |
|
2,230,000 |
2,357,645 |
|
|
124,887,538 |
|||
Real Estate Management & Development - 0.0% |
||||
Grubb & Ellis Co. 7.95% 5/1/15 (d)(h) |
|
5,500,000 |
1 |
|
Thrifts & Mortgage Finance - 0.7% |
||||
IAS Operating Partnership LP 5% 3/15/18 (h) |
|
33,140,000 |
31,483,000 |
|
TOTAL FINANCIALS |
158,476,789 |
|||
Nonconvertible Bonds - 16.6% |
||||
CONSUMER DISCRETIONARY - 5.1% |
||||
Hotels, Restaurants & Leisure - 0.7% |
||||
FelCor Lodging LP: |
|
|
|
|
5.625% 3/1/23 |
|
2,000,000 |
1,995,000 |
|
6.75% 6/1/19 |
|
5,875,000 |
6,110,000 |
|
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 5.625% 10/15/21 (h) |
|
4,000,000 |
4,215,000 |
|
Paris Las Vegas Holding LLC/Harrah's Las Vegas LLC/Flamingo Las Vegas Holdings, Inc. 8% 10/1/20 (h) |
|
4,500,000 |
4,365,000 |
|
Corporate Bonds - continued |
||||
|
Principal Amount (e) |
Value |
||
Nonconvertible Bonds - continued |
||||
CONSUMER DISCRETIONARY - continued |
||||
Hotels, Restaurants & Leisure - continued |
||||
RHP Hotel Properties LP/RHP Finance Co. 5% 4/15/21 |
|
$ 2,000,000 |
$ 1,990,000 |
|
Times Square Hotel Trust 8.528% 8/1/26 (h) |
|
8,229,187 |
10,634,537 |
|
|
29,309,537 |
|||
Household Durables - 4.4% |
||||
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 6.875% 2/15/21 (h) |
|
10,500,000 |
10,290,000 |
|
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (h) |
|
2,620,000 |
2,783,750 |
|
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (h) |
|
1,615,000 |
1,719,975 |
|
D.R. Horton, Inc.: |
|
|
|
|
4.375% 9/15/22 |
|
4,175,000 |
4,122,813 |
|
4.75% 5/15/17 |
|
2,000,000 |
2,090,000 |
|
5.75% 8/15/23 |
|
2,510,000 |
2,676,288 |
|
KB Home: |
|
|
|
|
8% 3/15/20 |
|
8,465,000 |
9,438,475 |
|
9.1% 9/15/17 |
|
4,985,000 |
5,682,900 |
|
Lennar Corp.: |
|
|
|
|
4.125% 12/1/18 |
|
5,520,000 |
5,595,900 |
|
4.5% 6/15/19 |
|
1,830,000 |
1,863,178 |
|
5.6% 5/31/15 |
|
6,000,000 |
6,127,500 |
|
6.5% 4/15/16 |
|
4,000,000 |
4,240,000 |
|
6.95% 6/1/18 |
|
14,280,000 |
15,886,500 |
|
M/I Homes, Inc. 8.625% 11/15/18 |
|
26,055,000 |
27,194,906 |
|
Meritage Homes Corp.: |
|
|
|
|
7% 4/1/22 |
|
7,525,000 |
8,164,625 |
|
7.15% 4/15/20 |
|
7,060,000 |
7,766,000 |
|
Ryland Group, Inc.: |
|
|
|
|
6.625% 5/1/20 |
|
1,555,000 |
1,663,850 |
|
8.4% 5/15/17 |
|
5,420,000 |
6,145,196 |
|
Standard Pacific Corp.: |
|
|
|
|
7% 8/15/15 |
|
4,000,000 |
4,160,000 |
|
8.375% 5/15/18 |
|
28,983,000 |
33,547,823 |
|
10.75% 9/15/16 |
|
8,415,000 |
9,656,213 |
|
WCI Communities, Inc. 6.875% 8/15/21 (h) |
|
1,845,000 |
1,863,450 |
|
Corporate Bonds - continued |
||||
|
Principal Amount (e) |
Value |
||
Nonconvertible Bonds - continued |
||||
CONSUMER DISCRETIONARY - continued |
||||
Household Durables - continued |
||||
William Lyon Homes, Inc. 8.5% 11/15/20 |
|
$ 15,550,000 |
$ 16,988,375 |
|
WLH PNW Finance Corp. 7% 8/15/22 (h) |
|
2,505,000 |
2,586,413 |
|
|
192,254,130 |
|||
TOTAL CONSUMER DISCRETIONARY |
221,563,667 |
|||
CONSUMER STAPLES - 0.0% |
||||
Food & Staples Retailing - 0.0% |
||||
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20 |
|
759,804 |
850,981 |
|
FINANCIALS - 10.7% |
||||
Diversified Financial Services - 0.2% |
||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: |
|
|
|
|
5.875% 2/1/22 |
|
3,680,000 |
3,781,200 |
|
6% 8/1/20 |
|
6,000,000 |
6,300,000 |
|
|
10,081,200 |
|||
Real Estate Investment Trusts - 7.2% |
||||
American Campus Communities Operating Partnership LP 4.125% 7/1/24 |
|
2,000,000 |
2,026,416 |
|
American Tower Corp. 3.4% 2/15/19 |
|
1,000,000 |
1,022,841 |
|
Camden Property Trust 5% 6/15/15 |
|
1,100,000 |
1,128,571 |
|
CBL & Associates LP 5.25% 12/1/23 |
|
1,000,000 |
1,063,466 |
|
Commercial Net Lease Realty, Inc. 6.15% 12/15/15 |
|
2,526,000 |
2,670,773 |
|
Crown Castle International Corp. 5.25% 1/15/23 |
|
4,000,000 |
4,095,000 |
|
CTR Partnership LP/CareTrust Capital Corp. 5.875% 6/1/21 |
|
2,300,000 |
2,346,000 |
|
CubeSmart LP 4.8% 7/15/22 |
|
2,000,000 |
2,152,070 |
|
DDR Corp.: |
|
|
|
|
5.5% 5/1/15 |
|
4,000,000 |
4,090,324 |
|
7.5% 4/1/17 |
|
6,000,000 |
6,803,988 |
|
7.5% 7/15/18 |
|
8,756,000 |
10,306,171 |
|
7.875% 9/1/20 |
|
4,637,000 |
5,756,822 |
|
9.625% 3/15/16 |
|
3,836,000 |
4,273,078 |
|
DuPont Fabros Technology LP 5.875% 9/15/21 |
|
1,000,000 |
1,040,000 |
|
Equity One, Inc.: |
|
|
|
|
5.375% 10/15/15 |
|
3,500,000 |
3,644,876 |
|
6.25% 1/15/17 |
|
3,000,000 |
3,278,853 |
|
Equity Residential 5.125% 3/15/16 |
|
7,201,000 |
7,620,573 |
|
Corporate Bonds - continued |
||||
|
Principal Amount (e) |
Value |
||
Nonconvertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Investment Trusts - continued |
||||
HCP, Inc. 3.75% 2/1/16 |
|
$ 10,000,000 |
$ 10,355,140 |
|
Health Care Property Investors, Inc.: |
|
|
|
|
5.625% 5/1/17 |
|
2,980,000 |
3,284,407 |
|
6% 3/1/15 |
|
1,000,000 |
1,017,651 |
|
6% 1/30/17 |
|
2,383,000 |
2,628,804 |
|
7.072% 6/8/15 |
|
1,500,000 |
1,553,459 |
|
Health Care REIT, Inc.: |
|
|
|
|
3.625% 3/15/16 |
|
14,685,000 |
15,210,561 |
|
4.125% 4/1/19 |
|
2,000,000 |
2,143,158 |
|
6.2% 6/1/16 |
|
2,750,000 |
2,973,795 |
|
Healthcare Realty Trust, Inc.: |
|
|
|
|
3.75% 4/15/23 |
|
4,022,000 |
3,920,815 |
|
5.75% 1/15/21 |
|
3,095,000 |
3,460,380 |
|
6.5% 1/17/17 |
|
2,875,000 |
3,179,506 |
|
Highwoods/Forsyth LP: |
|
|
|
|
3.625% 1/15/23 |
|
1,607,000 |
1,600,137 |
|
5.85% 3/15/17 |
|
2,800,000 |
3,068,965 |
|
Hospitality Properties Trust: |
|
|
|
|
5% 8/15/22 |
|
3,177,000 |
3,347,938 |
|
5.625% 3/15/17 |
|
915,000 |
991,922 |
|
HRPT Properties Trust: |
|
|
|
|
5.75% 11/1/15 |
|
4,826,000 |
4,923,731 |
|
6.25% 8/15/16 |
|
9,675,000 |
10,196,260 |
|
6.25% 6/15/17 |
|
1,055,000 |
1,145,111 |
|
6.65% 1/15/18 |
|
4,246,000 |
4,680,680 |
|
iStar Financial, Inc.: |
|
|
|
|
3.875% 7/1/16 |
|
2,855,000 |
2,890,688 |
|
4% 11/1/17 |
|
15,000,000 |
14,857,500 |
|
5% 7/1/19 |
|
15,000,000 |
14,925,000 |
|
5.85% 3/15/17 |
|
3,587,000 |
3,712,545 |
|
5.875% 3/15/16 |
|
27,070,000 |
28,288,150 |
|
6.05% 4/15/15 |
|
14,630,000 |
14,849,450 |
|
7.125% 2/15/18 |
|
5,725,000 |
6,125,750 |
|
9% 6/1/17 |
|
9,175,000 |
10,298,938 |
|
MPT Operating Partnership LP/MPT Finance Corp.: |
|
|
|
|
6.375% 2/15/22 |
|
3,610,000 |
3,835,625 |
|
6.875% 5/1/21 |
|
2,000,000 |
2,140,000 |
|
National Retail Properties, Inc. 3.3% 4/15/23 |
|
2,000,000 |
1,950,162 |
|
Nationwide Health Properties, Inc. 6% 5/20/15 |
|
5,670,000 |
5,831,810 |
|
Corporate Bonds - continued |
||||
|
Principal Amount (e) |
Value |
||
Nonconvertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Investment Trusts - continued |
||||
Omega Healthcare Investors, Inc.: |
|
|
|
|
4.95% 4/1/24 |
|
$ 2,898,000 |
$ 2,983,607 |
|
6.75% 10/15/22 |
|
2,115,000 |
2,257,763 |
|
7.5% 2/15/20 |
|
1,000,000 |
1,050,000 |
|
Potlatch Corp. 7.5% 11/1/19 |
|
1,000,000 |
1,135,000 |
|
Prologis LP 7.625% 7/1/17 |
|
4,690,000 |
5,276,705 |
|
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20 |
|
2,000,000 |
2,404,656 |
|
Senior Housing Properties Trust: |
|
|
|
|
3.25% 5/1/19 |
|
2,882,000 |
2,904,990 |
|
4.3% 1/15/16 |
|
5,000,000 |
5,129,800 |
|
4.75% 5/1/24 |
|
3,988,000 |
4,053,563 |
|
6.75% 4/15/20 |
|
13,624,000 |
15,557,464 |
|
6.75% 12/15/21 |
|
8,000,000 |
9,153,984 |
|
United Dominion Realty Trust, Inc.: |
|
|
|
|
5.25% 1/15/15 |
|
1,000,000 |
1,008,931 |
|
5.25% 1/15/16 |
|
4,000,000 |
4,198,284 |
|
|
309,822,607 |
|||
Real Estate Management & Development - 3.0% |
||||
BioMed Realty LP 3.85% 4/15/16 |
|
2,000,000 |
2,079,440 |
|
CBRE Group, Inc. 5% 3/15/23 |
|
6,020,000 |
6,140,400 |
|
Corporate Office Properties LP 3.6% 5/15/23 |
|
5,000,000 |
4,812,735 |
|
Excel Trust LP 4.625% 5/15/24 |
|
2,403,000 |
2,470,582 |
|
Forestar U.S.A. Real Estate Group 8.5% 6/1/22 (h) |
|
14,565,000 |
14,892,713 |
|
Host Hotels & Resorts LP 5.25% 3/15/22 |
|
2,000,000 |
2,184,446 |
|
Howard Hughes Corp. 6.875% 10/1/21 (h) |
|
9,715,000 |
10,273,613 |
|
Hunt Companies, Inc. 9.625% 3/1/21 (h) |
|
4,100,000 |
4,243,500 |
|
Kennedy-Wilson, Inc.: |
|
|
|
|
5.875% 4/1/24 |
|
2,610,000 |
2,659,329 |
|
8.75% 4/1/19 |
|
20,410,000 |
21,685,625 |
|
Mid-America Apartments LP: |
|
|
|
|
3.75% 6/15/24 |
|
1,663,000 |
1,659,584 |
|
6.05% 9/1/16 |
|
2,500,000 |
2,712,580 |
|
Realogy Corp. 7.875% 2/15/19 (h) |
|
7,085,000 |
7,448,106 |
|
Realogy Group LLC/Realogy Co.-Issuer Corp. 4.5% 4/15/19 (h) |
|
4,805,000 |
4,817,013 |
|
Regency Centers LP: |
|
|
|
|
5.25% 8/1/15 |
|
4,509,000 |
4,651,917 |
|
Corporate Bonds - continued |
||||
|
Principal Amount (e) |
Value |
||
Nonconvertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Management & Development - continued |
||||
Regency Centers LP: - continued |
|
|
|
|
5.875% 6/15/17 |
|
$ 400,000 |
$ 442,430 |
|
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: |
|
|
|
|
5.25% 4/15/21 (h) |
|
2,000,000 |
2,014,260 |
|
5.625% 3/1/24 (h) |
|
2,270,000 |
2,247,300 |
|
Ventas Realty LP 1.55% 9/26/16 |
|
7,000,000 |
7,055,356 |
|
Ventas Realty LP/Ventas Capital Corp.: |
|
|
|
|
2.7% 4/1/20 |
|
3,000,000 |
2,976,282 |
|
3.125% 11/30/15 |
|
13,807,000 |
14,153,928 |
|
4% 4/30/19 |
|
2,262,000 |
2,415,610 |
|
Wells Operating Partnership II LP 5.875% 4/1/18 |
|
3,000,000 |
3,159,591 |
|
Weyerhaeuser Real Estate Co. 5.875% 6/15/24 (h) |
|
1,890,000 |
1,927,800 |
|
|
129,124,140 |
|||
Thrifts & Mortgage Finance - 0.3% |
||||
Cantor Commercial Real Estate Co. LP/CCRE Finance Corp. 7.75% 2/15/18 (h) |
|
4,755,000 |
5,040,300 |
|
Ocwen Financial Corp. 6.625% 5/15/19 (h) |
|
7,605,000 |
7,148,700 |
|
Wrightwood Capital LLC 1.9% 4/20/20 (d) |
|
83,101 |
477,002 |
|
|
12,666,002 |
|||
TOTAL FINANCIALS |
461,693,949 |
|||
HEALTH CARE - 0.6% |
||||
Health Care Equipment & Supplies - 0.3% |
||||
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp.: |
|
|
|
|
6% 10/15/21 |
|
1,370,000 |
1,411,100 |
|
7.75% 2/15/19 |
|
10,410,000 |
10,930,500 |
|
|
12,341,600 |
|||
Health Care Providers & Services - 0.3% |
||||
Sabra Health Care LP/Sabra Capital Corp.: |
|
|
|
|
5.375% 6/1/23 |
|
2,795,000 |
2,836,925 |
|
5.5% 2/1/21 |
|
12,305,000 |
12,766,438 |
|
|
15,603,363 |
|||
TOTAL HEALTH CARE |
27,944,963 |
|||
Corporate Bonds - continued |
||||
|
Principal Amount (e) |
Value |
||
Nonconvertible Bonds - continued |
||||
INDUSTRIALS - 0.1% |
||||
Industrial Conglomerates - 0.1% |
||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 7.375% 10/1/17 |
|
$ 3,050,000 |
$ 3,225,375 |
|
INFORMATION TECHNOLOGY - 0.1% |
||||
Internet Software & Services - 0.1% |
||||
CyrusOne LP/CyrusOne Finance Corp. 6.375% 11/15/22 |
|
3,000,000 |
3,157,500 |
|
TOTAL NONCONVERTIBLE BONDS |
718,436,435 |
|||
TOTAL CORPORATE BONDS (Cost $843,328,295) |
|
|||
Asset-Backed Securities - 1.6% |
||||
|
||||
American Homes 4 Rent Series 2014-SFR2 Class E, 6.507% 10/17/36 (h) |
|
3,000,000 |
3,013,075 |
|
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.657% 3/20/50 (h)(i) |
|
2,250,000 |
225 |
|
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (h) |
|
910,893 |
863,253 |
|
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33 (i) |
|
500,000 |
429,136 |
|
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A Class D, 9% 12/28/35 (h) |
|
540,898 |
483,888 |
|
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 |
|
7,466,604 |
7,292,124 |
|
Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.6031% 11/28/39 (h)(i) |
|
615,240 |
62 |
|
Green Tree Financial Corp.: |
|
|
|
|
Series 1996-4 Class M1, 7.75% 6/15/27 |
|
1,788,179 |
1,776,207 |
|
Series 1997-3 Class M1, 7.53% 3/15/28 |
|
6,941,013 |
6,002,697 |
|
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 3.902% 6/25/35 (i)(k) |
|
22,992 |
42 |
|
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A Class E, 2.152% 8/26/30 (h)(i) |
|
706,355 |
671,037 |
|
HLSS Servicer Advance Receivables Backed Notes Series 2013-T2 Class D2, 2.388% 5/16/44 (h) |
|
3,000,000 |
2,999,400 |
|
Invitation Homes Trust Series 2014-SFR1 Class E, 3.4036% 6/17/31 (h)(i) |
|
10,000,000 |
9,517,271 |
|
Asset-Backed Securities - continued |
||||
|
Principal Amount (e) |
Value |
||
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 |
|
$ 1,002,120 |
$ 489,675 |
|
Merit Securities Corp. Series 13 Class M1, 7.8537% 12/28/33 (i) |
|
1,923,000 |
2,039,395 |
|
Mesa West Capital CDO Ltd. Series 2007-1A Class A2, 0.442% 2/25/47 (h)(i) |
|
12,241,151 |
11,798,022 |
|
N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (h) |
|
899,989 |
917,989 |
|
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 2.8881% 2/5/36 (h)(i) |
|
3,830,814 |
383 |
|
Wachovia Ltd./Wachovia LLC: |
|
|
|
|
Series 2006-1 Class 1ML, 5.7341% 9/25/26 (h)(i) |
|
2,000,000 |
1,437,400 |
|
Series 2006-1A: |
|
|
|
|
Class D, 0.8641% 9/25/26 (h)(i) |
|
1,468,168 |
1,414,580 |
|
Class E, 0.9641% 9/25/26 (h)(i) |
|
2,780,000 |
2,654,066 |
|
Class F, 1.3841% 9/25/26 (h)(i) |
|
3,483,000 |
3,269,492 |
|
Class G, 1.5841% 9/25/26 (h)(i) |
|
1,599,000 |
1,487,070 |
|
Class H, 1.8841% 9/25/26 (h)(i) |
|
1,535,000 |
1,424,941 |
|
Class J, 2.9841% 9/25/26 (h)(i) |
|
1,500,000 |
1,381,500 |
|
Class K, 3.4841% 9/25/26 (h)(i) |
|
2,475,000 |
2,267,843 |
|
Class L, 4.2341% 9/25/26 (h)(i) |
|
1,500,000 |
1,371,000 |
|
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A: |
|
|
|
|
Class A1, 0.5544% 11/21/40 (h)(i) |
|
5,353,513 |
5,246,442 |
|
Class F, 2.1844% 11/21/40 (h)(i) |
|
250,000 |
175,675 |
|
TOTAL ASSET-BACKED SECURITIES (Cost $75,511,458) |
|
|||
Collateralized Mortgage Obligations - 0.2% |
||||
|
||||
Private Sponsor - 0.2% |
||||
Countrywide Home Loans, Inc.: |
|
|
|
|
Series 2002-38 Class B3, 5% 2/25/18 (h) |
|
41,113 |
62 |
|
Series 2002-R2 Class 2B3, 3.6583% 7/25/33 (h)(i) |
|
180,026 |
45,396 |
|
Series 2003-R3 Class B2, 5.5% 11/25/33 (h) |
|
1,033,454 |
125,850 |
|
Series 2004-R1 Class 1B3, 3.7503% 11/25/34 (h)(i) |
|
18,494 |
526 |
|
FREMF Mortgage Trust: |
|
|
|
|
Series 2010-K6 Class B, 5.5324% 12/25/46 (h)(i) |
|
4,500,000 |
4,995,896 |
|
Series 2010-K7 Class B, 5.618% 4/25/20 (h)(i) |
|
3,200,000 |
3,574,608 |
|
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (h) |
|
1,261,052 |
1,313,277 |
|
RESI Finance LP/RESI Finance DE Corp. floater Series 2003-B Class B9, 12.1018% 6/10/35 (h)(i) |
|
144,785 |
153,798 |
|
Collateralized Mortgage Obligations - continued |
||||
|
Principal Amount (e) |
Value |
||
Private Sponsor - continued |
||||
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (h) |
|
$ 13,809 |
$ 12,454 |
|
RESIX Finance Ltd. floater: |
|
|
|
|
Series 2003-D Class B8, 6.6518% 12/10/35 (h)(i) |
|
159,963 |
38,489 |
|
Series 2004-A Class B7, 4.4018% 2/10/36 (h)(i) |
|
166,692 |
47,497 |
|
Series 2004-B Class B7, 4.1518% 2/10/36 (h)(i) |
|
210,607 |
59,431 |
|
TOTAL PRIVATE SPONSOR |
10,367,284 |
|||
U.S. Government Agency - 0.0% |
||||
Fannie Mae REMIC Trust: |
|
|
|
|
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (k) |
|
108,320 |
33,038 |
|
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.1352% 2/25/42 (h)(i) |
|
81,923 |
45,867 |
|
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 4.5016% 12/25/42 (i)(k) |
|
174,583 |
35,680 |
|
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.0666% 6/25/43 (h)(i) |
|
119,790 |
49,996 |
|
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 3.0206% 10/25/42 (h)(i) |
|
48,826 |
22,918 |
|
TOTAL U.S. GOVERNMENT AGENCY |
187,499 |
|||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $10,426,056) |
|
|||
Commercial Mortgage Securities - 13.2% |
||||
|
||||
ACGS Series 2004-1 Class P, 7.4605% 8/1/19 (k) |
|
1,224,298 |
1,214,685 |
|
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (h) |
|
2,000,000 |
2,292,506 |
|
Banc of America Commercial Mortgage Trust: |
|
|
|
|
Series 2005-1 Class CJ, 5.4656% 11/10/42 (i) |
|
3,580,000 |
3,615,793 |
|
Series 2005-5 Class D, 5.388% 10/10/45 (i) |
|
4,000,000 |
4,036,988 |
|
Series 2005-6 Class AJ, 5.3491% 9/10/47 (i) |
|
5,000,000 |
5,198,290 |
|
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.1533% 3/15/22 (h)(i) |
|
760,684 |
761,445 |
|
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.5999% 3/11/39 (i) |
|
5,700,000 |
5,898,052 |
|
Bear Stearns Commercial Mortgage Securities Trust Series 2006-T22 Class B, 5.7569% 4/12/38 (h)(i) |
|
2,520,000 |
2,680,128 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal Amount (e) |
Value |
||
BLCP Hotel Trust: |
|
|
|
|
floater Series 2014-CLRN Class F, 3.1869% 8/15/29 (h)(i) |
|
$ 2,500,000 |
$ 2,360,088 |
|
Series 2014-CLMZ Class M, 5.8808% 8/15/29 (h)(i) |
|
11,673,000 |
11,615,400 |
|
Boca Hotel Portfolio Trust Series 2013-BOCA Class E, 3.9033% 8/15/26 (h)(i) |
|
2,500,000 |
2,503,120 |
|
CGBAM Commercial Mortgage Trust floater Series 2014-HD Class E, 3.1536% 2/15/31 (h)(i) |
|
5,769,000 |
5,740,288 |
|
Citigroup Commercial Mortgage Trust Series 2013-GC15 Class D, 5.2767% 9/10/46 (h)(i) |
|
2,750,000 |
2,705,043 |
|
COMM Mortgage Trust: |
|
|
|
|
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (h) |
|
7,300,000 |
5,752,853 |
|
Series 2012-CR5 Class D, 4.4799% 12/10/45 (h)(i) |
|
2,000,000 |
2,012,674 |
|
Series 2013-CR10 Class D, 4.958% 8/10/46 (h)(i) |
|
2,000,000 |
1,930,489 |
|
Series 2013-CR12 Class D, 5.2551% 10/10/46 (h)(i) |
|
4,000,000 |
3,896,832 |
|
Series 2013-CR9 Class D, 4.4017% 7/10/45 (h)(i) |
|
4,255,000 |
3,969,200 |
|
Series 2013-LC6 Class D, 4.4314% 1/10/46 (h)(i) |
|
3,870,000 |
3,667,375 |
|
Series 2014-UBS2 Class D, 5.183% 3/10/47 (h)(i) |
|
3,713,000 |
3,532,897 |
|
Commercial Mortgage Acceptance Corp. Series 1998-C2 Class J, 5.44% 9/15/30 (h) |
|
2,145,528 |
2,056,349 |
|
Commercial Mortgage Trust pass-thru certificates: |
|
|
|
|
Series 2005-C6 Class AJ, 5.209% 6/10/44 (i) |
|
5,000,000 |
5,129,230 |
|
Series 2012-CR1: |
|
|
|
|
Class C, 5.5381% 5/15/45 (i) |
|
1,000,000 |
1,099,306 |
|
Class D, 5.5381% 5/15/45 (h)(i) |
|
5,550,000 |
5,772,971 |
|
Series 2012-CR2: |
|
|
|
|
Class D, 5.0195% 8/15/45 (h)(i) |
|
4,500,000 |
4,707,662 |
|
Class E, 5.0195% 8/15/45 (h)(i) |
|
6,000,000 |
6,059,910 |
|
Series 2012-LC4: |
|
|
|
|
Class C, 5.8225% 12/10/44 (i) |
|
2,000,000 |
2,231,746 |
|
Class D, 5.8225% 12/10/44 (h)(i) |
|
8,000,000 |
8,465,040 |
|
Credit Suisse First Boston Mortgage Securities Corp.: |
|
|
|
|
Series 1998-C1 Class F, 6% 5/17/40 (h) |
|
1,445,588 |
1,568,573 |
|
Series 1998-C2 Class F, 6.75% 11/15/30 (h) |
|
2,014,029 |
2,089,519 |
|
DBUBS Mortgage Trust Series 2011-LC1A: |
|
|
|
|
Class E, 5.7303% 11/10/46 (h)(i) |
|
12,490,000 |
13,492,972 |
|
Class G, 4.652% 11/10/46 (h) |
|
9,843,000 |
8,484,863 |
|
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31 |
|
23,437 |
23,413 |
|
Extended Stay America Trust Series 2013-ESH7 Class C7, 3.9017% 12/5/31 (h) |
|
500,000 |
503,373 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal Amount (e) |
Value |
||
Freddie Mac: |
|
|
|
|
pass-thru certificates: |
|
|
|
|
Series K011 Class X3, 2.6622% 12/25/43 (i)(j) |
|
$ 12,206,096 |
$ 1,666,803 |
|
Series K012 Class X3, 2.366% 1/25/41 (i)(j) |
|
21,072,886 |
2,578,731 |
|
Series K013 Class X3, 2.8852% 1/25/43 (i)(j) |
|
14,360,000 |
2,164,741 |
|
Series KAIV Class X2, 3.6147% 6/25/46 (i)(j) |
|
7,430,000 |
1,410,849 |
|
GMAC Commercial Mortgage Securities, Inc.: |
|
|
|
|
Series 1997-C2 Class G, 6.75% 4/15/29 (i) |
|
675,651 |
729,143 |
|
Series 2000-C1 Class K, 7% 3/15/33 |
|
8,141 |
8,180 |
|
GP Portfolio Trust Series 2014-GPP Class E, 4.0033% 2/15/27 (h)(i) |
|
2,823,000 |
2,825,488 |
|
Greenwich Capital Commercial Funding Corp. Series 2006-GG7 Class A4, 6.0135% 7/10/38 (i) |
|
7,922,145 |
8,388,513 |
|
GS Mortgage Securities Corp. II Series 2010-C1: |
|
|
|
|
Class D, 6.1664% 8/10/43 (h)(i) |
|
4,000,000 |
4,387,396 |
|
Class E, 4% 8/10/43 (h) |
|
3,770,000 |
3,334,456 |
|
GS Mortgage Securities Trust: |
|
|
|
|
Series 2010-C2 Class D, 5.3972% 12/10/43 (h)(i) |
|
3,000,000 |
3,143,328 |
|
Series 2011-GC5: |
|
|
|
|
Class C, 5.4737% 8/10/44 (h)(i) |
|
9,000,000 |
9,971,487 |
|
Class D, 5.4737% 8/10/44 (h)(i) |
|
4,000,000 |
4,212,576 |
|
Class E, 5.4737% 8/10/44 (h)(i) |
|
4,049,000 |
3,779,515 |
|
Class F, 4.5% 8/10/44 (h) |
|
2,500,000 |
2,006,250 |
|
Series 2012-GC6: |
|
|
|
|
Class C, 5.8259% 1/10/45 (h)(i) |
|
3,600,000 |
4,030,807 |
|
Class D, 5.8259% 1/10/45 (h)(i) |
|
2,000,000 |
2,097,437 |
|
Series 2012-GCJ7: |
|
|
|
|
Class C, 5.9068% 5/10/45 (i) |
|
6,500,000 |
7,273,553 |
|
Class D, 5.9068% 5/10/45 (h)(i) |
|
3,000,000 |
3,135,178 |
|
Class E, 5% 5/10/45 (h) |
|
6,920,000 |
6,346,234 |
|
Series 2012-GCJ9 Class D, 4.858% 11/10/45 (h)(i) |
|
2,000,000 |
1,962,424 |
|
Series 2013-GC16: |
|
|
|
|
Class D, 5.323% 11/10/46 (h)(i) |
|
3,250,000 |
3,226,360 |
|
Class F, 3.5% 11/10/46 (h) |
|
4,045,000 |
3,012,373 |
|
Hilton U.S.A. Trust: |
|
|
|
|
floater Series 2014-ORL Class E, 3.4033% 7/15/29 (h)(i) |
|
7,241,000 |
7,222,803 |
|
Series 2013-HLT Class EFX, 5.6086% 11/5/30 (h)(i) |
|
5,000,000 |
5,105,493 |
|
Invitation Homes Trust floater Series 2013-SFR1: |
|
|
|
|
Class E, 2.9% 12/17/30 (h)(i) |
|
1,500,000 |
1,404,299 |
|
Class F, 3.9% 12/17/30 (h)(i) |
|
1,750,000 |
1,666,837 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal Amount (e) |
Value |
||
JPMorgan Chase Commercial Mortgage Securities Corp.: |
|
|
|
|
Series 2003-C1 Class F, 6.156% 1/12/37 (h)(i) |
|
$ 1,000,000 |
$ 1,003,109 |
|
Series 2009-IWST: |
|
|
|
|
Class C, 7.6935% 12/5/27 (h)(i) |
|
3,000,000 |
3,663,861 |
|
Class D, 7.6935% 12/5/27 (h)(i) |
|
9,550,000 |
11,525,179 |
|
Series 2010-CNTM Class MZ, 8.5% 8/5/20 (h) |
|
9,000,000 |
9,461,539 |
|
Series 2010-CNTR: |
|
|
|
|
Class D, 6.3899% 8/5/32 (h)(i) |
|
4,500,000 |
5,142,861 |
|
Class XB, 1.1366% 8/5/32 (h)(i)(j) |
|
32,655,000 |
1,301,165 |
|
Series 2012-CBX: |
|
|
|
|
Class C, 5.4155% 6/15/45 (i) |
|
4,530,000 |
4,933,572 |
|
Class F, 4% 6/15/45 (h) |
|
5,000,000 |
4,309,005 |
|
Class G, 4% 6/15/45 (h) |
|
4,044,000 |
3,036,774 |
|
JPMorgan Chase Commercial Mortgage Securities Trust: |
|
|
|
|
floater: |
|
|
|
|
Series 2013-JWMZ Class M, 6.1533% 4/15/18 (h)(i) |
|
2,137,531 |
2,150,406 |
|
Series 2013-JWRZ Class E, 3.8933% 4/15/30 (h)(i) |
|
3,400,000 |
3,409,430 |
|
Series 2014-FBLU Class E, 3.654% 12/15/28 (h)(i) |
|
2,000,000 |
1,996,301 |
|
Series 2014-INN: |
|
|
|
|
Class E, 3.753% 6/15/29 (h)(i) |
|
8,622,000 |
8,562,862 |
|
Class F, 4.153% 6/15/29 (h)(i) |
|
9,618,000 |
9,546,019 |
|
Series 2005-LDP5 Class AJ, 5.5255% 12/15/44 (i) |
|
3,470,000 |
3,589,735 |
|
Series 2011-C4 Class F, 3.873% 7/15/46 (h) |
|
1,400,000 |
1,257,143 |
|
Series 2011-C5 Class C, 5.5003% 8/15/46 (h)(i) |
|
6,525,375 |
7,224,876 |
|
Series 2013-LC11 Class D, 4.3824% 4/15/46 (i) |
|
3,750,000 |
3,554,752 |
|
JPMorgan Commercial Mortgage Finance Corp. Series 1999-C8 Class H, 6% 7/15/31 (h) |
|
1,334,183 |
1,231,663 |
|
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (h) |
|
22,079 |
22,071 |
|
LB-UBS Commercial Mortgage Trust: |
|
|
|
|
sequential payer: |
|
|
|
|
Series 2005-C3 Class AJ, 4.843% 7/15/40 |
|
6,620,000 |
6,709,423 |
|
Series 2005-C7 Class AJ, 5.323% 11/15/40 (i) |
|
8,000,000 |
8,253,720 |
|
Series 2006-C7 Class AM, 5.378% 11/15/38 |
|
2,040,000 |
2,182,676 |
|
Series 2004-C7 Class E, 4.918% 10/15/36 |
|
2,248,217 |
2,250,639 |
|
Series 2005-C1 Class E, 4.924% 2/15/40 |
|
4,000,000 |
4,014,088 |
|
Series 2006-C4: |
|
|
|
|
Class A4, 6.0292% 6/15/38 (i) |
|
4,820,620 |
5,109,935 |
|
Class AJ, 6.0492% 6/15/38 (i) |
|
7,005,000 |
7,345,898 |
|
Class AM, 6.0492% 6/15/38 (i) |
|
6,700,000 |
7,166,789 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal Amount (e) |
Value |
||
LSTAR Commercial Mortgage Trust: |
|
|
|
|
Series 2011-1 Class D, 5.3378% 6/25/43 (h)(i) |
|
$ 4,699,000 |
$ 4,769,190 |
|
Series 2014-2: |
|
|
|
|
Class D, 5.2994% 1/20/41 (h)(i) |
|
3,000,000 |
2,764,623 |
|
Class E, 5.2994% 1/20/41 (h)(i) |
|
4,800,000 |
3,826,003 |
|
Mach One Trust LLC Series 2004-1A Class H, 6.2941% 5/28/40 (h)(i) |
|
2,840,000 |
2,911,000 |
|
Merrill Lynch Financial Asset, Inc. Series 2005-CA16: |
|
|
|
|
Class F, 4.384% 7/12/37 |
CAD |
710,000 |
619,075 |
|
Class G, 4.384% 7/12/37 |
CAD |
355,000 |
307,520 |
|
Class H, 4.384% 7/12/37 |
CAD |
236,000 |
203,110 |
|
Class J, 4.384% 7/12/37 |
CAD |
355,000 |
303,554 |
|
Class K, 4.384% 7/12/37 |
CAD |
355,000 |
301,604 |
|
Class L, 4.384% 7/12/37 |
CAD |
236,000 |
199,221 |
|
Class M, 4.384% 7/12/37 |
CAD |
995,000 |
808,062 |
|
Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (h) |
|
401,475 |
284,445 |
|
Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.8623% 5/12/39 (i) |
|
1,200,000 |
1,267,486 |
|
Mezz Capital Commercial Mortgage Trust: |
|
|
|
|
sequential payer: |
|
|
|
|
Series 2004-C1 Class A, 4.836% 1/15/37 (h) |
|
11,995 |
11,965 |
|
Series 2004-C2 Class A, 5.318% 10/15/40 (h) |
|
1,048,615 |
1,046,203 |
|
Series 2004-C1 Class IO, 8.9132% 1/15/37 (h)(i)(j) |
|
391,764 |
11,675 |
|
Morgan Stanley BAML Trust: |
|
|
|
|
Series 2012-C6 Class D, 4.8176% 11/15/45 (h)(i) |
|
2,000,000 |
2,039,078 |
|
Series 2013-C12 Class D, 4.9282% 10/15/46 (h)(i) |
|
3,250,000 |
3,145,197 |
|
Series 2013-C13 Class D, 5.0589% 11/15/46 (h)(i) |
|
3,100,000 |
3,025,036 |
|
Series 2013-C7 Class E, 4.4418% 2/15/46 (h)(i) |
|
1,000,000 |
858,529 |
|
Series 2013-C9 Class D, 4.2979% 5/15/46 (h)(i) |
|
5,000,000 |
4,656,030 |
|
Morgan Stanley Capital I Trust: |
|
|
|
|
sequential payer: |
|
|
|
|
Series 2006-HQ10 Class AM, 5.36% 11/12/41 |
|
8,200,000 |
8,777,485 |
|
Series 2012-C4 Class E, 5.7093% 3/15/45 (h)(i) |
|
5,630,000 |
5,798,157 |
|
Series 1997-RR Class F, 7.432% 4/30/39 (h)(i) |
|
854,901 |
857,038 |
|
Series 1998-CF1 Class G, 7.35% 7/15/32 (h) |
|
2,639,941 |
2,566,086 |
|
Series 2005-HQ5 Class B, 5.272% 1/14/42 |
|
2,000,000 |
2,015,268 |
|
Series 2005-HQ6 Class AJ, 5.073% 8/13/42 (i) |
|
2,500,000 |
2,553,228 |
|
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43 |
|
7,500,000 |
7,982,108 |
|
Series 2011-C1 Class C, 5.4185% 9/15/47 (h)(i) |
|
4,000,000 |
4,435,257 |
|
Series 2011-C2: |
|
|
|
|
Class D, 5.4813% 6/15/44 (h)(i) |
|
4,610,000 |
4,970,885 |
|
Class E, 5.4813% 6/15/44 (h)(i) |
|
9,600,000 |
10,070,611 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal Amount (e) |
Value |
||
Morgan Stanley Capital I Trust: - continued |
|
|
|
|
Series 2011-C2: - continued |
|
|
|
|
Class F, 5.4813% 6/15/44 (h)(i) |
|
$ 4,440,000 |
$ 4,165,422 |
|
Class XB, 0.5338% 6/15/44 (h)(i)(j) |
|
63,708,222 |
1,807,147 |
|
Series 2011-C3: |
|
|
|
|
Class C, 5.3556% 7/15/49 (h)(i) |
|
2,000,000 |
2,167,322 |
|
Class D, 5.3556% 7/15/49 (h)(i) |
|
7,400,000 |
7,808,347 |
|
Series 2012-C4 Class D, 5.7093% 3/15/45 (h)(i) |
|
6,310,000 |
6,817,179 |
|
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (h) |
|
4,240,047 |
5,389,524 |
|
RBSCF Trust Series 2010-MB1 Class D, 5.0079% 4/15/24 (h)(i) |
|
9,049,000 |
9,130,740 |
|
SCG Trust Series 2013-SRP1 Class D, 3.4973% 11/15/26 (h)(i) |
|
1,000,000 |
975,195 |
|
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.5728% 8/15/39 (i) |
|
2,080,000 |
2,154,044 |
|
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (h) |
|
10,630,000 |
11,158,439 |
|
UBS Commercial Mortgage Trust Series 2012-C1 Class D, 5.7193% 5/10/45 (h)(i) |
|
3,235,000 |
3,360,317 |
|
UBS-Barclays Commercial Mortgage Trust sequential payer Series 2012-C3 Class A1, 0.726% 8/10/49 |
|
2,448,191 |
2,429,384 |
|
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 6.0705% 1/10/45 (h)(i) |
|
3,000,000 |
3,483,993 |
|
Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/28 (h) |
|
2,540,000 |
2,935,059 |
|
Wachovia Bank Commercial Mortgage Trust: |
|
|
|
|
Series 2004-C11: |
|
|
|
|
Class D, 5.312% 1/15/41 (i) |
|
5,177,000 |
5,292,553 |
|
Class E, 5.362% 1/15/41 (i) |
|
3,785,000 |
3,881,743 |
|
Series 2004-C12 Class D, 5.6119% 7/15/41 (i) |
|
1,233,524 |
1,235,698 |
|
Wells Fargo Commercial Mortgage Trust Series 2012-LC5 Class D, 4.9373% 10/15/45 (h)(i) |
|
9,999,000 |
9,978,262 |
|
WF-RBS Commercial Mortgage Trust: |
|
|
|
|
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (h) |
|
4,000,000 |
3,221,600 |
|
Series 2011-C3: |
|
|
|
|
Class C, 5.335% 3/15/44 (h) |
|
4,900,000 |
5,349,149 |
|
Class D, 5.7228% 3/15/44 (h)(i) |
|
1,000,000 |
1,058,278 |
|
Class E, 5% 3/15/44 (h) |
|
3,000,000 |
2,765,736 |
|
Series 2011-C5: |
|
|
|
|
Class F, 5.25% 11/15/44 (h)(i) |
|
3,000,000 |
2,753,349 |
|
Class G, 5.25% 11/15/44 (h)(i) |
|
2,000,000 |
1,711,800 |
|
Series 2012-C10 Class E, 4.6072% 12/15/45 (h)(i) |
|
4,090,000 |
3,485,069 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal Amount (e) |
Value |
||
WF-RBS Commercial Mortgage Trust: - continued |
|
|
|
|
Series 2012-C7: |
|
|
|
|
Class D, 5.0013% 6/15/45 (h)(i) |
|
$ 2,380,000 |
$ 2,485,967 |
|
Class F, 4.5% 6/15/45 (h) |
|
2,000,000 |
1,721,968 |
|
Series 2013-C11: |
|
|
|
|
Class D, 4.3219% 3/15/45 (h)(i) |
|
5,830,000 |
5,540,622 |
|
Class E, 4.3219% 3/15/45 (h)(i) |
|
4,780,000 |
3,993,982 |
|
Series 2013-C13 Class D, 4.2791% 5/15/45 (h)(i) |
|
4,000,000 |
3,738,528 |
|
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $521,549,004) |
|
|||
Bank Loan Obligations - 8.4% |
||||
|
||||
CONSUMER DISCRETIONARY - 2.9% |
||||
Hotels, Restaurants & Leisure - 2.3% |
||||
BRE Select Hotels Corp. 5.894% 5/9/18 (i) |
|
12,060,199 |
12,060,199 |
|
Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (i) |
|
13,338,901 |
12,705,303 |
|
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (i) |
|
9,266,773 |
8,733,934 |
|
CityCenter Holdings LLC Tranche B, term loan 4.25% 10/16/20 (i) |
|
4,067,130 |
4,036,627 |
|
Cooper Hotel Group 12% 11/6/17 |
|
13,260,894 |
13,923,939 |
|
Four Seasons Holdings, Inc. Tranche 2LN, term loan 6.25% 12/27/20 (i) |
|
510,000 |
511,275 |
|
Hilton Worldwide Finance, LLC Tranche B, term loan 3.5% 10/25/20 (i) |
|
27,741,458 |
27,450,173 |
|
La Quinta Intermediate Holdings LLC Tranche B LN, Tranche B, term loan 4% 4/14/21 (i) |
|
10,191,485 |
10,115,049 |
|
Playa Resorts Holding BV Tranche B, term loan 4% 8/9/19 (i) |
|
8,176,764 |
8,054,112 |
|
Ryman Hospitality Properties, Inc. Tranche B, term loan 3.75% 1/15/21 (i) |
|
2,284,275 |
2,264,288 |
|
|
99,854,899 |
|||
Media - 0.2% |
||||
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. Tranche B, term loan 3% 1/31/21 (i) |
|
8,295,000 |
8,118,731 |
|
Multiline Retail - 0.3% |
||||
JC Penney Corp., Inc. Tranche B, term loan 6% 5/22/18 (i) |
|
11,892,997 |
11,759,201 |
|
Bank Loan Obligations - continued |
||||
|
Principal Amount (e) |
Value |
||
CONSUMER DISCRETIONARY - continued |
||||
Specialty Retail - 0.1% |
||||
The Pep Boys - Manny, Moe & Jack Tranche B, term loan 4.25% 10/11/18 (i) |
|
$ 6,261,288 |
$ 6,214,328 |
|
TOTAL CONSUMER DISCRETIONARY |
125,947,159 |
|||
CONSUMER STAPLES - 0.3% |
||||
Food & Staples Retailing - 0.3% |
||||
Albertson's LLC: |
|
|
|
|
Tranche B 2LN, term loan 4.75% 3/21/19 (i) |
|
5,123,347 |
5,123,347 |
|
Tranche B 3LN, term loan 4% 8/25/19 (i) |
|
8,485,000 |
8,442,575 |
|
|
13,565,922 |
|||
ENERGY - 0.5% |
||||
Oil, Gas & Consumable Fuels - 0.5% |
||||
Panda Sherman Power, LLC term loan 9% 9/14/18 (i) |
|
7,184,245 |
7,292,009 |
|
Panda Temple Power, LLC term loan 7.25% 4/3/19 (i) |
|
8,580,000 |
8,719,425 |
|
TPF II Power, LLC Tranche B, term loan 5.5% 10/2/21 (i) |
|
4,260,000 |
4,281,300 |
|
|
20,292,734 |
|||
FINANCIALS - 2.2% |
||||
Diversified Financial Services - 0.4% |
||||
Blackstone 9.98% 10/1/17 |
|
17,105,311 |
17,105,311 |
|
Real Estate Investment Trusts - 0.3% |
||||
Starwood Property Trust, Inc. Tranche B, term loan 3.5% 4/17/20 (i) |
|
10,905,807 |
10,687,691 |
|
Real Estate Management & Development - 1.2% |
||||
CBRE Group, Inc. Tranche B, term loan 2.9025% 3/28/21 (i) |
|
4,457,125 |
4,423,697 |
|
CityCenter 8.74% 7/10/15 (i) |
|
3,307,347 |
3,307,347 |
|
Realogy Corp. Credit-Linked Deposit 4.4463% 10/10/16 (i) |
|
423,786 |
414,781 |
|
Realogy Group LLC Tranche B, term loan 3.75% 3/5/20 (i) |
|
44,357,448 |
44,135,661 |
|
|
52,281,486 |
|||
Thrifts & Mortgage Finance - 0.3% |
||||
Ocwen Loan Servicing, LLC Tranche B, term loan 5% 2/15/18 (i) |
|
14,977,487 |
14,266,057 |
|
TOTAL FINANCIALS |
94,340,545 |
|||
Bank Loan Obligations - continued |
||||
|
Principal Amount (e) |
Value |
||
HEALTH CARE - 0.6% |
||||
Health Care Providers & Services - 0.6% |
||||
Community Health Systems, Inc.: |
|
|
|
|
Tranche D, term loan 4.25% 1/27/21 (i) |
|
$ 2,095,330 |
$ 2,095,330 |
|
Tranche E, term loan 3.4846% 1/25/17 (i) |
|
786,143 |
780,247 |
|
ESH Hospitality, Inc. Tranche B, term loan 5% 6/24/19 (i) |
|
14,550,000 |
14,604,563 |
|
Skilled Healthcare Group, Inc. term loan 7% 4/9/16 (i) |
|
7,040,067 |
7,022,467 |
|
|
24,502,607 |
|||
INDUSTRIALS - 0.6% |
||||
Commercial Services & Supplies - 0.3% |
||||
Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (i) |
|
3,980,000 |
3,895,425 |
|
Pilot Travel Centers LLC Tranche B, term loan 4.25% 10/3/21 (i) |
|
10,000,000 |
10,025,000 |
|
|
13,920,425 |
|||
Construction & Engineering - 0.3% |
||||
Drumm Investors LLC Tranche B, term loan 6.75% 5/4/18 (i) |
|
11,460,652 |
11,546,607 |
|
TOTAL INDUSTRIALS |
25,467,032 |
|||
TELECOMMUNICATION SERVICES - 0.5% |
||||
Wireless Telecommunication Services - 0.5% |
||||
Crown Castle Operating Co. Tranche B 2LN, term loan 3% 1/31/21 (i) |
|
9,098,102 |
9,018,494 |
|
SBA Senior Finance II, LLC term loan 3.25% 3/24/21 (i) |
|
13,960,013 |
13,715,712 |
|
|
22,734,206 |
|||
UTILITIES - 0.8% |
||||
Electric Utilities - 0.5% |
||||
Bayonne Energy Center, LLC Tranche B, term loan 4.5% 8/19/21 (i) |
|
1,527,543 |
1,527,543 |
|
Calpine Construction Finance Co. LP Tranche B 2LN, term loan 3.25% 1/31/22 (i) |
|
7,362,026 |
7,150,368 |
|
EquiPower Resources Holdings LLC: |
|
|
|
|
Tranche B 1LN, term loan 4.25% 12/21/18 (i) |
|
4,961,929 |
4,930,917 |
|
Tranche C, term loan 4.25% 12/31/19 (i) |
|
1,145,914 |
1,138,752 |
|
Bank Loan Obligations - continued |
||||
|
Principal Amount (e) |
Value |
||
UTILITIES - continued |
||||
Electric Utilities - continued |
||||
Essential Power LLC Tranche B, term loan 4.75% 8/8/19 (i) |
|
$ 3,388,962 |
$ 3,388,962 |
|
La Frontera Generation, LLC Tranche B, term loan 4.5% 9/30/20 (i) |
|
6,120,327 |
6,074,425 |
|
|
24,210,967 |
|||
Independent Power Producers & Energy Traders - 0.3% |
||||
Calpine Corp. Tranche B 4LN, term loan 4% 10/31/20 (i) |
|
1,985,000 |
1,957,706 |
|
Tempus Public Foundation Generation Holdings LLC Tranche B, term loan 4.75% 12/31/17 (i) |
|
9,904,975 |
9,434,489 |
|
|
11,392,195 |
|||
TOTAL UTILITIES |
35,603,162 |
|||
TOTAL BANK LOAN OBLIGATIONS (Cost $365,432,360) |
|
|||
Preferred Securities - 0.0% |
||||
FINANCIALS - 0.0% |
||||
Diversified Financial Services - 0.0% |
||||
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (h) |
|
1,220,000 |
874,984 |
|
Thrifts & Mortgage Finance - 0.0% |
||||
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (h) |
|
500,000 |
250 |
|
TOTAL PREFERRED SECURITIES (Cost $1,297,768) |
|
Money Market Funds - 7.3% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.11% (b) |
308,542,710 |
$ 308,542,710 |
|
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) |
9,808,700 |
9,808,700 |
|
TOTAL MONEY MARKET FUNDS (Cost $318,351,410) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $4,027,238,154) |
4,332,735,206 |
||
NET OTHER ASSETS (LIABILITIES) - (0.1)% |
(4,937,549) |
||
NET ASSETS - 100% |
$ 4,327,797,657 |
Currency Abbreviations |
||
CAD |
- |
Canadian dollar |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Non-income producing - Security is in default. |
(e) Amount is stated in United States dollars unless otherwise noted. |
(f) Security or a portion of the security is on loan at period end. |
(g) Affiliated company |
(h) 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 $634,426,566 or 14.7% of net assets. |
(i) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(j) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period. |
(k) 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 $8,211,735 or 0.2% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
ACGS Series 2004-1 Class P, 7.4605% 8/1/19 |
2/17/11 |
$ 1,185,566 |
Fannie Mae REMIC Trust Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 |
5/21/03 |
$ 93,866 |
Fannie Mae REMIC Trust Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 4.5016% 12/25/42 |
3/25/03 |
$ 103,804 |
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 3.902% 6/25/35 |
6/3/05 |
$ 20,284 |
Stanley Martin Communities LLC Class B |
8/3/05 - 3/1/07 |
$ 4,244,623 |
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 |
$ 81,834 |
Fidelity Securities Lending Cash Central Fund |
8,878 |
Total |
$ 90,712 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, beginning of period |
Purchases |
Sales Proceeds |
Dividend Income |
Value, |
Acadia Realty Trust (SBI) |
$ 98,809,206 |
$ 3,835,102 |
$ - |
$ 788,913 |
$ 113,285,609 |
Arbor Realty Trust, Inc. |
21,697,653 |
- |
- |
398,967 |
20,654,202 |
Arbor Realty Trust, Inc. 7.375% |
8,162,637 |
2,420,000 |
- |
198,482 |
10,485,232 |
Arbor Realty Trust, Inc. Series A, 8.25% |
4,727,225 |
- |
- |
97,499 |
4,698,862 |
Arbor Realty Trust, Inc. Series B, 7.75% |
5,882,400 |
- |
- |
116,250 |
5,944,800 |
Arbor Realty Trust, Inc. Series C, 8.50% |
2,525,000 |
- |
- |
53,125 |
2,543,000 |
Total |
$ 141,804,121 |
$ 6,255,102 |
$ - |
$ 1,653,236 |
$ 157,611,705 |
Other Information |
The following is a summary of the inputs used, as of October 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Equities: |
||||
Consumer Discretionary |
$ 10,395,093 |
$ 3,466,802 |
$ - |
$ 6,928,291 |
Financials |
2,107,327,026 |
2,078,648,483 |
26,140,269 |
2,538,274 |
Materials |
5,944,216 |
5,944,216 |
- |
- |
Corporate Bonds |
876,913,224 |
5,820,000 |
870,616,221 |
477,003 |
Asset-Backed Securities |
70,423,890 |
- |
69,092,578 |
1,331,312 |
Collateralized Mortgage Obligations |
10,554,783 |
- |
9,896,235 |
658,548 |
Commercial Mortgage Securities |
569,496,963 |
- |
562,974,046 |
6,522,917 |
Bank Loan Obligations |
362,453,367 |
- |
332,650,607 |
29,802,760 |
Preferred Securities |
875,234 |
- |
- |
875,234 |
Money Market Funds |
318,351,410 |
318,351,410 |
- |
- |
Total Investments in Securities: |
$ 4,332,735,206 |
$ 2,412,230,911 |
$ 1,871,369,956 |
$ 49,134,339 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Bank Loan Obligations |
|
Beginning Balance |
$ 47,410,682 |
Net Realized Gain (Loss) on Investment Securities |
(721) |
Net Unrealized Gain (Loss) on Investment Securities |
29,664 |
Cost of Purchases |
- |
Proceeds of Sales |
(58,340) |
Amortization/Accretion |
(31,036) |
Transfers into Level 3 |
- |
Transfers out of Level 3 |
(17,547,489) |
Ending Balance |
$ 29,802,760 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2014 |
$ 29,665 |
Other Investments in Securities |
|
Beginning Balance |
$ 31,191,916 |
Net Realized Gain (Loss) on Investment Securities |
(15,545) |
Net Unrealized Gain (Loss) on Investment Securities |
560,483 |
Cost of Purchases |
73,931 |
Proceeds of Sales |
(1,406,497) |
Amortization/Accretion |
312,216 |
Transfers into Level 3 |
4,647 |
Transfers out of Level 3 |
(11,389,572) |
Ending Balance |
$ 19,331,579 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2014 |
$ 561,876 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. |
Income Tax Information |
At October 31, 2014, the cost of investment securities for income tax purposes was $4,028,447,419. Net unrealized appreciation aggregated $304,287,787, of which $377,943,076 related to appreciated investment securities and $73,655,289 related to depreciated investment 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. 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, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Series
Blue Chip Growth Fund
October 31, 2014
1.967991.100
XS1-QTLY-1214
Showing Percentage of Net Assets
Common Stocks - 99.3% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 21.3% |
|||
Auto Components - 0.2% |
|||
Magna International, Inc. Class A (sub. vtg.) |
137,375 |
$ 13,558,933 |
|
The Goodyear Tire & Rubber Co. |
35,500 |
860,165 |
|
|
14,419,098 |
||
Automobiles - 0.4% |
|||
Ford Motor Co. |
60,000 |
845,400 |
|
General Motors Co. |
27,200 |
854,080 |
|
Tata Motors Ltd. sponsored ADR |
126,500 |
5,958,150 |
|
Tesla Motors, Inc. (a) |
110,737 |
26,765,133 |
|
|
34,422,763 |
||
Diversified Consumer Services - 0.3% |
|||
H&R Block, Inc. |
573,100 |
18,516,861 |
|
Houghton Mifflin Harcourt Co. |
132,800 |
2,657,328 |
|
|
21,174,189 |
||
Hotels, Restaurants & Leisure - 4.4% |
|||
Bloomin' Brands, Inc. (a) |
90,600 |
1,713,246 |
|
Buffalo Wild Wings, Inc. (a) |
111,014 |
16,572,170 |
|
China Lodging Group Ltd. ADR (a) |
107,900 |
2,966,171 |
|
Chipotle Mexican Grill, Inc. (a) |
111,900 |
71,392,200 |
|
Chuy's Holdings, Inc. (a) |
32,200 |
963,102 |
|
Domino's Pizza, Inc. |
55,600 |
4,936,724 |
|
Dunkin' Brands Group, Inc. |
207,100 |
9,418,908 |
|
Extended Stay America, Inc. unit |
106,900 |
2,465,114 |
|
Fiesta Restaurant Group, Inc. (a) |
122,000 |
6,728,300 |
|
Hilton Worldwide Holdings, Inc. |
342,300 |
8,639,652 |
|
Home Inns & Hotels Management, Inc. sponsored ADR (a) |
149,578 |
4,518,751 |
|
Hyatt Hotels Corp. Class A (a) |
425,400 |
25,192,188 |
|
Las Vegas Sands Corp. |
902,700 |
56,202,102 |
|
Melco Crown Entertainment Ltd. sponsored ADR |
270,800 |
7,349,512 |
|
MGM Mirage, Inc. (a) |
243,800 |
5,668,350 |
|
Panera Bread Co. Class A (a) |
162,844 |
26,322,104 |
|
Sonic Corp. |
132,900 |
3,350,409 |
|
Starbucks Corp. |
1,318,510 |
99,626,616 |
|
Whitbread PLC |
156,724 |
10,941,045 |
|
Zoe's Kitchen, Inc. (d) |
161,300 |
5,880,998 |
|
|
370,847,662 |
||
Household Durables - 0.7% |
|||
D.R. Horton, Inc. |
558,400 |
12,725,936 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - continued |
|||
Household Durables - continued |
|||
KB Home |
156,300 |
$ 2,460,162 |
|
Whirlpool Corp. |
234,800 |
40,397,340 |
|
|
55,583,438 |
||
Internet & Catalog Retail - 4.3% |
|||
Amazon.com, Inc. (a) |
638,780 |
195,121,739 |
|
Ctrip.com International Ltd. sponsored ADR (a) |
189,743 |
11,062,017 |
|
Expedia, Inc. |
138,854 |
11,798,424 |
|
Groupon, Inc. Class A (a)(d) |
2,311,900 |
16,899,989 |
|
HomeAway, Inc. (a) |
180,200 |
6,288,980 |
|
MakeMyTrip Ltd. (a) |
159,400 |
4,803,519 |
|
Netflix, Inc. (a) |
32,278 |
12,677,830 |
|
priceline.com, Inc. (a) |
70,000 |
84,434,700 |
|
Qunar Cayman Islands Ltd. sponsored ADR |
54,000 |
1,452,600 |
|
The Honest Co., Inc. (e) |
71,609 |
1,933,443 |
|
Travelport Worldwide Ltd. |
184,100 |
2,660,245 |
|
Vipshop Holdings Ltd. ADR (a)(d) |
51,625 |
11,837,096 |
|
Wayfair, Inc. |
158,500 |
3,978,350 |
|
zulily, Inc. Class A |
74,000 |
2,692,120 |
|
|
367,641,052 |
||
Media - 3.2% |
|||
Comcast Corp. Class A |
2,165,500 |
119,860,425 |
|
DISH Network Corp. Class A (a) |
73,300 |
4,665,545 |
|
Lions Gate Entertainment Corp. |
161,000 |
5,333,930 |
|
Naspers Ltd. Class N |
62,800 |
7,815,389 |
|
The Walt Disney Co. |
1,505,017 |
137,528,453 |
|
|
275,203,742 |
||
Multiline Retail - 1.1% |
|||
Big Lots, Inc. |
144,400 |
6,591,860 |
|
Macy's, Inc. |
657,800 |
38,033,996 |
|
Target Corp. |
730,541 |
45,162,045 |
|
Tuesday Morning Corp. (a) |
307,300 |
6,265,847 |
|
|
96,053,748 |
||
Specialty Retail - 4.5% |
|||
GNC Holdings, Inc. |
270,400 |
11,240,528 |
|
Home Depot, Inc. |
1,572,500 |
153,350,200 |
|
L Brands, Inc. |
362,714 |
26,158,934 |
|
Lumber Liquidators Holdings, Inc. (a) |
15,900 |
854,943 |
|
Murphy U.S.A., Inc. (a) |
349,800 |
20,043,540 |
|
Restoration Hardware Holdings, Inc. (a)(d) |
807,777 |
64,880,649 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - continued |
|||
Specialty Retail - continued |
|||
Ross Stores, Inc. |
443,338 |
$ 35,786,243 |
|
TJX Companies, Inc. |
969,000 |
61,357,080 |
|
Ulta Salon, Cosmetics & Fragrance, Inc. (a) |
77,500 |
9,362,775 |
|
|
383,034,892 |
||
Textiles, Apparel & Luxury Goods - 2.2% |
|||
G-III Apparel Group Ltd. (a) |
31,400 |
2,491,590 |
|
Hanesbrands, Inc. |
65,300 |
6,896,333 |
|
Kate Spade & Co. (a) |
781,356 |
21,198,188 |
|
lululemon athletica, Inc. (a) |
197,330 |
8,218,795 |
|
Michael Kors Holdings Ltd. (a) |
500,400 |
39,326,436 |
|
NIKE, Inc. Class B |
392,800 |
36,518,616 |
|
Pandora A/S |
117,200 |
9,866,150 |
|
PVH Corp. |
189,428 |
21,661,092 |
|
Ralph Lauren Corp. |
179,800 |
29,638,232 |
|
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) |
202,268 |
11,074,173 |
|
Under Armour, Inc. Class A (sub. vtg.) (a) |
13,400 |
878,772 |
|
|
187,768,377 |
||
TOTAL CONSUMER DISCRETIONARY |
1,806,148,961 |
||
CONSUMER STAPLES - 9.8% |
|||
Beverages - 3.1% |
|||
Anheuser-Busch InBev SA NV ADR |
197,700 |
21,940,746 |
|
Constellation Brands, Inc. Class A (sub. vtg.) (a) |
37,600 |
3,441,904 |
|
Monster Beverage Corp. (a) |
551,881 |
55,673,755 |
|
PepsiCo, Inc. |
947,186 |
91,090,878 |
|
The Coca-Cola Co. |
2,146,881 |
89,911,376 |
|
|
262,058,659 |
||
Food & Staples Retailing - 2.6% |
|||
Costco Wholesale Corp. |
423,900 |
56,535,543 |
|
CVS Health Corp. |
912,500 |
78,301,625 |
|
Kroger Co. |
972,159 |
54,158,978 |
|
Sprouts Farmers Market LLC (a)(d) |
596,523 |
17,364,785 |
|
Whole Foods Market, Inc. |
295,860 |
11,636,174 |
|
|
217,997,105 |
||
Food Products - 2.6% |
|||
Bunge Ltd. |
193,400 |
17,144,910 |
|
China Modern Dairy Holdings Ltd. (a) |
3,575,000 |
1,577,286 |
|
Keurig Green Mountain, Inc. |
1,019,700 |
154,739,475 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
CONSUMER STAPLES - continued |
|||
Food Products - continued |
|||
Mead Johnson Nutrition Co. Class A |
425,300 |
$ 42,236,543 |
|
WhiteWave Foods Co. (a) |
228,129 |
8,493,243 |
|
|
224,191,457 |
||
Household Products - 0.8% |
|||
Procter & Gamble Co. |
670,300 |
58,497,081 |
|
Svenska Cellulosa AB (SCA) (B Shares) |
274,100 |
6,128,520 |
|
|
64,625,601 |
||
Personal Products - 0.4% |
|||
Coty, Inc. Class A |
25,500 |
423,300 |
|
Herbalife Ltd. |
633,338 |
33,224,911 |
|
Natura Cosmeticos SA |
43,100 |
626,175 |
|
|
34,274,386 |
||
Tobacco - 0.3% |
|||
Lorillard, Inc. |
425,052 |
26,140,698 |
|
TOTAL CONSUMER STAPLES |
829,287,906 |
||
ENERGY - 3.5% |
|||
Energy Equipment & Services - 0.7% |
|||
Halliburton Co. |
996,322 |
54,937,195 |
|
National Oilwell Varco, Inc. |
46,300 |
3,363,232 |
|
|
58,300,427 |
||
Oil, Gas & Consumable Fuels - 2.8% |
|||
Anadarko Petroleum Corp. |
429,578 |
39,426,669 |
|
BG Group PLC |
152,900 |
2,548,236 |
|
Carrizo Oil & Gas, Inc. (a) |
112,400 |
5,838,056 |
|
Cheniere Energy, Inc. (a) |
130,900 |
9,817,500 |
|
Chevron Corp. |
12,200 |
1,463,390 |
|
Cimarex Energy Co. |
179,830 |
20,441,276 |
|
Continental Resources, Inc. (a) |
458,964 |
25,871,801 |
|
EOG Resources, Inc. |
434,626 |
41,311,201 |
|
Golar LNG Ltd. |
139,200 |
7,810,512 |
|
Hess Corp. |
144,038 |
12,215,863 |
|
Newfield Exploration Co. (a) |
171,100 |
5,579,571 |
|
Phillips 66 Co. |
97,134 |
7,625,019 |
|
Pioneer Natural Resources Co. |
221,000 |
41,782,260 |
|
PrairieSky Royalty Ltd. |
92,200 |
2,838,685 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
ENERGY - continued |
|||
Oil, Gas & Consumable Fuels - continued |
|||
Rice Energy, Inc. |
346,400 |
$ 9,155,352 |
|
Suncor Energy, Inc. |
46,900 |
1,665,355 |
|
|
235,390,746 |
||
TOTAL ENERGY |
293,691,173 |
||
FINANCIALS - 4.4% |
|||
Banks - 2.5% |
|||
Bank of America Corp. |
3,140,500 |
53,890,980 |
|
Citigroup, Inc. |
1,064,489 |
56,982,096 |
|
HDFC Bank Ltd. sponsored ADR |
212,600 |
11,146,618 |
|
ICICI Bank Ltd. sponsored ADR |
319,200 |
17,990,112 |
|
JPMorgan Chase & Co. |
1,141,472 |
69,036,227 |
|
|
209,046,033 |
||
Capital Markets - 1.2% |
|||
Ameriprise Financial, Inc. |
91,862 |
11,590,229 |
|
BlackRock, Inc. Class A |
84,700 |
28,892,017 |
|
Carlyle Group LP |
133,800 |
3,714,288 |
|
Charles Schwab Corp. |
213,800 |
6,129,646 |
|
Invesco Ltd. |
309,992 |
12,545,376 |
|
Morgan Stanley |
707,200 |
24,716,640 |
|
State Street Corp. |
126,200 |
9,523,052 |
|
The Blackstone Group LP |
277,700 |
8,364,324 |
|
|
105,475,572 |
||
Consumer Finance - 0.6% |
|||
American Express Co. |
553,645 |
49,800,368 |
|
Capital One Financial Corp. |
66,900 |
5,537,313 |
|
|
55,337,681 |
||
Real Estate Management & Development - 0.1% |
|||
Realogy Holdings Corp. (a) |
136,295 |
5,589,458 |
|
TOTAL FINANCIALS |
375,448,744 |
||
HEALTH CARE - 16.6% |
|||
Biotechnology - 9.2% |
|||
Acceleron Pharma, Inc. (a) |
20,600 |
761,788 |
|
Agios Pharmaceuticals, Inc. (a) |
82,500 |
6,932,475 |
|
Alexion Pharmaceuticals, Inc. (a) |
297,804 |
56,987,773 |
|
Alkermes PLC (a) |
361,500 |
18,273,825 |
|
Alnylam Pharmaceuticals, Inc. (a) |
307,200 |
28,489,728 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE - continued |
|||
Biotechnology - continued |
|||
Amgen, Inc. |
690,198 |
$ 111,936,312 |
|
Avalanche Biotechnologies, Inc. (a) |
10,600 |
380,328 |
|
BioCryst Pharmaceuticals, Inc. (a) |
401,073 |
4,700,576 |
|
Biogen Idec, Inc. (a) |
348,000 |
111,735,840 |
|
BioMarin Pharmaceutical, Inc. (a) |
137,700 |
11,360,250 |
|
Bluebird Bio, Inc. (a) |
62,600 |
2,628,574 |
|
Calithera Biosciences, Inc. |
127,600 |
1,201,992 |
|
Celgene Corp. (a) |
195,800 |
20,968,222 |
|
Dicerna Pharmaceuticals, Inc. |
78,600 |
736,482 |
|
Gilead Sciences, Inc. (a) |
2,194,735 |
245,810,320 |
|
Intercept Pharmaceuticals, Inc. (a) |
42,400 |
10,955,736 |
|
Intrexon Corp. (a)(d) |
119,300 |
2,662,776 |
|
Ironwood Pharmaceuticals, Inc. Class A (a) |
442,916 |
6,209,682 |
|
Isis Pharmaceuticals, Inc. (a) |
31,100 |
1,432,466 |
|
Keryx Biopharmaceuticals, Inc. (a)(d) |
195,960 |
3,301,926 |
|
KYTHERA Biopharmaceuticals, Inc. (a) |
129,033 |
4,548,413 |
|
Merrimack Pharmaceuticals, Inc. (a) |
813,200 |
7,457,044 |
|
Neurocrine Biosciences, Inc. (a) |
215,800 |
3,996,616 |
|
NPS Pharmaceuticals, Inc. (a) |
42,900 |
1,175,460 |
|
Pharmacyclics, Inc. (a) |
81,700 |
10,675,739 |
|
Puma Biotechnology, Inc. (a) |
27,800 |
6,966,680 |
|
Regeneron Pharmaceuticals, Inc. (a) |
161,780 |
63,696,022 |
|
Seattle Genetics, Inc. (a) |
81,000 |
2,970,270 |
|
Synageva BioPharma Corp. (a) |
62,900 |
4,764,046 |
|
Ultragenyx Pharma, Inc. |
12,600 |
592,326 |
|
uniQure B.V. |
146,459 |
1,663,774 |
|
Vertex Pharmaceuticals, Inc. (a) |
213,400 |
24,037,376 |
|
|
780,010,837 |
||
Health Care Equipment & Supplies - 1.1% |
|||
Accuray, Inc. (a) |
476,900 |
3,018,777 |
|
Boston Scientific Corp. (a) |
1,218,300 |
16,179,024 |
|
Covidien PLC |
91,900 |
8,495,236 |
|
Insulet Corp. (a) |
42,300 |
1,826,091 |
|
Intuitive Surgical, Inc. (a) |
43,700 |
21,666,460 |
|
Medtronic, Inc. |
24,400 |
1,663,104 |
|
Novadaq Technologies, Inc. (a) |
292,099 |
4,562,586 |
|
The Cooper Companies, Inc. |
158,475 |
25,974,053 |
|
Zeltiq Aesthetics, Inc. (a) |
240,500 |
6,166,420 |
|
|
89,551,751 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE - continued |
|||
Health Care Providers & Services - 0.6% |
|||
Cardinal Health, Inc. |
150,800 |
$ 11,834,784 |
|
HCA Holdings, Inc. (a) |
428,850 |
30,040,943 |
|
HealthEquity, Inc. (a) |
6,997 |
142,739 |
|
McKesson Corp. |
33,200 |
6,753,212 |
|
|
48,771,678 |
||
Health Care Technology - 0.3% |
|||
athenahealth, Inc. (a)(d) |
36,700 |
4,495,750 |
|
Castlight Health, Inc. Class B (a) |
122,100 |
1,527,471 |
|
Cerner Corp. (a) |
359,600 |
22,777,064 |
|
|
28,800,285 |
||
Life Sciences Tools & Services - 0.8% |
|||
Agilent Technologies, Inc. |
195,423 |
10,802,983 |
|
Genfit (a) |
42,500 |
2,178,288 |
|
Illumina, Inc. (a) |
295,538 |
56,914,708 |
|
Lonza Group AG |
19,589 |
2,156,083 |
|
|
72,052,062 |
||
Pharmaceuticals - 4.6% |
|||
AbbVie, Inc. |
831,565 |
52,771,115 |
|
Achaogen, Inc. (a) |
161,500 |
1,715,130 |
|
Actavis PLC (a) |
464,372 |
112,721,659 |
|
Allergan, Inc. |
198,727 |
37,770,054 |
|
Bristol-Myers Squibb Co. |
122,600 |
7,134,094 |
|
Dermira, Inc. |
152,500 |
2,343,925 |
|
GW Pharmaceuticals PLC ADR (a)(d) |
127,169 |
9,378,714 |
|
Jazz Pharmaceuticals PLC (a) |
61,500 |
10,383,660 |
|
Johnson & Johnson |
106,300 |
11,457,014 |
|
Mallinckrodt PLC (a) |
36,100 |
3,327,698 |
|
Merck & Co., Inc. |
203,858 |
11,811,533 |
|
Pacira Pharmaceuticals, Inc. (a) |
57,186 |
5,308,005 |
|
Perrigo Co. PLC |
72,600 |
11,721,270 |
|
Salix Pharmaceuticals Ltd. (a) |
68,852 |
9,904,360 |
|
Shire PLC sponsored ADR |
135,100 |
26,992,980 |
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
489,000 |
27,613,830 |
|
Valeant Pharmaceuticals International (Canada) (a) |
337,100 |
44,805,093 |
|
|
387,160,134 |
||
TOTAL HEALTH CARE |
1,406,346,747 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
INDUSTRIALS - 8.4% |
|||
Aerospace & Defense - 1.3% |
|||
Honeywell International, Inc. |
442,300 |
$ 42,513,876 |
|
L-3 Communications Holdings, Inc. |
45,200 |
5,489,992 |
|
Precision Castparts Corp. |
6,450 |
1,423,515 |
|
The Boeing Co. |
469,800 |
58,682,718 |
|
|
108,110,101 |
||
Air Freight & Logistics - 0.7% |
|||
C.H. Robinson Worldwide, Inc. |
38,800 |
2,685,348 |
|
FedEx Corp. |
129,012 |
21,596,609 |
|
United Parcel Service, Inc. Class B |
285,100 |
29,909,841 |
|
XPO Logistics, Inc. (a)(d) |
251,600 |
10,043,872 |
|
|
64,235,670 |
||
Airlines - 2.2% |
|||
American Airlines Group, Inc. |
2,298,434 |
95,040,246 |
|
Delta Air Lines, Inc. |
885,200 |
35,611,596 |
|
JetBlue Airways Corp. (a) |
276,400 |
3,189,656 |
|
Southwest Airlines Co. |
239,400 |
8,254,512 |
|
Spirit Airlines, Inc. (a) |
405,300 |
29,631,483 |
|
United Continental Holdings, Inc. (a) |
260,200 |
13,741,162 |
|
|
185,468,655 |
||
Building Products - 0.1% |
|||
A.O. Smith Corp. |
148,851 |
7,941,201 |
|
Electrical Equipment - 0.3% |
|||
Acuity Brands, Inc. |
63,400 |
8,839,862 |
|
SolarCity Corp. (a)(d) |
221,926 |
13,133,581 |
|
TCP International Holdings Ltd. |
288,800 |
2,004,272 |
|
Vestas Wind Systems A/S (a) |
110,800 |
3,708,568 |
|
|
27,686,283 |
||
Industrial Conglomerates - 1.0% |
|||
Danaher Corp. |
869,300 |
69,891,720 |
|
General Electric Co. |
623,400 |
16,089,954 |
|
|
85,981,674 |
||
Machinery - 0.9% |
|||
Cummins, Inc. |
325,900 |
47,640,062 |
|
Ingersoll-Rand PLC |
250,000 |
15,655,000 |
|
ITT Corp. |
196,100 |
8,836,266 |
|
Manitowoc Co., Inc. |
141,500 |
2,948,860 |
|
|
75,080,188 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
INDUSTRIALS - continued |
|||
Professional Services - 0.1% |
|||
Huron Consulting Group, Inc. (a) |
93,299 |
$ 6,494,543 |
|
Road & Rail - 1.6% |
|||
Canadian Pacific Railway Ltd. |
104,200 |
21,673,933 |
|
CSX Corp. |
285,600 |
10,175,928 |
|
Hertz Global Holdings, Inc. (a) |
566,900 |
12,426,448 |
|
J.B. Hunt Transport Services, Inc. |
289,000 |
23,053,530 |
|
Landstar System, Inc. |
36,400 |
2,693,964 |
|
Old Dominion Freight Lines, Inc. (a) |
23,600 |
1,719,732 |
|
Swift Transporation Co. (a) |
116,400 |
2,875,080 |
|
Union Pacific Corp. |
538,400 |
62,696,680 |
|
|
137,315,295 |
||
Trading Companies & Distributors - 0.2% |
|||
United Rentals, Inc. (a) |
148,000 |
16,288,880 |
|
TOTAL INDUSTRIALS |
714,602,490 |
||
INFORMATION TECHNOLOGY - 32.7% |
|||
Communications Equipment - 2.2% |
|||
Arista Networks, Inc. (d) |
54,000 |
4,387,500 |
|
Aruba Networks, Inc. (a) |
172,000 |
3,711,760 |
|
Cisco Systems, Inc. |
463,000 |
11,329,610 |
|
F5 Networks, Inc. (a) |
94,040 |
11,565,039 |
|
Palo Alto Networks, Inc. (a) |
128,197 |
13,550,423 |
|
QUALCOMM, Inc. |
1,580,681 |
124,099,265 |
|
Riverbed Technology, Inc. (a) |
655,900 |
12,455,541 |
|
|
181,099,138 |
||
Electronic Equipment & Components - 0.0% |
|||
Trimble Navigation Ltd. (a) |
55,000 |
1,477,300 |
|
Internet Software & Services - 10.9% |
|||
Akamai Technologies, Inc. (a) |
186,636 |
11,254,151 |
|
Alibaba Group Holding Ltd. sponsored ADR |
451,600 |
44,527,760 |
|
Baidu.com, Inc. sponsored ADR (a) |
198,000 |
47,276,460 |
|
Cornerstone OnDemand, Inc. (a) |
127,100 |
4,609,917 |
|
Equinix, Inc. |
4,000 |
835,600 |
|
Facebook, Inc. Class A (a) |
2,622,555 |
196,665,399 |
|
Gogo, Inc. (a)(d) |
489,300 |
8,127,273 |
|
Google, Inc.: |
|
|
|
Class A (a) |
396,213 |
224,997,476 |
|
Class C (a) |
363,913 |
203,456,480 |
|
LinkedIn Corp. (a) |
116,200 |
26,605,152 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INFORMATION TECHNOLOGY - continued |
|||
Internet Software & Services - continued |
|||
NAVER Corp. |
20,748 |
$ 14,560,068 |
|
Rackspace Hosting, Inc. (a) |
866,695 |
33,246,420 |
|
Tencent Holdings Ltd. |
1,372,200 |
22,054,373 |
|
Twitter, Inc. |
1,053,200 |
43,676,204 |
|
Yahoo!, Inc. (a) |
954,533 |
43,956,245 |
|
|
925,848,978 |
||
IT Services - 4.1% |
|||
Cognizant Technology Solutions Corp. Class A (a) |
1,877,248 |
91,703,565 |
|
MasterCard, Inc. Class A |
1,311,900 |
109,871,625 |
|
Samsung SDS Co. Ltd. (a) |
4,605 |
814,327 |
|
VeriFone Systems, Inc. (a) |
475,900 |
17,732,034 |
|
Visa, Inc. Class A |
529,137 |
127,749,546 |
|
|
347,871,097 |
||
Semiconductors & Semiconductor Equipment - 3.9% |
|||
Ambarella, Inc. (a)(d) |
206,800 |
9,159,172 |
|
Atmel Corp. (a) |
240,800 |
1,786,736 |
|
Avago Technologies Ltd. |
10,200 |
879,750 |
|
Broadcom Corp. Class A |
518,400 |
21,710,592 |
|
Canadian Solar, Inc. (a)(d) |
233,000 |
7,432,700 |
|
Cavium, Inc. (a) |
439,955 |
22,574,091 |
|
Cree, Inc. (a) |
328,173 |
10,330,886 |
|
Cypress Semiconductor Corp. |
202,000 |
2,001,820 |
|
eMemory Technology, Inc. |
75,000 |
809,603 |
|
First Solar, Inc. (a) |
576,320 |
33,945,248 |
|
Freescale Semiconductor, Inc. (a) |
1,085,119 |
21,583,017 |
|
Lam Research Corp. |
67,000 |
5,216,620 |
|
Micron Technology, Inc. (a) |
1,485,000 |
49,138,650 |
|
Monolithic Power Systems, Inc. |
80,256 |
3,546,513 |
|
NVIDIA Corp. |
511,520 |
9,995,101 |
|
NXP Semiconductors NV (a) |
1,773,469 |
121,766,382 |
|
SunEdison, Inc. (a) |
405,805 |
7,917,256 |
|
SunPower Corp. (a)(d) |
69,800 |
2,222,432 |
|
|
332,016,569 |
||
Software - 4.5% |
|||
Activision Blizzard, Inc. |
2,409,500 |
48,069,525 |
|
Adobe Systems, Inc. (a) |
459,420 |
32,214,530 |
|
FireEye, Inc. (a)(d) |
87,400 |
2,970,726 |
|
Fortinet, Inc. (a) |
276,006 |
7,189,956 |
|
Intuit, Inc. |
127,800 |
11,247,678 |
|
Microsoft Corp. |
2,481,388 |
116,501,167 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INFORMATION TECHNOLOGY - continued |
|||
Software - continued |
|||
Red Hat, Inc. (a) |
154,900 |
$ 9,126,708 |
|
salesforce.com, Inc. (a) |
2,021,004 |
129,324,046 |
|
SAP AG sponsored ADR |
18,627 |
1,269,058 |
|
Tableau Software, Inc. (a) |
223,000 |
18,417,570 |
|
Yodlee, inc. |
198,500 |
2,745,255 |
|
Zynga, Inc. (a) |
1,908,359 |
4,866,315 |
|
|
383,942,534 |
||
Technology Hardware, Storage & Peripherals - 7.1% |
|||
Apple, Inc. |
5,027,134 |
542,930,469 |
|
BlackBerry Ltd. (a)(d) |
2,317,500 |
24,333,760 |
|
Cray, Inc. (a) |
28,900 |
1,001,674 |
|
EMC Corp. |
59,000 |
1,695,070 |
|
Hewlett-Packard Co. |
530,600 |
19,037,928 |
|
Nimble Storage, Inc. |
106,000 |
2,900,160 |
|
Samsung Electronics Co. Ltd. |
4,543 |
5,259,917 |
|
|
597,158,978 |
||
TOTAL INFORMATION TECHNOLOGY |
2,769,414,594 |
||
MATERIALS - 2.5% |
|||
Chemicals - 2.0% |
|||
Agrium, Inc. |
43,700 |
4,275,586 |
|
CF Industries Holdings, Inc. |
24,900 |
6,474,000 |
|
E.I. du Pont de Nemours & Co. |
909,900 |
62,919,585 |
|
Eastman Chemical Co. |
203,000 |
16,398,340 |
|
Huntsman Corp. |
59,300 |
1,446,920 |
|
Intrepid Potash, Inc. (a)(d) |
263,100 |
3,538,695 |
|
Monsanto Co. |
554,900 |
63,835,696 |
|
Potash Corp. of Saskatchewan, Inc. |
95,700 |
3,266,562 |
|
PPG Industries, Inc. |
12,700 |
2,586,863 |
|
Westlake Chemical Corp. |
4,400 |
310,420 |
|
|
165,052,667 |
||
Construction Materials - 0.1% |
|||
Caesarstone Sdot-Yam Ltd. |
138,900 |
7,758,954 |
|
Eagle Materials, Inc. |
19,200 |
1,678,656 |
|
|
9,437,610 |
||
Containers & Packaging - 0.0% |
|||
Sealed Air Corp. |
98,900 |
3,585,125 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
MATERIALS - continued |
|||
Metals & Mining - 0.4% |
|||
Steel Dynamics, Inc. |
461,700 |
$ 10,623,717 |
|
United States Steel Corp. (d) |
575,700 |
23,051,028 |
|
|
33,674,745 |
||
TOTAL MATERIALS |
211,750,147 |
||
TELECOMMUNICATION SERVICES - 0.0% |
|||
Wireless Telecommunication Services - 0.0% |
|||
T-Mobile U.S., Inc. (a) |
147,238 |
4,297,877 |
|
UTILITIES - 0.1% |
|||
Independent Power and Renewable Electricity Producers - 0.0% |
|||
Abengoa Yield PLC |
39,900 |
1,296,750 |
|
Vivint Solar, Inc. |
134,500 |
1,893,760 |
|
|
3,190,510 |
||
Independent Power Producers & Energy Traders - 0.1% |
|||
Dynegy, Inc. (a) |
187,280 |
5,712,040 |
|
TOTAL UTILITIES |
8,902,550 |
||
TOTAL COMMON STOCKS (Cost $7,112,728,024) |
|
||
Convertible Preferred Stocks - 0.7% |
|||
|
|
|
|
CONSUMER DISCRETIONARY - 0.1% |
|||
Internet & Catalog Retail - 0.1% |
|||
The Honest Co., Inc. Series C (e) |
167,087 |
4,511,349 |
|
INFORMATION TECHNOLOGY - 0.6% |
|||
Internet Software & Services - 0.5% |
|||
Uber Technologies, Inc. 8.00% (e) |
644,619 |
40,000,027 |
|
Convertible Preferred Stocks - continued |
|||
Shares |
Value |
||
INFORMATION TECHNOLOGY - continued |
|||
IT Services - 0.1% |
|||
AppNexus, Inc. Series E (e) |
307,049 |
$ 6,150,867 |
|
Nutanix, Inc. Series E (e) |
230,044 |
3,081,784 |
|
|
9,232,651 |
||
TOTAL INFORMATION TECHNOLOGY |
49,232,678 |
||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $53,753,601) |
|
||
Money Market Funds - 1.7% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
10,071,470 |
10,071,470 |
|
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) |
136,382,187 |
136,382,187 |
|
TOTAL MONEY MARKET FUNDS (Cost $146,453,657) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $7,312,935,282) |
8,620,088,873 |
||
NET OTHER ASSETS (LIABILITIES) - (1.7)% |
(140,443,920) |
||
NET ASSETS - 100% |
$ 8,479,644,953 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $55,677,470 or 0.7% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
AppNexus, Inc. Series E |
8/1/14 |
$ 6,150,867 |
Nutanix, Inc. Series E |
8/26/14 |
$ 3,081,784 |
The Honest Co., Inc. |
8/21/14 |
$ 1,937,546 |
The Honest Co., Inc. Series C |
8/21/14 |
$ 4,520,923 |
Uber Technologies, Inc. 8.00% |
6/6/14 |
$ 40,000,027 |
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 |
$ 17,230 |
Fidelity Securities Lending Cash Central Fund |
402,492 |
Total |
$ 419,722 |
Other Information |
The following is a summary of the inputs used, as of October 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Equities: |
||||
Consumer Discretionary |
$ 1,810,660,310 |
$ 1,804,215,518 |
$ - |
$ 6,444,792 |
Consumer Staples |
829,287,906 |
827,710,620 |
1,577,286 |
- |
Energy |
293,691,173 |
291,142,937 |
2,548,236 |
- |
Financials |
375,448,744 |
375,448,744 |
- |
- |
Health Care |
1,406,346,747 |
1,406,346,747 |
- |
- |
Industrials |
714,602,490 |
714,602,490 |
- |
- |
Information Technology |
2,818,647,272 |
2,746,550,618 |
22,863,976 |
49,232,678 |
Materials |
211,750,147 |
211,750,147 |
- |
- |
Telecommunication Services |
4,297,877 |
4,297,877 |
- |
- |
Utilities |
8,902,550 |
8,902,550 |
- |
- |
Money Market Funds |
146,453,657 |
146,453,657 |
- |
- |
Total Investments in Securities: |
$ 8,620,088,873 |
$ 8,537,421,905 |
$ 26,989,498 |
$ 55,677,470 |
Income Tax Information |
At October 31, 2014, the cost of investment securities for income tax purposes was $7,321,433,156. Net unrealized appreciation aggregated $1,298,655,717, of which $1,440,804,887 related to appreciated investment securities and $142,149,170 related to depreciated investment 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Series Real
Estate Equity Fund
October 31, 2014
1.930458.103
SLE-QTLY-1214
Showing Percentage of Net Assets
Common Stocks - 99.3% |
|||
Shares |
Value |
||
REAL ESTATE INVESTMENT TRUSTS - 97.3% |
|||
REITs - Apartments - 17.2% |
|||
American Campus Communities, Inc. |
742,300 |
$ 29,150,121 |
|
AvalonBay Communities, Inc. |
179,935 |
28,041,070 |
|
Equity Residential (SBI) |
373,351 |
25,970,296 |
|
Essex Property Trust, Inc. |
314,167 |
63,386,334 |
|
Mid-America Apartment Communities, Inc. |
124,448 |
8,793,496 |
|
Post Properties, Inc. |
543,351 |
30,395,055 |
|
UDR, Inc. |
1,429,200 |
43,204,716 |
|
TOTAL REITS - APARTMENTS |
228,941,088 |
||
REITs - Diversified - 6.9% |
|||
Cousins Properties, Inc. |
205,731 |
2,676,560 |
|
Digital Realty Trust, Inc. (d) |
767,400 |
52,942,926 |
|
Duke Realty LP |
1,078,900 |
20,455,944 |
|
Vornado Realty Trust |
139,700 |
15,294,356 |
|
TOTAL REITS - DIVERSIFIED |
91,369,786 |
||
REITs - Health Care - 11.3% |
|||
HCP, Inc. |
1,578,659 |
69,413,636 |
|
Health Care REIT, Inc. (d) |
243,949 |
17,347,213 |
|
Sabra Health Care REIT, Inc. |
114,800 |
3,279,836 |
|
Senior Housing Properties Trust (SBI) |
1,223,200 |
27,632,088 |
|
Ventas, Inc. |
468,337 |
32,085,768 |
|
TOTAL REITS - HEALTH CARE |
149,758,541 |
||
REITs - Hotels - 7.1% |
|||
Ashford Hospitality Prime, Inc. |
490,521 |
8,500,729 |
|
Chatham Lodging Trust |
222,500 |
5,700,450 |
|
FelCor Lodging Trust, Inc. |
2,630,769 |
28,228,151 |
|
Host Hotels & Resorts, Inc. |
706,600 |
16,470,846 |
|
LaSalle Hotel Properties (SBI) |
624,079 |
24,470,138 |
|
Sunstone Hotel Investors, Inc. |
700,700 |
10,727,717 |
|
TOTAL REITS - HOTELS |
94,098,031 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
REAL ESTATE INVESTMENT TRUSTS - CONTINUED |
|||
REITs - Manufactured Homes - 1.8% |
|||
Equity Lifestyle Properties, Inc. |
238,248 |
$ 11,697,977 |
|
Sun Communities, Inc. |
219,255 |
12,710,212 |
|
TOTAL REITS - MANUFACTURED HOMES |
24,408,189 |
||
REITs - Office Property - 17.6% |
|||
Alexandria Real Estate Equities, Inc. |
591,608 |
49,103,464 |
|
Boston Properties, Inc. |
620,449 |
78,641,911 |
|
New York (REIT), Inc. (d) |
471,100 |
5,285,742 |
|
Piedmont Office Realty Trust, Inc. Class A (d) |
2,001,220 |
38,923,729 |
|
SL Green Realty Corp. |
539,132 |
62,377,572 |
|
TOTAL REITS - OFFICE PROPERTY |
234,332,418 |
||
REITs - Regional Malls - 15.3% |
|||
Simon Property Group, Inc. |
915,023 |
163,981,272 |
|
Taubman Centers, Inc. |
520,122 |
39,555,278 |
|
TOTAL REITS - REGIONAL MALLS |
203,536,550 |
||
REITs - Shopping Centers - 8.6% |
|||
Acadia Realty Trust (SBI) |
186,800 |
5,828,160 |
|
Cedar Shopping Centers, Inc. |
1,445,690 |
9,946,347 |
|
Excel Trust, Inc. |
323,192 |
4,201,496 |
|
Federal Realty Investment Trust (SBI) |
350,252 |
46,163,214 |
|
Kite Realty Group Trust |
806,250 |
20,873,813 |
|
Ramco-Gershenson Properties Trust (SBI) |
150,500 |
2,630,740 |
|
Washington Prime Group, Inc. |
1,433,311 |
25,269,273 |
|
TOTAL REITS - SHOPPING CENTERS |
114,913,043 |
||
REITs - Storage - 6.6% |
|||
Extra Space Storage, Inc. |
661,100 |
38,449,576 |
|
Public Storage |
269,087 |
49,603,498 |
|
TOTAL REITS - STORAGE |
88,053,074 |
||
REITs - Warehouse/Industrial - 4.9% |
|||
DCT Industrial Trust, Inc. |
4,415,800 |
37,843,406 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
REAL ESTATE INVESTMENT TRUSTS - CONTINUED |
|||
REITs - Warehouse/Industrial - continued |
|||
Prologis, Inc. |
466,806 |
$ 19,442,470 |
|
Terreno Realty Corp. |
355,900 |
7,495,254 |
|
TOTAL REITS - WAREHOUSE/INDUSTRIAL |
64,781,130 |
||
TOTAL REAL ESTATE INVESTMENT TRUSTS |
1,294,191,850 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.0% |
|||
Real Estate Operating Companies - 2.0% |
|||
Forest City Enterprises, Inc. Class A (a) |
1,274,942 |
26,633,538 |
|
TOTAL COMMON STOCKS (Cost $1,077,894,780) |
|
||
Money Market Funds - 3.2% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
12,832,099 |
12,832,099 |
|
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) |
29,870,450 |
29,870,450 |
|
TOTAL MONEY MARKET FUNDS (Cost $42,702,549) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $1,120,597,329) |
1,363,527,937 |
||
NET OTHER ASSETS (LIABILITIES) - (2.5)% |
(32,768,042) |
||
NET ASSETS - 100% |
$ 1,330,759,895 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 3,738 |
Fidelity Securities Lending Cash Central Fund |
38,176 |
Total |
$ 41,914 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing. |
Income Tax Information |
At October 31, 2014, the cost of investment securities for income tax purposes was $1,121,781,719. Net unrealized appreciation aggregated $241,746,218, of which $244,614,299 related to appreciated investment securities and $2,868,081 related to depreciated investment 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Series Real
Estate Income Fund
October 31, 2014
1.924315.103
SRE-QTLY-1214
Showing Percentage of Net Assets
Common Stocks - 15.8% |
|||
Shares |
Value |
||
FINANCIALS - 15.7% |
|||
Capital Markets - 0.1% |
|||
Ellington Financial LLC |
52,100 |
$ 1,171,729 |
|
Real Estate Investment Trusts - 15.4% |
|||
Acadia Realty Trust (SBI) |
456,500 |
14,242,800 |
|
American Tower Corp. |
16,900 |
1,647,750 |
|
Annaly Capital Management, Inc. |
52,300 |
596,743 |
|
Anworth Mortgage Asset Corp. |
271,800 |
1,410,642 |
|
Apartment Investment & Management Co. Class A |
113,800 |
4,072,902 |
|
Arbor Realty Trust, Inc. |
124,900 |
840,577 |
|
AvalonBay Communities, Inc. |
15,500 |
2,415,520 |
|
CBL & Associates Properties, Inc. |
251,400 |
4,809,282 |
|
Cedar Shopping Centers, Inc. |
64,200 |
441,696 |
|
Chambers Street Properties |
139,800 |
1,147,758 |
|
Chartwell Retirement Residence (a)(f) |
14,700 |
149,993 |
|
CYS Investments, Inc. |
188,400 |
1,682,412 |
|
Douglas Emmett, Inc. |
56,500 |
1,589,345 |
|
Dynex Capital, Inc. |
228,300 |
1,922,286 |
|
EastGroup Properties, Inc. |
9,100 |
626,626 |
|
Equity Lifestyle Properties, Inc. |
301,700 |
14,813,459 |
|
Equity Residential (SBI) |
31,600 |
2,198,096 |
|
Excel Trust, Inc. |
212,700 |
2,765,100 |
|
Extra Space Storage, Inc. |
14,300 |
831,688 |
|
First Potomac Realty Trust |
120,400 |
1,505,000 |
|
Five Oaks Investment Corp. |
15,700 |
174,741 |
|
Hatteras Financial Corp. |
70,600 |
1,344,224 |
|
Lexington Corporate Properties Trust |
400,900 |
4,393,864 |
|
LTC Properties, Inc. |
48,900 |
2,050,866 |
|
MFA Financial, Inc. |
1,657,400 |
13,889,012 |
|
Mid-America Apartment Communities, Inc. |
69,200 |
4,889,672 |
|
Monmouth Real Estate Investment Corp. Class A (e) |
78,100 |
874,720 |
|
National Retail Properties, Inc. (e) |
25,000 |
953,000 |
|
Newcastle Investment Corp. |
131,899 |
3,185,361 |
|
NorthStar Realty Finance Corp. |
25,700 |
477,506 |
|
Piedmont Office Realty Trust, Inc. Class A |
84,500 |
1,643,525 |
|
Potlatch Corp. |
32,200 |
1,416,478 |
|
Prologis, Inc. |
36,800 |
1,532,720 |
|
Redwood Trust, Inc. |
25,600 |
481,024 |
|
Select Income (REIT) |
42,500 |
1,041,675 |
|
Senior Housing Properties Trust (SBI) |
194,900 |
4,402,791 |
|
Simon Property Group, Inc. |
15,900 |
2,849,439 |
|
Stag Industrial, Inc. |
16,100 |
392,840 |
|
Terreno Realty Corp. |
160,361 |
3,377,203 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Two Harbors Investment Corp. |
163,900 |
$ 1,660,307 |
|
Ventas, Inc. (e) |
131,100 |
8,981,661 |
|
Washington Prime Group, Inc. |
99,050 |
1,746,252 |
|
Washington REIT (SBI) |
21,600 |
610,416 |
|
Weyerhaeuser Co. |
71,000 |
2,404,060 |
|
WP Carey, Inc. |
67,200 |
4,550,784 |
|
|
129,033,816 |
||
Real Estate Management & Development - 0.2% |
|||
Kennedy-Wilson Holdings, Inc. |
74,800 |
2,026,332 |
|
TOTAL FINANCIALS |
132,231,877 |
||
MATERIALS - 0.1% |
|||
Paper & Forest Products - 0.1% |
|||
West Fraser Timber Co. Ltd. |
10,900 |
571,862 |
|
TOTAL COMMON STOCKS (Cost $104,395,030) |
|
||
Preferred Stocks - 24.2% |
|||
|
|
|
|
Convertible Preferred Stocks - 0.8% |
|||
FINANCIALS - 0.8% |
|||
Real Estate Investment Trusts - 0.8% |
|||
Excel Trust, Inc. 7.00% (f) |
24,300 |
622,688 |
|
Health Care REIT, Inc. Series I, 6.50% |
16,200 |
1,012,500 |
|
Lexington Corporate Properties Trust Series C, 6.50% |
67,619 |
3,309,950 |
|
Weyerhaeuser Co. Series A, 6.375% |
32,000 |
1,810,000 |
|
|
6,755,138 |
||
Nonconvertible Preferred Stocks - 23.4% |
|||
CONSUMER DISCRETIONARY - 0.3% |
|||
Hotels, Restaurants & Leisure - 0.3% |
|||
Red Lion Hotels Capital Trust 9.50% |
93,512 |
2,384,556 |
|
FINANCIALS - 23.1% |
|||
Capital Markets - 0.1% |
|||
Arlington Asset Investment Corp. 6.625% |
31,528 |
768,337 |
|
Real Estate Investment Trusts - 22.8% |
|||
AG Mortgage Investment Trust, Inc. 8.00% |
117,104 |
2,851,482 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Alexandria Real Estate Equities, Inc. Series E, 6.45% |
24,001 |
$ 612,026 |
|
American Capital Agency Corp.: |
|
|
|
8.00% |
120,000 |
3,080,400 |
|
Series B, 7.75% |
16,000 |
390,240 |
|
American Capital Mortgage Investment Corp. Series A, 8.125% |
33,100 |
826,176 |
|
American Homes 4 Rent: |
|
|
|
Series A, 5.00% |
215,203 |
5,309,058 |
|
Series B, 5.00% |
86,900 |
2,111,670 |
|
Series C, 5.50% |
66,351 |
1,621,618 |
|
American Realty Capital Properties, Inc. Series F, 6.70% |
92,369 |
2,033,965 |
|
Annaly Capital Management, Inc.: |
|
|
|
Series A, 7.875% |
150,300 |
3,834,153 |
|
Series C, 7.625% |
24,839 |
612,281 |
|
Series D, 7.50% |
83,513 |
2,051,079 |
|
Anworth Mortgage Asset Corp. Series A, 8.625% |
178,800 |
4,541,520 |
|
Apollo Commercial Real Estate Finance, Inc. Series A, 8.625% |
61,725 |
1,601,147 |
|
Apollo Residential Mortgage, Inc. Series A, 8.00% |
49,077 |
1,204,350 |
|
Arbor Realty Trust, Inc.: |
|
|
|
7.375% |
20,000 |
487,000 |
|
Series A, 8.25% |
41,922 |
1,041,762 |
|
Series B, 7.75% |
40,000 |
990,800 |
|
Series C, 8.50% |
15,000 |
381,450 |
|
Armour Residential REIT, Inc. Series B, 7.875% |
25,701 |
618,109 |
|
Ashford Hospitality Trust, Inc.: |
|
|
|
Series D, 8.45% |
51,709 |
1,316,511 |
|
Series E, 9.00% |
35,948 |
963,406 |
|
Brandywine Realty Trust Series E, 6.90% |
21,000 |
541,170 |
|
Campus Crest Communities, Inc. Series A, 8.00% |
72,269 |
1,848,641 |
|
Capstead Mortgage Corp. Series E, 7.50% |
37,016 |
900,599 |
|
CBL & Associates Properties, Inc.: |
|
|
|
Series D, 7.375% |
67,200 |
1,701,504 |
|
Series E, 6.625% |
45,505 |
1,136,715 |
|
Cedar Shopping Centers, Inc. Series B, 7.25% |
109,018 |
2,848,640 |
|
Chesapeake Lodging Trust Series A, 7.75% |
64,034 |
1,671,287 |
|
Colony Financial, Inc. Series A, 8.50% |
77,829 |
2,056,242 |
|
Coresite Realty Corp. Series A, 7.25% |
42,600 |
1,096,950 |
|
Corporate Office Properties Trust Series L, 7.375% |
136,869 |
3,559,963 |
|
CubeSmart Series A, 7.75% |
40,000 |
1,060,000 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
CYS Investments, Inc.: |
|
|
|
Series A, 7.75% |
10,014 |
$ 242,639 |
|
Series B, 7.50% |
63,333 |
1,485,159 |
|
DDR Corp.: |
|
|
|
Series J, 6.50% |
70,181 |
1,802,248 |
|
Series K, 6.25% |
25,489 |
636,460 |
|
Digital Realty Trust, Inc.: |
|
|
|
Series E, 7.00% |
40,181 |
1,040,286 |
|
Series F, 6.625% |
20,000 |
504,600 |
|
Series G, 5.875% |
28,270 |
647,383 |
|
Series H, 7.375% |
10,000 |
267,100 |
|
Duke Realty LP Series L, 6.60% |
4,300 |
108,833 |
|
DuPont Fabros Technology, Inc. Series B, 7.625% |
73,798 |
1,881,111 |
|
Dynex Capital, Inc.: |
|
|
|
Series A, 8.50% |
96,313 |
2,422,272 |
|
Series B, 7.625% |
47,335 |
1,131,307 |
|
Equity Commonwealth: |
|
|
|
7.50% |
24,923 |
498,709 |
|
Series E, 7.25% |
200,160 |
5,076,058 |
|
Equity Lifestyle Properties, Inc. Series C, 6.75% |
182,313 |
4,669,036 |
|
Essex Property Trust, Inc. Series H, 7.125% |
8,100 |
211,572 |
|
Excel Trust, Inc. Series B, 8.125% |
360,000 |
9,752,400 |
|
First Potomac Realty Trust 7.75% |
107,746 |
2,802,473 |
|
Five Oaks Investment Corp. Series A, 8.75% |
40,000 |
1,011,200 |
|
General Growth Properties, Inc. Series A, 6.375% |
34,690 |
860,659 |
|
Gladstone Commercial Corp. Series C, 7.125% |
67,762 |
1,788,239 |
|
Glimcher Realty Trust: |
|
|
|
6.875% |
3,183 |
80,052 |
|
Series G, 8.125% |
40,977 |
1,035,489 |
|
Series H, 7.50% |
53,575 |
1,376,342 |
|
Hatteras Financial Corp. Series A, 7.625% |
89,188 |
2,081,648 |
|
Health Care REIT, Inc. Series J, 6.50% |
33,400 |
868,734 |
|
Hersha Hospitality Trust Series B, 8.00% |
18,928 |
493,074 |
|
Hospitality Properties Trust Series D, 7.125% |
40,200 |
1,060,074 |
|
Hudson Pacific Properties, Inc. 8.375% |
84,787 |
2,193,440 |
|
Inland Real Estate Corp.: |
|
|
|
Series A, 8.125% |
200,000 |
5,204,000 |
|
Series B, 6.95% |
46,000 |
1,173,920 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Invesco Mortgage Capital, Inc.: |
|
|
|
Series A, 7.75% |
30,151 |
$ 717,895 |
|
Series B, 7.75% |
90,803 |
2,164,744 |
|
Investors Real Estate Trust Series B, 7.95% |
33,428 |
879,825 |
|
iStar Financial, Inc.: |
|
|
|
Series E, 7.875% |
24,583 |
607,938 |
|
Series F, 7.80% |
128,864 |
3,195,827 |
|
Series G, 7.65% |
84,000 |
2,059,680 |
|
Kilroy Realty Corp.: |
|
|
|
Series G, 6.875% |
20,300 |
525,973 |
|
Series H, 6.375% |
31,704 |
800,209 |
|
Kite Realty Group Trust 8.25% |
4,100 |
106,887 |
|
LaSalle Hotel Properties: |
|
|
|
Series H, 7.50% |
37,192 |
968,480 |
|
Series I, 6.375% |
47,339 |
1,166,906 |
|
LBA Realty Fund II Series B, 7.625% |
118,900 |
2,693,085 |
|
MFA Financial, Inc.: |
|
|
|
8.00% |
108,747 |
2,878,533 |
|
Series B, 7.50% |
188,749 |
4,647,000 |
|
Monmouth Real Estate Investment Corp. Series B, 7.875% |
30,000 |
799,500 |
|
National Retail Properties, Inc.: |
|
|
|
5.70% |
46,124 |
1,120,813 |
|
Series D, 6.625% |
46,667 |
1,211,942 |
|
New York Mortgage Trust, Inc. Series B, 7.75% |
70,013 |
1,711,818 |
|
NorthStar Realty Finance Corp.: |
|
|
|
Series B, 8.25% |
16,301 |
408,666 |
|
Series C, 8.875% |
105,295 |
2,711,346 |
|
Series D, 8.50% |
44,213 |
1,122,568 |
|
Series E, 8.75% |
63,120 |
1,610,191 |
|
Pebblebrook Hotel Trust: |
|
|
|
Series A, 7.875% |
119,000 |
3,090,430 |
|
Series B, 8.00% |
37,400 |
978,010 |
|
Series C, 6.50% |
67,026 |
1,655,542 |
|
Pennsylvania (REIT) 7.375% |
55,408 |
1,432,297 |
|
Prologis, Inc. Series Q, 8.54% |
15,800 |
1,000,832 |
|
PS Business Parks, Inc.: |
|
|
|
Series R, 6.875% |
1,100 |
28,380 |
|
Series S, 6.45% |
5,665 |
147,120 |
|
Series T, 6.00% |
26,000 |
651,300 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
PS Business Parks, Inc.: - continued |
|
|
|
Series U, 5.75% |
102,483 |
$ 2,423,723 |
|
RAIT Financial Trust: |
|
|
|
7.125% |
57,002 |
1,387,999 |
|
7.625% |
44,680 |
1,054,895 |
|
Regency Centers Corp.: |
|
|
|
Series 6, 6.625% |
31,239 |
804,404 |
|
Series 7, 6.00% |
22,000 |
532,620 |
|
Retail Properties America, Inc. 7.00% |
83,617 |
2,138,923 |
|
Sabra Health Care REIT, Inc. Series A, 7.125% |
80,000 |
2,068,000 |
|
Saul Centers, Inc.: |
|
|
|
Series A, 8.00% |
14,472 |
369,470 |
|
Series C, 6.875% |
69,596 |
1,775,394 |
|
Senior Housing Properties Trust 5.625% |
42,353 |
996,566 |
|
Stag Industrial, Inc. Series A, 9.00% |
280,000 |
7,686,000 |
|
Summit Hotel Properties, Inc. Series A, 9.25% |
173,700 |
4,858,389 |
|
Sun Communities, Inc. Series A, 7.125% |
59,000 |
1,519,250 |
|
Sunstone Hotel Investors, Inc. Series D, 8.00% |
32,939 |
857,732 |
|
Taubman Centers, Inc. Series K, 6.25% |
19,561 |
490,003 |
|
Terreno Realty Corp. Series A, 7.75% |
81,048 |
2,082,934 |
|
UMH Properties, Inc. Series A, 8.25% |
96,000 |
2,550,720 |
|
Urstadt Biddle Properties, Inc.: |
|
|
|
6.75% |
33,500 |
849,225 |
|
Series F, 7.125% |
30,000 |
766,500 |
|
Weingarten Realty Investors (SBI) Series F, 6.50% |
26,708 |
674,644 |
|
Winthrop Realty Trust 7.75% |
60,000 |
1,545,600 |
|
|
191,835,159 |
||
Real Estate Management & Development - 0.2% |
|||
Kennedy-Wilson, Inc. 7.75% |
55,054 |
1,410,483 |
|
TOTAL FINANCIALS |
194,013,979 |
||
TOTAL NONCONVERTIBLE PREFERRED STOCKS |
196,398,535 |
||
TOTAL PREFERRED STOCKS (Cost $194,053,470) |
|
Corporate Bonds - 25.4% |
||||
|
Principal Amount |
Value |
||
Convertible Bonds - 4.7% |
||||
FINANCIALS - 4.7% |
||||
Consumer Finance - 0.4% |
||||
Zais Financial Partners LP 8% 11/15/16 (f) |
|
$ 3,000,000 |
$ 3,159,375 |
|
Real Estate Investment Trusts - 3.6% |
||||
Annaly Capital Management, Inc. 5% 5/15/15 |
|
6,690,000 |
6,740,175 |
|
Apollo Commercial Real Estate Finance, Inc. 5.5% 3/15/19 |
|
1,180,000 |
1,160,088 |
|
Ares Commercial Real Estate Corp. 7% 12/15/15 |
|
2,300,000 |
2,354,625 |
|
Blackstone Mortgage Trust, Inc. 5.25% 12/1/18 |
|
7,750,000 |
8,001,875 |
|
Campus Crest Communities Operating Partnership LP 4.75% 10/15/18 (f) |
|
3,000,000 |
2,821,875 |
|
Colony Financial, Inc. 3.875% 1/15/21 |
|
1,090,000 |
1,066,156 |
|
PennyMac Corp. 5.375% 5/1/20 |
|
1,500,000 |
1,455,000 |
|
RAIT Financial Trust 4% 10/1/33 |
|
3,590,000 |
3,273,631 |
|
Redwood Trust, Inc. 4.625% 4/15/18 |
|
2,200,000 |
2,184,875 |
|
Spirit Realty Capital, Inc. 3.75% 5/15/21 |
|
500,000 |
495,938 |
|
Starwood Property Trust, Inc. 3.75% 10/15/17 |
|
650,000 |
652,031 |
|
Starwood Waypoint Residential 4.5% 10/15/17 (f) |
|
440,000 |
465,186 |
|
|
30,671,455 |
|||
Real Estate Management & Development - 0.0% |
||||
Grubb & Ellis Co. 7.95% 5/1/15 (d)(f) |
|
1,540,000 |
0 |
|
Thrifts & Mortgage Finance - 0.7% |
||||
IAS Operating Partnership LP 5% 3/15/18 (f) |
|
6,370,000 |
6,051,500 |
|
TOTAL FINANCIALS |
39,882,330 |
|||
Nonconvertible Bonds - 20.7% |
||||
CONSUMER DISCRETIONARY - 6.5% |
||||
Hotels, Restaurants & Leisure - 1.0% |
||||
FelCor Lodging LP 6.75% 6/1/19 |
|
1,375,000 |
1,430,000 |
|
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 5.625% 10/15/21 (f) |
|
1,555,000 |
1,638,581 |
|
Paris Las Vegas Holding LLC/Harrah's Las Vegas LLC/Flamingo Las Vegas Holdings, Inc. 8% 10/1/20 (f) |
|
2,250,000 |
2,182,500 |
|
Times Square Hotel Trust 8.528% 8/1/26 (f) |
|
2,564,157 |
3,313,647 |
|
|
8,564,728 |
|||
Household Durables - 5.5% |
||||
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 6.875% 2/15/21 (f) |
|
1,800,000 |
1,764,000 |
|
Corporate Bonds - continued |
||||
|
Principal Amount |
Value |
||
Nonconvertible Bonds - continued |
||||
CONSUMER DISCRETIONARY - continued |
||||
Household Durables - continued |
||||
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (f) |
|
$ 850,000 |
$ 903,125 |
|
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (f) |
|
395,000 |
420,675 |
|
D.R. Horton, Inc.: |
|
|
|
|
4.375% 9/15/22 |
|
825,000 |
814,688 |
|
5.75% 8/15/23 |
|
490,000 |
522,463 |
|
6.5% 4/15/16 |
|
811,000 |
859,660 |
|
KB Home: |
|
|
|
|
8% 3/15/20 |
|
2,395,000 |
2,670,425 |
|
9.1% 9/15/17 |
|
1,185,000 |
1,350,900 |
|
Lennar Corp.: |
|
|
|
|
4.125% 12/1/18 |
|
1,220,000 |
1,236,775 |
|
4.5% 6/15/19 |
|
400,000 |
407,252 |
|
5.6% 5/31/15 |
|
1,216,000 |
1,241,840 |
|
6.95% 6/1/18 |
|
1,720,000 |
1,913,500 |
|
M/I Homes, Inc. 8.625% 11/15/18 |
|
6,764,000 |
7,059,925 |
|
Meritage Homes Corp.: |
|
|
|
|
7% 4/1/22 |
|
2,005,000 |
2,175,425 |
|
7.15% 4/15/20 |
|
1,940,000 |
2,134,000 |
|
Ryland Group, Inc.: |
|
|
|
|
6.625% 5/1/20 |
|
445,000 |
476,150 |
|
8.4% 5/15/17 |
|
1,446,000 |
1,639,475 |
|
Standard Pacific Corp.: |
|
|
|
|
8.375% 5/15/18 |
|
8,047,000 |
9,314,403 |
|
10.75% 9/15/16 |
|
3,284,000 |
3,768,390 |
|
William Lyon Homes, Inc. 8.5% 11/15/20 |
|
4,320,000 |
4,719,600 |
|
WLH PNW Finance Corp. 7% 8/15/22 (f) |
|
495,000 |
511,088 |
|
|
45,903,759 |
|||
TOTAL CONSUMER DISCRETIONARY |
54,468,487 |
|||
FINANCIALS - 12.7% |
||||
Diversified Financial Services - 0.5% |
||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: |
|
|
|
|
5.875% 2/1/22 |
|
820,000 |
842,550 |
|
6% 8/1/20 |
|
3,500,000 |
3,675,000 |
|
|
4,517,550 |
|||
Corporate Bonds - continued |
||||
|
Principal Amount |
Value |
||
Nonconvertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Investment Trusts - 9.4% |
||||
American Campus Communities Operating Partnership LP 4.125% 7/1/24 |
|
$ 1,000,000 |
$ 1,013,208 |
|
American Tower Corp. 3.4% 2/15/19 |
|
2,000,000 |
2,045,682 |
|
Camden Property Trust 5% 6/15/15 |
|
1,135,000 |
1,164,480 |
|
CBL & Associates LP 5.25% 12/1/23 |
|
2,000,000 |
2,126,932 |
|
Commercial Net Lease Realty, Inc. 6.15% 12/15/15 |
|
917,000 |
969,556 |
|
Crown Castle International Corp. 5.25% 1/15/23 |
|
1,500,000 |
1,535,625 |
|
CTR Partnership LP/CareTrust Capital Corp. 5.875% 6/1/21 |
|
475,000 |
484,500 |
|
CubeSmart LP 4.8% 7/15/22 |
|
1,000,000 |
1,076,035 |
|
DCT Industrial Operating Partnership LP 4.5% 10/15/23 |
|
2,000,000 |
2,055,796 |
|
DDR Corp.: |
|
|
|
|
7.5% 7/15/18 |
|
2,407,000 |
2,833,138 |
|
9.625% 3/15/16 |
|
2,254,000 |
2,510,823 |
|
DuPont Fabros Technology LP 5.875% 9/15/21 |
|
2,000,000 |
2,080,000 |
|
Equity One, Inc.: |
|
|
|
|
5.375% 10/15/15 |
|
405,000 |
421,764 |
|
6% 9/15/16 |
|
811,000 |
878,012 |
|
6.25% 1/15/17 |
|
811,000 |
886,383 |
|
Health Care Property Investors, Inc.: |
|
|
|
|
6% 3/1/15 |
|
1,216,000 |
1,237,464 |
|
6.3% 9/15/16 |
|
3,850,000 |
4,215,404 |
|
7.072% 6/8/15 |
|
405,000 |
419,434 |
|
Health Care REIT, Inc. 4.125% 4/1/19 |
|
1,000,000 |
1,071,579 |
|
Healthcare Realty Trust, Inc.: |
|
|
|
|
3.75% 4/15/23 |
|
801,000 |
780,848 |
|
6.5% 1/17/17 |
|
506,000 |
559,593 |
|
Highwoods/Forsyth LP: |
|
|
|
|
3.625% 1/15/23 |
|
393,000 |
391,322 |
|
5.85% 3/15/17 |
|
2,593,000 |
2,842,081 |
|
Hospitality Properties Trust: |
|
|
|
|
5% 8/15/22 |
|
823,000 |
867,282 |
|
5.625% 3/15/17 |
|
1,248,000 |
1,352,917 |
|
6.7% 1/15/18 |
|
811,000 |
903,934 |
|
HRPT Properties Trust 6.25% 8/15/16 |
|
4,000,000 |
4,215,508 |
|
iStar Financial, Inc.: |
|
|
|
|
3.875% 7/1/16 |
|
525,000 |
531,563 |
|
4% 11/1/17 |
|
2,500,000 |
2,476,250 |
|
5% 7/1/19 |
|
2,500,000 |
2,487,500 |
|
Corporate Bonds - continued |
||||
|
Principal Amount |
Value |
||
Nonconvertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Investment Trusts - continued |
||||
iStar Financial, Inc.: - continued |
|
|
|
|
5.85% 3/15/17 |
|
$ 825,000 |
$ 853,875 |
|
5.875% 3/15/16 |
|
6,800,000 |
7,106,000 |
|
6.05% 4/15/15 |
|
2,887,000 |
2,930,305 |
|
7.125% 2/15/18 |
|
1,010,000 |
1,080,700 |
|
9% 6/1/17 |
|
2,430,000 |
2,727,675 |
|
Lexington Corporate Properties Trust 4.25% 6/15/23 |
|
2,500,000 |
2,520,100 |
|
MPT Operating Partnership LP/MPT Finance Corp. 6.375% 2/15/22 |
|
1,685,000 |
1,790,313 |
|
National Retail Properties, Inc. 6.875% 10/15/17 |
|
1,621,000 |
1,857,412 |
|
Nationwide Health Properties, Inc. 6% 5/20/15 |
|
1,540,000 |
1,583,949 |
|
Omega Healthcare Investors, Inc.: |
|
|
|
|
4.95% 4/1/24 |
|
627,000 |
645,522 |
|
7.5% 2/15/20 |
|
811,000 |
851,550 |
|
Potlatch Corp. 7.5% 11/1/19 |
|
811,000 |
920,485 |
|
Prologis LP 7.625% 7/1/17 |
|
1,268,000 |
1,426,623 |
|
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20 |
|
811,000 |
975,088 |
|
Senior Housing Properties Trust: |
|
|
|
|
4.75% 5/1/24 |
|
849,000 |
862,958 |
|
6.75% 4/15/20 |
|
576,000 |
657,744 |
|
6.75% 12/15/21 |
|
2,000,000 |
2,288,496 |
|
United Dominion Realty Trust, Inc.: |
|
|
|
|
5.25% 1/15/15 |
|
405,000 |
408,617 |
|
5.25% 1/15/16 |
|
811,000 |
851,202 |
|
|
78,773,227 |
|||
Real Estate Management & Development - 2.5% |
||||
Brandywine Operating Partnership LP 6% 4/1/16 |
|
811,000 |
862,483 |
|
CBRE Group, Inc. 5% 3/15/23 |
|
1,225,000 |
1,249,500 |
|
Excel Trust LP 4.625% 5/15/24 |
|
501,000 |
515,090 |
|
First Industrial LP 5.75% 1/15/16 |
|
811,000 |
850,985 |
|
Forestar U.S.A. Real Estate Group 8.5% 6/1/22 (f) |
|
800,000 |
818,000 |
|
Host Hotels & Resorts LP 6% 10/1/21 |
|
485,000 |
555,360 |
|
Howard Hughes Corp. 6.875% 10/1/21 (f) |
|
1,615,000 |
1,707,863 |
|
Hunt Companies, Inc. 9.625% 3/1/21 (f) |
|
900,000 |
931,500 |
|
Kennedy-Wilson, Inc.: |
|
|
|
|
5.875% 4/1/24 |
|
560,000 |
570,584 |
|
8.75% 4/1/19 |
|
3,000,000 |
3,187,500 |
|
Corporate Bonds - continued |
||||
|
Principal Amount |
Value |
||
Nonconvertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Management & Development - continued |
||||
Mid-America Apartments LP: |
|
|
|
|
3.75% 6/15/24 |
|
$ 337,000 |
$ 336,308 |
|
6.05% 9/1/16 |
|
1,216,000 |
1,319,399 |
|
Realogy Corp. 7.875% 2/15/19 (f) |
|
1,450,000 |
1,524,313 |
|
Realogy Group LLC/Realogy Co.-Issuer Corp. 4.5% 4/15/19 (f) |
|
1,005,000 |
1,007,513 |
|
Regency Centers LP: |
|
|
|
|
5.25% 8/1/15 |
|
3,250,000 |
3,353,012 |
|
5.875% 6/15/17 |
|
486,000 |
537,552 |
|
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.625% 3/1/24 (f) |
|
495,000 |
490,050 |
|
Ventas Realty LP/Ventas Capital Corp.: |
|
|
|
|
3.125% 11/30/15 |
|
552,000 |
565,870 |
|
4% 4/30/19 |
|
597,000 |
637,542 |
|
|
21,020,424 |
|||
Thrifts & Mortgage Finance - 0.3% |
||||
Cantor Commercial Real Estate Co. LP/CCRE Finance Corp. 7.75% 2/15/18 (f) |
|
1,025,000 |
1,086,500 |
|
Ocwen Financial Corp. 6.625% 5/15/19 (f) |
|
1,155,000 |
1,085,700 |
|
|
2,172,200 |
|||
TOTAL FINANCIALS |
106,483,401 |
|||
HEALTH CARE - 1.2% |
||||
Health Care Equipment & Supplies - 0.2% |
||||
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp.: |
|
|
|
|
6% 10/15/21 |
|
295,000 |
303,850 |
|
7.75% 2/15/19 |
|
1,835,000 |
1,926,750 |
|
|
2,230,600 |
|||
Health Care Providers & Services - 1.0% |
||||
Sabra Health Care LP/Sabra Capital Corp.: |
|
|
|
|
5.375% 6/1/23 |
|
3,500,000 |
3,552,500 |
|
5.5% 2/1/21 |
|
4,450,000 |
4,616,875 |
|
|
8,169,375 |
|||
TOTAL HEALTH CARE |
10,399,975 |
|||
Corporate Bonds - continued |
||||
|
Principal Amount |
Value |
||
Nonconvertible Bonds - continued |
||||
INDUSTRIALS - 0.1% |
||||
Industrial Conglomerates - 0.1% |
||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 7.375% 10/1/17 |
|
$ 785,000 |
$ 830,138 |
|
MATERIALS - 0.2% |
||||
Paper & Forest Products - 0.2% |
||||
Plum Creek Timberlands LP 5.875% 11/15/15 |
|
1,621,000 |
1,702,374 |
|
TOTAL NONCONVERTIBLE BONDS |
173,884,375 |
|||
TOTAL CORPORATE BONDS (Cost $203,757,529) |
|
|||
Asset-Backed Securities - 2.2% |
||||
|
||||
Conseco Finance Securitizations Corp.: |
|
|
|
|
Series 2002-1 Class M2, 9.546% 12/1/33 |
|
1,216,000 |
1,149,777 |
|
Series 2002-2 Class M2, 9.163% 3/1/33 (g) |
|
2,026,000 |
1,738,860 |
|
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 |
|
1,278,754 |
1,248,872 |
|
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 |
|
3,371,132 |
1,647,268 |
|
Mesa West Capital CDO Ltd. Series 2007-1A Class A2, 0.442% 2/25/47 (f)(g) |
|
2,305,302 |
2,221,850 |
|
Residential Asset Securities Corp. Series 2003-KS10 Class MI3, 6.41% 12/25/33 |
|
213,687 |
141,042 |
|
Wachovia Ltd./Wachovia LLC: |
|
|
|
|
Series 2006-1 Class 1ML, 5.7341% 9/25/26 (f)(g) |
|
2,432,000 |
1,747,878 |
|
Series 2006-1A: |
|
|
|
|
Class D, 0.8641% 9/25/26 (f)(g) |
|
324,691 |
312,840 |
|
Class E, 0.9641% 9/25/26 (f)(g) |
|
1,220,000 |
1,164,734 |
|
Class F, 1.3841% 9/25/26 (f)(g) |
|
2,408,000 |
2,260,390 |
|
Class G, 1.5841% 9/25/26 (f)(g) |
|
1,343,000 |
1,248,990 |
|
Class H, 1.8841% 9/25/26 (f)(g) |
|
3,486,000 |
3,236,054 |
|
TOTAL ASSET-BACKED SECURITIES (Cost $17,451,501) |
|
|||
Collateralized Mortgage Obligations - 0.5% |
||||
|
Principal Amount |
Value |
||
Private Sponsor - 0.5% |
||||
FREMF Mortgage Trust: |
|
|
|
|
Series 2010-K6 Class B, 5.5324% 12/25/46 (f)(g) |
|
$ 811,000 |
$ 900,371 |
|
Series 2010-K7 Class B, 5.618% 4/25/20 (f)(g) |
|
2,605,000 |
2,909,954 |
|
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (f) |
|
143,639 |
149,588 |
|
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,413,684) |
|
|||
Commercial Mortgage Securities - 19.2% |
||||
|
||||
Aventura Mall Trust Series 2013-AVM Class E, 3.8674% 12/5/32 (f)(g) |
|
2,000,000 |
1,924,801 |
|
Banc of America Commercial Mortgage Trust Series 2005-1 Class CJ, 5.4656% 11/10/42 (g) |
|
1,175,000 |
1,186,748 |
|
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.1533% 3/15/22 (f)(g) |
|
387,059 |
387,446 |
|
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.5999% 3/11/39 (g) |
|
2,432,000 |
2,516,502 |
|
BLCP Hotel Trust: |
|
|
|
|
floater Series 2014-CLRN Class F, 3.1869% 8/15/29 (f)(g) |
|
500,000 |
472,018 |
|
Series 2014-CLMZ Class M, 5.8808% 8/15/29 (f)(g) |
|
2,327,000 |
2,315,517 |
|
Boca Hotel Portfolio Trust Series 2013-BOCA Class E, 3.9033% 8/15/26 (f)(g) |
|
1,500,000 |
1,501,872 |
|
CGBAM Commercial Mortgage Trust Series 2013-D Class D, 3.004% 5/15/30 (f)(g) |
|
2,250,000 |
2,244,593 |
|
Chase Commercial Mortgage Securities Corp. Series 1998-1 Class H, 6.34% 5/18/30 (f) |
|
1,621,000 |
1,737,362 |
|
Citigroup Commercial Mortgage Trust Series 2013-GC15 Class D, 5.2767% 9/10/46 (f)(g) |
|
2,000,000 |
1,967,304 |
|
COMM Mortgage Trust: |
|
|
|
|
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (f) |
|
2,000,000 |
1,576,124 |
|
Series 2013-CR10 Class D, 4.958% 8/10/46 (f)(g) |
|
1,300,000 |
1,254,818 |
|
Series 2013-CR12 Class D, 5.2551% 10/10/46 (f)(g) |
|
2,900,000 |
2,825,203 |
|
Series 2013-CR9 Class D, 4.4017% 7/10/45 (f)(g) |
|
2,397,000 |
2,235,998 |
|
Series 2013-LC6 Class D, 4.4314% 1/10/46 (f)(g) |
|
1,912,000 |
1,811,892 |
|
Series 2014-UBS2 Class D, 5.183% 3/10/47 (f)(g) |
|
537,000 |
510,952 |
|
COMM Mortgage Trust pass-thru certificates Series 2005-LP5 Class F, 5.458% 5/10/43 (f)(g) |
|
2,000,000 |
2,055,066 |
|
Commercial Mortgage Acceptance Corp. Series 1998-C2 Class J, 5.44% 9/15/30 (f) |
|
1,430,352 |
1,371,063 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal Amount |
Value |
||
Commercial Mortgage Trust pass-thru certificates: |
|
|
|
|
Series 2005-C6 Class AJ, 5.209% 6/10/44 (g) |
|
$ 2,000,000 |
$ 2,051,692 |
|
Series 2012-CR1: |
|
|
|
|
Class C, 5.5381% 5/15/45 (g) |
|
3,000,000 |
3,297,918 |
|
Class D, 5.5381% 5/15/45 (f)(g) |
|
1,350,000 |
1,404,236 |
|
Series 2012-CR2 Class D, 5.0195% 8/15/45 (f)(g) |
|
500,000 |
523,074 |
|
Series 2012-LC4: |
|
|
|
|
Class C, 5.8225% 12/10/44 (g) |
|
780,000 |
870,381 |
|
Class D, 5.8225% 12/10/44 (f)(g) |
|
2,830,000 |
2,994,508 |
|
Credit Suisse First Boston Mortgage Securities Corp. Series 1998-C2 Class F, 6.75% 11/15/30 (f) |
|
544,459 |
564,867 |
|
DBUBS Mortgage Trust Series 2011-LC1A: |
|
|
|
|
Class E, 5.7303% 11/10/46 (f)(g) |
|
2,450,000 |
2,646,740 |
|
Class G, 4.652% 11/10/46 (f) |
|
2,157,000 |
1,859,377 |
|
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31 |
|
38,007 |
37,968 |
|
Extended Stay America Trust Series 2013-ESH7 Class C7, 3.9017% 12/5/31 (f) |
|
2,000,000 |
2,013,491 |
|
Freddie Mac pass-thru certificates: |
|
|
|
|
Series K011 Class X3, 2.6622% 12/25/43 (g)(h) |
|
4,947,000 |
675,538 |
|
Series K012 Class X3, 2.366% 1/25/41 (g)(h) |
|
2,846,999 |
348,393 |
|
Series K013 Class X3, 2.8852% 1/25/43 (g)(h) |
|
4,806,000 |
724,495 |
|
GCCFC Commercial Mortgage Trust Series 2005-GG3 Class B, 4.894% 8/10/42 (g) |
|
885,000 |
888,128 |
|
GMAC Commercial Mortgage Securities, Inc.: |
|
|
|
|
Series 1997-C2 Class G, 6.75% 4/15/29 (g) |
|
592,411 |
639,313 |
|
Series 2000-C1 Class K, 7% 3/15/33 |
|
6,002 |
6,031 |
|
GP Portfolio Trust Series 2014-GPP Class E, 4.0033% 2/15/27 (f)(g) |
|
615,000 |
615,542 |
|
GS Mortgage Securities Trust: |
|
|
|
|
Series 2010-C2 Class D, 5.3972% 12/10/43 (f)(g) |
|
2,000,000 |
2,095,553 |
|
Series 2012-GC6 Class C, 5.8259% 1/10/45 (f)(g) |
|
2,400,000 |
2,687,204 |
|
Series 2012-GCJ7: |
|
|
|
|
Class C, 5.9068% 5/10/45 (g) |
|
3,500,000 |
3,916,528 |
|
Class D, 5.9068% 5/10/45 (f)(g) |
|
2,500,000 |
2,612,648 |
|
Class E, 5% 5/10/45 (f) |
|
1,760,000 |
1,614,071 |
|
Series 2012-GCJ9 Class D, 4.858% 11/10/45 (f)(g) |
|
843,000 |
827,162 |
|
Series 2013-GC16: |
|
|
|
|
Class D, 5.323% 11/10/46 (f)(g) |
|
3,000,000 |
2,978,179 |
|
Class F, 3.5% 11/10/46 (f) |
|
805,000 |
599,496 |
|
Hilton U.S.A. Trust: |
|
|
|
|
floater Series 2014-ORL Class E, 3.4033% 7/15/29 (f)(g) |
|
639,000 |
637,394 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal Amount |
Value |
||
Hilton U.S.A. Trust: - continued |
|
|
|
|
Series 2013-HLT Class EFX, 5.6086% 11/5/30 (f)(g) |
|
$ 4,250,000 |
$ 4,339,669 |
|
Invitation Homes Trust floater Series 2013-SFR1: |
|
|
|
|
Class E, 2.9% 12/17/30 (f)(g) |
|
1,500,000 |
1,404,299 |
|
Class F, 3.9% 12/17/30 (f)(g) |
|
1,750,000 |
1,666,837 |
|
JPMorgan Chase Commercial Mortgage Securities Corp.: |
|
|
|
|
Series 2003-C1 Class F, 6.156% 1/12/37 (f)(g) |
|
756,000 |
758,350 |
|
Series 2009-IWST Class D, 7.6935% 12/5/27 (f)(g) |
|
2,779,000 |
3,353,767 |
|
Series 2010-CNTM Class MZ, 8.5% 8/5/20 (f) |
|
2,620,000 |
2,754,359 |
|
Series 2010-CNTR Class D, 6.3899% 8/5/32 (f)(g) |
|
1,216,000 |
1,389,715 |
|
Series 2012-CBX: |
|
|
|
|
Class C, 5.4155% 6/15/45 (g) |
|
1,240,000 |
1,350,470 |
|
Class G 4% 6/15/45 (f) |
|
805,000 |
604,501 |
|
JPMorgan Chase Commercial Mortgage Securities Trust: |
|
|
|
|
floater: |
|
|
|
|
Series 2013-JWRZ Class E, 3.8933% 4/15/30 (f)(g) |
|
1,280,000 |
1,283,550 |
|
Series 2014-FBLU Class E, 3.654% 12/15/28 (f)(g) |
|
2,000,000 |
1,996,301 |
|
Series 2014-INN: |
|
|
|
|
Class E, 3.753% 6/15/29 (f)(g) |
|
1,059,000 |
1,051,736 |
|
Class F, 4.153% 6/15/29 (f)(g) |
|
1,255,000 |
1,245,608 |
|
Series 2005-LDP2 Class C, 4.911% 7/15/42 (g) |
|
4,000,000 |
4,031,640 |
|
Series 2011-C4 Class E, 5.5766% 7/15/46 (f)(g) |
|
1,390,000 |
1,501,820 |
|
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (f) |
|
6,563 |
6,561 |
|
LB-UBS Commercial Mortgage Trust: |
|
|
|
|
sequential payer: |
|
|
|
|
Series 2005-C3 Class AJ, 4.843% 7/15/40 |
|
4,760,000 |
4,824,298 |
|
Series 2005-C7 Class AJ, 5.323% 11/15/40 (g) |
|
1,240,000 |
1,279,327 |
|
Series 2005-C1 Class E, 4.924% 2/15/40 |
|
1,000,000 |
1,003,522 |
|
Series 2006-C4 Class AJ, 6.0492% 6/15/38 (g) |
|
2,511,000 |
2,633,198 |
|
LSTAR Commercial Mortgage Trust Series 2011-1 Class D, 5.3378% 6/25/43 (f)(g) |
|
1,564,000 |
1,587,362 |
|
Mach One Trust LLC Series 2004-1A Class H, 6.2941% 5/28/40 (f)(g) |
|
540,000 |
553,500 |
|
Mezz Capital Commercial Mortgage Trust sequential payer Series 2004-C2 Class A, 5.318% 10/15/40 (f) |
|
276,861 |
276,224 |
|
Morgan Stanley BAML Trust: |
|
|
|
|
Series 2012-C6 Class D, 4.8176% 11/15/45 (f)(g) |
|
2,000,000 |
2,039,078 |
|
Series 2013-C12 Class D, 4.9282% 10/15/46 (f)(g) |
|
1,500,000 |
1,451,630 |
|
Series 2013-C13 Class D, 5.0589% 11/15/46 (f)(g) |
|
2,500,000 |
2,439,545 |
|
Series 2013-C7 Class E, 4.4418% 2/15/46 (f)(g) |
|
1,490,000 |
1,279,208 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal Amount |
Value |
||
Morgan Stanley Capital I Trust: |
|
|
|
|
sequential payer: |
|
|
|
|
Series 2006-HQ10 Class AM, 5.36% 11/12/41 |
|
$ 3,769,000 |
$ 4,034,432 |
|
Series 2012-C4 Class E, 5.7093% 3/15/45 (f)(g) |
|
2,250,000 |
2,317,203 |
|
Series 1997-RR Class F, 7.432% 4/30/39 (f)(g) |
|
182,025 |
182,573 |
|
Series 1998-CF1 Class G, 7.35% 7/15/32 (f) |
|
1,799,392 |
1,749,052 |
|
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43 |
|
3,242,000 |
3,450,399 |
|
Series 2011-C1 Class C, 5.4185% 9/15/47 (f)(g) |
|
2,000,000 |
2,217,628 |
|
Series 2011-C2: |
|
|
|
|
Class D, 5.4813% 6/15/44 (f)(g) |
|
1,532,000 |
1,651,930 |
|
Class E, 5.4813% 6/15/44 (f)(g) |
|
1,946,000 |
2,041,397 |
|
Class F, 5.4813% 6/15/44 (f)(g) |
|
1,467,000 |
1,376,278 |
|
Class XB, 0.5338% 6/15/44 (f)(g)(h) |
|
51,641,000 |
1,464,849 |
|
Series 2011-C3 Class C, 5.3556% 7/15/49 (f)(g) |
|
2,000,000 |
2,167,322 |
|
Series 2012-C4 Class D, 5.7093% 3/15/45 (f)(g) |
|
1,640,000 |
1,771,818 |
|
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (f) |
|
1,164,600 |
1,480,322 |
|
RBSCF Trust Series 2010-MB1 Class D, 5.0079% 4/15/24 (f)(g) |
|
2,687,000 |
2,711,272 |
|
SCG Trust Series 2013-SRP1 Class D, 3.4973% 11/15/26 (f)(g) |
|
1,000,000 |
975,195 |
|
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (f) |
|
2,026,000 |
2,126,717 |
|
UBS Commercial Mortgage Trust Series 2012-C1 Class D, 5.7193% 5/10/45 (f)(g) |
|
645,000 |
669,986 |
|
UBS-BAMLL Trust Series 12-WRM Class D, 4.3793% 6/10/30 (f)(g) |
|
1,460,000 |
1,412,801 |
|
Wachovia Bank Commercial Mortgage Trust Series 2004-C12 Class D, 5.6119% 7/15/41 (g) |
|
818,163 |
819,605 |
|
WF-RBS Commercial Mortgage Trust: |
|
|
|
|
Series 2011-C3: |
|
|
|
|
Class C, 5.335% 3/15/44 (f) |
|
2,100,000 |
2,292,492 |
|
Class D, 5.7228% 3/15/44 (f)(g) |
|
1,000,000 |
1,058,278 |
|
Series 2011-C5: |
|
|
|
|
Class C, 5.8229% 11/15/44 (f)(g) |
|
1,250,000 |
1,401,848 |
|
Class F, 5.25% 11/15/44 (f)(g) |
|
2,000,000 |
1,835,566 |
|
Class G, 5.25% 11/15/44 (f)(g) |
|
1,000,000 |
855,900 |
|
Series 2012-C10 Class E, 4.6072% 12/15/45 (f)(g) |
|
910,000 |
775,406 |
|
Series 2012-C7 Class D, 5.0013% 6/15/45 (f)(g) |
|
620,000 |
647,605 |
|
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $145,599,691) |
|
|||
Bank Loan Obligations - 7.8% |
||||
|
Principal Amount |
Value |
||
CONSUMER DISCRETIONARY - 2.6% |
||||
Hotels, Restaurants & Leisure - 1.9% |
||||
BRE Select Hotels Corp. 5.894% 5/9/18 (g) |
|
$ 2,228,396 |
$ 2,228,396 |
|
Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (g) |
|
3,225,625 |
3,072,408 |
|
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (g) |
|
1,551,112 |
1,461,923 |
|
CityCenter Holdings LLC Tranche B, term loan 4.25% 10/16/20 (g) |
|
825,067 |
818,879 |
|
Cooper Hotel Group 12% 11/6/17 |
|
2,320,657 |
2,436,689 |
|
Four Seasons Holdings, Inc. Tranche 2LN, term loan 6.25% 12/27/20 (g) |
|
100,000 |
100,250 |
|
Hilton Worldwide Finance, LLC Tranche B, term loan 3.5% 10/25/20 (g) |
|
4,161,520 |
4,117,825 |
|
La Quinta Intermediate Holdings LLC Tranche B LN, Tranche B, term loan 4% 4/14/21 (g) |
|
1,777,545 |
1,764,213 |
|
Playa Resorts Holding BV Tranche B, term loan 4% 8/9/19 (g) |
|
239,395 |
235,805 |
|
|
16,236,388 |
|||
Media - 0.2% |
||||
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. Tranche B, term loan 3% 1/31/21 (g) |
|
1,705,000 |
1,668,769 |
|
Multiline Retail - 0.3% |
||||
JC Penney Corp., Inc. Tranche B, term loan 6% 5/22/18 (g) |
|
2,284,587 |
2,258,886 |
|
Specialty Retail - 0.2% |
||||
The Pep Boys - Manny, Moe & Jack Tranche B, term loan 4.25% 10/11/18 (g) |
|
1,336,200 |
1,326,179 |
|
TOTAL CONSUMER DISCRETIONARY |
21,490,222 |
|||
CONSUMER STAPLES - 0.1% |
||||
Food & Staples Retailing - 0.1% |
||||
Albertson's LLC Tranche B 3LN, term loan 4% 8/25/19 (g) |
|
1,275,000 |
1,268,625 |
|
ENERGY - 0.1% |
||||
Oil, Gas & Consumable Fuels - 0.1% |
||||
TPF II Power, LLC Tranche B, term loan 5.5% 10/2/21 (g) |
|
845,000 |
849,225 |
|
Bank Loan Obligations - continued |
||||
|
Principal Amount |
Value |
||
FINANCIALS - 2.4% |
||||
Diversified Financial Services - 0.9% |
||||
Blackstone 9.98% 10/1/17 |
|
$ 7,330,848 |
$ 7,330,848 |
|
Real Estate Investment Trusts - 0.3% |
||||
Starwood Property Trust, Inc. Tranche B, term loan 3.5% 4/17/20 (g) |
|
2,468,672 |
2,419,298 |
|
Real Estate Management & Development - 0.9% |
||||
CBRE Group, Inc. Tranche B, term loan 2.9025% 3/28/21 (g) |
|
876,650 |
870,075 |
|
Realogy Corp. Credit-Linked Deposit 4.4463% 10/10/16 (g) |
|
76,653 |
75,024 |
|
Realogy Group LLC Tranche B, term loan 3.75% 3/5/20 (g) |
|
6,911,066 |
6,876,510 |
|
|
7,821,609 |
|||
Thrifts & Mortgage Finance - 0.3% |
||||
Ocwen Loan Servicing, LLC Tranche B, term loan 5% 2/15/18 (g) |
|
2,787,724 |
2,655,307 |
|
TOTAL FINANCIALS |
20,227,062 |
|||
HEALTH CARE - 0.6% |
||||
Health Care Providers & Services - 0.6% |
||||
Community Health Systems, Inc.: |
|
|
|
|
Tranche D, term loan 4.25% 1/27/21 (g) |
|
283,640 |
283,640 |
|
Tranche E, term loan 3.4846% 1/25/17 (g) |
|
106,418 |
105,620 |
|
ESH Hospitality, Inc. Tranche B, term loan 5% 6/24/19 (g) |
|
2,140,000 |
2,148,025 |
|
Skilled Healthcare Group, Inc. term loan 7% 4/9/16 (g) |
|
2,193,924 |
2,188,439 |
|
|
4,725,724 |
|||
INDUSTRIALS - 0.6% |
||||
Commercial Services & Supplies - 0.2% |
||||
Pilot Travel Centers LLC Tranche B, term loan 4.25% 10/3/21 (g) |
|
2,000,000 |
2,005,000 |
|
Construction & Engineering - 0.4% |
||||
Drumm Investors LLC Tranche B, term loan 6.75% 5/4/18 (g) |
|
3,085,800 |
3,108,943 |
|
TOTAL INDUSTRIALS |
5,113,943 |
|||
Bank Loan Obligations - continued |
||||
|
Principal Amount |
Value |
||
TELECOMMUNICATION SERVICES - 0.5% |
||||
Wireless Telecommunication Services - 0.5% |
||||
Crown Castle Operating Co. Tranche B 2LN, term loan 3% 1/31/21 (g) |
|
$ 1,951,406 |
$ 1,934,332 |
|
SBA Senior Finance II, LLC term loan 3.25% 3/24/21 (g) |
|
2,408,963 |
2,366,806 |
|
|
4,301,138 |
|||
UTILITIES - 0.9% |
||||
Electric Utilities - 0.6% |
||||
Calpine Construction Finance Co. LP Tranche B 2LN, term loan 3.25% 1/31/22 (g) |
|
992,484 |
963,951 |
|
EquiPower Resources Holdings LLC Tranche C, term loan 4.25% 12/31/19 (g) |
|
1,024,629 |
1,018,225 |
|
Essential Power LLC Tranche B, term loan 4.75% 8/8/19 (g) |
|
992,223 |
992,223 |
|
La Frontera Generation, LLC Tranche B, term loan 4.5% 9/30/20 (g) |
|
1,714,130 |
1,701,274 |
|
|
4,675,673 |
|||
Independent Power Producers & Energy Traders - 0.3% |
||||
Calpine Corp. Tranche B 4LN, term loan 4% 10/31/20 (g) |
|
1,985,000 |
1,957,706 |
|
Tempus Public Foundation Generation Holdings LLC Tranche B, term loan 4.75% 12/31/17 (g) |
|
994,975 |
947,714 |
|
|
2,905,420 |
|||
TOTAL UTILITIES |
7,581,093 |
|||
TOTAL BANK LOAN OBLIGATIONS (Cost $65,843,448) |
|
Money Market Funds - 4.9% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.11% (b) |
40,002,186 |
$ 40,002,186 |
|
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) |
1,521,825 |
1,521,825 |
|
TOTAL MONEY MARKET FUNDS (Cost $41,524,011) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $776,038,364) |
840,502,783 |
||
NET OTHER ASSETS (LIABILITIES) - 0.0% |
318,372 |
||
NET ASSETS - 100% |
$ 840,821,155 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Non-income producing - Security is in default. |
(e) Security or a portion of the security is on loan at period end. |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $169,840,950 or 20.2% of net assets. |
(g) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(h) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period. |
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 |
$ 12,644 |
Fidelity Securities Lending Cash Central Fund |
413 |
Total |
$ 13,057 |
Other Information |
The following is a summary of the inputs used, as of October 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Equities: |
||||
Consumer Discretionary |
$ 2,384,556 |
$ 2,384,556 |
$ - |
$ - |
Financials |
333,000,994 |
328,554,974 |
4,446,020 |
- |
Materials |
571,862 |
571,862 |
- |
- |
Corporate Bonds |
213,766,705 |
1,455,000 |
212,311,705 |
- |
Asset-Backed Securities |
18,118,555 |
- |
18,118,555 |
- |
Collateralized Mortgage Obligations |
3,959,913 |
- |
3,959,913 |
- |
Commercial Mortgage Securities |
161,619,155 |
- |
159,870,103 |
1,749,052 |
Bank Loan Obligations |
65,557,032 |
- |
60,791,697 |
4,765,335 |
Money Market Funds |
41,524,011 |
41,524,011 |
- |
- |
Total Investments in Securities: |
$ 840,502,783 |
$ 374,490,403 |
$ 459,497,993 |
$ 6,514,387 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Bank Loan Obligations |
|
Beginning Balance |
$ 12,296,701 |
Net Realized Gain (Loss) on Investment Securities |
(126) |
Net Unrealized Gain (Loss) on Investment Securities |
5,991 |
Cost of Purchases |
- |
Proceeds of Sales |
(10,620) |
Amortization/Accretion |
(6,258) |
Transfers into Level 3 |
- |
Transfers out of Level 3 |
(7,520,353) |
Ending Balance |
$ 4,765,335 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2014 |
$ 5,991 |
Other Investments in Securities |
|
Beginning Balance |
$ 2,707,064 |
Net Realized Gain (Loss) on Investment Securities |
- |
Net Unrealized Gain (Loss) on Investment Securities |
150,762 |
Cost of Purchases |
- |
Proceeds of Sales |
- |
Amortization/Accretion |
134,562 |
Transfers into Level 3 |
- |
Transfers out of Level 3 |
(1,243,336) |
Ending Balance |
$ 1,749,052 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2014 |
$ 150,762 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. |
Income Tax Information |
At October 31, 2014, the cost of investment securities for income tax purposes was $776,066,723. Net unrealized appreciation aggregated $64,436,060, of which $70,357,351 related to appreciated investment securities and $5,921,291 related to depreciated investment 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. 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 and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Series Small Cap
Opportunities Fund
October 31, 2014
1.858552.108
SMO-QTLY-1214
Showing Percentage of Net Assets
Common Stocks - 94.4% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 12.1% |
|||
Auto Components - 1.4% |
|||
Cooper Tire & Rubber Co. |
589,470 |
$ 18,986,829 |
|
Motorcar Parts of America, Inc. (a) |
218,079 |
6,333,014 |
|
Standard Motor Products, Inc. |
202,932 |
8,019,873 |
|
Tenneco, Inc. (a) |
836,486 |
43,798,407 |
|
|
77,138,123 |
||
Diversified Consumer Services - 0.5% |
|||
Bright Horizons Family Solutions, Inc. (a) |
8,234 |
366,907 |
|
Service Corp. International |
1,269,400 |
27,761,778 |
|
|
28,128,685 |
||
Hotels, Restaurants & Leisure - 2.7% |
|||
Bloomin' Brands, Inc. (a) |
1,341,216 |
25,362,395 |
|
Brinker International, Inc. |
501,600 |
26,905,824 |
|
Buffalo Wild Wings, Inc. (a) |
185,400 |
27,676,512 |
|
Domino's Pizza, Inc. |
152,000 |
13,496,080 |
|
Life Time Fitness, Inc. (a)(d) |
544,620 |
30,373,457 |
|
Texas Roadhouse, Inc. Class A |
980,743 |
28,314,050 |
|
|
152,128,318 |
||
Household Durables - 0.8% |
|||
Ethan Allen Interiors, Inc. |
715,673 |
20,253,546 |
|
Jarden Corp. (a) |
407,915 |
26,551,187 |
|
|
46,804,733 |
||
Media - 1.1% |
|||
MDC Partners, Inc. Class A (sub. vtg.) |
1,378,550 |
28,535,991 |
|
Nexstar Broadcasting Group, Inc. Class A (d) |
675,417 |
30,474,815 |
|
|
59,010,806 |
||
Multiline Retail - 0.3% |
|||
Dillard's, Inc. Class A |
189,844 |
20,077,901 |
|
Specialty Retail - 2.9% |
|||
Chico's FAS, Inc. |
1,292,529 |
19,491,337 |
|
GameStop Corp. Class A |
580,126 |
24,806,188 |
|
Genesco, Inc. (a) |
359,125 |
27,541,296 |
|
GNC Holdings, Inc. |
701,000 |
29,140,570 |
|
Murphy U.S.A., Inc. (a) |
380,400 |
21,796,920 |
|
Rent-A-Center, Inc. |
385,119 |
11,927,135 |
|
Zumiez, Inc. (a) |
735,668 |
24,556,598 |
|
|
159,260,044 |
||
Textiles, Apparel & Luxury Goods - 2.4% |
|||
Deckers Outdoor Corp. (a) |
262,300 |
22,940,758 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - continued |
|||
Textiles, Apparel & Luxury Goods - continued |
|||
Fossil Group, Inc. (a) |
298,300 |
$ 30,325,178 |
|
G-III Apparel Group Ltd. (a) |
357,535 |
28,370,402 |
|
Iconix Brand Group, Inc. (a) |
868,500 |
34,748,685 |
|
Steven Madden Ltd. (a) |
518,439 |
16,253,063 |
|
|
132,638,086 |
||
TOTAL CONSUMER DISCRETIONARY |
675,186,696 |
||
CONSUMER STAPLES - 2.6% |
|||
Beverages - 0.1% |
|||
Coca-Cola Bottling Co. Consolidated |
44,619 |
4,035,342 |
|
Food & Staples Retailing - 0.9% |
|||
Andersons, Inc. |
407,136 |
25,946,777 |
|
Casey's General Stores, Inc. |
336,550 |
27,553,349 |
|
|
53,500,126 |
||
Food Products - 1.2% |
|||
Greencore Group PLC |
4,911,909 |
20,618,292 |
|
Ingredion, Inc. |
300,738 |
23,232,011 |
|
J&J Snack Foods Corp. |
224,250 |
23,104,478 |
|
|
66,954,781 |
||
Personal Products - 0.4% |
|||
Inter Parfums, Inc. |
791,114 |
22,467,638 |
|
TOTAL CONSUMER STAPLES |
146,957,887 |
||
ENERGY - 5.2% |
|||
Energy Equipment & Services - 1.4% |
|||
Atwood Oceanics, Inc. |
438,626 |
17,830,147 |
|
Bristow Group, Inc. |
493,100 |
36,440,090 |
|
Total Energy Services, Inc. |
1,256,670 |
21,831,861 |
|
|
76,102,098 |
||
Oil, Gas & Consumable Fuels - 3.8% |
|||
Genesis Energy LP |
255,996 |
12,282,688 |
|
Newfield Exploration Co. (a) |
1,275,710 |
41,600,903 |
|
Rosetta Resources, Inc. (a) |
996,652 |
37,902,676 |
|
Stone Energy Corp. (a) |
1,390,215 |
34,060,268 |
|
Targa Resources Corp. |
348,890 |
44,877,721 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
ENERGY - continued |
|||
Oil, Gas & Consumable Fuels - continued |
|||
TC Pipelines LP |
181,400 |
$ 11,310,290 |
|
Western Refining, Inc. |
672,412 |
30,655,263 |
|
|
212,689,809 |
||
TOTAL ENERGY |
288,791,907 |
||
FINANCIALS - 22.7% |
|||
Banks - 9.2% |
|||
Associated Banc-Corp. |
3,053,213 |
57,400,404 |
|
BancFirst Corp. |
484,778 |
31,510,570 |
|
Bank of the Ozarks, Inc. |
1,780,874 |
62,758,000 |
|
Banner Bank (e) |
1,280,871 |
55,359,245 |
|
BBCN Bancorp, Inc. |
3,045,910 |
43,069,167 |
|
Cathay General Bancorp |
767,424 |
20,267,668 |
|
City National Corp. |
701,478 |
55,213,333 |
|
Huntington Bancshares, Inc. |
6,003,000 |
59,489,730 |
|
Investors Bancorp, Inc. |
3,692,500 |
39,694,375 |
|
MB Financial, Inc. |
374,337 |
11,810,332 |
|
PacWest Bancorp |
1,743,588 |
74,381,465 |
|
|
510,954,289 |
||
Capital Markets - 2.2% |
|||
AURELIUS AG |
848,707 |
29,481,805 |
|
Raymond James Financial, Inc. |
707,900 |
39,734,427 |
|
Waddell & Reed Financial, Inc. Class A |
1,101,141 |
52,568,471 |
|
|
121,784,703 |
||
Insurance - 3.5% |
|||
Allied World Assurance Co. |
1,316,013 |
50,008,494 |
|
Amerisafe, Inc. |
850,659 |
35,472,480 |
|
Aspen Insurance Holdings Ltd. |
760,690 |
33,188,905 |
|
Primerica, Inc. |
799,175 |
40,877,801 |
|
StanCorp Financial Group, Inc. |
475,977 |
33,108,960 |
|
|
192,656,640 |
||
Real Estate Investment Trusts - 6.7% |
|||
Cousins Properties, Inc. |
4,210,420 |
54,777,564 |
|
Equity Lifestyle Properties, Inc. |
840,600 |
41,273,460 |
|
First Industrial Realty Trust, Inc. |
2,240,092 |
43,748,997 |
|
Home Properties, Inc. |
779,190 |
50,109,709 |
|
Kite Realty Group Trust |
1,470,898 |
38,081,549 |
|
Mid-America Apartment Communities, Inc. |
662,400 |
46,805,184 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
National Retail Properties, Inc. (d) |
1,286,241 |
$ 49,031,507 |
|
Ramco-Gershenson Properties Trust (SBI) |
2,760,350 |
48,250,918 |
|
|
372,078,888 |
||
Thrifts & Mortgage Finance - 1.1% |
|||
Washington Federal, Inc. |
649,160 |
14,171,163 |
|
WSFS Financial Corp. (e) |
624,051 |
49,081,611 |
|
|
63,252,774 |
||
TOTAL FINANCIALS |
1,260,727,294 |
||
HEALTH CARE - 12.3% |
|||
Biotechnology - 7.0% |
|||
ACADIA Pharmaceuticals, Inc. (a)(d) |
676,927 |
18,750,878 |
|
Agios Pharmaceuticals, Inc. (a)(d) |
194,663 |
16,357,532 |
|
Auspex Pharmaceuticals, Inc. |
470,426 |
12,748,545 |
|
BioCryst Pharmaceuticals, Inc. (a)(d) |
1,305,950 |
15,305,734 |
|
BioMarin Pharmaceutical, Inc. (a) |
209,944 |
17,320,380 |
|
Bluebird Bio, Inc. (a) |
165,212 |
6,937,252 |
|
Celldex Therapeutics, Inc. (a)(d) |
779,849 |
13,062,471 |
|
Chimerix, Inc. (a)(d) |
707,418 |
21,958,255 |
|
Cubist Pharmaceuticals, Inc. (a) |
191,817 |
13,866,451 |
|
Dicerna Pharmaceuticals, Inc. (d) |
198,493 |
1,859,879 |
|
Discovery Laboratories, Inc. (a)(d) |
3,338,189 |
6,108,886 |
|
Dyax Corp. (a) |
1,881,015 |
23,268,156 |
|
Genocea Biosciences, Inc. |
256,943 |
2,255,960 |
|
Insmed, Inc. (a) |
1,073,835 |
15,237,719 |
|
Intercept Pharmaceuticals, Inc. (a) |
100,798 |
26,045,195 |
|
Isis Pharmaceuticals, Inc. (a) |
604,972 |
27,865,010 |
|
Medivation, Inc. (a) |
168,014 |
17,759,080 |
|
Mirati Therapeutics, Inc. (a) |
666,869 |
11,183,393 |
|
Neurocrine Biosciences, Inc. (a) |
1,115,382 |
20,656,875 |
|
Novavax, Inc. (a) |
3,824,762 |
21,418,667 |
|
Puma Biotechnology, Inc. (a) |
141,900 |
35,560,140 |
|
Synageva BioPharma Corp. (a)(d) |
217,697 |
16,488,371 |
|
Ultragenyx Pharma, Inc. |
306,000 |
14,385,060 |
|
XOMA Corp. (a) |
2,524,322 |
10,829,341 |
|
|
387,229,230 |
||
Health Care Equipment & Supplies - 1.5% |
|||
Abaxis, Inc. |
39,400 |
2,074,804 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE - continued |
|||
Health Care Equipment & Supplies - continued |
|||
Sirona Dental Systems, Inc. (a) |
361,500 |
$ 28,395,825 |
|
Steris Corp. |
624,797 |
38,612,455 |
|
West Pharmaceutical Services, Inc. |
315,400 |
16,164,250 |
|
|
85,247,334 |
||
Health Care Providers & Services - 2.1% |
|||
Community Health Systems, Inc. (a) |
450,300 |
24,752,991 |
|
MWI Veterinary Supply, Inc. (a) |
39,400 |
6,684,407 |
|
Omnicare, Inc. |
234,400 |
15,608,696 |
|
PharMerica Corp. (a) |
491,016 |
14,087,249 |
|
Surgical Care Affiliates, Inc. |
737,936 |
22,639,876 |
|
Team Health Holdings, Inc. (a) |
488,900 |
30,575,806 |
|
|
114,349,025 |
||
Health Care Technology - 0.3% |
|||
MedAssets, Inc. (a) |
703,100 |
15,229,146 |
|
Life Sciences Tools & Services - 0.9% |
|||
Bruker BioSciences Corp. (a) |
1,062,266 |
22,020,774 |
|
Fluidigm Corp. (a) |
435,727 |
12,636,083 |
|
PAREXEL International Corp. (a) |
319,862 |
17,371,705 |
|
|
52,028,562 |
||
Pharmaceuticals - 0.5% |
|||
Prestige Brands Holdings, Inc. (a) |
535,854 |
18,979,949 |
|
Theravance, Inc. (d) |
655,549 |
10,501,895 |
|
|
29,481,844 |
||
TOTAL HEALTH CARE |
683,565,141 |
||
INDUSTRIALS - 12.6% |
|||
Aerospace & Defense - 1.1% |
|||
AAR Corp. |
430,872 |
11,418,108 |
|
Teledyne Technologies, Inc. (a) |
457,234 |
47,383,159 |
|
|
58,801,267 |
||
Air Freight & Logistics - 0.7% |
|||
Hub Group, Inc. Class A (a) |
1,073,163 |
38,945,085 |
|
Airlines - 0.7% |
|||
JetBlue Airways Corp. (a)(d) |
3,372,000 |
38,912,880 |
|
Commercial Services & Supplies - 0.4% |
|||
Civeo Corp. |
1,680,200 |
20,481,638 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INDUSTRIALS - continued |
|||
Construction & Engineering - 1.1% |
|||
EMCOR Group, Inc. |
826,700 |
$ 36,482,271 |
|
MasTec, Inc. (a) |
824,422 |
23,611,446 |
|
|
60,093,717 |
||
Industrial Conglomerates - 0.6% |
|||
Carlisle Companies, Inc. |
398,000 |
35,374,240 |
|
Machinery - 3.2% |
|||
Allison Transmission Holdings, Inc. |
1,080,171 |
35,083,954 |
|
KUKA AG (d) |
369,600 |
23,227,687 |
|
Navistar International Corp. (a)(d) |
845,353 |
29,900,136 |
|
TriMas Corp. (a) |
963,644 |
30,508,969 |
|
Valmont Industries, Inc. |
202,700 |
27,601,659 |
|
Wabtec Corp. |
372,650 |
32,159,695 |
|
|
178,482,100 |
||
Marine - 0.2% |
|||
DryShips, Inc. (d) |
7,428,003 |
10,993,444 |
|
Professional Services - 1.9% |
|||
Dun & Bradstreet Corp. |
258,106 |
31,697,998 |
|
Huron Consulting Group, Inc. (a) |
491,531 |
34,215,473 |
|
Stantec, Inc. |
649,700 |
41,165,057 |
|
|
107,078,528 |
||
Trading Companies & Distributors - 2.7% |
|||
Applied Industrial Technologies, Inc. |
688,123 |
33,587,284 |
|
DXP Enterprises, Inc. (a) |
556,729 |
36,905,565 |
|
Kaman Corp. |
646,580 |
27,841,735 |
|
Now, Inc. (d) |
968,188 |
29,103,731 |
|
Titan Machinery, Inc. (a)(d)(e) |
1,579,819 |
21,738,309 |
|
|
149,176,624 |
||
TOTAL INDUSTRIALS |
698,339,523 |
||
INFORMATION TECHNOLOGY - 18.7% |
|||
Communications Equipment - 2.3% |
|||
Aruba Networks, Inc. (a) |
1,610,226 |
34,748,677 |
|
Finisar Corp. (a)(d) |
1,492,100 |
24,947,912 |
|
Ixia (a) |
2,735,869 |
26,346,418 |
|
Radware Ltd. (a) |
1,524,266 |
28,945,811 |
|
Riverbed Technology, Inc. (a) |
759,657 |
14,425,886 |
|
|
129,414,704 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
INFORMATION TECHNOLOGY - continued |
|||
Electronic Equipment & Components - 0.7% |
|||
CDW Corp. |
465,200 |
$ 14,346,768 |
|
Trimble Navigation Ltd. (a) |
877,400 |
23,566,964 |
|
|
37,913,732 |
||
Internet Software & Services - 2.5% |
|||
Bankrate, Inc. (a) |
2,470,401 |
26,828,555 |
|
EarthLink Holdings Corp. |
1,636,395 |
5,858,294 |
|
NIC, Inc. |
1,063,302 |
19,596,656 |
|
Points International Ltd. (a) |
1,256,014 |
18,827,650 |
|
Rackspace Hosting, Inc. (a) |
417,417 |
16,012,116 |
|
SciQuest, Inc. (a) |
999,600 |
14,904,036 |
|
Stamps.com, Inc. (a) |
440,004 |
16,236,148 |
|
Web.com Group, Inc. (a) |
1,129,741 |
23,193,583 |
|
|
141,457,038 |
||
IT Services - 4.6% |
|||
Datalink Corp. (a)(e) |
1,843,340 |
23,318,251 |
|
ExlService Holdings, Inc. (a) |
1,249,462 |
34,972,441 |
|
Global Payments, Inc. |
787,200 |
63,369,600 |
|
Interxion Holding N.V. (a) |
854,703 |
23,367,580 |
|
Maximus, Inc. |
1,194,700 |
57,895,162 |
|
Sapient Corp. (a) |
2,922,847 |
50,623,710 |
|
|
253,546,744 |
||
Semiconductors & Semiconductor Equipment - 2.8% |
|||
Intersil Corp. Class A |
1,443,400 |
19,182,786 |
|
Lattice Semiconductor Corp. (a) |
2,543,400 |
17,066,214 |
|
M/A-COM Technology Solutions, Inc. (a) |
716,800 |
15,762,432 |
|
Monolithic Power Systems, Inc. |
634,770 |
28,050,486 |
|
PDF Solutions, Inc. (a) |
35,947 |
466,233 |
|
PMC-Sierra, Inc. (a) |
1,868,300 |
14,554,057 |
|
RF Micro Devices, Inc. (a) |
2,662,200 |
34,635,222 |
|
Semtech Corp. (a) |
896,100 |
22,743,018 |
|
Ultratech, Inc. (a) |
108,547 |
2,076,504 |
|
|
154,536,952 |
||
Software - 4.0% |
|||
BroadSoft, Inc. (a) |
875,309 |
20,044,576 |
|
CommVault Systems, Inc. (a) |
503,877 |
22,341,906 |
|
Interactive Intelligence Group, Inc. (a) |
389,400 |
18,792,444 |
|
Parametric Technology Corp. (a) |
833,426 |
31,795,202 |
|
Pegasystems, Inc. |
660,400 |
14,310,868 |
|
Rovi Corp. (a) |
845,559 |
17,655,272 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INFORMATION TECHNOLOGY - continued |
|||
Software - continued |
|||
SS&C Technologies Holdings, Inc. (a) |
764,609 |
$ 36,945,907 |
|
Synchronoss Technologies, Inc. (a) |
782,314 |
40,422,164 |
|
Tangoe, Inc. (a) |
1,411,000 |
20,699,370 |
|
|
223,007,709 |
||
Technology Hardware, Storage & Peripherals - 1.8% |
|||
Cray, Inc. (a) |
668,100 |
23,156,346 |
|
Electronics for Imaging, Inc. (a) |
369,925 |
16,912,971 |
|
Quantum Corp. (a) |
11,950,411 |
15,296,526 |
|
Silicon Graphics International Corp. (a)(e) |
2,187,649 |
18,988,793 |
|
Super Micro Computer, Inc. (a) |
866,379 |
27,689,473 |
|
|
102,044,109 |
||
TOTAL INFORMATION TECHNOLOGY |
1,041,920,988 |
||
MATERIALS - 4.9% |
|||
Chemicals - 3.1% |
|||
Axiall Corp. |
835,346 |
33,664,444 |
|
Flotek Industries, Inc. (a) |
924,945 |
20,496,781 |
|
Kronos Worldwide, Inc. |
1,601,324 |
21,521,795 |
|
PolyOne Corp. |
928,401 |
34,360,121 |
|
Rayonier Advanced Materials, Inc. (d) |
189,489 |
5,406,121 |
|
Tronox Ltd. Class A |
2,381,644 |
57,588,152 |
|
|
173,037,414 |
||
Containers & Packaging - 0.5% |
|||
Berry Plastics Group, Inc. (a) |
1,139,560 |
29,651,351 |
|
Metals & Mining - 1.3% |
|||
Compass Minerals International, Inc. |
343,300 |
29,413,944 |
|
Steel Dynamics, Inc. |
467,400 |
10,754,874 |
|
Worthington Industries, Inc. |
790,646 |
30,558,468 |
|
|
70,727,286 |
||
TOTAL MATERIALS |
273,416,051 |
||
TELECOMMUNICATION SERVICES - 0.6% |
|||
Diversified Telecommunication Services - 0.5% |
|||
8x8, Inc. (a) |
562,654 |
4,422,460 |
|
Cogent Communications Group, Inc. |
363,200 |
12,327,008 |
|
FairPoint Communications, Inc. (a) |
145,900 |
2,421,940 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
TELECOMMUNICATION SERVICES - continued |
|||
Diversified Telecommunication Services - continued |
|||
Lumos Networks Corp. |
141,000 |
$ 2,425,200 |
|
Towerstream Corp. (a)(d)(e) |
5,386,878 |
6,733,598 |
|
|
28,330,206 |
||
Wireless Telecommunication Services - 0.1% |
|||
RingCentral, Inc. (a) |
167,100 |
2,195,694 |
|
TOTAL TELECOMMUNICATION SERVICES |
30,525,900 |
||
UTILITIES - 2.7% |
|||
Electric Utilities - 1.5% |
|||
El Paso Electric Co. |
518,280 |
19,611,715 |
|
Great Plains Energy, Inc. |
682,080 |
18,368,414 |
|
IDACORP, Inc. |
301,200 |
19,044,876 |
|
Portland General Electric Co. |
741,632 |
27,002,821 |
|
|
84,027,826 |
||
Gas Utilities - 0.9% |
|||
Atmos Energy Corp. |
439,386 |
23,287,458 |
|
Laclede Group, Inc. |
511,800 |
25,984,086 |
|
|
49,271,544 |
||
Independent Power Producers & Energy Traders - 0.3% |
|||
Dynegy, Inc. (a) |
536,800 |
16,372,400 |
|
TOTAL UTILITIES |
149,671,770 |
||
TOTAL COMMON STOCKS (Cost $4,656,920,372) |
|
U.S. Treasury Obligations - 0.1% |
||||
|
Principal Amount |
|
U.S. Treasury Bills, yield at date of purchase 0.01% to 0.03% 11/13/14 to 12/26/14 (f) |
$ 5,500,000 |
|
|
Money Market Funds - 8.4% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.11% (b) |
288,977,241 |
$ 288,977,241 |
|
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) |
176,778,925 |
176,778,925 |
|
TOTAL MONEY MARKET FUNDS (Cost $465,756,166) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $5,128,176,464) |
5,720,359,296 |
||
NET OTHER ASSETS (LIABILITIES) - (2.9)% |
(161,718,298) |
||
NET ASSETS - 100% |
$ 5,558,640,998 |
Futures Contracts |
|||||
|
Expiration Date |
Underlying Face Amount at Value |
Unrealized Appreciation/ |
||
Purchased |
|||||
Equity Index Contracts |
|||||
554 ICE Russell 2000 Mini Index Contracts (United States) |
Dec. 2014 |
$ 64,873,400 |
$ 3,439,203 |
The face value of futures purchased as a percentage of net assets is 1.2% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,996,978. |
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 |
$ 79,734 |
Fidelity Securities Lending Cash Central Fund |
752,473 |
Total |
$ 832,207 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, beginning of period |
Purchases |
Sales |
Dividend Income |
Value, |
Banner Bank |
$ 51,542,249 |
$ - |
$ - |
$ 230,557 |
$ 55,359,245 |
Datalink Corp. |
12,863,242 |
7,529,400 |
- |
- |
23,318,251 |
Neonode, Inc. |
9,543,365 |
- |
6,658,007 |
- |
- |
Points International Ltd. |
25,447,665 |
1,527,795 |
2,521,563 |
- |
18,827,650 |
ServiceSource International, Inc. |
19,646,501 |
- |
17,738,035 |
- |
- |
Silicon Graphics International Corp. |
20,729,984 |
76,909 |
- |
- |
18,988,793 |
Titan Machinery, Inc. |
22,881,167 |
252,808 |
- |
- |
21,738,309 |
Towerstream Corp. |
8,888,349 |
- |
- |
- |
6,733,598 |
WSFS Financial Corp. |
31,559,736 |
13,198,193 |
- |
64,312 |
49,081,611 |
Total |
$ 203,102,258 |
$ 22,585,105 |
$ 26,917,605 |
$ 294,869 |
$ 194,047,457 |
Other Information |
The following is a summary of the inputs used, as of October 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Equities: |
||||
Consumer Discretionary |
$ 675,186,696 |
$ 675,186,696 |
$ - |
$ - |
Consumer Staples |
146,957,887 |
146,957,887 |
- |
- |
Energy |
288,791,907 |
288,791,907 |
- |
- |
Financials |
1,260,727,294 |
1,260,727,294 |
- |
- |
Health Care |
683,565,141 |
683,565,141 |
- |
- |
Industrials |
698,339,523 |
698,339,523 |
- |
- |
Information Technology |
1,041,920,988 |
1,041,920,988 |
- |
- |
Materials |
273,416,051 |
273,416,051 |
- |
- |
Telecommunication Services |
30,525,900 |
30,525,900 |
- |
- |
Utilities |
149,671,770 |
149,671,770 |
- |
- |
U.S. Government and Government Agency Obligations |
5,499,973 |
- |
5,499,973 |
- |
Money Market Funds |
465,756,166 |
465,756,166 |
- |
- |
Total Investments in Securities: |
$ 5,720,359,296 |
$ 5,714,859,323 |
$ 5,499,973 |
$ - |
Derivative Instruments: |
||||
Assets |
||||
Futures Contracts |
$ 3,439,203 |
$ 3,439,203 |
$ - |
$ - |
Income Tax Information |
At October 31, 2014, the cost of investment securities for income tax purposes was $5,132,608,644. Net unrealized appreciation aggregated $587,750,652, of which $855,761,824 related to appreciated investment securities and $268,011,172 related to depreciated investment 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. |
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. |
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Small Cap Growth Fund
October 31, 2014
1.823237.110
SCP-QTLY-1214
Showing Percentage of Net Assets
Common Stocks - 94.3% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 16.8% |
|||
Auto Components - 1.2% |
|||
Tenneco, Inc. (a) |
180,400 |
$ 9,445,744 |
|
Visteon Corp. (a) |
49,100 |
4,610,490 |
|
|
14,056,234 |
||
Distributors - 0.6% |
|||
Core-Mark Holding Co., Inc. |
117,100 |
6,795,313 |
|
Diversified Consumer Services - 1.7% |
|||
2U, Inc. (d) |
257,700 |
4,690,140 |
|
Houghton Mifflin Harcourt Co. |
178,800 |
3,577,788 |
|
Service Corp. International |
510,300 |
11,160,261 |
|
|
19,428,189 |
||
Hotels, Restaurants & Leisure - 6.8% |
|||
Buffalo Wild Wings, Inc. (a) |
50,000 |
7,464,000 |
|
DineEquity, Inc. |
160,000 |
14,233,600 |
|
Domino's Pizza, Inc. |
80,000 |
7,103,200 |
|
Fiesta Restaurant Group, Inc. (a) |
160,100 |
8,829,515 |
|
Sonic Corp. |
150,000 |
3,781,500 |
|
Texas Roadhouse, Inc. Class A |
640,000 |
18,476,800 |
|
Vail Resorts, Inc. |
181,800 |
15,700,248 |
|
|
75,588,863 |
||
Household Durables - 0.6% |
|||
Universal Electronics, Inc. (a) |
119,209 |
6,781,800 |
|
Internet & Catalog Retail - 0.7% |
|||
HomeAway, Inc. (a) |
216,100 |
7,541,890 |
|
Leisure Products - 1.8% |
|||
Brunswick Corp. |
233,500 |
10,927,800 |
|
Malibu Boats, Inc. Class A (a) |
477,300 |
8,906,418 |
|
|
19,834,218 |
||
Media - 0.8% |
|||
Live Nation Entertainment, Inc. (a) |
345,200 |
8,975,200 |
|
Multiline Retail - 0.7% |
|||
Dillard's, Inc. Class A |
49,500 |
5,235,120 |
|
Tuesday Morning Corp. (a)(d) |
106,900 |
2,179,691 |
|
|
7,414,811 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - continued |
|||
Textiles, Apparel & Luxury Goods - 1.9% |
|||
G-III Apparel Group Ltd. (a) |
180,900 |
$ 14,354,415 |
|
Vera Bradley, Inc. (a)(d) |
315,200 |
7,186,560 |
|
|
21,540,975 |
||
TOTAL CONSUMER DISCRETIONARY |
187,957,493 |
||
CONSUMER STAPLES - 1.8% |
|||
Food Products - 0.6% |
|||
Ingredion, Inc. |
90,100 |
6,960,225 |
|
Household Products - 1.2% |
|||
Spectrum Brands Holdings, Inc. |
141,000 |
12,773,190 |
|
TOTAL CONSUMER STAPLES |
19,733,415 |
||
ENERGY - 3.2% |
|||
Energy Equipment & Services - 1.3% |
|||
Dril-Quip, Inc. (a) |
83,900 |
7,546,805 |
|
Xtreme Drilling & Coil Services Corp. (a) |
2,289,000 |
6,316,304 |
|
|
13,863,109 |
||
Oil, Gas & Consumable Fuels - 1.9% |
|||
Energy XXI (Bermuda) Ltd. |
250,000 |
1,922,500 |
|
Golar LNG Ltd. |
78,100 |
4,382,191 |
|
Phillips 66 Partners LP |
72,425 |
5,047,298 |
|
StealthGas, Inc. (a) |
740,400 |
6,219,360 |
|
Valero Energy Partners LP |
93,100 |
3,975,370 |
|
|
21,546,719 |
||
TOTAL ENERGY |
35,409,828 |
||
FINANCIALS - 8.5% |
|||
Banks - 3.1% |
|||
Banner Bank |
100,284 |
4,334,274 |
|
Investors Bancorp, Inc. |
1,100,000 |
11,825,000 |
|
Lakeland Financial Corp. |
183,500 |
7,604,240 |
|
Pacific Premier Bancorp, Inc. (a) |
642,186 |
10,396,991 |
|
|
34,160,505 |
||
Capital Markets - 0.6% |
|||
E*TRADE Financial Corp. (a) |
310,200 |
6,917,460 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Consumer Finance - 2.4% |
|||
Portfolio Recovery Associates, Inc. (a) |
297,200 |
$ 18,797,900 |
|
Springleaf Holdings, Inc. |
200,000 |
7,484,000 |
|
|
26,281,900 |
||
Diversified Financial Services - 0.4% |
|||
Interactive Brokers Group, Inc. |
180,100 |
4,650,182 |
|
Insurance - 1.0% |
|||
First American Financial Corp. |
60,000 |
1,819,200 |
|
Primerica, Inc. |
183,919 |
9,407,457 |
|
|
11,226,657 |
||
Thrifts & Mortgage Finance - 1.0% |
|||
Meridian Bancorp, Inc. (a) |
992,280 |
11,252,455 |
|
TOTAL FINANCIALS |
94,489,159 |
||
HEALTH CARE - 23.1% |
|||
Biotechnology - 9.1% |
|||
BioCryst Pharmaceuticals, Inc. (a) |
260,200 |
3,049,544 |
|
Celldex Therapeutics, Inc. (a)(d) |
293,400 |
4,914,450 |
|
Chimerix, Inc. (a)(d) |
210,100 |
6,521,504 |
|
Cubist Pharmaceuticals, Inc. (a) |
46,262 |
3,344,280 |
|
Dyax Corp. (a) |
630,400 |
7,798,048 |
|
Exact Sciences Corp. (a)(d) |
260,000 |
6,258,200 |
|
Insmed, Inc. (a) |
223,400 |
3,170,046 |
|
Intercept Pharmaceuticals, Inc. (a) |
30,600 |
7,906,734 |
|
Isis Pharmaceuticals, Inc. (a) |
202,157 |
9,311,351 |
|
Lion Biotechnologies, Inc. (a) |
300,000 |
1,917,000 |
|
Mirati Therapeutics, Inc. (a)(d) |
165,242 |
2,771,108 |
|
Novavax, Inc. (a) |
1,097,100 |
6,143,760 |
|
Puma Biotechnology, Inc. (a) |
40,500 |
10,149,300 |
|
Receptos, Inc. (a) |
88,100 |
9,131,565 |
|
Stemline Therapeutics, Inc. (a) |
104,500 |
1,608,255 |
|
Synageva BioPharma Corp. (a)(d) |
102,514 |
7,764,410 |
|
Threshold Pharmaceuticals, Inc. (a) |
619,900 |
1,816,307 |
|
Ultragenyx Pharma, Inc. |
100,000 |
4,701,000 |
|
XOMA Corp. (a)(d) |
800,400 |
3,433,716 |
|
|
101,710,578 |
||
Health Care Equipment & Supplies - 3.1% |
|||
Ldr Holding Corp. |
174,555 |
6,011,674 |
|
Novadaq Technologies, Inc. (a) |
486,300 |
7,596,006 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE - continued |
|||
Health Care Equipment & Supplies - continued |
|||
NxStage Medical, Inc. (a) |
505,300 |
$ 7,660,348 |
|
Steris Corp. |
203,400 |
12,570,120 |
|
|
33,838,148 |
||
Health Care Providers & Services - 6.5% |
|||
Accretive Health, Inc. (a) |
1,137,226 |
8,188,027 |
|
AMN Healthcare Services, Inc. (a) |
450,300 |
7,722,645 |
|
Civitas Solutions, Inc. |
303,757 |
4,914,788 |
|
Cross Country Healthcare, Inc. (a) |
161,179 |
1,558,601 |
|
ExamWorks Group, Inc. (a) |
150,000 |
5,817,000 |
|
HealthSouth Corp. |
180,100 |
7,263,433 |
|
Molina Healthcare, Inc. (a) |
80,000 |
3,891,200 |
|
Omnicare, Inc. |
171,100 |
11,393,549 |
|
Providence Service Corp. (a) |
20,288 |
896,324 |
|
Team Health Holdings, Inc. (a) |
284,200 |
17,773,868 |
|
U.S. Physical Therapy, Inc. |
63,215 |
2,727,727 |
|
|
72,147,162 |
||
Health Care Technology - 1.2% |
|||
athenahealth, Inc. (a)(d) |
53,422 |
6,544,195 |
|
MedAssets, Inc. (a) |
217,761 |
4,716,703 |
|
Omnicell, Inc. (a) |
76,307 |
2,465,479 |
|
|
13,726,377 |
||
Life Sciences Tools & Services - 1.1% |
|||
Bruker BioSciences Corp. (a) |
211,500 |
4,384,395 |
|
Charles River Laboratories International, Inc. (a) |
100,000 |
6,316,000 |
|
Fluidigm Corp. (a) |
64,610 |
1,873,690 |
|
|
12,574,085 |
||
Pharmaceuticals - 2.1% |
|||
Akorn, Inc. (a) |
184,200 |
8,206,110 |
|
Assembly Biosciences, Inc. (a) |
100,000 |
826,000 |
|
Avanir Pharmaceuticals, Inc. Class A (a) |
418,100 |
5,410,214 |
|
DepoMed, Inc. (a) |
270,200 |
4,161,080 |
|
Prestige Brands Holdings, Inc. (a) |
135,100 |
4,785,242 |
|
|
23,388,646 |
||
TOTAL HEALTH CARE |
257,384,996 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
INDUSTRIALS - 12.0% |
|||
Aerospace & Defense - 2.4% |
|||
Esterline Technologies Corp. (a) |
108,100 |
$ 12,659,591 |
|
Teledyne Technologies, Inc. (a) |
138,000 |
14,300,940 |
|
|
26,960,531 |
||
Airlines - 0.6% |
|||
Spirit Airlines, Inc. (a) |
94,500 |
6,908,895 |
|
Building Products - 0.0% |
|||
A.O. Smith Corp. |
11,800 |
629,530 |
|
Commercial Services & Supplies - 1.6% |
|||
KAR Auction Services, Inc. |
280,000 |
8,500,800 |
|
Multi-Color Corp. |
186,900 |
9,214,170 |
|
|
17,714,970 |
||
Construction & Engineering - 1.1% |
|||
AECOM Technology Corp. (a) |
380,000 |
12,369,000 |
|
Machinery - 2.4% |
|||
Allison Transmission Holdings, Inc. |
250,200 |
8,126,496 |
|
Luxfer Holdings PLC sponsored ADR |
348,045 |
5,544,357 |
|
Superior Drilling Products, Inc. (d)(e) |
1,328,200 |
7,358,228 |
|
Woodward, Inc. |
105,930 |
5,424,675 |
|
|
26,453,756 |
||
Professional Services - 3.9% |
|||
CBIZ, Inc. (a) |
1,316,100 |
12,147,603 |
|
Corporate Executive Board Co. |
42,412 |
3,125,764 |
|
GP Strategies Corp. (a) |
270,283 |
8,962,584 |
|
Huron Consulting Group, Inc. (a) |
276,200 |
19,226,282 |
|
|
43,462,233 |
||
TOTAL INDUSTRIALS |
134,498,915 |
||
INFORMATION TECHNOLOGY - 25.2% |
|||
Communications Equipment - 2.0% |
|||
Aruba Networks, Inc. (a) |
365,200 |
7,881,016 |
|
Infinera Corp. (a) |
400,000 |
5,812,000 |
|
Plantronics, Inc. |
160,100 |
8,304,387 |
|
|
21,997,403 |
||
Electronic Equipment & Components - 2.2% |
|||
Ingram Micro, Inc. Class A (a) |
450,300 |
12,086,052 |
|
Neonode, Inc. (a)(d) |
848,022 |
1,814,767 |
|
RealD, Inc. (a)(d) |
992,300 |
11,232,836 |
|
|
25,133,655 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
INFORMATION TECHNOLOGY - continued |
|||
Internet Software & Services - 3.2% |
|||
comScore, Inc. (a) |
124,641 |
$ 5,252,372 |
|
Cvent, Inc. (a)(d) |
436,160 |
11,313,990 |
|
E2open, Inc. (a)(d) |
762,094 |
4,450,629 |
|
Stamps.com, Inc. (a) |
383,796 |
14,162,072 |
|
|
35,179,063 |
||
IT Services - 5.6% |
|||
Broadridge Financial Solutions, Inc. |
185,100 |
8,131,443 |
|
CoreLogic, Inc. (a) |
100,000 |
3,137,000 |
|
EVERTEC, Inc. |
350,700 |
7,960,890 |
|
Gartner, Inc. Class A (a) |
207,130 |
16,717,462 |
|
Global Payments, Inc. |
240,500 |
19,360,254 |
|
Maximus, Inc. |
150,000 |
7,269,000 |
|
|
62,576,049 |
||
Semiconductors & Semiconductor Equipment - 4.8% |
|||
Ambarella, Inc. (a) |
79,500 |
3,521,055 |
|
Integrated Silicon Solution, Inc. |
462,894 |
6,286,101 |
|
M/A-COM Technology Solutions, Inc. (a) |
200,000 |
4,398,000 |
|
MKS Instruments, Inc. |
438,564 |
15,963,730 |
|
PDF Solutions, Inc. (a) |
523,872 |
6,794,620 |
|
PMC-Sierra, Inc. (a) |
900,600 |
7,015,674 |
|
Tessera Technologies, Inc. |
320,200 |
9,730,878 |
|
|
53,710,058 |
||
Software - 6.4% |
|||
Cadence Design Systems, Inc. (a) |
366,200 |
6,573,290 |
|
Evolving Systems, Inc. |
350,000 |
3,815,000 |
|
Interactive Intelligence Group, Inc. (a) |
328,433 |
15,850,177 |
|
Progress Software Corp. (a) |
150,000 |
3,885,000 |
|
Rovi Corp. (a) |
180,100 |
3,760,488 |
|
SS&C Technologies Holdings, Inc. (a) |
274,665 |
13,271,813 |
|
Tableau Software, Inc. (a) |
70,000 |
5,781,300 |
|
Vasco Data Security International, Inc. (a) |
250,000 |
6,330,000 |
|
Verint Systems, Inc. (a) |
212,200 |
12,199,378 |
|
|
71,466,446 |
||
Technology Hardware, Storage & Peripherals - 1.0% |
|||
Electronics for Imaging, Inc. (a) |
237,800 |
10,872,216 |
|
TOTAL INFORMATION TECHNOLOGY |
280,934,890 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
MATERIALS - 1.9% |
|||
Containers & Packaging - 1.3% |
|||
Graphic Packaging Holding Co. (a) |
1,150,200 |
$ 13,951,926 |
|
Paper & Forest Products - 0.6% |
|||
Boise Cascade Co. (a) |
100,000 |
3,606,000 |
|
TFS Corp. Ltd. |
2,400,000 |
3,326,471 |
|
|
6,932,471 |
||
TOTAL MATERIALS |
20,884,397 |
||
TELECOMMUNICATION SERVICES - 1.3% |
|||
Diversified Telecommunication Services - 1.3% |
|||
FairPoint Communications, Inc. (a) |
200,000 |
3,320,000 |
|
inContact, Inc. (a) |
1,314,000 |
11,694,600 |
|
|
15,014,600 |
||
UTILITIES - 0.5% |
|||
Independent Power and Renewable Electricity Producers - 0.5% |
|||
NextEra Energy Partners LP |
156,500 |
5,721,640 |
|
TOTAL COMMON STOCKS (Cost $957,903,457) |
|
||
Money Market Funds - 8.0% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.11% (b) |
44,376,810 |
44,376,810 |
|
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) |
44,244,450 |
44,244,450 |
|
TOTAL MONEY MARKET FUNDS (Cost $88,621,260) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $1,046,524,717) |
1,140,650,593 |
||
NET OTHER ASSETS (LIABILITIES) - (2.3)% |
(25,124,110) |
||
NET ASSETS - 100% |
$ 1,115,526,483 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
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 |
$ 7,232 |
Fidelity Securities Lending Cash Central Fund |
91,930 |
Total |
$ 99,162 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Superior Drilling Products, Inc. |
$ 8,049,395 |
$ 212,441 |
$ - |
$ - |
$ 7,358,228 |
Total |
$ 8,049,395 |
$ 212,441 |
$ - |
$ - |
$ 7,358,228 |
Other Information |
The following is a summary of the inputs used, as of October 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Equities: |
||||
Consumer Discretionary |
$ 187,957,493 |
$ 187,957,493 |
$ - |
$ - |
Consumer Staples |
19,733,415 |
19,733,415 |
- |
- |
Energy |
35,409,828 |
35,409,828 |
- |
- |
Financials |
94,489,159 |
94,489,159 |
- |
- |
Health Care |
257,384,996 |
257,384,996 |
- |
- |
Industrials |
134,498,915 |
134,498,915 |
- |
- |
Information Technology |
280,934,890 |
280,934,890 |
- |
- |
Materials |
20,884,397 |
17,557,926 |
3,326,471 |
- |
Telecommunication Services |
15,014,600 |
15,014,600 |
- |
- |
Utilities |
5,721,640 |
5,721,640 |
- |
- |
Money Market Funds |
88,621,260 |
88,621,260 |
- |
- |
Total Investments in Securities: |
$ 1,140,650,593 |
$ 1,137,324,122 |
$ 3,326,471 |
$ - |
Income Tax Information |
At October 31, 2014, the cost of investment securities for income tax purposes was $1,049,517,660. Net unrealized appreciation aggregated $91,132,933, of which $135,269,474 related to appreciated investment securities and $44,136,541 related to depreciated investment 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly 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. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Small Cap Value Fund
October 31, 2014
1.823236.110
SCV-QTLY-1214
Showing Percentage of Net Assets
Common Stocks - 99.6% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 10.3% |
|||
Auto Components - 0.8% |
|||
Standard Motor Products, Inc. |
576,801 |
$ 22,795,176 |
|
Diversified Consumer Services - 0.5% |
|||
Regis Corp. |
900,000 |
15,282,000 |
|
Multiline Retail - 0.2% |
|||
Big Lots, Inc. |
100,000 |
4,565,000 |
|
Specialty Retail - 8.2% |
|||
Aarons, Inc. Class A |
2,295,100 |
56,826,676 |
|
Genesco, Inc. (a) |
617,728 |
47,373,560 |
|
Murphy U.S.A., Inc. (a) |
1,060,715 |
60,778,970 |
|
Rent-A-Center, Inc. |
1,646,367 |
50,987,986 |
|
Tsutsumi Jewelry Co. Ltd. |
520,900 |
12,812,313 |
|
|
228,779,505 |
||
Textiles, Apparel & Luxury Goods - 0.6% |
|||
Vera Bradley, Inc. (a)(d) |
731,000 |
16,666,800 |
|
TOTAL CONSUMER DISCRETIONARY |
288,088,481 |
||
CONSUMER STAPLES - 2.8% |
|||
Food Products - 1.2% |
|||
Post Holdings, Inc. (a) |
931,300 |
34,923,750 |
|
Tobacco - 1.6% |
|||
Universal Corp. |
980,000 |
43,610,000 |
|
TOTAL CONSUMER STAPLES |
78,533,750 |
||
ENERGY - 4.7% |
|||
Energy Equipment & Services - 1.2% |
|||
ShawCor Ltd. Class A |
771,000 |
33,964,908 |
|
Oil, Gas & Consumable Fuels - 3.5% |
|||
Northern Oil & Gas, Inc. (a)(d) |
1,958,249 |
22,128,214 |
|
World Fuel Services Corp. |
1,823,800 |
75,213,512 |
|
|
97,341,726 |
||
TOTAL ENERGY |
131,306,634 |
||
FINANCIALS - 41.9% |
|||
Banks - 12.8% |
|||
Associated Banc-Corp. |
2,929,400 |
55,072,720 |
|
City National Corp. |
840,300 |
66,140,013 |
|
CVB Financial Corp. |
2,661,688 |
42,001,437 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Banks - continued |
|||
First Citizen Bancshares, Inc. |
321,324 |
$ 80,719,802 |
|
National Penn Bancshares, Inc. |
2,100,000 |
21,609,000 |
|
PacWest Bancorp |
922,000 |
39,332,520 |
|
TCF Financial Corp. |
3,389,800 |
52,372,410 |
|
|
357,247,902 |
||
Capital Markets - 5.7% |
|||
Federated Investors, Inc. Class B (non-vtg.) (d) |
2,499,963 |
78,173,843 |
|
OM Asset Management Ltd. (a) |
1,800,000 |
26,946,000 |
|
Waddell & Reed Financial, Inc. Class A |
1,139,100 |
54,380,634 |
|
|
159,500,477 |
||
Consumer Finance - 1.6% |
|||
Cash America International, Inc. |
559,700 |
27,509,255 |
|
EZCORP, Inc. (non-vtg.) Class A (a) |
1,390,088 |
15,680,193 |
|
|
43,189,448 |
||
Insurance - 10.4% |
|||
Aspen Insurance Holdings Ltd. |
1,599,400 |
69,781,822 |
|
Endurance Specialty Holdings Ltd. |
1,352,400 |
78,371,580 |
|
Platinum Underwriters Holdings Ltd. |
985,499 |
61,721,802 |
|
ProAssurance Corp. |
793,200 |
37,105,896 |
|
StanCorp Financial Group, Inc. |
631,300 |
43,913,228 |
|
|
290,894,328 |
||
Real Estate Investment Trusts - 6.6% |
|||
DCT Industrial Trust, Inc. |
8,229,086 |
70,523,267 |
|
Franklin Street Properties Corp. |
84,536 |
1,013,587 |
|
National Retail Properties, Inc. (d) |
883,400 |
33,675,208 |
|
Rouse Properties, Inc. (d)(e) |
4,350,000 |
79,213,499 |
|
|
184,425,561 |
||
Real Estate Management & Development - 1.3% |
|||
Kennedy Wilson Europe Real Estate PLC |
2,159,540 |
35,928,008 |
|
Thrifts & Mortgage Finance - 3.5% |
|||
Astoria Financial Corp. |
3,403,499 |
44,756,012 |
|
Washington Federal, Inc. |
2,447,100 |
53,420,193 |
|
|
98,176,205 |
||
TOTAL FINANCIALS |
1,169,361,929 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE - 7.4% |
|||
Health Care Equipment & Supplies - 2.3% |
|||
Hill-Rom Holdings, Inc. |
630,000 |
$ 28,022,400 |
|
Integra LifeSciences Holdings Corp. (a) |
709,200 |
36,247,212 |
|
|
64,269,612 |
||
Health Care Providers & Services - 3.9% |
|||
AmSurg Corp. (a) |
673,800 |
36,391,938 |
|
Chemed Corp. (d) |
248,700 |
25,705,632 |
|
Civitas Solutions, Inc. (e) |
2,940,700 |
47,580,526 |
|
|
109,678,096 |
||
Pharmaceuticals - 1.2% |
|||
Theravance, Inc. (d) |
1,994,553 |
31,952,739 |
|
TOTAL HEALTH CARE |
205,900,447 |
||
INDUSTRIALS - 12.9% |
|||
Air Freight & Logistics - 1.1% |
|||
Atlas Air Worldwide Holdings, Inc. (a) |
800,146 |
29,541,390 |
|
Commercial Services & Supplies - 3.8% |
|||
Knoll, Inc. |
1,269,800 |
25,256,322 |
|
Quad/Graphics, Inc. |
1,234,149 |
27,212,985 |
|
United Stationers, Inc. |
1,295,298 |
54,104,597 |
|
|
106,573,904 |
||
Electrical Equipment - 3.3% |
|||
AZZ, Inc. |
770,000 |
36,005,200 |
|
EnerSys |
843,700 |
52,984,360 |
|
GrafTech International Ltd. (a) |
1,070,875 |
4,594,054 |
|
|
93,583,614 |
||
Machinery - 2.4% |
|||
Blount International, Inc. (a) |
433,920 |
6,643,315 |
|
Columbus McKinnon Corp. (NY Shares) |
776,000 |
22,077,200 |
|
Mueller Industries, Inc. |
1,152,170 |
37,399,438 |
|
|
66,119,953 |
||
Trading Companies & Distributors - 2.3% |
|||
WESCO International, Inc. (a)(d) |
777,933 |
64,109,459 |
|
TOTAL INDUSTRIALS |
359,928,320 |
||
INFORMATION TECHNOLOGY - 13.2% |
|||
Communications Equipment - 0.5% |
|||
Polycom, Inc. (a) |
997,445 |
13,046,581 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INFORMATION TECHNOLOGY - continued |
|||
Electronic Equipment & Components - 5.8% |
|||
Ingram Micro, Inc. Class A (a) |
2,048,300 |
$ 54,976,372 |
|
SYNNEX Corp. |
527,200 |
36,471,696 |
|
Tech Data Corp. (a) |
1,186,373 |
70,850,196 |
|
|
162,298,264 |
||
Internet Software & Services - 2.6% |
|||
j2 Global, Inc. |
574,300 |
31,063,887 |
|
VistaPrint Ltd. (a) |
600,000 |
40,116,000 |
|
|
71,179,887 |
||
IT Services - 2.1% |
|||
CACI International, Inc. Class A (a) |
728,334 |
59,934,605 |
|
Software - 2.2% |
|||
SS&C Technologies Holdings, Inc. (a) |
1,268,900 |
61,313,248 |
|
TOTAL INFORMATION TECHNOLOGY |
367,772,585 |
||
MATERIALS - 2.5% |
|||
Containers & Packaging - 1.9% |
|||
Silgan Holdings, Inc. |
1,050,000 |
51,618,000 |
|
Metals & Mining - 0.6% |
|||
Haynes International, Inc. |
376,903 |
17,522,220 |
|
TOTAL MATERIALS |
69,140,220 |
||
UTILITIES - 3.9% |
|||
Electric Utilities - 3.2% |
|||
El Paso Electric Co. |
974,121 |
36,860,739 |
|
IDACORP, Inc. |
822,000 |
51,975,060 |
|
|
88,835,799 |
||
Gas Utilities - 0.7% |
|||
Southwest Gas Corp. |
372,656 |
21,647,587 |
|
TOTAL UTILITIES |
110,483,386 |
||
TOTAL COMMON STOCKS (Cost $2,217,420,524) |
|
||
Money Market Funds - 5.5% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.11% (b) |
15,449,121 |
$ 15,449,121 |
|
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) |
138,009,030 |
138,009,030 |
|
TOTAL MONEY MARKET FUNDS (Cost $153,458,151) |
|
||
TOTAL INVESTMENT PORTFOLIO - 105.1% (Cost $2,361,453,450) |
2,933,973,903 |
||
NET OTHER ASSETS (LIABILITIES) - (5.1)% |
(142,603,280) |
||
NET ASSETS - 100% |
$ 2,791,370,623 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
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 |
$ 8,668 |
Fidelity Securities Lending Cash Central Fund |
863,042 |
Total |
$ 871,710 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
ACCO Brands Corp. |
$ 50,386,144 |
$ - |
$ 54,199,221 |
$ - |
$ - |
Civitas Solutions, Inc. |
- |
49,470,245 |
- |
- |
47,580,526 |
Rouse Properties, Inc. |
61,020,000 |
12,779,885 |
- |
739,500 |
79,213,499 |
Total |
$ 111,406,144 |
$ 62,250,130 |
$ 54,199,221 |
$ 739,500 |
$ 126,794,025 |
Other Information |
The following is a summary of the inputs used, as of October 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing. |
Valuation Inputs at Reporting Date: |
||||
Description |
Total |
Level 1 |
Level 2 |
Level 3 |
Investments in Securities: |
||||
Equities: |
||||
Consumer Discretionary |
$ 288,088,481 |
$ 275,276,168 |
$ 12,812,313 |
$ - |
Consumer Staples |
78,533,750 |
78,533,750 |
- |
- |
Energy |
131,306,634 |
131,306,634 |
- |
- |
Financials |
1,169,361,929 |
1,169,361,929 |
- |
- |
Health Care |
205,900,447 |
205,900,447 |
- |
- |
Industrials |
359,928,320 |
359,928,320 |
- |
- |
Information Technology |
367,772,585 |
367,772,585 |
- |
- |
Materials |
69,140,220 |
69,140,220 |
- |
- |
Utilities |
110,483,386 |
110,483,386 |
- |
- |
Money Market Funds |
153,458,151 |
153,458,151 |
- |
- |
Total Investments in Securities: |
$ 2,933,973,903 |
$ 2,921,161,590 |
$ 12,812,313 |
$ - |
Income Tax Information |
At October 31, 2014, the cost of investment securities for income tax purposes was $2,361,679,317. Net unrealized appreciation aggregated $572,294,586, of which $652,124,113 related to appreciated investment securities and $79,829,527 related to depreciated investment 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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows: |
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. |
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. |
For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. |
Quarterly 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. |
Quarterly Report
Item 2. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Securities Fund's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 3. Exhibits
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Securities Fund
By: |
/s/Kenneth B. Robins |
|
Kenneth B. Robins |
|
President and Treasurer |
|
|
Date: |
December 30, 2014 |
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/Kenneth B. Robins |
|
Kenneth B. Robins |
|
President and Treasurer |
|
|
Date: |
December 30, 2014 |
By: |
/s/Howard J. Galligan III |
|
Howard J. Galligan III |
|
Chief Financial Officer |
|
|
Date: |
December 30, 2014 |
I, Kenneth B. Robins, certify that:
1. I have reviewed this report on Form N-Q of Fidelity Securities Fund;
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 registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's 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: December 30, 2014
/s/Kenneth B. Robins |
Kenneth B. Robins |
President and Treasurer |
I, Howard J. Galligan III, certify that:
1. I have reviewed this report on Form N-Q of Fidelity Securities Fund;
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 registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's 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: December 30, 2014
/s/Howard J. Galligan III |
Howard J. Galligan III |
Chief Financial Officer |