N-Q 1 main.htm

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

Investments October 31, 2014 (Unaudited)

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)


17,958,721

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)


129,634

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)


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
(Amounts in
thousands)

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
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

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
(Amounts in thousands)

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.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Blue Chip Value Fund

October 31, 2014 

1.809087.111

BCV-QTLY-1214

Investments October 31, 2014 (Unaudited)

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)


329,411,493

Money Market Funds - 0.5%

Shares

Value

Fidelity Cash Central Fund, 0.11% (b)
(Cost $1,612,350)

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.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Dividend Growth Fund

October 31, 2014 

1.809095.111

DGF-QTLY-1214

Investments October 31, 2014 (Unaudited)

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)


8,312,955

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


6,156

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)


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
(Amounts in thousands)

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
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

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
(Amounts in thousands)

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.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ®
Growth & Income Portfolio

October 31, 2014 

1.809089.111

GAI-QTLY-1214

Investments October 31, 2014 (Unaudited)

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)


7,567,817

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)


60,159

Convertible Bonds - 0.2%

 

Principal
Amount
(000s) (d)

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)


12,044

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)


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
(Amounts in
thousands)

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
(Amounts in thousands)

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.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Leveraged Company
Stock Fund

October 31, 2014 

1.809078.111

LSF-QTLY-1214

Investments October 31, 2014 (Unaudited)

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)


5,097,405

Nonconvertible Preferred Stocks - 0.2%

Shares

Value (000s)

FINANCIALS - 0.2%

Capital Markets - 0.2%

GMAC Capital Trust I Series 2, 8.125%
(Cost $10,975)

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)


17,765

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)


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
(Amounts in thousands)

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
(Amounts in
thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

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
(Amounts in thousands)

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.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® OTC Portfolio

October 31, 2014 

1.809071.111

OTC-QTLY-1214

Investments October 31, 2014 (Unaudited)

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)


11,568,743

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)


114,961

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)


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
(Amounts in
thousands)

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
(Amounts in
thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

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
(Amounts in thousands)

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.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Real Estate Income Fund

October 31, 2014 

1.809106.111

REI-QTLY-1214

Investments October 31, 2014 (Unaudited)

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)


1,336,075,755

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)


787,590,580

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)


876,913,224

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)


70,423,890

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)


10,554,783

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)


569,496,963

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)


362,453,367

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)


875,234

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)


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,
end of period

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.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series
Blue Chip Growth Fund

October 31, 2014 

1.967991.100

XS1-QTLY-1214

Investments October 31, 2014 (Unaudited)

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)


8,419,891,189

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)


53,744,027

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)


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.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series Real
Estate Equity Fund

October 31, 2014 

1.930458.103

SLE-QTLY-1214

Investments October 31, 2014 (Unaudited)

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)


1,320,825,388

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)


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.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series Real
Estate Income Fund

October 31, 2014 

1.924315.103

SRE-QTLY-1214

Investments October 31, 2014 (Unaudited)

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)


132,803,739

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)


203,153,673

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)


213,766,705

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)


18,118,555

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)


3,959,913

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)


161,619,155

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)


65,557,032

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)


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.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series Small Cap
Opportunities Fund

October 31, 2014 

1.858552.108

SMO-QTLY-1214

Investments October 31, 2014 (Unaudited)

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)


5,249,103,157

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)
(Cost $5,499,926)

$ 5,500,000


5,499,973

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)


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/
(Depreciation)

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
Proceeds

Dividend Income

Value,
end of
period

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.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Small Cap Growth Fund

October 31, 2014 

1.823237.110

SCP-QTLY-1214

Investments October 31, 2014 (Unaudited)

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)


1,052,029,333

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)


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,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

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.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Small Cap Value Fund

October 31, 2014 

1.823236.110

SCV-QTLY-1214

Investments October 31, 2014 (Unaudited)

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)


2,780,515,752

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)


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,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

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.

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

Quarterly 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