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: |
April 30, 2013 |
Item 1. Schedule of Investments
Quarterly Holdings Report
for
Fidelity® Leveraged Company
Stock Fund
Leveraged Company Stock
Class K
April 30, 2013
1.800341.109
LSF-QTLY-0613
Showing Percentage of Net Assets
Common Stocks - 85.3% |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - 23.8% |
|||
Auto Components - 1.7% |
|||
Delphi Automotive PLC |
592,300 |
$ 27,370 |
|
Exide Technologies (a) |
3,930,293 |
3,329 |
|
Tenneco, Inc. (a) |
825,300 |
31,914 |
|
TRW Automotive Holdings Corp. (a) |
396,200 |
23,800 |
|
|
86,413 |
||
Automobiles - 6.0% |
|||
Ford Motor Co. |
9,413,433 |
129,058 |
|
General Motors Co. (a) |
4,578,649 |
141,206 |
|
General Motors Co.: |
|
|
|
warrants 7/10/16 (a) |
445,805 |
9,558 |
|
warrants 7/10/19 (a) |
445,805 |
6,281 |
|
Motors Liquidation Co. GUC Trust (a) |
123,112 |
3,761 |
|
Toyota Motor Corp. sponsored ADR |
89,500 |
10,409 |
|
|
300,273 |
||
Diversified Consumer Services - 4.7% |
|||
Service Corp. International (f) |
12,885,925 |
217,514 |
|
Stewart Enterprises, Inc. Class A |
1,515,242 |
13,501 |
|
|
231,015 |
||
Hotels, Restaurants & Leisure - 0.4% |
|||
Penn National Gaming, Inc. (a) |
360,340 |
21,098 |
|
Station Holdco LLC unit (h)(i) |
146,846 |
9 |
|
|
21,107 |
||
Household Durables - 2.2% |
|||
Hovnanian Enterprises, Inc. Class A (a)(e) |
1,419,000 |
7,734 |
|
Lennar Corp. Class A (e) |
983,400 |
40,536 |
|
Newell Rubbermaid, Inc. |
2,341,747 |
61,682 |
|
|
109,952 |
||
Leisure Equipment & Products - 0.2% |
|||
Callaway Golf Co. |
1,630,035 |
10,921 |
|
Media - 5.7% |
|||
Cinemark Holdings, Inc. |
2,601,645 |
80,365 |
|
Comcast Corp. Class A |
3,657,098 |
151,038 |
|
Gray Television, Inc. (a)(f) |
3,766,164 |
23,915 |
|
Nexstar Broadcasting Group, Inc. Class A |
1,108,474 |
26,991 |
|
|
282,309 |
||
Multiline Retail - 0.5% |
|||
Target Corp. |
338,600 |
23,892 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - continued |
|||
Specialty Retail - 2.4% |
|||
Asbury Automotive Group, Inc. (a) |
385,122 |
$ 15,440 |
|
GameStop Corp. Class A (e) |
2,755,507 |
96,167 |
|
Sally Beauty Holdings, Inc. (a) |
300,000 |
9,018 |
|
|
120,625 |
||
TOTAL CONSUMER DISCRETIONARY |
1,186,507 |
||
CONSUMER STAPLES - 2.2% |
|||
Food Products - 2.0% |
|||
ConAgra Foods, Inc. |
541,700 |
19,160 |
|
Darling International, Inc. (a) |
3,476,642 |
64,353 |
|
Smithfield Foods, Inc. (a) |
559,606 |
14,326 |
|
|
97,839 |
||
Personal Products - 0.2% |
|||
Revlon, Inc. (a) |
553,261 |
10,706 |
|
TOTAL CONSUMER STAPLES |
108,545 |
||
ENERGY - 9.8% |
|||
Energy Equipment & Services - 2.6% |
|||
Ensco PLC Class A |
110,000 |
6,345 |
|
Halliburton Co. |
1,126,593 |
48,184 |
|
Noble Corp. |
447,200 |
16,770 |
|
Oil States International, Inc. (a) |
345,966 |
30,916 |
|
Schlumberger Ltd. |
109,400 |
8,143 |
|
Transocean Ltd. (United States) (a) |
381,900 |
19,656 |
|
|
130,014 |
||
Oil, Gas & Consumable Fuels - 7.2% |
|||
Alpha Natural Resources, Inc. (a) |
3,200,189 |
23,745 |
|
Continental Resources, Inc. (a) |
534,087 |
42,684 |
|
Forest Oil Corp. (a) |
1,205,652 |
5,052 |
|
Hess Corp. |
779,010 |
56,229 |
|
HollyFrontier Corp. |
1,924,927 |
95,188 |
|
Kodiak Oil & Gas Corp. (a) |
2,019,747 |
15,815 |
|
Peabody Energy Corp. |
822,825 |
16,506 |
|
Range Resources Corp. |
247,200 |
18,174 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
ENERGY - continued |
|||
Oil, Gas & Consumable Fuels - continued |
|||
Valero Energy Corp. |
1,599,566 |
$ 64,495 |
|
Western Refining, Inc. (e) |
685,914 |
21,202 |
|
|
359,090 |
||
TOTAL ENERGY |
489,104 |
||
FINANCIALS - 7.6% |
|||
Commercial Banks - 2.6% |
|||
CIT Group, Inc. (a) |
229,310 |
9,748 |
|
Huntington Bancshares, Inc. |
8,526,580 |
61,136 |
|
Regions Financial Corp. |
3,284,894 |
27,889 |
|
SunTrust Banks, Inc. |
1,019,600 |
29,823 |
|
|
128,596 |
||
Consumer Finance - 0.9% |
|||
American Express Co. |
679,548 |
46,488 |
|
Diversified Financial Services - 2.3% |
|||
Bank of America Corp. |
3,843,538 |
47,314 |
|
Citigroup, Inc. |
1,458,047 |
68,032 |
|
|
115,346 |
||
Insurance - 1.0% |
|||
AFLAC, Inc. |
641,700 |
34,934 |
|
Lincoln National Corp. |
435,700 |
14,818 |
|
|
49,752 |
||
Real Estate Investment Trusts - 0.7% |
|||
Host Hotels & Resorts, Inc. |
1,016,122 |
18,565 |
|
Sabra Health Care REIT, Inc. |
547,507 |
16,327 |
|
|
34,892 |
||
Thrifts & Mortgage Finance - 0.1% |
|||
MGIC Investment Corp. (a) |
441,300 |
2,383 |
|
TOTAL FINANCIALS |
377,457 |
||
HEALTH CARE - 10.1% |
|||
Health Care Equipment & Supplies - 1.5% |
|||
Boston Scientific Corp. (a) |
10,011,725 |
74,988 |
|
Health Care Providers & Services - 5.6% |
|||
Community Health Systems, Inc. |
784,376 |
35,744 |
|
DaVita, Inc. (a) |
367,826 |
43,643 |
|
HCA Holdings, Inc. |
1,216,779 |
48,537 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Health Care Providers & Services - continued |
|||
Tenet Healthcare Corp. (a) |
2,775,026 |
$ 125,875 |
|
Universal Health Services, Inc. Class B |
385,505 |
25,671 |
|
|
279,470 |
||
Pharmaceuticals - 3.0% |
|||
Johnson & Johnson |
153,000 |
13,040 |
|
Merck & Co., Inc. |
1,754,400 |
82,457 |
|
Sanofi SA sponsored ADR |
992,534 |
52,952 |
|
|
148,449 |
||
TOTAL HEALTH CARE |
502,907 |
||
INDUSTRIALS - 9.5% |
|||
Aerospace & Defense - 1.1% |
|||
Honeywell International, Inc. |
478,776 |
35,209 |
|
Huntington Ingalls Industries, Inc. |
57,160 |
3,024 |
|
Textron, Inc. |
602,700 |
15,520 |
|
|
53,753 |
||
Airlines - 2.2% |
|||
Delta Air Lines, Inc. (a) |
3,665,001 |
62,818 |
|
Southwest Airlines Co. |
571,283 |
7,827 |
|
United Continental Holdings, Inc. (a) |
370,700 |
11,974 |
|
US Airways Group, Inc. (a) |
1,481,380 |
25,035 |
|
|
107,654 |
||
Building Products - 1.0% |
|||
Armstrong World Industries, Inc. |
693,300 |
35,386 |
|
Owens Corning (a) |
294,219 |
12,375 |
|
Owens Corning warrants 10/31/13 (a) |
406,600 |
1,077 |
|
|
48,838 |
||
Commercial Services & Supplies - 1.1% |
|||
Deluxe Corp. |
1,109,373 |
42,311 |
|
Tyco International Ltd. |
328,233 |
10,543 |
|
|
52,854 |
||
Electrical Equipment - 1.8% |
|||
Belden, Inc. |
777,664 |
38,432 |
|
Emerson Electric Co. |
163,500 |
9,076 |
|
Generac Holdings, Inc. |
438,657 |
15,761 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Electrical Equipment - continued |
|||
General Cable Corp. (a) |
437,132 |
$ 15,072 |
|
Polypore International, Inc. (a)(e) |
217,800 |
9,132 |
|
|
87,473 |
||
Industrial Conglomerates - 0.6% |
|||
Carlisle Companies, Inc. |
109,910 |
7,130 |
|
General Electric Co. |
1,103,883 |
24,606 |
|
|
31,736 |
||
Machinery - 1.1% |
|||
Ingersoll-Rand PLC |
739,500 |
39,785 |
|
Pentair Ltd. |
78,757 |
4,280 |
|
Timken Co. |
228,734 |
12,025 |
|
|
56,090 |
||
Marine - 0.2% |
|||
Navios Maritime Holdings, Inc. |
2,162,794 |
9,797 |
|
Road & Rail - 0.3% |
|||
Hertz Global Holdings, Inc. (a) |
707,700 |
17,041 |
|
Trading Companies & Distributors - 0.1% |
|||
Edgen Group, Inc. Class A |
841,256 |
5,763 |
|
TOTAL INDUSTRIALS |
470,999 |
||
INFORMATION TECHNOLOGY - 5.0% |
|||
Communications Equipment - 1.0% |
|||
Cisco Systems, Inc. |
2,383,049 |
49,853 |
|
Computers & Peripherals - 0.3% |
|||
NCR Corp. (a) |
569,631 |
15,534 |
|
Electronic Equipment & Components - 0.7% |
|||
Avnet, Inc. (a) |
594,313 |
19,464 |
|
Corning, Inc. |
726,800 |
10,539 |
|
Viasystems Group, Inc. (a) |
540,460 |
6,875 |
|
|
36,878 |
||
Internet Software & Services - 0.2% |
|||
VeriSign, Inc. (a) |
194,300 |
8,951 |
|
Semiconductors & Semiconductor Equipment - 2.2% |
|||
Fairchild Semiconductor International, Inc. (a) |
1,122,274 |
14,477 |
|
Freescale Semiconductor Holdings I Ltd. (a)(e) |
1,178,100 |
18,237 |
|
Intersil Corp. Class A |
1,460,387 |
11,333 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Semiconductors & Semiconductor Equipment - continued |
|||
Micron Technology, Inc. (a) |
2,293,545 |
$ 21,605 |
|
ON Semiconductor Corp. (a) |
5,502,368 |
43,249 |
|
|
108,901 |
||
Software - 0.6% |
|||
Citrix Systems, Inc. (a) |
230,899 |
14,355 |
|
Microsoft Corp. |
108,800 |
3,601 |
|
Nuance Communications, Inc. (a) |
573,666 |
10,923 |
|
|
28,879 |
||
TOTAL INFORMATION TECHNOLOGY |
248,996 |
||
MATERIALS - 11.4% |
|||
Chemicals - 8.9% |
|||
H.B. Fuller Co. |
461,829 |
17,503 |
|
LyondellBasell Industries NV Class A |
5,798,852 |
351,984 |
|
OMNOVA Solutions, Inc. (a)(f) |
3,114,962 |
20,777 |
|
Phosphate Holdings, Inc. (a) |
307,500 |
384 |
|
The Dow Chemical Co. |
832,388 |
28,226 |
|
W.R. Grace & Co. (a) |
317,904 |
24,514 |
|
|
443,388 |
||
Containers & Packaging - 2.0% |
|||
Rock-Tenn Co. Class A |
814,923 |
81,606 |
|
Sealed Air Corp. |
821,949 |
18,182 |
|
|
99,788 |
||
Metals & Mining - 0.2% |
|||
AngloGold Ashanti Ltd. sponsored ADR |
526,100 |
10,259 |
|
Ormet Corp. (a) |
330,000 |
4 |
|
Ormet Corp. (a)(i) |
1,075,000 |
14 |
|
|
10,277 |
||
Paper & Forest Products - 0.3% |
|||
Neenah Paper, Inc. |
418,300 |
12,030 |
|
TOTAL MATERIALS |
565,483 |
||
TELECOMMUNICATION SERVICES - 0.5% |
|||
Diversified Telecommunication Services - 0.5% |
|||
Intelsat SA |
1,144,700 |
23,066 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
UTILITIES - 5.4% |
|||
Electric Utilities - 0.4% |
|||
FirstEnergy Corp. |
421,304 |
$ 19,633 |
|
Independent Power Producers & Energy Traders - 5.0% |
|||
Calpine Corp. (a) |
2,616,200 |
56,850 |
|
The AES Corp. |
14,007,224 |
194,140 |
|
|
250,990 |
||
TOTAL UTILITIES |
270,623 |
||
TOTAL COMMON STOCKS (Cost $3,140,916) |
|
||
Nonconvertible Preferred Stocks - 0.3% |
|||
|
|
|
|
CONSUMER STAPLES - 0.1% |
|||
Personal Products - 0.1% |
|||
Revlon, Inc. Series A 12.75% |
639,576 |
3,467 |
|
FINANCIALS - 0.2% |
|||
Diversified Financial Services - 0.2% |
|||
GMAC Capital Trust I Series 2, 8.125% |
439,013 |
12,025 |
|
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $19,207) |
|
Corporate Bonds - 0.9% |
||||
|
Principal Amount (000s) |
|
||
Convertible Bonds - 0.1% |
||||
INDUSTRIALS - 0.1% |
||||
Marine - 0.1% |
||||
Genco Shipping & Trading Ltd. 5% 8/15/15 |
|
$ 12,440 |
3,989 |
|
Nonconvertible Bonds - 0.8% |
||||
CONSUMER DISCRETIONARY - 0.8% |
||||
Automobiles - 0.0% |
||||
General Motors Corp.: |
|
|
|
|
6.75% 5/1/28 (d) |
|
3,075 |
0 |
|
7.125% 7/15/13 (d) |
|
8,320 |
0 |
|
7.2% 1/15/11 (d) |
|
22,980 |
0 |
|
8.25% 7/15/23 (d) |
|
25,035 |
0 |
|
Corporate Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
Nonconvertible Bonds - continued |
||||
CONSUMER DISCRETIONARY - continued |
||||
Automobiles - continued |
||||
General Motors Corp.: - continued |
|
|
|
|
8.375% 7/15/33 (d) |
|
$ 50,210 |
$ 0 |
|
8.8% 3/1/21 (d) |
|
10,765 |
0 |
|
Multiline Retail - 0.8% |
||||
The Bon-Ton Department Stores, Inc. 10.625% 7/15/17 |
|
41,875 |
42,189 |
|
TOTAL CORPORATE BONDS (Cost $40,006) |
|
|||
Floating Rate Loans - 0.3% |
||||
|
||||
INDUSTRIALS - 0.2% |
||||
Airlines - 0.2% |
||||
US Airways Group, Inc. term loan 2.6992% 3/23/14 (g) |
|
10,680 |
10,667 |
|
UTILITIES - 0.1% |
||||
Electric Utilities - 0.1% |
||||
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B, term loan 4.7313% 10/10/17 (g) |
|
5,458 |
4,005 |
|
TOTAL FLOATING RATE LOANS (Cost $14,942) |
|
Money Market Funds - 14.6% |
|||
Shares |
Value (000s) |
||
Fidelity Cash Central Fund, 0.13% (b) |
668,150,743 |
$ 668,151 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
60,865,725 |
60,866 |
|
TOTAL MONEY MARKET FUNDS (Cost $729,017) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $3,944,088) |
5,049,046 |
||
NET OTHER ASSETS (LIABILITIES) - (1.4)% |
(70,920) |
||
NET ASSETS - 100% |
$ 4,978,126 |
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) Affiliated company |
(g) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(h) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund. |
(i) 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 $23,000 or 0.0% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost (000s) |
Ormet Corp. |
2/27/07 - 4/4/07 |
$ 20,556 |
Station Holdco LLC unit |
10/28/08 - 12/1/08 |
$ 5,990 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 674 |
Fidelity Securities Lending Cash Central Fund |
1,889 |
Total |
$ 2,563 |
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: |
Affiliates |
Value, beginning of period |
Purchases |
Sales Proceeds |
Dividend Income |
Value, |
Exide Technologies |
$ 11,516 |
$ - |
$ - |
$ - |
$ - |
Gray Television, Inc. |
6,327 |
- |
- |
- |
23,915 |
OMNOVA Solutions, Inc. |
22,677 |
- |
- |
- |
20,777 |
Service Corp. International |
176,344 |
- |
11,722 |
2,348 |
217,514 |
Total |
$ 216,864 |
$ - |
$ 11,722 |
$ 2,348 |
$ 262,206 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2013, 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 |
$ 1,186,507 |
$ 1,186,498 |
$ - |
$ 9 |
Consumer Staples |
112,012 |
112,012 |
- |
- |
Energy |
489,104 |
489,104 |
- |
- |
Financials |
389,482 |
389,482 |
- |
- |
Health Care |
502,907 |
502,907 |
- |
- |
Industrials |
470,999 |
470,999 |
- |
- |
Information Technology |
248,996 |
248,996 |
- |
- |
Materials |
565,483 |
565,483 |
- |
- |
Telecommunication Services |
23,066 |
23,066 |
- |
- |
Utilities |
270,623 |
270,623 |
- |
- |
Corporate Bonds |
46,178 |
- |
46,178 |
- |
Floating Rate Loans |
14,672 |
- |
14,672 |
- |
Money Market Funds |
729,017 |
729,017 |
- |
- |
Total Investments in Securities: |
$ 5,049,046 |
$ 4,988,187 |
$ 60,850 |
$ 9 |
Income Tax Information |
At April 30, 2013, the cost of investment securities for income tax purposes was $3,941,512,000. Net unrealized appreciation aggregated $1,107,534,000, of which $1,358,597,000 related to appreciated investment securities and $251,063,000 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 Fund's 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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. For corporate bonds and floating rate loans, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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. or an affiliate. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Series Real
Estate Equity Fund
April 30, 2013
1.930459.101
SLE-QTLY-0613
Showing Percentage of Net Assets
Common Stocks - 97.0% |
|||
Shares |
Value |
||
HEALTH CARE PROVIDERS & SERVICES - 2.5% |
|||
Health Care Facilities - 2.5% |
|||
Brookdale Senior Living, Inc. (a) |
514,466 |
$ 13,268,078 |
|
Emeritus Corp. (a) |
478,864 |
12,306,805 |
|
TOTAL HEALTH CARE FACILITIES |
25,574,883 |
||
REAL ESTATE INVESTMENT TRUSTS - 93.1% |
|||
REITs - Apartments - 15.7% |
|||
Apartment Investment & Management Co. Class A |
180,900 |
5,627,799 |
|
AvalonBay Communities, Inc. |
142,400 |
18,944,896 |
|
Camden Property Trust (SBI) |
501,972 |
36,312,654 |
|
Education Realty Trust, Inc. |
1,704,848 |
18,736,280 |
|
Equity Residential (SBI) |
451,551 |
26,217,051 |
|
Essex Property Trust, Inc. |
201,067 |
31,577,572 |
|
Home Properties, Inc. |
356,197 |
22,960,459 |
|
TOTAL REITS - APARTMENTS |
160,376,711 |
||
REITs - Health Care Facilities - 13.0% |
|||
Aviv REIT, Inc. |
35,400 |
909,426 |
|
HCP, Inc. |
701,059 |
37,366,445 |
|
Health Care REIT, Inc. |
247,426 |
18,549,527 |
|
Ventas, Inc. |
950,137 |
75,659,409 |
|
TOTAL REITS - HEALTH CARE FACILITIES |
132,484,807 |
||
REITs - Hotels - 5.2% |
|||
Chesapeake Lodging Trust |
816,321 |
19,314,155 |
|
Host Hotels & Resorts, Inc. |
1,042,300 |
19,042,821 |
|
Sunstone Hotel Investors, Inc. (a) |
1,161,766 |
14,417,516 |
|
TOTAL REITS - HOTELS |
52,774,492 |
||
REITs - Industrial Buildings - 16.1% |
|||
DuPont Fabros Technology, Inc. |
451,400 |
11,348,196 |
|
First Industrial Realty Trust, Inc. |
651,525 |
11,688,359 |
|
First Potomac Realty Trust |
327,860 |
5,245,760 |
|
Prologis, Inc. |
1,498,626 |
62,867,361 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
REAL ESTATE INVESTMENT TRUSTS - CONTINUED |
|||
REITs - Industrial Buildings - continued |
|||
Public Storage |
433,250 |
$ 71,486,250 |
|
Terreno Realty Corp. |
55,200 |
1,038,864 |
|
TOTAL REITS - INDUSTRIAL BUILDINGS |
163,674,790 |
||
REITs - Malls - 16.6% |
|||
CBL & Associates Properties, Inc. |
372,819 |
8,999,851 |
|
General Growth Properties, Inc. |
1,255,400 |
28,522,688 |
|
Simon Property Group, Inc. |
697,368 |
124,180,319 |
|
The Macerich Co. |
100,309 |
7,026,645 |
|
TOTAL REITS - MALLS |
168,729,503 |
||
REITs - Management/Investment - 1.4% |
|||
Coresite Realty Corp. |
23,300 |
842,994 |
|
Equity Lifestyle Properties, Inc. |
27,600 |
2,242,500 |
|
Retail Properties America, Inc. |
414,862 |
6,351,537 |
|
Weyerhaeuser Co. |
150,800 |
4,600,908 |
|
TOTAL REITS - MANAGEMENT/INVESTMENT |
14,037,939 |
||
REITs - Mobile Home Parks - 0.7% |
|||
Sun Communities, Inc. |
143,803 |
7,355,523 |
|
REITs - Office Buildings - 16.9% |
|||
Alexandria Real Estate Equities, Inc. |
381,478 |
27,760,154 |
|
Boston Properties, Inc. |
358,875 |
39,271,691 |
|
Cousins Properties, Inc. |
1,156,431 |
12,628,227 |
|
Douglas Emmett, Inc. |
766,900 |
20,069,773 |
|
Highwoods Properties, Inc. (SBI) |
379,450 |
15,568,834 |
|
Piedmont Office Realty Trust, Inc. Class A |
615,600 |
12,632,112 |
|
SL Green Realty Corp. |
481,900 |
43,708,330 |
|
TOTAL REITS - OFFICE BUILDINGS |
171,639,121 |
||
REITs - Shopping Centers - 7.5% |
|||
Acadia Realty Trust (SBI) |
381,800 |
10,900,390 |
|
Cedar Shopping Centers, Inc. |
881,898 |
5,652,966 |
|
Equity One, Inc. |
916,569 |
23,363,344 |
|
Excel Trust, Inc. |
123,092 |
1,874,691 |
|
Glimcher Realty Trust |
1,459,863 |
18,306,682 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
REAL ESTATE INVESTMENT TRUSTS - CONTINUED |
|||
REITs - Shopping Centers - continued |
|||
Kite Realty Group Trust |
865,400 |
$ 5,711,640 |
|
Vornado Realty Trust |
122,800 |
10,752,368 |
|
TOTAL REITS - SHOPPING CENTERS |
76,562,081 |
||
TOTAL REAL ESTATE INVESTMENT TRUSTS |
947,634,967 |
||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4% |
|||
Real Estate Operating Companies - 1.0% |
|||
Forest City Enterprises, Inc. Class A (a) |
538,900 |
10,061,263 |
|
Real Estate Services - 0.4% |
|||
CBRE Group, Inc. (a) |
149,337 |
3,616,942 |
|
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |
13,678,205 |
||
TOTAL COMMON STOCKS (Cost $791,736,085) |
|
||
Money Market Funds - 2.8% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.13% (b) |
28,415,106 |
|
|
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $820,151,191) |
1,015,303,161 |
||
NET OTHER ASSETS (LIABILITIES) - 0.2% |
2,347,845 |
||
NET ASSETS - 100% |
$ 1,017,651,006 |
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 |
$ 32,686 |
Fidelity Securities Lending Cash Central Fund |
5,575 |
Total |
$ 38,261 |
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 April 30, 2013, the cost of investment securities for income tax purposes was $820,685,418. Net unrealized appreciation aggregated $194,617,743, of which $195,476,040 related to appreciated investment securities and $858,297 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 Fund's 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. |
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. or an affiliate. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® OTC Portfolio
April 30, 2013
1.800345.109
OTC-QTLY-0613
Showing Percentage of Net Assets
Common Stocks - 99.9% |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - 11.4% |
|||
Automobiles - 2.1% |
|||
Tesla Motors, Inc. (a)(d) |
2,556,795 |
$ 138,041 |
|
Volkswagen AG sponsored ADR |
499,000 |
19,361 |
|
|
157,402 |
||
Hotels, Restaurants & Leisure - 1.7% |
|||
Bravo Brio Restaurant Group, Inc. (a) |
70,925 |
1,206 |
|
Buffalo Wild Wings, Inc. (a) |
24,600 |
2,214 |
|
Chipotle Mexican Grill, Inc. (a) |
196,600 |
71,403 |
|
Dunkin' Brands Group, Inc. |
37,400 |
1,451 |
|
Las Vegas Sands Corp. |
3,900 |
219 |
|
Panera Bread Co. Class A (a) |
15,060 |
2,669 |
|
Penn National Gaming, Inc. (a) |
13,100 |
767 |
|
Starbucks Corp. |
693,000 |
42,162 |
|
Texas Roadhouse, Inc. Class A |
12,725 |
299 |
|
The Cheesecake Factory, Inc. |
28,800 |
1,147 |
|
|
123,537 |
||
Household Durables - 0.4% |
|||
D.R. Horton, Inc. |
395,300 |
10,309 |
|
iRobot Corp. (a) |
7,693 |
224 |
|
Lennar Corp. Class A |
6,200 |
256 |
|
PulteGroup, Inc. (a) |
46,600 |
978 |
|
SodaStream International Ltd. (a)(d) |
228,258 |
12,289 |
|
Toll Brothers, Inc. (a) |
201,100 |
6,900 |
|
|
30,956 |
||
Internet & Catalog Retail - 1.9% |
|||
Amazon.com, Inc. (a) |
488,896 |
124,087 |
|
ASOS PLC (a) |
6,200 |
308 |
|
HomeAway, Inc. (a) |
165,360 |
5,052 |
|
Ocado Group PLC (a) |
174,165 |
460 |
|
Start Today Co. Ltd. (d) |
781,700 |
11,835 |
|
|
141,742 |
||
Leisure Equipment & Products - 0.1% |
|||
Brunswick Corp. |
155,600 |
4,926 |
|
Media - 0.6% |
|||
Charter Communications, Inc. Class A (a) |
10,800 |
1,088 |
|
DIRECTV (a) |
30,500 |
1,725 |
|
Discovery Communications, Inc. (a) |
105,200 |
8,292 |
|
DISH Network Corp. Class A |
29,400 |
1,152 |
|
Grupo Televisa SA de CV (CPO) sponsored ADR |
26,200 |
663 |
|
IMAX Corp. (a) |
14,500 |
370 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - continued |
|||
Media - continued |
|||
Lions Gate Entertainment Corp. (a)(d) |
948,669 |
$ 23,536 |
|
Pandora Media, Inc. (a)(d) |
521,719 |
7,268 |
|
|
44,094 |
||
Multiline Retail - 0.0% |
|||
J.C. Penney Co., Inc. (d) |
41,000 |
673 |
|
Specialty Retail - 2.8% |
|||
Bed Bath & Beyond, Inc. (a) |
211,200 |
14,531 |
|
Five Below, Inc. |
6,100 |
220 |
|
Francescas Holdings Corp. (a)(d) |
334,009 |
9,539 |
|
Inditex SA |
2,033 |
273 |
|
Lowe's Companies, Inc. |
1,964,600 |
75,480 |
|
Monro Muffler Brake, Inc. (d) |
250,913 |
10,378 |
|
O'Reilly Automotive, Inc. (a) |
16,500 |
1,771 |
|
Restoration Hardware Holdings, Inc. (d) |
22,100 |
861 |
|
Ross Stores, Inc. |
595,200 |
39,325 |
|
Tractor Supply Co. |
131,488 |
14,092 |
|
Ulta Salon, Cosmetics & Fragrance, Inc. |
182,600 |
16,005 |
|
Urban Outfitters, Inc. (a) |
515,400 |
21,358 |
|
|
203,833 |
||
Textiles, Apparel & Luxury Goods - 1.8% |
|||
adidas AG sponsored ADR |
14,000 |
732 |
|
Deckers Outdoor Corp. (a) |
13,530 |
746 |
|
lululemon athletica, Inc. (a)(d) |
227,746 |
17,338 |
|
Michael Kors Holdings Ltd. (a) |
874,400 |
49,788 |
|
NIKE, Inc. Class B |
357,900 |
22,762 |
|
Ralph Lauren Corp. |
215,900 |
39,203 |
|
Vera Bradley, Inc. (a)(d) |
66,588 |
1,520 |
|
|
132,089 |
||
TOTAL CONSUMER DISCRETIONARY |
839,252 |
||
CONSUMER STAPLES - 5.5% |
|||
Beverages - 0.2% |
|||
Monster Beverage Corp. (a) |
272,100 |
15,346 |
|
Food & Staples Retailing - 2.3% |
|||
Costco Wholesale Corp. |
1,547,300 |
167,774 |
|
Food Products - 3.0% |
|||
Danone SA sponsored ADR |
1,844,700 |
27,707 |
|
Green Mountain Coffee Roasters, Inc. (a)(d) |
2,475,617 |
142,100 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER STAPLES - continued |
|||
Food Products - continued |
|||
Kraft Foods Group, Inc. |
60,566 |
$ 3,119 |
|
Mondelez International, Inc. |
1,515,200 |
47,653 |
|
|
220,579 |
||
TOTAL CONSUMER STAPLES |
403,699 |
||
ENERGY - 0.2% |
|||
Energy Equipment & Services - 0.1% |
|||
Halliburton Co. |
20,000 |
855 |
|
Heckmann Corp. (a)(d) |
44,400 |
164 |
|
National Oilwell Varco, Inc. |
58,200 |
3,796 |
|
Ocean Rig UDW, Inc. (United States) (a) |
135,800 |
2,224 |
|
|
7,039 |
||
Oil, Gas & Consumable Fuels - 0.1% |
|||
Alpha Natural Resources, Inc. (a) |
34,821 |
258 |
|
Amyris, Inc. (a)(d) |
66,182 |
180 |
|
Cobalt International Energy, Inc. (a) |
212,098 |
5,926 |
|
Noble Energy, Inc. |
29,800 |
3,376 |
|
Peabody Energy Corp. |
8,600 |
173 |
|
Rosetta Resources, Inc. (a) |
8,550 |
367 |
|
Solazyme, Inc. (a)(d) |
18,141 |
165 |
|
|
10,445 |
||
TOTAL ENERGY |
17,484 |
||
FINANCIALS - 2.3% |
|||
Capital Markets - 0.1% |
|||
WisdomTree Investments, Inc. (a) |
962,120 |
11,161 |
|
Commercial Banks - 1.3% |
|||
First Republic Bank |
20,700 |
786 |
|
HDFC Bank Ltd. sponsored ADR |
5,800 |
246 |
|
Huntington Bancshares, Inc. |
1,516,500 |
10,873 |
|
National Penn Bancshares, Inc. |
19,600 |
192 |
|
Signature Bank (a) |
185,500 |
13,284 |
|
SVB Financial Group (a) |
10,100 |
718 |
|
Texas Capital Bancshares, Inc. (a) |
352,200 |
14,673 |
|
UMB Financial Corp. |
125,700 |
6,328 |
|
Wells Fargo & Co. |
1,229,600 |
46,700 |
|
|
93,800 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
FINANCIALS - continued |
|||
Consumer Finance - 0.8% |
|||
Capital One Financial Corp. |
1,059,800 |
$ 61,235 |
|
Real Estate Management & Development - 0.1% |
|||
Altisource Portfolio Solutions SA |
39,200 |
3,236 |
|
Realogy Holdings Corp. |
18,000 |
864 |
|
|
4,100 |
||
TOTAL FINANCIALS |
170,296 |
||
HEALTH CARE - 21.6% |
|||
Biotechnology - 13.1% |
|||
Achillion Pharmaceuticals, Inc. (a) |
374,300 |
2,822 |
|
Aegerion Pharmaceuticals, Inc. (a) |
579,000 |
24,341 |
|
Alexion Pharmaceuticals, Inc. (a) |
991,300 |
97,147 |
|
Alkermes PLC (a) |
796,636 |
24,385 |
|
Alnylam Pharmaceuticals, Inc. (a) |
278,300 |
6,665 |
|
Amarin Corp. PLC ADR (a)(d) |
225,061 |
1,668 |
|
Amgen, Inc. |
172,900 |
18,018 |
|
ARIAD Pharmaceuticals, Inc. (a) |
2,485,000 |
44,407 |
|
Biogen Idec, Inc. (a) |
378,300 |
82,821 |
|
BioMarin Pharmaceutical, Inc. (a) |
1,000,156 |
65,610 |
|
Biovitrum AB (a) |
177,300 |
1,130 |
|
Cepheid, Inc. (a) |
5,700 |
217 |
|
Clovis Oncology, Inc. (a) |
442,455 |
16,557 |
|
Gilead Sciences, Inc. (a) |
2,656,900 |
134,545 |
|
ImmunoGen, Inc. (a)(d) |
297,309 |
4,763 |
|
Infinity Pharmaceuticals, Inc. (a) |
324,589 |
13,987 |
|
InterMune, Inc. (a) |
36,720 |
343 |
|
Ironwood Pharmaceuticals, Inc. Class A (a)(d) |
2,764,542 |
42,049 |
|
Isis Pharmaceuticals, Inc. (a) |
80,849 |
1,810 |
|
Medivation, Inc. (a) |
2,138,089 |
112,699 |
|
Mesoblast Ltd. (a) |
27,236 |
166 |
|
Novavax, Inc. (a)(d) |
422,419 |
993 |
|
NPS Pharmaceuticals, Inc. (a) |
278,200 |
3,736 |
|
OncoGenex Pharmaceuticals, Inc. (a) |
120,155 |
1,217 |
|
Onyx Pharmaceuticals, Inc. (a) |
666,600 |
63,194 |
|
Prothena Corp. PLC (a) |
14,987 |
124 |
|
Regeneron Pharmaceuticals, Inc. (a) |
208,732 |
44,907 |
|
Seattle Genetics, Inc. (a)(d) |
1,429,686 |
52,827 |
|
Synageva BioPharma Corp. (a) |
54,500 |
2,817 |
|
Targacept, Inc. (a) |
145,749 |
672 |
|
Theravance, Inc. (a)(d) |
2,500,481 |
84,391 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Biotechnology - continued |
|||
Threshold Pharmaceuticals, Inc. (a) |
45,000 |
$ 217 |
|
Vertex Pharmaceuticals, Inc. (a) |
183,300 |
14,081 |
|
ZIOPHARM Oncology, Inc. (a)(d) |
183,200 |
308 |
|
|
965,634 |
||
Health Care Equipment & Supplies - 0.5% |
|||
Abiomed, Inc. (a)(d) |
16,400 |
303 |
|
Align Technology, Inc. (a) |
456,800 |
15,129 |
|
DexCom, Inc. (a) |
15,000 |
246 |
|
Endologix, Inc. (a) |
1,201,100 |
18,041 |
|
MAKO Surgical Corp. (a)(d) |
74,063 |
784 |
|
Masimo Corp. |
7,500 |
150 |
|
|
34,653 |
||
Health Care Providers & Services - 3.2% |
|||
Accretive Health, Inc. (a)(d)(e) |
9,842,302 |
103,738 |
|
BioScrip, Inc. (a) |
57,300 |
794 |
|
Catamaran Corp. (a) |
4,400 |
254 |
|
Catamaran Corp. (United States) (a) |
135,640 |
7,830 |
|
ExamWorks Group, Inc. (a) |
79,400 |
1,437 |
|
Express Scripts Holding Co. (a) |
1,974,900 |
117,250 |
|
Qualicorp SA (a) |
252,100 |
2,455 |
|
|
233,758 |
||
Health Care Technology - 2.0% |
|||
athenahealth, Inc. (a)(d) |
1,499,077 |
144,301 |
|
HMS Holdings Corp. (a) |
133,000 |
3,353 |
|
|
147,654 |
||
Life Sciences Tools & Services - 0.7% |
|||
Illumina, Inc. (a)(d) |
838,400 |
54,236 |
|
Pharmaceuticals - 2.1% |
|||
Questcor Pharmaceuticals, Inc. (d)(e) |
4,816,189 |
148,050 |
|
Roche Holding AG sponsored ADR |
73,300 |
4,575 |
|
|
152,625 |
||
TOTAL HEALTH CARE |
1,588,560 |
||
INDUSTRIALS - 0.5% |
|||
Aerospace & Defense - 0.0% |
|||
Precision Castparts Corp. |
4,800 |
918 |
|
Building Products - 0.0% |
|||
Quanex Building Products Corp. |
73,024 |
1,188 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Commercial Services & Supplies - 0.1% |
|||
Stericycle, Inc. (a) |
44,600 |
$ 4,831 |
|
Construction & Engineering - 0.0% |
|||
Foster Wheeler AG (a) |
11,584 |
244 |
|
Electrical Equipment - 0.3% |
|||
SolarCity Corp. (d) |
729,394 |
19,708 |
|
Machinery - 0.0% |
|||
Edwards Group Ltd. ADR (a) |
76,586 |
577 |
|
ExOne Co. (d) |
14,500 |
557 |
|
Proto Labs, Inc. (a) |
15,200 |
776 |
|
Stanley Black & Decker, Inc. |
4,400 |
329 |
|
|
2,239 |
||
Professional Services - 0.1% |
|||
Verisk Analytics, Inc. (a) |
65,400 |
4,008 |
|
TOTAL INDUSTRIALS |
33,136 |
||
INFORMATION TECHNOLOGY - 54.3% |
|||
Communications Equipment - 5.1% |
|||
Aruba Networks, Inc. (a) |
694,546 |
15,620 |
|
Cisco Systems, Inc. |
2,272,300 |
47,537 |
|
Juniper Networks, Inc. (a) |
1,007,800 |
16,679 |
|
QUALCOMM, Inc. |
2,272,709 |
140,044 |
|
Radware Ltd. (a)(e) |
4,441,672 |
66,581 |
|
Research In Motion Ltd. (a)(d) |
127,500 |
2,077 |
|
Riverbed Technology, Inc. (a) |
5,380,800 |
79,959 |
|
ViaSat, Inc. (a) |
144,152 |
6,987 |
|
|
375,484 |
||
Computers & Peripherals - 9.1% |
|||
Apple, Inc. |
1,258,800 |
557,337 |
|
Cray, Inc. (a) |
1,116,677 |
23,629 |
|
Fusion-io, Inc. (a)(d) |
2,173,066 |
40,810 |
|
SanDisk Corp. (a) |
97,950 |
5,136 |
|
Silicon Graphics International Corp. (a)(d) |
1,177,474 |
15,307 |
|
Stratasys Ltd. (a) |
276,500 |
22,963 |
|
|
665,182 |
||
Electronic Equipment & Components - 0.0% |
|||
E Ink Holdings, Inc. GDR (a)(f) |
16,900 |
126 |
|
Trimble Navigation Ltd. (a) |
34,100 |
980 |
|
|
1,106 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Internet Software & Services - 16.9% |
|||
Angie's List, Inc. (a)(d) |
753,500 |
$ 18,265 |
|
Constant Contact, Inc. (a)(e) |
2,917,136 |
42,619 |
|
Demandware, Inc. (a) |
474,300 |
12,948 |
|
Dropbox, Inc. (g) |
331,524 |
3,315 |
|
E2open, Inc. (e) |
1,896,838 |
26,954 |
|
eBay, Inc. (a) |
2,070,600 |
108,479 |
|
ExactTarget, Inc. (a)(e) |
6,867,180 |
134,459 |
|
Facebook, Inc. Class A |
10,712,669 |
297,384 |
|
Google, Inc. Class A (a) |
606,122 |
499,790 |
|
LinkedIn Corp. (a) |
127,600 |
24,511 |
|
Liquidity Services, Inc. (a) |
4,000 |
132 |
|
Mail.Ru Group Ltd. GDR (f) |
5,500 |
149 |
|
Millennial Media, Inc. (a)(d) |
3,137,908 |
21,746 |
|
Rackspace Hosting, Inc. (a) |
596,956 |
28,773 |
|
SINA Corp. (a) |
61,300 |
3,452 |
|
Trulia, Inc. (d) |
434,496 |
12,626 |
|
Velti PLC (a)(d) |
505,451 |
1,011 |
|
Yahoo!, Inc. (a) |
66,000 |
1,632 |
|
Yelp, Inc. (a) |
55,900 |
1,455 |
|
YouKu.com, Inc. ADR (a)(d) |
79,900 |
1,619 |
|
|
1,241,319 |
||
IT Services - 1.0% |
|||
Cardtronics, Inc. (a) |
12,800 |
359 |
|
Cognizant Technology Solutions Corp. Class A (a) |
680,100 |
44,070 |
|
Pactera Technology International Ltd. ADR |
125,505 |
639 |
|
ServiceSource International, Inc. (a)(e) |
4,376,136 |
28,007 |
|
|
73,075 |
||
Semiconductors & Semiconductor Equipment - 5.9% |
|||
Altera Corp. |
942,694 |
30,176 |
|
Applied Micro Circuits Corp. (a) |
572,050 |
4,267 |
|
ASML Holding NV |
9,965 |
741 |
|
Atmel Corp. (a) |
247,600 |
1,602 |
|
Broadcom Corp. Class A |
1,061,200 |
38,203 |
|
Cirrus Logic, Inc. (a) |
562,196 |
10,856 |
|
Cree, Inc. (a) |
25,700 |
1,454 |
|
Inphi Corp. (a) |
798,295 |
7,512 |
|
Integrated Device Technology, Inc. (a) |
86,700 |
616 |
|
LSI Corp. (a) |
2,817,600 |
18,427 |
|
Maxim Integrated Products, Inc. |
921,200 |
28,493 |
|
Mellanox Technologies Ltd. (a)(d) |
1,004,012 |
51,185 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Semiconductors & Semiconductor Equipment - continued |
|||
Microchip Technology, Inc. (d) |
58,700 |
$ 2,138 |
|
Monolithic Power Systems, Inc. |
333,456 |
8,043 |
|
NVE Corp. (a)(e) |
436,057 |
23,142 |
|
NVIDIA Corp. |
12,558,792 |
172,935 |
|
Skyworks Solutions, Inc. (a) |
1,534,900 |
33,875 |
|
|
433,665 |
||
Software - 16.3% |
|||
Activision Blizzard, Inc. |
5,541,000 |
82,838 |
|
Adobe Systems, Inc. (a) |
573,200 |
25,840 |
|
Allot Communications Ltd. (a) |
48,500 |
549 |
|
BroadSoft, Inc. (a) |
1,080,180 |
27,609 |
|
Check Point Software Technologies Ltd. (a) |
608,200 |
28,354 |
|
Electronic Arts, Inc. (a) |
12,539,792 |
220,826 |
|
Envivio, Inc. (d) |
502,200 |
804 |
|
Fortinet, Inc. (a) |
508,400 |
9,131 |
|
Gameloft Se (a)(e) |
7,764,787 |
52,152 |
|
Guidewire Software, Inc. (a) |
848,830 |
34,021 |
|
Imperva, Inc. (a) |
14,500 |
565 |
|
Infoblox, Inc. |
10,000 |
221 |
|
Jive Software, Inc. (a) |
364,428 |
4,953 |
|
MICROS Systems, Inc. (a) |
580,100 |
24,602 |
|
Microsoft Corp. |
3,126,865 |
103,499 |
|
Oracle Corp. |
6,266,100 |
205,403 |
|
Proofpoint, Inc. |
14,900 |
273 |
|
QLIK Technologies, Inc. (a) |
209,600 |
5,452 |
|
salesforce.com, Inc. (a) |
1,062,400 |
43,675 |
|
ServiceNow, Inc. (d) |
1,314,276 |
53,833 |
|
Splunk, Inc. |
19,539 |
797 |
|
Synchronoss Technologies, Inc. (a)(e) |
3,850,927 |
109,135 |
|
Synopsys, Inc. (a) |
311,800 |
11,091 |
|
Take-Two Interactive Software, Inc. (a) |
3,200,008 |
48,832 |
|
Ubisoft Entertainment SA (a)(e) |
9,537,704 |
106,389 |
|
Ubisoft Entertainment SA warrants 10/10/13 (a)(e) |
3,080,130 |
604 |
|
|
1,201,448 |
||
TOTAL INFORMATION TECHNOLOGY |
3,991,279 |
||
MATERIALS - 0.9% |
|||
Chemicals - 0.0% |
|||
Sherwin-Williams Co. |
4,200 |
769 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
MATERIALS - continued |
|||
Metals & Mining - 0.9% |
|||
AngloGold Ashanti Ltd. sponsored ADR |
69,400 |
$ 1,353 |
|
Randgold Resources Ltd. sponsored ADR |
745,933 |
61,002 |
|
Royal Gold, Inc. |
23,400 |
1,301 |
|
|
63,656 |
||
TOTAL MATERIALS |
64,425 |
||
TELECOMMUNICATION SERVICES - 3.2% |
|||
Diversified Telecommunication Services - 1.2% |
|||
Level 3 Communications, Inc. (a) |
4,360,879 |
87,784 |
|
Wireless Telecommunication Services - 2.0% |
|||
NII Holdings, Inc. (a)(d)(e) |
17,120,769 |
148,951 |
|
TOTAL TELECOMMUNICATION SERVICES |
236,735 |
||
TOTAL COMMON STOCKS (Cost $6,205,761) |
|
||
Money Market Funds - 8.9% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.13% (b) |
37,784,129 |
37,784 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
619,267,093 |
619,267 |
|
TOTAL MONEY MARKET FUNDS (Cost $657,051) |
|
||
TOTAL INVESTMENT PORTFOLIO - 108.8% (Cost $6,862,812) |
8,001,917 |
||
NET OTHER ASSETS (LIABILITIES) - (8.8)% |
(648,149) |
||
NET ASSETS - 100% |
$ 7,353,768 |
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 $275,000 or 0.0% of net assets. |
(g) 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 $3,315,000 or 0.0% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost (000s) |
Dropbox, Inc. |
5/2/12 |
$ 3,000 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 12 |
Fidelity Securities Lending Cash Central Fund |
28,508 |
Total |
$ 28,520 |
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: |
Affiliates |
Value, beginning of period |
Purchases |
Sales Proceeds |
Dividend Income |
Value, |
Accretive Health, Inc. |
$ 134,915 |
$ - |
$ 1,010 |
$ - |
$ 103,738 |
Constant Contact, Inc. |
32,819 |
21,849 |
6,097 |
- |
42,619 |
Cray, Inc. |
3,901 |
26,901 |
19,100 |
- |
- |
E2open, Inc. |
- |
33,882 |
- |
- |
26,954 |
ExactTarget, Inc. |
- |
139,067 |
- |
- |
134,459 |
Gameloft Se |
44,521 |
- |
- |
- |
52,152 |
Inphi Corp. |
19,745 |
- |
9,995 |
- |
- |
NII Holdings, Inc. |
88,138 |
24,865 |
- |
- |
148,951 |
NVE Corp. |
25,650 |
- |
1,423 |
- |
23,142 |
Questcor Pharmaceuticals, Inc. |
225,333 |
9,667 |
60,008 |
3,450 |
148,050 |
Radware Ltd. |
- |
78,856 |
1,551 |
- |
66,581 |
ServiceSource International, Inc. |
41,029 |
12,837 |
7,647 |
- |
28,007 |
Synchronoss Technologies, Inc. |
73,630 |
- |
- |
- |
109,135 |
Ubisoft Entertainment SA |
61,686 |
6,090 |
- |
- |
106,389 |
Ubisoft Entertainment SA warrants 10/10/13 |
207 |
- |
217 |
- |
604 |
Total |
$ 751,574 |
$ 354,014 |
$ 107,048 |
$ 3,450 |
$ 990,781 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2013, 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 |
$ 839,252 |
$ 827,417 |
$ 11,835 |
$ - |
Consumer Staples |
403,699 |
403,699 |
- |
- |
Energy |
17,484 |
17,484 |
- |
- |
Financials |
170,296 |
170,296 |
- |
- |
Health Care |
1,588,560 |
1,588,560 |
- |
- |
Industrials |
33,136 |
33,136 |
- |
- |
Information Technology |
3,991,279 |
3,987,964 |
- |
3,315 |
Materials |
64,425 |
64,425 |
- |
- |
Telecommunication Services |
236,735 |
236,735 |
- |
- |
Money Market Funds |
657,051 |
657,051 |
- |
- |
Total Investments in Securities: |
$ 8,001,917 |
$ 7,986,767 |
$ 11,835 |
$ 3,315 |
Income Tax Information |
At April 30, 2013, the cost of investment securities for income tax purposes was $6,898,334,000. Net unrealized appreciation aggregated $1,103,583,000, of which $1,544,024,000 related to appreciated investment securities and $440,441,000 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 Fund's 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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. or an affiliate. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Blue Chip Growth Fund
April 30, 2013
1.800333.109
BCF-QTLY-0613
Showing Percentage of Net Assets
Common Stocks - 99.5% |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - 21.9% |
|||
Auto Components - 0.2% |
|||
Bridgestone Corp. |
130,600 |
$ 4,929 |
|
Johnson Controls, Inc. |
696,400 |
24,381 |
|
|
29,310 |
||
Automobiles - 1.1% |
|||
Ford Motor Co. |
2,494,100 |
34,194 |
|
Maruti Suzuki India Ltd. |
136,747 |
4,436 |
|
Tesla Motors, Inc. (a)(d) |
3,122,964 |
168,609 |
|
|
207,239 |
||
Distributors - 0.1% |
|||
LKQ Corp. (a) |
945,500 |
22,768 |
|
Diversified Consumer Services - 0.4% |
|||
H&R Block, Inc. |
2,027,400 |
56,240 |
|
Kroton Educacional SA |
1,180,000 |
16,478 |
|
|
72,718 |
||
Hotels, Restaurants & Leisure - 3.8% |
|||
Alsea S.A.B. de CV |
2,981,200 |
9,114 |
|
Buffalo Wild Wings, Inc. (a) |
251,500 |
22,635 |
|
Chipotle Mexican Grill, Inc. (a) |
91,600 |
33,268 |
|
Dunkin' Brands Group, Inc. |
723,500 |
28,079 |
|
Hyatt Hotels Corp. Class A (a) |
608,297 |
25,962 |
|
Jubilant Foodworks Ltd. (a) |
288,917 |
5,971 |
|
Las Vegas Sands Corp. |
1,980,500 |
111,403 |
|
Panera Bread Co. Class A (a) |
397,500 |
70,449 |
|
Penn National Gaming, Inc. (a) |
479,400 |
28,069 |
|
Starbucks Corp. |
3,787,600 |
230,438 |
|
Starwood Hotels & Resorts Worldwide, Inc. |
561,000 |
36,196 |
|
Wyndham Worldwide Corp. |
491,627 |
29,537 |
|
Yum! Brands, Inc. |
874,600 |
59,578 |
|
|
690,699 |
||
Household Durables - 0.9% |
|||
KB Home |
463,000 |
10,436 |
|
Lennar Corp. Class A |
92,600 |
3,817 |
|
M/I Homes, Inc. (a) |
290,500 |
7,146 |
|
Mohawk Industries, Inc. (a) |
48,600 |
5,389 |
|
SodaStream International Ltd. (a) |
286,400 |
15,420 |
|
Toll Brothers, Inc. (a) |
430,900 |
14,784 |
|
Whirlpool Corp. |
994,778 |
113,683 |
|
|
170,675 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - continued |
|||
Internet & Catalog Retail - 2.7% |
|||
Amazon.com, Inc. (a) |
1,189,500 |
$ 301,907 |
|
Netflix, Inc. (a) |
286,100 |
61,818 |
|
priceline.com, Inc. (a) |
197,200 |
137,249 |
|
|
500,974 |
||
Leisure Equipment & Products - 0.2% |
|||
Brunswick Corp. |
897,500 |
28,415 |
|
Media - 2.4% |
|||
CBS Corp. Class B |
559,300 |
25,605 |
|
Comcast Corp. Class A |
5,484,100 |
226,493 |
|
Fuji Media Holdings, Inc. |
2,000 |
4,347 |
|
News Corp. Class A |
2,377,100 |
73,619 |
|
Sirius XM Radio, Inc. |
2,254,100 |
7,326 |
|
The Walt Disney Co. |
879,500 |
55,268 |
|
Time Warner, Inc. |
687,500 |
41,099 |
|
|
433,757 |
||
Multiline Retail - 1.1% |
|||
Dollar General Corp. (a) |
733,100 |
38,187 |
|
Dollar Tree, Inc. (a) |
156,300 |
7,434 |
|
J.C. Penney Co., Inc. (d) |
1,508,600 |
24,771 |
|
Macy's, Inc. |
1,516,200 |
67,623 |
|
Target Corp. |
1,028,200 |
72,550 |
|
|
210,565 |
||
Specialty Retail - 5.9% |
|||
Abercrombie & Fitch Co. Class A |
1,968,700 |
97,569 |
|
AutoZone, Inc. (a) |
24,000 |
9,818 |
|
Best Buy Co., Inc. |
1,739,500 |
45,210 |
|
CarMax, Inc. (a) |
543,500 |
25,023 |
|
Home Depot, Inc. |
4,733,300 |
347,188 |
|
L Brands, Inc. |
1,873,900 |
94,463 |
|
Lowe's Companies, Inc. |
3,796,800 |
145,873 |
|
Lumber Liquidators Holdings, Inc. (a) |
272,200 |
22,310 |
|
Ross Stores, Inc. |
1,817,900 |
120,109 |
|
TJX Companies, Inc. |
2,527,380 |
123,260 |
|
Tractor Supply Co. |
32,700 |
3,504 |
|
Urban Outfitters, Inc. (a) |
1,022,900 |
42,389 |
|
|
1,076,716 |
||
Textiles, Apparel & Luxury Goods - 3.1% |
|||
Arezzo Industria e Comercio SA |
1,646,000 |
34,685 |
|
Fifth & Pacific Companies, Inc. (a) |
1,228,600 |
25,334 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - continued |
|||
Textiles, Apparel & Luxury Goods - continued |
|||
Fossil, Inc. (a) |
509,819 |
$ 50,023 |
|
lululemon athletica, Inc. (a) |
536,580 |
40,850 |
|
Michael Kors Holdings Ltd. (a) |
2,405,337 |
136,960 |
|
NIKE, Inc. Class B |
1,712,800 |
108,934 |
|
Prada SpA |
1,995,500 |
17,987 |
|
PVH Corp. |
767,300 |
88,554 |
|
Quiksilver, Inc. (a) |
607,500 |
4,088 |
|
Ralph Lauren Corp. |
10,800 |
1,961 |
|
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) |
468,583 |
9,737 |
|
Titan Industries Ltd. (a) |
1,240,995 |
6,258 |
|
Under Armour, Inc. Class A (sub. vtg.) (a) |
902,700 |
51,526 |
|
|
576,897 |
||
TOTAL CONSUMER DISCRETIONARY |
4,020,733 |
||
CONSUMER STAPLES - 14.5% |
|||
Beverages - 3.6% |
|||
Anheuser-Busch InBev SA NV ADR (d) |
695,000 |
66,456 |
|
Beam, Inc. |
228,300 |
14,773 |
|
Constellation Brands, Inc. Class A (sub. vtg.) (a) |
323,500 |
15,965 |
|
Fomento Economico Mexicano S.A.B. de CV sponsored ADR |
99,900 |
11,328 |
|
Monster Beverage Corp. (a) |
1,294,400 |
73,004 |
|
PepsiCo, Inc. |
2,227,300 |
183,685 |
|
SABMiller PLC |
147,300 |
7,936 |
|
The Coca-Cola Co. |
6,952,400 |
294,295 |
|
United Spirits Ltd. (a) |
99,296 |
4,089 |
|
|
671,531 |
||
Food & Staples Retailing - 3.2% |
|||
Costco Wholesale Corp. |
1,409,300 |
152,810 |
|
CVS Caremark Corp. |
3,050,600 |
177,484 |
|
Kroger Co. |
1,223,200 |
42,054 |
|
Safeway, Inc. |
911,400 |
20,525 |
|
Walgreen Co. |
2,428,500 |
120,235 |
|
Whole Foods Market, Inc. |
795,100 |
70,223 |
|
|
583,331 |
||
Food Products - 3.2% |
|||
Archer Daniels Midland Co. |
109,300 |
3,710 |
|
Associated British Foods PLC |
592,900 |
17,821 |
|
Bunge Ltd. |
483,600 |
34,921 |
|
Danone SA |
658,200 |
50,284 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER STAPLES - continued |
|||
Food Products - continued |
|||
Green Mountain Coffee Roasters, Inc. (a)(d) |
4,911,864 |
$ 281,941 |
|
Kellogg Co. |
758,600 |
49,339 |
|
Mead Johnson Nutrition Co. Class A |
759,900 |
61,620 |
|
Mondelez International, Inc. |
1,208,000 |
37,992 |
|
The Hershey Co. |
265,000 |
23,627 |
|
Unilever NV (NY Reg.) |
620,500 |
26,359 |
|
|
587,614 |
||
Household Products - 1.7% |
|||
Energizer Holdings, Inc. |
77,400 |
7,476 |
|
Procter & Gamble Co. |
3,900,100 |
299,411 |
|
Svenska Cellulosa AB (SCA) (B Shares) |
377,600 |
9,806 |
|
|
316,693 |
||
Personal Products - 0.4% |
|||
Herbalife Ltd. |
1,778,391 |
70,620 |
|
Tobacco - 2.4% |
|||
Altria Group, Inc. |
1,693,800 |
61,841 |
|
British American Tobacco PLC (United Kingdom) |
146,800 |
8,138 |
|
Japan Tobacco, Inc. |
270,300 |
10,218 |
|
Lorillard, Inc. |
1,997,400 |
85,668 |
|
Philip Morris International, Inc. |
2,842,800 |
271,743 |
|
|
437,608 |
||
TOTAL CONSUMER STAPLES |
2,667,397 |
||
ENERGY - 3.5% |
|||
Energy Equipment & Services - 0.7% |
|||
Cameron International Corp. (a) |
402,500 |
24,774 |
|
Ensco PLC Class A |
557,500 |
32,157 |
|
Halliburton Co. |
1,802,200 |
77,080 |
|
Seadrill Ltd. |
102,500 |
3,945 |
|
|
137,956 |
||
Oil, Gas & Consumable Fuels - 2.8% |
|||
Anadarko Petroleum Corp. |
1,373,700 |
116,435 |
|
Cabot Oil & Gas Corp. |
277,300 |
18,870 |
|
Canadian Natural Resources Ltd. |
634,800 |
18,620 |
|
Cobalt International Energy, Inc. (a) |
654,900 |
18,298 |
|
Concho Resources, Inc. (a) |
296,400 |
25,529 |
|
Continental Resources, Inc. (a) |
349,700 |
27,948 |
|
EOG Resources, Inc. |
382,900 |
46,392 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
ENERGY - continued |
|||
Oil, Gas & Consumable Fuels - continued |
|||
EQT Corp. |
134,400 |
$ 10,096 |
|
Hess Corp. |
638,100 |
46,058 |
|
Murphy Oil Corp. |
356,200 |
22,116 |
|
Occidental Petroleum Corp. |
762,000 |
68,016 |
|
Pioneer Natural Resources Co. |
617,900 |
75,526 |
|
Western Gas Equity Partners LP |
594,900 |
21,149 |
|
|
515,053 |
||
TOTAL ENERGY |
653,009 |
||
FINANCIALS - 4.3% |
|||
Capital Markets - 1.4% |
|||
Ameriprise Financial, Inc. |
340,800 |
25,400 |
|
Apollo Global Management LLC Class A |
591,100 |
15,912 |
|
BlackRock, Inc. Class A |
271,700 |
72,408 |
|
Deutsche Bank AG |
212,000 |
9,759 |
|
Invesco Ltd. |
636,100 |
20,190 |
|
KKR & Co. LP |
1,020,300 |
21,426 |
|
Monex Group, Inc. |
32,474 |
14,652 |
|
Morgan Stanley |
2,096,712 |
46,442 |
|
The Blackstone Group LP |
751,600 |
15,445 |
|
Virtus Investment Partners, Inc. (a) |
35,000 |
6,685 |
|
|
248,319 |
||
Commercial Banks - 0.3% |
|||
Axis Bank Ltd. |
338,576 |
9,414 |
|
Barclays PLC sponsored ADR |
1,470,500 |
26,440 |
|
ICICI Bank Ltd. |
588,272 |
12,820 |
|
PNC Financial Services Group, Inc. |
54,700 |
3,713 |
|
|
52,387 |
||
Consumer Finance - 0.0% |
|||
SLM Corp. |
176,700 |
3,649 |
|
Diversified Financial Services - 2.3% |
|||
Bank of America Corp. |
6,662,500 |
82,015 |
|
Citigroup, Inc. |
4,466,320 |
208,398 |
|
JPMorgan Chase & Co. |
2,330,800 |
114,233 |
|
Moody's Corp. |
131,000 |
7,971 |
|
|
412,617 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
FINANCIALS - continued |
|||
Insurance - 0.2% |
|||
Berkshire Hathaway, Inc. Class B (a) |
265,800 |
$ 28,260 |
|
MetLife, Inc. |
428,800 |
16,719 |
|
|
44,979 |
||
Real Estate Management & Development - 0.1% |
|||
Altisource Portfolio Solutions SA |
50,000 |
4,127 |
|
Howard Hughes Corp. (a) |
80,200 |
7,569 |
|
Parsvnath Developers Ltd. (a)(e) |
21,771,340 |
13,849 |
|
|
25,545 |
||
Thrifts & Mortgage Finance - 0.0% |
|||
Housing Development Finance Corp. Ltd. (a) |
204,856 |
3,234 |
|
TOTAL FINANCIALS |
790,730 |
||
HEALTH CARE - 13.7% |
|||
Biotechnology - 8.4% |
|||
Acorda Therapeutics, Inc. (a) |
116,000 |
4,590 |
|
Alexion Pharmaceuticals, Inc. (a) |
665,000 |
65,170 |
|
Alkermes PLC (a) |
1,017,100 |
31,133 |
|
Alnylam Pharmaceuticals, Inc. (a) |
561,263 |
13,442 |
|
Amgen, Inc. |
2,622,100 |
273,249 |
|
ARIAD Pharmaceuticals, Inc. (a) |
1,781,860 |
31,842 |
|
Biogen Idec, Inc. (a) |
1,116,600 |
244,457 |
|
BioMarin Pharmaceutical, Inc. (a) |
288,700 |
18,939 |
|
Celgene Corp. (a) |
567,500 |
67,005 |
|
Clovis Oncology, Inc. (a) |
195,300 |
7,308 |
|
CSL Ltd. |
66,241 |
4,324 |
|
Exelixis, Inc. (a) |
3,668,800 |
19,041 |
|
Gilead Sciences, Inc. (a) |
9,086,600 |
460,145 |
|
Grifols SA (d) |
330,400 |
13,258 |
|
Grifols SA: |
|
|
|
ADR |
292,845 |
9,146 |
|
Class B (a) |
16,520 |
510 |
|
Infinity Pharmaceuticals, Inc. (a) |
640,000 |
27,578 |
|
InterMune, Inc. (a)(d) |
2,356,200 |
21,983 |
|
Ironwood Pharmaceuticals, Inc. Class A (a) |
473,000 |
7,194 |
|
Medivation, Inc. (a) |
299,000 |
15,760 |
|
Merrimack Pharmaceuticals, Inc. (a) |
2,407,858 |
11,847 |
|
Onyx Pharmaceuticals, Inc. (a) |
400,500 |
37,967 |
|
Regeneron Pharmaceuticals, Inc. (a) |
423,869 |
91,191 |
|
Seattle Genetics, Inc. (a) |
239,900 |
8,864 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Biotechnology - continued |
|||
Synageva BioPharma Corp. (a) |
180,700 |
$ 9,340 |
|
Vertex Pharmaceuticals, Inc. (a) |
614,660 |
47,218 |
|
|
1,542,501 |
||
Health Care Equipment & Supplies - 0.9% |
|||
Alere, Inc. (a) |
407,100 |
10,454 |
|
Baxter International, Inc. |
403,900 |
28,220 |
|
Boston Scientific Corp. (a) |
2,078,600 |
15,569 |
|
Insulet Corp. (a) |
310,600 |
7,840 |
|
Intuitive Surgical, Inc. (a) |
30,700 |
15,113 |
|
The Cooper Companies, Inc. |
865,272 |
95,526 |
|
|
172,722 |
||
Health Care Providers & Services - 1.3% |
|||
AmerisourceBergen Corp. |
201,900 |
10,927 |
|
Apollo Hospitals Enterprise Ltd. |
936,371 |
14,550 |
|
Catamaran Corp. (a) |
226,100 |
13,055 |
|
Express Scripts Holding Co. (a) |
2,704,500 |
160,566 |
|
HCA Holdings, Inc. |
572,100 |
22,821 |
|
MEDNAX, Inc. (a) |
42,000 |
3,727 |
|
Qualicorp SA (a) |
1,151,000 |
11,207 |
|
Quest Diagnostics, Inc. |
94,700 |
5,334 |
|
|
242,187 |
||
Health Care Technology - 0.3% |
|||
athenahealth, Inc. (a)(d) |
154,575 |
14,879 |
|
Cerner Corp. (a) |
305,800 |
29,592 |
|
|
44,471 |
||
Life Sciences Tools & Services - 0.2% |
|||
Illumina, Inc. (a) |
455,200 |
29,447 |
|
Lonza Group AG |
58,001 |
4,039 |
|
|
33,486 |
||
Pharmaceuticals - 2.6% |
|||
AbbVie, Inc. |
1,067,800 |
49,172 |
|
Allergan, Inc. |
363,800 |
41,309 |
|
AVANIR Pharmaceuticals Class A (a) |
2,885,556 |
9,205 |
|
Endo Health Solutions, Inc. (a) |
720,068 |
26,383 |
|
Johnson & Johnson |
1,959,840 |
167,037 |
|
Pfizer, Inc. |
1,517,000 |
44,099 |
|
Questcor Pharmaceuticals, Inc. (d) |
508,852 |
15,642 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Pharmaceuticals - continued |
|||
Sanofi SA sponsored ADR |
349,100 |
$ 18,624 |
|
Valeant Pharmaceuticals International, Inc. (Canada) (a) |
1,378,900 |
104,706 |
|
|
476,177 |
||
TOTAL HEALTH CARE |
2,511,544 |
||
INDUSTRIALS - 11.4% |
|||
Aerospace & Defense - 2.8% |
|||
Esterline Technologies Corp. (a) |
102,900 |
7,722 |
|
Honeywell International, Inc. |
1,207,200 |
88,777 |
|
Precision Castparts Corp. |
596,000 |
114,009 |
|
The Boeing Co. |
669,800 |
61,226 |
|
United Technologies Corp. |
2,732,600 |
249,459 |
|
|
521,193 |
||
Air Freight & Logistics - 0.6% |
|||
United Parcel Service, Inc. Class B |
1,236,200 |
106,115 |
|
Airlines - 0.6% |
|||
Delta Air Lines, Inc. (a) |
1,253,400 |
21,483 |
|
Spirit Airlines, Inc. (a) |
791,500 |
21,133 |
|
United Continental Holdings, Inc. (a) |
899,800 |
29,064 |
|
US Airways Group, Inc. (a) |
2,300,900 |
38,885 |
|
|
110,565 |
||
Building Products - 0.6% |
|||
Armstrong World Industries, Inc. |
981,800 |
50,111 |
|
Fortune Brands Home & Security, Inc. (a) |
299,400 |
10,895 |
|
Masco Corp. |
2,654,200 |
51,598 |
|
|
112,604 |
||
Commercial Services & Supplies - 0.0% |
|||
Swisher Hygiene, Inc. (a) |
2,095,491 |
3,060 |
|
Construction & Engineering - 0.1% |
|||
Quanta Services, Inc. (a) |
758,300 |
20,838 |
|
URS Corp. |
61,900 |
2,719 |
|
|
23,557 |
||
Electrical Equipment - 0.5% |
|||
Eaton Corp. PLC |
1,620,100 |
99,490 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Industrial Conglomerates - 1.2% |
|||
Danaher Corp. |
2,788,100 |
$ 169,907 |
|
General Electric Co. |
1,893,200 |
42,199 |
|
|
212,106 |
||
Machinery - 2.2% |
|||
Briggs & Stratton Corp. |
1,284,356 |
28,885 |
|
Caterpillar, Inc. |
1,024,900 |
86,778 |
|
Cummins, Inc. |
1,373,200 |
146,095 |
|
Ingersoll-Rand PLC |
1,237,900 |
66,599 |
|
ITT Corp. |
539,200 |
14,882 |
|
Manitowoc Co., Inc. |
1,582,400 |
29,686 |
|
PACCAR, Inc. |
341,600 |
17,005 |
|
Snap-On, Inc. |
108,700 |
9,370 |
|
|
399,300 |
||
Professional Services - 0.5% |
|||
Manpower, Inc. |
1,616,400 |
85,928 |
|
Verisk Analytics, Inc. (a) |
61,900 |
3,794 |
|
|
89,722 |
||
Road & Rail - 2.0% |
|||
Canadian Pacific Railway Ltd. |
569,200 |
70,940 |
|
Con-way, Inc. |
431,200 |
14,575 |
|
CSX Corp. |
1,096,200 |
26,956 |
|
Hertz Global Holdings, Inc. (a) |
4,200,100 |
101,138 |
|
Norfolk Southern Corp. |
295,400 |
22,870 |
|
Union Pacific Corp. |
853,000 |
126,210 |
|
|
362,689 |
||
Trading Companies & Distributors - 0.3% |
|||
Mills Estruturas e Servicos de Engenharia SA |
827,400 |
13,552 |
|
W.W. Grainger, Inc. |
55,200 |
13,605 |
|
WESCO International, Inc. (a) |
305,300 |
21,887 |
|
|
49,044 |
||
TOTAL INDUSTRIALS |
2,089,445 |
||
INFORMATION TECHNOLOGY - 27.8% |
|||
Communications Equipment - 2.5% |
|||
Alcatel-Lucent SA (a)(d) |
12,103,095 |
16,669 |
|
Alcatel-Lucent SA sponsored ADR (a)(d) |
6,075,605 |
8,324 |
|
Cisco Systems, Inc. |
1,401,400 |
29,317 |
|
F5 Networks, Inc. (a) |
481,500 |
36,801 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Communications Equipment - continued |
|||
Juniper Networks, Inc. (a) |
2,603,100 |
$ 43,081 |
|
QUALCOMM, Inc. |
5,162,900 |
318,138 |
|
Research In Motion Ltd. (a) |
260,500 |
4,244 |
|
|
456,574 |
||
Computers & Peripherals - 5.7% |
|||
Apple, Inc. |
1,974,100 |
874,033 |
|
EMC Corp. (a) |
2,979,300 |
66,826 |
|
Fusion-io, Inc. (a) |
730,306 |
13,715 |
|
Hewlett-Packard Co. |
2,314,600 |
47,681 |
|
NCR Corp. (a) |
661,157 |
18,030 |
|
SanDisk Corp. (a) |
625,800 |
32,817 |
|
|
1,053,102 |
||
Internet Software & Services - 8.0% |
|||
Cornerstone OnDemand, Inc. (a) |
149,200 |
5,413 |
|
Dropbox, Inc. (f) |
1,003,814 |
10,038 |
|
eBay, Inc. (a) |
3,434,100 |
179,912 |
|
Facebook, Inc. Class A |
3,761,267 |
104,413 |
|
Google, Inc. Class A (a) |
1,256,967 |
1,036,459 |
|
LinkedIn Corp. (a) |
380,200 |
73,033 |
|
Marin Software, Inc. |
242,406 |
3,563 |
|
Trulia, Inc. |
161,200 |
4,684 |
|
Yahoo!, Inc. (a) |
2,333,600 |
57,710 |
|
|
1,475,225 |
||
IT Services - 3.6% |
|||
Cognizant Technology Solutions Corp. Class A (a) |
1,669,100 |
108,158 |
|
FleetCor Technologies, Inc. (a) |
95,800 |
7,367 |
|
MasterCard, Inc. Class A |
480,200 |
265,517 |
|
The Western Union Co. |
2,093,600 |
31,006 |
|
Visa, Inc. Class A |
1,495,800 |
251,982 |
|
|
664,030 |
||
Semiconductors & Semiconductor Equipment - 3.6% |
|||
Altera Corp. |
2,909,700 |
93,139 |
|
Avago Technologies Ltd. |
1,341,600 |
42,878 |
|
Broadcom Corp. Class A |
5,695,600 |
205,042 |
|
Cree, Inc. (a) |
343,500 |
19,432 |
|
Freescale Semiconductor Holdings I Ltd. (a) |
2,446,310 |
37,869 |
|
Intersil Corp. Class A |
1,900,064 |
14,744 |
|
Mellanox Technologies Ltd. (a) |
167,100 |
8,519 |
|
Micron Technology, Inc. (a) |
1,528,000 |
14,394 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Semiconductors & Semiconductor Equipment - continued |
|||
Monolithic Power Systems, Inc. |
514,800 |
$ 12,417 |
|
NVIDIA Corp. |
744,835 |
10,256 |
|
NXP Semiconductors NV (a) |
5,317,635 |
146,501 |
|
PMC-Sierra, Inc. (a) |
3,072,400 |
17,697 |
|
Samsung Electronics Co. Ltd. |
21,690 |
29,928 |
|
|
652,816 |
||
Software - 4.4% |
|||
Activision Blizzard, Inc. |
6,149,700 |
91,938 |
|
Adobe Systems, Inc. (a) |
386,700 |
17,432 |
|
Electronic Arts, Inc. (a) |
4,366,596 |
76,896 |
|
Guidewire Software, Inc. (a) |
248,300 |
9,952 |
|
Infoblox, Inc. |
87,400 |
1,932 |
|
Linx SA |
124,800 |
2,091 |
|
Microsoft Corp. |
2,781,689 |
92,074 |
|
Oracle Corp. |
3,492,800 |
114,494 |
|
QLIK Technologies, Inc. (a) |
767,063 |
19,951 |
|
Red Hat, Inc. (a) |
1,463,400 |
70,141 |
|
salesforce.com, Inc. (a) |
5,107,160 |
209,955 |
|
ServiceNow, Inc. |
522,500 |
21,402 |
|
Splunk, Inc. |
196,000 |
7,997 |
|
Take-Two Interactive Software, Inc. (a) |
1,678,900 |
25,620 |
|
Ubisoft Entertainment SA (a) |
881,104 |
9,828 |
|
Ultimate Software Group, Inc. (a) |
19,500 |
1,884 |
|
Workday, Inc. Class A |
531,000 |
33,267 |
|
|
806,854 |
||
TOTAL INFORMATION TECHNOLOGY |
5,108,601 |
||
MATERIALS - 2.2% |
|||
Chemicals - 2.0% |
|||
Axiall Corp. |
675,100 |
35,409 |
|
Cabot Corp. |
152,600 |
5,732 |
|
Eastman Chemical Co. |
1,166,700 |
77,761 |
|
LyondellBasell Industries NV Class A |
726,300 |
44,086 |
|
Mexichem S.A.B. de CV |
3,322,800 |
16,937 |
|
Monsanto Co. |
1,789,000 |
191,101 |
|
RPM International, Inc. |
118,400 |
3,836 |
|
|
374,862 |
||
Construction Materials - 0.1% |
|||
Vulcan Materials Co. |
198,900 |
9,921 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
MATERIALS - continued |
|||
Paper & Forest Products - 0.1% |
|||
Boise Cascade Co. |
494,300 |
$ 15,832 |
|
International Paper Co. |
228,800 |
10,749 |
|
|
26,581 |
||
TOTAL MATERIALS |
411,364 |
||
TELECOMMUNICATION SERVICES - 0.1% |
|||
Diversified Telecommunication Services - 0.1% |
|||
Verizon Communications, Inc. |
383,700 |
20,685 |
|
UTILITIES - 0.1% |
|||
Multi-Utilities - 0.1% |
|||
Sempra Energy |
122,700 |
10,166 |
|
TOTAL COMMON STOCKS (Cost $13,046,100) |
|
||
Nonconvertible Preferred Stocks - 0.4% |
|||
|
|
|
|
CONSUMER DISCRETIONARY - 0.4% |
|||
Automobiles - 0.4% |
|||
Volkswagen AG (d) (Cost $36,728) |
347,500 |
|
|
Money Market Funds - 2.2% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.13% (b) |
906,143 |
906 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
404,493,528 |
404,494 |
|
TOTAL MONEY MARKET FUNDS (Cost $405,400) |
|
||
Cash Equivalents - 0.0% |
|||
Maturity Amount (000s) |
Value (000s) |
||
Investments in repurchase agreements in a joint trading account at 0.14%, dated 4/30/13 due 5/1/13
(Collateralized by U.S. Treasury Obligations) # |
$ 5,026 |
$ 5,026 |
|
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $13,493,254) |
18,764,531 |
||
NET OTHER ASSETS (LIABILITIES) - (2.1)% |
(393,616) |
||
NET ASSETS - 100% |
$ 18,370,915 |
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 $10,038,000 or 0.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost (000s) |
Dropbox, Inc. |
5/2/12 |
$ 9,084 |
# Additional information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty |
Value |
$5,026,000 due 5/01/13 at 0.14% |
|
BNP Paribas Securities Corp. |
$ 2,627 |
Barclays Capital, Inc. |
1,397 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. |
1,002 |
|
$ 5,026 |
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 |
$ 35 |
Fidelity Securities Lending Cash Central Fund |
6,984 |
Total |
$ 7,019 |
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, |
Parsvnath Developers Ltd. |
$ 15,302 |
$ - |
$ - |
$ - |
$ 13,849 |
Total |
$ 15,302 |
$ - |
$ - |
$ - |
$ 13,849 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2013, 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 |
$ 4,091,164 |
$ 4,077,452 |
$ 13,712 |
$ - |
Consumer Staples |
2,667,397 |
2,649,041 |
18,356 |
- |
Energy |
653,009 |
653,009 |
- |
- |
Financials |
790,730 |
753,499 |
37,231 |
- |
Health Care |
2,511,544 |
2,511,544 |
- |
- |
Industrials |
2,089,445 |
2,089,445 |
- |
- |
Information Technology |
5,108,601 |
5,081,894 |
16,669 |
10,038 |
Materials |
411,364 |
411,364 |
- |
- |
Telecommunication Services |
20,685 |
20,685 |
- |
- |
Utilities |
10,166 |
10,166 |
- |
- |
Money Market Funds |
405,400 |
405,400 |
- |
- |
Cash Equivalents |
5,026 |
- |
5,026 |
- |
Total Investments in Securities: |
$ 18,764,531 |
$ 18,663,499 |
$ 90,994 |
$ 10,038 |
Income Tax Information |
At April 30, 2013, the cost of investment securities for income tax purposes was $13,558,577,000. Net unrealized appreciation aggregated $5,205,954,000, of which $5,374,935,000 related to appreciated investment securities and $168,981,000 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 Fund's 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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. Short-term securities with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy. |
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. or an affiliate. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Small Cap Value Fund
Small Cap Value
Class F
April 30, 2013
1.815774.108
SCV-QTLY-0613
Showing Percentage of Net Assets
Common Stocks - 99.6% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 13.7% |
|||
Diversified Consumer Services - 1.6% |
|||
Regis Corp. (e) |
3,400,000 |
$ 63,750,000 |
|
Household Durables - 3.1% |
|||
KB Home (d) |
1,600,000 |
36,064,000 |
|
Tempur-Pedic International, Inc. (a) |
1,800,000 |
87,300,000 |
|
|
123,364,000 |
||
Media - 1.4% |
|||
Valassis Communications, Inc. (d)(e) |
2,102,541 |
53,888,126 |
|
Specialty Retail - 4.7% |
|||
Asbury Automotive Group, Inc. (a) |
1,070,000 |
42,896,300 |
|
Genesco, Inc. (a) |
856,128 |
52,694,678 |
|
Rent-A-Center, Inc. |
1,958,967 |
68,426,717 |
|
Tsutsumi Jewelry Co. Ltd. |
795,800 |
24,850,159 |
|
|
188,867,854 |
||
Textiles, Apparel & Luxury Goods - 2.9% |
|||
Hanesbrands, Inc. |
2,300,000 |
115,368,000 |
|
TOTAL CONSUMER DISCRETIONARY |
545,237,980 |
||
CONSUMER STAPLES - 2.0% |
|||
Food Products - 1.8% |
|||
Chiquita Brands International, Inc. (a)(e) |
3,375,000 |
29,126,250 |
|
Post Holdings, Inc. (a) |
984,700 |
43,120,013 |
|
|
72,246,263 |
||
Household Products - 0.2% |
|||
Spectrum Brands Holdings, Inc. |
165,000 |
9,240,000 |
|
TOTAL CONSUMER STAPLES |
81,486,263 |
||
ENERGY - 6.1% |
|||
Energy Equipment & Services - 2.9% |
|||
Superior Energy Services, Inc. (a) |
4,211,000 |
116,181,490 |
|
Oil, Gas & Consumable Fuels - 3.2% |
|||
Berry Petroleum Co. Class A |
2,575,000 |
123,368,251 |
|
World Fuel Services Corp. |
45,000 |
1,824,750 |
|
|
125,193,001 |
||
TOTAL ENERGY |
241,374,491 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - 36.0% |
|||
Capital Markets - 4.5% |
|||
Federated Investors, Inc. Class B (non-vtg.) (d) |
4,589,400 |
$ 105,372,624 |
|
Monex Group, Inc. (d) |
10,000 |
4,511,947 |
|
Waddell & Reed Financial, Inc. Class A |
1,654,000 |
70,906,980 |
|
|
180,791,551 |
||
Commercial Banks - 11.4% |
|||
Associated Banc-Corp. |
4,500,000 |
64,215,000 |
|
CapitalSource, Inc. |
8,225,000 |
73,613,750 |
|
City National Corp. |
1,200,000 |
68,676,000 |
|
First Citizen Bancshares, Inc. |
41,746 |
7,782,289 |
|
First Citizen Bancshares, Inc. (f) |
180,954 |
30,360,100 |
|
National Penn Bancshares, Inc. |
4,400,000 |
43,076,000 |
|
PacWest Bancorp (e) |
1,900,000 |
52,687,000 |
|
TCF Financial Corp. |
7,700,000 |
112,035,000 |
|
|
452,445,139 |
||
Consumer Finance - 2.7% |
|||
Cash America International, Inc. (d) |
794,300 |
34,655,309 |
|
EZCORP, Inc. (non-vtg.) Class A (a) |
1,753,688 |
29,637,327 |
|
World Acceptance Corp. (a)(d) |
475,000 |
42,208,500 |
|
|
106,501,136 |
||
Insurance - 7.6% |
|||
Aspen Insurance Holdings Ltd. |
2,300,000 |
87,837,000 |
|
Endurance Specialty Holdings Ltd. |
1,486,000 |
72,769,420 |
|
Platinum Underwriters Holdings Ltd. |
1,531,739 |
86,926,188 |
|
ProAssurance Corp. |
1,100,000 |
53,889,000 |
|
StanCorp Financial Group, Inc. |
50,000 |
2,159,000 |
|
|
303,580,608 |
||
Real Estate Investment Trusts - 6.9% |
|||
DCT Industrial Trust, Inc. |
11,980,586 |
93,807,988 |
|
Franklin Street Properties Corp. (e) |
4,800,000 |
73,296,000 |
|
Highwoods Properties, Inc. (SBI) |
1,720,330 |
70,585,140 |
|
National Retail Properties, Inc. (d) |
900,000 |
35,712,000 |
|
|
273,401,128 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Thrifts & Mortgage Finance - 2.9% |
|||
Astoria Financial Corp. (e) |
5,404,051 |
$ 51,824,849 |
|
Washington Federal, Inc. |
3,715,000 |
63,786,550 |
|
|
115,611,399 |
||
TOTAL FINANCIALS |
1,432,330,961 |
||
HEALTH CARE - 5.2% |
|||
Health Care Equipment & Supplies - 1.4% |
|||
Hill-Rom Holdings, Inc. |
573,549 |
19,540,814 |
|
Integra LifeSciences Holdings Corp. (a) |
1,050,000 |
36,781,500 |
|
|
56,322,314 |
||
Health Care Providers & Services - 3.8% |
|||
AmSurg Corp. (a) |
1,048,014 |
35,171,350 |
|
Chemed Corp. |
465,700 |
38,010,434 |
|
MEDNAX, Inc. (a) |
650,000 |
57,674,500 |
|
Team Health Holdings, Inc. (a) |
550,000 |
20,504,000 |
|
|
151,360,284 |
||
TOTAL HEALTH CARE |
207,682,598 |
||
INDUSTRIALS - 14.0% |
|||
Commercial Services & Supplies - 7.8% |
|||
ACCO Brands Corp. (e) |
10,194,626 |
68,813,726 |
|
HNI Corp. (e) |
2,700,000 |
92,961,000 |
|
Knoll, Inc. |
1,940,000 |
30,186,400 |
|
Quad/Graphics, Inc. (d)(e) |
2,675,000 |
55,907,500 |
|
United Stationers, Inc. |
1,980,800 |
64,316,576 |
|
|
312,185,202 |
||
Electrical Equipment - 2.6% |
|||
EnerSys (a) |
1,065,000 |
48,819,600 |
|
GrafTech International Ltd. (a)(d)(e) |
7,709,000 |
55,350,620 |
|
|
104,170,220 |
||
Machinery - 1.5% |
|||
Blount International, Inc. (a)(e) |
2,975,000 |
41,322,750 |
|
Columbus McKinnon Corp. (NY Shares) (a)(e) |
1,050,000 |
19,719,000 |
|
|
61,041,750 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
INDUSTRIALS - continued |
|||
Trading Companies & Distributors - 2.1% |
|||
WESCO International, Inc. (a)(d) |
1,138,633 |
$ 81,628,600 |
|
TOTAL INDUSTRIALS |
559,025,772 |
||
INFORMATION TECHNOLOGY - 14.3% |
|||
Communications Equipment - 1.6% |
|||
Polycom, Inc. (a) |
5,800,000 |
60,900,000 |
|
ViaSat, Inc. (a) |
101,171 |
4,903,758 |
|
|
65,803,758 |
||
Electronic Equipment & Components - 5.1% |
|||
Ingram Micro, Inc. Class A (a) |
3,935,000 |
70,082,350 |
|
Ryoyo Electro Corp. (e) |
1,704,900 |
15,396,100 |
|
SYNNEX Corp. (a) |
790,000 |
27,334,000 |
|
Tech Data Corp. (a)(e) |
1,912,707 |
89,380,798 |
|
|
202,193,248 |
||
Internet Software & Services - 2.7% |
|||
j2 Global, Inc. (d)(e) |
2,674,233 |
108,841,283 |
|
IT Services - 1.8% |
|||
CACI International, Inc. Class A (a)(d)(e) |
1,200,000 |
70,188,000 |
|
Software - 3.1% |
|||
Monotype Imaging Holdings, Inc. (e) |
2,671,431 |
61,950,485 |
|
SS&C Technologies Holdings, Inc. (a) |
2,000,000 |
61,380,000 |
|
|
123,330,485 |
||
TOTAL INFORMATION TECHNOLOGY |
570,356,774 |
||
MATERIALS - 4.1% |
|||
Chemicals - 1.6% |
|||
PolyOne Corp. |
2,800,000 |
63,084,000 |
|
Metals & Mining - 2.5% |
|||
Carpenter Technology Corp. |
438,880 |
19,732,045 |
|
Haynes International, Inc. |
550,000 |
26,735,500 |
|
RTI International Metals, Inc. (a)(e) |
1,880,000 |
54,557,600 |
|
|
101,025,145 |
||
TOTAL MATERIALS |
164,109,145 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
UTILITIES - 4.2% |
|||
Electric Utilities - 3.1% |
|||
UIL Holdings Corp. |
1,550,000 |
$ 64,542,000 |
|
UNS Energy Corp. |
1,150,000 |
58,604,000 |
|
|
123,146,000 |
||
Gas Utilities - 1.1% |
|||
Southwest Gas Corp. |
836,756 |
42,398,427 |
|
TOTAL UTILITIES |
165,544,427 |
||
TOTAL COMMON STOCKS (Cost $3,061,299,894) |
|
||
Nonconvertible Preferred Stocks - 0.0% |
|||
|
|
|
|
CONSUMER DISCRETIONARY - 0.0% |
|||
Household Durables - 0.0% |
|||
M/I Homes, Inc. Series A, 9.75% (a) (Cost $68,818) |
12,206 |
|
|
Money Market Funds - 3.5% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.13% (b) |
8,837,021 |
8,837,021 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
130,316,678 |
130,316,678 |
|
TOTAL MONEY MARKET FUNDS (Cost $139,153,699) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $3,200,522,411) |
4,106,609,091 |
||
NET OTHER ASSETS (LIABILITIES) - (3.1)% |
(123,084,750) |
||
NET ASSETS - 100% |
$ 3,983,524,341 |
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 $30,360,100 or 0.8% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
First Citizen Bancshares, Inc. |
12/21/12 |
$ 25,333,560 |
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 |
$ 20,521 |
Fidelity Securities Lending Cash Central Fund |
400,574 |
Total |
$ 421,095 |
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: |
Affiliates |
Value, beginning of period |
Purchases |
Sales |
Dividend Income |
Value, |
ACCO Brands Corp. |
$ 18,634,000 |
$ 57,347,558 |
$ - |
$ - |
$ 68,813,726 |
Astoria Financial Corp. |
51,038,992 |
- |
134,410 |
648,486 |
51,824,849 |
Blount International, Inc. |
37,039,161 |
4,861,737 |
- |
- |
41,322,750 |
CACI International, Inc. Class A |
- |
66,942,082 |
- |
- |
70,188,000 |
Chiquita Brands International, Inc. |
17,482,500 |
- |
- |
- |
29,126,250 |
Columbus McKinnon Corp. (NY Shares) |
15,414,197 |
33,512 |
- |
- |
19,719,000 |
Forestar Group, Inc. |
22,724,438 |
- |
37,180,120 |
- |
- |
Franklin Street Properties Corp. |
32,769,200 |
18,353,991 |
- |
2,585,007 |
73,296,000 |
GrafTech International Ltd. |
62,334,250 |
15,596,640 |
- |
- |
55,350,620 |
HNI Corp. |
71,739,000 |
- |
- |
1,944,000 |
92,961,000 |
j2 Global, Inc. |
38,011,100 |
45,217,336 |
- |
1,187,650 |
108,841,283 |
Miraial Co. Ltd. |
10,410,478 |
- |
12,126,954 |
294,642 |
- |
Monotype Imaging Holdings, Inc. |
38,936,219 |
295,917 |
- |
373,236 |
61,950,485 |
PacWest Bancorp |
42,557,616 |
917,960 |
- |
1,284,368 |
52,687,000 |
Platinum Underwriters Holdings Ltd. |
64,411,165 |
- |
9,032,440 |
406,593 |
- |
Quad/Graphics, Inc. |
28,908,484 |
12,835,355 |
- |
7,358,750 |
55,907,500 |
Regis Corp. |
52,452,000 |
4,787,419 |
- |
594,000 |
63,750,000 |
RTI International Metals, Inc. |
42,206,000 |
- |
- |
- |
54,557,600 |
Ryoyo Electro Corp. |
20,552,790 |
- |
2,333,217 |
302,645 |
15,396,100 |
Tech Data Corp. |
50,100,000 |
44,313,833 |
- |
- |
89,380,798 |
Valassis Communications, Inc. |
35,733,655 |
13,465,583 |
- |
1,303,575 |
53,888,126 |
Western Liberty Bancorp |
2,879,407 |
- |
3,071,972 |
- |
- |
Total |
$ 756,334,652 |
$ 284,968,923 |
$ 63,879,113 |
$ 18,282,952 |
$ 1,058,961,087 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2013, 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 |
$ 545,544,961 |
$ 520,694,802 |
$ 24,850,159 |
$ - |
Consumer Staples |
81,486,263 |
81,486,263 |
- |
- |
Energy |
241,374,491 |
241,374,491 |
- |
- |
Financials |
1,432,330,961 |
1,397,458,914 |
34,872,047 |
- |
Health Care |
207,682,598 |
207,682,598 |
- |
- |
Industrials |
559,025,772 |
559,025,772 |
- |
- |
Information Technology |
570,356,774 |
554,960,674 |
15,396,100 |
- |
Materials |
164,109,145 |
164,109,145 |
- |
- |
Utilities |
165,544,427 |
165,544,427 |
- |
- |
Money Market Funds |
139,153,699 |
139,153,699 |
- |
- |
Total Investments in Securities: |
$ 4,106,609,091 |
$ 4,031,490,785 |
$ 75,118,306 |
$ - |
Income Tax Information |
At April 30, 2013, the cost of investment securities for income tax purposes was $3,201,703,675. Net unrealized appreciation aggregated $904,905,416, of which $1,002,362,417 related to appreciated investment securities and $97,457,001 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 Fund's 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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. or an affiliate. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Blue Chip Value Fund
April 30, 2013
1.800334.109
BCV-QTLY-0613
Showing Percentage of Net Assets
Common Stocks - 93.8% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 5.7% |
|||
Automobiles - 0.6% |
|||
Ford Motor Co. |
118,817 |
$ 1,628,981 |
|
Diversified Consumer Services - 2.4% |
|||
Apollo Group, Inc. Class A (non-vtg.) (a) |
248,980 |
4,573,763 |
|
DeVry, Inc. |
65,849 |
1,844,430 |
|
|
6,418,193 |
||
Media - 2.1% |
|||
DISH Network Corp. Class A |
31,446 |
1,232,369 |
|
Washington Post Co. Class B |
10,075 |
4,466,651 |
|
|
5,699,020 |
||
Multiline Retail - 0.6% |
|||
J.C. Penney Co., Inc. (d) |
94,721 |
1,555,319 |
|
TOTAL CONSUMER DISCRETIONARY |
15,301,513 |
||
CONSUMER STAPLES - 7.7% |
|||
Beverages - 0.3% |
|||
PepsiCo, Inc. |
8,736 |
720,458 |
|
Food & Staples Retailing - 2.5% |
|||
CVS Caremark Corp. |
52,613 |
3,061,024 |
|
Wal-Mart Stores, Inc. |
47,481 |
3,690,223 |
|
|
6,751,247 |
||
Food Products - 3.1% |
|||
Kraft Foods Group, Inc. |
77,075 |
3,968,592 |
|
Mondelez International, Inc. |
119,913 |
3,771,264 |
|
Pinnacle Foods, Inc. |
28,500 |
680,295 |
|
|
8,420,151 |
||
Household Products - 1.8% |
|||
Procter & Gamble Co. |
62,739 |
4,816,473 |
|
TOTAL CONSUMER STAPLES |
20,708,329 |
||
ENERGY - 16.4% |
|||
Energy Equipment & Services - 3.1% |
|||
Cameron International Corp. (a) |
32,441 |
1,996,744 |
|
Halliburton Co. |
147,981 |
6,329,147 |
|
|
8,325,891 |
||
Oil, Gas & Consumable Fuels - 13.3% |
|||
Anadarko Petroleum Corp. |
78,862 |
6,684,343 |
|
Apache Corp. |
14,150 |
1,045,402 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
ENERGY - continued |
|||
Oil, Gas & Consumable Fuels - continued |
|||
Chevron Corp. |
69,333 |
$ 8,459,319 |
|
Exxon Mobil Corp. |
131,865 |
11,734,666 |
|
Occidental Petroleum Corp. |
78,044 |
6,966,207 |
|
Phillips 66 |
11,394 |
694,464 |
|
|
35,584,401 |
||
TOTAL ENERGY |
43,910,292 |
||
FINANCIALS - 24.9% |
|||
Capital Markets - 3.9% |
|||
Bank of New York Mellon Corp. |
64,000 |
1,806,080 |
|
E*TRADE Financial Corp. (a) |
344,753 |
3,547,508 |
|
Goldman Sachs Group, Inc. |
9,887 |
1,444,194 |
|
Raymond James Financial, Inc. |
18,056 |
747,880 |
|
State Street Corp. |
48,504 |
2,836,029 |
|
|
10,381,691 |
||
Commercial Banks - 6.9% |
|||
Comerica, Inc. |
15,900 |
576,375 |
|
Fifth Third Bancorp |
210,800 |
3,589,924 |
|
KeyCorp |
546,259 |
5,446,202 |
|
PNC Financial Services Group, Inc. |
7,803 |
529,668 |
|
U.S. Bancorp |
49,797 |
1,657,244 |
|
Wells Fargo & Co. |
136,798 |
5,195,588 |
|
Zions Bancorporation |
60,337 |
1,485,497 |
|
|
18,480,498 |
||
Consumer Finance - 1.6% |
|||
Capital One Financial Corp. |
73,633 |
4,254,515 |
|
Diversified Financial Services - 7.2% |
|||
Bank of America Corp. |
302,235 |
3,720,513 |
|
Citigroup, Inc. |
197,637 |
9,221,742 |
|
JPMorgan Chase & Co. |
132,216 |
6,479,906 |
|
|
19,422,161 |
||
Insurance - 4.7% |
|||
Allstate Corp. |
37,000 |
1,822,620 |
|
American International Group, Inc. (a) |
38,175 |
1,581,209 |
|
Assurant, Inc. |
28,279 |
1,344,384 |
|
MetLife, Inc. |
18,391 |
717,065 |
|
RenaissanceRe Holdings Ltd. |
27,752 |
2,605,635 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Insurance - continued |
|||
The Chubb Corp. |
24,816 |
$ 2,185,545 |
|
XL Group PLC Class A |
77,281 |
2,406,530 |
|
|
12,662,988 |
||
Real Estate Investment Trusts - 0.3% |
|||
Weyerhaeuser Co. |
23,764 |
725,040 |
|
Thrifts & Mortgage Finance - 0.3% |
|||
Radian Group, Inc. |
57,199 |
683,528 |
|
TOTAL FINANCIALS |
66,610,421 |
||
HEALTH CARE - 11.9% |
|||
Health Care Providers & Services - 0.6% |
|||
HCA Holdings, Inc. |
41,999 |
1,675,340 |
|
Pharmaceuticals - 11.3% |
|||
Eli Lilly & Co. |
5,788 |
320,539 |
|
Johnson & Johnson |
17,241 |
1,469,450 |
|
Merck & Co., Inc. |
225,453 |
10,596,291 |
|
Pfizer, Inc. |
461,353 |
13,411,533 |
|
Zoetis, Inc. Class A |
137,225 |
4,531,170 |
|
|
30,328,983 |
||
TOTAL HEALTH CARE |
32,004,323 |
||
INDUSTRIALS - 7.3% |
|||
Aerospace & Defense - 2.2% |
|||
Textron, Inc. |
223,539 |
5,756,129 |
|
Construction & Engineering - 0.7% |
|||
Jacobs Engineering Group, Inc. (a) |
37,700 |
1,903,096 |
|
Industrial Conglomerates - 4.4% |
|||
General Electric Co. |
532,131 |
11,861,200 |
|
TOTAL INDUSTRIALS |
19,520,425 |
||
INFORMATION TECHNOLOGY - 12.7% |
|||
Communications Equipment - 0.9% |
|||
Cisco Systems, Inc. |
116,000 |
2,426,720 |
|
Computers & Peripherals - 0.8% |
|||
Hewlett-Packard Co. |
110,352 |
2,273,251 |
|
Internet Software & Services - 2.4% |
|||
Yahoo!, Inc. (a) |
265,786 |
6,572,888 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INFORMATION TECHNOLOGY - continued |
|||
Office Electronics - 1.6% |
|||
Xerox Corp. |
496,444 |
$ 4,259,490 |
|
Semiconductors & Semiconductor Equipment - 1.2% |
|||
Intel Corp. |
31,015 |
742,809 |
|
Micron Technology, Inc. (a) |
256,670 |
2,417,831 |
|
|
3,160,640 |
||
Software - 5.8% |
|||
Activision Blizzard, Inc. |
235,708 |
3,523,835 |
|
Comverse, Inc. |
96,232 |
2,553,035 |
|
Microsoft Corp. |
30,158 |
998,230 |
|
Symantec Corp. (a) |
196,717 |
4,780,223 |
|
Verint Systems, Inc. (a) |
109,049 |
3,602,979 |
|
|
15,458,302 |
||
TOTAL INFORMATION TECHNOLOGY |
34,151,291 |
||
MATERIALS - 4.9% |
|||
Chemicals - 1.1% |
|||
The Dow Chemical Co. |
85,316 |
2,893,066 |
|
Containers & Packaging - 0.6% |
|||
Crown Holdings, Inc. (a) |
36,112 |
1,541,260 |
|
Metals & Mining - 2.3% |
|||
Freeport-McMoRan Copper & Gold, Inc. |
35,645 |
1,084,677 |
|
Newmont Mining Corp. |
155,895 |
5,050,998 |
|
|
6,135,675 |
||
Paper & Forest Products - 0.9% |
|||
International Paper Co. |
53,914 |
2,532,880 |
|
TOTAL MATERIALS |
13,102,881 |
||
TELECOMMUNICATION SERVICES - 1.9% |
|||
Diversified Telecommunication Services - 0.4% |
|||
tw telecom, inc. (a) |
35,060 |
949,425 |
|
Wireless Telecommunication Services - 1.5% |
|||
Sprint Nextel Corp. (a) |
586,704 |
4,136,263 |
|
TOTAL TELECOMMUNICATION SERVICES |
5,085,688 |
||
UTILITIES - 0.4% |
|||
Multi-Utilities - 0.4% |
|||
Sempra Energy |
11,430 |
946,976 |
|
TOTAL COMMON STOCKS (Cost $241,384,111) |
|
U.S. Treasury Obligations - 0.1% |
||||
|
Principal |
Value |
||
U.S. Treasury Bills, yield at date of purchase 0.07% 5/30/13 (e) |
|
$ 270,000 |
$ 269,995 |
Money Market Funds - 6.4% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.13% (b) |
16,224,619 |
16,224,619 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
1,043,984 |
1,043,984 |
|
TOTAL MONEY MARKET FUNDS (Cost $17,268,603) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $258,922,700) |
268,880,737 |
||
NET OTHER ASSETS (LIABILITIES) - (0.3)% |
(927,347) |
||
NET ASSETS - 100% |
$ 267,953,390 |
Futures Contracts |
|||||
|
Expiration |
Underlying |
Unrealized |
||
Purchased |
|||||
Equity Index Contracts |
|||||
38 ICE Russell 1000 Value Index Contracts |
June 2013 |
$ 3,070,020 |
$ 39,816 |
|
The face value of futures purchased as a percentage of net assets is 1.1% |
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 or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $269,995. |
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 |
$ 13,357 |
Fidelity Securities Lending Cash Central Fund |
93,287 |
Total |
$ 106,644 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2013, 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 |
$ 15,301,513 |
$ 15,301,513 |
$ - |
$ - |
Consumer Staples |
20,708,329 |
20,708,329 |
- |
- |
Energy |
43,910,292 |
43,910,292 |
- |
- |
Financials |
66,610,421 |
66,610,421 |
- |
- |
Health Care |
32,004,323 |
32,004,323 |
- |
- |
Industrials |
19,520,425 |
19,520,425 |
- |
- |
Information Technology |
34,151,291 |
34,151,291 |
- |
- |
Materials |
13,102,881 |
13,102,881 |
- |
- |
Telecommunication Services |
5,085,688 |
5,085,688 |
- |
- |
Utilities |
946,976 |
946,976 |
- |
- |
U.S. Government and Government Agency Obligations |
269,995 |
- |
269,995 |
- |
Money Market Funds |
17,268,603 |
17,268,603 |
- |
- |
Total Investments in Securities: |
$ 268,880,737 |
$ 268,610,742 |
$ 269,995 |
$ - |
Derivative Instruments: |
||||
Assets |
||||
Futures Contracts |
$ 39,816 |
$ 39,816 |
$ - |
$ - |
Income Tax Information |
At April 30, 2013, the cost of investment securities for income tax purposes was $265,047,395. Net unrealized appreciation aggregated $3,833,342, of which $25,662,080 related to appreciated investment securities and $21,828,738 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 Fund's 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. |
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. For U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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. or an affiliate. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Dividend Growth Fund
April 30, 2013
1.800335.109
DGF-QTLY-0613
Showing Percentage of Net Assets
Common Stocks - 98.7% |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - 12.2% |
|||
Auto Components - 0.3% |
|||
Delphi Automotive PLC |
292,606 |
$ 13,521 |
|
Tenneco, Inc. (a) |
200,178 |
7,741 |
|
|
21,262 |
||
Automobiles - 0.4% |
|||
Ford Motor Co. |
1,610,279 |
22,077 |
|
Harley-Davidson, Inc. |
219,356 |
11,988 |
|
Tesla Motors, Inc. (a) |
25,450 |
1,374 |
|
|
35,439 |
||
Diversified Consumer Services - 0.5% |
|||
Anhanguera Educacional Participacoes SA |
698,500 |
12,572 |
|
H&R Block, Inc. |
527,653 |
14,637 |
|
Kroton Educacional SA |
689,800 |
9,633 |
|
|
36,842 |
||
Hotels, Restaurants & Leisure - 1.7% |
|||
Bloomin' Brands, Inc. |
212,776 |
4,628 |
|
Bravo Brio Restaurant Group, Inc. (a) |
598,743 |
10,179 |
|
Brinker International, Inc. |
754,463 |
29,349 |
|
Club Mediterranee SA (a) |
437,319 |
7,429 |
|
Hyatt Hotels Corp. Class A (a) |
293,701 |
12,535 |
|
Icahn Enterprises LP rights |
1,067,316 |
0 |
|
Las Vegas Sands Corp. |
68,680 |
3,863 |
|
Penn National Gaming, Inc. (a) |
32,600 |
1,909 |
|
Ruth's Hospitality Group, Inc. |
681,239 |
6,751 |
|
Spur Corp. Ltd. |
1,002,363 |
3,373 |
|
Starbucks Corp. |
224,525 |
13,660 |
|
Texas Roadhouse, Inc. Class A |
632,764 |
14,870 |
|
The Cheesecake Factory, Inc. |
72,364 |
2,882 |
|
Yum! Brands, Inc. |
311,824 |
21,241 |
|
|
132,669 |
||
Household Durables - 0.5% |
|||
KB Home |
300,457 |
6,772 |
|
PulteGroup, Inc. (a) |
325,200 |
6,826 |
|
Taylor Wimpey PLC |
6,838,649 |
9,879 |
|
Whirlpool Corp. |
119,207 |
13,623 |
|
|
37,100 |
||
Internet & Catalog Retail - 0.5% |
|||
Liberty Media Corp. Interactive Series A (a) |
516,869 |
11,004 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - continued |
|||
Internet & Catalog Retail - continued |
|||
Ocado Group PLC (a)(e) |
3,368,398 |
$ 8,895 |
|
priceline.com, Inc. (a) |
23,230 |
16,168 |
|
|
36,067 |
||
Leisure Equipment & Products - 0.2% |
|||
Amer Group PLC (A Shares) |
268,761 |
4,573 |
|
Brunswick Corp. |
351,923 |
11,142 |
|
Fenix Outdoor AB |
10,846 |
368 |
|
Polaris Industries, Inc. |
47,039 |
4,054 |
|
|
20,137 |
||
Media - 3.0% |
|||
Antena 3 de Television SA (e) |
162,900 |
991 |
|
CBS Corp. Class B |
689,799 |
31,579 |
|
Comcast Corp. Class A |
1,651,048 |
68,188 |
|
Ipsos SA |
115,900 |
3,885 |
|
MDC Partners, Inc. Class A (sub. vtg.) |
970,439 |
16,585 |
|
Mood Media Corp. (a)(h) |
1,813,700 |
1,674 |
|
News Corp. Class A |
586,320 |
18,158 |
|
Omnicom Group, Inc. |
76,005 |
4,543 |
|
The Walt Disney Co. |
674,329 |
42,375 |
|
Time Warner, Inc. |
196,845 |
11,767 |
|
Valassis Communications, Inc. |
152,155 |
3,900 |
|
Viacom, Inc. Class B (non-vtg.) |
511,541 |
32,734 |
|
|
236,379 |
||
Multiline Retail - 0.2% |
|||
PPR SA |
60,754 |
13,366 |
|
The Bon-Ton Stores, Inc. |
178,200 |
2,734 |
|
|
16,100 |
||
Specialty Retail - 4.0% |
|||
Advance Auto Parts, Inc. |
11,209 |
940 |
|
American Eagle Outfitters, Inc. |
459,552 |
8,938 |
|
Ascena Retail Group, Inc. (a) |
743,616 |
13,757 |
|
AutoZone, Inc. (a) |
46,390 |
18,978 |
|
Bed Bath & Beyond, Inc. (a) |
116,713 |
8,030 |
|
Body Central Corp. (a)(f) |
1,020,834 |
10,392 |
|
CarMax, Inc. (a) |
144,768 |
6,665 |
|
Express, Inc. (a) |
956,681 |
17,421 |
|
Foot Locker, Inc. |
130,543 |
4,552 |
|
Francescas Holdings Corp. (a) |
272,600 |
7,785 |
|
GNC Holdings, Inc. |
206,500 |
9,361 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - continued |
|||
Specialty Retail - continued |
|||
Home Depot, Inc. |
994,164 |
$ 72,922 |
|
Kingfisher PLC |
1,702,400 |
8,280 |
|
L Brands, Inc. |
263,618 |
13,289 |
|
Lithia Motors, Inc. Class A (sub. vtg.) |
14,500 |
718 |
|
Lowe's Companies, Inc. |
1,087,208 |
41,771 |
|
OfficeMax, Inc. |
723,711 |
8,330 |
|
Rent-A-Center, Inc. |
522,067 |
18,236 |
|
Ross Stores, Inc. |
148,591 |
9,817 |
|
Staples, Inc. |
72,416 |
959 |
|
SuperGroup PLC (a)(e) |
1,203,487 |
12,946 |
|
TJX Companies, Inc. |
422,954 |
20,627 |
|
|
314,714 |
||
Textiles, Apparel & Luxury Goods - 0.9% |
|||
Coach, Inc. |
79,611 |
4,686 |
|
lululemon athletica, Inc. (a) |
97,864 |
7,450 |
|
NIKE, Inc. Class B |
404,368 |
25,718 |
|
PVH Corp. |
184,472 |
21,290 |
|
Ralph Lauren Corp. |
5,100 |
926 |
|
Vera Bradley, Inc. (a)(e) |
264,197 |
6,029 |
|
VF Corp. |
34,331 |
6,118 |
|
|
72,217 |
||
TOTAL CONSUMER DISCRETIONARY |
958,926 |
||
CONSUMER STAPLES - 10.1% |
|||
Beverages - 2.4% |
|||
Anheuser-Busch InBev SA NV |
39,800 |
3,824 |
|
Beam, Inc. |
94,174 |
6,094 |
|
Coca-Cola Enterprises, Inc. |
18,100 |
663 |
|
Cott Corp. |
1,048,200 |
11,518 |
|
Dr. Pepper Snapple Group, Inc. |
639,478 |
31,226 |
|
Monster Beverage Corp. (a) |
462,590 |
26,090 |
|
Remy Cointreau SA |
3,600 |
419 |
|
SABMiller PLC |
205,300 |
11,061 |
|
The Coca-Cola Co. |
2,289,539 |
96,916 |
|
|
187,811 |
||
Food & Staples Retailing - 1.5% |
|||
Carrefour SA (e) |
54,314 |
1,609 |
|
CVS Caremark Corp. |
980,037 |
57,019 |
|
Kroger Co. |
322,155 |
11,076 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER STAPLES - continued |
|||
Food & Staples Retailing - continued |
|||
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. |
177,460 |
$ 8,197 |
|
Wal-Mart Stores, Inc. |
117,374 |
9,122 |
|
Walgreen Co. |
727,378 |
36,012 |
|
|
123,035 |
||
Food Products - 1.8% |
|||
Amira Nature Foods Ltd. |
401,200 |
3,073 |
|
Astral Foods Ltd. |
404,734 |
4,262 |
|
Bunge Ltd. |
150,217 |
10,847 |
|
Cal-Maine Foods, Inc. |
25,309 |
1,080 |
|
Danone SA |
112,372 |
8,585 |
|
Green Mountain Coffee Roasters, Inc. (a) |
414,591 |
23,798 |
|
Hilton Food Group PLC |
622,553 |
3,438 |
|
Ingredion, Inc. |
115,897 |
8,346 |
|
Kellogg Co. |
254,592 |
16,559 |
|
Marine Harvest ASA (a) |
9,495,578 |
9,880 |
|
Mead Johnson Nutrition Co. Class A |
165,044 |
13,383 |
|
Mondelez International, Inc. |
1,296,744 |
40,783 |
|
|
144,034 |
||
Household Products - 1.9% |
|||
Energizer Holdings, Inc. |
119,470 |
11,540 |
|
Procter & Gamble Co. |
1,481,553 |
113,739 |
|
Svenska Cellulosa AB (SCA) (B Shares) |
430,700 |
11,184 |
|
Unicharm Corp. (e) |
191,600 |
12,389 |
|
|
148,852 |
||
Personal Products - 0.4% |
|||
Estee Lauder Companies, Inc. Class A |
127,694 |
8,856 |
|
Hengan International Group Co. Ltd. |
652,500 |
6,743 |
|
Herbalife Ltd. |
199,300 |
7,914 |
|
Nu Skin Enterprises, Inc. Class A |
99,577 |
5,052 |
|
|
28,565 |
||
Tobacco - 2.1% |
|||
Altria Group, Inc. |
399,842 |
14,598 |
|
British American Tobacco PLC (United Kingdom) |
319,000 |
17,684 |
|
Japan Tobacco, Inc. |
874,600 |
33,061 |
|
Philip Morris International, Inc. |
1,016,813 |
97,197 |
|
|
162,540 |
||
TOTAL CONSUMER STAPLES |
794,837 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
ENERGY - 10.3% |
|||
Energy Equipment & Services - 3.7% |
|||
BW Offshore Ltd. |
8,762,498 |
$ 8,266 |
|
Cal Dive International, Inc. (a)(e) |
1,644,553 |
2,746 |
|
Cameron International Corp. (a) |
1,025,232 |
63,103 |
|
Cathedral Energy Services Ltd. |
1,059,600 |
4,354 |
|
Ensco PLC Class A |
442,928 |
25,548 |
|
Essential Energy Services Ltd. |
3,751,100 |
7,707 |
|
Halliburton Co. |
702,759 |
30,057 |
|
McDermott International, Inc. (a) |
449,624 |
4,802 |
|
National Oilwell Varco, Inc. |
903,975 |
58,957 |
|
Noble Corp. |
389,723 |
14,615 |
|
Schlumberger Ltd. |
660,210 |
49,139 |
|
Vantage Drilling Co. (a) |
7,095,626 |
11,992 |
|
Xtreme Drilling & Coil Services Corp. (a) |
3,434,660 |
8,694 |
|
Xtreme Drilling & Coil Services Corp. (g) |
1,117,800 |
2,829 |
|
|
292,809 |
||
Oil, Gas & Consumable Fuels - 6.6% |
|||
Access Midstream Partners LP |
293,561 |
12,115 |
|
Americas Petrogas, Inc. (a) |
2,225,900 |
3,756 |
|
Americas Petrogas, Inc. (a)(g) |
2,665,500 |
4,498 |
|
Amyris, Inc. (a)(e) |
134,197 |
365 |
|
Anadarko Petroleum Corp. |
403,825 |
34,228 |
|
Apache Corp. |
233,120 |
17,223 |
|
Atlas Energy LP |
43,399 |
2,179 |
|
Atlas Pipeline Partners LP |
333,249 |
12,110 |
|
BPZ Energy, Inc. (a) |
2,730,178 |
5,843 |
|
Cabot Oil & Gas Corp. |
137,200 |
9,336 |
|
Cobalt International Energy, Inc. (a) |
701,715 |
19,606 |
|
Concho Resources, Inc. (a) |
211,874 |
18,249 |
|
Crew Energy, Inc. (a) |
596,600 |
4,139 |
|
Crown Point Energy, Inc. (g) |
3,632,416 |
937 |
|
Double Eagle Petroleum Co. (a)(f) |
972,213 |
4,832 |
|
Emerald Oil, Inc. warrants 2/4/16 (a) |
171,198 |
0 |
|
Energen Corp. |
58,030 |
2,752 |
|
EOG Resources, Inc. |
98,779 |
11,968 |
|
EQT Corp. |
254,550 |
19,122 |
|
Gran Tierra Energy, Inc. (Canada) (a) |
1,134,600 |
6,307 |
|
Halcon Resources Corp. |
910,000 |
5,951 |
|
Hess Corp. |
129,196 |
9,325 |
|
InterOil Corp. (a)(e) |
486,028 |
38,455 |
|
Madalena Ventures, Inc. (a) |
1,235,500 |
411 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
ENERGY - continued |
|||
Oil, Gas & Consumable Fuels - continued |
|||
Magellan Midstream Partners LP |
83,273 |
$ 4,416 |
|
Marathon Petroleum Corp. |
124,536 |
9,759 |
|
Markwest Energy Partners LP |
326,924 |
20,662 |
|
Motor Oil (HELLAS) Corinth Refineries SA |
21,700 |
239 |
|
Murphy Oil Corp. |
10,940 |
679 |
|
Noble Energy, Inc. |
60,100 |
6,809 |
|
Northern Oil & Gas, Inc. (a)(e) |
2,269,040 |
29,248 |
|
Occidental Petroleum Corp. |
445,692 |
39,782 |
|
Painted Pony Petroleum Ltd. (g) |
456,400 |
4,431 |
|
Painted Pony Petroleum Ltd. Class A (a) |
630,500 |
6,121 |
|
Pan Orient Energy Corp. |
714,800 |
1,660 |
|
PDC Energy, Inc. (a) |
102,612 |
4,443 |
|
Peabody Energy Corp. |
788,519 |
15,818 |
|
Phillips 66 |
317,268 |
19,337 |
|
Pioneer Natural Resources Co. |
140,984 |
17,232 |
|
Royal Dutch Shell PLC Class A sponsored ADR |
273,098 |
18,562 |
|
Southcross Energy Partners LP |
95,500 |
2,066 |
|
Suncor Energy, Inc. |
229,900 |
7,168 |
|
TAG Oil Ltd. (a)(f) |
3,585,500 |
19,574 |
|
TAG Oil Ltd. (f)(g) |
146,900 |
802 |
|
The Williams Companies, Inc. |
1,075,738 |
41,018 |
|
Valero Energy Corp. |
145,394 |
5,862 |
|
Western Gas Equity Partners LP |
94,857 |
3,372 |
|
|
522,767 |
||
TOTAL ENERGY |
815,576 |
||
FINANCIALS - 15.7% |
|||
Capital Markets - 2.2% |
|||
AllianceBernstein Holding LP |
283,985 |
6,728 |
|
Ameriprise Financial, Inc. |
72,460 |
5,400 |
|
Ares Capital Corp. |
14,874 |
270 |
|
BlackRock, Inc. Class A |
75,132 |
20,023 |
|
Deutsche Bank AG |
182,500 |
8,401 |
|
Goldman Sachs Group, Inc. |
29,030 |
4,240 |
|
GP Investments Ltd. Class A (depositary receipt) (a) |
3,963,079 |
9,349 |
|
ICG Group, Inc. (a) |
480,536 |
5,704 |
|
Invesco Ltd. |
581,579 |
18,459 |
|
KKR & Co. LP |
585,055 |
12,286 |
|
Monex Group, Inc. |
36,220 |
16,342 |
|
Morgan Stanley |
761,299 |
16,863 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
FINANCIALS - continued |
|||
Capital Markets - continued |
|||
Oaktree Capital Group LLC |
94,074 |
$ 4,884 |
|
State Street Corp. |
174,709 |
10,215 |
|
The Blackstone Group LP |
568,563 |
11,684 |
|
UBS AG (NY Shares) |
1,219,679 |
21,698 |
|
|
172,546 |
||
Commercial Banks - 2.8% |
|||
Axis Bank Ltd. |
21,264 |
591 |
|
Bank of Ireland (a) |
124,509 |
28 |
|
Barclays PLC sponsored ADR |
586,800 |
10,551 |
|
Comerica, Inc. |
88,600 |
3,212 |
|
Commerce Bancshares, Inc. |
186,332 |
7,474 |
|
Guaranty Trust Bank PLC GDR (Reg. S) |
541,723 |
4,442 |
|
Itau Unibanco Holding SA sponsored ADR |
76,024 |
1,279 |
|
KeyCorp |
458,600 |
4,572 |
|
Komercni Banka A/S |
1,800 |
344 |
|
M&T Bank Corp. |
68,797 |
6,893 |
|
PNC Financial Services Group, Inc. |
276,503 |
18,769 |
|
PT Bank Rakyat Indonesia Tbk |
414,500 |
401 |
|
Regions Financial Corp. |
487,514 |
4,139 |
|
Sberbank (Savings Bank of the Russian Federation) sponsored ADR |
317,000 |
4,077 |
|
U.S. Bancorp |
920,115 |
30,621 |
|
Wells Fargo & Co. |
3,355,427 |
127,439 |
|
|
224,832 |
||
Consumer Finance - 0.6% |
|||
Capital One Financial Corp. |
633,374 |
36,596 |
|
Cash America International, Inc. |
86,900 |
3,791 |
|
SLM Corp. |
390,900 |
8,072 |
|
|
48,459 |
||
Diversified Financial Services - 4.3% |
|||
Bank of America Corp. |
6,783,427 |
83,504 |
|
Citigroup, Inc. |
2,487,371 |
116,061 |
|
JPMorgan Chase & Co. |
1,656,241 |
81,172 |
|
McGraw-Hill Companies, Inc. |
276,561 |
14,965 |
|
Moody's Corp. |
148,373 |
9,028 |
|
PICO Holdings, Inc. (a)(f) |
1,374,213 |
29,820 |
|
The NASDAQ Stock Market, Inc. |
170,808 |
5,035 |
|
|
339,585 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
FINANCIALS - continued |
|||
Insurance - 3.2% |
|||
ACE Ltd. |
185,952 |
$ 16,576 |
|
AFLAC, Inc. |
239,681 |
13,048 |
|
Allied World Assurance Co. Holdings Ltd. |
105,570 |
9,587 |
|
Arthur J. Gallagher & Co. |
94,092 |
3,994 |
|
Assured Guaranty Ltd. |
1,785,984 |
36,845 |
|
Axis Capital Holdings Ltd. |
98,429 |
4,393 |
|
Berkshire Hathaway, Inc. Class B (a) |
913,006 |
97,071 |
|
Everest Re Group Ltd. |
32,592 |
4,400 |
|
Fairfax Financial Holdings Ltd. (sub. vtg.) |
19,400 |
7,783 |
|
Marsh & McLennan Companies, Inc. |
231,739 |
8,808 |
|
MetLife, Inc. |
311,924 |
12,162 |
|
Prudential Financial, Inc. |
249,816 |
15,094 |
|
The Travelers Companies, Inc. |
169,196 |
14,451 |
|
Validus Holdings Ltd. |
188,252 |
7,268 |
|
|
251,480 |
||
Real Estate Investment Trusts - 1.8% |
|||
American Campus Communities, Inc. |
90,173 |
4,025 |
|
American Tower Corp. |
221,083 |
18,569 |
|
Beni Stabili SpA SIIQ |
14,178,600 |
9,990 |
|
CBL & Associates Properties, Inc. |
510,356 |
12,320 |
|
Coresite Realty Corp. |
10,900 |
394 |
|
Corrections Corp. of America |
122,082 |
4,419 |
|
Cousins Properties, Inc. |
485,086 |
5,297 |
|
Douglas Emmett, Inc. |
420,280 |
10,999 |
|
Education Realty Trust, Inc. |
1,040,600 |
11,436 |
|
Lexington Corporate Properties Trust |
819,900 |
10,503 |
|
Parkway Properties, Inc. |
224,600 |
4,094 |
|
Piedmont Office Realty Trust, Inc. Class A |
239,000 |
4,904 |
|
Prologis, Inc. |
255,693 |
10,726 |
|
Retail Properties America, Inc. |
148,409 |
2,272 |
|
SL Green Realty Corp. |
172,242 |
15,622 |
|
Westfield Group unit |
370,152 |
4,471 |
|
Weyerhaeuser Co. |
410,926 |
12,537 |
|
|
142,578 |
||
Real Estate Management & Development - 0.6% |
|||
Atrium European Real Estate Ltd. |
90,606 |
541 |
|
CBRE Group, Inc. (a) |
1,582,161 |
38,320 |
|
CSI Properties Ltd. |
85,760,000 |
4,034 |
|
Jones Lang LaSalle, Inc. |
39,844 |
3,945 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
FINANCIALS - continued |
|||
Real Estate Management & Development - continued |
|||
LEG Immobilien AG |
51,023 |
$ 2,809 |
|
Unite Group PLC |
54,300 |
293 |
|
|
49,942 |
||
Thrifts & Mortgage Finance - 0.2% |
|||
MGIC Investment Corp. (a) |
1,368,600 |
7,390 |
|
Radian Group, Inc. |
444,600 |
5,313 |
|
|
12,703 |
||
TOTAL FINANCIALS |
1,242,125 |
||
HEALTH CARE - 13.8% |
|||
Biotechnology - 3.9% |
|||
Achillion Pharmaceuticals, Inc. (a) |
784,100 |
5,912 |
|
Alnylam Pharmaceuticals, Inc. (a) |
817,200 |
19,572 |
|
Amgen, Inc. |
482,809 |
50,314 |
|
ARIAD Pharmaceuticals, Inc. (a) |
547,152 |
9,778 |
|
Array Biopharma, Inc. (a) |
235,250 |
1,400 |
|
Astex Pharmaceuticals, Inc. (a) |
72,400 |
498 |
|
Biogen Idec, Inc. (a) |
129,481 |
28,347 |
|
BioMarin Pharmaceutical, Inc. (a) |
21,700 |
1,424 |
|
Biovitrum AB (a) |
1,815,628 |
11,570 |
|
CSL Ltd. |
27,166 |
1,773 |
|
Cytos Biotechnology AG (a) |
7,239 |
32 |
|
Dynavax Technologies Corp. (a) |
3,874,970 |
9,106 |
|
Elan Corp. PLC sponsored ADR (a) |
1,600,400 |
18,725 |
|
Gentium SpA sponsored ADR (a) |
320,425 |
2,631 |
|
Gilead Sciences, Inc. (a) |
918,163 |
46,496 |
|
Grifols SA ADR |
566,897 |
17,704 |
|
Infinity Pharmaceuticals, Inc. (a) |
674,412 |
29,060 |
|
Insmed, Inc. (a) |
131,000 |
1,200 |
|
Intercept Pharmaceuticals, Inc. |
77,600 |
2,642 |
|
Isis Pharmaceuticals, Inc. (a) |
331,000 |
7,411 |
|
KaloBios Pharmaceuticals, Inc. |
454,437 |
2,454 |
|
KaloBios Pharmaceuticals, Inc. |
150,700 |
904 |
|
Medivation, Inc. (a) |
79,700 |
4,201 |
|
Merrimack Pharmaceuticals, Inc. (a) |
391,800 |
1,928 |
|
Novavax, Inc. (a) |
923,149 |
2,169 |
|
Onyx Pharmaceuticals, Inc. (a) |
68,776 |
6,520 |
|
Theravance, Inc. (a) |
682,504 |
23,035 |
|
|
306,806 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Health Care Equipment & Supplies - 1.2% |
|||
Align Technology, Inc. (a) |
133,993 |
$ 4,438 |
|
Ansell Ltd. |
199,074 |
3,261 |
|
Baxter International, Inc. |
64,773 |
4,526 |
|
Boston Scientific Corp. (a) |
1,503,958 |
11,265 |
|
Covidien PLC |
217,084 |
13,859 |
|
Genmark Diagnostics, Inc. (a) |
807,700 |
12,560 |
|
Hill-Rom Holdings, Inc. |
231,783 |
7,897 |
|
Nakanishi, Inc. |
21,700 |
2,774 |
|
Sirona Dental Systems, Inc. (a) |
114,804 |
8,443 |
|
Stryker Corp. |
192,720 |
12,639 |
|
The Cooper Companies, Inc. |
38,300 |
4,228 |
|
Trinity Biotech PLC sponsored ADR |
141,252 |
2,259 |
|
Zimmer Holdings, Inc. |
36,153 |
2,764 |
|
|
90,913 |
||
Health Care Providers & Services - 3.2% |
|||
Accretive Health, Inc. (a) |
1,095,644 |
11,548 |
|
AmerisourceBergen Corp. |
300,341 |
16,254 |
|
AmSurg Corp. (a) |
254,514 |
8,541 |
|
Apollo Hospitals Enterprise Ltd. |
251,291 |
3,905 |
|
BioScrip, Inc. (a) |
600,255 |
8,320 |
|
Brookdale Senior Living, Inc. (a) |
1,972,835 |
50,879 |
|
CIGNA Corp. |
148,793 |
9,846 |
|
DaVita, Inc. (a) |
131,275 |
15,576 |
|
Emeritus Corp. (a) |
603,933 |
15,521 |
|
Express Scripts Holding Co. (a) |
635,557 |
37,733 |
|
McKesson Corp. |
158,777 |
16,802 |
|
MEDNAX, Inc. (a) |
81,104 |
7,196 |
|
Qualicorp SA (a) |
949,200 |
9,242 |
|
Quest Diagnostics, Inc. |
151,967 |
8,560 |
|
UnitedHealth Group, Inc. |
593,463 |
35,566 |
|
|
255,489 |
||
Life Sciences Tools & Services - 0.2% |
|||
Agilent Technologies, Inc. |
231,389 |
9,589 |
|
Lonza Group AG |
81,327 |
5,664 |
|
|
15,253 |
||
Pharmaceuticals - 5.3% |
|||
AbbVie, Inc. |
859,540 |
39,582 |
|
Actavis, Inc. (a) |
168,773 |
17,844 |
|
AVANIR Pharmaceuticals Class A (a)(e) |
1,174,095 |
3,745 |
|
Biodelivery Sciences International, Inc. (a) |
1,299,603 |
7,382 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Pharmaceuticals - continued |
|||
Cadence Pharmaceuticals, Inc. (a)(e) |
3,402,820 |
$ 24,092 |
|
Dechra Pharmaceuticals PLC |
369,717 |
4,123 |
|
Endo Health Solutions, Inc. (a) |
481,600 |
17,646 |
|
GlaxoSmithKline PLC |
560,923 |
14,473 |
|
Horizon Pharma, Inc. (a)(e) |
3,209,598 |
7,703 |
|
Horizon Pharma, Inc.: |
|
|
|
warrants 2/28/17 (a) |
253,903 |
0* |
|
warrants 9/25/17 (a) |
932,200 |
0* |
|
Jazz Pharmaceuticals PLC (a) |
175,600 |
10,246 |
|
Johnson & Johnson |
1,253,116 |
106,803 |
|
Merck & Co., Inc. |
2,060,453 |
96,841 |
|
Novo Nordisk A/S Series B |
119,537 |
21,041 |
|
Optimer Pharmaceuticals, Inc. (a) |
275,142 |
4,248 |
|
Pacira Pharmaceuticals, Inc. (a) |
144,831 |
4,181 |
|
Pfizer, Inc. |
173,690 |
5,049 |
|
Sanofi SA |
123,772 |
13,382 |
|
Valeant Pharmaceuticals International, Inc. (Canada) (a) |
149,000 |
11,314 |
|
Warner Chilcott PLC |
652,886 |
9,389 |
|
|
419,084 |
||
TOTAL HEALTH CARE |
1,087,545 |
||
INDUSTRIALS - 11.5% |
|||
Aerospace & Defense - 1.8% |
|||
Finmeccanica SpA (a) |
821,374 |
4,275 |
|
GenCorp, Inc. (non-vtg.) (a) |
18,121 |
237 |
|
General Dynamics Corp. |
72,451 |
5,358 |
|
Honeywell International, Inc. |
430,930 |
31,691 |
|
Meggitt PLC |
2,145,010 |
15,614 |
|
Orbital Sciences Corp. (a) |
14,500 |
261 |
|
Precision Castparts Corp. |
96,872 |
18,531 |
|
Textron, Inc. |
763,732 |
19,666 |
|
United Technologies Corp. |
542,326 |
49,509 |
|
|
145,142 |
||
Air Freight & Logistics - 0.4% |
|||
United Parcel Service, Inc. Class B |
394,612 |
33,873 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Airlines - 0.1% |
|||
Copa Holdings SA Class A |
25,433 |
$ 3,194 |
|
easyJet PLC |
123,200 |
2,138 |
|
|
5,332 |
||
Building Products - 0.6% |
|||
Armstrong World Industries, Inc. |
89,140 |
4,550 |
|
Masco Corp. |
1,659,469 |
32,260 |
|
Owens Corning (a) |
285,040 |
11,989 |
|
|
48,799 |
||
Commercial Services & Supplies - 0.4% |
|||
Multiplus SA |
495,200 |
8,163 |
|
Republic Services, Inc. |
332,917 |
11,346 |
|
Swisher Hygiene, Inc. (a) |
2,081,064 |
3,038 |
|
Swisher Hygiene, Inc. (Canada) (a)(e) |
1,367,162 |
1,996 |
|
Waste Management, Inc. |
79,660 |
3,264 |
|
West Corp. |
174,000 |
3,654 |
|
|
31,461 |
||
Construction & Engineering - 0.7% |
|||
AECOM Technology Corp. (a) |
386,952 |
11,249 |
|
Boart Longyear Ltd. |
434,306 |
430 |
|
Dycom Industries, Inc. (a) |
97,750 |
1,889 |
|
EMCOR Group, Inc. |
65,243 |
2,440 |
|
FLSmidth & Co. A/S |
130,479 |
7,590 |
|
Fluor Corp. |
112,225 |
6,395 |
|
Foster Wheeler AG (a) |
196,622 |
4,149 |
|
MasTec, Inc. (a) |
388,121 |
10,790 |
|
URS Corp. |
206,362 |
9,063 |
|
|
53,995 |
||
Electrical Equipment - 1.8% |
|||
Alstom SA |
365,634 |
15,004 |
|
AMETEK, Inc. |
290,742 |
11,836 |
|
Bharat Heavy Electricals Ltd. |
1,340,049 |
4,811 |
|
Eaton Corp. PLC |
159,283 |
9,782 |
|
Emerson Electric Co. |
474,805 |
26,356 |
|
Generac Holdings, Inc. |
247,194 |
8,882 |
|
General Cable Corp. (a) |
130,272 |
4,492 |
|
Hubbell, Inc. Class B |
121,695 |
11,678 |
|
Prysmian SpA |
709,800 |
14,330 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Electrical Equipment - continued |
|||
Regal-Beloit Corp. |
314,837 |
$ 24,752 |
|
Roper Industries, Inc. |
93,558 |
11,194 |
|
|
143,117 |
||
Industrial Conglomerates - 1.6% |
|||
Carlisle Companies, Inc. |
130,923 |
8,493 |
|
Danaher Corp. |
195,484 |
11,913 |
|
General Electric Co. |
4,281,420 |
95,433 |
|
Koninklijke Philips Electronics NV |
273,300 |
7,564 |
|
Reunert Ltd. |
156,666 |
1,362 |
|
Siemens AG sponsored ADR |
10,800 |
1,129 |
|
|
125,894 |
||
Machinery - 2.2% |
|||
Actuant Corp. Class A |
367,152 |
11,492 |
|
Caterpillar, Inc. |
7,200 |
610 |
|
Cummins, Inc. |
164,484 |
17,499 |
|
Dover Corp. |
115,195 |
7,946 |
|
GEA Group AG |
130,355 |
4,409 |
|
Haitian International Holdings Ltd. |
108,000 |
185 |
|
Harsco Corp. |
497,386 |
10,858 |
|
Illinois Tool Works, Inc. |
282,048 |
18,209 |
|
Ingersoll-Rand PLC |
533,961 |
28,727 |
|
Manitowoc Co., Inc. |
1,185,242 |
22,235 |
|
Metka SA |
21,700 |
330 |
|
Pentair Ltd. |
123,164 |
6,694 |
|
SPX Corp. |
119,609 |
8,912 |
|
Stanley Black & Decker, Inc. |
319,581 |
23,908 |
|
Terex Corp. (a) |
130,441 |
3,731 |
|
Timken Co. |
177,301 |
9,321 |
|
|
175,066 |
||
Marine - 0.1% |
|||
Ultrapetrol (Bahamas) Ltd. (a) |
1,815,563 |
4,212 |
|
Professional Services - 0.4% |
|||
CRA International, Inc. (a) |
329,531 |
6,077 |
|
Dun & Bradstreet Corp. |
97,711 |
8,643 |
|
Manpower, Inc. |
79,700 |
4,237 |
|
Michael Page International PLC |
1,354,386 |
7,839 |
|
Randstad Holding NV |
93,700 |
3,901 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Professional Services - continued |
|||
Towers Watson & Co. |
32,209 |
$ 2,349 |
|
Verisk Analytics, Inc. (a) |
41,700 |
2,556 |
|
|
35,602 |
||
Road & Rail - 0.9% |
|||
CSX Corp. |
115,859 |
2,849 |
|
J.B. Hunt Transport Services, Inc. |
147,481 |
10,481 |
|
Union Pacific Corp. |
388,265 |
57,448 |
|
|
70,778 |
||
Trading Companies & Distributors - 0.5% |
|||
Houston Wire & Cable Co. |
624,888 |
8,511 |
|
Watsco, Inc. |
151,925 |
12,819 |
|
WESCO International, Inc. (a) |
217,276 |
15,577 |
|
|
36,907 |
||
TOTAL INDUSTRIALS |
910,178 |
||
INFORMATION TECHNOLOGY - 16.8% |
|||
Communications Equipment - 1.4% |
|||
Brocade Communications Systems, Inc. (a) |
804,581 |
4,683 |
|
Cisco Systems, Inc. |
3,052,396 |
63,856 |
|
Juniper Networks, Inc. (a) |
144,821 |
2,397 |
|
Motorola Solutions, Inc. |
78,674 |
4,500 |
|
QUALCOMM, Inc. |
603,735 |
37,202 |
|
|
112,638 |
||
Computers & Peripherals - 2.8% |
|||
Apple, Inc. |
398,745 |
176,547 |
|
EMC Corp. (a) |
238,834 |
5,357 |
|
NCR Corp. (a) |
495,177 |
13,503 |
|
Seagate Technology |
336,625 |
12,354 |
|
Western Digital Corp. |
291,013 |
16,087 |
|
|
223,848 |
||
Electronic Equipment & Components - 0.7% |
|||
Arrow Electronics, Inc. (a) |
276,948 |
10,865 |
|
Corning, Inc. |
872,662 |
12,654 |
|
Flextronics International Ltd. (a) |
793,705 |
5,675 |
|
Jabil Circuit, Inc. |
429,324 |
7,642 |
|
TE Connectivity Ltd. |
332,546 |
14,482 |
|
|
51,318 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Internet Software & Services - 2.2% |
|||
Active Network, Inc. (a)(e) |
1,074,299 |
$ 5,404 |
|
Demandware, Inc. (a) |
145,490 |
3,972 |
|
Facebook, Inc. Class A |
453,426 |
12,587 |
|
Google, Inc. Class A (a) |
152,393 |
125,659 |
|
Mail.Ru Group Ltd.: |
|
|
|
GDR (g) |
16,600 |
448 |
|
GDR (Reg. S) |
264,700 |
7,147 |
|
Marin Software, Inc. |
47,240 |
694 |
|
QuinStreet, Inc. (a) |
513,268 |
3,357 |
|
SciQuest, Inc. (a) |
68,866 |
1,574 |
|
Velti PLC (a)(e) |
3,152,629 |
6,305 |
|
Velti PLC (h) |
1,639,166 |
2,950 |
|
|
170,097 |
||
IT Services - 3.4% |
|||
Accenture PLC Class A |
386,193 |
31,452 |
|
Amdocs Ltd. |
269,954 |
9,637 |
|
Cognizant Technology Solutions Corp. Class A (a) |
302,096 |
19,576 |
|
EPAM Systems, Inc. (a) |
525,105 |
11,290 |
|
EVERTEC, Inc. |
291,000 |
5,835 |
|
ExlService Holdings, Inc. (a) |
313,059 |
10,212 |
|
Fidelity National Information Services, Inc. |
490,535 |
20,627 |
|
Global Payments, Inc. |
97,826 |
4,539 |
|
MasterCard, Inc. Class A |
64,123 |
35,456 |
|
Sapient Corp. (a) |
1,016,603 |
11,874 |
|
ServiceSource International, Inc. (a) |
941,425 |
6,025 |
|
Total System Services, Inc. |
260,562 |
6,154 |
|
Unisys Corp. (a) |
342,244 |
6,547 |
|
Virtusa Corp. (a) |
315,742 |
7,013 |
|
Visa, Inc. Class A |
464,028 |
78,170 |
|
WNS Holdings Ltd. sponsored ADR (a) |
217,500 |
3,249 |
|
|
267,656 |
||
Office Electronics - 0.3% |
|||
Xerox Corp. |
2,857,981 |
24,521 |
|
Semiconductors & Semiconductor Equipment - 3.0% |
|||
Altera Corp. |
218,117 |
6,982 |
|
Analog Devices, Inc. |
170,162 |
7,485 |
|
Applied Micro Circuits Corp. (a) |
364,735 |
2,721 |
|
ASML Holding NV (e) |
670,036 |
49,831 |
|
Avago Technologies Ltd. |
301,169 |
9,625 |
|
Broadcom Corp. Class A |
402,178 |
14,478 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - continued |
|||
Semiconductors & Semiconductor Equipment - continued |
|||
Freescale Semiconductor Holdings I Ltd. (a) |
1,142,810 |
$ 17,691 |
|
LTX-Credence Corp. (a) |
2,200,012 |
12,980 |
|
MagnaChip Semiconductor Corp. (a) |
347,200 |
5,569 |
|
Maxim Integrated Products, Inc. |
632,351 |
19,559 |
|
Micron Technology, Inc. (a) |
923,096 |
8,696 |
|
Monolithic Power Systems, Inc. |
351,731 |
8,484 |
|
NXP Semiconductors NV (a) |
532,143 |
14,661 |
|
Samsung Electronics Co. Ltd. |
25,683 |
35,437 |
|
Skyworks Solutions, Inc. (a) |
1,156,699 |
25,528 |
|
|
239,727 |
||
Software - 3.0% |
|||
Activision Blizzard, Inc. |
1,358,499 |
20,310 |
|
Adobe Systems, Inc. (a) |
158,067 |
7,126 |
|
Autodesk, Inc. (a) |
311,896 |
12,282 |
|
Check Point Software Technologies Ltd. (a) |
391,409 |
18,247 |
|
Citrix Systems, Inc. (a) |
364,811 |
22,680 |
|
Comverse, Inc. |
363,206 |
9,636 |
|
Constellation Software, Inc. |
59,000 |
8,053 |
|
Electronic Arts, Inc. (a) |
1,321,705 |
23,275 |
|
Infoblox, Inc. |
130,350 |
2,882 |
|
Jive Software, Inc. (a) |
307,802 |
4,183 |
|
MICROS Systems, Inc. (a) |
159,360 |
6,758 |
|
Microsoft Corp. |
188,200 |
6,229 |
|
Nuance Communications, Inc. (a) |
630,772 |
12,010 |
|
Oracle Corp. |
1,309,523 |
42,926 |
|
Sourcefire, Inc. (a) |
112,264 |
5,362 |
|
SS&C Technologies Holdings, Inc. (a) |
82,051 |
2,518 |
|
Symantec Corp. (a) |
541,633 |
13,162 |
|
Verint Systems, Inc. (a) |
466,511 |
15,414 |
|
|
233,053 |
||
TOTAL INFORMATION TECHNOLOGY |
1,322,858 |
||
MATERIALS - 4.4% |
|||
Chemicals - 2.0% |
|||
Albemarle Corp. |
147,666 |
9,045 |
|
Ashland, Inc. |
173,615 |
14,794 |
|
Axiall Corp. |
203,880 |
10,694 |
|
Cabot Corp. |
213,561 |
8,021 |
|
Eastman Chemical Co. |
144,892 |
9,657 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
MATERIALS - continued |
|||
Chemicals - continued |
|||
Filtrona PLC |
61,500 |
$ 675 |
|
Innospec, Inc. |
133,005 |
5,854 |
|
LyondellBasell Industries NV Class A |
264,916 |
16,080 |
|
Monsanto Co. |
209,851 |
22,416 |
|
PetroLogistics LP |
147,930 |
2,034 |
|
PolyOne Corp. |
181,527 |
4,090 |
|
PPG Industries, Inc. |
89,743 |
13,205 |
|
Royal DSM NV |
14,500 |
934 |
|
RPM International, Inc. |
94,135 |
3,050 |
|
W.R. Grace & Co. (a) |
508,081 |
39,178 |
|
|
159,727 |
||
Construction Materials - 0.4% |
|||
HeidelbergCement Finance AG |
107,913 |
7,769 |
|
Lafarge SA (Bearer) |
94,200 |
6,086 |
|
Vulcan Materials Co. |
296,730 |
14,801 |
|
|
28,656 |
||
Containers & Packaging - 0.3% |
|||
Graphic Packaging Holding Co. (a) |
336,494 |
2,530 |
|
Nampak Ltd. |
2,559,600 |
9,407 |
|
Rock-Tenn Co. Class A |
131,957 |
13,214 |
|
|
25,151 |
||
Metals & Mining - 1.5% |
|||
Agnico Eagle Mines Ltd. (Canada) |
155,000 |
5,003 |
|
Commercial Metals Co. |
868,712 |
12,701 |
|
Franco-Nevada Corp. |
21,700 |
945 |
|
Freeport-McMoRan Copper & Gold, Inc. |
439,795 |
13,383 |
|
Goldcorp, Inc. |
720,900 |
21,338 |
|
Imdex Ltd. |
36,203 |
37 |
|
Ivanplats Ltd. (g) |
7,475,028 |
22,259 |
|
Randgold Resources Ltd. sponsored ADR |
250,723 |
20,504 |
|
Turquoise Hill Resources Ltd. (a) |
3,289,436 |
23,182 |
|
|
119,352 |
||
Paper & Forest Products - 0.2% |
|||
Canfor Corp. (a) |
238,900 |
4,989 |
|
International Paper Co. |
250,058 |
11,748 |
|
|
16,737 |
||
TOTAL MATERIALS |
349,623 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
TELECOMMUNICATION SERVICES - 1.1% |
|||
Diversified Telecommunication Services - 0.4% |
|||
CenturyLink, Inc. |
504,572 |
$ 18,957 |
|
PT Telkomunikasi Indonesia Tbk sponsored ADR |
189,941 |
9,092 |
|
|
28,049 |
||
Wireless Telecommunication Services - 0.7% |
|||
Megafon OJSC GDR |
156,700 |
4,836 |
|
Mobile TeleSystems OJSC sponsored ADR |
416,282 |
8,617 |
|
SBA Communications Corp. Class A (a) |
357,611 |
28,248 |
|
Vodafone Group PLC |
4,451,500 |
13,583 |
|
|
55,284 |
||
TOTAL TELECOMMUNICATION SERVICES |
83,333 |
||
UTILITIES - 2.8% |
|||
Electric Utilities - 1.5% |
|||
Edison International |
425,424 |
22,888 |
|
Hawaiian Electric Industries, Inc. |
245,963 |
6,961 |
|
ITC Holdings Corp. |
275,372 |
25,395 |
|
NextEra Energy, Inc. |
330,446 |
27,106 |
|
Northeast Utilities |
690,580 |
31,304 |
|
NV Energy, Inc. |
144,872 |
3,134 |
|
|
116,788 |
||
Gas Utilities - 0.1% |
|||
Atmos Energy Corp. |
109,757 |
4,870 |
|
ONEOK, Inc. |
94,227 |
4,839 |
|
|
9,709 |
||
Independent Power Producers & Energy Traders - 0.4% |
|||
The AES Corp. |
2,412,793 |
33,441 |
|
Multi-Utilities - 0.8% |
|||
CenterPoint Energy, Inc. |
226,262 |
5,584 |
|
NiSource, Inc. |
43,500 |
1,337 |
|
PG&E Corp. |
249,700 |
12,095 |
|
Sempra Energy |
541,749 |
44,884 |
|
|
63,900 |
||
TOTAL UTILITIES |
223,838 |
||
TOTAL COMMON STOCKS (Cost $6,196,134) |
|
||
Preferred Stocks - 0.1% |
|||
Shares |
Value (000s) |
||
Convertible Preferred Stocks - 0.0% |
|||
INFORMATION TECHNOLOGY - 0.0% |
|||
IT Services - 0.0% |
|||
Unisys Corp. Series A, 6.25% |
92,200 |
$ 5,297 |
|
Nonconvertible Preferred Stocks - 0.1% |
|||
CONSUMER DISCRETIONARY - 0.1% |
|||
Automobiles - 0.1% |
|||
Volkswagen AG |
29,000 |
5,878 |
|
TOTAL PREFERRED STOCKS (Cost $11,872) |
|
Corporate Bonds - 0.9% |
||||
|
Principal |
|
||
Convertible Bonds - 0.8% |
||||
ENERGY - 0.1% |
||||
Energy Equipment & Services - 0.0% |
||||
Cal Dive International, Inc. 5% 7/15/17 (g) |
|
$ 3,660 |
3,536 |
|
Oil, Gas & Consumable Fuels - 0.1% |
||||
Amyris, Inc. 3% 2/27/17 |
|
7,356 |
5,148 |
|
BPZ Energy, Inc. 6.5% 3/1/15 |
|
3,620 |
3,023 |
|
|
8,171 |
|||
TOTAL ENERGY |
11,707 |
|||
FINANCIALS - 0.2% |
||||
Thrifts & Mortgage Finance - 0.2% |
||||
MGIC Investment Corp. 9% 4/1/63 (g) |
|
15,783 |
16,276 |
|
HEALTH CARE - 0.2% |
||||
Biotechnology - 0.2% |
||||
Exelixis, Inc. 4.25% 8/15/19 |
|
9,070 |
9,433 |
|
InterMune, Inc. 2.5% 12/15/17 |
|
2,810 |
2,985 |
|
Theravance, Inc. 2.125% 1/15/23 |
|
3,620 |
5,093 |
|
|
17,511 |
|||
INDUSTRIALS - 0.1% |
||||
Building Products - 0.1% |
||||
Aspen Aerogels, Inc. 8% 6/1/14 (h) |
|
4,618 |
4,618 |
|
Corporate Bonds - continued |
||||
|
Principal |
Value (000s) |
||
Convertible Bonds - continued |
||||
INFORMATION TECHNOLOGY - 0.1% |
||||
Semiconductors & Semiconductor Equipment - 0.1% |
||||
GT Advanced Technologies, Inc. 3% 10/1/17 |
|
$ 7,010 |
$ 5,950 |
|
TELECOMMUNICATION SERVICES - 0.1% |
||||
Wireless Telecommunication Services - 0.1% |
||||
Clearwire Communications LLC/Clearwire Finance, Inc. 8.25% 12/1/40 (g) |
|
3,730 |
3,996 |
|
TOTAL CONVERTIBLE BONDS |
60,058 |
|||
Nonconvertible Bonds - 0.1% |
||||
FINANCIALS - 0.1% |
||||
Commercial Banks - 0.1% |
||||
Bank of Ireland 10% 7/30/16 |
EUR |
5,542 |
7,668 |
|
TOTAL CORPORATE BONDS (Cost $57,800) |
|
Money Market Funds - 1.6% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.13% (b) |
11,756,849 |
11,757 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
115,382,809 |
115,383 |
|
TOTAL MONEY MARKET FUNDS (Cost $127,140) |
|
||
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $6,392,946) |
7,994,880 |
||
NET OTHER ASSETS (LIABILITIES) - (1.3)% |
(102,772) |
||
NET ASSETS - 100% |
$ 7,892,108 |
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) Affiliated company |
(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $60,012,000 or 0.8% of net assets. |
(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 $9,243,000 or 0.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost (000s) |
Aspen Aerogels, Inc. 8% 6/1/14 |
6/1/11 - 12/31/12 |
$ 4,618 |
Mood Media Corp. |
2/2/11 |
$ 3,671 |
Velti PLC |
4/19/13 |
$ 2,459 |
* Amount represents less than $1,000 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Cash Central Fund |
$ 49 |
Fidelity Securities Lending Cash Central Fund |
2,831 |
Total |
$ 2,880 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Body Central Corp. |
$ 10,585 |
$ 360 |
$ 332 |
$ - |
$ 10,392 |
Double Eagle Petroleum Co. |
3,787 |
282 |
- |
- |
4,832 |
Emerald Oil, Inc. |
- |
4,260 |
6,750 |
- |
- |
Emerald Oil, Inc. warrants 2/4/16 |
- |
- |
- |
- |
- |
GeoEye, Inc. |
31,912 |
- |
38,071 |
- |
- |
LTX-Credence Corp. |
14,900 |
898 |
3,004 |
- |
- |
PICO Holdings, Inc. |
33,875 |
57 |
774 |
- |
29,820 |
TAG Oil Ltd. |
11,208 |
9,234 |
- |
- |
19,574 |
TAG Oil Ltd. |
1,027 |
- |
- |
- |
802 |
Total |
$ 107,294 |
$ 15,091 |
$ 48,931 |
$ - |
$ 65,420 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2013, 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 |
$ 964,804 |
$ 964,804 |
$ - |
$ - |
Consumer Staples |
794,837 |
727,879 |
66,958 |
- |
Energy |
815,576 |
815,576 |
- |
- |
Financials |
1,242,125 |
1,217,354 |
24,771 |
- |
Health Care |
1,087,545 |
1,033,421 |
54,124 |
- |
Industrials |
910,178 |
902,614 |
7,564 |
- |
Information Technology |
1,328,155 |
1,325,205 |
2,950 |
- |
Materials |
349,623 |
349,623 |
- |
- |
Telecommunication Services |
83,333 |
69,750 |
13,583 |
- |
Utilities |
223,838 |
223,838 |
- |
- |
Corporate Bonds |
67,726 |
- |
63,108 |
4,618 |
Money Market Funds |
127,140 |
127,140 |
- |
- |
Total Investments in Securities: |
$ 7,994,880 |
$ 7,757,204 |
$ 233,058 |
$ 4,618 |
Income Tax Information |
At April 30, 2013, the cost of investment securities for income tax purposes was $6,400,965,000. Net unrealized appreciation aggregated $1,593,915,000, of which $1,814,414,000 related to appreciated investment securities and $220,499,000 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 Fund's 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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. or an affiliate. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Small Cap Growth Fund
April 30, 2013
1.815773.108
SCP-QTLY-0613
Showing Percentage of Net Assets
Common Stocks - 98.2% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 17.2% |
|||
Distributors - 1.1% |
|||
Pool Corp. |
450,000 |
$ 22,059,000 |
|
Diversified Consumer Services - 2.4% |
|||
Grand Canyon Education, Inc. (a) |
1,010,000 |
25,825,700 |
|
Service Corp. International |
1,450,000 |
24,476,000 |
|
|
50,301,700 |
||
Hotels, Restaurants & Leisure - 5.4% |
|||
AFC Enterprises, Inc. (a) |
400,231 |
12,759,364 |
|
Chuys Holdings, Inc. |
285,540 |
9,337,158 |
|
Fiesta Restaurant Group, Inc. (a) |
448,100 |
12,215,206 |
|
Interval Leisure Group, Inc. |
1,141,800 |
21,762,708 |
|
Jack in the Box, Inc. (a) |
600,000 |
21,510,000 |
|
Papa John's International, Inc. (a) |
300,000 |
18,900,000 |
|
Texas Roadhouse, Inc. Class A |
600,000 |
14,100,000 |
|
|
110,584,436 |
||
Household Durables - 0.8% |
|||
Jarden Corp. (a) |
375,000 |
16,878,750 |
|
Internet & Catalog Retail - 1.4% |
|||
HSN, Inc. |
545,000 |
28,656,100 |
|
Leisure Equipment & Products - 1.0% |
|||
Brunswick Corp. |
650,000 |
20,579,000 |
|
Media - 1.0% |
|||
Cinemark Holdings, Inc. |
700,000 |
21,623,000 |
|
Multiline Retail - 0.4% |
|||
The Bon-Ton Stores, Inc. (d) |
500,000 |
7,670,000 |
|
Specialty Retail - 2.1% |
|||
Conn's, Inc. (a) |
344,947 |
14,939,655 |
|
GNC Holdings, Inc. |
250,000 |
11,332,500 |
|
Tile Shop Holdings, Inc. (a) |
680,000 |
16,864,000 |
|
|
43,136,155 |
||
Textiles, Apparel & Luxury Goods - 1.6% |
|||
Hanesbrands, Inc. |
240,000 |
12,038,400 |
|
Steven Madden Ltd. (a) |
451,400 |
21,951,582 |
|
|
33,989,982 |
||
TOTAL CONSUMER DISCRETIONARY |
355,478,123 |
||
CONSUMER STAPLES - 2.2% |
|||
Food & Staples Retailing - 0.5% |
|||
Susser Holdings Corp. (a) |
188,155 |
10,004,201 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
CONSUMER STAPLES - continued |
|||
Food Products - 1.5% |
|||
Ingredion, Inc. |
220,000 |
$ 15,842,200 |
|
J&J Snack Foods Corp. |
200,000 |
15,004,000 |
|
|
30,846,200 |
||
Personal Products - 0.2% |
|||
Inter Parfums, Inc. |
148,156 |
4,292,079 |
|
TOTAL CONSUMER STAPLES |
45,142,480 |
||
ENERGY - 7.4% |
|||
Energy Equipment & Services - 3.8% |
|||
Atwood Oceanics, Inc. (a) |
220,000 |
10,791,000 |
|
Dril-Quip, Inc. (a) |
200,000 |
16,742,000 |
|
Essential Energy Services Ltd. |
5,166,700 |
10,615,980 |
|
Forum Energy Technologies, Inc. |
483,600 |
13,448,916 |
|
Western Energy Services Corp. |
1,530,000 |
10,676,361 |
|
Xtreme Drilling & Coil Services Corp. (a)(e) |
4,100,000 |
10,377,686 |
|
Zedi, Inc. (a)(e) |
8,322,500 |
4,956,573 |
|
|
77,608,516 |
||
Oil, Gas & Consumable Fuels - 3.6% |
|||
EPL Oil & Gas, Inc. (a) |
380,000 |
12,414,600 |
|
Oasis Petroleum, Inc. (a) |
570,000 |
19,511,100 |
|
Rosetta Resources, Inc. (a) |
400,000 |
17,164,000 |
|
Tesoro Logistics LP |
250,000 |
14,900,000 |
|
Whitecap Resources, Inc. (d) |
1,100,000 |
11,289,890 |
|
|
75,279,590 |
||
TOTAL ENERGY |
152,888,106 |
||
FINANCIALS - 5.6% |
|||
Capital Markets - 0.7% |
|||
AllianceBernstein Holding LP |
590,000 |
13,977,100 |
|
Commercial Banks - 1.9% |
|||
BBCN Bancorp, Inc. |
1,440,000 |
18,547,200 |
|
City National Corp. |
300,000 |
17,169,000 |
|
Pacific Premier Bancorp, Inc. (a) |
385,000 |
4,677,750 |
|
|
40,393,950 |
||
Insurance - 3.0% |
|||
Allied World Assurance Co. Holdings Ltd. |
12,934 |
1,174,537 |
|
Amerisafe, Inc. |
484,900 |
15,836,834 |
|
FBL Financial Group, Inc. Class A |
264,698 |
10,405,278 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Insurance - continued |
|||
Primerica, Inc. |
400,000 |
$ 13,584,000 |
|
ProAssurance Corp. |
430,000 |
21,065,700 |
|
|
62,066,349 |
||
TOTAL FINANCIALS |
116,437,399 |
||
HEALTH CARE - 19.6% |
|||
Biotechnology - 7.8% |
|||
Alkermes PLC (a) |
175,500 |
5,372,055 |
|
ARIAD Pharmaceuticals, Inc. (a) |
210,000 |
3,752,700 |
|
Astex Pharmaceuticals, Inc. (a) |
1,100,000 |
7,568,000 |
|
BioMarin Pharmaceutical, Inc. (a) |
120,000 |
7,872,000 |
|
Biovitrum AB (a) |
1,000,000 |
6,372,424 |
|
Hyperion Therapeutics, Inc. |
200,000 |
4,290,000 |
|
Infinity Pharmaceuticals, Inc. (a) |
228,236 |
9,834,689 |
|
Insmed, Inc. (a)(d) |
800,000 |
7,328,000 |
|
Isis Pharmaceuticals, Inc. (a)(d) |
447,257 |
10,014,084 |
|
Medivation, Inc. (a) |
160,000 |
8,433,600 |
|
Novavax, Inc. (a) |
2,100,000 |
4,935,000 |
|
OncoGenex Pharmaceuticals, Inc. (a) |
450,000 |
4,558,500 |
|
Seattle Genetics, Inc. (a) |
440,000 |
16,258,000 |
|
Stemline Therapeutics, Inc. |
154,000 |
2,208,360 |
|
Sunesis Pharmaceuticals, Inc. (a)(d) |
1,097,300 |
6,177,799 |
|
Synageva BioPharma Corp. (a) |
170,000 |
8,787,300 |
|
Synergy Pharmaceuticals, Inc. (a)(d) |
800,000 |
4,200,000 |
|
Targacept, Inc. (a) |
500,000 |
2,305,000 |
|
Theravance, Inc. (a)(d) |
789,000 |
26,628,750 |
|
Threshold Pharmaceuticals, Inc. (a)(d) |
1,155,000 |
5,567,100 |
|
XOMA Corp. (a) |
2,500,000 |
8,750,000 |
|
|
161,213,361 |
||
Health Care Equipment & Supplies - 4.6% |
|||
Align Technology, Inc. (a) |
754,398 |
24,985,662 |
|
ICU Medical, Inc. (a) |
191,000 |
11,507,750 |
|
Sirona Dental Systems, Inc. (a) |
145,000 |
10,663,300 |
|
Steris Corp. |
71,000 |
2,952,890 |
|
Teleflex, Inc. |
189,300 |
14,790,009 |
|
The Cooper Companies, Inc. |
111,900 |
12,353,760 |
|
The Spectranetics Corp. (a) |
975,003 |
18,183,806 |
|
|
95,437,177 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE - continued |
|||
Health Care Providers & Services - 3.9% |
|||
BioScrip, Inc. (a) |
1,000,000 |
$ 13,860,000 |
|
Centene Corp. (a) |
330,000 |
15,246,000 |
|
MEDNAX, Inc. (a) |
122,900 |
10,904,917 |
|
Molina Healthcare, Inc. (a) |
600,000 |
19,920,000 |
|
MWI Veterinary Supply, Inc. (a) |
173,400 |
20,410,914 |
|
|
80,341,831 |
||
Health Care Technology - 1.2% |
|||
Medidata Solutions, Inc. (a) |
373,948 |
24,815,189 |
|
Life Sciences Tools & Services - 1.0% |
|||
Bruker BioSciences Corp. (a) |
1,180,000 |
20,968,600 |
|
Pharmaceuticals - 1.1% |
|||
Biodelivery Sciences International, Inc. (a)(d) |
1,257,084 |
7,140,237 |
|
Pacira Pharmaceuticals, Inc. (a) |
300,000 |
8,661,000 |
|
ViroPharma, Inc. (a) |
270,000 |
7,357,500 |
|
|
23,158,737 |
||
TOTAL HEALTH CARE |
405,934,895 |
||
INDUSTRIALS - 16.8% |
|||
Aerospace & Defense - 1.7% |
|||
Esterline Technologies Corp. (a) |
150,000 |
11,256,000 |
|
Teledyne Technologies, Inc. (a) |
305,700 |
22,945,842 |
|
|
34,201,842 |
||
Air Freight & Logistics - 0.7% |
|||
Hub Group, Inc. Class A (a) |
400,000 |
14,660,000 |
|
Airlines - 0.8% |
|||
Allegiant Travel Co. |
187,825 |
16,885,468 |
|
Building Products - 0.7% |
|||
A.O. Smith Corp. |
200,000 |
15,086,000 |
|
Commercial Services & Supplies - 1.2% |
|||
KAR Auction Services, Inc. |
1,140,000 |
25,501,800 |
|
Construction & Engineering - 1.0% |
|||
EMCOR Group, Inc. |
350,000 |
13,090,000 |
|
Tutor Perini Corp. (a) |
494,285 |
8,126,045 |
|
|
21,216,045 |
||
Electrical Equipment - 3.2% |
|||
EnerSys (a) |
500,000 |
22,920,000 |
|
Generac Holdings, Inc. (d) |
622,700 |
22,373,611 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INDUSTRIALS - continued |
|||
Electrical Equipment - continued |
|||
Hubbell, Inc. Class B |
161,800 |
$ 15,526,328 |
|
Preformed Line Products Co. |
60,306 |
4,854,633 |
|
|
65,674,572 |
||
Industrial Conglomerates - 1.0% |
|||
Carlisle Companies, Inc. |
310,000 |
20,109,700 |
|
Machinery - 3.6% |
|||
Actuant Corp. Class A |
353,100 |
11,052,030 |
|
Oshkosh Truck Corp. (a) |
250,000 |
9,815,000 |
|
Standex International Corp. |
292,838 |
15,491,130 |
|
TriMas Corp. (a) |
605,298 |
18,461,589 |
|
Valmont Industries, Inc. |
32 |
4,663 |
|
Wabtec Corp. |
192,300 |
20,179,962 |
|
|
75,004,374 |
||
Professional Services - 0.7% |
|||
Dun & Bradstreet Corp. |
19,193 |
1,697,621 |
|
Nihon M&A Center, Inc. |
245,512 |
12,950,730 |
|
|
14,648,351 |
||
Road & Rail - 0.7% |
|||
Con-way, Inc. |
400,000 |
13,520,000 |
|
Trading Companies & Distributors - 1.5% |
|||
Watsco, Inc. |
229,000 |
19,323,020 |
|
WESCO International, Inc. (a) |
150,000 |
10,753,500 |
|
|
30,076,520 |
||
TOTAL INDUSTRIALS |
346,584,672 |
||
INFORMATION TECHNOLOGY - 22.8% |
|||
Communications Equipment - 2.0% |
|||
Arris Group, Inc. (a) |
800,000 |
13,208,000 |
|
Plantronics, Inc. |
380,000 |
16,651,600 |
|
Telular Corp. |
850,000 |
10,854,500 |
|
|
40,714,100 |
||
Computers & Peripherals - 0.9% |
|||
Cray, Inc. (a) |
900,000 |
19,044,000 |
|
Electronic Equipment & Components - 2.6% |
|||
FEI Co. |
380,000 |
24,274,400 |
|
InvenSense, Inc. (a)(d) |
1,350,000 |
12,582,000 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INFORMATION TECHNOLOGY - continued |
|||
Electronic Equipment & Components - continued |
|||
Neonode, Inc. (a)(d) |
1,497,122 |
$ 8,548,567 |
|
Parametric Sound Corp. (a)(d)(e) |
529,068 |
9,517,933 |
|
|
54,922,900 |
||
Internet Software & Services - 6.2% |
|||
Angie's List, Inc. (a)(d) |
1,080,000 |
26,179,200 |
|
Blucora, Inc. (a) |
505,758 |
7,470,046 |
|
Cornerstone OnDemand, Inc. (a) |
710,000 |
25,758,800 |
|
Demandware, Inc. (a) |
357,439 |
9,758,085 |
|
E2open, Inc. (d) |
1,171,594 |
16,648,351 |
|
j2 Global, Inc. |
300,000 |
12,210,000 |
|
NIC, Inc. |
1,457,104 |
24,537,631 |
|
SciQuest, Inc. (a) |
294,372 |
6,729,344 |
|
|
129,291,457 |
||
IT Services - 2.3% |
|||
Genpact Ltd. |
1,050,000 |
19,530,000 |
|
Maximus, Inc. |
343,376 |
27,363,633 |
|
|
46,893,633 |
||
Semiconductors & Semiconductor Equipment - 2.1% |
|||
Hittite Microwave Corp. (a) |
321,863 |
18,059,733 |
|
MagnaChip Semiconductor Corp. (a) |
919,266 |
14,745,027 |
|
PDF Solutions, Inc. (a) |
583,644 |
9,986,149 |
|
|
42,790,909 |
||
Software - 6.7% |
|||
Aspen Technology, Inc. (a) |
1,082,200 |
32,985,456 |
|
CommVault Systems, Inc. (a) |
450,000 |
33,093,002 |
|
Guidewire Software, Inc. (a) |
500,000 |
20,040,000 |
|
Manhattan Associates, Inc. (a) |
118,986 |
8,354,007 |
|
Synopsys, Inc. (a) |
540,000 |
19,207,800 |
|
Tangoe, Inc. (a) |
400,000 |
5,144,000 |
|
Tyler Technologies, Inc. (a) |
308,725 |
19,523,769 |
|
|
138,348,034 |
||
TOTAL INFORMATION TECHNOLOGY |
472,005,033 |
||
MATERIALS - 5.6% |
|||
Chemicals - 4.0% |
|||
Axiall Corp. |
550,000 |
28,847,500 |
|
Chemtura Corp. (a) |
950,000 |
20,197,000 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
MATERIALS - continued |
|||
Chemicals - continued |
|||
Cytec Industries, Inc. |
210,000 |
$ 15,300,600 |
|
Innospec, Inc. |
386,424 |
17,006,520 |
|
|
81,351,620 |
||
Containers & Packaging - 1.0% |
|||
Graphic Packaging Holding Co. (a) |
1,700,000 |
12,784,000 |
|
Myers Industries, Inc. |
550,000 |
8,151,000 |
|
|
20,935,000 |
||
Metals & Mining - 0.6% |
|||
Commercial Metals Co. |
809,800 |
11,839,276 |
|
Worthington Industries, Inc. |
34,207 |
1,100,781 |
|
|
12,940,057 |
||
TOTAL MATERIALS |
115,226,677 |
||
TELECOMMUNICATION SERVICES - 1.0% |
|||
Diversified Telecommunication Services - 1.0% |
|||
Cogent Communications Group, Inc. |
700,000 |
20,048,000 |
|
inContact, Inc. (a) |
195,400 |
1,582,740 |
|
|
21,630,740 |
||
TOTAL COMMON STOCKS (Cost $1,710,139,800) |
|
||
Money Market Funds - 4.4% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.13% (b) |
26,566,900 |
26,566,900 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
63,680,995 |
63,680,995 |
|
TOTAL MONEY MARKET FUNDS (Cost $90,247,895) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $1,800,387,695) |
2,121,576,020 |
||
NET OTHER ASSETS (LIABILITIES) - (2.6)% |
(54,025,841) |
||
NET ASSETS - 100% |
$ 2,067,550,179 |
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 |
$ 78,739 |
Fidelity Securities Lending Cash Central Fund |
1,444,204 |
Total |
$ 1,522,943 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Neonode, Inc. |
$ 6,969,000 |
$ 5,207,720 |
$ 5,076,631 |
$ - |
$ - |
Parametric Sound Corp. |
2,428,413 |
3,322,952 |
1,370,377 |
- |
9,517,933 |
Telular Corp. |
4,715,000 |
3,371,313 |
- |
259,000 |
- |
US Home Systems, Inc. |
6,604,750 |
- |
8,975,299 |
- |
- |
Xtreme Drilling & Coil Services Corp. |
6,786,658 |
178,443 |
201,743 |
- |
10,377,686 |
Zedi, Inc. |
3,905,172 |
2,997,316 |
420,943 |
- |
4,956,573 |
Total |
$ 31,408,993 |
$ 15,077,744 |
$ 16,044,993 |
$ 259,000 |
$ 24,852,192 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2013, 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 |
$ 355,478,123 |
$ 355,478,123 |
$ - |
$ - |
Consumer Staples |
45,142,480 |
45,142,480 |
- |
- |
Energy |
152,888,106 |
152,888,106 |
- |
- |
Financials |
116,437,399 |
116,437,399 |
- |
- |
Health Care |
405,934,895 |
405,934,895 |
- |
- |
Industrials |
346,584,672 |
333,633,942 |
12,950,730 |
- |
Information Technology |
472,005,033 |
472,005,033 |
- |
- |
Materials |
115,226,677 |
115,226,677 |
- |
- |
Telecommunication Services |
21,630,740 |
21,630,740 |
- |
- |
Money Market Funds |
90,247,895 |
90,247,895 |
- |
- |
Total Investments in Securities: |
$ 2,121,576,020 |
$ 2,108,625,290 |
$ 12,950,730 |
$ - |
Income Tax Information |
At April 30, 2013, the cost of investment securities for income tax purposes was $1,802,905,424. Net unrealized appreciation aggregated $318,670,596, of which $354,028,609 related to appreciated investment securities and $35,358,013 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 Fund's 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. |
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. or an affiliate. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity Advisor ®
Small Cap Value Fund
Class A
Class T
Class B
Class C
Institutional Class
Class A, Class T, Class B, Class C
and Institutional Class are classes of
Fidelity® Small Cap Value Fund
April 30, 2013
1.817158.108
ASCV-QTLY-0613
Showing Percentage of Net Assets
Common Stocks - 99.6% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 13.7% |
|||
Diversified Consumer Services - 1.6% |
|||
Regis Corp. (e) |
3,400,000 |
$ 63,750,000 |
|
Household Durables - 3.1% |
|||
KB Home (d) |
1,600,000 |
36,064,000 |
|
Tempur-Pedic International, Inc. (a) |
1,800,000 |
87,300,000 |
|
|
123,364,000 |
||
Media - 1.4% |
|||
Valassis Communications, Inc. (d)(e) |
2,102,541 |
53,888,126 |
|
Specialty Retail - 4.7% |
|||
Asbury Automotive Group, Inc. (a) |
1,070,000 |
42,896,300 |
|
Genesco, Inc. (a) |
856,128 |
52,694,678 |
|
Rent-A-Center, Inc. |
1,958,967 |
68,426,717 |
|
Tsutsumi Jewelry Co. Ltd. |
795,800 |
24,850,159 |
|
|
188,867,854 |
||
Textiles, Apparel & Luxury Goods - 2.9% |
|||
Hanesbrands, Inc. |
2,300,000 |
115,368,000 |
|
TOTAL CONSUMER DISCRETIONARY |
545,237,980 |
||
CONSUMER STAPLES - 2.0% |
|||
Food Products - 1.8% |
|||
Chiquita Brands International, Inc. (a)(e) |
3,375,000 |
29,126,250 |
|
Post Holdings, Inc. (a) |
984,700 |
43,120,013 |
|
|
72,246,263 |
||
Household Products - 0.2% |
|||
Spectrum Brands Holdings, Inc. |
165,000 |
9,240,000 |
|
TOTAL CONSUMER STAPLES |
81,486,263 |
||
ENERGY - 6.1% |
|||
Energy Equipment & Services - 2.9% |
|||
Superior Energy Services, Inc. (a) |
4,211,000 |
116,181,490 |
|
Oil, Gas & Consumable Fuels - 3.2% |
|||
Berry Petroleum Co. Class A |
2,575,000 |
123,368,251 |
|
World Fuel Services Corp. |
45,000 |
1,824,750 |
|
|
125,193,001 |
||
TOTAL ENERGY |
241,374,491 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - 36.0% |
|||
Capital Markets - 4.5% |
|||
Federated Investors, Inc. Class B (non-vtg.) (d) |
4,589,400 |
$ 105,372,624 |
|
Monex Group, Inc. (d) |
10,000 |
4,511,947 |
|
Waddell & Reed Financial, Inc. Class A |
1,654,000 |
70,906,980 |
|
|
180,791,551 |
||
Commercial Banks - 11.4% |
|||
Associated Banc-Corp. |
4,500,000 |
64,215,000 |
|
CapitalSource, Inc. |
8,225,000 |
73,613,750 |
|
City National Corp. |
1,200,000 |
68,676,000 |
|
First Citizen Bancshares, Inc. |
41,746 |
7,782,289 |
|
First Citizen Bancshares, Inc. (f) |
180,954 |
30,360,100 |
|
National Penn Bancshares, Inc. |
4,400,000 |
43,076,000 |
|
PacWest Bancorp (e) |
1,900,000 |
52,687,000 |
|
TCF Financial Corp. |
7,700,000 |
112,035,000 |
|
|
452,445,139 |
||
Consumer Finance - 2.7% |
|||
Cash America International, Inc. (d) |
794,300 |
34,655,309 |
|
EZCORP, Inc. (non-vtg.) Class A (a) |
1,753,688 |
29,637,327 |
|
World Acceptance Corp. (a)(d) |
475,000 |
42,208,500 |
|
|
106,501,136 |
||
Insurance - 7.6% |
|||
Aspen Insurance Holdings Ltd. |
2,300,000 |
87,837,000 |
|
Endurance Specialty Holdings Ltd. |
1,486,000 |
72,769,420 |
|
Platinum Underwriters Holdings Ltd. |
1,531,739 |
86,926,188 |
|
ProAssurance Corp. |
1,100,000 |
53,889,000 |
|
StanCorp Financial Group, Inc. |
50,000 |
2,159,000 |
|
|
303,580,608 |
||
Real Estate Investment Trusts - 6.9% |
|||
DCT Industrial Trust, Inc. |
11,980,586 |
93,807,988 |
|
Franklin Street Properties Corp. (e) |
4,800,000 |
73,296,000 |
|
Highwoods Properties, Inc. (SBI) |
1,720,330 |
70,585,140 |
|
National Retail Properties, Inc. (d) |
900,000 |
35,712,000 |
|
|
273,401,128 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Thrifts & Mortgage Finance - 2.9% |
|||
Astoria Financial Corp. (e) |
5,404,051 |
$ 51,824,849 |
|
Washington Federal, Inc. |
3,715,000 |
63,786,550 |
|
|
115,611,399 |
||
TOTAL FINANCIALS |
1,432,330,961 |
||
HEALTH CARE - 5.2% |
|||
Health Care Equipment & Supplies - 1.4% |
|||
Hill-Rom Holdings, Inc. |
573,549 |
19,540,814 |
|
Integra LifeSciences Holdings Corp. (a) |
1,050,000 |
36,781,500 |
|
|
56,322,314 |
||
Health Care Providers & Services - 3.8% |
|||
AmSurg Corp. (a) |
1,048,014 |
35,171,350 |
|
Chemed Corp. |
465,700 |
38,010,434 |
|
MEDNAX, Inc. (a) |
650,000 |
57,674,500 |
|
Team Health Holdings, Inc. (a) |
550,000 |
20,504,000 |
|
|
151,360,284 |
||
TOTAL HEALTH CARE |
207,682,598 |
||
INDUSTRIALS - 14.0% |
|||
Commercial Services & Supplies - 7.8% |
|||
ACCO Brands Corp. (e) |
10,194,626 |
68,813,726 |
|
HNI Corp. (e) |
2,700,000 |
92,961,000 |
|
Knoll, Inc. |
1,940,000 |
30,186,400 |
|
Quad/Graphics, Inc. (d)(e) |
2,675,000 |
55,907,500 |
|
United Stationers, Inc. |
1,980,800 |
64,316,576 |
|
|
312,185,202 |
||
Electrical Equipment - 2.6% |
|||
EnerSys (a) |
1,065,000 |
48,819,600 |
|
GrafTech International Ltd. (a)(d)(e) |
7,709,000 |
55,350,620 |
|
|
104,170,220 |
||
Machinery - 1.5% |
|||
Blount International, Inc. (a)(e) |
2,975,000 |
41,322,750 |
|
Columbus McKinnon Corp. (NY Shares) (a)(e) |
1,050,000 |
19,719,000 |
|
|
61,041,750 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
INDUSTRIALS - continued |
|||
Trading Companies & Distributors - 2.1% |
|||
WESCO International, Inc. (a)(d) |
1,138,633 |
$ 81,628,600 |
|
TOTAL INDUSTRIALS |
559,025,772 |
||
INFORMATION TECHNOLOGY - 14.3% |
|||
Communications Equipment - 1.6% |
|||
Polycom, Inc. (a) |
5,800,000 |
60,900,000 |
|
ViaSat, Inc. (a) |
101,171 |
4,903,758 |
|
|
65,803,758 |
||
Electronic Equipment & Components - 5.1% |
|||
Ingram Micro, Inc. Class A (a) |
3,935,000 |
70,082,350 |
|
Ryoyo Electro Corp. (e) |
1,704,900 |
15,396,100 |
|
SYNNEX Corp. (a) |
790,000 |
27,334,000 |
|
Tech Data Corp. (a)(e) |
1,912,707 |
89,380,798 |
|
|
202,193,248 |
||
Internet Software & Services - 2.7% |
|||
j2 Global, Inc. (d)(e) |
2,674,233 |
108,841,283 |
|
IT Services - 1.8% |
|||
CACI International, Inc. Class A (a)(d)(e) |
1,200,000 |
70,188,000 |
|
Software - 3.1% |
|||
Monotype Imaging Holdings, Inc. (e) |
2,671,431 |
61,950,485 |
|
SS&C Technologies Holdings, Inc. (a) |
2,000,000 |
61,380,000 |
|
|
123,330,485 |
||
TOTAL INFORMATION TECHNOLOGY |
570,356,774 |
||
MATERIALS - 4.1% |
|||
Chemicals - 1.6% |
|||
PolyOne Corp. |
2,800,000 |
63,084,000 |
|
Metals & Mining - 2.5% |
|||
Carpenter Technology Corp. |
438,880 |
19,732,045 |
|
Haynes International, Inc. |
550,000 |
26,735,500 |
|
RTI International Metals, Inc. (a)(e) |
1,880,000 |
54,557,600 |
|
|
101,025,145 |
||
TOTAL MATERIALS |
164,109,145 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
UTILITIES - 4.2% |
|||
Electric Utilities - 3.1% |
|||
UIL Holdings Corp. |
1,550,000 |
$ 64,542,000 |
|
UNS Energy Corp. |
1,150,000 |
58,604,000 |
|
|
123,146,000 |
||
Gas Utilities - 1.1% |
|||
Southwest Gas Corp. |
836,756 |
42,398,427 |
|
TOTAL UTILITIES |
165,544,427 |
||
TOTAL COMMON STOCKS (Cost $3,061,299,894) |
|
||
Nonconvertible Preferred Stocks - 0.0% |
|||
|
|
|
|
CONSUMER DISCRETIONARY - 0.0% |
|||
Household Durables - 0.0% |
|||
M/I Homes, Inc. Series A, 9.75% (a) (Cost $68,818) |
12,206 |
|
|
Money Market Funds - 3.5% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.13% (b) |
8,837,021 |
8,837,021 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
130,316,678 |
130,316,678 |
|
TOTAL MONEY MARKET FUNDS (Cost $139,153,699) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $3,200,522,411) |
4,106,609,091 |
||
NET OTHER ASSETS (LIABILITIES) - (3.1)% |
(123,084,750) |
||
NET ASSETS - 100% |
$ 3,983,524,341 |
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 $30,360,100 or 0.8% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
First Citizen Bancshares, Inc. |
12/21/12 |
$ 25,333,560 |
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 |
$ 20,521 |
Fidelity Securities Lending Cash Central Fund |
400,574 |
Total |
$ 421,095 |
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: |
Affiliates |
Value, beginning of period |
Purchases |
Sales |
Dividend Income |
Value, |
ACCO Brands Corp. |
$ 18,634,000 |
$ 57,347,558 |
$ - |
$ - |
$ 68,813,726 |
Astoria Financial Corp. |
51,038,992 |
- |
134,410 |
648,486 |
51,824,849 |
Blount International, Inc. |
37,039,161 |
4,861,737 |
- |
- |
41,322,750 |
CACI International, Inc. Class A |
- |
66,942,082 |
- |
- |
70,188,000 |
Chiquita Brands International, Inc. |
17,482,500 |
- |
- |
- |
29,126,250 |
Columbus McKinnon Corp. (NY Shares) |
15,414,197 |
33,512 |
- |
- |
19,719,000 |
Forestar Group, Inc. |
22,724,438 |
- |
37,180,120 |
- |
- |
Franklin Street Properties Corp. |
32,769,200 |
18,353,991 |
- |
2,585,007 |
73,296,000 |
GrafTech International Ltd. |
62,334,250 |
15,596,640 |
- |
- |
55,350,620 |
HNI Corp. |
71,739,000 |
- |
- |
1,944,000 |
92,961,000 |
j2 Global, Inc. |
38,011,100 |
45,217,336 |
- |
1,187,650 |
108,841,283 |
Miraial Co. Ltd. |
10,410,478 |
- |
12,126,954 |
294,642 |
- |
Monotype Imaging Holdings, Inc. |
38,936,219 |
295,917 |
- |
373,236 |
61,950,485 |
PacWest Bancorp |
42,557,616 |
917,960 |
- |
1,284,368 |
52,687,000 |
Platinum Underwriters Holdings Ltd. |
64,411,165 |
- |
9,032,440 |
406,593 |
- |
Quad/Graphics, Inc. |
28,908,484 |
12,835,355 |
- |
7,358,750 |
55,907,500 |
Regis Corp. |
52,452,000 |
4,787,419 |
- |
594,000 |
63,750,000 |
RTI International Metals, Inc. |
42,206,000 |
- |
- |
- |
54,557,600 |
Ryoyo Electro Corp. |
20,552,790 |
- |
2,333,217 |
302,645 |
15,396,100 |
Tech Data Corp. |
50,100,000 |
44,313,833 |
- |
- |
89,380,798 |
Valassis Communications, Inc. |
35,733,655 |
13,465,583 |
- |
1,303,575 |
53,888,126 |
Western Liberty Bancorp |
2,879,407 |
- |
3,071,972 |
- |
- |
Total |
$ 756,334,652 |
$ 284,968,923 |
$ 63,879,113 |
$ 18,282,952 |
$ 1,058,961,087 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2013, 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 |
$ 545,544,961 |
$ 520,694,802 |
$ 24,850,159 |
$ - |
Consumer Staples |
81,486,263 |
81,486,263 |
- |
- |
Energy |
241,374,491 |
241,374,491 |
- |
- |
Financials |
1,432,330,961 |
1,397,458,914 |
34,872,047 |
- |
Health Care |
207,682,598 |
207,682,598 |
- |
- |
Industrials |
559,025,772 |
559,025,772 |
- |
- |
Information Technology |
570,356,774 |
554,960,674 |
15,396,100 |
- |
Materials |
164,109,145 |
164,109,145 |
- |
- |
Utilities |
165,544,427 |
165,544,427 |
- |
- |
Money Market Funds |
139,153,699 |
139,153,699 |
- |
- |
Total Investments in Securities: |
$ 4,106,609,091 |
$ 4,031,490,785 |
$ 75,118,306 |
$ - |
Income Tax Information |
At April 30, 2013, the cost of investment securities for income tax purposes was $3,201,703,675. Net unrealized appreciation aggregated $904,905,416, of which $1,002,362,417 related to appreciated investment securities and $97,457,001 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 Fund's 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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 visit advisor.fidelity.com or call
Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report. or an affiliate. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity Advisor®
Small Cap Growth Fund
Class A
Class T
Class B
Class C
Institutional Class
Class A, Class T, Class B, Class C
and Institutional Class are classes of
Fidelity® Small Cap Growth Fund.
April 30, 2013
1.817157.108
ASCP-QTLY-0613
Showing Percentage of Net Assets
Common Stocks - 98.2% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 17.2% |
|||
Distributors - 1.1% |
|||
Pool Corp. |
450,000 |
$ 22,059,000 |
|
Diversified Consumer Services - 2.4% |
|||
Grand Canyon Education, Inc. (a) |
1,010,000 |
25,825,700 |
|
Service Corp. International |
1,450,000 |
24,476,000 |
|
|
50,301,700 |
||
Hotels, Restaurants & Leisure - 5.4% |
|||
AFC Enterprises, Inc. (a) |
400,231 |
12,759,364 |
|
Chuys Holdings, Inc. |
285,540 |
9,337,158 |
|
Fiesta Restaurant Group, Inc. (a) |
448,100 |
12,215,206 |
|
Interval Leisure Group, Inc. |
1,141,800 |
21,762,708 |
|
Jack in the Box, Inc. (a) |
600,000 |
21,510,000 |
|
Papa John's International, Inc. (a) |
300,000 |
18,900,000 |
|
Texas Roadhouse, Inc. Class A |
600,000 |
14,100,000 |
|
|
110,584,436 |
||
Household Durables - 0.8% |
|||
Jarden Corp. (a) |
375,000 |
16,878,750 |
|
Internet & Catalog Retail - 1.4% |
|||
HSN, Inc. |
545,000 |
28,656,100 |
|
Leisure Equipment & Products - 1.0% |
|||
Brunswick Corp. |
650,000 |
20,579,000 |
|
Media - 1.0% |
|||
Cinemark Holdings, Inc. |
700,000 |
21,623,000 |
|
Multiline Retail - 0.4% |
|||
The Bon-Ton Stores, Inc. (d) |
500,000 |
7,670,000 |
|
Specialty Retail - 2.1% |
|||
Conn's, Inc. (a) |
344,947 |
14,939,655 |
|
GNC Holdings, Inc. |
250,000 |
11,332,500 |
|
Tile Shop Holdings, Inc. (a) |
680,000 |
16,864,000 |
|
|
43,136,155 |
||
Textiles, Apparel & Luxury Goods - 1.6% |
|||
Hanesbrands, Inc. |
240,000 |
12,038,400 |
|
Steven Madden Ltd. (a) |
451,400 |
21,951,582 |
|
|
33,989,982 |
||
TOTAL CONSUMER DISCRETIONARY |
355,478,123 |
||
CONSUMER STAPLES - 2.2% |
|||
Food & Staples Retailing - 0.5% |
|||
Susser Holdings Corp. (a) |
188,155 |
10,004,201 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
CONSUMER STAPLES - continued |
|||
Food Products - 1.5% |
|||
Ingredion, Inc. |
220,000 |
$ 15,842,200 |
|
J&J Snack Foods Corp. |
200,000 |
15,004,000 |
|
|
30,846,200 |
||
Personal Products - 0.2% |
|||
Inter Parfums, Inc. |
148,156 |
4,292,079 |
|
TOTAL CONSUMER STAPLES |
45,142,480 |
||
ENERGY - 7.4% |
|||
Energy Equipment & Services - 3.8% |
|||
Atwood Oceanics, Inc. (a) |
220,000 |
10,791,000 |
|
Dril-Quip, Inc. (a) |
200,000 |
16,742,000 |
|
Essential Energy Services Ltd. |
5,166,700 |
10,615,980 |
|
Forum Energy Technologies, Inc. |
483,600 |
13,448,916 |
|
Western Energy Services Corp. |
1,530,000 |
10,676,361 |
|
Xtreme Drilling & Coil Services Corp. (a)(e) |
4,100,000 |
10,377,686 |
|
Zedi, Inc. (a)(e) |
8,322,500 |
4,956,573 |
|
|
77,608,516 |
||
Oil, Gas & Consumable Fuels - 3.6% |
|||
EPL Oil & Gas, Inc. (a) |
380,000 |
12,414,600 |
|
Oasis Petroleum, Inc. (a) |
570,000 |
19,511,100 |
|
Rosetta Resources, Inc. (a) |
400,000 |
17,164,000 |
|
Tesoro Logistics LP |
250,000 |
14,900,000 |
|
Whitecap Resources, Inc. (d) |
1,100,000 |
11,289,890 |
|
|
75,279,590 |
||
TOTAL ENERGY |
152,888,106 |
||
FINANCIALS - 5.6% |
|||
Capital Markets - 0.7% |
|||
AllianceBernstein Holding LP |
590,000 |
13,977,100 |
|
Commercial Banks - 1.9% |
|||
BBCN Bancorp, Inc. |
1,440,000 |
18,547,200 |
|
City National Corp. |
300,000 |
17,169,000 |
|
Pacific Premier Bancorp, Inc. (a) |
385,000 |
4,677,750 |
|
|
40,393,950 |
||
Insurance - 3.0% |
|||
Allied World Assurance Co. Holdings Ltd. |
12,934 |
1,174,537 |
|
Amerisafe, Inc. |
484,900 |
15,836,834 |
|
FBL Financial Group, Inc. Class A |
264,698 |
10,405,278 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Insurance - continued |
|||
Primerica, Inc. |
400,000 |
$ 13,584,000 |
|
ProAssurance Corp. |
430,000 |
21,065,700 |
|
|
62,066,349 |
||
TOTAL FINANCIALS |
116,437,399 |
||
HEALTH CARE - 19.6% |
|||
Biotechnology - 7.8% |
|||
Alkermes PLC (a) |
175,500 |
5,372,055 |
|
ARIAD Pharmaceuticals, Inc. (a) |
210,000 |
3,752,700 |
|
Astex Pharmaceuticals, Inc. (a) |
1,100,000 |
7,568,000 |
|
BioMarin Pharmaceutical, Inc. (a) |
120,000 |
7,872,000 |
|
Biovitrum AB (a) |
1,000,000 |
6,372,424 |
|
Hyperion Therapeutics, Inc. |
200,000 |
4,290,000 |
|
Infinity Pharmaceuticals, Inc. (a) |
228,236 |
9,834,689 |
|
Insmed, Inc. (a)(d) |
800,000 |
7,328,000 |
|
Isis Pharmaceuticals, Inc. (a)(d) |
447,257 |
10,014,084 |
|
Medivation, Inc. (a) |
160,000 |
8,433,600 |
|
Novavax, Inc. (a) |
2,100,000 |
4,935,000 |
|
OncoGenex Pharmaceuticals, Inc. (a) |
450,000 |
4,558,500 |
|
Seattle Genetics, Inc. (a) |
440,000 |
16,258,000 |
|
Stemline Therapeutics, Inc. |
154,000 |
2,208,360 |
|
Sunesis Pharmaceuticals, Inc. (a)(d) |
1,097,300 |
6,177,799 |
|
Synageva BioPharma Corp. (a) |
170,000 |
8,787,300 |
|
Synergy Pharmaceuticals, Inc. (a)(d) |
800,000 |
4,200,000 |
|
Targacept, Inc. (a) |
500,000 |
2,305,000 |
|
Theravance, Inc. (a)(d) |
789,000 |
26,628,750 |
|
Threshold Pharmaceuticals, Inc. (a)(d) |
1,155,000 |
5,567,100 |
|
XOMA Corp. (a) |
2,500,000 |
8,750,000 |
|
|
161,213,361 |
||
Health Care Equipment & Supplies - 4.6% |
|||
Align Technology, Inc. (a) |
754,398 |
24,985,662 |
|
ICU Medical, Inc. (a) |
191,000 |
11,507,750 |
|
Sirona Dental Systems, Inc. (a) |
145,000 |
10,663,300 |
|
Steris Corp. |
71,000 |
2,952,890 |
|
Teleflex, Inc. |
189,300 |
14,790,009 |
|
The Cooper Companies, Inc. |
111,900 |
12,353,760 |
|
The Spectranetics Corp. (a) |
975,003 |
18,183,806 |
|
|
95,437,177 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE - continued |
|||
Health Care Providers & Services - 3.9% |
|||
BioScrip, Inc. (a) |
1,000,000 |
$ 13,860,000 |
|
Centene Corp. (a) |
330,000 |
15,246,000 |
|
MEDNAX, Inc. (a) |
122,900 |
10,904,917 |
|
Molina Healthcare, Inc. (a) |
600,000 |
19,920,000 |
|
MWI Veterinary Supply, Inc. (a) |
173,400 |
20,410,914 |
|
|
80,341,831 |
||
Health Care Technology - 1.2% |
|||
Medidata Solutions, Inc. (a) |
373,948 |
24,815,189 |
|
Life Sciences Tools & Services - 1.0% |
|||
Bruker BioSciences Corp. (a) |
1,180,000 |
20,968,600 |
|
Pharmaceuticals - 1.1% |
|||
Biodelivery Sciences International, Inc. (a)(d) |
1,257,084 |
7,140,237 |
|
Pacira Pharmaceuticals, Inc. (a) |
300,000 |
8,661,000 |
|
ViroPharma, Inc. (a) |
270,000 |
7,357,500 |
|
|
23,158,737 |
||
TOTAL HEALTH CARE |
405,934,895 |
||
INDUSTRIALS - 16.8% |
|||
Aerospace & Defense - 1.7% |
|||
Esterline Technologies Corp. (a) |
150,000 |
11,256,000 |
|
Teledyne Technologies, Inc. (a) |
305,700 |
22,945,842 |
|
|
34,201,842 |
||
Air Freight & Logistics - 0.7% |
|||
Hub Group, Inc. Class A (a) |
400,000 |
14,660,000 |
|
Airlines - 0.8% |
|||
Allegiant Travel Co. |
187,825 |
16,885,468 |
|
Building Products - 0.7% |
|||
A.O. Smith Corp. |
200,000 |
15,086,000 |
|
Commercial Services & Supplies - 1.2% |
|||
KAR Auction Services, Inc. |
1,140,000 |
25,501,800 |
|
Construction & Engineering - 1.0% |
|||
EMCOR Group, Inc. |
350,000 |
13,090,000 |
|
Tutor Perini Corp. (a) |
494,285 |
8,126,045 |
|
|
21,216,045 |
||
Electrical Equipment - 3.2% |
|||
EnerSys (a) |
500,000 |
22,920,000 |
|
Generac Holdings, Inc. (d) |
622,700 |
22,373,611 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INDUSTRIALS - continued |
|||
Electrical Equipment - continued |
|||
Hubbell, Inc. Class B |
161,800 |
$ 15,526,328 |
|
Preformed Line Products Co. |
60,306 |
4,854,633 |
|
|
65,674,572 |
||
Industrial Conglomerates - 1.0% |
|||
Carlisle Companies, Inc. |
310,000 |
20,109,700 |
|
Machinery - 3.6% |
|||
Actuant Corp. Class A |
353,100 |
11,052,030 |
|
Oshkosh Truck Corp. (a) |
250,000 |
9,815,000 |
|
Standex International Corp. |
292,838 |
15,491,130 |
|
TriMas Corp. (a) |
605,298 |
18,461,589 |
|
Valmont Industries, Inc. |
32 |
4,663 |
|
Wabtec Corp. |
192,300 |
20,179,962 |
|
|
75,004,374 |
||
Professional Services - 0.7% |
|||
Dun & Bradstreet Corp. |
19,193 |
1,697,621 |
|
Nihon M&A Center, Inc. |
245,512 |
12,950,730 |
|
|
14,648,351 |
||
Road & Rail - 0.7% |
|||
Con-way, Inc. |
400,000 |
13,520,000 |
|
Trading Companies & Distributors - 1.5% |
|||
Watsco, Inc. |
229,000 |
19,323,020 |
|
WESCO International, Inc. (a) |
150,000 |
10,753,500 |
|
|
30,076,520 |
||
TOTAL INDUSTRIALS |
346,584,672 |
||
INFORMATION TECHNOLOGY - 22.8% |
|||
Communications Equipment - 2.0% |
|||
Arris Group, Inc. (a) |
800,000 |
13,208,000 |
|
Plantronics, Inc. |
380,000 |
16,651,600 |
|
Telular Corp. |
850,000 |
10,854,500 |
|
|
40,714,100 |
||
Computers & Peripherals - 0.9% |
|||
Cray, Inc. (a) |
900,000 |
19,044,000 |
|
Electronic Equipment & Components - 2.6% |
|||
FEI Co. |
380,000 |
24,274,400 |
|
InvenSense, Inc. (a)(d) |
1,350,000 |
12,582,000 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INFORMATION TECHNOLOGY - continued |
|||
Electronic Equipment & Components - continued |
|||
Neonode, Inc. (a)(d) |
1,497,122 |
$ 8,548,567 |
|
Parametric Sound Corp. (a)(d)(e) |
529,068 |
9,517,933 |
|
|
54,922,900 |
||
Internet Software & Services - 6.2% |
|||
Angie's List, Inc. (a)(d) |
1,080,000 |
26,179,200 |
|
Blucora, Inc. (a) |
505,758 |
7,470,046 |
|
Cornerstone OnDemand, Inc. (a) |
710,000 |
25,758,800 |
|
Demandware, Inc. (a) |
357,439 |
9,758,085 |
|
E2open, Inc. (d) |
1,171,594 |
16,648,351 |
|
j2 Global, Inc. |
300,000 |
12,210,000 |
|
NIC, Inc. |
1,457,104 |
24,537,631 |
|
SciQuest, Inc. (a) |
294,372 |
6,729,344 |
|
|
129,291,457 |
||
IT Services - 2.3% |
|||
Genpact Ltd. |
1,050,000 |
19,530,000 |
|
Maximus, Inc. |
343,376 |
27,363,633 |
|
|
46,893,633 |
||
Semiconductors & Semiconductor Equipment - 2.1% |
|||
Hittite Microwave Corp. (a) |
321,863 |
18,059,733 |
|
MagnaChip Semiconductor Corp. (a) |
919,266 |
14,745,027 |
|
PDF Solutions, Inc. (a) |
583,644 |
9,986,149 |
|
|
42,790,909 |
||
Software - 6.7% |
|||
Aspen Technology, Inc. (a) |
1,082,200 |
32,985,456 |
|
CommVault Systems, Inc. (a) |
450,000 |
33,093,002 |
|
Guidewire Software, Inc. (a) |
500,000 |
20,040,000 |
|
Manhattan Associates, Inc. (a) |
118,986 |
8,354,007 |
|
Synopsys, Inc. (a) |
540,000 |
19,207,800 |
|
Tangoe, Inc. (a) |
400,000 |
5,144,000 |
|
Tyler Technologies, Inc. (a) |
308,725 |
19,523,769 |
|
|
138,348,034 |
||
TOTAL INFORMATION TECHNOLOGY |
472,005,033 |
||
MATERIALS - 5.6% |
|||
Chemicals - 4.0% |
|||
Axiall Corp. |
550,000 |
28,847,500 |
|
Chemtura Corp. (a) |
950,000 |
20,197,000 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
MATERIALS - continued |
|||
Chemicals - continued |
|||
Cytec Industries, Inc. |
210,000 |
$ 15,300,600 |
|
Innospec, Inc. |
386,424 |
17,006,520 |
|
|
81,351,620 |
||
Containers & Packaging - 1.0% |
|||
Graphic Packaging Holding Co. (a) |
1,700,000 |
12,784,000 |
|
Myers Industries, Inc. |
550,000 |
8,151,000 |
|
|
20,935,000 |
||
Metals & Mining - 0.6% |
|||
Commercial Metals Co. |
809,800 |
11,839,276 |
|
Worthington Industries, Inc. |
34,207 |
1,100,781 |
|
|
12,940,057 |
||
TOTAL MATERIALS |
115,226,677 |
||
TELECOMMUNICATION SERVICES - 1.0% |
|||
Diversified Telecommunication Services - 1.0% |
|||
Cogent Communications Group, Inc. |
700,000 |
20,048,000 |
|
inContact, Inc. (a) |
195,400 |
1,582,740 |
|
|
21,630,740 |
||
TOTAL COMMON STOCKS (Cost $1,710,139,800) |
|
||
Money Market Funds - 4.4% |
|||
|
|
|
|
Fidelity Cash Central Fund, 0.13% (b) |
26,566,900 |
26,566,900 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
63,680,995 |
63,680,995 |
|
TOTAL MONEY MARKET FUNDS (Cost $90,247,895) |
|
||
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $1,800,387,695) |
2,121,576,020 |
||
NET OTHER ASSETS (LIABILITIES) - (2.6)% |
(54,025,841) |
||
NET ASSETS - 100% |
$ 2,067,550,179 |
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 |
$ 78,739 |
Fidelity Securities Lending Cash Central Fund |
1,444,204 |
Total |
$ 1,522,943 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Neonode, Inc. |
$ 6,969,000 |
$ 5,207,720 |
$ 5,076,631 |
$ - |
$ - |
Parametric Sound Corp. |
2,428,413 |
3,322,952 |
1,370,377 |
- |
9,517,933 |
Telular Corp. |
4,715,000 |
3,371,313 |
- |
259,000 |
- |
US Home Systems, Inc. |
6,604,750 |
- |
8,975,299 |
- |
- |
Xtreme Drilling & Coil Services Corp. |
6,786,658 |
178,443 |
201,743 |
- |
10,377,686 |
Zedi, Inc. |
3,905,172 |
2,997,316 |
420,943 |
- |
4,956,573 |
Total |
$ 31,408,993 |
$ 15,077,744 |
$ 16,044,993 |
$ 259,000 |
$ 24,852,192 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2013, 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 |
$ 355,478,123 |
$ 355,478,123 |
$ - |
$ - |
Consumer Staples |
45,142,480 |
45,142,480 |
- |
- |
Energy |
152,888,106 |
152,888,106 |
- |
- |
Financials |
116,437,399 |
116,437,399 |
- |
- |
Health Care |
405,934,895 |
405,934,895 |
- |
- |
Industrials |
346,584,672 |
333,633,942 |
12,950,730 |
- |
Information Technology |
472,005,033 |
472,005,033 |
- |
- |
Materials |
115,226,677 |
115,226,677 |
- |
- |
Telecommunication Services |
21,630,740 |
21,630,740 |
- |
- |
Money Market Funds |
90,247,895 |
90,247,895 |
- |
- |
Total Investments in Securities: |
$ 2,121,576,020 |
$ 2,108,625,290 |
$ 12,950,730 |
$ - |
Income Tax Information |
At April 30, 2013, the cost of investment securities for income tax purposes was $1,802,905,424. Net unrealized appreciation aggregated $318,670,596, of which $354,028,609 related to appreciated investment securities and $35,358,013 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 Fund's 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. |
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 visit advisor.fidelity.com or call
Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report. or an affiliate. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity Advisor® Real Estate Income Fund
Class A
Class T
Class C
Institutional Class
April 30, 2013
Class A, Class T, Class C
and Institutional Class are classes of
Fidelity Real Estate Income Fund
1.907554.103
REIA-QTLY-0613
Showing Percentage of Net Assets
Common Stocks - 29.9% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 0.7% |
|||
Hotels, Restaurants & Leisure - 0.3% |
|||
Hyatt Hotels Corp. Class A (a) |
248,000 |
$ 10,584,640 |
|
Household Durables - 0.4% |
|||
NVR, Inc. (a) |
6,700 |
6,901,000 |
|
Standard Pacific Corp. (a)(f) |
560,795 |
5,075,195 |
|
Stanley Martin Communities LLC Class B (a) |
4,620 |
4,355,921 |
|
Toll Brothers, Inc. (a) |
82,100 |
2,816,851 |
|
|
19,148,967 |
||
TOTAL CONSUMER DISCRETIONARY |
29,733,607 |
||
FINANCIALS - 27.8% |
|||
Capital Markets - 0.1% |
|||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
549,700 |
6,255,586 |
|
Real Estate Investment Trusts - 26.8% |
|||
Acadia Realty Trust (SBI) |
2,078,249 |
59,334,009 |
|
AG Mortgage Investment Trust, Inc. |
469,500 |
12,145,965 |
|
American Campus Communities, Inc. |
463,400 |
20,686,176 |
|
American Residential Properties, Inc. (h) |
574,941 |
10,866,385 |
|
American Tower Corp. |
313,200 |
26,305,668 |
|
AmREIT, Inc. Class B |
200,000 |
3,802,000 |
|
Anworth Mortgage Asset Corp. |
1,120,710 |
7,071,680 |
|
Apartment Investment & Management Co. Class A |
1,230,700 |
38,287,077 |
|
Arbor Realty Trust, Inc. (g) |
2,673,575 |
20,639,999 |
|
Associated Estates Realty Corp. |
727,208 |
12,995,207 |
|
AvalonBay Communities, Inc. |
194,000 |
25,809,760 |
|
Aviv REIT, Inc. |
69,300 |
1,780,317 |
|
BioMed Realty Trust, Inc. |
649,400 |
14,617,994 |
|
Boardwalk (REIT) |
126,200 |
8,251,322 |
|
Canadian (REIT) |
131,600 |
6,226,981 |
|
CapLease, Inc. |
2,956,300 |
20,753,226 |
|
CBL & Associates Properties, Inc. |
1,762,973 |
42,558,168 |
|
Cedar Shopping Centers, Inc. |
921,410 |
5,906,238 |
|
Chartwell Retirement Residence |
459,700 |
5,206,389 |
|
Chartwell Retirement Residence (h) |
78,500 |
889,061 |
|
Chesapeake Lodging Trust |
513,600 |
12,151,776 |
|
CommonWealth REIT |
194,400 |
4,340,952 |
|
CyrusOne, Inc. |
122,600 |
2,941,174 |
|
Cys Investments, Inc. |
1,585,439 |
19,707,007 |
|
DCT Industrial Trust, Inc. |
1,235,100 |
9,670,833 |
|
DiamondRock Hospitality Co. |
623,300 |
6,220,534 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Digital Realty Trust, Inc. |
157,400 |
$ 11,099,848 |
|
Douglas Emmett, Inc. |
836,300 |
21,885,971 |
|
DuPont Fabros Technology, Inc. |
316,600 |
7,959,324 |
|
Dynex Capital, Inc. |
1,893,043 |
20,350,212 |
|
EastGroup Properties, Inc. |
134,800 |
8,501,836 |
|
Education Realty Trust, Inc. |
402,600 |
4,424,574 |
|
Equity Lifestyle Properties, Inc. |
1,030,630 |
83,738,688 |
|
Equity Residential (SBI) |
317,700 |
18,445,662 |
|
Excel Trust, Inc. |
1,333,928 |
20,315,723 |
|
First Potomac Realty Trust |
1,349,015 |
21,584,240 |
|
Glimcher Realty Trust |
1,192,200 |
14,950,188 |
|
H&R REIT/H&R Finance Trust |
284,100 |
6,979,478 |
|
Hatteras Financial Corp. |
185,000 |
5,056,050 |
|
HCP, Inc. |
215,400 |
11,480,820 |
|
Highwoods Properties, Inc. (SBI) |
209,500 |
8,595,785 |
|
Lexington Corporate Properties Trust |
3,246,382 |
41,586,153 |
|
LTC Properties, Inc. |
471,813 |
21,939,305 |
|
MFA Financial, Inc. |
10,998,493 |
101,956,030 |
|
Mid-America Apartment Communities, Inc. |
305,000 |
20,962,650 |
|
Monmouth Real Estate Investment Corp. Class A |
249,773 |
2,657,585 |
|
National Retail Properties, Inc. |
195,700 |
7,765,376 |
|
Newcastle Investment Corp. |
1,617,600 |
18,327,408 |
|
NorthStar Realty Finance Corp. (f) |
1,450,900 |
14,465,473 |
|
Parkway Properties, Inc. |
135,008 |
2,461,196 |
|
Piedmont Office Realty Trust, Inc. Class A |
859,100 |
17,628,732 |
|
Prologis, Inc. |
732,787 |
30,740,415 |
|
RAIT Financial Trust (f) |
348,852 |
2,979,196 |
|
Rayonier, Inc. |
268,200 |
15,936,444 |
|
Redwood Trust, Inc. |
280,000 |
6,389,600 |
|
Retail Properties America, Inc. |
897,650 |
13,743,022 |
|
Select Income (REIT) |
333,500 |
9,514,755 |
|
Senior Housing Properties Trust (SBI) |
845,400 |
24,034,722 |
|
Silver Bay Realty Trust Corp. |
1 |
19 |
|
Simon Property Group, Inc. |
73,500 |
13,088,145 |
|
Stag Industrial, Inc. |
864,169 |
19,046,285 |
|
Summit Hotel Properties, Inc. |
692,000 |
6,913,080 |
|
Terreno Realty Corp. |
689,959 |
12,985,028 |
|
Two Harbors Investment Corp. |
685,180 |
8,208,456 |
|
Ventas, Inc. |
966,746 |
76,981,984 |
|
Washington (REIT) (SBI) |
471,900 |
13,477,464 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Whitestone REIT Class B (f) |
183,267 |
$ 3,023,906 |
|
WP Carey, Inc. (f) |
173,600 |
12,242,272 |
|
|
1,183,588,998 |
||
Real Estate Management & Development - 0.5% |
|||
Altisource Residential Corp. Class B (a) |
200,000 |
3,800,000 |
|
Brookfield Asset Management, Inc. Class A |
232,000 |
8,955,760 |
|
Kennedy-Wilson Holdings, Inc. |
664,021 |
11,042,669 |
|
|
23,798,429 |
||
Thrifts & Mortgage Finance - 0.4% |
|||
Home Loan Servicing Solutions Ltd. |
683,094 |
15,472,079 |
|
TOTAL FINANCIALS |
1,229,115,092 |
||
HEALTH CARE - 1.1% |
|||
Health Care Providers & Services - 1.1% |
|||
Brookdale Senior Living, Inc. (a) |
1,277,700 |
32,951,883 |
|
Emeritus Corp. (a) |
532,174 |
13,676,872 |
|
|
46,628,755 |
||
TELECOMMUNICATION SERVICES - 0.3% |
|||
Wireless Telecommunication Services - 0.3% |
|||
SBA Communications Corp. Class A (a) |
153,000 |
12,085,470 |
|
TOTAL COMMON STOCKS (Cost $1,034,480,472) |
|
||
Preferred Stocks - 13.6% |
|||
|
|
|
|
Convertible Preferred Stocks - 1.0% |
|||
FINANCIALS - 1.0% |
|||
Real Estate Investment Trusts - 1.0% |
|||
Alexandria Real Estate Equities, Inc. Series D 7.00% |
95,000 |
2,618,438 |
|
CommonWealth REIT 6.50% |
396,216 |
9,402,206 |
|
Excel Trust, Inc. 7.00% (h) |
248,200 |
6,773,797 |
|
Health Care REIT, Inc. Series I, 6.50% |
46,800 |
3,131,210 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Convertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Lexington Corporate Properties Trust Series C, 6.50% |
388,432 |
$ 19,308,955 |
|
Ramco-Gershenson Properties Trust (SBI) Series D, 7.25% |
40,000 |
2,568,800 |
|
|
43,803,406 |
||
Nonconvertible Preferred Stocks - 12.6% |
|||
CONSUMER DISCRETIONARY - 0.1% |
|||
Hotels, Restaurants & Leisure - 0.1% |
|||
Red Lion Hotels Capital Trust 9.50% |
163,225 |
4,297,714 |
|
Household Durables - 0.0% |
|||
M/I Homes, Inc. Series A, 9.75% (a) |
18,350 |
461,503 |
|
TOTAL CONSUMER DISCRETIONARY |
4,759,217 |
||
FINANCIALS - 12.5% |
|||
Capital Markets - 0.1% |
|||
Arlington Asset Investment Corp. 6.625% |
168,472 |
4,127,564 |
|
Real Estate Investment Trusts - 11.9% |
|||
AG Mortgage Investment Trust, Inc. 8.00% |
324,817 |
8,234,111 |
|
American Capital Agency Corp. 8.00% |
200,000 |
5,340,000 |
|
American Home Mortgage Investment Corp.: |
|
|
|
Series A, 9.375% (a) |
120,300 |
12 |
|
Series B, 9.25% (a) |
124,100 |
12 |
|
Annaly Capital Management, Inc.: |
|
|
|
Series A, 7.875% |
134,900 |
3,520,890 |
|
Series C, 7.625% |
77,837 |
2,015,978 |
|
Series D, 7.50% |
213,116 |
5,474,950 |
|
Anworth Mortgage Asset Corp. Series A, 8.625% |
309,630 |
8,003,936 |
|
Apollo Commercial Real Estate Finance, Inc. Series A, 8.625% |
375,101 |
9,977,687 |
|
Apollo Residential Mortgage, Inc. Series A, 8.00% |
279,276 |
7,121,538 |
|
Arbor Realty Trust, Inc. Series A, 8.25% (g) |
189,089 |
4,914,423 |
|
Armour Residential REIT, Inc. Series B, 7.875% |
153,654 |
3,878,227 |
|
Ashford Hospitality Trust, Inc.: |
|
|
|
Series D, 8.45% |
27,000 |
685,800 |
|
Series E, 9.00% |
85,751 |
2,389,880 |
|
Boston Properties, Inc. 5.25% |
50,000 |
1,273,000 |
|
Campus Crest Communities, Inc. Series A, 8.00% |
248,431 |
6,804,525 |
|
CapLease, Inc.: |
|
|
|
Series A, 8.125% |
70,306 |
1,782,257 |
|
Series B, 8.375% |
439,766 |
12,128,746 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
CapLease, Inc.: - continued |
|
|
|
Series C, 7.25% |
210,000 |
$ 5,680,500 |
|
CBL & Associates Properties, Inc.: |
|
|
|
7.375% |
289,876 |
7,365,749 |
|
Series E, 6.625% |
95,000 |
2,470,000 |
|
Cedar Shopping Centers, Inc. Series B, 7.25% |
326,128 |
8,547,815 |
|
CenterPoint Properties Trust Series D, 5.377% |
3,575 |
2,180,750 |
|
Chesapeake Lodging Trust Series A, 7.75% |
266,916 |
7,230,754 |
|
Colony Financial, Inc. Series A, 8.50% |
282,171 |
7,666,586 |
|
CommonWealth REIT 7.50% |
93,300 |
2,020,878 |
|
Coresite Realty Corp. Series A, 7.25% |
258,224 |
6,755,140 |
|
Corporate Office Properties Trust Series L, 7.375% |
80,000 |
2,160,000 |
|
Cousins Properties, Inc. Series A, 7.75% |
245,420 |
6,130,592 |
|
CubeSmart Series A, 7.75% |
40,000 |
1,100,000 |
|
Cys Investments, Inc.: |
|
|
|
Series A, 7.75% |
117,824 |
2,998,621 |
|
Series B, 7.50% |
311,567 |
7,594,446 |
|
DDR Corp.: |
|
|
|
Series J, 6.50% |
237,721 |
6,126,070 |
|
Series K, 6.25% |
228,888 |
5,683,289 |
|
Digital Realty Trust, Inc.: |
|
|
|
Series E, 7.00% |
40,000 |
1,085,600 |
|
Series F, 6.625% |
40,000 |
1,053,200 |
|
Series G, 5.875% |
145,444 |
3,633,191 |
|
Duke Realty LP Series L, 6.60% |
10,666 |
271,450 |
|
Dynex Capital, Inc.: |
|
|
|
Series A, 8.50% |
362,932 |
9,592,293 |
|
Series B, 7.625% |
252,120 |
6,345,860 |
|
Equity Lifestyle Properties, Inc. Series C, 6.75% |
800,000 |
20,696,000 |
|
Essex Property Trust, Inc. Series H, 7.125% |
40,000 |
1,071,200 |
|
Excel Trust, Inc. Series B, 8.125% |
400,000 |
10,708,000 |
|
First Potomac Realty Trust 7.75% |
415,296 |
10,955,508 |
|
Gladstone Commercial Corp. Series C, 7.125% |
232,238 |
6,140,373 |
|
Glimcher Realty Trust: |
|
|
|
6.875% |
256,115 |
6,505,321 |
|
Series G, 8.125% |
109,192 |
2,762,558 |
|
Series H, 7.50% |
198,527 |
5,185,525 |
|
Hatteras Financial Corp. Series A, 7.625% |
197,288 |
4,985,468 |
|
Health Care REIT, Inc. Series J, 6.50% |
20,000 |
548,000 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Hersha Hospitality Trust: |
|
|
|
Series B, 8.00% |
162,538 |
$ 4,274,749 |
|
Series C, 6.875% |
50,000 |
1,288,000 |
|
Hospitality Properties Trust: |
|
|
|
Series C, 7.00% |
109,236 |
2,757,117 |
|
Series D, 7.125% |
40,800 |
1,097,520 |
|
Hudson Pacific Properties, Inc. 8.375% |
394,069 |
10,407,362 |
|
Inland Real Estate Corp. Series A, 8.125% |
423,500 |
11,409,090 |
|
Invesco Mortgage Capital, Inc. Series A, 7.75% |
113,342 |
2,919,690 |
|
Investors Real Estate Trust Series B, 7.95% |
126,572 |
3,387,067 |
|
iStar Financial, Inc.: |
|
|
|
Series E, 7.875% |
156,008 |
3,775,394 |
|
Series F, 7.80% |
179,421 |
4,309,692 |
|
Kilroy Realty Corp. Series G, 6.875% |
40,000 |
1,081,200 |
|
Kite Realty Group Trust 8.25% |
96,100 |
2,602,388 |
|
LaSalle Hotel Properties: |
|
|
|
Series G, 7.25% |
42,026 |
1,054,853 |
|
Series H, 7.50% |
126,308 |
3,368,634 |
|
Series I, 6.375% |
192,698 |
4,900,310 |
|
LBA Realty Fund II: |
|
|
|
Series A, 8.75% (a) |
69,000 |
2,760,000 |
|
Series B, 7.625% (a) |
31,240 |
609,180 |
|
MFA Financial, Inc.: |
|
|
|
8.00% |
538,930 |
14,276,256 |
|
Series A, 8.50% |
485,381 |
12,251,016 |
|
Series B, 7.50% |
567,024 |
14,289,005 |
|
Monmouth Real Estate Investment Corp.: |
|
|
|
7.625% |
80,000 |
2,060,800 |
|
Series B, 7.875% |
95,000 |
2,539,350 |
|
National Retail Properties, Inc. Series D, 6.625% |
62,437 |
1,695,789 |
|
Newcastle Investment Corp. Series B, 9.75% |
34,530 |
928,857 |
|
NorthStar Realty Finance Corp.: |
|
|
|
Series B, 8.25% |
225,708 |
5,669,785 |
|
Series C, 8.875% |
275,338 |
7,114,734 |
|
Series D, 8.50% |
161,601 |
4,069,113 |
|
Pebblebrook Hotel Trust: |
|
|
|
Series A, 7.875% |
372,000 |
9,858,000 |
|
Series B, 8.00% |
185,085 |
4,960,278 |
|
Series C, 6.50% |
178,160 |
4,484,287 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Pennsylvania (REIT) 7.375% |
76,510 |
$ 2,018,334 |
|
Prologis, Inc. Series Q, 8.54% |
94,446 |
6,106,529 |
|
PS Business Parks, Inc.: |
|
|
|
5.70% |
132,138 |
3,335,163 |
|
6.875% |
50,000 |
1,334,500 |
|
Series S, 6.45% |
70,536 |
1,885,427 |
|
Regency Centers Corp. Series 6, 6.625% |
62,261 |
1,672,330 |
|
Retail Properties America, Inc. 7.00% |
194,782 |
4,998,106 |
|
Sabra Health Care REIT, Inc. Series A, 7.125% (a) |
200,000 |
5,140,000 |
|
Saul Centers, Inc.: |
|
|
|
8.00% |
38,072 |
987,207 |
|
Series C, 6.875% |
315,478 |
8,328,619 |
|
Stag Industrial, Inc.: |
|
|
|
Series A, 9.00% |
280,000 |
7,733,600 |
|
Series B, 6.625% (a) |
80,000 |
2,004,800 |
|
Strategic Hotel & Resorts, Inc.: |
|
|
|
Series A, 8.50% |
92,323 |
2,316,384 |
|
Series B, 8.25% |
80,000 |
1,999,200 |
|
Summit Hotel Properties, Inc.: |
|
|
|
Series A, 9.25% |
138,340 |
3,827,868 |
|
Series B, 7.875% |
190,173 |
4,992,041 |
|
Series C, 7.125% (a) |
153,212 |
3,943,677 |
|
Sun Communities, Inc. Series A, 7.125% |
360,000 |
9,316,800 |
|
Sunstone Hotel Investors, Inc. Series D, 8.00% |
60,362 |
1,600,800 |
|
Taubman Centers, Inc. Series K, 6.25% |
96,120 |
2,475,090 |
|
Terreno Realty Corp. Series A 7.75% |
213,690 |
5,694,839 |
|
UMH Properties, Inc. Series A, 8.25% |
600,000 |
16,434,000 |
|
Urstadt Biddle Properties, Inc. Series F, 7.125% |
210,000 |
5,541,900 |
|
Vornado Realty LP 7.875% |
54,682 |
1,493,912 |
|
Weingarten Realty Investors (SBI) Series F, 6.50% |
116,230 |
2,935,970 |
|
Winthrop Realty Trust: |
|
|
|
7.75% |
540,000 |
14,050,800 |
|
Series D, 9.25% |
65,000 |
1,814,150 |
|
|
526,978,271 |
||
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Management & Development - 0.5% |
|||
Forest City Enterprises, Inc. 7.375% |
657,000 |
$ 16,608,960 |
|
Kennedy-Wilson, Inc. 7.75% |
141,574 |
3,688,003 |
|
|
20,296,963 |
||
TOTAL FINANCIALS |
551,402,798 |
||
TOTAL NONCONVERTIBLE PREFERRED STOCKS |
556,162,015 |
||
TOTAL PREFERRED STOCKS (Cost $572,900,815) |
|
Corporate Bonds - 20.2% |
||||
|
Principal |
|
||
Convertible Bonds - 2.9% |
||||
CONSUMER DISCRETIONARY - 0.1% |
||||
Hotels, Restaurants & Leisure - 0.1% |
||||
Morgans Hotel Group Co. 2.375% 10/15/14 |
|
$ 4,510,000 |
4,374,700 |
|
Household Durables - 0.0% |
||||
M/I Homes, Inc. 3% 3/1/18 |
|
1,790,000 |
1,918,522 |
|
TOTAL CONSUMER DISCRETIONARY |
6,293,222 |
|||
FINANCIALS - 2.8% |
||||
Diversified Financial Services - 0.2% |
||||
IAS Operating Partnership LP 5% 3/15/18 (h) |
|
10,600,000 |
10,699,375 |
|
Real Estate Investment Trusts - 2.2% |
||||
Annaly Capital Management, Inc. 5% 5/15/15 |
|
34,396,000 |
35,707,348 |
|
Ares Commercial Real Estate Corp. 7% 12/15/15 (h) |
|
9,700,000 |
9,841,620 |
|
CapLease, Inc. 7.5% 10/1/27 (h) |
|
5,180,000 |
5,180,000 |
|
Colony Financial, Inc. 5% 4/15/23 |
|
9,000,000 |
9,962,100 |
|
Northstar Realty Finance LP 8.875% 6/15/32 (h) |
|
6,790,000 |
11,343,544 |
|
Pennymac Corp. 5.375% 5/1/20 (h) |
|
4,000,000 |
4,062,500 |
|
ProLogis LP 2.625% 5/15/38 |
|
1,500,000 |
1,500,075 |
|
Redwood Trust, Inc. 4.625% 4/15/18 |
|
8,500,000 |
9,573,550 |
|
Starwood Property Trust, Inc. 4.55% 3/1/18 |
|
7,000,000 |
7,749,000 |
|
|
94,919,737 |
|||
Corporate Bonds - continued |
||||
|
Principal |
Value |
||
Convertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Management & Development - 0.4% |
||||
Corporate Office Properties LP 4.25% 4/15/30 (h) |
|
$ 9,460,000 |
$ 9,950,738 |
|
Forestar Group, Inc. 3.75% 3/1/20 |
|
5,000,000 |
5,883,000 |
|
Grubb & Ellis Co. 7.95% 5/1/15 (d)(h) |
|
5,500,000 |
11,000 |
|
|
15,844,738 |
|||
TOTAL FINANCIALS |
121,463,850 |
|||
TOTAL CONVERTIBLE BONDS |
127,757,072 |
|||
Nonconvertible Bonds - 17.3% |
||||
CONSUMER DISCRETIONARY - 5.9% |
||||
Hotels, Restaurants & Leisure - 0.6% |
||||
CityCenter Holdings LLC/CityCenter Finance Corp. 7.625% 1/15/16 |
|
3,505,000 |
3,763,669 |
|
FelCor Lodging LP: |
|
|
|
|
5.625% 3/1/23 (h) |
|
2,000,000 |
2,072,500 |
|
6.75% 6/1/19 |
|
5,875,000 |
6,418,438 |
|
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17 |
|
1,700,000 |
1,921,000 |
|
RHP Hotel Properties LP/RHP Finance Co. 5% 4/15/21 (h) |
|
2,000,000 |
2,050,000 |
|
Times Square Hotel Trust 8.528% 8/1/26 (h) |
|
8,796,891 |
11,918,125 |
|
|
28,143,732 |
|||
Household Durables - 4.9% |
||||
Ashton Woods USA LLC/Ashton Woods Finance Co. 6.875% 2/15/21 (h) |
|
10,000,000 |
10,350,000 |
|
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (h) |
|
1,615,000 |
1,736,125 |
|
D.R. Horton, Inc. 4.75% 5/15/17 |
|
2,000,000 |
2,145,000 |
|
KB Home: |
|
|
|
|
5.875% 1/15/15 |
|
7,000,000 |
7,385,000 |
|
7.25% 6/15/18 |
|
7,420,000 |
8,291,850 |
|
8% 3/15/20 |
|
8,465,000 |
9,904,050 |
|
9.1% 9/15/17 |
|
17,595,000 |
21,026,025 |
|
Lennar Corp.: |
|
|
|
|
4.125% 12/1/18 (h) |
|
5,520,000 |
5,630,400 |
|
5.6% 5/31/15 |
|
6,000,000 |
6,450,000 |
|
6.5% 4/15/16 |
|
4,000,000 |
4,455,000 |
|
Corporate Bonds - continued |
||||
|
Principal |
Value |
||
Nonconvertible Bonds - continued |
||||
CONSUMER DISCRETIONARY - continued |
||||
Household Durables - continued |
||||
Lennar Corp.: - continued |
|
|
|
|
6.95% 6/1/18 |
|
$ 14,280,000 |
$ 16,368,450 |
|
M/I Homes, Inc. 8.625% 11/15/18 |
|
26,055,000 |
28,921,050 |
|
Meritage Homes Corp.: |
|
|
|
|
7% 4/1/22 |
|
7,525,000 |
8,446,813 |
|
7.15% 4/15/20 |
|
7,060,000 |
7,960,150 |
|
Ryland Group, Inc.: |
|
|
|
|
6.625% 5/1/20 |
|
1,555,000 |
1,716,331 |
|
8.4% 5/15/17 |
|
5,420,000 |
6,490,450 |
|
Standard Pacific Corp.: |
|
|
|
|
7% 8/15/15 |
|
4,000,000 |
4,200,000 |
|
8.375% 5/15/18 |
|
28,983,000 |
34,489,770 |
|
10.75% 9/15/16 |
|
8,415,000 |
10,497,713 |
|
Toll Brothers Finance Corp.: |
|
|
|
|
4.375% 4/15/23 |
|
3,230,000 |
3,310,750 |
|
5.875% 2/15/22 |
|
1,550,000 |
1,751,500 |
|
William Lyon Homes, Inc. 8.5% 11/15/20 (h) |
|
11,130,000 |
12,465,600 |
|
|
213,992,027 |
|||
Media - 0.2% |
||||
Clear Channel Worldwide Holdings, Inc. 7.625% 3/15/20 |
|
7,000,000 |
7,472,500 |
|
Multiline Retail - 0.2% |
||||
Sears Holdings Corp. 6.625% 10/15/18 |
|
9,820,000 |
9,746,350 |
|
TOTAL CONSUMER DISCRETIONARY |
259,354,609 |
|||
CONSUMER STAPLES - 0.1% |
||||
Food & Staples Retailing - 0.1% |
||||
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20 |
|
907,635 |
1,033,569 |
|
C&S Group Enterprises LLC 8.375% 5/1/17 (h) |
|
3,520,000 |
3,784,000 |
|
|
4,817,569 |
|||
FINANCIALS - 9.9% |
||||
Diversified Financial Services - 0.5% |
||||
Cantor Commercial Real Estate Co. LP/CCRE Finance Corp. 7.75% 2/15/18 (h) |
|
4,755,000 |
4,921,425 |
|
Corporate Bonds - continued |
||||
|
Principal |
Value |
||
Nonconvertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Diversified Financial Services - continued |
||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: |
|
|
|
|
7.75% 1/15/16 |
|
$ 10,820,000 |
$ 11,266,325 |
|
8% 1/15/18 |
|
5,240,000 |
5,633,000 |
|
|
21,820,750 |
|||
Real Estate Investment Trusts - 6.5% |
||||
American Campus Communities Operating Partnership LP 3.75% 4/15/23 |
|
2,505,000 |
2,631,270 |
|
Camden Property Trust 5% 6/15/15 |
|
1,100,000 |
1,188,270 |
|
Commercial Net Lease Realty, Inc.: |
|
|
|
|
6.15% 12/15/15 |
|
2,526,000 |
2,818,571 |
|
6.25% 6/15/14 |
|
8,355,000 |
8,810,807 |
|
CubeSmart LP 4.8% 7/15/22 |
|
2,000,000 |
2,235,264 |
|
Developers Diversified Realty Corp.: |
|
|
|
|
5.5% 5/1/15 |
|
4,000,000 |
4,324,668 |
|
7.5% 4/1/17 |
|
6,000,000 |
7,203,792 |
|
7.5% 7/15/18 |
|
8,756,000 |
10,890,266 |
|
7.875% 9/1/20 |
|
4,637,000 |
6,017,022 |
|
9.625% 3/15/16 |
|
3,836,000 |
4,675,908 |
|
Duke Realty LP 6.25% 5/15/13 |
|
750,000 |
751,379 |
|
Equity One, Inc.: |
|
|
|
|
5.375% 10/15/15 |
|
3,500,000 |
3,817,853 |
|
6.25% 1/15/17 |
|
3,000,000 |
3,424,071 |
|
Equity Residential 5.125% 3/15/16 |
|
7,201,000 |
8,025,702 |
|
Health Care Property Investors, Inc.: |
|
|
|
|
5.625% 5/1/17 |
|
2,980,000 |
3,441,581 |
|
6% 6/15/14 |
|
2,340,000 |
2,467,923 |
|
6% 3/1/15 |
|
1,000,000 |
1,086,292 |
|
7.072% 6/8/15 |
|
1,500,000 |
1,660,004 |
|
Health Care REIT, Inc.: |
|
|
|
|
3.625% 3/15/16 |
|
7,685,000 |
8,173,113 |
|
4.125% 4/1/19 |
|
2,000,000 |
2,191,398 |
|
6% 11/15/13 |
|
1,000,000 |
1,027,570 |
|
6.2% 6/1/16 |
|
2,750,000 |
3,154,498 |
|
Healthcare Realty Trust, Inc.: |
|
|
|
|
3.75% 4/15/23 |
|
4,022,000 |
4,086,465 |
|
5.75% 1/15/21 |
|
3,095,000 |
3,612,905 |
|
6.5% 1/17/17 |
|
2,875,000 |
3,317,373 |
|
Corporate Bonds - continued |
||||
|
Principal |
Value |
||
Nonconvertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Investment Trusts - continued |
||||
Highwoods/Forsyth LP: |
|
|
|
|
3.625% 1/15/23 |
|
$ 1,607,000 |
$ 1,612,324 |
|
5.85% 3/15/17 |
|
2,800,000 |
3,157,020 |
|
Hospitality Properties Trust: |
|
|
|
|
5% 8/15/22 |
|
3,177,000 |
3,451,108 |
|
5.625% 3/15/17 |
|
915,000 |
1,013,461 |
|
7.875% 8/15/14 |
|
1,000,000 |
1,050,552 |
|
HRPT Properties Trust: |
|
|
|
|
5.75% 11/1/15 |
|
4,826,000 |
5,157,435 |
|
6.25% 8/15/16 |
|
9,675,000 |
10,560,108 |
|
6.25% 6/15/17 |
|
1,055,000 |
1,166,838 |
|
6.65% 1/15/18 |
|
4,246,000 |
4,821,855 |
|
iStar Financial, Inc.: |
|
|
|
|
5.85% 3/15/17 |
|
3,587,000 |
3,676,675 |
|
5.875% 3/15/16 |
|
34,260,000 |
35,973,000 |
|
5.95% 10/15/13 |
|
7,330,000 |
7,439,950 |
|
6.05% 4/15/15 |
|
14,630,000 |
15,361,500 |
|
7.125% 2/15/18 |
|
5,725,000 |
6,068,500 |
|
9% 6/1/17 |
|
9,175,000 |
10,459,500 |
|
MPT Operating Partnership LP/MPT Finance Corp.: |
|
|
|
|
6.375% 2/15/22 |
|
3,610,000 |
3,907,825 |
|
6.875% 5/1/21 |
|
2,000,000 |
2,180,000 |
|
National Retail Properties, Inc. 3.3% 4/15/23 |
|
2,000,000 |
2,001,156 |
|
Nationwide Health Properties, Inc. 6% 5/20/15 |
|
5,670,000 |
6,253,897 |
|
Omega Healthcare Investors, Inc.: |
|
|
|
|
6.75% 10/15/22 |
|
2,115,000 |
2,352,938 |
|
7.5% 2/15/20 |
|
1,000,000 |
1,115,000 |
|
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14 |
|
1,750,000 |
1,846,492 |
|
Potlatch Corp. 7.5% 11/1/19 |
|
1,000,000 |
1,180,000 |
|
ProLogis LP: |
|
|
|
|
6.625% 5/15/18 |
|
6,480,000 |
7,871,800 |
|
7.625% 7/1/17 |
|
4,690,000 |
5,464,793 |
|
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20 |
|
2,000,000 |
2,507,600 |
|
Senior Housing Properties Trust: |
|
|
|
|
4.3% 1/15/16 |
|
5,000,000 |
5,242,025 |
|
6.75% 4/15/20 |
|
13,624,000 |
15,840,175 |
|
6.75% 12/15/21 |
|
8,000,000 |
9,406,616 |
|
Corporate Bonds - continued |
||||
|
Principal |
Value |
||
Nonconvertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Investment Trusts - continued |
||||
United Dominion Realty Trust, Inc.: |
|
|
|
|
5.13% 1/15/14 |
|
$ 2,520,000 |
$ 2,592,856 |
|
5.25% 1/15/15 |
|
1,000,000 |
1,065,988 |
|
5.25% 1/15/16 |
|
4,000,000 |
4,394,468 |
|
|
287,227,420 |
|||
Real Estate Management & Development - 2.8% |
||||
AMB Property LP 5.9% 8/15/13 |
|
400,000 |
405,469 |
|
BioMed Realty LP 3.85% 4/15/16 |
|
2,000,000 |
2,125,694 |
|
Brandywine Operating Partnership LP: |
|
|
|
|
5.4% 11/1/14 |
|
6,750,000 |
7,167,508 |
|
7.5% 5/15/15 |
|
1,000,000 |
1,119,472 |
|
CB Richard Ellis Services, Inc.: |
|
|
|
|
5% 3/15/23 |
|
6,020,000 |
6,163,276 |
|
6.625% 10/15/20 |
|
1,205,000 |
1,316,463 |
|
11.625% 6/15/17 |
|
1,500,000 |
1,603,500 |
|
Colonial Properties Trust 6.25% 6/15/14 |
|
3,094,000 |
3,261,014 |
|
Colonial Realty LP 6.05% 9/1/16 |
|
2,500,000 |
2,815,025 |
|
ERP Operating LP 5.25% 9/15/14 |
|
4,815,000 |
5,115,085 |
|
Forest City Enterprises, Inc. 6.5% 2/1/17 |
|
17,420,000 |
16,984,500 |
|
Host Hotels & Resorts LP: |
|
|
|
|
5.25% 3/15/22 |
|
2,000,000 |
2,230,000 |
|
5.875% 6/15/19 |
|
2,725,000 |
3,017,938 |
|
Kennedy-Wilson, Inc.: |
|
|
|
|
8.75% 4/1/19 |
|
12,700,000 |
13,954,125 |
|
8.75% 4/1/19 (h) |
|
7,710,000 |
8,471,363 |
|
Realogy Corp.: |
|
|
|
|
7.875% 2/15/19 (h) |
|
7,085,000 |
7,908,631 |
|
9% 1/15/20 (h) |
|
1,920,000 |
2,275,200 |
|
Regency Centers LP: |
|
|
|
|
5.25% 8/1/15 |
|
4,509,000 |
4,890,001 |
|
5.875% 6/15/17 |
|
400,000 |
460,505 |
|
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.25% 4/15/21 (h) |
|
4,000,000 |
4,120,000 |
|
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17 |
|
2,490,000 |
2,661,312 |
|
Ventas Realty LP/Ventas Capital Corp.: |
|
|
|
|
2.7% 4/1/20 |
|
3,000,000 |
3,048,972 |
|
3.125% 11/30/15 |
|
13,807,000 |
14,586,806 |
|
3.25% 8/15/22 |
|
2,000,000 |
2,038,818 |
|
Corporate Bonds - continued |
||||
|
Principal |
Value |
||
Nonconvertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Management & Development - continued |
||||
Ventas Realty LP/Ventas Capital Corp.: - continued |
|
|
|
|
4% 4/30/19 |
|
$ 2,262,000 |
$ 2,490,032 |
|
Weekley Homes LLC/Weekley Finance Corp. 6% 2/1/23 (h) |
|
2,460,000 |
2,558,400 |
|
Wells Operating Partnership II LP 5.875% 4/1/18 |
|
3,000,000 |
3,358,067 |
|
|
126,147,176 |
|||
Thrifts & Mortgage Finance - 0.1% |
||||
Wrightwood Capital LLC 1.9% 4/20/20 (d) |
|
3,924,493 |
3,002,238 |
|
TOTAL FINANCIALS |
438,197,584 |
|||
HEALTH CARE - 1.1% |
||||
Health Care Equipment & Supplies - 0.3% |
||||
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. 7.75% 2/15/19 |
|
10,410,000 |
11,398,950 |
|
Health Care Providers & Services - 0.8% |
||||
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18 |
|
33,008,000 |
35,978,720 |
|
TOTAL HEALTH CARE |
47,377,670 |
|||
INDUSTRIALS - 0.1% |
||||
Commercial Services & Supplies - 0.1% |
||||
Iron Mountain, Inc. 5.75% 8/15/24 |
|
4,235,000 |
4,362,050 |
|
Industrial Conglomerates - 0.0% |
||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 7.375% 10/1/17 (h) |
|
3,050,000 |
3,168,188 |
|
TOTAL INDUSTRIALS |
7,530,238 |
|||
INFORMATION TECHNOLOGY - 0.1% |
||||
Internet Software & Services - 0.1% |
||||
Cyrusone LP/Cyrusone Finance Corp. 6.375% 11/15/22 (h) |
|
3,000,000 |
3,172,500 |
|
Corporate Bonds - continued |
||||
|
Principal |
Value |
||
Nonconvertible Bonds - continued |
||||
TELECOMMUNICATION SERVICES - 0.1% |
||||
Wireless Telecommunication Services - 0.1% |
||||
Crown Castle International Corp. 5.25% 1/15/23 |
|
$ 4,000,000 |
$ 4,180,000 |
|
TOTAL NONCONVERTIBLE BONDS |
764,630,170 |
|||
TOTAL CORPORATE BONDS (Cost $813,842,393) |
|
|||
Asset-Backed Securities - 3.0% |
||||
|
||||
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.5592% 3/23/19 (h)(j) |
|
175,535 |
173,868 |
|
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.6992% 3/20/50 (h)(j) |
|
2,250,000 |
109,350 |
|
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (h) |
|
2,235,851 |
2,239,876 |
|
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.5294% 1/20/37 (h)(j) |
|
657,359 |
628,600 |
|
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (h) |
|
1,096,268 |
1,063,380 |
|
CBRE Realty Finance CDO LLC Series 2007-1A Class A1, 0.5304% 4/7/52 (h)(j) |
|
9,486,694 |
8,443,158 |
|
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33 |
|
500,000 |
443,204 |
|
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A: |
|
|
|
|
Class B1, 6.065% 12/28/35 (h) |
|
226,800 |
227,084 |
|
Class B2, 1.6336% 12/28/35 (h)(j) |
|
227,523 |
225,247 |
|
Class D, 9% 12/28/35 (h) |
|
525,651 |
391,663 |
|
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (h) |
|
1,050,328 |
787,746 |
|
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 |
|
9,500,000 |
9,164,042 |
|
Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.6516% 11/28/39 (h)(j) |
|
582,529 |
17,476 |
|
Green Tree Financial Corp.: |
|
|
|
|
Series 1996-4 Class M1, 7.75% 6/15/27 |
|
1,788,179 |
1,698,743 |
|
Series 1997-3 Class M1, 7.53% 3/15/28 |
|
7,293,450 |
6,349,710 |
|
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7002% 6/25/35 (j)(l) |
|
787,807 |
32,099 |
|
Asset-Backed Securities - continued |
||||
|
Principal |
Value |
||
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A: |
|
|
|
|
Class D, 1.7502% 8/26/30 (h)(j) |
|
$ 735,000 |
$ 694,649 |
|
Class E, 2.2002% 8/26/30 (h)(j) |
|
1,517,957 |
956,313 |
|
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 |
|
1,100,082 |
527,336 |
|
Merit Securities Corp. Series 13 Class M1, 7.8859% 12/28/33 (j) |
|
1,923,000 |
2,071,061 |
|
Mesa West Capital CDO Ltd.: |
|
|
|
|
Series 2007-1A Class A2, 0.4902% 2/25/47 (h)(j) |
|
15,000,000 |
14,062,500 |
|
Series 2007-1A Class A1, 0.4602% 2/25/47 (h)(j) |
|
8,762,456 |
8,472,200 |
|
N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (h) |
|
899,989 |
773,990 |
|
Newcastle Investment Trust Series 2011-MH1 Class A, 2.45% 12/10/33 (h) |
|
2,431,144 |
2,483,051 |
|
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class D, 5.194% 7/24/39 (h) |
|
1,532,040 |
1,535,104 |
|
Prima Capital Ltd. Series 2006-CR1A Class A2, 5.533% 12/28/48 (h) |
|
9,302,588 |
9,488,640 |
|
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 2.9455% 2/5/36 (h)(j) |
|
3,666,283 |
367 |
|
Wachovia Ltd./Wachovia LLC: |
|
|
|
|
Series 2006-1 Class 1ML, 5.7841% 9/25/26 (h)(j) |
|
2,000,000 |
1,210,000 |
|
Series 2006-1A: |
|
|
|
|
Class A1A, 0.5441% 9/25/26 (h)(j) |
|
12,479,952 |
12,296,497 |
|
Class A1B, 0.6141% 9/25/26 (h)(j) |
|
22,506,000 |
20,489,462 |
|
Class A2A, 0.5041% 9/25/26 (h)(j) |
|
2,257,861 |
2,252,893 |
|
Class A2B, 0.5941% 9/25/26 (h)(j) |
|
1,550,000 |
1,462,115 |
|
Class B, 0.6441% 9/25/26 (h)(j) |
|
890,000 |
797,885 |
|
Class C 0.8141% 9/25/26 (h)(j) |
|
3,830,000 |
3,395,295 |
|
Class F, 1.4341% 9/25/26 (h)(j) |
|
2,713,000 |
2,378,216 |
|
Class G, 1.6341% 9/25/26 (h)(j) |
|
1,599,000 |
1,388,572 |
|
Class H, 1.9341% 9/25/26 (h)(j) |
|
1,535,000 |
1,325,319 |
|
Class J, 3.0341% 9/25/26 (h)(j) |
|
1,500,000 |
1,299,000 |
|
Class K, 3.5341% 9/25/26 (h)(j) |
|
2,475,000 |
2,119,095 |
|
Class L, 4.2841% 9/25/26 (h)(j) |
|
1,500,000 |
1,297,200 |
|
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A: |
|
|
|
|
Class A1, 0.6091% 11/21/40 (h)(j) |
|
8,832,497 |
8,125,897 |
|
Class F, 2.2391% 11/21/40 (h)(j) |
|
250,000 |
50,000 |
|
TOTAL ASSET-BACKED SECURITIES (Cost $128,660,649) |
|
|||
Collateralized Mortgage Obligations - 0.4% |
||||
|
Principal |
Value |
||
Private Sponsor - 0.4% |
||||
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.3787% 6/15/22 (h)(j) |
|
$ 1,797,292 |
$ 1,774,495 |
|
Countrywide Home Loans, Inc.: |
|
|
|
|
Series 2002-38 Class B3, 5% 2/25/18 (h) |
|
49,175 |
16,744 |
|
Series 2002-R2 Class 2B3, 3.6669% 7/25/33 (h)(j) |
|
199,615 |
102,743 |
|
Series 2003-40 Class B3, 4.5% 10/25/18 (h) |
|
83,810 |
17,331 |
|
Series 2003-R3: |
|
|
|
|
Class B2, 5.5% 11/25/33 (h) |
|
1,306,762 |
250,313 |
|
Class B3, 5.5% 11/25/33 |
|
118,598 |
7,003 |
|
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (h)(j) |
|
104,122 |
5,504 |
|
FREMF Mortgage Trust: |
|
|
|
|
Series 2010 K7 Class B, 5.4359% 4/25/20 (h)(j) |
|
3,200,000 |
3,703,923 |
|
Series 2010-K6 Class B, 5.3654% 12/25/46 (h)(j) |
|
4,500,000 |
5,174,492 |
|
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (h) |
|
7,120,000 |
7,383,212 |
|
RESI Finance LP/RESI Finance DE Corp. floater: |
|
|
|
|
Series 2003-B Class B9, 12.1503% 7/10/35 (h)(j) |
|
244,202 |
204,300 |
|
Series 2005-A Class B6, 2.2003% 3/10/37 (h)(j) |
|
1,087,061 |
5,870 |
|
Series 2005-B Class B6, 1.8003% 6/10/37 (h)(j) |
|
232,828 |
93 |
|
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (h) |
|
27,723 |
24,202 |
|
RESIX Finance Ltd. floater: |
|
|
|
|
Series 2003-D Class B8, 6.7003% 12/10/35 (h)(j) |
|
237,743 |
113,689 |
|
Series 2004-A Class B7, 4.4503% 2/10/36 (h)(j) |
|
267,333 |
147,113 |
|
Series 2004-B Class B7, 4.2003% 2/10/36 (h)(j) |
|
317,267 |
162,441 |
|
TOTAL PRIVATE SPONSOR |
19,093,468 |
|||
U.S. Government Agency - 0.0% |
||||
Fannie Mae REMIC Trust: |
|
|
|
|
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (l) |
|
143,707 |
78,027 |
|
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.1885% 2/25/42 (h)(j) |
|
95,595 |
55,979 |
|
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (l) |
|
216,345 |
54,591 |
|
Collateralized Mortgage Obligations - continued |
||||
|
Principal |
Value |
||
U.S. Government Agency - continued |
||||
Fannie Mae REMIC Trust: - continued |
|
|
|
|
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.2088% 6/25/43 (h)(j) |
|
$ 143,584 |
$ 58,307 |
|
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 3.174% 10/25/42 (h)(j) |
|
62,131 |
33,212 |
|
TOTAL U.S. GOVERNMENT AGENCY |
280,116 |
|||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $20,297,663) |
|
|||
Commercial Mortgage Securities - 13.6% |
||||
|
||||
ACGS Series 2004-1 Class P, 7.4605% 8/1/19 (l) |
|
3,608,325 |
3,538,977 |
|
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (h) |
|
2,000,000 |
2,416,243 |
|
Banc of America Commercial Mortgage Trust: |
|
|
|
|
Series 2005-1 Class CJ, 5.196% 11/10/42 (j) |
|
3,580,000 |
3,829,336 |
|
Series 2005-6 Class AJ, 5.1877% 9/10/47 (j) |
|
5,000,000 |
5,465,805 |
|
Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 2.499% 11/15/15 (h)(j) |
|
102,774,527 |
103,569,068 |
|
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.1987% 3/15/22 (h)(j) |
|
760,684 |
517,265 |
|
Banc of America REMIC Trust Series 2012-CLMZ Class A, 7.6987% 8/15/17 (h)(j) |
|
4,900,000 |
5,212,620 |
|
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.4502% 3/11/39 (j) |
|
5,700,000 |
5,940,780 |
|
Bear Stearns Commercial Mortgage Securities Trust Series 2006-T22 Class B, 5.5811% 4/12/38 (h)(j) |
|
2,520,000 |
2,662,554 |
|
COMM Mortgage Trust Series 2012-CR5 Class D, 4.3353% 12/10/45 (h)(j) |
|
2,000,000 |
2,035,032 |
|
COMM pass-thru certificates: |
|
|
|
|
floater Series 2006-FL12: |
|
|
|
|
Class AJ, 0.3287% 12/15/20 (h)(j) |
|
8,000,000 |
7,666,040 |
|
Class B, 0.3687% 12/15/20 (h)(j) |
|
2,825,274 |
2,697,162 |
|
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (h) |
|
3,503,241 |
3,534,770 |
|
Commercial Mortgage Trust pass-thru certificates: |
|
|
|
|
Series 2005-C6 Class AJ, 5.209% 6/10/44 (j) |
|
5,000,000 |
5,409,405 |
|
Series 2012-CR1: |
|
|
|
|
Class C, 5.547% 5/15/45 |
|
1,000,000 |
1,153,475 |
|
Class D, 5.547% 5/15/45 (h) |
|
2,050,000 |
2,155,052 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal |
Value |
||
Commercial Mortgage Trust pass-thru certificates: - continued |
|
|
|
|
Series 2012-CR2: - continued |
|
|
|
|
Class D, 4.8586% 8/15/45 (h)(j) |
|
$ 4,500,000 |
$ 4,687,074 |
|
Class E, 4.8586% 8/15/45 (h)(j) |
|
6,000,000 |
6,134,118 |
|
Series 2012-LC4: |
|
|
|
|
Class C, 5.649% 12/10/44 (j) |
|
2,000,000 |
2,338,796 |
|
Class D, 5.824% 12/10/44 (h)(j) |
|
8,000,000 |
8,639,880 |
|
Communication Mortgage Trust Series 2011-THL: |
|
|
|
|
Class E, 5.949% 6/9/28 (h) |
|
3,690,000 |
3,796,132 |
|
Class F, 4.867% 6/9/28 (h) |
|
11,090,000 |
10,359,746 |
|
Credit Suisse First Boston Mortgage Securities Corp.: |
|
|
|
|
Series 1998-C1 Class F, 6% 5/17/40 (h) |
|
1,961,065 |
2,157,307 |
|
Series 1998-C2 Class F, 6.75% 11/15/30 (h) |
|
3,000,000 |
3,158,049 |
|
DBUBS Mortgage Trust Series 2011-LC1A Class E, 5.5571% 11/10/46 (h)(j) |
|
12,490,000 |
13,798,602 |
|
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31 |
|
741,763 |
742,273 |
|
DLJ Commercial Mortgage Corp. Series 1998-CG1 Class B4, 7.1969% 6/10/31 (h)(j) |
|
1,476,349 |
1,476,693 |
|
Extended Stay America Trust Series 2013-ESHM Class M, 7.625% 12/5/19 (h) |
|
10,950,000 |
11,646,827 |
|
Freddie Mac: |
|
|
|
|
pass-thru certificates: |
|
|
|
|
Series K011 Class X3, 2.5754% 12/25/43 (j)(k) |
|
12,206,096 |
1,968,453 |
|
Series K012 Class X3, 2.2882% 1/25/41 (j)(k) |
|
21,072,886 |
3,039,722 |
|
Series K013 Class X3, 2.7902% 1/25/43 (j)(k) |
|
14,360,000 |
2,544,233 |
|
Series KAIV Class X2, 3.6147% 6/25/46 (j)(k) |
|
7,430,000 |
1,700,546 |
|
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (h) |
|
8,218,897 |
8,280,538 |
|
GCCFC Commercial Mortgage Trust sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (h) |
|
2,000,000 |
2,002,814 |
|
GMAC Commercial Mortgage Securities, Inc.: |
|
|
|
|
Series 1997-C2 Class G, 6.75% 4/15/29 (j) |
|
906,496 |
1,019,459 |
|
Series 1999-C3 Class J, 6.974% 8/15/36 |
|
1,500,000 |
1,580,972 |
|
Series 2000-C1 Class K, 7% 3/15/33 |
|
193,433 |
147,501 |
|
GS Mortgage Securities Corp. II: |
|
|
|
|
floater Series 2007-EOP Class L, 5.4585% 3/6/20 (h)(j) |
|
1,400,000 |
1,412,547 |
|
Series 2010-C1: |
|
|
|
|
Class D, 5.9876% 8/10/43 (h)(j) |
|
4,000,000 |
4,639,808 |
|
Class E, 4% 8/10/43 (h) |
|
3,770,000 |
3,011,193 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal |
Value |
||
GS Mortgage Securities Corp. II: - continued |
|
|
|
|
Series 2012-GCJ7: |
|
|
|
|
Class C, 5.7228% 5/10/45 (j) |
|
$ 6,500,000 |
$ 7,428,793 |
|
Class D, 5.7228% 5/10/45 (h)(j) |
|
2,000,000 |
2,145,668 |
|
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (h) |
|
9,185,000 |
9,249,295 |
|
GS Mortgage Securities Trust: |
|
|
|
|
Series 2010-C2 Class D, 5.2273% 12/10/43 (h)(j) |
|
3,000,000 |
3,268,122 |
|
Series 2011-GC5: |
|
|
|
|
Class C, 5.3083% 8/10/44 (h)(j) |
|
9,000,000 |
10,379,601 |
|
Class D, 5.3083% 8/10/44 (h)(j) |
|
4,000,000 |
4,258,424 |
|
Series 2012-GC6 Class C, 5.6391% 1/10/45 (h)(j) |
|
3,600,000 |
4,223,431 |
|
JPMorgan Chase Commercial Mortgage Securities Corp.: |
|
|
|
|
Series 2001-A: |
|
|
|
|
Class G, 6% 10/15/32 (h)(j) |
|
2,036,910 |
36,732 |
|
Class X, 0.6341% 10/15/32 (h)(j)(k) |
|
4,757,212 |
43,579 |
|
Series 2002-C1 Class E, 6.135% 7/12/37 (h) |
|
1,755,362 |
1,759,740 |
|
Series 2009-IWST: |
|
|
|
|
Class C, 7.4458% 12/5/27 (h)(j) |
|
3,000,000 |
3,729,684 |
|
Class D, 7.4458% 12/5/27 (h)(j) |
|
9,550,000 |
11,328,812 |
|
Series 2010-CNTM Class MZ, 8.5% 8/5/20 (h) |
|
9,000,000 |
9,640,955 |
|
Series 2010-CNTR: |
|
|
|
|
Class D, 6.1844% 8/5/32 (h)(j) |
|
4,500,000 |
5,194,805 |
|
Class XB, 0.9311% 8/5/32 (h)(j)(k) |
|
32,655,000 |
1,583,196 |
|
Series 2012-CBX Class C, 5.1895% 6/16/45 (j) |
|
4,530,000 |
5,102,019 |
|
JPMorgan Chase Commercial Mortgage Securities Trust: |
|
|
|
|
Series 2005-LDP5 Class AJ, 5.3216% 12/15/44 (j) |
|
3,470,000 |
3,729,756 |
|
Series 2011-C5 Class C, 5.3147% 8/15/46 (h)(j) |
|
6,525,375 |
7,408,832 |
|
JPMorgan Commercial Mortgage Finance Corp. Series 1999-C8: |
|
|
|
|
Class G, 6% 7/15/31 (h) |
|
653,661 |
657,791 |
|
Class H, 6% 7/15/31 (h) |
|
1,424,589 |
820,945 |
|
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (h) |
|
2,328,545 |
2,366,345 |
|
LB-UBS Commercial Mortgage Trust: |
|
|
|
|
sequential payer: |
|
|
|
|
Series 2004-C2 Class E, 4.487% 3/15/36 |
|
2,060,000 |
2,085,999 |
|
Series 2005-C3 Class AJ, 4.843% 7/15/40 |
|
6,620,000 |
7,036,550 |
|
Series 2005-C7 Class AJ, 5.323% 11/15/40 (j) |
|
8,000,000 |
8,646,232 |
|
Series 2006-C7 Class AM, 5.378% 11/15/38 |
|
2,040,000 |
2,271,564 |
|
Series 2004-C7 Class E, 4.918% 10/15/36 |
|
5,120,000 |
5,320,156 |
|
Series 2005-C1 Class E, 4.924% 2/15/40 |
|
4,000,000 |
4,114,288 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal |
Value |
||
LB-UBS Commercial Mortgage Trust: - continued |
|
|
|
|
Series 2006-C4: |
|
|
|
|
Class AJ, 5.8856% 6/15/38 (j) |
|
$ 7,005,000 |
$ 7,256,325 |
|
Class AM, 5.8856% 6/15/38 (j) |
|
6,700,000 |
7,606,550 |
|
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2007-LLFA Class E, 1.0987% 6/15/22 (h)(j) |
|
6,230,000 |
6,069,447 |
|
LStar Commercial Mortgage Trust: |
|
|
|
|
Series 2011-1 Class D, 5.491% 6/25/43 (h)(j) |
|
4,699,000 |
4,929,538 |
|
Series 2011-1 Class B, 5.491% 6/25/43 (h)(j) |
|
6,165,000 |
6,491,678 |
|
Merrill Lynch Financial Asset, Inc. Series 2005-CA16: |
|
|
|
|
Class F, 4.384% 7/12/37 |
CAD |
710,000 |
580,206 |
|
Class G, 4.384% 7/12/37 |
CAD |
355,000 |
284,525 |
|
Class H, 4.384% 7/12/37 |
CAD |
236,000 |
185,531 |
|
Class J, 4.384% 7/12/37 |
CAD |
355,000 |
273,772 |
|
Class K, 4.384% 7/12/37 |
CAD |
355,000 |
268,590 |
|
Class L, 4.384% 7/12/37 |
CAD |
236,000 |
175,193 |
|
Class M, 4.384% 7/12/37 |
CAD |
995,000 |
655,403 |
|
Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (h) |
|
708,096 |
325,724 |
|
Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.6859% 5/12/39 (j) |
|
1,200,000 |
1,356,852 |
|
Mezz Capital Commercial Mortgage Trust: |
|
|
|
|
sequential payer: |
|
|
|
|
Series 2004-C1 Class A, 4.836% 1/15/37 (h) |
|
2,073,398 |
1,902,343 |
|
Series 2004-C2 Class A, 5.318% 10/15/40 (h) |
|
9,067,514 |
7,934,074 |
|
Series 2004-C1: |
|
|
|
|
Class D, 6.988% 1/15/37 (h) |
|
237,495 |
24 |
|
Class IO, 8.4552% 1/15/37 (h)(j)(k) |
|
2,352,967 |
108,942 |
|
Morgan Stanley BAML Trust Series 2013-C9 Class D, 4.2997% 5/15/46 (i) |
|
5,000,000 |
4,657,500 |
|
Morgan Stanley Capital I Trust: |
|
|
|
|
sequential payer: |
|
|
|
|
Series 2012-C4 Class E, 5.71% 3/15/45 (h) |
|
4,630,000 |
4,880,895 |
|
Series 2006-HQ10 Class AM, 5.36% 11/12/41 |
|
8,200,000 |
9,184,853 |
|
Series 1997-RR Class F, 7.4014% 4/30/39 (h)(j) |
|
1,060,296 |
1,049,693 |
|
Series 1998-CF1 Class G, 7.35% 7/15/32 (h) |
|
2,638,902 |
2,003,233 |
|
Series 2005-HQ5 Class B, 5.272% 1/14/42 |
|
2,000,000 |
2,114,376 |
|
Series 2005-HQ6 Class AJ, 5.073% 8/13/42 (j) |
|
2,500,000 |
2,621,068 |
|
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43 |
|
7,500,000 |
8,535,360 |
|
Series 2011-C1 Class C, 5.2537% 9/15/47 (h)(j) |
|
4,000,000 |
4,560,281 |
|
Series 2011-C2: |
|
|
|
|
Class D, 5.3172% 6/15/44 (h)(j) |
|
4,610,000 |
4,979,063 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal |
Value |
||
Morgan Stanley Capital I Trust: - continued |
|
|
|
|
Series 2011-C2: - continued |
|
|
|
|
Class E, 5.3172% 6/15/44 (h)(j) |
|
$ 9,600,000 |
$ 10,301,136 |
|
Class F, 5.3172% 6/15/44 (h)(j) |
|
4,440,000 |
3,815,363 |
|
Class XB, 0.4644% 6/15/44 (h)(j)(k) |
|
63,708,222 |
2,280,945 |
|
Series 2011-C3: |
|
|
|
|
Class C, 5.1849% 7/15/49 (h)(j) |
|
2,000,000 |
2,258,742 |
|
Class D, 5.357% 7/15/49 (h) |
|
7,400,000 |
8,011,070 |
|
Series 2012-C4 Class D, 5.5266% 3/15/45 (h)(j) |
|
6,310,000 |
7,082,912 |
|
NationsLink Funding Corp. Series 1999-SL Class X, 11/10/30 (k) |
|
224,615 |
224,346 |
|
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (h) |
|
3,783,011 |
4,818,420 |
|
RBSCF Trust Series 2010-MB1 Class D, 4.6812% 4/15/24 (h)(j) |
|
9,049,000 |
9,221,501 |
|
Salomon Brothers Mortgage Securities VII, Inc. Series 2001-MMA Class E3, 6.5% 2/18/34 (h)(j) |
|
170,742 |
173,393 |
|
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.5388% 8/15/39 (j) |
|
2,080,000 |
2,293,225 |
|
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (h) |
|
10,630,000 |
11,004,208 |
|
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.7737% 7/15/24 (h)(j) |
|
1,200,000 |
1,059,790 |
|
UBS-Barclays Commercial Mortgage Trust sequential payer Series 2012-C3 Class A1, 0.726% 8/10/49 |
|
3,594,923 |
3,600,855 |
|
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 5.8752% 1/10/45 (h)(j) |
|
3,000,000 |
3,701,484 |
|
Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/28 (h) |
|
2,540,000 |
2,929,313 |
|
Wachovia Bank Commercial Mortgage Trust: |
|
|
|
|
Series 2004-C10 Class E, 4.931% 2/15/41 |
|
2,000,000 |
2,034,472 |
|
Series 2004-C11: |
|
|
|
|
Class D, 5.3874% 1/15/41 (j) |
|
5,177,000 |
5,062,269 |
|
Class E, 5.4374% 1/15/41 (j) |
|
3,785,000 |
3,604,762 |
|
Series 2004-C12 Class D, 5.3085% 7/15/41 (j) |
|
2,750,000 |
2,846,825 |
|
Series 2004-C14 Class B, 5.17% 8/15/41 |
|
3,180,000 |
3,316,966 |
|
Wells Fargo Commercial Mortgage Trust Series 2012-LC5 Class D, 4.7802% 10/15/45 (h) |
|
9,999,000 |
9,961,364 |
|
WF-RBS Commercial Mortgage Trust: |
|
|
|
|
Series 2011-C3: |
|
|
|
|
Class C, 5.335% 3/15/44 (h) |
|
4,900,000 |
5,614,013 |
|
Class D, 5.5491% 3/15/44 (h)(j) |
|
1,000,000 |
1,079,750 |
|
Class E, 5% 3/15/44 (h) |
|
2,000,000 |
1,768,978 |
|
Series 2012-C7 Class D, 4.85% 6/15/45 (h)(j) |
|
2,380,000 |
2,543,508 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal |
Value |
||
WF-RBS Commercial Mortgage Trust: - continued |
|
|
|
|
Series 2013-C11: |
|
|
|
|
Class D, 4.1856% 3/15/45 (h)(j) |
|
$ 5,830,000 |
$ 5,649,567 |
|
Class E, 4.1856% 3/15/45 (h)(j) |
|
4,780,000 |
3,765,168 |
|
Series 2013-C13 Class D, 4.2791% 5/15/45 (h)(i)(j) |
|
4,000,000 |
3,789,375 |
|
WFDB Commercial Mortgage Trust Series 2011-BXR Class D, 5.914% 7/5/24 (h) |
|
4,000,000 |
4,114,148 |
|
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $543,595,453) |
|
|||
Floating Rate Loans - 9.5% |
||||
|
||||
CONSUMER DISCRETIONARY - 4.6% |
||||
Hotels, Restaurants & Leisure - 4.4% |
||||
Cedar Fair LP Tranche B, term loan 3.25% 3/1/20 (j) |
|
2,810,000 |
2,841,613 |
|
Cooper Hotel Group REL 12% 11/6/17 |
|
13,368,215 |
14,136,887 |
|
Extended Stay America, Inc. REL 9.625% 12/1/19 |
|
7,000,000 |
7,507,500 |
|
Hilton Worldwide, Inc.: |
|
|
|
|
term loan 4.449% 11/12/15 (j) |
|
59,894,829 |
59,071,275 |
|
Tranche B, term loan 3.5715% 11/12/15 (j) |
|
11,662,158 |
11,501,803 |
|
Tranche C, term loan 3.699% 11/12/15 (j) |
|
19,436,930 |
19,169,673 |
|
Tranche D, term loan 3.949% 11/12/15 (j) |
|
22,447,616 |
22,138,961 |
|
Tranche E, term loan 4.199% 11/12/15 (j) |
|
29,155,395 |
28,754,509 |
|
Intrawest U.S. Holding, Inc. Tranche 1LN, term loan 7% 12/4/17 (j) |
|
4,987,500 |
5,093,484 |
|
La Quinta: |
|
|
|
|
Tranche A, term loan 11.375% 7/6/14 (j) |
|
7,990,026 |
8,097,892 |
|
Tranche B, term loan 11.375% 7/6/14 (j) |
|
5,992,520 |
6,073,419 |
|
Tranche D, term loan 14.9% 7/6/14 (j) |
|
12,000,000 |
11,492,400 |
|
|
195,879,416 |
|||
Media - 0.1% |
||||
PRIMEDIA, Inc. Tranche B, term loan 7.5% 1/13/18 (j) |
|
2,800,125 |
2,793,125 |
|
Specialty Retail - 0.1% |
||||
The Pep Boys - Manny, Moe & Jack Tranche B, term loan 5% 10/11/18 (j) |
|
5,341,613 |
5,415,060 |
|
TOTAL CONSUMER DISCRETIONARY |
204,087,601 |
|||
Floating Rate Loans - continued |
||||
|
Principal |
Value |
||
ENERGY - 0.4% |
||||
Oil, Gas & Consumable Fuels - 0.4% |
||||
Panda Sherman Power, LLC term loan 9% 9/14/18 (j) |
|
$ 7,200,000 |
$ 7,326,000 |
|
Panda Temple Power, LLC term loan 7.25% 4/3/19 (j) |
|
8,580,000 |
8,730,150 |
|
|
16,056,150 |
|||
FINANCIALS - 3.4% |
||||
Diversified Financial Services - 0.8% |
||||
Blackstone REL 10% 10/1/17 |
|
17,500,000 |
18,725,000 |
|
Pilot Travel Centers LLC: |
|
|
|
|
Tranche B 2LN, term loan 4.25% 8/7/19 (j) |
|
7,226,375 |
7,117,979 |
|
Tranche B, term loan 3.75% 3/30/18 (j) |
|
6,666,917 |
6,533,579 |
|
SBA Senior Finance, Inc. Tranche B, term loan 3.75% 6/30/18 (j) |
|
1,083,174 |
1,089,943 |
|
|
33,466,501 |
|||
Real Estate Investment Trusts - 1.0% |
||||
iStar Financial, Inc. Tranche B, term loan 4.5% 10/15/17 (j) |
|
39,045,241 |
39,435,693 |
|
Starwood Property Trust, Inc. Tranche B, term loan 3.5% 4/10/20 (j) |
|
5,000,000 |
5,006,250 |
|
|
44,441,943 |
|||
Real Estate Management & Development - 1.6% |
||||
CB Richard Ellis Services, Inc. Tranche B, term loan 2.9537% 3/28/21 (j) |
|
4,525,000 |
4,547,625 |
|
CityCenter term loan 8.75% 7/1/13 (j) |
|
4,169,750 |
4,169,750 |
|
EOP Operating LP term loan: |
|
|
|
|
5% 2/1/14 (j) |
|
5,000,000 |
5,078,500 |
|
5.25% 2/1/14 (j) |
|
3,800,000 |
3,859,660 |
|
Equity Inns Reality LLC: |
|
|
|
|
Tranche A, term loan 10.5% 11/4/13 (j) |
|
7,888,426 |
7,305,997 |
|
Tranche B 2LN, term loan 7.55% 11/4/13 (j) |
|
15,000,000 |
14,925,000 |
|
Realogy Corp.: |
|
|
|
|
Credit-Linked Deposit 3.2037% 10/10/13 (j) |
|
432,236 |
431,156 |
|
Credit-Linked Deposit 4.4537% 10/10/16 (j) |
|
917,239 |
914,945 |
|
Realogy Group LLC Tranche B, term loan 4.5% 3/1/20 (j) |
|
27,410,000 |
27,684,100 |
|
|
68,916,733 |
|||
Floating Rate Loans - continued |
||||
|
Principal |
Value |
||
FINANCIALS - continued |
||||
Thrifts & Mortgage Finance - 0.0% |
||||
Ocwen Loan Servicing, LLC Tranche B, term loan 5% 1/23/18 (j) |
|
$ 1,965,000 |
$ 1,994,475 |
|
TOTAL FINANCIALS |
148,819,652 |
|||
HEALTH CARE - 0.3% |
||||
Health Care Providers & Services - 0.3% |
||||
Community Health Systems, Inc. term loan 3.7865% 1/25/17 (j) |
|
2,903,247 |
2,928,651 |
|
Health Management Associates, Inc. Tranche B, term loan 3.5% 11/18/18 (j) |
|
2,088,506 |
2,109,392 |
|
Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (j) |
|
10,183,822 |
10,247,471 |
|
|
15,285,514 |
|||
INDUSTRIALS - 0.3% |
||||
Construction & Engineering - 0.3% |
||||
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (j) |
|
13,362,162 |
13,094,918 |
|
TELECOMMUNICATION SERVICES - 0.4% |
||||
Wireless Telecommunication Services - 0.4% |
||||
Crown Castle Operating Co.: |
|
|
|
|
Tranche A, term loan 2.7% 1/31/17 (j) |
|
8,843,636 |
8,854,691 |
|
Tranche B, term loan 3.25% 1/31/19 (j) |
|
9,236,086 |
9,271,183 |
|
SBA Senior Finance II, LLC term loan 3.75% 9/28/19 (j) |
|
1,226,177 |
1,233,841 |
|
|
19,359,715 |
|||
UTILITIES - 0.1% |
||||
Electric Utilities - 0.1% |
||||
Essential Power LLC Tranche B, term loan 4.4969% 8/8/19 (j) |
|
2,434,313 |
2,470,827 |
|
TOTAL FLOATING RATE LOANS (Cost $411,310,552) |
|
Preferred Securities - 0.0% |
|||
Principal |
Value |
||
FINANCIALS - 0.0% |
|||
Diversified Financial Services - 0.0% |
|||
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (h) |
500,000 |
$ 25,000 |
|
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (h) |
1,220,000 |
183,000 |
|
|
208,000 |
||
TOTAL PREFERRED SECURITIES (Cost $1,293,016) |
|
||
Money Market Funds - 10.7% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.13% (b) |
452,408,359 |
452,408,359 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
19,767,650 |
19,767,650 |
|
TOTAL MONEY MARKET FUNDS (Cost $472,176,009) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $3,998,557,022) |
4,454,632,548 |
||
NET OTHER ASSETS (LIABILITIES) - (0.9)% |
(41,598,395) |
||
NET ASSETS - 100% |
$ 4,413,034,153 |
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 $734,266,322 or 16.6% of net assets. |
(i) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(j) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(k) 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. |
(l) 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 $3,703,694 or 0.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition |
Acquisition |
ACGS Series 2004-1 Class P, 7.4605% 8/1/19 |
2/17/11 |
$ 3,494,173 |
Fannie Mae REMIC Trust Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 |
5/21/03 |
$ 124,531 |
Fannie Mae REMIC Trust Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 |
3/25/03 |
$ 163,037 |
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7002% 6/25/35 |
6/3/05 |
$ 695,008 |
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 |
$ 352,989 |
Fidelity Securities Lending Cash Central Fund |
44,499 |
Total |
$ 397,488 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
AmREIT, Inc. Class B |
$ 2,818,000 |
$ - |
$ - |
$ 120,000 |
$ - |
Arbor Realty Trust, Inc. |
- |
13,358,984 |
- |
124,509 |
20,639,999 |
Arbor Realty Trust, Inc. Series A, 8.25% |
- |
4,727,225 |
- |
- |
4,914,423 |
Total |
$ 2,818,000 |
$ 18,086,209 |
$ - |
$ 244,509 |
$ 25,554,422 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2013, 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 |
$ 34,492,824 |
$ 30,136,903 |
$ - |
$ 4,355,921 |
Financials |
1,824,321,296 |
1,766,163,223 |
55,977,299 |
2,180,774 |
Health Care |
46,628,755 |
46,628,755 |
- |
- |
Telecommunication Services |
12,085,470 |
12,085,470 |
- |
- |
Corporate Bonds |
892,387,242 |
- |
889,374,004 |
3,013,238 |
Asset-Backed Securities |
132,947,903 |
- |
100,057,839 |
32,890,064 |
Collateralized Mortgage Obligations |
19,373,584 |
- |
18,083,618 |
1,289,966 |
Commercial Mortgage Securities |
600,837,088 |
- |
564,612,473 |
36,224,615 |
Floating Rate Loans |
419,174,377 |
- |
325,108,369 |
94,066,008 |
Preferred Securities |
208,000 |
- |
- |
208,000 |
Money Market Funds |
472,176,009 |
472,176,009 |
- |
- |
Total Investments in Securities: |
$ 4,454,632,548 |
$ 2,327,190,360 |
$ 1,953,213,602 |
$ 174,228,586 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Commercial Mortgage Securities |
|
Beginning Balance |
$ 53,984,005 |
Total Realized Gain (Loss) |
1,178,516 |
Total Unrealized Gain (Loss) |
2,109,910 |
Cost of Purchases |
141,241 |
Proceeds of Sales |
(18,760,604) |
Amortization/Accretion |
(48,594) |
Transfers in to Level 3 |
5,364,290 |
Transfers out of Level 3 |
(7,744,149) |
Ending Balance |
$ 36,224,615 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013 |
$ 1,323,359 |
Floating Rate Loans |
|
Beginning Balance |
$ 18,003,477 |
Total Realized Gain (Loss) |
264,550 |
Total Unrealized Gain (Loss) |
2,511,374 |
Cost of Purchases |
82,961,853 |
Proceeds of Sales |
(14,260,414) |
Amortization/Accretion |
110,168 |
Transfers in to Level 3 |
4,475,000 |
Transfers out of Level 3 |
- |
Ending Balance |
$ 94,066,008 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013 |
$ 2,651,694 |
Other Investments and Securities |
|
Beginning Balance |
$ 55,750,106 |
Total Realized Gain (Loss) |
(5,447,194) |
Total Unrealized Gain (Loss) |
10,226,209 |
Cost of Purchases |
165,316 |
Proceeds of Sales |
(12,947,757) |
Amortization/Accretion |
1,913,831 |
Transfers in to Level 3 |
9,210,100 |
Transfers out of Level 3 |
(14,932,648) |
Ending Balance |
$ 43,937,963 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013 |
$ 4,080,802 |
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 April 30, 2013, the cost of investment securities for income tax purposes was $3,999,771,959. Net unrealized appreciation aggregated $454,860,589, of which $491,442,681 related to appreciated investment securities and $36,582,092 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 Fund's 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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. For corporate bonds, floating rate loans and preferred securities, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. For asset backed securities, collateralized mortgage obligations and commercial mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. Independent prices obtained from a single source or broker are evaluated by management and may be categorized as Level 3 in the hierarchy. |
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. |
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker. |
Asset Type |
Fair Value at |
Valuation |
Unobservable Input |
Amount or |
Impact to |
Asset-Backed Securities |
$ 618,746 |
Discounted cash flow |
Yield |
5.5% - 10% / 8.4% |
Decrease |
Collateralized Mortgage Obligations |
$ 645,680 |
Discounted cash flow |
Yield |
12% - 26% / 15.2% |
Decrease |
Commercial Mortgage Securities |
$ 2,083,544 |
Discounted cash flow |
Yield |
10% - 30% / 19.2% |
Decrease |
|
|
Market comparable |
Spread |
13.8% |
Decrease |
Common Stock |
$ 4,355,921 |
Adjusted book value |
Book value multiple |
1.0 |
Increase |
Corporate Bonds |
$ 21,308,875 |
Discounted cash flow |
Yield |
8.8% - 20% / 11.9% |
Decrease |
Floating Rate Loans |
$ 18,725,000 |
Discounted cash flow |
Yield |
8.4% |
Decrease |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
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 visit advisor.fidelity.com or call
Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report. or an affiliate. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Series Real
Estate Income Fund
April 30, 2013
1.924316.101
SRE-QTLY-0613
Showing Percentage of Net Assets
Common Stocks - 18.1% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 0.2% |
|||
Hotels, Restaurants & Leisure - 0.1% |
|||
Hyatt Hotels Corp. Class A (a) |
20,700 |
$ 883,476 |
|
Household Durables - 0.1% |
|||
Standard Pacific Corp. (a)(e) |
53,600 |
485,080 |
|
TOTAL CONSUMER DISCRETIONARY |
1,368,556 |
||
FINANCIALS - 16.7% |
|||
Real Estate Investment Trusts - 16.2% |
|||
Acadia Realty Trust (SBI) |
420,200 |
11,996,710 |
|
American Campus Communities, Inc. |
42,900 |
1,915,056 |
|
American Residential Properties, Inc. (f) |
138,500 |
2,617,650 |
|
American Tower Corp. |
30,300 |
2,544,897 |
|
AmREIT, Inc. Class B |
39,300 |
747,093 |
|
Anworth Mortgage Asset Corp. |
271,800 |
1,715,058 |
|
Apartment Investment & Management Co. Class A |
100,300 |
3,120,333 |
|
Arbor Realty Trust, Inc. |
32,000 |
247,040 |
|
Associated Estates Realty Corp. |
67,100 |
1,199,077 |
|
AvalonBay Communities, Inc. |
15,800 |
2,102,032 |
|
Aviv REIT, Inc. |
13,800 |
354,522 |
|
Boardwalk (REIT) |
8,900 |
581,908 |
|
CapLease, Inc. |
397,100 |
2,787,642 |
|
CBL & Associates Properties, Inc. |
167,600 |
4,045,864 |
|
Chartwell Retirement Residence (f) |
14,700 |
166,487 |
|
Chesapeake Lodging Trust |
106,000 |
2,507,960 |
|
CommonWealth REIT |
20,300 |
453,299 |
|
CyrusOne, Inc. |
27,900 |
669,321 |
|
Cys Investments, Inc. |
128,400 |
1,596,012 |
|
DCT Industrial Trust, Inc. |
213,500 |
1,671,705 |
|
DiamondRock Hospitality Co. |
63,700 |
635,726 |
|
Digital Realty Trust, Inc. |
14,400 |
1,015,488 |
|
Douglas Emmett, Inc. |
70,800 |
1,852,836 |
|
Dynex Capital, Inc. |
218,300 |
2,346,725 |
|
EastGroup Properties, Inc. |
9,500 |
599,165 |
|
Education Realty Trust, Inc. |
102,100 |
1,122,079 |
|
Equity Lifestyle Properties, Inc. |
139,300 |
11,318,125 |
|
Equity Residential (SBI) |
21,900 |
1,271,514 |
|
Excel Trust, Inc. |
206,300 |
3,141,949 |
|
First Potomac Realty Trust |
120,300 |
1,924,800 |
|
Glimcher Realty Trust |
130,600 |
1,637,724 |
|
Hatteras Financial Corp. |
20,800 |
568,464 |
|
HCP, Inc. |
20,500 |
1,092,650 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Highwoods Properties, Inc. (SBI) |
16,300 |
$ 668,789 |
|
Lexington Corporate Properties Trust |
392,600 |
5,029,206 |
|
LTC Properties, Inc. |
53,100 |
2,469,150 |
|
MFA Financial, Inc. |
1,271,500 |
11,786,805 |
|
Mid-America Apartment Communities, Inc. |
23,000 |
1,580,790 |
|
Monmouth Real Estate Investment Corp. Class A |
34,000 |
361,760 |
|
National Retail Properties, Inc. |
31,900 |
1,265,792 |
|
Newcastle Investment Corp. |
162,000 |
1,835,460 |
|
NorthStar Realty Finance Corp. |
202,900 |
2,022,913 |
|
Piedmont Office Realty Trust, Inc. Class A |
60,700 |
1,245,564 |
|
Prologis, Inc. |
126,900 |
5,323,455 |
|
Retail Properties America, Inc. |
96,900 |
1,483,539 |
|
Select Income (REIT) |
37,200 |
1,061,316 |
|
Senior Housing Properties Trust (SBI) |
93,300 |
2,652,519 |
|
Simon Property Group, Inc. |
4,700 |
836,929 |
|
Stag Industrial, Inc. |
134,100 |
2,955,564 |
|
Summit Hotel Properties, Inc. |
74,500 |
744,255 |
|
Terreno Realty Corp. |
35,500 |
668,110 |
|
Two Harbors Investment Corp. |
71,500 |
856,570 |
|
Ventas, Inc. |
167,000 |
13,298,210 |
|
Washington (REIT) (SBI) |
43,000 |
1,228,080 |
|
WP Carey, Inc. (e) |
19,900 |
1,403,348 |
|
|
132,345,035 |
||
Real Estate Management & Development - 0.2% |
|||
Kennedy-Wilson Holdings, Inc. |
74,800 |
1,243,924 |
|
Thrifts & Mortgage Finance - 0.3% |
|||
Home Loan Servicing Solutions Ltd. |
90,000 |
2,038,500 |
|
TOTAL FINANCIALS |
135,627,459 |
||
HEALTH CARE - 1.2% |
|||
Health Care Providers & Services - 1.2% |
|||
Brookdale Senior Living, Inc. (a) |
204,300 |
5,268,897 |
|
Emeritus Corp. (a) |
186,600 |
4,795,620 |
|
|
10,064,517 |
||
TOTAL COMMON STOCKS (Cost $106,545,996) |
|
||
Preferred Stocks - 19.5% |
|||
Shares |
Value |
||
Convertible Preferred Stocks - 0.9% |
|||
FINANCIALS - 0.9% |
|||
Real Estate Investment Trusts - 0.9% |
|||
CommonWealth REIT 6.50% |
127,200 |
$ 3,018,456 |
|
Health Care REIT, Inc. Series I, 6.50% |
16,200 |
1,083,880 |
|
Lexington Corporate Properties Trust Series C, 6.50% |
58,800 |
2,922,948 |
|
|
7,025,284 |
||
Nonconvertible Preferred Stocks - 18.6% |
|||
CONSUMER DISCRETIONARY - 0.4% |
|||
Hotels, Restaurants & Leisure - 0.4% |
|||
Red Lion Hotels Capital Trust 9.50% |
112,200 |
2,954,226 |
|
FINANCIALS - 18.2% |
|||
Capital Markets - 0.1% |
|||
Arlington Asset Investment Corp. 6.625% |
31,528 |
772,436 |
|
Real Estate Investment Trusts - 17.4% |
|||
AG Mortgage Investment Trust, Inc. 8.00% |
52,804 |
1,338,581 |
|
American Capital Agency Corp. 8.00% |
120,000 |
3,204,000 |
|
Annaly Capital Management, Inc.: |
|
|
|
Series A, 7.875% |
150,300 |
3,922,830 |
|
Series C, 7.625% |
9,839 |
254,830 |
|
Series D, 7.50% |
55,213 |
1,418,422 |
|
Anworth Mortgage Asset Corp. Series A, 8.625% |
178,800 |
4,621,980 |
|
Apollo Commercial Real Estate Finance, Inc. Series A, 8.625% |
61,725 |
1,641,885 |
|
Apollo Residential Mortgage, Inc. Series A, 8.00% |
49,077 |
1,251,464 |
|
Arbor Realty Trust, Inc. Series A, 8.25% |
41,922 |
1,089,553 |
|
Armour Residential REIT, Inc. Series B, 7.875% |
25,701 |
648,693 |
|
Ashford Hospitality Trust, Inc. Series E, 9.00% |
35,948 |
1,001,871 |
|
Campus Crest Communities, Inc. Series A, 8.00% |
71,569 |
1,960,275 |
|
CapLease, Inc.: |
|
|
|
Series A, 8.125% |
11,772 |
298,420 |
|
Series B, 8.375% |
190,234 |
5,246,654 |
|
CBL & Associates Properties, Inc.: |
|
|
|
7.375% |
67,200 |
1,707,552 |
|
Series E, 6.625% |
25,000 |
650,000 |
|
Cedar Shopping Centers, Inc. Series B, 7.25% |
57,640 |
1,510,744 |
|
Chesapeake Lodging Trust Series A, 7.75% |
64,034 |
1,734,681 |
|
Colony Financial, Inc. Series A, 8.50% |
77,829 |
2,114,614 |
|
CommonWealth REIT 7.50% |
24,923 |
539,832 |
|
Coresite Realty Corp. Series A, 7.25% |
30,000 |
784,800 |
|
Corporate Office Properties Trust Series L, 7.375% |
80,000 |
2,160,000 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Cousins Properties, Inc.: |
|
|
|
Series A, 7.75% |
84,500 |
$ 2,110,810 |
|
Series B, 7.50% |
34,900 |
879,480 |
|
CubeSmart Series A, 7.75% |
40,000 |
1,100,000 |
|
Cys Investments, Inc.: |
|
|
|
Series A, 7.75% |
10,014 |
254,856 |
|
Series B, 7.50% |
58,433 |
1,424,304 |
|
DDR Corp.: |
|
|
|
Series J, 6.50% |
30,181 |
777,764 |
|
Series K, 6.25% |
25,489 |
632,892 |
|
Digital Realty Trust, Inc.: |
|
|
|
Series F, 6.625% |
20,000 |
526,600 |
|
Series G, 5.875% |
28,270 |
706,185 |
|
Duke Realty LP Series L, 6.60% |
4,300 |
109,435 |
|
Dynex Capital, Inc.: |
|
|
|
Series A, 8.50% |
96,313 |
2,545,553 |
|
Series B, 7.625% |
47,335 |
1,191,422 |
|
Equity Lifestyle Properties, Inc. Series C, 6.75% |
160,000 |
4,139,200 |
|
Essex Property Trust, Inc. Series H, 7.125% |
8,100 |
216,918 |
|
Excel Trust, Inc. Series B, 8.125% |
360,000 |
9,637,200 |
|
First Potomac Realty Trust 7.75% |
107,746 |
2,842,339 |
|
Gladstone Commercial Corp. Series C, 7.125% |
67,762 |
1,791,627 |
|
Glimcher Realty Trust: |
|
|
|
6.875% |
3,183 |
80,848 |
|
Series G, 8.125% |
40,977 |
1,036,718 |
|
Series H, 7.50% |
13,575 |
354,579 |
|
Hatteras Financial Corp. Series A, 7.625% |
36,972 |
934,282 |
|
Health Care REIT, Inc. Series J, 6.50% |
20,000 |
548,000 |
|
Hersha Hospitality Trust Series B, 8.00% |
18,928 |
497,806 |
|
Hospitality Properties Trust: |
|
|
|
Series C, 7.00% |
49,797 |
1,256,876 |
|
Series D, 7.125% |
40,200 |
1,081,380 |
|
Hudson Pacific Properties, Inc. 8.375% |
84,787 |
2,239,225 |
|
Inland Real Estate Corp. Series A, 8.125% |
200,000 |
5,388,000 |
|
Invesco Mortgage Capital, Inc. Series A, 7.75% |
30,151 |
776,690 |
|
Investors Real Estate Trust Series B, 7.95% |
33,428 |
894,533 |
|
iStar Financial, Inc.: |
|
|
|
Series E, 7.875% |
17,271 |
417,958 |
|
Series F, 7.80% |
32,256 |
774,789 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Kilroy Realty Corp. Series G, 6.875% |
20,000 |
$ 540,600 |
|
Kite Realty Group Trust 8.25% |
4,100 |
111,028 |
|
LaSalle Hotel Properties: |
|
|
|
Series G, 7.25% |
26,100 |
655,110 |
|
Series H, 7.50% |
7,192 |
191,811 |
|
Series I, 6.375% |
16,639 |
423,130 |
|
LBA Realty Fund II Series B, 7.625% (a) |
118,900 |
2,318,550 |
|
MFA Financial, Inc.: |
|
|
|
8.00% |
108,747 |
2,880,708 |
|
Series A, 8.50% |
306,700 |
7,741,108 |
|
Series B, 7.50% |
188,749 |
4,756,475 |
|
Monmouth Real Estate Investment Corp. Series B, 7.875% |
30,000 |
801,900 |
|
National Retail Properties, Inc. Series D, 6.625% |
17,563 |
477,011 |
|
NorthStar Realty Finance Corp.: |
|
|
|
Series B, 8.25% |
16,301 |
409,481 |
|
Series C, 8.875% |
50,295 |
1,299,623 |
|
Series D, 8.50% |
31,413 |
790,979 |
|
Pebblebrook Hotel Trust: |
|
|
|
Series A, 7.875% |
49,000 |
1,298,500 |
|
Series B, 8.00% |
37,400 |
1,002,320 |
|
Series C, 6.50% |
26,082 |
656,484 |
|
Pennsylvania (REIT) 7.375% |
19,408 |
511,983 |
|
Prologis, Inc. Series Q, 8.54% |
15,800 |
1,021,570 |
|
PS Business Parks, Inc.: |
|
|
|
5.70% |
26,430 |
667,093 |
|
Series S, 6.45% |
16,039 |
428,722 |
|
Regency Centers Corp. Series 6, 6.625% |
17,739 |
476,470 |
|
Retail Properties America, Inc. 7.00% |
35,218 |
903,694 |
|
Saul Centers, Inc.: |
|
|
|
8.00% |
14,472 |
375,259 |
|
Series C, 6.875% |
69,596 |
1,837,334 |
|
Stag Industrial, Inc. Series A, 9.00% |
280,000 |
7,733,600 |
|
Strategic Hotel & Resorts, Inc. Series A, 8.50% |
21,591 |
541,718 |
|
Summit Hotel Properties, Inc. Series A, 9.25% |
173,700 |
4,806,279 |
|
Sun Communities, Inc. Series A, 7.125% |
24,000 |
621,120 |
|
Sunstone Hotel Investors, Inc. Series D, 8.00% |
20,200 |
535,704 |
|
Taubman Centers, Inc. Series K, 6.25% |
19,561 |
503,696 |
|
Terreno Realty Corp. Series A 7.75% |
44,310 |
1,180,862 |
|
UMH Properties, Inc. Series A, 8.25% |
96,000 |
2,629,440 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Urstadt Biddle Properties, Inc. Series F, 7.125% |
30,000 |
$ 791,700 |
|
Weingarten Realty Investors (SBI) Series F, 6.50% |
62,800 |
1,586,328 |
|
Winthrop Realty Trust: |
|
|
|
7.75% |
60,000 |
1,561,200 |
|
Series D, 9.25% |
35,000 |
976,850 |
|
|
142,315,390 |
||
Real Estate Management & Development - 0.7% |
|||
Forest City Enterprises, Inc. 7.375% |
180,500 |
4,563,040 |
|
Kennedy-Wilson, Inc. 7.75% |
35,054 |
913,157 |
|
|
5,476,197 |
||
TOTAL FINANCIALS |
148,564,023 |
||
TOTAL NONCONVERTIBLE PREFERRED STOCKS |
151,518,249 |
||
TOTAL PREFERRED STOCKS (Cost $149,711,328) |
|
Corporate Bonds - 23.9% |
||||
|
Principal Amount |
|
||
Convertible Bonds - 2.9% |
||||
CONSUMER DISCRETIONARY - 0.1% |
||||
Hotels, Restaurants & Leisure - 0.1% |
||||
Morgans Hotel Group Co. 2.375% 10/15/14 |
|
$ 1,365,000 |
1,324,050 |
|
FINANCIALS - 2.8% |
||||
Diversified Financial Services - 0.0% |
||||
IAS Operating Partnership LP 5% 3/15/18 (f) |
|
400,000 |
403,750 |
|
Real Estate Investment Trusts - 2.5% |
||||
Annaly Capital Management, Inc. 5% 5/15/15 |
|
6,690,000 |
6,945,056 |
|
Ares Commercial Real Estate Corp. 7% 12/15/15 (f) |
|
2,300,000 |
2,333,580 |
|
CapLease, Inc. 7.5% 10/1/27 (f) |
|
4,458,000 |
4,458,000 |
|
Northstar Realty Finance LP 8.875% 6/15/32 (f) |
|
2,950,000 |
4,928,344 |
|
ProLogis LP 2.625% 5/15/38 |
|
405,000 |
405,020 |
|
Redwood Trust, Inc. 4.625% 4/15/18 |
|
1,000,000 |
1,126,300 |
|
|
20,196,300 |
|||
Corporate Bonds - continued |
||||
|
Principal Amount |
Value |
||
Convertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Management & Development - 0.3% |
||||
Corporate Office Properties LP 4.25% 4/15/30 (f) |
|
$ 1,940,000 |
$ 2,040,638 |
|
Grubb & Ellis Co. 7.95% 5/1/15 (d)(f) |
|
1,540,000 |
3,080 |
|
|
2,043,718 |
|||
TOTAL FINANCIALS |
22,643,768 |
|||
TOTAL CONVERTIBLE BONDS |
23,967,818 |
|||
Nonconvertible Bonds - 21.0% |
||||
CONSUMER DISCRETIONARY - 6.4% |
||||
Hotels, Restaurants & Leisure - 0.7% |
||||
CityCenter Holdings LLC/CityCenter Finance Corp. 7.625% 1/15/16 |
|
440,000 |
472,472 |
|
FelCor Lodging LP 6.75% 6/1/19 |
|
1,375,000 |
1,502,188 |
|
Times Square Hotel Trust 8.528% 8/1/26 (f) |
|
2,741,049 |
3,713,604 |
|
|
5,688,264 |
|||
Household Durables - 5.4% |
||||
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (f) |
|
395,000 |
424,625 |
|
D.R. Horton, Inc. 6.5% 4/15/16 |
|
811,000 |
908,320 |
|
KB Home: |
|
|
|
|
5.875% 1/15/15 |
|
1,216,000 |
1,282,880 |
|
7.25% 6/15/18 |
|
2,110,000 |
2,357,925 |
|
8% 3/15/20 |
|
2,395,000 |
2,802,150 |
|
9.1% 9/15/17 |
|
3,230,000 |
3,859,850 |
|
Lennar Corp.: |
|
|
|
|
4.125% 12/1/18 (f) |
|
1,220,000 |
1,244,400 |
|
5.6% 5/31/15 |
|
1,216,000 |
1,307,200 |
|
6.95% 6/1/18 |
|
1,720,000 |
1,971,550 |
|
M/I Homes, Inc. 8.625% 11/15/18 |
|
6,764,000 |
7,508,040 |
|
Meritage Homes Corp.: |
|
|
|
|
7% 4/1/22 |
|
2,005,000 |
2,250,613 |
|
7.15% 4/15/20 |
|
440,000 |
496,100 |
|
Ryland Group, Inc.: |
|
|
|
|
6.625% 5/1/20 |
|
445,000 |
491,169 |
|
8.4% 5/15/17 |
|
1,446,000 |
1,731,585 |
|
Standard Pacific Corp.: |
|
|
|
|
8.375% 5/15/18 |
|
8,047,000 |
9,575,930 |
|
Corporate Bonds - continued |
||||
|
Principal Amount |
Value |
||
Nonconvertible Bonds - continued |
||||
CONSUMER DISCRETIONARY - continued |
||||
Household Durables - continued |
||||
Standard Pacific Corp.: - continued |
|
|
|
|
10.75% 9/15/16 |
|
$ 3,284,000 |
$ 4,096,790 |
|
Toll Brothers Finance Corp.: |
|
|
|
|
4.375% 4/15/23 |
|
630,000 |
645,750 |
|
5.875% 2/15/22 |
|
450,000 |
508,500 |
|
William Lyon Homes, Inc. 8.5% 11/15/20 (f) |
|
460,000 |
515,200 |
|
|
43,978,577 |
|||
Multiline Retail - 0.3% |
||||
Sears Holdings Corp. 6.625% 10/15/18 |
|
2,053,000 |
2,037,603 |
|
TOTAL CONSUMER DISCRETIONARY |
51,704,444 |
|||
FINANCIALS - 12.9% |
||||
Diversified Financial Services - 0.7% |
||||
Cantor Commercial Real Estate Co. LP/CCRE Finance Corp. 7.75% 2/15/18 (f) |
|
1,025,000 |
1,060,875 |
|
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: |
|
|
|
|
7.75% 1/15/16 |
|
2,172,000 |
2,261,595 |
|
8% 1/15/18 |
|
1,795,000 |
1,929,625 |
|
|
5,252,095 |
|||
Real Estate Investment Trusts - 8.7% |
||||
American Campus Communities Operating Partnership LP 3.75% 4/15/23 |
|
495,000 |
519,951 |
|
Camden Property Trust 5% 6/15/15 |
|
1,135,000 |
1,226,078 |
|
Commercial Net Lease Realty, Inc.: |
|
|
|
|
6.15% 12/15/15 |
|
917,000 |
1,023,211 |
|
6.25% 6/15/14 |
|
949,000 |
1,000,773 |
|
CubeSmart LP 4.8% 7/15/22 |
|
1,000,000 |
1,117,632 |
|
Developers Diversified Realty Corp.: |
|
|
|
|
7.5% 7/15/18 |
|
2,407,000 |
2,993,704 |
|
9.625% 3/15/16 |
|
2,254,000 |
2,747,522 |
|
Duke Realty LP 6.25% 5/15/13 |
|
608,000 |
609,118 |
|
Equity One, Inc.: |
|
|
|
|
5.375% 10/15/15 |
|
405,000 |
441,780 |
|
6% 9/15/16 |
|
811,000 |
918,133 |
|
6.25% 1/15/17 |
|
811,000 |
925,641 |
|
Health Care Property Investors, Inc.: |
|
|
|
|
6% 6/15/14 |
|
660,000 |
696,081 |
|
Corporate Bonds - continued |
||||
|
Principal Amount |
Value |
||
Nonconvertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Investment Trusts - continued |
||||
Health Care Property Investors, Inc.: - continued |
|
|
|
|
6% 3/1/15 |
|
$ 1,216,000 |
$ 1,320,931 |
|
6.3% 9/15/16 |
|
3,850,000 |
4,464,329 |
|
7.072% 6/8/15 |
|
405,000 |
448,201 |
|
Health Care REIT, Inc. 4.125% 4/1/19 |
|
1,000,000 |
1,095,699 |
|
Healthcare Realty Trust, Inc.: |
|
|
|
|
3.75% 4/15/23 |
|
801,000 |
813,838 |
|
6.5% 1/17/17 |
|
506,000 |
583,858 |
|
Highwoods/Forsyth LP: |
|
|
|
|
3.625% 1/15/23 |
|
393,000 |
394,302 |
|
5.85% 3/15/17 |
|
2,593,000 |
2,923,626 |
|
Hospitality Properties Trust: |
|
|
|
|
5% 8/15/22 |
|
823,000 |
894,008 |
|
5.625% 3/15/17 |
|
1,248,000 |
1,382,295 |
|
6.7% 1/15/18 |
|
811,000 |
932,824 |
|
7.875% 8/15/14 |
|
405,000 |
425,474 |
|
HRPT Properties Trust 6.25% 8/15/16 |
|
4,000,000 |
4,365,936 |
|
iStar Financial, Inc.: |
|
|
|
|
5.85% 3/15/17 |
|
825,000 |
845,625 |
|
5.875% 3/15/16 |
|
8,610,000 |
9,040,500 |
|
5.95% 10/15/13 |
|
3,833,000 |
3,890,495 |
|
6.05% 4/15/15 |
|
2,887,000 |
3,031,350 |
|
7.125% 2/15/18 |
|
1,010,000 |
1,070,600 |
|
9% 6/1/17 |
|
2,430,000 |
2,770,200 |
|
MPT Operating Partnership LP/MPT Finance Corp. 6.375% 2/15/22 |
|
890,000 |
963,425 |
|
National Retail Properties, Inc. 6.875% 10/15/17 |
|
1,621,000 |
1,946,190 |
|
Nationwide Health Properties, Inc. 6% 5/20/15 |
|
1,540,000 |
1,698,589 |
|
Omega Healthcare Investors, Inc. 7.5% 2/15/20 |
|
811,000 |
904,265 |
|
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14 |
|
1,378,000 |
1,453,980 |
|
Potlatch Corp. 7.5% 11/1/19 |
|
811,000 |
956,980 |
|
ProLogis LP 7.625% 7/1/17 |
|
1,268,000 |
1,477,475 |
|
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20 |
|
811,000 |
1,016,832 |
|
Senior Housing Properties Trust: |
|
|
|
|
6.75% 4/15/20 |
|
576,000 |
669,696 |
|
6.75% 12/15/21 |
|
2,000,000 |
2,351,654 |
|
UDR, Inc. 5.5% 4/1/14 |
|
1,000,000 |
1,039,424 |
|
Corporate Bonds - continued |
||||
|
Principal Amount |
Value |
||
Nonconvertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Investment Trusts - continued |
||||
United Dominion Realty Trust, Inc.: |
|
|
|
|
5.25% 1/15/15 |
|
$ 405,000 |
$ 431,725 |
|
5.25% 1/15/16 |
|
811,000 |
890,978 |
|
|
70,714,928 |
|||
Real Estate Management & Development - 3.5% |
||||
AMB Property LP 5.9% 8/15/13 |
|
486,000 |
492,645 |
|
Brandywine Operating Partnership LP: |
|
|
|
|
5.4% 11/1/14 |
|
1,216,000 |
1,291,213 |
|
6% 4/1/16 |
|
811,000 |
909,428 |
|
7.5% 5/15/15 |
|
405,000 |
453,386 |
|
CB Richard Ellis Services, Inc.: |
|
|
|
|
5% 3/15/23 |
|
1,225,000 |
1,254,155 |
|
11.625% 6/15/17 |
|
811,000 |
866,959 |
|
Colonial Properties Trust 6.25% 6/15/14 |
|
1,293,000 |
1,362,796 |
|
Colonial Realty LP 6.05% 9/1/16 |
|
1,216,000 |
1,369,228 |
|
First Industrial LP 5.75% 1/15/16 |
|
811,000 |
867,125 |
|
Forest City Enterprises, Inc. 6.5% 2/1/17 |
|
6,171,000 |
6,016,725 |
|
Host Hotels & Resorts LP 6% 10/1/21 |
|
485,000 |
565,934 |
|
Kennedy-Wilson, Inc.: |
|
|
|
|
8.75% 4/1/19 |
|
1,110,000 |
1,219,613 |
|
8.75% 4/1/19 (f) |
|
1,890,000 |
2,076,638 |
|
Realogy Corp.: |
|
|
|
|
7.875% 2/15/19 (f) |
|
1,450,000 |
1,618,563 |
|
9% 1/15/20 (f) |
|
560,000 |
663,600 |
|
Regency Centers LP: |
|
|
|
|
5.25% 8/1/15 |
|
3,250,000 |
3,524,619 |
|
5.875% 6/15/17 |
|
486,000 |
559,514 |
|
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17 |
|
2,035,000 |
2,175,008 |
|
Ventas Realty LP/Ventas Capital Corp.: |
|
|
|
|
3.125% 11/30/15 |
|
552,000 |
583,176 |
|
4% 4/30/19 |
|
597,000 |
657,184 |
|
Weekley Homes LLC/Weekley Finance Corp. 6% 2/1/23 (f) |
|
325,000 |
338,000 |
|
|
28,865,509 |
|||
TOTAL FINANCIALS |
104,832,532 |
|||
Corporate Bonds - continued |
||||
|
Principal Amount |
Value |
||
Nonconvertible Bonds - continued |
||||
HEALTH CARE - 1.4% |
||||
Health Care Equipment & Supplies - 0.2% |
||||
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. 7.75% 2/15/19 |
|
$ 1,835,000 |
$ 2,009,325 |
|
Health Care Providers & Services - 1.2% |
||||
Health Management Associates, Inc. 7.375% 1/15/20 |
|
385,000 |
428,313 |
|
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18 |
|
8,507,000 |
9,272,630 |
|
|
9,700,943 |
|||
TOTAL HEALTH CARE |
11,710,268 |
|||
INDUSTRIALS - 0.1% |
||||
Industrial Conglomerates - 0.1% |
||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 7.375% 10/1/17 (f) |
|
785,000 |
815,419 |
|
MATERIALS - 0.2% |
||||
Paper & Forest Products - 0.2% |
||||
Plum Creek Timberlands LP 5.875% 11/15/15 |
|
1,621,000 |
1,796,592 |
|
TOTAL NONCONVERTIBLE BONDS |
170,859,255 |
|||
TOTAL CORPORATE BONDS (Cost $175,443,314) |
|
|||
Asset-Backed Securities - 4.8% |
||||
|
||||
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.5592% 3/23/19 (f)(g) |
|
957,369 |
948,274 |
|
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (f) |
|
1,339,234 |
1,341,645 |
|
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.5294% 1/20/37 (f)(g) |
|
611,359 |
584,612 |
|
CBRE Realty Finance CDO LLC Series 2007-1A Class A1, 0.5304% 4/7/52 (f)(g) |
|
2,825,795 |
2,514,958 |
|
Conseco Finance Securitizations Corp.: |
|
|
|
|
Series 2002-1 Class M2, 9.546% 12/1/33 |
|
1,216,000 |
1,162,513 |
|
Series 2002-2 Class M2, 9.163% 3/1/33 |
|
2,026,000 |
1,795,862 |
|
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A: |
|
|
|
|
Class B1, 6.065% 12/28/35 (f) |
|
250,492 |
250,805 |
|
Asset-Backed Securities - continued |
||||
|
Principal Amount |
Value |
||
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A: - continued |
|
|
|
|
Class B2, 1.6336% 12/28/35 (f)(g) |
|
$ 247,169 |
$ 244,697 |
|
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 |
|
1,627,000 |
1,569,463 |
|
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 |
|
3,700,675 |
1,773,957 |
|
N-Star Real Estate CDO Ltd. Series 1A Class B1, 1.9616% 8/28/38 (f)(g) |
|
3,574,000 |
3,431,040 |
|
Prima Capital Ltd. Series 2006-CR1A Class A2, 5.533% 12/28/48 (f) |
|
2,551,510 |
2,602,541 |
|
Residential Asset Securities Corp. Series 2003-KS10 Class MI3, 6.41% 12/25/33 |
|
275,425 |
110,816 |
|
Wachovia Ltd./Wachovia LLC: |
|
|
|
|
Series 2006-1 Class 1ML, 5.7841% 9/25/26 (f)(g) |
|
2,432,000 |
1,471,360 |
|
Series 2006-1A: |
|
|
|
|
Class A1A, 0.5441% 9/25/26 (f)(g) |
|
1,409,379 |
1,388,661 |
|
Class A1B, 0.6141% 9/25/26 (f)(g) |
|
11,266,000 |
10,256,566 |
|
Class A2A, 0.5041% 9/25/26 (f)(g) |
|
704,471 |
702,921 |
|
Class C 0.8141% 9/25/26 (f)(g) |
|
1,010,000 |
895,365 |
|
Class F, 1.4341% 9/25/26 (f)(g) |
|
1,868,000 |
1,637,489 |
|
Class G, 1.6341% 9/25/26 (f)(g) |
|
1,343,000 |
1,166,261 |
|
Class H, 1.9341% 9/25/26 (f)(g) |
|
3,486,000 |
3,009,812 |
|
TOTAL ASSET-BACKED SECURITIES (Cost $33,379,916) |
|
|||
Collateralized Mortgage Obligations - 0.7% |
||||
|
||||
Private Sponsor - 0.7% |
||||
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.3787% 6/15/22 (f)(g) |
|
1,232,666 |
1,217,031 |
|
FREMF Mortgage Trust: |
|
|
|
|
Series 2010 K7 Class B, 5.4359% 4/25/20 (f)(g) |
|
2,605,000 |
3,015,225 |
|
Series 2010-K6 Class B, 5.3654% 12/25/46 (f)(g) |
|
811,000 |
932,558 |
|
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (f) |
|
811,000 |
840,981 |
|
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $5,155,941) |
|
|||
Commercial Mortgage Securities - 20.2% |
||||
|
Principal Amount |
Value |
||
Banc of America Commercial Mortgage Trust Series 2005-1 Class CJ, 5.196% 11/10/42 (g) |
|
$ 1,175,000 |
$ 1,256,835 |
|
Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 2.499% 11/15/15 (f)(g) |
|
25,592,767 |
25,790,619 |
|
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.1987% 3/15/22 (f)(g) |
|
387,059 |
263,200 |
|
Banc of America REMIC Trust Series 2012-CLMZ Class A, 7.6987% 8/15/17 (f)(g) |
|
1,010,000 |
1,074,438 |
|
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.4502% 3/11/39 (g) |
|
2,432,000 |
2,534,733 |
|
Chase Commercial Mortgage Securities Corp. Series 1998-1 Class H, 6.34% 5/18/30 (f) |
|
1,621,000 |
1,457,371 |
|
COMM pass-thru certificates: |
|
|
|
|
floater Series 2006-FL12 Class AJ, 0.3287% 12/15/20 (f)(g) |
|
1,621,000 |
1,553,331 |
|
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (f) |
|
882,851 |
890,797 |
|
Commercial Mortgage Trust pass-thru certificates: |
|
|
|
|
Series 2005-C6 Class AJ, 5.209% 6/10/44 (g) |
|
2,000,000 |
2,163,762 |
|
Series 2012-CR1: |
|
|
|
|
Class C, 5.547% 5/15/45 |
|
3,000,000 |
3,460,425 |
|
Class D, 5.547% 5/15/45 (f) |
|
1,350,000 |
1,419,181 |
|
Series 2012-CR2 Class D, 4.8586% 8/15/45 (f)(g) |
|
500,000 |
520,786 |
|
Series 2012-LC4: |
|
|
|
|
Class C, 5.649% 12/10/44 (g) |
|
780,000 |
912,130 |
|
Class D, 5.824% 12/10/44 (f)(g) |
|
2,830,000 |
3,056,358 |
|
Communication Mortgage Trust Series 2011-THL: |
|
|
|
|
Class E, 5.949% 6/9/28 (f) |
|
2,260,000 |
2,325,002 |
|
Class F, 4.867% 6/9/28 (f) |
|
3,640,000 |
3,400,313 |
|
Credit Suisse First Boston Mortgage Securities Corp.: |
|
|
|
|
Series 1998-C2 Class F, 6.75% 11/15/30 (f) |
|
811,000 |
853,726 |
|
Series 2003-C3 Class D, 4.131% 5/15/38 |
|
1,290,821 |
1,290,583 |
|
DBUBS Mortgage Trust Series 2011-LC1A Class E, 5.5571% 11/10/46 (f)(g) |
|
2,450,000 |
2,706,691 |
|
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31 |
|
1,202,892 |
1,203,719 |
|
DLJ Commercial Mortgage Corp. Series 1998-CG1 Class B4, 7.1969% 6/10/31 (f)(g) |
|
1,196,433 |
1,196,712 |
|
Extended Stay America Trust Series 2013-ESHM Class M, 7.625% 12/5/19 (f) |
|
2,460,000 |
2,616,548 |
|
Freddie Mac pass-thru certificates: |
|
|
|
|
Series K011 Class X3, 2.5754% 12/25/43 (g)(h) |
|
4,947,000 |
797,793 |
|
Series K012 Class X3, 2.2882% 1/25/41 (g)(h) |
|
2,846,999 |
410,674 |
|
Series K013 Class X3, 2.7902% 1/25/43 (g)(h) |
|
4,806,000 |
851,503 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal Amount |
Value |
||
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (f) |
|
$ 4,090,941 |
$ 4,121,624 |
|
GCCFC Commercial Mortgage Trust: |
|
|
|
|
sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (f) |
|
811,000 |
812,141 |
|
Series 2005-GG3 Class B, 4.894% 8/10/42 (g) |
|
885,000 |
899,882 |
|
GMAC Commercial Mortgage Securities, Inc.: |
|
|
|
|
Series 1997-C2 Class G, 6.75% 4/15/29 (g) |
|
794,815 |
893,862 |
|
Series 1999-C1 Class F, 6.02% 5/15/33 (f) |
|
700,413 |
707,372 |
|
Series 1999-C3 Class J, 6.974% 8/15/36 |
|
2,204,000 |
2,322,975 |
|
Series 2000-C1 Class K, 7% 3/15/33 |
|
142,613 |
108,749 |
|
Series 2003-C3 Class H, 5.7664% 4/10/40 (f)(g) |
|
830,000 |
816,196 |
|
GS Mortgage Securities Corp. II: |
|
|
|
|
floater Series 2007-EOP Class L, 5.4585% 3/6/20 (f)(g) |
|
2,270,000 |
2,290,344 |
|
Series 2012-GCJ7: |
|
|
|
|
Class C, 5.7228% 5/10/45 (g) |
|
3,500,000 |
4,000,120 |
|
Class D, 5.7228% 5/10/45 (f)(g) |
|
2,500,000 |
2,682,086 |
|
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (f) |
|
6,300,000 |
6,344,100 |
|
GS Mortgage Securities Trust: |
|
|
|
|
Series 2010-C2 Class D, 5.2273% 12/10/43 (f)(g) |
|
2,000,000 |
2,178,748 |
|
Series 2012-GC6 Class C, 5.6391% 1/10/45 (f)(g) |
|
2,400,000 |
2,815,621 |
|
JPMorgan Chase Commercial Mortgage Securities Corp.: |
|
|
|
|
Series 2009-IWST Class D, 7.4458% 12/5/27 (f)(g) |
|
2,779,000 |
3,296,625 |
|
Series 2010-CNTM Class MZ, 8.5% 8/5/20 (f) |
|
2,620,000 |
2,806,589 |
|
Series 2010-CNTR Class D, 6.1844% 8/5/32 (f)(g) |
|
1,216,000 |
1,403,752 |
|
Series 2012-CBX Class C, 5.1895% 6/16/45 (g) |
|
1,240,000 |
1,396,579 |
|
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (f) |
|
692,184 |
703,420 |
|
LB-UBS Commercial Mortgage Trust: |
|
|
|
|
sequential payer: |
|
|
|
|
Series 2005-C3 Class AJ, 4.843% 7/15/40 |
|
3,760,000 |
3,996,590 |
|
Series 2005-C7 Class AJ, 5.323% 11/15/40 (g) |
|
1,240,000 |
1,340,166 |
|
Series 2005-C1 Class E, 4.924% 2/15/40 |
|
1,000,000 |
1,028,572 |
|
Series 2006-C4 Class AJ, 5.8856% 6/15/38 (g) |
|
2,511,000 |
2,601,090 |
|
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2007-LLFA Class E, 1.0987% 6/15/22 (f)(g) |
|
1,770,000 |
1,724,385 |
|
LStar Commercial Mortgage Trust: |
|
|
|
|
Series 2011-1 Class D, 5.491% 6/25/43 (f)(g) |
|
1,564,000 |
1,640,731 |
|
Series 2011-1 Class B, 5.491% 6/25/43 (f)(g) |
|
1,897,000 |
1,997,520 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal Amount |
Value |
||
Mezz Capital Commercial Mortgage Trust sequential payer Series 2004-C2 Class A, 5.318% 10/15/40 (f) |
|
$ 2,394,053 |
$ 2,094,796 |
|
Morgan Stanley Capital I Trust: |
|
|
|
|
sequential payer: |
|
|
|
|
Series 2012-C4 Class E, 5.71% 3/15/45 (f) |
|
1,250,000 |
1,317,736 |
|
Series 2006-HQ10 Class AM, 5.36% 11/12/41 |
|
3,769,000 |
4,221,672 |
|
Series 1997-RR Class F, 7.4014% 4/30/39 (f)(g) |
|
225,758 |
223,501 |
|
Series 1998-CF1 Class G, 7.35% 7/15/32 (f) |
|
1,798,684 |
1,365,410 |
|
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43 |
|
3,242,000 |
3,689,552 |
|
Series 2011-C1 Class C, 5.2537% 9/15/47 (f)(g) |
|
2,000,000 |
2,280,140 |
|
Series 2011-C2: |
|
|
|
|
Class D, 5.3172% 6/15/44 (f)(g) |
|
1,532,000 |
1,654,647 |
|
Class E, 5.3172% 6/15/44 (f)(g) |
|
1,946,000 |
2,088,126 |
|
Class F, 5.3172% 6/15/44 (f)(g) |
|
1,467,000 |
1,260,617 |
|
Class XB, 0.4644% 6/15/44 (f)(g)(h) |
|
51,641,000 |
1,848,903 |
|
Series 2011-C3 Class C, 5.1849% 7/15/49 (f)(g) |
|
2,000,000 |
2,258,742 |
|
Series 2012-C4 Class D, 5.5266% 3/15/45 (f)(g) |
|
1,640,000 |
1,840,884 |
|
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (f) |
|
1,039,067 |
1,323,459 |
|
RBSCF Trust Series 2010-MB1 Class D, 4.6812% 4/15/24 (f)(g) |
|
2,687,000 |
2,738,222 |
|
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (f) |
|
2,026,000 |
2,097,321 |
|
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.7737% 7/15/24 (f)(g) |
|
1,459,000 |
1,288,528 |
|
Wachovia Bank Commercial Mortgage Trust: |
|
|
|
|
Series 2004-C10 Class E, 4.931% 2/15/41 |
|
1,621,000 |
1,648,940 |
|
Series 2004-C12 Class D, 5.3085% 7/15/41 (g) |
|
1,824,000 |
1,888,221 |
|
Series 2004-C14 Class B, 5.17% 8/15/41 |
|
2,708,000 |
2,824,636 |
|
WF-RBS Commercial Mortgage Trust: |
|
|
|
|
Series 2011-C3: |
|
|
|
|
Class C, 5.335% 3/15/44 (f) |
|
2,100,000 |
2,406,006 |
|
Class D, 5.5491% 3/15/44 (f)(g) |
|
1,000,000 |
1,079,750 |
|
Series 2011-C5 Class C, 5.6369% 11/15/44 (f)(g) |
|
1,250,000 |
1,465,583 |
|
Series 2012-C7 Class D, 4.85% 6/15/45 (f)(g) |
|
620,000 |
662,595 |
|
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $145,268,131) |
|
|||
Floating Rate Loans - 7.9% |
||||
|
Principal Amount |
Value |
||
CONSUMER DISCRETIONARY - 4.1% |
||||
Hotels, Restaurants & Leisure - 3.9% |
||||
Cooper Hotel Group REL 12% 11/6/17 |
|
$ 2,339,438 |
$ 2,473,955 |
|
Extended Stay America, Inc. REL 9.625% 12/1/19 |
|
2,000,000 |
2,145,000 |
|
Hilton Worldwide, Inc.: |
|
|
|
|
Tranche C, term loan 3.699% 11/12/15 (g) |
|
14,577,698 |
14,377,254 |
|
Tranche D, term loan 3.949% 11/12/15 (g) |
|
12,148,081 |
11,981,045 |
|
La Quinta: |
|
|
|
|
Tranche A, term loan 11.375% 7/6/14 (g) |
|
476,799 |
483,235 |
|
Tranche B, term loan 11.375% 7/6/14 (g) |
|
357,599 |
362,427 |
|
|
31,822,916 |
|||
Specialty Retail - 0.2% |
||||
The Pep Boys - Manny, Moe & Jack Tranche B, term loan 5% 10/11/18 (g) |
|
1,356,600 |
1,375,253 |
|
TOTAL CONSUMER DISCRETIONARY |
33,198,169 |
|||
FINANCIALS - 2.6% |
||||
Diversified Financial Services - 1.1% |
||||
Blackstone REL 10% 10/1/17 |
|
7,500,000 |
8,025,000 |
|
Pilot Travel Centers LLC Tranche B 2LN, term loan 4.25% 8/7/19 (g) |
|
664,050 |
654,089 |
|
|
8,679,089 |
|||
Real Estate Investment Trusts - 0.5% |
||||
iStar Financial, Inc. Tranche B, term loan 4.5% 10/15/17 (g) |
|
4,299,436 |
4,342,431 |
|
Real Estate Management & Development - 1.0% |
||||
CB Richard Ellis Services, Inc. Tranche B, term loan 2.9537% 3/28/21 (g) |
|
890,000 |
894,450 |
|
EOP Operating LP term loan 5.25% 2/1/14 (g) |
|
1,700,000 |
1,726,690 |
|
Equity Inns Reality LLC Tranche A, term loan 10.5% 11/4/13 (g) |
|
2,195,829 |
2,033,704 |
|
Realogy Corp.: |
|
|
|
|
Credit-Linked Deposit 3.2037% 10/10/13 (g) |
|
196,298 |
195,807 |
|
Credit-Linked Deposit 4.4537% 10/10/16 (g) |
|
165,906 |
165,492 |
|
Realogy Group LLC Tranche B, term loan 4.5% 3/1/20 (g) |
|
2,580,000 |
2,605,800 |
|
|
7,621,943 |
|||
Floating Rate Loans - continued |
||||
|
Principal Amount |
Value |
||
FINANCIALS - continued |
||||
Thrifts & Mortgage Finance - 0.0% |
||||
Ocwen Loan Servicing, LLC Tranche B, term loan 5% 1/23/18 (g) |
|
$ 215,000 |
$ 218,225 |
|
TOTAL FINANCIALS |
20,861,688 |
|||
HEALTH CARE - 0.5% |
||||
Health Care Providers & Services - 0.5% |
||||
Community Health Systems, Inc. term loan 3.7865% 1/25/17 (g) |
|
393,006 |
396,445 |
|
Health Management Associates, Inc. Tranche B, term loan 3.5% 11/18/18 (g) |
|
486,161 |
491,023 |
|
Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (g) |
|
3,173,625 |
3,193,460 |
|
|
4,080,928 |
|||
INDUSTRIALS - 0.4% |
||||
Construction & Engineering - 0.4% |
||||
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (g) |
|
3,597,784 |
3,525,829 |
|
TELECOMMUNICATION SERVICES - 0.3% |
||||
Wireless Telecommunication Services - 0.3% |
||||
Crown Castle Operating Co.: |
|
|
|
|
Tranche A, term loan 2.7% 1/31/17 (g) |
|
843,896 |
844,951 |
|
Tranche B, term loan 3.25% 1/31/19 (g) |
|
1,981,002 |
1,988,530 |
|
|
2,833,481 |
|||
TOTAL FLOATING RATE LOANS (Cost $62,392,827) |
|
Money Market Funds - 4.6% |
|||
Shares |
Value |
||
Fidelity Cash Central Fund, 0.13% (b) |
36,714,944 |
$ 36,714,944 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
793,150 |
793,150 |
|
TOTAL MONEY MARKET FUNDS (Cost $37,508,094) |
|
||
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $715,405,547) |
811,809,796 |
||
NET OTHER ASSETS (LIABILITIES) - 0.3% |
2,719,057 |
||
NET ASSETS - 100% |
$ 814,528,853 |
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 $184,636,548 or 22.7% 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 |
$ 35,206 |
Fidelity Securities Lending Cash Central Fund |
5,821 |
Total |
$ 41,027 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2013, 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 |
$ 4,322,782 |
$ 4,322,782 |
$ - |
$ - |
Financials |
291,216,766 |
280,283,258 |
10,933,508 |
- |
Health Care |
10,064,517 |
10,064,517 |
- |
- |
Corporate Bonds |
194,827,073 |
- |
194,823,993 |
3,080 |
Asset-Backed Securities |
38,859,618 |
- |
29,815,577 |
9,044,041 |
Collateralized Mortgage Obligations |
6,005,795 |
- |
6,005,795 |
- |
Commercial Mortgage Securities |
164,505,056 |
- |
154,485,469 |
10,019,587 |
Floating Rate Loans |
64,500,095 |
- |
49,283,788 |
15,216,307 |
Money Market Funds |
37,508,094 |
37,508,094 |
- |
- |
Total Investments in Securities: |
$ 811,809,796 |
$ 332,178,651 |
$ 445,348,130 |
$ 34,283,015 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: |
|
Asset-Backed Securities |
|
Beginning Balance |
$ 15,625,880 |
Total Realized Gain (Loss) |
989,832 |
Total Unrealized Gain (Loss) |
(364,272) |
Cost of Purchases |
- |
Proceeds of Sales |
(5,316,341) |
Amortization/Accretion |
687,384 |
Transfers in to Level 3 |
2,518,600 |
Transfers out of Level 3 |
(5,097,042) |
Ending Balance |
$ 9,044,041 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013 |
$ (336,852) |
Commercial Mortgage Securities |
|
Beginning Balance |
$ 19,153,838 |
Total Realized Gain (Loss) |
1,001,656 |
Total Unrealized Gain (Loss) |
(94,340) |
Cost of Purchases |
38,762 |
Proceeds of Sales |
(7,368,685) |
Amortization/Accretion |
370,657 |
Transfers in to Level 3 |
1,180,860 |
Transfers out of Level 3 |
(4,263,161) |
Ending Balance |
$ 10,019,587 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013 |
$ 397,957 |
Floating Rate Loans |
|
Beginning Balance |
$ - |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
721,242 |
Cost of Purchases |
14,531,685 |
Proceeds of Sales |
(58,492) |
Amortization/Accretion |
21,872 |
Transfers in to Level 3 |
- |
Transfers out of Level 3 |
- |
Ending Balance |
$ 15,216,307 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013 |
$ 721,242 |
Other Investments in Securities |
|
Beginning Balance |
$ 3,470,000 |
Total Realized Gain (Loss) |
- |
Total Unrealized Gain (Loss) |
(4,620) |
Cost of Purchases |
- |
Proceeds of Sales |
(1,090,000) |
Amortization/Accretion |
- |
Transfers in to Level 3 |
7,700 |
Transfers out of Level 3 |
(2,380,000) |
Ending Balance |
$ 3,080 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013 |
$ (4,620) |
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 April 30, 2013, the cost of investment securities for income tax purposes was $715,409,014. Net unrealized appreciation aggregated $96,400,782, of which $97,906,184 related to appreciated investment securities and $1,505,402 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 Fund's 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. |
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. For corporate bonds and floating rate loans, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. For asset backed securities, collateralized mortgage obligations and commercial mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. |
Independent prices obtained from a single source or broker are evaluated by management and may be categorized as Level 3 in the hierarchy. |
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. Certain of the Fund's securities may be valued by a single source or broker. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions. |
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. |
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker. |
Asset Type |
Fair Value at |
Valuation |
Unobservable Input |
Amount or |
Impact to |
Asset-Backed Securities |
$ 250,805 |
Discounted cash flow |
Yield |
5.5% |
Decrease |
Commercial Mortgage Securities |
$ 1,365,410 |
Market comparable |
Spread |
13.8 |
Decrease |
Floating Rate Loans |
$ 10,498,955 |
Discounted cash flow |
Yield |
8.4% - 11.1% / 9% |
Decrease |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
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. or an affiliate. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ®
Growth & Income Portfolio -
Growth & Income
Class K
April 30, 2013
1.800339.109
GAI-QTLY-0613
Showing Percentage of Net Assets
Common Stocks - 98.9% |
|||
Shares |
Value (000s) |
||
CONSUMER DISCRETIONARY - 10.5% |
|||
Auto Components - 0.3% |
|||
Gentex Corp. |
758,739 |
$ 17,072 |
|
Automobiles - 0.4% |
|||
Ford Motor Co. |
2,120,403 |
29,071 |
|
Distributors - 0.3% |
|||
Li & Fung Ltd. |
10,024,000 |
12,969 |
|
LKQ Corp. (a) |
314,498 |
7,573 |
|
|
20,542 |
||
Diversified Consumer Services - 0.1% |
|||
H&R Block, Inc. |
179,232 |
4,972 |
|
Hotels, Restaurants & Leisure - 1.5% |
|||
Darden Restaurants, Inc. |
38,537 |
1,990 |
|
McDonald's Corp. |
600,946 |
61,381 |
|
Wyndham Worldwide Corp. |
134,267 |
8,067 |
|
Yum! Brands, Inc. |
429,148 |
29,234 |
|
|
100,672 |
||
Leisure Equipment & Products - 0.1% |
|||
Mattel, Inc. |
140,406 |
6,411 |
|
Media - 3.7% |
|||
Comcast Corp. Class A |
2,862,400 |
118,217 |
|
Scripps Networks Interactive, Inc. Class A |
212,925 |
14,177 |
|
Time Warner, Inc. |
1,441,564 |
86,177 |
|
Viacom, Inc. Class B (non-vtg.) |
315,038 |
20,159 |
|
|
238,730 |
||
Multiline Retail - 2.2% |
|||
Kohl's Corp. |
259,385 |
12,207 |
|
Target Corp. |
1,903,122 |
134,284 |
|
|
146,491 |
||
Specialty Retail - 1.8% |
|||
Lowe's Companies, Inc. |
2,664,095 |
102,355 |
|
Staples, Inc. |
962,032 |
12,737 |
|
|
115,092 |
||
Textiles, Apparel & Luxury Goods - 0.1% |
|||
Coach, Inc. |
163,932 |
9,649 |
|
TOTAL CONSUMER DISCRETIONARY |
688,702 |
||
CONSUMER STAPLES - 11.1% |
|||
Beverages - 2.8% |
|||
Molson Coors Brewing Co. Class B |
244,682 |
12,626 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
CONSUMER STAPLES - continued |
|||
Beverages - continued |
|||
PepsiCo, Inc. |
778,727 |
$ 64,222 |
|
The Coca-Cola Co. |
2,507,405 |
106,138 |
|
|
182,986 |
||
Food & Staples Retailing - 2.0% |
|||
CVS Caremark Corp. |
606,104 |
35,263 |
|
Walgreen Co. |
1,966,204 |
97,347 |
|
|
132,610 |
||
Food Products - 1.0% |
|||
Danone SA |
299,084 |
22,849 |
|
Kellogg Co. |
644,811 |
41,939 |
|
|
64,788 |
||
Household Products - 3.1% |
|||
Kimberly-Clark Corp. |
554,332 |
57,202 |
|
Procter & Gamble Co. |
1,810,215 |
138,970 |
|
Svenska Cellulosa AB (SCA) (B Shares) |
162,600 |
4,222 |
|
|
200,394 |
||
Tobacco - 2.2% |
|||
British American Tobacco PLC sponsored ADR |
796,599 |
88,438 |
|
Lorillard, Inc. |
1,275,446 |
54,704 |
|
Philip Morris International, Inc. |
47,168 |
4,509 |
|
|
147,651 |
||
TOTAL CONSUMER STAPLES |
728,429 |
||
ENERGY - 12.3% |
|||
Energy Equipment & Services - 1.4% |
|||
Ensco PLC Class A |
207,006 |
11,940 |
|
Exterran Partners LP |
221,021 |
6,255 |
|
Halliburton Co. |
1,043,527 |
44,632 |
|
Schlumberger Ltd. |
363,319 |
27,042 |
|
|
89,869 |
||
Oil, Gas & Consumable Fuels - 10.9% |
|||
Access Midstream Partners LP |
222,033 |
9,163 |
|
Apache Corp. |
259,106 |
19,143 |
|
Atlas Pipeline Partners LP |
519,329 |
18,872 |
|
BG Group PLC |
648,400 |
10,923 |
|
BP PLC sponsored ADR |
602,324 |
26,261 |
|
Canadian Natural Resources Ltd. |
1,400,700 |
41,085 |
|
Chevron Corp. |
1,511,805 |
184,455 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
ENERGY - continued |
|||
Oil, Gas & Consumable Fuels - continued |
|||
ENI SpA |
319,500 |
$ 7,625 |
|
Exxon Mobil Corp. |
640,411 |
56,990 |
|
Legacy Reserves LP |
115,745 |
3,087 |
|
Magellan Midstream Partners LP |
24,621 |
1,306 |
|
Markwest Energy Partners LP |
480,128 |
30,344 |
|
Occidental Petroleum Corp. |
1,536,169 |
137,118 |
|
Royal Dutch Shell PLC Class A (United Kingdom) |
1,872,590 |
63,753 |
|
Suncor Energy, Inc. |
1,826,250 |
56,938 |
|
The Williams Companies, Inc. |
1,180,566 |
45,015 |
|
Western Gas Partners LP |
16,100 |
973 |
|
|
713,051 |
||
TOTAL ENERGY |
802,920 |
||
FINANCIALS - 20.1% |
|||
Capital Markets - 4.2% |
|||
Apollo Investment Corp. |
545,530 |
4,806 |
|
Artisan Partners Asset Management, Inc. |
29,800 |
1,112 |
|
Ashmore Group PLC |
1,026,600 |
6,366 |
|
BlackRock, Inc. Class A |
87,636 |
23,355 |
|
Charles Schwab Corp. |
3,947,565 |
66,951 |
|
KKR & Co. LP |
1,400,847 |
29,418 |
|
Morgan Stanley |
2,840,994 |
62,928 |
|
Northern Trust Corp. |
524,651 |
28,289 |
|
State Street Corp. |
598,883 |
35,017 |
|
The Blackstone Group LP |
896,273 |
18,418 |
|
|
276,660 |
||
Commercial Banks - 5.7% |
|||
BNP Paribas SA |
67,700 |
3,772 |
|
Comerica, Inc. |
1,001,928 |
36,320 |
|
PNC Financial Services Group, Inc. |
765,912 |
51,990 |
|
Standard Chartered PLC (United Kingdom) |
732,991 |
18,411 |
|
SunTrust Banks, Inc. |
445,282 |
13,024 |
|
U.S. Bancorp |
1,730,783 |
57,600 |
|
Wells Fargo & Co. |
5,004,857 |
190,084 |
|
|
371,201 |
||
Consumer Finance - 0.2% |
|||
SLM Corp. |
731,065 |
15,096 |
|
Diversified Financial Services - 7.5% |
|||
Bank of America Corp. |
5,160,140 |
63,521 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
FINANCIALS - continued |
|||
Diversified Financial Services - continued |
|||
Citigroup, Inc. |
2,829,534 |
$ 132,026 |
|
JPMorgan Chase & Co. |
5,099,715 |
249,936 |
|
KKR Financial Holdings LLC |
2,796,474 |
29,894 |
|
NYSE Euronext |
241,950 |
9,390 |
|
The NASDAQ Stock Market, Inc. |
224,989 |
6,633 |
|
|
491,400 |
||
Insurance - 1.5% |
|||
AFLAC, Inc. |
75,146 |
4,091 |
|
Arthur J. Gallagher & Co. |
45,900 |
1,948 |
|
MetLife, Inc. |
1,511,841 |
58,947 |
|
MetLife, Inc. unit |
364,100 |
18,230 |
|
Prudential Financial, Inc. |
207,268 |
12,523 |
|
|
95,739 |
||
Real Estate Investment Trusts - 0.5% |
|||
Aviv REIT, Inc. |
33,600 |
863 |
|
BioMed Realty Trust, Inc. |
103,245 |
2,324 |
|
Sun Communities, Inc. |
552,314 |
28,251 |
|
|
31,438 |
||
Real Estate Management & Development - 0.1% |
|||
Beazer Pre-Owned Rental Homes, Inc. (e) |
254,400 |
5,342 |
|
Thrifts & Mortgage Finance - 0.4% |
|||
Radian Group, Inc. |
2,089,631 |
24,971 |
|
TOTAL FINANCIALS |
1,311,847 |
||
HEALTH CARE - 13.5% |
|||
Biotechnology - 0.9% |
|||
Amgen, Inc. |
533,303 |
55,576 |
|
Health Care Equipment & Supplies - 1.0% |
|||
Abbott Laboratories |
353,504 |
13,051 |
|
Baxter International, Inc. |
85,190 |
5,952 |
|
ResMed, Inc. (d) |
62,282 |
2,991 |
|
St. Jude Medical, Inc. |
524,250 |
21,610 |
|
Stryker Corp. |
360,488 |
23,641 |
|
|
67,245 |
||
Health Care Providers & Services - 3.7% |
|||
Aetna, Inc. |
633,558 |
36,392 |
|
AmerisourceBergen Corp. |
83,300 |
4,508 |
|
Fresenius Medical Care AG & Co. KGaA |
84,300 |
5,808 |
|
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - continued |
|||
Health Care Providers & Services - continued |
|||
Humana, Inc. |
73,900 |
$ 5,477 |
|
McKesson Corp. |
467,341 |
49,454 |
|
Quest Diagnostics, Inc. |
903,846 |
50,914 |
|
UnitedHealth Group, Inc. |
685,304 |
41,070 |
|
WellPoint, Inc. |
637,970 |
46,521 |
|
|
240,144 |
||
Health Care Technology - 0.1% |
|||
Quality Systems, Inc. |
519,413 |
9,282 |
|
Life Sciences Tools & Services - 0.2% |
|||
Lonza Group AG |
216,954 |
15,108 |
|
Pharmaceuticals - 7.6% |
|||
AbbVie, Inc. |
1,141,676 |
52,574 |
|
AstraZeneca PLC sponsored ADR |
342,296 |
17,772 |
|
Eli Lilly & Co. |
183,880 |
10,183 |
|
GlaxoSmithKline PLC sponsored ADR |
1,141,918 |
58,969 |
|
Johnson & Johnson |
1,299,597 |
110,765 |
|
Merck & Co., Inc. |
2,844,519 |
133,692 |
|
Novartis AG sponsored ADR |
387,875 |
28,610 |
|
Pfizer, Inc. |
1,392,580 |
40,482 |
|
Sanofi SA |
235,402 |
25,451 |
|
Teva Pharmaceutical Industries Ltd. sponsored ADR |
295,462 |
11,313 |
|
Warner Chilcott PLC |
504,200 |
7,250 |
|
|
497,061 |
||
TOTAL HEALTH CARE |
884,416 |
||
INDUSTRIALS - 10.6% |
|||
Aerospace & Defense - 2.2% |
|||
Honeywell International, Inc. |
173,709 |
12,775 |
|
Rockwell Collins, Inc. |
392,298 |
24,683 |
|
The Boeing Co. |
716,689 |
65,513 |
|
United Technologies Corp. |
463,182 |
42,284 |
|
|
145,255 |
||
Air Freight & Logistics - 1.6% |
|||
C.H. Robinson Worldwide, Inc. |
394,309 |
23,418 |
|
United Parcel Service, Inc. Class B |
920,104 |
78,982 |
|
|
102,400 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INDUSTRIALS - continued |
|||
Commercial Services & Supplies - 0.1% |
|||
Pitney Bowes, Inc. (d) |
517,738 |
$ 7,077 |
|
Ritchie Brothers Auctioneers, Inc. |
114,600 |
2,321 |
|
|
9,398 |
||
Electrical Equipment - 0.4% |
|||
Hubbell, Inc. Class B |
266,753 |
25,598 |
|
Industrial Conglomerates - 2.8% |
|||
General Electric Co. |
8,297,494 |
184,951 |
|
Machinery - 1.2% |
|||
Douglas Dynamics, Inc. |
941,855 |
13,177 |
|
Illinois Tool Works, Inc. |
157,009 |
10,137 |
|
Ingersoll-Rand PLC |
464,367 |
24,983 |
|
ITT Corp. |
241,666 |
6,670 |
|
Stanley Black & Decker, Inc. |
325,244 |
24,332 |
|
|
79,299 |
||
Marine - 0.1% |
|||
Irish Continental Group PLC unit |
107,193 |
2,922 |
|
Professional Services - 0.3% |
|||
Acacia Research Corp. |
106,788 |
2,544 |
|
Amadeus Fire AG |
49,993 |
2,976 |
|
Dun & Bradstreet Corp. |
82,800 |
7,324 |
|
Michael Page International PLC |
1,140,463 |
6,601 |
|
|
19,445 |
||
Road & Rail - 1.3% |
|||
CSX Corp. |
1,671,171 |
41,094 |
|
J.B. Hunt Transport Services, Inc. |
262,630 |
18,665 |
|
Norfolk Southern Corp. |
348,799 |
27,004 |
|
|
86,763 |
||
Trading Companies & Distributors - 0.6% |
|||
MSC Industrial Direct Co., Inc. Class A |
134,854 |
10,626 |
|
W.W. Grainger, Inc. |
89,072 |
21,954 |
|
Watsco, Inc. |
37,359 |
3,152 |
|
|
35,732 |
||
TOTAL INDUSTRIALS |
691,763 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
INFORMATION TECHNOLOGY - 16.0% |
|||
Communications Equipment - 1.9% |
|||
Cisco Systems, Inc. |
4,134,351 |
$ 86,491 |
|
QUALCOMM, Inc. |
652,196 |
40,188 |
|
|
126,679 |
||
Computers & Peripherals - 3.4% |
|||
Apple, Inc. |
497,341 |
220,198 |
|
Electronic Equipment & Components - 0.0% |
|||
Arrow Electronics, Inc. (a) |
75,431 |
2,959 |
|
Internet Software & Services - 1.8% |
|||
Google, Inc. Class A (a) |
143,189 |
118,069 |
|
IT Services - 5.6% |
|||
Accenture PLC Class A |
114,545 |
9,329 |
|
Cognizant Technology Solutions Corp. Class A (a) |
383,936 |
24,879 |
|
Fidelity National Information Services, Inc. |
869,725 |
36,572 |
|
IBM Corp. |
128,050 |
25,935 |
|
MasterCard, Inc. Class A |
109,450 |
60,518 |
|
Paychex, Inc. |
3,149,094 |
114,659 |
|
The Western Union Co. |
2,476,630 |
36,679 |
|
Visa, Inc. Class A |
337,674 |
56,885 |
|
|
365,456 |
||
Semiconductors & Semiconductor Equipment - 0.9% |
|||
Altera Corp. |
451,840 |
14,463 |
|
Analog Devices, Inc. |
371,765 |
16,354 |
|
Applied Materials, Inc. |
1,857,000 |
26,945 |
|
|
57,762 |
||
Software - 2.4% |
|||
Microsoft Corp. |
4,695,787 |
155,431 |
|
TOTAL INFORMATION TECHNOLOGY |
1,046,554 |
||
MATERIALS - 1.3% |
|||
Chemicals - 1.3% |
|||
Air Products & Chemicals, Inc. |
69,858 |
6,075 |
|
Airgas, Inc. |
175,583 |
16,970 |
|
E.I. du Pont de Nemours & Co. |
347,040 |
18,917 |
|
FMC Corp. |
93,478 |
5,674 |
|
Sigma Aldrich Corp. |
32,604 |
2,566 |
|
Syngenta AG (Switzerland) |
70,862 |
30,295 |
|
|
80,497 |
||
Common Stocks - continued |
|||
Shares |
Value (000s) |
||
MATERIALS - continued |
|||
Metals & Mining - 0.0% |
|||
Freeport-McMoRan Copper & Gold, Inc. |
67,700 |
$ 2,060 |
|
TOTAL MATERIALS |
82,557 |
||
TELECOMMUNICATION SERVICES - 2.4% |
|||
Diversified Telecommunication Services - 1.5% |
|||
CenturyLink, Inc. |
194,894 |
7,322 |
|
Verizon Communications, Inc. |
1,687,915 |
90,995 |
|
|
98,317 |
||
Wireless Telecommunication Services - 0.9% |
|||
Vodafone Group PLC sponsored ADR |
1,812,842 |
55,455 |
|
TOTAL TELECOMMUNICATION SERVICES |
153,772 |
||
UTILITIES - 1.1% |
|||
Electric Utilities - 0.8% |
|||
Duke Energy Corp. |
100,879 |
7,586 |
|
EDF SA |
201,200 |
4,497 |
|
FirstEnergy Corp. |
323,314 |
15,066 |
|
Hawaiian Electric Industries, Inc. |
231,600 |
6,554 |
|
ITC Holdings Corp. |
81,200 |
7,488 |
|
Northeast Utilities |
101,772 |
4,613 |
|
PPL Corp. |
196,953 |
6,574 |
|
|
52,378 |
||
Multi-Utilities - 0.3% |
|||
National Grid PLC |
109,854 |
1,400 |
|
PG&E Corp. |
142,385 |
6,897 |
|
Sempra Energy |
162,309 |
13,447 |
|
|
21,744 |
||
TOTAL UTILITIES |
74,122 |
||
TOTAL COMMON STOCKS (Cost $5,346,559) |
|
||
Convertible Preferred Stocks - 0.8% |
|||
|
|
|
|
ENERGY - 0.1% |
|||
Oil, Gas & Consumable Fuels - 0.1% |
|||
Apache Corp. 6.00% |
85,000 |
3,597 |
|
Convertible Preferred Stocks - continued |
|||
Shares |
Value (000s) |
||
HEALTH CARE - 0.6% |
|||
Health Care Equipment & Supplies - 0.6% |
|||
Alere, Inc. 3.00% |
174,893 |
$ 42,109 |
|
INDUSTRIALS - 0.1% |
|||
Aerospace & Defense - 0.1% |
|||
United Technologies Corp. 7.50% |
110,600 |
6,541 |
|
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $52,219) |
|
Convertible Bonds - 0.1% |
||||
|
Principal Amount (000s) |
|
||
ENERGY - 0.1% |
||||
Oil, Gas & Consumable Fuels - 0.1% |
||||
Amyris, Inc. 3% 2/27/17 (Cost $5,615) |
|
$ 5,615 |
|
Money Market Funds - 0.2% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.13% (b) |
9,904,514 |
9,905 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
3,736,184 |
3,736 |
|
TOTAL MONEY MARKET FUNDS (Cost $13,641) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $5,418,034) |
6,534,900 |
||
NET OTHER ASSETS (LIABILITIES) - 0.0% |
569 |
||
NET ASSETS - 100% |
$ 6,535,469 |
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 $5,342,000 or 0.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost (000s) |
Beazer Pre-Owned Rental Homes, Inc. |
5/3/12 - 10/23/12 |
$ 5,088 |
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 |
$ 18 |
Fidelity Securities Lending Cash Central Fund |
239 |
Total |
$ 257 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2013, 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 |
$ 688,702 |
$ 688,702 |
$ - |
$ - |
Consumer Staples |
728,429 |
728,429 |
- |
- |
Energy |
806,517 |
735,139 |
71,378 |
- |
Financials |
1,311,847 |
1,288,275 |
18,230 |
5,342 |
Health Care |
926,525 |
895,266 |
31,259 |
- |
Industrials |
698,304 |
698,304 |
- |
- |
Information Technology |
1,046,554 |
1,046,554 |
- |
- |
Materials |
82,557 |
52,262 |
30,295 |
- |
Telecommunication Services |
153,772 |
153,772 |
- |
- |
Utilities |
74,122 |
72,722 |
1,400 |
- |
Corporate Bonds |
3,930 |
- |
3,930 |
- |
Money Market Funds |
13,641 |
13,641 |
- |
- |
Total Investments in Securities: |
$ 6,534,900 |
$ 6,373,066 |
$ 156,492 |
$ 5,342 |
Income Tax Information |
At April 30, 2013, the cost of investment securities for income tax purposes was $5,444,365,000. Net unrealized appreciation aggregated $1,090,535,000, of which $1,167,071,000 related to appreciated investment securities and $76,536,000 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 Fund's 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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. or an affiliate. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Series Small Cap
Opportunities Fund
April 30, 2013
1.847958.106
SMO-QTLY-0613
Showing Percentage of Net Assets
Common Stocks - 96.1% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 14.1% |
|||
Auto Components - 1.2% |
|||
Dorman Products, Inc. |
458,549 |
$ 17,305,639 |
|
Tenneco, Inc. (a) |
457,986 |
17,710,319 |
|
|
35,015,958 |
||
Diversified Consumer Services - 0.5% |
|||
DeVry, Inc. |
506,100 |
14,175,861 |
|
Hotels, Restaurants & Leisure - 1.3% |
|||
BJ's Restaurants, Inc. (a) |
441,200 |
15,133,160 |
|
Life Time Fitness, Inc. (a) |
482,999 |
22,304,894 |
|
|
37,438,054 |
||
Household Durables - 0.8% |
|||
KB Home |
969,811 |
21,859,540 |
|
Internet & Catalog Retail - 0.8% |
|||
HSN, Inc. |
411,807 |
21,652,812 |
|
Leisure Equipment & Products - 0.8% |
|||
Brunswick Corp. |
696,890 |
22,063,537 |
|
Media - 0.4% |
|||
MDC Partners, Inc. Class A (sub. vtg.) |
647,400 |
11,064,066 |
|
Multiline Retail - 0.6% |
|||
Dollarama, Inc. (d) |
213,266 |
15,622,642 |
|
Specialty Retail - 5.2% |
|||
Ascena Retail Group, Inc. (a) |
937,514 |
17,344,009 |
|
Conn's, Inc. (a) |
553,273 |
23,962,254 |
|
DSW, Inc. Class A |
182,754 |
12,083,694 |
|
Francescas Holdings Corp. (a)(d) |
896,702 |
25,609,809 |
|
GameStop Corp. Class A |
435,700 |
15,205,930 |
|
Genesco, Inc. (a) |
359,125 |
22,104,144 |
|
Rent-A-Center, Inc. |
536,319 |
18,733,623 |
|
Signet Jewelers Ltd. |
189,040 |
12,992,719 |
|
|
148,036,182 |
||
Textiles, Apparel & Luxury Goods - 2.5% |
|||
Fifth & Pacific Companies, Inc. (a) |
1,203,808 |
24,822,521 |
|
Hanesbrands, Inc. |
389,265 |
19,525,532 |
|
Steven Madden Ltd. (a) |
566,153 |
27,532,020 |
|
|
71,880,073 |
||
TOTAL CONSUMER DISCRETIONARY |
398,808,725 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
CONSUMER STAPLES - 3.4% |
|||
Beverages - 0.2% |
|||
Cott Corp. |
610,800 |
$ 6,711,555 |
|
Food & Staples Retailing - 1.7% |
|||
Fresh Market, Inc. (a) |
269,222 |
11,019,256 |
|
Susser Holdings Corp. (a) |
333,313 |
17,722,252 |
|
United Natural Foods, Inc. (a) |
360,755 |
18,016,105 |
|
|
46,757,613 |
||
Food Products - 1.5% |
|||
Calavo Growers, Inc. (d) |
449,826 |
12,757,065 |
|
Fresh Del Monte Produce, Inc. |
544,513 |
13,836,075 |
|
Post Holdings, Inc. (a) |
137,103 |
6,003,740 |
|
WhiteWave Foods Co. (d) |
644,685 |
10,901,623 |
|
|
43,498,503 |
||
TOTAL CONSUMER STAPLES |
96,967,671 |
||
ENERGY - 6.1% |
|||
Energy Equipment & Services - 1.0% |
|||
Atwood Oceanics, Inc. (a) |
328,000 |
16,088,400 |
|
Total Energy Services, Inc. |
761,850 |
10,571,902 |
|
|
26,660,302 |
||
Oil, Gas & Consumable Fuels - 5.1% |
|||
Atlas Pipeline Partners LP |
537,515 |
19,533,295 |
|
Cloud Peak Energy, Inc. (a) |
906,200 |
17,707,148 |
|
Energen Corp. |
86,938 |
4,122,600 |
|
Genesis Energy LP |
248,300 |
11,935,781 |
|
PDC Energy, Inc. (a) |
615,278 |
26,641,537 |
|
Rosetta Resources, Inc. (a) |
573,042 |
24,589,232 |
|
Stone Energy Corp. (a) |
984,426 |
19,422,725 |
|
Targa Resources Corp. |
313,600 |
20,622,336 |
|
|
144,574,654 |
||
TOTAL ENERGY |
171,234,956 |
||
FINANCIALS - 22.5% |
|||
Capital Markets - 1.6% |
|||
Affiliated Managers Group, Inc. (a) |
116,100 |
18,074,448 |
|
Waddell & Reed Financial, Inc. Class A |
607,141 |
26,028,135 |
|
|
44,102,583 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Commercial Banks - 7.5% |
|||
Associated Banc-Corp. |
1,825,428 |
$ 26,048,858 |
|
Bank of the Ozarks, Inc. |
565,405 |
23,142,027 |
|
Banner Bank |
373,800 |
12,212,046 |
|
BBCN Bancorp, Inc. |
1,610,410 |
20,742,081 |
|
Bridge Capital Holdings (a) |
634,929 |
9,257,265 |
|
Cathay General Bancorp |
803,924 |
15,845,342 |
|
City National Corp. |
487,578 |
27,904,089 |
|
MB Financial, Inc. |
1,016,249 |
25,162,325 |
|
National Penn Bancshares, Inc. |
1,934,044 |
18,934,291 |
|
PacWest Bancorp |
1,070,325 |
29,680,112 |
|
UMB Financial Corp. |
73,004 |
3,675,021 |
|
|
212,603,457 |
||
Insurance - 3.4% |
|||
Allied World Assurance Co. Holdings Ltd. |
315,700 |
28,668,717 |
|
Amerisafe, Inc. |
701,300 |
22,904,458 |
|
Primerica, Inc. |
624,544 |
21,209,514 |
|
ProAssurance Corp. |
480,808 |
23,554,784 |
|
|
96,337,473 |
||
Real Estate Investment Trusts - 8.8% |
|||
American Assets Trust, Inc. |
652,871 |
22,040,925 |
|
Colonial Properties Trust (SBI) |
1,068,865 |
24,808,357 |
|
DCT Industrial Trust, Inc. |
3,403,100 |
26,646,273 |
|
DuPont Fabros Technology, Inc. |
805,830 |
20,258,566 |
|
Glimcher Realty Trust |
2,042,605 |
25,614,267 |
|
Highwoods Properties, Inc. (SBI) |
597,100 |
24,499,013 |
|
Home Properties, Inc. |
319,391 |
20,587,944 |
|
National Retail Properties, Inc. (d) |
719,237 |
28,539,324 |
|
Parkway Properties, Inc. |
1,146,446 |
20,899,711 |
|
Pennsylvania Real Estate Investment Trust (SBI) |
166,000 |
3,441,180 |
|
Ramco-Gershenson Properties Trust (SBI) |
1,824,350 |
31,871,388 |
|
|
249,206,948 |
||
Thrifts & Mortgage Finance - 1.2% |
|||
ViewPoint Financial Group |
460,834 |
8,580,729 |
|
Washington Federal, Inc. |
689,690 |
11,841,977 |
|
WSFS Financial Corp. |
243,812 |
11,932,159 |
|
|
32,354,865 |
||
TOTAL FINANCIALS |
634,605,326 |
||
Common Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE - 12.1% |
|||
Biotechnology - 6.0% |
|||
Achillion Pharmaceuticals, Inc. (a) |
1,302,553 |
$ 9,821,250 |
|
ARIAD Pharmaceuticals, Inc. (a) |
411,596 |
7,355,221 |
|
Astex Pharmaceuticals, Inc. (a) |
1,203,358 |
8,279,103 |
|
BioMarin Pharmaceutical, Inc. (a) |
124,944 |
8,196,326 |
|
Coronado Biosciences, Inc. (a)(d) |
462,382 |
5,201,798 |
|
Discovery Laboratories, Inc. (a) |
1,760,783 |
2,975,723 |
|
Dynavax Technologies Corp. (a)(d) |
2,648,790 |
6,224,657 |
|
Hyperion Therapeutics, Inc. |
148,666 |
3,188,886 |
|
Infinity Pharmaceuticals, Inc. (a) |
245,557 |
10,581,051 |
|
Insmed, Inc. (a) |
866,129 |
7,933,742 |
|
Isis Pharmaceuticals, Inc. (a)(d) |
628,972 |
14,082,683 |
|
Medivation, Inc. (a) |
151,914 |
8,007,387 |
|
MEI Pharma, Inc. (a)(d)(e) |
941,490 |
8,398,091 |
|
Merrimack Pharmaceuticals, Inc. (a)(d) |
1,128,665 |
5,553,032 |
|
Neurocrine Biosciences, Inc. (a) |
789,600 |
9,111,984 |
|
Novavax, Inc. (a) |
3,800,013 |
8,930,031 |
|
OncoGenex Pharmaceuticals, Inc. (a) |
191,795 |
1,942,883 |
|
Pharmacyclics, Inc. (a) |
112,148 |
9,140,062 |
|
Synageva BioPharma Corp. (a) |
161,013 |
8,322,762 |
|
Theravance, Inc. (a) |
391,646 |
13,218,053 |
|
Threshold Pharmaceuticals, Inc. (a) |
976,528 |
4,706,865 |
|
XOMA Corp. (a) |
2,391,541 |
8,370,394 |
|
|
169,541,984 |
||
Health Care Equipment & Supplies - 2.3% |
|||
Align Technology, Inc. (a) |
464,739 |
15,392,156 |
|
Cerus Corp. (a)(d) |
2,677,540 |
14,244,513 |
|
Haemonetics Corp. (a) |
186,679 |
7,187,142 |
|
ICU Medical, Inc. (a) |
116,188 |
7,000,327 |
|
Sirona Dental Systems, Inc. (a) |
99,657 |
7,328,776 |
|
Steris Corp. |
200,558 |
8,341,207 |
|
Teleflex, Inc. |
66,482 |
5,194,239 |
|
|
64,688,360 |
||
Health Care Providers & Services - 1.7% |
|||
BioScrip, Inc. (a) |
888,945 |
12,320,778 |
|
MEDNAX, Inc. (a) |
92,145 |
8,176,026 |
|
Molina Healthcare, Inc. (a) |
433,867 |
14,404,384 |
|
Team Health Holdings, Inc. (a) |
352,002 |
13,122,635 |
|
|
48,023,823 |
||
Health Care Technology - 0.6% |
|||
Medidata Solutions, Inc. (a) |
249,993 |
16,589,535 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
HEALTH CARE - continued |
|||
Life Sciences Tools & Services - 0.8% |
|||
Bruker BioSciences Corp. (a) |
798,244 |
$ 14,184,796 |
|
PerkinElmer, Inc. |
277,285 |
8,498,785 |
|
|
22,683,581 |
||
Pharmaceuticals - 0.7% |
|||
Biodelivery Sciences International, Inc. (a)(d) |
1,431,016 |
8,128,171 |
|
ViroPharma, Inc. (a) |
440,378 |
12,000,301 |
|
|
20,128,472 |
||
TOTAL HEALTH CARE |
341,655,755 |
||
INDUSTRIALS - 14.4% |
|||
Aerospace & Defense - 1.0% |
|||
Teledyne Technologies, Inc. (a) |
375,749 |
28,203,720 |
|
Air Freight & Logistics - 1.1% |
|||
Hub Group, Inc. Class A (a) |
597,635 |
21,903,323 |
|
UTI Worldwide, Inc. |
644,700 |
9,470,643 |
|
|
31,373,966 |
||
Building Products - 0.6% |
|||
Armstrong World Industries, Inc. |
308,674 |
15,754,721 |
|
Commercial Services & Supplies - 2.0% |
|||
Tetra Tech, Inc. (a) |
648,168 |
17,040,337 |
|
United Stationers, Inc. |
456,800 |
14,832,296 |
|
West Corp. |
1,239,980 |
26,039,580 |
|
|
57,912,213 |
||
Construction & Engineering - 1.2% |
|||
MasTec, Inc. (a) |
640,910 |
17,817,298 |
|
URS Corp. |
334,300 |
14,682,456 |
|
|
32,499,754 |
||
Electrical Equipment - 1.0% |
|||
General Cable Corp. (a) |
784,610 |
27,053,353 |
|
Industrial Conglomerates - 0.6% |
|||
Carlisle Companies, Inc. |
268,600 |
17,424,082 |
|
Machinery - 2.7% |
|||
Actuant Corp. Class A |
620,931 |
19,435,140 |
|
Harsco Corp. |
537,981 |
11,744,125 |
|
Navistar International Corp. (a) |
454,253 |
15,044,859 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INDUSTRIALS - continued |
|||
Machinery - continued |
|||
TriMas Corp. (a) |
510,297 |
$ 15,564,059 |
|
Wabtec Corp. |
127,454 |
13,375,023 |
|
|
75,163,206 |
||
Marine - 0.2% |
|||
DryShips, Inc. (a)(d) |
2,760,603 |
5,134,722 |
|
Professional Services - 2.7% |
|||
Dun & Bradstreet Corp. (d) |
208,806 |
18,468,891 |
|
Manpower, Inc. |
406,904 |
21,631,017 |
|
Stantec, Inc. (d) |
511,700 |
21,881,022 |
|
Towers Watson & Co. |
208,600 |
15,211,112 |
|
|
77,192,042 |
||
Trading Companies & Distributors - 1.3% |
|||
Kaman Corp. |
437,799 |
14,793,228 |
|
Watsco, Inc. |
275,477 |
23,244,749 |
|
|
38,037,977 |
||
TOTAL INDUSTRIALS |
405,749,756 |
||
INFORMATION TECHNOLOGY - 15.5% |
|||
Communications Equipment - 2.0% |
|||
Brocade Communications Systems, Inc. (a) |
2,993,075 |
17,419,697 |
|
Finisar Corp. (a) |
1,125,731 |
14,454,386 |
|
Infinera Corp. (a) |
341,000 |
2,871,220 |
|
Polycom, Inc. (a) |
1,206,426 |
12,667,473 |
|
Riverbed Technology, Inc. (a) |
407,517 |
6,055,703 |
|
Sonus Networks, Inc. (a) |
955,321 |
2,006,174 |
|
|
55,474,653 |
||
Computers & Peripherals - 1.6% |
|||
NCR Corp. (a) |
611,000 |
16,661,970 |
|
Quantum Corp. (a) |
9,868,411 |
14,111,828 |
|
Super Micro Computer, Inc. (a) |
1,405,512 |
13,521,025 |
|
|
44,294,823 |
||
Electronic Equipment & Components - 0.9% |
|||
Fabrinet (a) |
1,095,041 |
15,034,913 |
|
InvenSense, Inc. (a) |
1,074,181 |
10,011,367 |
|
|
25,046,280 |
||
Internet Software & Services - 1.4% |
|||
Bankrate, Inc. (a) |
1,380,450 |
18,608,466 |
|
EarthLink, Inc. |
698,166 |
3,972,565 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
INFORMATION TECHNOLOGY - continued |
|||
Internet Software & Services - continued |
|||
Unwired Planet, Inc. (a) |
1,285,679 |
$ 2,545,644 |
|
Web.com Group, Inc. (a) |
817,897 |
14,231,408 |
|
|
39,358,083 |
||
IT Services - 3.9% |
|||
Euronet Worldwide, Inc. (a) |
910,017 |
27,782,819 |
|
ExlService Holdings, Inc. (a) |
693,962 |
22,637,040 |
|
Genpact Ltd. |
468,784 |
8,719,382 |
|
Heartland Payment Systems, Inc. |
339,320 |
11,160,235 |
|
Pactera Technology International Ltd. ADR |
931,336 |
4,740,500 |
|
Sapient Corp. (a) |
2,335,109 |
27,274,073 |
|
ServiceSource International, Inc. (a) |
1,448,912 |
9,273,037 |
|
|
111,587,086 |
||
Semiconductors & Semiconductor Equipment - 2.2% |
|||
Atmel Corp. (a) |
960,400 |
6,213,788 |
|
Entegris, Inc. (a) |
1,308,223 |
12,401,954 |
|
Integrated Device Technology, Inc. (a) |
1,087,838 |
7,734,528 |
|
Monolithic Power Systems, Inc. |
259,777 |
6,265,821 |
|
RF Micro Devices, Inc. (a) |
1,357,750 |
7,616,978 |
|
Skyworks Solutions, Inc. (a) |
654,758 |
14,450,509 |
|
Spreadtrum Communications, Inc. ADR |
345,482 |
7,552,237 |
|
|
62,235,815 |
||
Software - 3.5% |
|||
BroadSoft, Inc. (a) |
403,790 |
10,320,872 |
|
MICROS Systems, Inc. (a) |
431,307 |
18,291,730 |
|
Nuance Communications, Inc. (a) |
1,152,117 |
21,936,308 |
|
Parametric Technology Corp. (a) |
732,080 |
17,577,241 |
|
Solera Holdings, Inc. |
150,910 |
8,689,398 |
|
Synchronoss Technologies, Inc. (a) |
311,710 |
8,833,861 |
|
Verint Systems, Inc. (a) |
405,163 |
13,386,586 |
|
|
99,035,996 |
||
TOTAL INFORMATION TECHNOLOGY |
437,032,736 |
||
MATERIALS - 4.9% |
|||
Chemicals - 2.1% |
|||
Axiall Corp. |
414,294 |
21,729,720 |
|
Cabot Corp. |
392,394 |
14,738,319 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
MATERIALS - continued |
|||
Chemicals - continued |
|||
Kraton Performance Polymers, Inc. (a) |
511,739 |
$ 11,621,593 |
|
Zoltek Companies, Inc. (a)(d) |
848,000 |
11,202,080 |
|
|
59,291,712 |
||
Construction Materials - 0.6% |
|||
Eagle Materials, Inc. |
237,829 |
16,112,915 |
|
Containers & Packaging - 0.5% |
|||
Silgan Holdings, Inc. |
309,733 |
14,826,919 |
|
Metals & Mining - 1.4% |
|||
Carpenter Technology Corp. |
243,841 |
10,963,091 |
|
Worthington Industries, Inc. |
857,406 |
27,591,325 |
|
|
38,554,416 |
||
Paper & Forest Products - 0.3% |
|||
Canfor Corp. (a) |
473,700 |
9,892,946 |
|
TOTAL MATERIALS |
138,678,908 |
||
TELECOMMUNICATION SERVICES - 0.3% |
|||
Diversified Telecommunication Services - 0.3% |
|||
Towerstream Corp. (a)(d)(e) |
4,168,342 |
10,004,021 |
|
UTILITIES - 2.8% |
|||
Electric Utilities - 2.2% |
|||
Cleco Corp. |
418,700 |
20,734,024 |
|
IDACORP, Inc. |
145,716 |
7,170,684 |
|
PNM Resources, Inc. |
703,851 |
16,899,463 |
|
Portland General Electric Co. |
524,682 |
16,920,995 |
|
|
61,725,166 |
||
Gas Utilities - 0.6% |
|||
Atmos Energy Corp. |
407,494 |
18,080,509 |
|
TOTAL UTILITIES |
79,805,675 |
||
TOTAL COMMON STOCKS (Cost $2,205,436,098) |
|
||
Convertible Preferred Stocks - 0.1% |
|||
Shares |
Value |
||
HEALTH CARE - 0.1% |
|||
Pharmaceuticals - 0.1% |
|||
Agios Pharmaceuticals, Inc. Series C (a)(g) (Cost $1,738,254) |
353,944 |
$ 1,738,254 |
U.S. Treasury Obligations - 0.0% |
||||
|
Principal |
|
||
U.S. Treasury Bills, yield at date of purchase 0.04% to 0.05% 7/5/13 to 7/18/13
(f) |
|
$ 1,240,000 |
|
Money Market Funds - 6.8% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.13% (b) |
90,736,024 |
90,736,024 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
100,995,268 |
100,995,268 |
|
TOTAL MONEY MARKET FUNDS (Cost $191,731,292) |
|
||
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $2,400,145,540) |
2,909,253,002 |
||
NET OTHER ASSETS (LIABILITIES) - (3.0)% |
(83,420,439) |
||
NET ASSETS - 100% |
$ 2,825,832,563 |
Futures Contracts |
|||||
|
Expiration |
Underlying |
Unrealized |
||
Purchased |
|||||
Equity Index Contracts |
|||||
245 Russell 2000 Mini Index Contracts |
June 2013 |
$ 23,154,950 |
$ 457,941 |
The face value of futures purchased as a percentage of net assets is 0.8% |
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 or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $1,239,927. |
(g) 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 $1,738,254 or 0.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition |
Acquisition |
Agios Pharmaceuticals, Inc. Series C |
11/16/11 |
$ 1,738,254 |
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 |
$ 118,093 |
Fidelity Securities Lending Cash Central Fund |
2,011,040 |
Total |
$ 2,129,133 |
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: |
Affiliates |
Value, |
Purchases |
Sales |
Dividend |
Value, |
Biodelivery Sciences International, Inc. |
$ 8,128,124 |
$ 891,548 |
$ 2,846,353 |
$ - |
$ - |
MEI Pharma, Inc. |
- |
7,231,527 |
672,904 |
- |
8,398,091 |
Towerstream Corp. |
- |
14,684,969 |
1,129,437 |
- |
10,004,021 |
Total |
$ 8,128,124 |
$ 22,808,044 |
$ 4,648,694 |
$ - |
$ 18,402,112 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2013, 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 |
$ 398,808,725 |
$ 398,808,725 |
$ - |
$ - |
Consumer Staples |
96,967,671 |
96,967,671 |
- |
- |
Energy |
171,234,956 |
171,234,956 |
- |
- |
Financials |
634,605,326 |
634,605,326 |
- |
- |
Health Care |
343,394,009 |
341,655,755 |
- |
1,738,254 |
Industrials |
405,749,756 |
405,749,756 |
- |
- |
Information Technology |
437,032,736 |
437,032,736 |
- |
- |
Materials |
138,678,908 |
138,678,908 |
- |
- |
Telecommunication Services |
10,004,021 |
10,004,021 |
- |
- |
Utilities |
79,805,675 |
79,805,675 |
- |
- |
U.S. Government and Government Agency Obligations |
1,239,927 |
- |
1,239,927 |
- |
Money Market Funds |
191,731,292 |
191,731,292 |
- |
- |
Total Investments in Securities: |
$ 2,909,253,002 |
$ 2,906,274,821 |
$ 1,239,927 |
$ 1,738,254 |
Derivative Instruments: |
||||
Assets |
||||
Futures Contracts |
$ 457,941 |
$ 457,941 |
$ - |
$ - |
Income Tax Information |
At April 30, 2013, the cost of investment securities for income tax purposes was $2,401,059,903. Net unrealized appreciation aggregated $508,193,099, of which $586,356,035 related to appreciated investment securities and $78,162,936 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 Fund's 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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. For U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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. or an affiliate. |
Quarterly Report
Quarterly Holdings Report
for
Fidelity ® Real Estate Income Fund
April 30, 2013
1.800347.109
REI-QTLY-0613
Showing Percentage of Net Assets
Common Stocks - 29.9% |
|||
Shares |
Value |
||
CONSUMER DISCRETIONARY - 0.7% |
|||
Hotels, Restaurants & Leisure - 0.3% |
|||
Hyatt Hotels Corp. Class A (a) |
248,000 |
$ 10,584,640 |
|
Household Durables - 0.4% |
|||
NVR, Inc. (a) |
6,700 |
6,901,000 |
|
Standard Pacific Corp. (a)(f) |
560,795 |
5,075,195 |
|
Stanley Martin Communities LLC Class B (a) |
4,620 |
4,355,921 |
|
Toll Brothers, Inc. (a) |
82,100 |
2,816,851 |
|
|
19,148,967 |
||
TOTAL CONSUMER DISCRETIONARY |
29,733,607 |
||
FINANCIALS - 27.8% |
|||
Capital Markets - 0.1% |
|||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
549,700 |
6,255,586 |
|
Real Estate Investment Trusts - 26.8% |
|||
Acadia Realty Trust (SBI) |
2,078,249 |
59,334,009 |
|
AG Mortgage Investment Trust, Inc. |
469,500 |
12,145,965 |
|
American Campus Communities, Inc. |
463,400 |
20,686,176 |
|
American Residential Properties, Inc. (h) |
574,941 |
10,866,385 |
|
American Tower Corp. |
313,200 |
26,305,668 |
|
AmREIT, Inc. Class B |
200,000 |
3,802,000 |
|
Anworth Mortgage Asset Corp. |
1,120,710 |
7,071,680 |
|
Apartment Investment & Management Co. Class A |
1,230,700 |
38,287,077 |
|
Arbor Realty Trust, Inc. (g) |
2,673,575 |
20,639,999 |
|
Associated Estates Realty Corp. |
727,208 |
12,995,207 |
|
AvalonBay Communities, Inc. |
194,000 |
25,809,760 |
|
Aviv REIT, Inc. |
69,300 |
1,780,317 |
|
BioMed Realty Trust, Inc. |
649,400 |
14,617,994 |
|
Boardwalk (REIT) |
126,200 |
8,251,322 |
|
Canadian (REIT) |
131,600 |
6,226,981 |
|
CapLease, Inc. |
2,956,300 |
20,753,226 |
|
CBL & Associates Properties, Inc. |
1,762,973 |
42,558,168 |
|
Cedar Shopping Centers, Inc. |
921,410 |
5,906,238 |
|
Chartwell Retirement Residence |
459,700 |
5,206,389 |
|
Chartwell Retirement Residence (h) |
78,500 |
889,061 |
|
Chesapeake Lodging Trust |
513,600 |
12,151,776 |
|
CommonWealth REIT |
194,400 |
4,340,952 |
|
CyrusOne, Inc. |
122,600 |
2,941,174 |
|
Cys Investments, Inc. |
1,585,439 |
19,707,007 |
|
DCT Industrial Trust, Inc. |
1,235,100 |
9,670,833 |
|
DiamondRock Hospitality Co. |
623,300 |
6,220,534 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Digital Realty Trust, Inc. |
157,400 |
$ 11,099,848 |
|
Douglas Emmett, Inc. |
836,300 |
21,885,971 |
|
DuPont Fabros Technology, Inc. |
316,600 |
7,959,324 |
|
Dynex Capital, Inc. |
1,893,043 |
20,350,212 |
|
EastGroup Properties, Inc. |
134,800 |
8,501,836 |
|
Education Realty Trust, Inc. |
402,600 |
4,424,574 |
|
Equity Lifestyle Properties, Inc. |
1,030,630 |
83,738,688 |
|
Equity Residential (SBI) |
317,700 |
18,445,662 |
|
Excel Trust, Inc. |
1,333,928 |
20,315,723 |
|
First Potomac Realty Trust |
1,349,015 |
21,584,240 |
|
Glimcher Realty Trust |
1,192,200 |
14,950,188 |
|
H&R REIT/H&R Finance Trust |
284,100 |
6,979,478 |
|
Hatteras Financial Corp. |
185,000 |
5,056,050 |
|
HCP, Inc. |
215,400 |
11,480,820 |
|
Highwoods Properties, Inc. (SBI) |
209,500 |
8,595,785 |
|
Lexington Corporate Properties Trust |
3,246,382 |
41,586,153 |
|
LTC Properties, Inc. |
471,813 |
21,939,305 |
|
MFA Financial, Inc. |
10,998,493 |
101,956,030 |
|
Mid-America Apartment Communities, Inc. |
305,000 |
20,962,650 |
|
Monmouth Real Estate Investment Corp. Class A |
249,773 |
2,657,585 |
|
National Retail Properties, Inc. |
195,700 |
7,765,376 |
|
Newcastle Investment Corp. |
1,617,600 |
18,327,408 |
|
NorthStar Realty Finance Corp. (f) |
1,450,900 |
14,465,473 |
|
Parkway Properties, Inc. |
135,008 |
2,461,196 |
|
Piedmont Office Realty Trust, Inc. Class A |
859,100 |
17,628,732 |
|
Prologis, Inc. |
732,787 |
30,740,415 |
|
RAIT Financial Trust (f) |
348,852 |
2,979,196 |
|
Rayonier, Inc. |
268,200 |
15,936,444 |
|
Redwood Trust, Inc. |
280,000 |
6,389,600 |
|
Retail Properties America, Inc. |
897,650 |
13,743,022 |
|
Select Income (REIT) |
333,500 |
9,514,755 |
|
Senior Housing Properties Trust (SBI) |
845,400 |
24,034,722 |
|
Silver Bay Realty Trust Corp. |
1 |
19 |
|
Simon Property Group, Inc. |
73,500 |
13,088,145 |
|
Stag Industrial, Inc. |
864,169 |
19,046,285 |
|
Summit Hotel Properties, Inc. |
692,000 |
6,913,080 |
|
Terreno Realty Corp. |
689,959 |
12,985,028 |
|
Two Harbors Investment Corp. |
685,180 |
8,208,456 |
|
Ventas, Inc. |
966,746 |
76,981,984 |
|
Washington (REIT) (SBI) |
471,900 |
13,477,464 |
|
Common Stocks - continued |
|||
Shares |
Value |
||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Whitestone REIT Class B (f) |
183,267 |
$ 3,023,906 |
|
WP Carey, Inc. (f) |
173,600 |
12,242,272 |
|
|
1,183,588,998 |
||
Real Estate Management & Development - 0.5% |
|||
Altisource Residential Corp. Class B (a) |
200,000 |
3,800,000 |
|
Brookfield Asset Management, Inc. Class A |
232,000 |
8,955,760 |
|
Kennedy-Wilson Holdings, Inc. |
664,021 |
11,042,669 |
|
|
23,798,429 |
||
Thrifts & Mortgage Finance - 0.4% |
|||
Home Loan Servicing Solutions Ltd. |
683,094 |
15,472,079 |
|
TOTAL FINANCIALS |
1,229,115,092 |
||
HEALTH CARE - 1.1% |
|||
Health Care Providers & Services - 1.1% |
|||
Brookdale Senior Living, Inc. (a) |
1,277,700 |
32,951,883 |
|
Emeritus Corp. (a) |
532,174 |
13,676,872 |
|
|
46,628,755 |
||
TELECOMMUNICATION SERVICES - 0.3% |
|||
Wireless Telecommunication Services - 0.3% |
|||
SBA Communications Corp. Class A (a) |
153,000 |
12,085,470 |
|
TOTAL COMMON STOCKS (Cost $1,034,480,472) |
|
||
Preferred Stocks - 13.6% |
|||
|
|
|
|
Convertible Preferred Stocks - 1.0% |
|||
FINANCIALS - 1.0% |
|||
Real Estate Investment Trusts - 1.0% |
|||
Alexandria Real Estate Equities, Inc. Series D 7.00% |
95,000 |
2,618,438 |
|
CommonWealth REIT 6.50% |
396,216 |
9,402,206 |
|
Excel Trust, Inc. 7.00% (h) |
248,200 |
6,773,797 |
|
Health Care REIT, Inc. Series I, 6.50% |
46,800 |
3,131,210 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Convertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Lexington Corporate Properties Trust Series C, 6.50% |
388,432 |
$ 19,308,955 |
|
Ramco-Gershenson Properties Trust (SBI) Series D, 7.25% |
40,000 |
2,568,800 |
|
|
43,803,406 |
||
Nonconvertible Preferred Stocks - 12.6% |
|||
CONSUMER DISCRETIONARY - 0.1% |
|||
Hotels, Restaurants & Leisure - 0.1% |
|||
Red Lion Hotels Capital Trust 9.50% |
163,225 |
4,297,714 |
|
Household Durables - 0.0% |
|||
M/I Homes, Inc. Series A, 9.75% (a) |
18,350 |
461,503 |
|
TOTAL CONSUMER DISCRETIONARY |
4,759,217 |
||
FINANCIALS - 12.5% |
|||
Capital Markets - 0.1% |
|||
Arlington Asset Investment Corp. 6.625% |
168,472 |
4,127,564 |
|
Real Estate Investment Trusts - 11.9% |
|||
AG Mortgage Investment Trust, Inc. 8.00% |
324,817 |
8,234,111 |
|
American Capital Agency Corp. 8.00% |
200,000 |
5,340,000 |
|
American Home Mortgage Investment Corp.: |
|
|
|
Series A, 9.375% (a) |
120,300 |
12 |
|
Series B, 9.25% (a) |
124,100 |
12 |
|
Annaly Capital Management, Inc.: |
|
|
|
Series A, 7.875% |
134,900 |
3,520,890 |
|
Series C, 7.625% |
77,837 |
2,015,978 |
|
Series D, 7.50% |
213,116 |
5,474,950 |
|
Anworth Mortgage Asset Corp. Series A, 8.625% |
309,630 |
8,003,936 |
|
Apollo Commercial Real Estate Finance, Inc. Series A, 8.625% |
375,101 |
9,977,687 |
|
Apollo Residential Mortgage, Inc. Series A, 8.00% |
279,276 |
7,121,538 |
|
Arbor Realty Trust, Inc. Series A, 8.25% (g) |
189,089 |
4,914,423 |
|
Armour Residential REIT, Inc. Series B, 7.875% |
153,654 |
3,878,227 |
|
Ashford Hospitality Trust, Inc.: |
|
|
|
Series D, 8.45% |
27,000 |
685,800 |
|
Series E, 9.00% |
85,751 |
2,389,880 |
|
Boston Properties, Inc. 5.25% |
50,000 |
1,273,000 |
|
Campus Crest Communities, Inc. Series A, 8.00% |
248,431 |
6,804,525 |
|
CapLease, Inc.: |
|
|
|
Series A, 8.125% |
70,306 |
1,782,257 |
|
Series B, 8.375% |
439,766 |
12,128,746 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
CapLease, Inc.: - continued |
|
|
|
Series C, 7.25% |
210,000 |
$ 5,680,500 |
|
CBL & Associates Properties, Inc.: |
|
|
|
7.375% |
289,876 |
7,365,749 |
|
Series E, 6.625% |
95,000 |
2,470,000 |
|
Cedar Shopping Centers, Inc. Series B, 7.25% |
326,128 |
8,547,815 |
|
CenterPoint Properties Trust Series D, 5.377% |
3,575 |
2,180,750 |
|
Chesapeake Lodging Trust Series A, 7.75% |
266,916 |
7,230,754 |
|
Colony Financial, Inc. Series A, 8.50% |
282,171 |
7,666,586 |
|
CommonWealth REIT 7.50% |
93,300 |
2,020,878 |
|
Coresite Realty Corp. Series A, 7.25% |
258,224 |
6,755,140 |
|
Corporate Office Properties Trust Series L, 7.375% |
80,000 |
2,160,000 |
|
Cousins Properties, Inc. Series A, 7.75% |
245,420 |
6,130,592 |
|
CubeSmart Series A, 7.75% |
40,000 |
1,100,000 |
|
Cys Investments, Inc.: |
|
|
|
Series A, 7.75% |
117,824 |
2,998,621 |
|
Series B, 7.50% |
311,567 |
7,594,446 |
|
DDR Corp.: |
|
|
|
Series J, 6.50% |
237,721 |
6,126,070 |
|
Series K, 6.25% |
228,888 |
5,683,289 |
|
Digital Realty Trust, Inc.: |
|
|
|
Series E, 7.00% |
40,000 |
1,085,600 |
|
Series F, 6.625% |
40,000 |
1,053,200 |
|
Series G, 5.875% |
145,444 |
3,633,191 |
|
Duke Realty LP Series L, 6.60% |
10,666 |
271,450 |
|
Dynex Capital, Inc.: |
|
|
|
Series A, 8.50% |
362,932 |
9,592,293 |
|
Series B, 7.625% |
252,120 |
6,345,860 |
|
Equity Lifestyle Properties, Inc. Series C, 6.75% |
800,000 |
20,696,000 |
|
Essex Property Trust, Inc. Series H, 7.125% |
40,000 |
1,071,200 |
|
Excel Trust, Inc. Series B, 8.125% |
400,000 |
10,708,000 |
|
First Potomac Realty Trust 7.75% |
415,296 |
10,955,508 |
|
Gladstone Commercial Corp. Series C, 7.125% |
232,238 |
6,140,373 |
|
Glimcher Realty Trust: |
|
|
|
6.875% |
256,115 |
6,505,321 |
|
Series G, 8.125% |
109,192 |
2,762,558 |
|
Series H, 7.50% |
198,527 |
5,185,525 |
|
Hatteras Financial Corp. Series A, 7.625% |
197,288 |
4,985,468 |
|
Health Care REIT, Inc. Series J, 6.50% |
20,000 |
548,000 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Hersha Hospitality Trust: |
|
|
|
Series B, 8.00% |
162,538 |
$ 4,274,749 |
|
Series C, 6.875% |
50,000 |
1,288,000 |
|
Hospitality Properties Trust: |
|
|
|
Series C, 7.00% |
109,236 |
2,757,117 |
|
Series D, 7.125% |
40,800 |
1,097,520 |
|
Hudson Pacific Properties, Inc. 8.375% |
394,069 |
10,407,362 |
|
Inland Real Estate Corp. Series A, 8.125% |
423,500 |
11,409,090 |
|
Invesco Mortgage Capital, Inc. Series A, 7.75% |
113,342 |
2,919,690 |
|
Investors Real Estate Trust Series B, 7.95% |
126,572 |
3,387,067 |
|
iStar Financial, Inc.: |
|
|
|
Series E, 7.875% |
156,008 |
3,775,394 |
|
Series F, 7.80% |
179,421 |
4,309,692 |
|
Kilroy Realty Corp. Series G, 6.875% |
40,000 |
1,081,200 |
|
Kite Realty Group Trust 8.25% |
96,100 |
2,602,388 |
|
LaSalle Hotel Properties: |
|
|
|
Series G, 7.25% |
42,026 |
1,054,853 |
|
Series H, 7.50% |
126,308 |
3,368,634 |
|
Series I, 6.375% |
192,698 |
4,900,310 |
|
LBA Realty Fund II: |
|
|
|
Series A, 8.75% (a) |
69,000 |
2,760,000 |
|
Series B, 7.625% (a) |
31,240 |
609,180 |
|
MFA Financial, Inc.: |
|
|
|
8.00% |
538,930 |
14,276,256 |
|
Series A, 8.50% |
485,381 |
12,251,016 |
|
Series B, 7.50% |
567,024 |
14,289,005 |
|
Monmouth Real Estate Investment Corp.: |
|
|
|
7.625% |
80,000 |
2,060,800 |
|
Series B, 7.875% |
95,000 |
2,539,350 |
|
National Retail Properties, Inc. Series D, 6.625% |
62,437 |
1,695,789 |
|
Newcastle Investment Corp. Series B, 9.75% |
34,530 |
928,857 |
|
NorthStar Realty Finance Corp.: |
|
|
|
Series B, 8.25% |
225,708 |
5,669,785 |
|
Series C, 8.875% |
275,338 |
7,114,734 |
|
Series D, 8.50% |
161,601 |
4,069,113 |
|
Pebblebrook Hotel Trust: |
|
|
|
Series A, 7.875% |
372,000 |
9,858,000 |
|
Series B, 8.00% |
185,085 |
4,960,278 |
|
Series C, 6.50% |
178,160 |
4,484,287 |
|
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Investment Trusts - continued |
|||
Pennsylvania (REIT) 7.375% |
76,510 |
$ 2,018,334 |
|
Prologis, Inc. Series Q, 8.54% |
94,446 |
6,106,529 |
|
PS Business Parks, Inc.: |
|
|
|
5.70% |
132,138 |
3,335,163 |
|
6.875% |
50,000 |
1,334,500 |
|
Series S, 6.45% |
70,536 |
1,885,427 |
|
Regency Centers Corp. Series 6, 6.625% |
62,261 |
1,672,330 |
|
Retail Properties America, Inc. 7.00% |
194,782 |
4,998,106 |
|
Sabra Health Care REIT, Inc. Series A, 7.125% (a) |
200,000 |
5,140,000 |
|
Saul Centers, Inc.: |
|
|
|
8.00% |
38,072 |
987,207 |
|
Series C, 6.875% |
315,478 |
8,328,619 |
|
Stag Industrial, Inc.: |
|
|
|
Series A, 9.00% |
280,000 |
7,733,600 |
|
Series B, 6.625% (a) |
80,000 |
2,004,800 |
|
Strategic Hotel & Resorts, Inc.: |
|
|
|
Series A, 8.50% |
92,323 |
2,316,384 |
|
Series B, 8.25% |
80,000 |
1,999,200 |
|
Summit Hotel Properties, Inc.: |
|
|
|
Series A, 9.25% |
138,340 |
3,827,868 |
|
Series B, 7.875% |
190,173 |
4,992,041 |
|
Series C, 7.125% (a) |
153,212 |
3,943,677 |
|
Sun Communities, Inc. Series A, 7.125% |
360,000 |
9,316,800 |
|
Sunstone Hotel Investors, Inc. Series D, 8.00% |
60,362 |
1,600,800 |
|
Taubman Centers, Inc. Series K, 6.25% |
96,120 |
2,475,090 |
|
Terreno Realty Corp. Series A 7.75% |
213,690 |
5,694,839 |
|
UMH Properties, Inc. Series A, 8.25% |
600,000 |
16,434,000 |
|
Urstadt Biddle Properties, Inc. Series F, 7.125% |
210,000 |
5,541,900 |
|
Vornado Realty LP 7.875% |
54,682 |
1,493,912 |
|
Weingarten Realty Investors (SBI) Series F, 6.50% |
116,230 |
2,935,970 |
|
Winthrop Realty Trust: |
|
|
|
7.75% |
540,000 |
14,050,800 |
|
Series D, 9.25% |
65,000 |
1,814,150 |
|
|
526,978,271 |
||
Preferred Stocks - continued |
|||
Shares |
Value |
||
Nonconvertible Preferred Stocks - continued |
|||
FINANCIALS - continued |
|||
Real Estate Management & Development - 0.5% |
|||
Forest City Enterprises, Inc. 7.375% |
657,000 |
$ 16,608,960 |
|
Kennedy-Wilson, Inc. 7.75% |
141,574 |
3,688,003 |
|
|
20,296,963 |
||
TOTAL FINANCIALS |
551,402,798 |
||
TOTAL NONCONVERTIBLE PREFERRED STOCKS |
556,162,015 |
||
TOTAL PREFERRED STOCKS (Cost $572,900,815) |
|
Corporate Bonds - 20.2% |
||||
|
Principal |
|
||
Convertible Bonds - 2.9% |
||||
CONSUMER DISCRETIONARY - 0.1% |
||||
Hotels, Restaurants & Leisure - 0.1% |
||||
Morgans Hotel Group Co. 2.375% 10/15/14 |
|
$ 4,510,000 |
4,374,700 |
|
Household Durables - 0.0% |
||||
M/I Homes, Inc. 3% 3/1/18 |
|
1,790,000 |
1,918,522 |
|
TOTAL CONSUMER DISCRETIONARY |
6,293,222 |
|||
FINANCIALS - 2.8% |
||||
Diversified Financial Services - 0.2% |
||||
IAS Operating Partnership LP 5% 3/15/18 (h) |
|
10,600,000 |
10,699,375 |
|
Real Estate Investment Trusts - 2.2% |
||||
Annaly Capital Management, Inc. 5% 5/15/15 |
|
34,396,000 |
35,707,348 |
|
Ares Commercial Real Estate Corp. 7% 12/15/15 (h) |
|
9,700,000 |
9,841,620 |
|
CapLease, Inc. 7.5% 10/1/27 (h) |
|
5,180,000 |
5,180,000 |
|
Colony Financial, Inc. 5% 4/15/23 |
|
9,000,000 |
9,962,100 |
|
Northstar Realty Finance LP 8.875% 6/15/32 (h) |
|
6,790,000 |
11,343,544 |
|
Pennymac Corp. 5.375% 5/1/20 (h) |
|
4,000,000 |
4,062,500 |
|
ProLogis LP 2.625% 5/15/38 |
|
1,500,000 |
1,500,075 |
|
Redwood Trust, Inc. 4.625% 4/15/18 |
|
8,500,000 |
9,573,550 |
|
Starwood Property Trust, Inc. 4.55% 3/1/18 |
|
7,000,000 |
7,749,000 |
|
|
94,919,737 |
|||
Corporate Bonds - continued |
||||
|
Principal |
Value |
||
Convertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Management & Development - 0.4% |
||||
Corporate Office Properties LP 4.25% 4/15/30 (h) |
|
$ 9,460,000 |
$ 9,950,738 |
|
Forestar Group, Inc. 3.75% 3/1/20 |
|
5,000,000 |
5,883,000 |
|
Grubb & Ellis Co. 7.95% 5/1/15 (d)(h) |
|
5,500,000 |
11,000 |
|
|
15,844,738 |
|||
TOTAL FINANCIALS |
121,463,850 |
|||
TOTAL CONVERTIBLE BONDS |
127,757,072 |
|||
Nonconvertible Bonds - 17.3% |
||||
CONSUMER DISCRETIONARY - 5.9% |
||||
Hotels, Restaurants & Leisure - 0.6% |
||||
CityCenter Holdings LLC/CityCenter Finance Corp. 7.625% 1/15/16 |
|
3,505,000 |
3,763,669 |
|
FelCor Lodging LP: |
|
|
|
|
5.625% 3/1/23 (h) |
|
2,000,000 |
2,072,500 |
|
6.75% 6/1/19 |
|
5,875,000 |
6,418,438 |
|
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17 |
|
1,700,000 |
1,921,000 |
|
RHP Hotel Properties LP/RHP Finance Co. 5% 4/15/21 (h) |
|
2,000,000 |
2,050,000 |
|
Times Square Hotel Trust 8.528% 8/1/26 (h) |
|
8,796,891 |
11,918,125 |
|
|
28,143,732 |
|||
Household Durables - 4.9% |
||||
Ashton Woods USA LLC/Ashton Woods Finance Co. 6.875% 2/15/21 (h) |
|
10,000,000 |
10,350,000 |
|
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (h) |
|
1,615,000 |
1,736,125 |
|
D.R. Horton, Inc. 4.75% 5/15/17 |
|
2,000,000 |
2,145,000 |
|
KB Home: |
|
|
|
|
5.875% 1/15/15 |
|
7,000,000 |
7,385,000 |
|
7.25% 6/15/18 |
|
7,420,000 |
8,291,850 |
|
8% 3/15/20 |
|
8,465,000 |
9,904,050 |
|
9.1% 9/15/17 |
|
17,595,000 |
21,026,025 |
|
Lennar Corp.: |
|
|
|
|
4.125% 12/1/18 (h) |
|
5,520,000 |
5,630,400 |
|
5.6% 5/31/15 |
|
6,000,000 |
6,450,000 |
|
6.5% 4/15/16 |
|
4,000,000 |
4,455,000 |
|
Corporate Bonds - continued |
||||
|
Principal |
Value |
||
Nonconvertible Bonds - continued |
||||
CONSUMER DISCRETIONARY - continued |
||||
Household Durables - continued |
||||
Lennar Corp.: - continued |
|
|
|
|
6.95% 6/1/18 |
|
$ 14,280,000 |
$ 16,368,450 |
|
M/I Homes, Inc. 8.625% 11/15/18 |
|
26,055,000 |
28,921,050 |
|
Meritage Homes Corp.: |
|
|
|
|
7% 4/1/22 |
|
7,525,000 |
8,446,813 |
|
7.15% 4/15/20 |
|
7,060,000 |
7,960,150 |
|
Ryland Group, Inc.: |
|
|
|
|
6.625% 5/1/20 |
|
1,555,000 |
1,716,331 |
|
8.4% 5/15/17 |
|
5,420,000 |
6,490,450 |
|
Standard Pacific Corp.: |
|
|
|
|
7% 8/15/15 |
|
4,000,000 |
4,200,000 |
|
8.375% 5/15/18 |
|
28,983,000 |
34,489,770 |
|
10.75% 9/15/16 |
|
8,415,000 |
10,497,713 |
|
Toll Brothers Finance Corp.: |
|
|
|
|
4.375% 4/15/23 |
|
3,230,000 |
3,310,750 |
|
5.875% 2/15/22 |
|
1,550,000 |
1,751,500 |
|
William Lyon Homes, Inc. 8.5% 11/15/20 (h) |
|
11,130,000 |
12,465,600 |
|
|
213,992,027 |
|||
Media - 0.2% |
||||
Clear Channel Worldwide Holdings, Inc. 7.625% 3/15/20 |
|
7,000,000 |
7,472,500 |
|
Multiline Retail - 0.2% |
||||
Sears Holdings Corp. 6.625% 10/15/18 |
|
9,820,000 |
9,746,350 |
|
TOTAL CONSUMER DISCRETIONARY |
259,354,609 |
|||
CONSUMER STAPLES - 0.1% |
||||
Food & Staples Retailing - 0.1% |
||||
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20 |
|
907,635 |
1,033,569 |
|
C&S Group Enterprises LLC 8.375% 5/1/17 (h) |
|
3,520,000 |
3,784,000 |
|
|
4,817,569 |
|||
FINANCIALS - 9.9% |
||||
Diversified Financial Services - 0.5% |
||||
Cantor Commercial Real Estate Co. LP/CCRE Finance Corp. 7.75% 2/15/18 (h) |
|
4,755,000 |
4,921,425 |
|
Corporate Bonds - continued |
||||
|
Principal |
Value |
||
Nonconvertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Diversified Financial Services - continued |
||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: |
|
|
|
|
7.75% 1/15/16 |
|
$ 10,820,000 |
$ 11,266,325 |
|
8% 1/15/18 |
|
5,240,000 |
5,633,000 |
|
|
21,820,750 |
|||
Real Estate Investment Trusts - 6.5% |
||||
American Campus Communities Operating Partnership LP 3.75% 4/15/23 |
|
2,505,000 |
2,631,270 |
|
Camden Property Trust 5% 6/15/15 |
|
1,100,000 |
1,188,270 |
|
Commercial Net Lease Realty, Inc.: |
|
|
|
|
6.15% 12/15/15 |
|
2,526,000 |
2,818,571 |
|
6.25% 6/15/14 |
|
8,355,000 |
8,810,807 |
|
CubeSmart LP 4.8% 7/15/22 |
|
2,000,000 |
2,235,264 |
|
Developers Diversified Realty Corp.: |
|
|
|
|
5.5% 5/1/15 |
|
4,000,000 |
4,324,668 |
|
7.5% 4/1/17 |
|
6,000,000 |
7,203,792 |
|
7.5% 7/15/18 |
|
8,756,000 |
10,890,266 |
|
7.875% 9/1/20 |
|
4,637,000 |
6,017,022 |
|
9.625% 3/15/16 |
|
3,836,000 |
4,675,908 |
|
Duke Realty LP 6.25% 5/15/13 |
|
750,000 |
751,379 |
|
Equity One, Inc.: |
|
|
|
|
5.375% 10/15/15 |
|
3,500,000 |
3,817,853 |
|
6.25% 1/15/17 |
|
3,000,000 |
3,424,071 |
|
Equity Residential 5.125% 3/15/16 |
|
7,201,000 |
8,025,702 |
|
Health Care Property Investors, Inc.: |
|
|
|
|
5.625% 5/1/17 |
|
2,980,000 |
3,441,581 |
|
6% 6/15/14 |
|
2,340,000 |
2,467,923 |
|
6% 3/1/15 |
|
1,000,000 |
1,086,292 |
|
7.072% 6/8/15 |
|
1,500,000 |
1,660,004 |
|
Health Care REIT, Inc.: |
|
|
|
|
3.625% 3/15/16 |
|
7,685,000 |
8,173,113 |
|
4.125% 4/1/19 |
|
2,000,000 |
2,191,398 |
|
6% 11/15/13 |
|
1,000,000 |
1,027,570 |
|
6.2% 6/1/16 |
|
2,750,000 |
3,154,498 |
|
Healthcare Realty Trust, Inc.: |
|
|
|
|
3.75% 4/15/23 |
|
4,022,000 |
4,086,465 |
|
5.75% 1/15/21 |
|
3,095,000 |
3,612,905 |
|
6.5% 1/17/17 |
|
2,875,000 |
3,317,373 |
|
Corporate Bonds - continued |
||||
|
Principal |
Value |
||
Nonconvertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Investment Trusts - continued |
||||
Highwoods/Forsyth LP: |
|
|
|
|
3.625% 1/15/23 |
|
$ 1,607,000 |
$ 1,612,324 |
|
5.85% 3/15/17 |
|
2,800,000 |
3,157,020 |
|
Hospitality Properties Trust: |
|
|
|
|
5% 8/15/22 |
|
3,177,000 |
3,451,108 |
|
5.625% 3/15/17 |
|
915,000 |
1,013,461 |
|
7.875% 8/15/14 |
|
1,000,000 |
1,050,552 |
|
HRPT Properties Trust: |
|
|
|
|
5.75% 11/1/15 |
|
4,826,000 |
5,157,435 |
|
6.25% 8/15/16 |
|
9,675,000 |
10,560,108 |
|
6.25% 6/15/17 |
|
1,055,000 |
1,166,838 |
|
6.65% 1/15/18 |
|
4,246,000 |
4,821,855 |
|
iStar Financial, Inc.: |
|
|
|
|
5.85% 3/15/17 |
|
3,587,000 |
3,676,675 |
|
5.875% 3/15/16 |
|
34,260,000 |
35,973,000 |
|
5.95% 10/15/13 |
|
7,330,000 |
7,439,950 |
|
6.05% 4/15/15 |
|
14,630,000 |
15,361,500 |
|
7.125% 2/15/18 |
|
5,725,000 |
6,068,500 |
|
9% 6/1/17 |
|
9,175,000 |
10,459,500 |
|
MPT Operating Partnership LP/MPT Finance Corp.: |
|
|
|
|
6.375% 2/15/22 |
|
3,610,000 |
3,907,825 |
|
6.875% 5/1/21 |
|
2,000,000 |
2,180,000 |
|
National Retail Properties, Inc. 3.3% 4/15/23 |
|
2,000,000 |
2,001,156 |
|
Nationwide Health Properties, Inc. 6% 5/20/15 |
|
5,670,000 |
6,253,897 |
|
Omega Healthcare Investors, Inc.: |
|
|
|
|
6.75% 10/15/22 |
|
2,115,000 |
2,352,938 |
|
7.5% 2/15/20 |
|
1,000,000 |
1,115,000 |
|
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14 |
|
1,750,000 |
1,846,492 |
|
Potlatch Corp. 7.5% 11/1/19 |
|
1,000,000 |
1,180,000 |
|
ProLogis LP: |
|
|
|
|
6.625% 5/15/18 |
|
6,480,000 |
7,871,800 |
|
7.625% 7/1/17 |
|
4,690,000 |
5,464,793 |
|
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20 |
|
2,000,000 |
2,507,600 |
|
Senior Housing Properties Trust: |
|
|
|
|
4.3% 1/15/16 |
|
5,000,000 |
5,242,025 |
|
6.75% 4/15/20 |
|
13,624,000 |
15,840,175 |
|
6.75% 12/15/21 |
|
8,000,000 |
9,406,616 |
|
Corporate Bonds - continued |
||||
|
Principal |
Value |
||
Nonconvertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Investment Trusts - continued |
||||
United Dominion Realty Trust, Inc.: |
|
|
|
|
5.13% 1/15/14 |
|
$ 2,520,000 |
$ 2,592,856 |
|
5.25% 1/15/15 |
|
1,000,000 |
1,065,988 |
|
5.25% 1/15/16 |
|
4,000,000 |
4,394,468 |
|
|
287,227,420 |
|||
Real Estate Management & Development - 2.8% |
||||
AMB Property LP 5.9% 8/15/13 |
|
400,000 |
405,469 |
|
BioMed Realty LP 3.85% 4/15/16 |
|
2,000,000 |
2,125,694 |
|
Brandywine Operating Partnership LP: |
|
|
|
|
5.4% 11/1/14 |
|
6,750,000 |
7,167,508 |
|
7.5% 5/15/15 |
|
1,000,000 |
1,119,472 |
|
CB Richard Ellis Services, Inc.: |
|
|
|
|
5% 3/15/23 |
|
6,020,000 |
6,163,276 |
|
6.625% 10/15/20 |
|
1,205,000 |
1,316,463 |
|
11.625% 6/15/17 |
|
1,500,000 |
1,603,500 |
|
Colonial Properties Trust 6.25% 6/15/14 |
|
3,094,000 |
3,261,014 |
|
Colonial Realty LP 6.05% 9/1/16 |
|
2,500,000 |
2,815,025 |
|
ERP Operating LP 5.25% 9/15/14 |
|
4,815,000 |
5,115,085 |
|
Forest City Enterprises, Inc. 6.5% 2/1/17 |
|
17,420,000 |
16,984,500 |
|
Host Hotels & Resorts LP: |
|
|
|
|
5.25% 3/15/22 |
|
2,000,000 |
2,230,000 |
|
5.875% 6/15/19 |
|
2,725,000 |
3,017,938 |
|
Kennedy-Wilson, Inc.: |
|
|
|
|
8.75% 4/1/19 |
|
12,700,000 |
13,954,125 |
|
8.75% 4/1/19 (h) |
|
7,710,000 |
8,471,363 |
|
Realogy Corp.: |
|
|
|
|
7.875% 2/15/19 (h) |
|
7,085,000 |
7,908,631 |
|
9% 1/15/20 (h) |
|
1,920,000 |
2,275,200 |
|
Regency Centers LP: |
|
|
|
|
5.25% 8/1/15 |
|
4,509,000 |
4,890,001 |
|
5.875% 6/15/17 |
|
400,000 |
460,505 |
|
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.25% 4/15/21 (h) |
|
4,000,000 |
4,120,000 |
|
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17 |
|
2,490,000 |
2,661,312 |
|
Ventas Realty LP/Ventas Capital Corp.: |
|
|
|
|
2.7% 4/1/20 |
|
3,000,000 |
3,048,972 |
|
3.125% 11/30/15 |
|
13,807,000 |
14,586,806 |
|
3.25% 8/15/22 |
|
2,000,000 |
2,038,818 |
|
Corporate Bonds - continued |
||||
|
Principal |
Value |
||
Nonconvertible Bonds - continued |
||||
FINANCIALS - continued |
||||
Real Estate Management & Development - continued |
||||
Ventas Realty LP/Ventas Capital Corp.: - continued |
|
|
|
|
4% 4/30/19 |
|
$ 2,262,000 |
$ 2,490,032 |
|
Weekley Homes LLC/Weekley Finance Corp. 6% 2/1/23 (h) |
|
2,460,000 |
2,558,400 |
|
Wells Operating Partnership II LP 5.875% 4/1/18 |
|
3,000,000 |
3,358,067 |
|
|
126,147,176 |
|||
Thrifts & Mortgage Finance - 0.1% |
||||
Wrightwood Capital LLC 1.9% 4/20/20 (d) |
|
3,924,493 |
3,002,238 |
|
TOTAL FINANCIALS |
438,197,584 |
|||
HEALTH CARE - 1.1% |
||||
Health Care Equipment & Supplies - 0.3% |
||||
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. 7.75% 2/15/19 |
|
10,410,000 |
11,398,950 |
|
Health Care Providers & Services - 0.8% |
||||
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18 |
|
33,008,000 |
35,978,720 |
|
TOTAL HEALTH CARE |
47,377,670 |
|||
INDUSTRIALS - 0.1% |
||||
Commercial Services & Supplies - 0.1% |
||||
Iron Mountain, Inc. 5.75% 8/15/24 |
|
4,235,000 |
4,362,050 |
|
Industrial Conglomerates - 0.0% |
||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 7.375% 10/1/17 (h) |
|
3,050,000 |
3,168,188 |
|
TOTAL INDUSTRIALS |
7,530,238 |
|||
INFORMATION TECHNOLOGY - 0.1% |
||||
Internet Software & Services - 0.1% |
||||
Cyrusone LP/Cyrusone Finance Corp. 6.375% 11/15/22 (h) |
|
3,000,000 |
3,172,500 |
|
Corporate Bonds - continued |
||||
|
Principal |
Value |
||
Nonconvertible Bonds - continued |
||||
TELECOMMUNICATION SERVICES - 0.1% |
||||
Wireless Telecommunication Services - 0.1% |
||||
Crown Castle International Corp. 5.25% 1/15/23 |
|
$ 4,000,000 |
$ 4,180,000 |
|
TOTAL NONCONVERTIBLE BONDS |
764,630,170 |
|||
TOTAL CORPORATE BONDS (Cost $813,842,393) |
|
|||
Asset-Backed Securities - 3.0% |
||||
|
||||
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.5592% 3/23/19 (h)(j) |
|
175,535 |
173,868 |
|
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.6992% 3/20/50 (h)(j) |
|
2,250,000 |
109,350 |
|
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (h) |
|
2,235,851 |
2,239,876 |
|
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.5294% 1/20/37 (h)(j) |
|
657,359 |
628,600 |
|
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (h) |
|
1,096,268 |
1,063,380 |
|
CBRE Realty Finance CDO LLC Series 2007-1A Class A1, 0.5304% 4/7/52 (h)(j) |
|
9,486,694 |
8,443,158 |
|
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33 |
|
500,000 |
443,204 |
|
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A: |
|
|
|
|
Class B1, 6.065% 12/28/35 (h) |
|
226,800 |
227,084 |
|
Class B2, 1.6336% 12/28/35 (h)(j) |
|
227,523 |
225,247 |
|
Class D, 9% 12/28/35 (h) |
|
525,651 |
391,663 |
|
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (h) |
|
1,050,328 |
787,746 |
|
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 |
|
9,500,000 |
9,164,042 |
|
Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.6516% 11/28/39 (h)(j) |
|
582,529 |
17,476 |
|
Green Tree Financial Corp.: |
|
|
|
|
Series 1996-4 Class M1, 7.75% 6/15/27 |
|
1,788,179 |
1,698,743 |
|
Series 1997-3 Class M1, 7.53% 3/15/28 |
|
7,293,450 |
6,349,710 |
|
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7002% 6/25/35 (j)(l) |
|
787,807 |
32,099 |
|
Asset-Backed Securities - continued |
||||
|
Principal |
Value |
||
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A: |
|
|
|
|
Class D, 1.7502% 8/26/30 (h)(j) |
|
$ 735,000 |
$ 694,649 |
|
Class E, 2.2002% 8/26/30 (h)(j) |
|
1,517,957 |
956,313 |
|
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 |
|
1,100,082 |
527,336 |
|
Merit Securities Corp. Series 13 Class M1, 7.8859% 12/28/33 (j) |
|
1,923,000 |
2,071,061 |
|
Mesa West Capital CDO Ltd.: |
|
|
|
|
Series 2007-1A Class A2, 0.4902% 2/25/47 (h)(j) |
|
15,000,000 |
14,062,500 |
|
Series 2007-1A Class A1, 0.4602% 2/25/47 (h)(j) |
|
8,762,456 |
8,472,200 |
|
N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (h) |
|
899,989 |
773,990 |
|
Newcastle Investment Trust Series 2011-MH1 Class A, 2.45% 12/10/33 (h) |
|
2,431,144 |
2,483,051 |
|
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class D, 5.194% 7/24/39 (h) |
|
1,532,040 |
1,535,104 |
|
Prima Capital Ltd. Series 2006-CR1A Class A2, 5.533% 12/28/48 (h) |
|
9,302,588 |
9,488,640 |
|
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 2.9455% 2/5/36 (h)(j) |
|
3,666,283 |
367 |
|
Wachovia Ltd./Wachovia LLC: |
|
|
|
|
Series 2006-1 Class 1ML, 5.7841% 9/25/26 (h)(j) |
|
2,000,000 |
1,210,000 |
|
Series 2006-1A: |
|
|
|
|
Class A1A, 0.5441% 9/25/26 (h)(j) |
|
12,479,952 |
12,296,497 |
|
Class A1B, 0.6141% 9/25/26 (h)(j) |
|
22,506,000 |
20,489,462 |
|
Class A2A, 0.5041% 9/25/26 (h)(j) |
|
2,257,861 |
2,252,893 |
|
Class A2B, 0.5941% 9/25/26 (h)(j) |
|
1,550,000 |
1,462,115 |
|
Class B, 0.6441% 9/25/26 (h)(j) |
|
890,000 |
797,885 |
|
Class C 0.8141% 9/25/26 (h)(j) |
|
3,830,000 |
3,395,295 |
|
Class F, 1.4341% 9/25/26 (h)(j) |
|
2,713,000 |
2,378,216 |
|
Class G, 1.6341% 9/25/26 (h)(j) |
|
1,599,000 |
1,388,572 |
|
Class H, 1.9341% 9/25/26 (h)(j) |
|
1,535,000 |
1,325,319 |
|
Class J, 3.0341% 9/25/26 (h)(j) |
|
1,500,000 |
1,299,000 |
|
Class K, 3.5341% 9/25/26 (h)(j) |
|
2,475,000 |
2,119,095 |
|
Class L, 4.2841% 9/25/26 (h)(j) |
|
1,500,000 |
1,297,200 |
|
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A: |
|
|
|
|
Class A1, 0.6091% 11/21/40 (h)(j) |
|
8,832,497 |
8,125,897 |
|
Class F, 2.2391% 11/21/40 (h)(j) |
|
250,000 |
50,000 |
|
TOTAL ASSET-BACKED SECURITIES (Cost $128,660,649) |
|
|||
Collateralized Mortgage Obligations - 0.4% |
||||
|
Principal |
Value |
||
Private Sponsor - 0.4% |
||||
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.3787% 6/15/22 (h)(j) |
|
$ 1,797,292 |
$ 1,774,495 |
|
Countrywide Home Loans, Inc.: |
|
|
|
|
Series 2002-38 Class B3, 5% 2/25/18 (h) |
|
49,175 |
16,744 |
|
Series 2002-R2 Class 2B3, 3.6669% 7/25/33 (h)(j) |
|
199,615 |
102,743 |
|
Series 2003-40 Class B3, 4.5% 10/25/18 (h) |
|
83,810 |
17,331 |
|
Series 2003-R3: |
|
|
|
|
Class B2, 5.5% 11/25/33 (h) |
|
1,306,762 |
250,313 |
|
Class B3, 5.5% 11/25/33 |
|
118,598 |
7,003 |
|
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (h)(j) |
|
104,122 |
5,504 |
|
FREMF Mortgage Trust: |
|
|
|
|
Series 2010 K7 Class B, 5.4359% 4/25/20 (h)(j) |
|
3,200,000 |
3,703,923 |
|
Series 2010-K6 Class B, 5.3654% 12/25/46 (h)(j) |
|
4,500,000 |
5,174,492 |
|
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (h) |
|
7,120,000 |
7,383,212 |
|
RESI Finance LP/RESI Finance DE Corp. floater: |
|
|
|
|
Series 2003-B Class B9, 12.1503% 7/10/35 (h)(j) |
|
244,202 |
204,300 |
|
Series 2005-A Class B6, 2.2003% 3/10/37 (h)(j) |
|
1,087,061 |
5,870 |
|
Series 2005-B Class B6, 1.8003% 6/10/37 (h)(j) |
|
232,828 |
93 |
|
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (h) |
|
27,723 |
24,202 |
|
RESIX Finance Ltd. floater: |
|
|
|
|
Series 2003-D Class B8, 6.7003% 12/10/35 (h)(j) |
|
237,743 |
113,689 |
|
Series 2004-A Class B7, 4.4503% 2/10/36 (h)(j) |
|
267,333 |
147,113 |
|
Series 2004-B Class B7, 4.2003% 2/10/36 (h)(j) |
|
317,267 |
162,441 |
|
TOTAL PRIVATE SPONSOR |
19,093,468 |
|||
U.S. Government Agency - 0.0% |
||||
Fannie Mae REMIC Trust: |
|
|
|
|
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (l) |
|
143,707 |
78,027 |
|
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.1885% 2/25/42 (h)(j) |
|
95,595 |
55,979 |
|
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (l) |
|
216,345 |
54,591 |
|
Collateralized Mortgage Obligations - continued |
||||
|
Principal |
Value |
||
U.S. Government Agency - continued |
||||
Fannie Mae REMIC Trust: - continued |
|
|
|
|
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.2088% 6/25/43 (h)(j) |
|
$ 143,584 |
$ 58,307 |
|
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 3.174% 10/25/42 (h)(j) |
|
62,131 |
33,212 |
|
TOTAL U.S. GOVERNMENT AGENCY |
280,116 |
|||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $20,297,663) |
|
|||
Commercial Mortgage Securities - 13.6% |
||||
|
||||
ACGS Series 2004-1 Class P, 7.4605% 8/1/19 (l) |
|
3,608,325 |
3,538,977 |
|
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (h) |
|
2,000,000 |
2,416,243 |
|
Banc of America Commercial Mortgage Trust: |
|
|
|
|
Series 2005-1 Class CJ, 5.196% 11/10/42 (j) |
|
3,580,000 |
3,829,336 |
|
Series 2005-6 Class AJ, 5.1877% 9/10/47 (j) |
|
5,000,000 |
5,465,805 |
|
Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 2.499% 11/15/15 (h)(j) |
|
102,774,527 |
103,569,068 |
|
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.1987% 3/15/22 (h)(j) |
|
760,684 |
517,265 |
|
Banc of America REMIC Trust Series 2012-CLMZ Class A, 7.6987% 8/15/17 (h)(j) |
|
4,900,000 |
5,212,620 |
|
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.4502% 3/11/39 (j) |
|
5,700,000 |
5,940,780 |
|
Bear Stearns Commercial Mortgage Securities Trust Series 2006-T22 Class B, 5.5811% 4/12/38 (h)(j) |
|
2,520,000 |
2,662,554 |
|
COMM Mortgage Trust Series 2012-CR5 Class D, 4.3353% 12/10/45 (h)(j) |
|
2,000,000 |
2,035,032 |
|
COMM pass-thru certificates: |
|
|
|
|
floater Series 2006-FL12: |
|
|
|
|
Class AJ, 0.3287% 12/15/20 (h)(j) |
|
8,000,000 |
7,666,040 |
|
Class B, 0.3687% 12/15/20 (h)(j) |
|
2,825,274 |
2,697,162 |
|
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (h) |
|
3,503,241 |
3,534,770 |
|
Commercial Mortgage Trust pass-thru certificates: |
|
|
|
|
Series 2005-C6 Class AJ, 5.209% 6/10/44 (j) |
|
5,000,000 |
5,409,405 |
|
Series 2012-CR1: |
|
|
|
|
Class C, 5.547% 5/15/45 |
|
1,000,000 |
1,153,475 |
|
Class D, 5.547% 5/15/45 (h) |
|
2,050,000 |
2,155,052 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal |
Value |
||
Commercial Mortgage Trust pass-thru certificates: - continued |
|
|
|
|
Series 2012-CR2: - continued |
|
|
|
|
Class D, 4.8586% 8/15/45 (h)(j) |
|
$ 4,500,000 |
$ 4,687,074 |
|
Class E, 4.8586% 8/15/45 (h)(j) |
|
6,000,000 |
6,134,118 |
|
Series 2012-LC4: |
|
|
|
|
Class C, 5.649% 12/10/44 (j) |
|
2,000,000 |
2,338,796 |
|
Class D, 5.824% 12/10/44 (h)(j) |
|
8,000,000 |
8,639,880 |
|
Communication Mortgage Trust Series 2011-THL: |
|
|
|
|
Class E, 5.949% 6/9/28 (h) |
|
3,690,000 |
3,796,132 |
|
Class F, 4.867% 6/9/28 (h) |
|
11,090,000 |
10,359,746 |
|
Credit Suisse First Boston Mortgage Securities Corp.: |
|
|
|
|
Series 1998-C1 Class F, 6% 5/17/40 (h) |
|
1,961,065 |
2,157,307 |
|
Series 1998-C2 Class F, 6.75% 11/15/30 (h) |
|
3,000,000 |
3,158,049 |
|
DBUBS Mortgage Trust Series 2011-LC1A Class E, 5.5571% 11/10/46 (h)(j) |
|
12,490,000 |
13,798,602 |
|
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31 |
|
741,763 |
742,273 |
|
DLJ Commercial Mortgage Corp. Series 1998-CG1 Class B4, 7.1969% 6/10/31 (h)(j) |
|
1,476,349 |
1,476,693 |
|
Extended Stay America Trust Series 2013-ESHM Class M, 7.625% 12/5/19 (h) |
|
10,950,000 |
11,646,827 |
|
Freddie Mac: |
|
|
|
|
pass-thru certificates: |
|
|
|
|
Series K011 Class X3, 2.5754% 12/25/43 (j)(k) |
|
12,206,096 |
1,968,453 |
|
Series K012 Class X3, 2.2882% 1/25/41 (j)(k) |
|
21,072,886 |
3,039,722 |
|
Series K013 Class X3, 2.7902% 1/25/43 (j)(k) |
|
14,360,000 |
2,544,233 |
|
Series KAIV Class X2, 3.6147% 6/25/46 (j)(k) |
|
7,430,000 |
1,700,546 |
|
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (h) |
|
8,218,897 |
8,280,538 |
|
GCCFC Commercial Mortgage Trust sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (h) |
|
2,000,000 |
2,002,814 |
|
GMAC Commercial Mortgage Securities, Inc.: |
|
|
|
|
Series 1997-C2 Class G, 6.75% 4/15/29 (j) |
|
906,496 |
1,019,459 |
|
Series 1999-C3 Class J, 6.974% 8/15/36 |
|
1,500,000 |
1,580,972 |
|
Series 2000-C1 Class K, 7% 3/15/33 |
|
193,433 |
147,501 |
|
GS Mortgage Securities Corp. II: |
|
|
|
|
floater Series 2007-EOP Class L, 5.4585% 3/6/20 (h)(j) |
|
1,400,000 |
1,412,547 |
|
Series 2010-C1: |
|
|
|
|
Class D, 5.9876% 8/10/43 (h)(j) |
|
4,000,000 |
4,639,808 |
|
Class E, 4% 8/10/43 (h) |
|
3,770,000 |
3,011,193 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal |
Value |
||
GS Mortgage Securities Corp. II: - continued |
|
|
|
|
Series 2012-GCJ7: |
|
|
|
|
Class C, 5.7228% 5/10/45 (j) |
|
$ 6,500,000 |
$ 7,428,793 |
|
Class D, 5.7228% 5/10/45 (h)(j) |
|
2,000,000 |
2,145,668 |
|
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (h) |
|
9,185,000 |
9,249,295 |
|
GS Mortgage Securities Trust: |
|
|
|
|
Series 2010-C2 Class D, 5.2273% 12/10/43 (h)(j) |
|
3,000,000 |
3,268,122 |
|
Series 2011-GC5: |
|
|
|
|
Class C, 5.3083% 8/10/44 (h)(j) |
|
9,000,000 |
10,379,601 |
|
Class D, 5.3083% 8/10/44 (h)(j) |
|
4,000,000 |
4,258,424 |
|
Series 2012-GC6 Class C, 5.6391% 1/10/45 (h)(j) |
|
3,600,000 |
4,223,431 |
|
JPMorgan Chase Commercial Mortgage Securities Corp.: |
|
|
|
|
Series 2001-A: |
|
|
|
|
Class G, 6% 10/15/32 (h)(j) |
|
2,036,910 |
36,732 |
|
Class X, 0.6341% 10/15/32 (h)(j)(k) |
|
4,757,212 |
43,579 |
|
Series 2002-C1 Class E, 6.135% 7/12/37 (h) |
|
1,755,362 |
1,759,740 |
|
Series 2009-IWST: |
|
|
|
|
Class C, 7.4458% 12/5/27 (h)(j) |
|
3,000,000 |
3,729,684 |
|
Class D, 7.4458% 12/5/27 (h)(j) |
|
9,550,000 |
11,328,812 |
|
Series 2010-CNTM Class MZ, 8.5% 8/5/20 (h) |
|
9,000,000 |
9,640,955 |
|
Series 2010-CNTR: |
|
|
|
|
Class D, 6.1844% 8/5/32 (h)(j) |
|
4,500,000 |
5,194,805 |
|
Class XB, 0.9311% 8/5/32 (h)(j)(k) |
|
32,655,000 |
1,583,196 |
|
Series 2012-CBX Class C, 5.1895% 6/16/45 (j) |
|
4,530,000 |
5,102,019 |
|
JPMorgan Chase Commercial Mortgage Securities Trust: |
|
|
|
|
Series 2005-LDP5 Class AJ, 5.3216% 12/15/44 (j) |
|
3,470,000 |
3,729,756 |
|
Series 2011-C5 Class C, 5.3147% 8/15/46 (h)(j) |
|
6,525,375 |
7,408,832 |
|
JPMorgan Commercial Mortgage Finance Corp. Series 1999-C8: |
|
|
|
|
Class G, 6% 7/15/31 (h) |
|
653,661 |
657,791 |
|
Class H, 6% 7/15/31 (h) |
|
1,424,589 |
820,945 |
|
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (h) |
|
2,328,545 |
2,366,345 |
|
LB-UBS Commercial Mortgage Trust: |
|
|
|
|
sequential payer: |
|
|
|
|
Series 2004-C2 Class E, 4.487% 3/15/36 |
|
2,060,000 |
2,085,999 |
|
Series 2005-C3 Class AJ, 4.843% 7/15/40 |
|
6,620,000 |
7,036,550 |
|
Series 2005-C7 Class AJ, 5.323% 11/15/40 (j) |
|
8,000,000 |
8,646,232 |
|
Series 2006-C7 Class AM, 5.378% 11/15/38 |
|
2,040,000 |
2,271,564 |
|
Series 2004-C7 Class E, 4.918% 10/15/36 |
|
5,120,000 |
5,320,156 |
|
Series 2005-C1 Class E, 4.924% 2/15/40 |
|
4,000,000 |
4,114,288 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal |
Value |
||
LB-UBS Commercial Mortgage Trust: - continued |
|
|
|
|
Series 2006-C4: |
|
|
|
|
Class AJ, 5.8856% 6/15/38 (j) |
|
$ 7,005,000 |
$ 7,256,325 |
|
Class AM, 5.8856% 6/15/38 (j) |
|
6,700,000 |
7,606,550 |
|
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2007-LLFA Class E, 1.0987% 6/15/22 (h)(j) |
|
6,230,000 |
6,069,447 |
|
LStar Commercial Mortgage Trust: |
|
|
|
|
Series 2011-1 Class D, 5.491% 6/25/43 (h)(j) |
|
4,699,000 |
4,929,538 |
|
Series 2011-1 Class B, 5.491% 6/25/43 (h)(j) |
|
6,165,000 |
6,491,678 |
|
Merrill Lynch Financial Asset, Inc. Series 2005-CA16: |
|
|
|
|
Class F, 4.384% 7/12/37 |
CAD |
710,000 |
580,206 |
|
Class G, 4.384% 7/12/37 |
CAD |
355,000 |
284,525 |
|
Class H, 4.384% 7/12/37 |
CAD |
236,000 |
185,531 |
|
Class J, 4.384% 7/12/37 |
CAD |
355,000 |
273,772 |
|
Class K, 4.384% 7/12/37 |
CAD |
355,000 |
268,590 |
|
Class L, 4.384% 7/12/37 |
CAD |
236,000 |
175,193 |
|
Class M, 4.384% 7/12/37 |
CAD |
995,000 |
655,403 |
|
Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (h) |
|
708,096 |
325,724 |
|
Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.6859% 5/12/39 (j) |
|
1,200,000 |
1,356,852 |
|
Mezz Capital Commercial Mortgage Trust: |
|
|
|
|
sequential payer: |
|
|
|
|
Series 2004-C1 Class A, 4.836% 1/15/37 (h) |
|
2,073,398 |
1,902,343 |
|
Series 2004-C2 Class A, 5.318% 10/15/40 (h) |
|
9,067,514 |
7,934,074 |
|
Series 2004-C1: |
|
|
|
|
Class D, 6.988% 1/15/37 (h) |
|
237,495 |
24 |
|
Class IO, 8.4552% 1/15/37 (h)(j)(k) |
|
2,352,967 |
108,942 |
|
Morgan Stanley BAML Trust Series 2013-C9 Class D, 4.2997% 5/15/46 (i) |
|
5,000,000 |
4,657,500 |
|
Morgan Stanley Capital I Trust: |
|
|
|
|
sequential payer: |
|
|
|
|
Series 2012-C4 Class E, 5.71% 3/15/45 (h) |
|
4,630,000 |
4,880,895 |
|
Series 2006-HQ10 Class AM, 5.36% 11/12/41 |
|
8,200,000 |
9,184,853 |
|
Series 1997-RR Class F, 7.4014% 4/30/39 (h)(j) |
|
1,060,296 |
1,049,693 |
|
Series 1998-CF1 Class G, 7.35% 7/15/32 (h) |
|
2,638,902 |
2,003,233 |
|
Series 2005-HQ5 Class B, 5.272% 1/14/42 |
|
2,000,000 |
2,114,376 |
|
Series 2005-HQ6 Class AJ, 5.073% 8/13/42 (j) |
|
2,500,000 |
2,621,068 |
|
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43 |
|
7,500,000 |
8,535,360 |
|
Series 2011-C1 Class C, 5.2537% 9/15/47 (h)(j) |
|
4,000,000 |
4,560,281 |
|
Series 2011-C2: |
|
|
|
|
Class D, 5.3172% 6/15/44 (h)(j) |
|
4,610,000 |
4,979,063 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal |
Value |
||
Morgan Stanley Capital I Trust: - continued |
|
|
|
|
Series 2011-C2: - continued |
|
|
|
|
Class E, 5.3172% 6/15/44 (h)(j) |
|
$ 9,600,000 |
$ 10,301,136 |
|
Class F, 5.3172% 6/15/44 (h)(j) |
|
4,440,000 |
3,815,363 |
|
Class XB, 0.4644% 6/15/44 (h)(j)(k) |
|
63,708,222 |
2,280,945 |
|
Series 2011-C3: |
|
|
|
|
Class C, 5.1849% 7/15/49 (h)(j) |
|
2,000,000 |
2,258,742 |
|
Class D, 5.357% 7/15/49 (h) |
|
7,400,000 |
8,011,070 |
|
Series 2012-C4 Class D, 5.5266% 3/15/45 (h)(j) |
|
6,310,000 |
7,082,912 |
|
NationsLink Funding Corp. Series 1999-SL Class X, 11/10/30 (k) |
|
224,615 |
224,346 |
|
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (h) |
|
3,783,011 |
4,818,420 |
|
RBSCF Trust Series 2010-MB1 Class D, 4.6812% 4/15/24 (h)(j) |
|
9,049,000 |
9,221,501 |
|
Salomon Brothers Mortgage Securities VII, Inc. Series 2001-MMA Class E3, 6.5% 2/18/34 (h)(j) |
|
170,742 |
173,393 |
|
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.5388% 8/15/39 (j) |
|
2,080,000 |
2,293,225 |
|
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (h) |
|
10,630,000 |
11,004,208 |
|
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.7737% 7/15/24 (h)(j) |
|
1,200,000 |
1,059,790 |
|
UBS-Barclays Commercial Mortgage Trust sequential payer Series 2012-C3 Class A1, 0.726% 8/10/49 |
|
3,594,923 |
3,600,855 |
|
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 5.8752% 1/10/45 (h)(j) |
|
3,000,000 |
3,701,484 |
|
Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/28 (h) |
|
2,540,000 |
2,929,313 |
|
Wachovia Bank Commercial Mortgage Trust: |
|
|
|
|
Series 2004-C10 Class E, 4.931% 2/15/41 |
|
2,000,000 |
2,034,472 |
|
Series 2004-C11: |
|
|
|
|
Class D, 5.3874% 1/15/41 (j) |
|
5,177,000 |
5,062,269 |
|
Class E, 5.4374% 1/15/41 (j) |
|
3,785,000 |
3,604,762 |
|
Series 2004-C12 Class D, 5.3085% 7/15/41 (j) |
|
2,750,000 |
2,846,825 |
|
Series 2004-C14 Class B, 5.17% 8/15/41 |
|
3,180,000 |
3,316,966 |
|
Wells Fargo Commercial Mortgage Trust Series 2012-LC5 Class D, 4.7802% 10/15/45 (h) |
|
9,999,000 |
9,961,364 |
|
WF-RBS Commercial Mortgage Trust: |
|
|
|
|
Series 2011-C3: |
|
|
|
|
Class C, 5.335% 3/15/44 (h) |
|
4,900,000 |
5,614,013 |
|
Class D, 5.5491% 3/15/44 (h)(j) |
|
1,000,000 |
1,079,750 |
|
Class E, 5% 3/15/44 (h) |
|
2,000,000 |
1,768,978 |
|
Series 2012-C7 Class D, 4.85% 6/15/45 (h)(j) |
|
2,380,000 |
2,543,508 |
|
Commercial Mortgage Securities - continued |
||||
|
Principal |
Value |
||
WF-RBS Commercial Mortgage Trust: - continued |
|
|
|
|
Series 2013-C11: |
|
|
|
|
Class D, 4.1856% 3/15/45 (h)(j) |
|
$ 5,830,000 |
$ 5,649,567 |
|
Class E, 4.1856% 3/15/45 (h)(j) |
|
4,780,000 |
3,765,168 |
|
Series 2013-C13 Class D, 4.2791% 5/15/45 (h)(i)(j) |
|
4,000,000 |
3,789,375 |
|
WFDB Commercial Mortgage Trust Series 2011-BXR Class D, 5.914% 7/5/24 (h) |
|
4,000,000 |
4,114,148 |
|
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $543,595,453) |
|
|||
Floating Rate Loans - 9.5% |
||||
|
||||
CONSUMER DISCRETIONARY - 4.6% |
||||
Hotels, Restaurants & Leisure - 4.4% |
||||
Cedar Fair LP Tranche B, term loan 3.25% 3/1/20 (j) |
|
2,810,000 |
2,841,613 |
|
Cooper Hotel Group REL 12% 11/6/17 |
|
13,368,215 |
14,136,887 |
|
Extended Stay America, Inc. REL 9.625% 12/1/19 |
|
7,000,000 |
7,507,500 |
|
Hilton Worldwide, Inc.: |
|
|
|
|
term loan 4.449% 11/12/15 (j) |
|
59,894,829 |
59,071,275 |
|
Tranche B, term loan 3.5715% 11/12/15 (j) |
|
11,662,158 |
11,501,803 |
|
Tranche C, term loan 3.699% 11/12/15 (j) |
|
19,436,930 |
19,169,673 |
|
Tranche D, term loan 3.949% 11/12/15 (j) |
|
22,447,616 |
22,138,961 |
|
Tranche E, term loan 4.199% 11/12/15 (j) |
|
29,155,395 |
28,754,509 |
|
Intrawest U.S. Holding, Inc. Tranche 1LN, term loan 7% 12/4/17 (j) |
|
4,987,500 |
5,093,484 |
|
La Quinta: |
|
|
|
|
Tranche A, term loan 11.375% 7/6/14 (j) |
|
7,990,026 |
8,097,892 |
|
Tranche B, term loan 11.375% 7/6/14 (j) |
|
5,992,520 |
6,073,419 |
|
Tranche D, term loan 14.9% 7/6/14 (j) |
|
12,000,000 |
11,492,400 |
|
|
195,879,416 |
|||
Media - 0.1% |
||||
PRIMEDIA, Inc. Tranche B, term loan 7.5% 1/13/18 (j) |
|
2,800,125 |
2,793,125 |
|
Specialty Retail - 0.1% |
||||
The Pep Boys - Manny, Moe & Jack Tranche B, term loan 5% 10/11/18 (j) |
|
5,341,613 |
5,415,060 |
|
TOTAL CONSUMER DISCRETIONARY |
204,087,601 |
|||
Floating Rate Loans - continued |
||||
|
Principal |
Value |
||
ENERGY - 0.4% |
||||
Oil, Gas & Consumable Fuels - 0.4% |
||||
Panda Sherman Power, LLC term loan 9% 9/14/18 (j) |
|
$ 7,200,000 |
$ 7,326,000 |
|
Panda Temple Power, LLC term loan 7.25% 4/3/19 (j) |
|
8,580,000 |
8,730,150 |
|
|
16,056,150 |
|||
FINANCIALS - 3.4% |
||||
Diversified Financial Services - 0.8% |
||||
Blackstone REL 10% 10/1/17 |
|
17,500,000 |
18,725,000 |
|
Pilot Travel Centers LLC: |
|
|
|
|
Tranche B 2LN, term loan 4.25% 8/7/19 (j) |
|
7,226,375 |
7,117,979 |
|
Tranche B, term loan 3.75% 3/30/18 (j) |
|
6,666,917 |
6,533,579 |
|
SBA Senior Finance, Inc. Tranche B, term loan 3.75% 6/30/18 (j) |
|
1,083,174 |
1,089,943 |
|
|
33,466,501 |
|||
Real Estate Investment Trusts - 1.0% |
||||
iStar Financial, Inc. Tranche B, term loan 4.5% 10/15/17 (j) |
|
39,045,241 |
39,435,693 |
|
Starwood Property Trust, Inc. Tranche B, term loan 3.5% 4/10/20 (j) |
|
5,000,000 |
5,006,250 |
|
|
44,441,943 |
|||
Real Estate Management & Development - 1.6% |
||||
CB Richard Ellis Services, Inc. Tranche B, term loan 2.9537% 3/28/21 (j) |
|
4,525,000 |
4,547,625 |
|
CityCenter term loan 8.75% 7/1/13 (j) |
|
4,169,750 |
4,169,750 |
|
EOP Operating LP term loan: |
|
|
|
|
5% 2/1/14 (j) |
|
5,000,000 |
5,078,500 |
|
5.25% 2/1/14 (j) |
|
3,800,000 |
3,859,660 |
|
Equity Inns Reality LLC: |
|
|
|
|
Tranche A, term loan 10.5% 11/4/13 (j) |
|
7,888,426 |
7,305,997 |
|
Tranche B 2LN, term loan 7.55% 11/4/13 (j) |
|
15,000,000 |
14,925,000 |
|
Realogy Corp.: |
|
|
|
|
Credit-Linked Deposit 3.2037% 10/10/13 (j) |
|
432,236 |
431,156 |
|
Credit-Linked Deposit 4.4537% 10/10/16 (j) |
|
917,239 |
914,945 |
|
Realogy Group LLC Tranche B, term loan 4.5% 3/1/20 (j) |
|
27,410,000 |
27,684,100 |
|
|
68,916,733 |
|||
Floating Rate Loans - continued |
||||
|
Principal |
Value |
||
FINANCIALS - continued |
||||
Thrifts & Mortgage Finance - 0.0% |
||||
Ocwen Loan Servicing, LLC Tranche B, term loan 5% 1/23/18 (j) |
|
$ 1,965,000 |
$ 1,994,475 |
|
TOTAL FINANCIALS |
148,819,652 |
|||
HEALTH CARE - 0.3% |
||||
Health Care Providers & Services - 0.3% |
||||
Community Health Systems, Inc. term loan 3.7865% 1/25/17 (j) |
|
2,903,247 |
2,928,651 |
|
Health Management Associates, Inc. Tranche B, term loan 3.5% 11/18/18 (j) |
|
2,088,506 |
2,109,392 |
|
Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (j) |
|
10,183,822 |
10,247,471 |
|
|
15,285,514 |
|||
INDUSTRIALS - 0.3% |
||||
Construction & Engineering - 0.3% |
||||
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (j) |
|
13,362,162 |
13,094,918 |
|
TELECOMMUNICATION SERVICES - 0.4% |
||||
Wireless Telecommunication Services - 0.4% |
||||
Crown Castle Operating Co.: |
|
|
|
|
Tranche A, term loan 2.7% 1/31/17 (j) |
|
8,843,636 |
8,854,691 |
|
Tranche B, term loan 3.25% 1/31/19 (j) |
|
9,236,086 |
9,271,183 |
|
SBA Senior Finance II, LLC term loan 3.75% 9/28/19 (j) |
|
1,226,177 |
1,233,841 |
|
|
19,359,715 |
|||
UTILITIES - 0.1% |
||||
Electric Utilities - 0.1% |
||||
Essential Power LLC Tranche B, term loan 4.4969% 8/8/19 (j) |
|
2,434,313 |
2,470,827 |
|
TOTAL FLOATING RATE LOANS (Cost $411,310,552) |
|
Preferred Securities - 0.0% |
|||
Principal |
Value |
||
FINANCIALS - 0.0% |
|||
Diversified Financial Services - 0.0% |
|||
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (h) |
500,000 |
$ 25,000 |
|
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (h) |
1,220,000 |
183,000 |
|
|
208,000 |
||
TOTAL PREFERRED SECURITIES (Cost $1,293,016) |
|
||
Money Market Funds - 10.7% |
|||
Shares |
|
||
Fidelity Cash Central Fund, 0.13% (b) |
452,408,359 |
452,408,359 |
|
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c) |
19,767,650 |
19,767,650 |
|
TOTAL MONEY MARKET FUNDS (Cost $472,176,009) |
|
||
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $3,998,557,022) |
4,454,632,548 |
||
NET OTHER ASSETS (LIABILITIES) - (0.9)% |
(41,598,395) |
||
NET ASSETS - 100% |
$ 4,413,034,153 |
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 $734,266,322 or 16.6% of net assets. |
(i) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(j) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(k) 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. |
(l) 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 $3,703,694 or 0.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security |
Acquisition |
Acquisition |
ACGS Series 2004-1 Class P, 7.4605% 8/1/19 |
2/17/11 |
$ 3,494,173 |
Fannie Mae REMIC Trust Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 |
5/21/03 |
$ 124,531 |
Fannie Mae REMIC Trust Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 |
3/25/03 |
$ 163,037 |
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7002% 6/25/35 |
6/3/05 |
$ 695,008 |
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 |
$ 352,989 |
Fidelity Securities Lending Cash Central Fund |
44,499 |
Total |
$ 397,488 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate |
Value, |
Purchases |
Sales |
Dividend |
Value, |
AmREIT, Inc. Class B |
$ 2,818,000 |
$ - |
$ - |
$ 120,000 |
$ - |
Arbor Realty Trust, Inc. |
- |
13,358,984 |
- |
124,509 |
20,639,999 |
Arbor Realty Trust, Inc. Series A, 8.25% |
- |
4,727,225 |
- |
- |
4,914,423 |
Total |
$ 2,818,000 |
$ 18,086,209 |
$ - |
$ 244,509 |
$ 25,554,422 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2013, 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 |
$ 34,492,824 |
$ 30,136,903 |
$ - |
$ 4,355,921 |
Financials |
1,824,321,296 |
1,766,163,223 |
55,977,299 |
2,180,774 |
Health Care |
46,628,755 |
46,628,755 |
- |
- |
Telecommunication Services |
12,085,470 |
12,085,470 |
- |
- |
Corporate Bonds |
892,387,242 |
- |
889,374,004 |
3,013,238 |
Asset-Backed Securities |
132,947,903 |
- |
100,057,839 |
32,890,064 |
Collateralized Mortgage Obligations |
19,373,584 |
- |
18,083,618 |
1,289,966 |
Commercial Mortgage Securities |
600,837,088 |
- |
564,612,473 |
36,224,615 |
Floating Rate Loans |
419,174,377 |
- |
325,108,369 |
94,066,008 |
Preferred Securities |
208,000 |
- |
- |
208,000 |
Money Market Funds |
472,176,009 |
472,176,009 |
- |
- |
Total Investments in Securities: |
$ 4,454,632,548 |
$ 2,327,190,360 |
$ 1,953,213,602 |
$ 174,228,586 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Commercial Mortgage Securities |
|
Beginning Balance |
$ 53,984,005 |
Total Realized Gain (Loss) |
1,178,516 |
Total Unrealized Gain (Loss) |
2,109,910 |
Cost of Purchases |
141,241 |
Proceeds of Sales |
(18,760,604) |
Amortization/Accretion |
(48,594) |
Transfers in to Level 3 |
5,364,290 |
Transfers out of Level 3 |
(7,744,149) |
Ending Balance |
$ 36,224,615 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013 |
$ 1,323,359 |
Floating Rate Loans |
|
Beginning Balance |
$ 18,003,477 |
Total Realized Gain (Loss) |
264,550 |
Total Unrealized Gain (Loss) |
2,511,374 |
Cost of Purchases |
82,961,853 |
Proceeds of Sales |
(14,260,414) |
Amortization/Accretion |
110,168 |
Transfers in to Level 3 |
4,475,000 |
Transfers out of Level 3 |
- |
Ending Balance |
$ 94,066,008 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013 |
$ 2,651,694 |
Other Investments and Securities |
|
Beginning Balance |
$ 55,750,106 |
Total Realized Gain (Loss) |
(5,447,194) |
Total Unrealized Gain (Loss) |
10,226,209 |
Cost of Purchases |
165,316 |
Proceeds of Sales |
(12,947,757) |
Amortization/Accretion |
1,913,831 |
Transfers in to Level 3 |
9,210,100 |
Transfers out of Level 3 |
(14,932,648) |
Ending Balance |
$ 43,937,963 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2013 |
$ 4,080,802 |
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 April 30, 2013, the cost of investment securities for income tax purposes was $3,999,771,959. Net unrealized appreciation aggregated $454,860,589, of which $491,442,681 related to appreciated investment securities and $36,582,092 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 Fund's 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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. For corporate bonds, floating rate loans and preferred securities, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. For asset backed securities, collateralized mortgage obligations and commercial mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. Independent prices obtained from a single source or broker are evaluated by management and may be categorized as Level 3 in the hierarchy. |
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. |
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker. |
Asset Type |
Fair Value at |
Valuation |
Unobservable Input |
Amount or |
Impact to |
Asset-Backed Securities |
$ 618,746 |
Discounted cash flow |
Yield |
5.5% - 10% / 8.4% |
Decrease |
Collateralized Mortgage Obligations |
$ 645,680 |
Discounted cash flow |
Yield |
12% - 26% / 15.2% |
Decrease |
Commercial Mortgage Securities |
$ 2,083,544 |
Discounted cash flow |
Yield |
10% - 30% / 19.2% |
Decrease |
|
|
Market comparable |
Spread |
13.8% |
Decrease |
Common Stock |
$ 4,355,921 |
Adjusted book value |
Book value multiple |
1.0 |
Increase |
Corporate Bonds |
$ 21,308,875 |
Discounted cash flow |
Yield |
8.8% - 20% / 11.9% |
Decrease |
Floating Rate Loans |
$ 18,725,000 |
Discounted cash flow |
Yield |
8.4% |
Decrease |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
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. 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: |
June 28, 2013 |
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: |
June 28, 2013 |
By: |
/s/Christine Reynolds |
|
Christine Reynolds |
|
Chief Financial Officer |
|
|
Date: |
June 28, 2013 |
Exhibit EX-99.CERT
I, Kenneth B. Robins, certify that:
1. I have reviewed this report on Form N-Q of Fidelity Securities Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: June 28, 2013
/s/Kenneth B. Robins |
Kenneth B. Robins |
President and Treasurer |
I, Christine Reynolds, certify that:
1. I have reviewed this report on Form N-Q of Fidelity Securities Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: June 28, 2013
/s/Christine Reynolds |
Christine Reynolds |
Chief Financial Officer |