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)
William C. Coffey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | July 31 |
| |
Date of reporting period: | October 31, 2018 |
Item 1.
Schedule of Investments
Quarterly Holdings Report
for
Fidelity® OTC Portfolio
October 31, 2018
Schedule of Investments October 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.6% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 23.0% | |||
Entertainment - 6.8% | |||
Activision Blizzard, Inc. | 10,175,409 | $702,612 | |
NetEase, Inc. ADR | 183,640 | 38,170 | |
Netflix, Inc. (a) | 836,460 | 252,427 | |
Nintendo Co. Ltd. ADR | 389,500 | 15,241 | |
Take-Two Interactive Software, Inc. (a) | 695,500 | 89,629 | |
Ubisoft Entertainment SA (a) | 2,506,485 | 225,698 | |
1,323,777 | |||
Interactive Media & Services - 16.2% | |||
Alphabet, Inc.: | |||
Class A (a) | 1,364,327 | 1,487,908 | |
Class C (a) | 452,169 | 486,882 | |
Eventbrite, Inc. (b) | 25,900 | 733 | |
Facebook, Inc. Class A (a) | 5,734,214 | 870,396 | |
IAC/InterActiveCorp (a) | 338,745 | 66,594 | |
Match Group, Inc. (a)(b) | 541,900 | 28,027 | |
Tencent Holdings Ltd. | 1,503,800 | 51,519 | |
Tencent Holdings Ltd. sponsored ADR | 2,078,800 | 71,365 | |
Twitter, Inc. (a) | 2,739,900 | 95,212 | |
YY, Inc. ADR (a) | 117,300 | 7,495 | |
Zillow Group, Inc. Class A (a) | 1,300 | 52 | |
3,166,183 | |||
Media - 0.0% | |||
Turn, Inc. (Escrow) (a)(c)(d) | 1,199,041 | 797 | |
Wireless Telecommunication Services - 0.0% | |||
Boingo Wireless, Inc. (a) | 191,700 | 6,006 | |
T-Mobile U.S., Inc. (a) | 68,690 | 4,709 | |
10,715 | |||
TOTAL COMMUNICATION SERVICES | 4,501,472 | ||
CONSUMER DISCRETIONARY - 18.4% | |||
Automobiles - 1.4% | |||
Tesla, Inc. (a)(b) | 804,221 | 271,280 | |
Diversified Consumer Services - 0.1% | |||
Adtalem Global Education, Inc. (a) | 117,500 | 5,949 | |
Weight Watchers International, Inc. (a) | 198,200 | 13,101 | |
19,050 | |||
Hotels, Restaurants & Leisure - 2.4% | |||
Bluegreen Vacations Corp. | 483,200 | 6,330 | |
Caesars Entertainment Corp. (a)(b) | 315,900 | 2,714 | |
Churchill Downs, Inc. | 244,625 | 61,061 | |
Del Frisco's Restaurant Group, Inc. (a) | 1,009,300 | 6,813 | |
Domino's Pizza, Inc. | 74,600 | 20,052 | |
Eldorado Resorts, Inc. (a) | 359,455 | 13,120 | |
Hilton Grand Vacations, Inc. (a) | 517,000 | 13,892 | |
Hilton Worldwide Holdings, Inc. | 7,500 | 534 | |
Marriott International, Inc. Class A | 1,337,000 | 156,282 | |
Marriott Vacations Worldwide Corp. | 27,400 | 2,425 | |
Planet Fitness, Inc. (a) | 1,774,000 | 87,086 | |
Restaurant Brands International, Inc. | 69,100 | 3,786 | |
Royal Caribbean Cruises Ltd. | 142,200 | 14,893 | |
Texas Roadhouse, Inc. Class A | 130,700 | 7,902 | |
U.S. Foods Holding Corp. (a) | 1,111,300 | 32,417 | |
Wingstop, Inc. | 437,020 | 27,366 | |
YETI Holdings, Inc. | 466,200 | 7,427 | |
464,100 | |||
Internet & Direct Marketing Retail - 10.1% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 95,600 | 13,602 | |
Amazon.com, Inc. (a) | 918,808 | 1,468,264 | |
Delivery Hero AG (a)(e) | 45,500 | 1,837 | |
eBay, Inc. (a) | 990,500 | 28,754 | |
Groupon, Inc. (a) | 1,094,317 | 3,578 | |
Meituan Dianping Class B | 469,600 | 3,036 | |
MercadoLibre, Inc. | 201,600 | 65,419 | |
Stamps.com, Inc. (a) | 31,300 | 6,328 | |
The Booking Holdings, Inc. (a) | 96,060 | 180,072 | |
Wayfair LLC Class A (a) | 765,168 | 84,390 | |
Yahoo!, Inc. (a) | 1,843,200 | 110,776 | |
1,966,056 | |||
Media - 0.0% | |||
China Literature Ltd. (a)(e) | 743,800 | 4,017 | |
Multiline Retail - 1.7% | |||
Avenue Supermarts Ltd. (a)(e) | 101,832 | 1,842 | |
Dollar Tree, Inc. (a) | 3,983,100 | 335,775 | |
337,617 | |||
Specialty Retail - 1.7% | |||
Best Buy Co., Inc. | 365,600 | 25,650 | |
Burlington Stores, Inc. (a) | 265,400 | 45,513 | |
Five Below, Inc. (a) | 306,300 | 34,863 | |
Lowe's Companies, Inc. | 768,400 | 73,167 | |
Ross Stores, Inc. | 1,187,700 | 117,582 | |
Ulta Beauty, Inc. (a) | 127,410 | 34,977 | |
Urban Outfitters, Inc. (a) | 200,100 | 7,896 | |
339,648 | |||
Textiles, Apparel & Luxury Goods - 1.0% | |||
Carbon Black, Inc. (b) | 30,800 | 507 | |
Despegar.com Corp. (a)(b) | 35,334 | 568 | |
G-III Apparel Group Ltd. (a) | 194,900 | 7,769 | |
Kering SA | 21,644 | 9,649 | |
lululemon athletica, Inc. (a) | 1,052,474 | 148,115 | |
LVMH Moet Hennessy - Louis Vuitton SA | 5,927 | 1,798 | |
Prada SpA | 1,916,400 | 6,769 | |
PVH Corp. | 78,700 | 9,506 | |
VF Corp. | 47,100 | 3,904 | |
188,585 | |||
TOTAL CONSUMER DISCRETIONARY | 3,590,353 | ||
CONSUMER STAPLES - 3.1% | |||
Beverages - 1.1% | |||
Diageo PLC | 1,152,000 | 39,826 | |
Fever-Tree Drinks PLC | 447,496 | 15,907 | |
Keurig Dr. Pepper, Inc. | 408,000 | 10,608 | |
Monster Beverage Corp. (a) | 975,540 | 51,557 | |
PepsiCo, Inc. | 831,700 | 93,466 | |
211,364 | |||
Food & Staples Retailing - 1.6% | |||
BJ's Wholesale Club Holdings, Inc. | 979,000 | 21,685 | |
Costco Wholesale Corp. | 1,098,383 | 251,123 | |
Performance Food Group Co. (a) | 1,114,900 | 32,689 | |
305,497 | |||
Food Products - 0.4% | |||
Darling International, Inc. (a) | 425,700 | 8,795 | |
Mondelez International, Inc. | 863,752 | 36,260 | |
The Kraft Heinz Co. | 614,800 | 33,796 | |
78,851 | |||
Personal Products - 0.0% | |||
Coty, Inc. Class A | 1,139,100 | 12,018 | |
TOTAL CONSUMER STAPLES | 607,730 | ||
ENERGY - 0.6% | |||
Oil, Gas & Consumable Fuels - 0.6% | |||
Anadarko Petroleum Corp. | 40,900 | 2,176 | |
BP PLC sponsored ADR | 128,135 | 5,557 | |
Cenovus Energy, Inc. (Canada) | 189,900 | 1,607 | |
Centennial Resource Development, Inc. Class A (a) | 1,030,700 | 19,748 | |
Delek U.S. Holdings, Inc. | 76,600 | 2,813 | |
Diamondback Energy, Inc. | 133,845 | 15,039 | |
EOG Resources, Inc. | 15,700 | 1,654 | |
Extraction Oil & Gas, Inc. (a) | 7,010 | 56 | |
Marathon Petroleum Corp. | 75,583 | 5,325 | |
Reliance Industries Ltd. | 1,937,273 | 27,798 | |
Whiting Petroleum Corp. (a) | 821,700 | 30,649 | |
112,422 | |||
FINANCIALS - 4.7% | |||
Banks - 1.3% | |||
Bank of America Corp. | 644,700 | 17,729 | |
Citigroup, Inc. | 300,100 | 19,645 | |
Commerce Bancshares, Inc. | 616,586 | 39,215 | |
Cullen/Frost Bankers, Inc. | 81,400 | 7,971 | |
Huntington Bancshares, Inc. | 7,737,500 | 110,878 | |
Investors Bancorp, Inc. | 2,669,000 | 29,839 | |
PacWest Bancorp | 787,300 | 31,980 | |
UMB Financial Corp. | 19,939 | 1,273 | |
258,530 | |||
Capital Markets - 2.8% | |||
BlackRock, Inc. Class A | 46,100 | 18,966 | |
Carlyle Group LP | 630,500 | 12,780 | |
Cboe Global Markets, Inc. | 294,400 | 33,223 | |
Charles Schwab Corp. | 1,097,600 | 50,753 | |
CME Group, Inc. | 586,400 | 107,452 | |
E*TRADE Financial Corp. | 906,520 | 44,800 | |
Monex Group, Inc. (b) | 600,400 | 2,368 | |
Morgan Stanley | 167,900 | 7,666 | |
Northern Trust Corp. | 888,700 | 83,600 | |
TD Ameritrade Holding Corp. | 3,362,300 | 173,898 | |
Virtu Financial, Inc. Class A | 389,200 | 9,232 | |
544,738 | |||
Consumer Finance - 0.6% | |||
Capital One Financial Corp. | 1,227,300 | 109,598 | |
Diversified Financial Services - 0.0% | |||
Allakos, Inc. (a) | 59,700 | 2,886 | |
TOTAL FINANCIALS | 915,752 | ||
HEALTH CARE - 8.0% | |||
Biotechnology - 5.6% | |||
Adamas Pharmaceuticals, Inc. (a)(b) | 21,810 | 361 | |
Agios Pharmaceuticals, Inc. (a) | 148,535 | 9,367 | |
Alexion Pharmaceuticals, Inc. (a) | 1,111,789 | 124,598 | |
Alkermes PLC (a) | 500,436 | 20,433 | |
Alnylam Pharmaceuticals, Inc. (a) | 277,300 | 22,303 | |
Amgen, Inc. | 1,173,434 | 226,226 | |
AnaptysBio, Inc. (a) | 101,300 | 7,569 | |
Arena Pharmaceuticals, Inc. (a) | 134,300 | 4,789 | |
Audentes Therapeutics, Inc. (a) | 49,600 | 1,399 | |
bluebird bio, Inc. (a) | 389,726 | 44,702 | |
Blueprint Medicines Corp. (a) | 151,900 | 9,231 | |
Cellectis SA sponsored ADR (a) | 402,400 | 10,217 | |
Chimerix, Inc. (a) | 52,700 | 184 | |
Crinetics Pharmaceuticals, Inc. (a) | 95,500 | 2,379 | |
CytomX Therapeutics, Inc. (a) | 485,000 | 6,916 | |
CytomX Therapeutics, Inc. (a)(e) | 244,269 | 3,483 | |
DBV Technologies SA sponsored ADR (a)(b) | 1,065,500 | 19,648 | |
Deciphera Pharmaceuticals, Inc. (a) | 50,800 | 1,026 | |
Denali Therapeutics, Inc.(a) | 105,877 | 1,532 | |
FibroGen, Inc. (a) | 195,200 | 8,368 | |
GenSight Biologics SA (a)(e) | 243,848 | 461 | |
Heron Therapeutics, Inc. (a) | 1,252,815 | 34,778 | |
Homology Medicines, Inc. (a)(b) | 35,195 | 662 | |
Intercept Pharmaceuticals, Inc. (a) | 417,619 | 40,096 | |
Ionis Pharmaceuticals, Inc. (a) | 428,902 | 21,252 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 1,934,842 | 25,346 | |
Jounce Therapeutics, Inc. (a) | 508,580 | 2,055 | |
Macrogenics, Inc. (a) | 121,900 | 2,006 | |
Neurocrine Biosciences, Inc. (a) | 817,007 | 87,542 | |
Ovid Therapeutics, Inc. (a) | 271,436 | 1,392 | |
Portola Pharmaceuticals, Inc. (a)(b) | 319,598 | 6,293 | |
Regeneron Pharmaceuticals, Inc. (a) | 479,100 | 162,530 | |
Sage Therapeutics, Inc. (a) | 236,075 | 30,378 | |
Sarepta Therapeutics, Inc. (a) | 289,300 | 38,697 | |
Scholar Rock Holding Corp. | 100,500 | 2,361 | |
Spark Therapeutics, Inc. (a) | 334,290 | 15,040 | |
Trevena, Inc. (a)(b) | 512,521 | 468 | |
Ultragenyx Pharmaceutical, Inc. (a) | 112,096 | 5,431 | |
uniQure B.V. (a) | 545,200 | 14,028 | |
Vertex Pharmaceuticals, Inc. (a) | 294,500 | 49,906 | |
Xencor, Inc. (a) | 744,287 | 24,353 | |
1,089,806 | |||
Health Care Equipment & Supplies - 1.0% | |||
Align Technology, Inc. (a) | 42,700 | 9,445 | |
AxoGen, Inc. (a) | 86,000 | 3,207 | |
Boston Scientific Corp. (a) | 1,182,300 | 42,728 | |
DexCom, Inc. (a) | 122,300 | 16,238 | |
Insulet Corp. (a) | 103,500 | 9,130 | |
Intuitive Surgical, Inc. (a) | 207,446 | 108,117 | |
Quanterix Corp. (a) | 182,194 | 3,190 | |
ViewRay, Inc. (a)(b) | 1,078,400 | 9,328 | |
201,383 | |||
Health Care Providers & Services - 0.3% | |||
Elanco Animal Health, Inc. | 101,900 | 3,106 | |
G1 Therapeutics, Inc. (a) | 322,672 | 12,910 | |
National Vision Holdings, Inc. | 597,595 | 24,758 | |
Neuronetics, Inc. | 44,300 | 1,129 | |
OptiNose, Inc. | 512,628 | 5,424 | |
OptiNose, Inc. (e) | 382,170 | 4,043 | |
R1 RCM, Inc. (a) | 723,402 | 6,127 | |
UnitedHealth Group, Inc. | 8,100 | 2,117 | |
59,614 | |||
Health Care Technology - 0.2% | |||
athenahealth, Inc. (a) | 180,083 | 22,968 | |
Castlight Health, Inc. Class B (a) | 53,000 | 131 | |
Teladoc Health, Inc. (a) | 197,200 | 13,674 | |
36,773 | |||
Life Sciences Tools & Services - 0.1% | |||
Illumina, Inc. (a) | 45,300 | 14,095 | |
Pharmaceuticals - 0.8% | |||
Akcea Therapeutics, Inc. (a) | 119,720 | 2,672 | |
Allergan PLC | 26,500 | 4,187 | |
AstraZeneca PLC sponsored ADR | 1,296,800 | 50,290 | |
Chiasma, Inc. (a) | 741,958 | 2,745 | |
Collegium Pharmaceutical, Inc. (a)(b) | 659,300 | 10,582 | |
Dova Pharmaceuticals, Inc. (a)(b) | 118,240 | 2,195 | |
Jazz Pharmaceuticals PLC (a) | 151,600 | 24,077 | |
MyoKardia, Inc. (a) | 124,600 | 6,596 | |
Nektar Therapeutics (a) | 859,200 | 33,234 | |
The Medicines Company (a) | 237,700 | 5,529 | |
TherapeuticsMD, Inc. (a)(b) | 393,000 | 1,922 | |
Theravance Biopharma, Inc. (a) | 180,900 | 4,390 | |
Zogenix, Inc. (a) | 284,300 | 11,872 | |
160,291 | |||
TOTAL HEALTH CARE | 1,561,962 | ||
INDUSTRIALS - 1.1% | |||
Aerospace & Defense - 0.2% | |||
Space Exploration Technologies Corp.: | |||
Class A (a)(c)(d) | 203,488 | 34,389 | |
Class C (a)(c)(d) | 7,092 | 1,199 | |
United Technologies Corp. | 31,500 | 3,913 | |
39,501 | |||
Airlines - 0.5% | |||
American Airlines Group, Inc. | 272,632 | 9,564 | |
Spirit Airlines, Inc. (a) | 726,500 | 37,705 | |
United Continental Holdings, Inc. (a) | 537,300 | 45,945 | |
Wheels Up Partners Holdings LLC Series B (a)(c)(d)(f) | 1,760,377 | 2,517 | |
95,731 | |||
Commercial Services & Supplies - 0.1% | |||
Copart, Inc. (a) | 89,600 | 4,382 | |
Evoqua Water Technologies Corp. (a) | 268,400 | 2,577 | |
Tomra Systems ASA | 363,400 | 9,010 | |
15,969 | |||
Machinery - 0.0% | |||
Deere & Co. | 53,300 | 7,219 | |
Professional Services - 0.0% | |||
CoStar Group, Inc. (a) | 4,900 | 1,771 | |
Recruit Holdings Co. Ltd. | 72,800 | 1,954 | |
3,725 | |||
Road & Rail - 0.3% | |||
J.B. Hunt Transport Services, Inc. | 328,191 | 36,301 | |
Knight-Swift Transportation Holdings, Inc. Class A | 489,900 | 15,677 | |
51,978 | |||
Trading Companies & Distributors - 0.0% | |||
HD Supply Holdings, Inc. (a) | 283,900 | 10,666 | |
TOTAL INDUSTRIALS | 224,789 | ||
INFORMATION TECHNOLOGY - 38.1% | |||
Communications Equipment - 0.0% | |||
Cisco Systems, Inc. | 83,900 | 3,838 | |
Internet Software & Services - 0.7% | |||
ANGI Homeservices, Inc. Class A (a)(b) | 2,458,544 | 47,057 | |
CarGurus, Inc. Class A | 1,862,949 | 82,752 | |
HUYA, Inc. ADR (b) | 553,400 | 9,585 | |
139,394 | |||
IT Services - 4.0% | |||
Adyen BV (e) | 130,020 | 84,104 | |
Akamai Technologies, Inc. (a) | 527,100 | 38,083 | |
Alliance Data Systems Corp. | 36,800 | 7,587 | |
FleetCor Technologies, Inc. (a) | 18,500 | 3,701 | |
Global Payments, Inc. | 138,200 | 15,787 | |
GoDaddy, Inc. (a) | 959,700 | 70,221 | |
MasterCard, Inc. Class A | 205,800 | 40,680 | |
Netcompany Group A/S | 74,400 | 2,461 | |
PayPal Holdings, Inc. (a) | 2,888,500 | 243,183 | |
Shopify, Inc. Class A (a) | 538,726 | 74,426 | |
Square, Inc. (a) | 1,030,199 | 75,668 | |
Total System Services, Inc. | 24,200 | 2,206 | |
Visa, Inc. Class A | 627,500 | 86,501 | |
Wix.com Ltd. (a) | 245,500 | 23,899 | |
Worldpay, Inc. (a) | 120,500 | 11,067 | |
779,574 | |||
Semiconductors & Semiconductor Equipment - 8.5% | |||
Acacia Communications, Inc. (a)(b) | 384,200 | 13,243 | |
Analog Devices, Inc. | 1,293,400 | 108,271 | |
ASML Holding NV | 305,100 | 52,587 | |
Broadcom, Inc. | 923,466 | 206,385 | |
Intel Corp. | 1,219,000 | 57,147 | |
Lam Research Corp. | 679,800 | 96,348 | |
Marvell Technology Group Ltd. | 7,613,136 | 124,932 | |
Microchip Technology, Inc. | 145,700 | 9,584 | |
Micron Technology, Inc. (a) | 1,638,544 | 61,806 | |
NVIDIA Corp. | 2,658,901 | 560,576 | |
NXP Semiconductors NV | 306,500 | 22,984 | |
Qorvo, Inc. (a) | 261,800 | 19,245 | |
Qualcomm, Inc. | 4,737,876 | 297,965 | |
Renesas Electronics Corp. (a) | 1,366,600 | 7,243 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 497,500 | 18,955 | |
1,657,271 | |||
Software - 14.0% | |||
2U, Inc. (a) | 198,241 | 12,471 | |
Adobe, Inc. (a) | 1,304,200 | 320,520 | |
Atlassian Corp. PLC (a) | 360,385 | 27,357 | |
Atom Tickets LLC (a)(c)(d)(f) | 516,103 | 2,116 | |
Autodesk, Inc. (a) | 1,171,720 | 151,445 | |
Avalara, Inc. (b) | 27,368 | 917 | |
Black Knight, Inc. (a) | 505,500 | 24,653 | |
Cadence Design Systems, Inc. (a) | 245,700 | 10,951 | |
Cardlytics, Inc. (a) | 4,832 | 102 | |
Ceridian HCM Holding, Inc. (b) | 62,200 | 2,362 | |
Dataminr, Inc. Series E (c)(d) | 950,001 | 18,905 | |
Dropbox, Inc. Class A (a) | 221,016 | 5,187 | |
Ellie Mae, Inc. (a)(b) | 38,600 | 2,558 | |
HIVE Blockchain Technologies Ltd. (a)(b) | 2,883,100 | 1,062 | |
HIVE Blockchain Technologies Ltd. warrants 11/14/19 (a) | 2,163,600 | 74 | |
HubSpot, Inc. (a) | 904,580 | 122,706 | |
Intuit, Inc. | 604,900 | 127,634 | |
Microsoft Corp. | 13,466,399 | 1,438,346 | |
MINDBODY, Inc. (a) | 881,900 | 28,080 | |
Nutanix, Inc.: | |||
Class A (a) | 1,698,390 | 70,500 | |
Class B (a)(e) | 311,503 | 12,930 | |
Parametric Technology Corp. (a) | 54,900 | 4,524 | |
Paylocity Holding Corp. (a) | 188,400 | 12,395 | |
Pivotal Software, Inc. | 506,100 | 10,324 | |
Pluralsight, Inc. | 210,500 | 4,717 | |
Proofpoint, Inc. (a) | 125,600 | 11,423 | |
Salesforce.com, Inc. (a) | 1,605,048 | 220,277 | |
ServiceNow, Inc. (a) | 13,700 | 2,480 | |
Talend SA ADR (a) | 82,000 | 5,080 | |
Tanium, Inc. Class B (a)(c)(d) | 392,200 | 3,410 | |
Workday, Inc. Class A (a) | 142,500 | 18,955 | |
Zendesk, Inc. (a) | 699,484 | 38,451 | |
Zuora, Inc. (b) | 1,120,700 | 22,885 | |
2,735,797 | |||
Technology Hardware, Storage & Peripherals - 10.9% | |||
Apple, Inc. | 9,667,960 | 2,115,935 | |
Samsung Electronics Co. Ltd. | 696,460 | 25,881 | |
2,141,816 | |||
TOTAL INFORMATION TECHNOLOGY | 7,457,690 | ||
MATERIALS - 0.3% | |||
Chemicals - 0.3% | |||
CF Industries Holdings, Inc. | 182,400 | 8,761 | |
FMC Corp. | 52,180 | 4,074 | |
LG Chemical Ltd. | 13,965 | 4,247 | |
LyondellBasell Industries NV Class A | 530,000 | 47,313 | |
The Chemours Co. LLC | 96,100 | 3,172 | |
67,567 | |||
REAL ESTATE - 0.3% | |||
Equity Real Estate Investment Trusts (REITs) - 0.3% | |||
Ant International Co. Ltd. Class C (c)(d) | 6,818,398 | 38,251 | |
Equinix, Inc. | 44,300 | 16,778 | |
55,029 | |||
Real Estate Management & Development - 0.0% | |||
WeWork Companies, Inc. Class A (a)(c)(d) | 29,911 | 2,266 | |
TOTAL REAL ESTATE | 57,295 | ||
TOTAL COMMON STOCKS | |||
(Cost $12,603,717) | 19,097,032 | ||
Preferred Stocks - 2.4% | |||
Convertible Preferred Stocks - 2.3% | |||
COMMUNICATION SERVICES - 0.6% | |||
Interactive Media & Services - 0.6% | |||
Pinterest, Inc. Series G, 8.00% (a)(c)(d) | 139,290 | 657 | |
Uber Technologies, Inc.: | |||
Series D, 8.00% (a)(c)(d) | 2,234,768 | 108,990 | |
Series E, 8.00% (a)(c)(d) | 148,620 | 7,248 | |
116,895 | |||
Wireless Telecommunication Services - 0.0% | |||
Altiostar Networks, Inc. Series A1 (a)(c)(d) | 2,113,909 | 2,706 | |
TOTAL COMMUNICATION SERVICES | 119,601 | ||
CONSUMER DISCRETIONARY - 0.0% | |||
Internet & Direct Marketing Retail - 0.0% | |||
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) | 4,896,249 | 222 | |
One Kings Lane, Inc. Series E (Escrow) (a)(c)(d) | 648,635 | 259 | |
The Honest Co., Inc. Series D (a)(c)(d) | 75,268 | 1,476 | |
1,957 | |||
CONSUMER STAPLES - 0.2% | |||
Food & Staples Retailing - 0.2% | |||
Roofoods Ltd. Series F (a)(c)(d) | 93,930 | 29,364 | |
FINANCIALS - 0.0% | |||
Insurance - 0.0% | |||
Clover Health Series D (a)(c)(d) | 620,983 | 5,823 | |
HEALTH CARE - 0.5% | |||
Biotechnology - 0.3% | |||
23andMe, Inc.: | |||
Series E (a)(c)(d) | 1,817,170 | 31,528 | |
Series F (a)(c)(d) | 683,367 | 11,856 | |
Moderna, Inc.: | |||
Series B (a)(c)(d) | 1,193,491 | 12,007 | |
Series C (a)(c)(d) | 453,177 | 4,559 | |
59,950 | |||
Health Care Providers & Services - 0.2% | |||
Mulberry Health, Inc. Series A8 (a)(c)(d) | 4,342,250 | 31,029 | |
TOTAL HEALTH CARE | 90,979 | ||
INDUSTRIALS - 0.1% | |||
Aerospace & Defense - 0.1% | |||
Space Exploration Technologies Corp.: | |||
Series G (a)(c)(d) | 62,037 | 10,484 | |
Series H (a)(c)(d) | 65,670 | 11,098 | |
21,582 | |||
Professional Services - 0.0% | |||
YourPeople, Inc. Series C (a)(c)(d) | 335,546 | 1,470 | |
TOTAL INDUSTRIALS | 23,052 | ||
INFORMATION TECHNOLOGY - 0.8% | |||
Internet Software & Services - 0.4% | |||
Lyft, Inc.: | |||
Series H (c)(d) | 595,228 | 28,186 | |
Series I (c)(d) | 642,291 | 30,415 | |
Reddit, Inc.: | |||
Series B (a)(c)(d) | 1,337,584 | 14,861 | |
Series C (a)(c)(d) | 300,673 | 3,340 | |
Starry, Inc. Series B (a)(c)(d) | 1,811,120 | 1,670 | |
78,472 | |||
IT Services - 0.0% | |||
AppNexus, Inc.: | |||
Series E (Escrow) (a)(c)(d) | 1,416,796 | 1,367 | |
Series F (Escrow) (a)(c)(d) | 90,913 | 112 | |
1,479 | |||
Software - 0.4% | |||
Bracket Computing, Inc. Series C (a)(c)(d) | 1,877,241 | 0 | |
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) | 395,787 | 4,354 | |
Dataminr, Inc. Series D (a)(c)(d) | 2,219,446 | 44,167 | |
Delphix Corp. Series D (a)(c)(d) | 427,177 | 2,871 | |
Jello Labs, Inc. Series C (a)(c)(d) | 302,678 | 0 | |
Taboola.Com Ltd. Series E (a)(c)(d) | 1,918,392 | 34,474 | |
85,866 | |||
TOTAL INFORMATION TECHNOLOGY | 165,817 | ||
REAL ESTATE - 0.1% | |||
Real Estate Management & Development - 0.1% | |||
WeWork Companies, Inc.: | |||
Series E (a)(c)(d) | 269,198 | 20,394 | |
Series F (a)(c)(d) | 14,513 | 1,100 | |
21,494 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 458,087 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
HEALTH CARE - 0.1% | |||
Pharmaceuticals - 0.1% | |||
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (c)(d) | 30,303 | 12,480 | |
TOTAL PREFERRED STOCKS | |||
(Cost $351,955) | 470,567 | ||
Money Market Funds - 1.9% | |||
Fidelity Cash Central Fund, 2.23% (g) | 72,863,940 | 72,879 | |
Fidelity Securities Lending Cash Central Fund 2.23% (g)(h) | 302,002,825 | 302,033 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $374,912) | 374,912 | ||
TOTAL INVESTMENT IN SECURITIES - 101.9% | |||
(Cost $13,330,584) | 19,942,511 | ||
NET OTHER ASSETS (LIABILITIES) - (1.9)% | (378,927) | ||
NET ASSETS - 100% | $19,563,584 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 $574,417,000 or 2.9% of net assets.
(d) Level 3 security
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $112,717,000 or 0.6% of net assets.
(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
23andMe, Inc. Series E | 6/18/15 | $19,675 |
23andMe, Inc. Series F | 8/31/17 | $9,488 |
Altiostar Networks, Inc. Series A1 | 1/10/17 | $9,724 |
Ant International Co. Ltd. Class C | 5/16/18 | $38,251 |
AppNexus, Inc. Series E (Escrow) | 8/1/14 - 9/17/14 | $28,382 |
AppNexus, Inc. Series F (Escrow) | 8/23/16 | $2,364 |
Atom Tickets LLC | 8/15/17 | $3,000 |
Bracket Computing, Inc. Series C | 9/9/15 | $14,766 |
Castle Creek Pharmaceutical Holdings, Inc. Series A4 | 9/29/16 | $10,000 |
Cloudflare, Inc. Series D, 8.00% | 11/5/14 | $2,424 |
Clover Health Series D | 6/7/17 | $5,823 |
Dataminr, Inc. Series D | 2/18/15 - 3/6/15 | $28,298 |
Dataminr, Inc. Series E | 7/28/17 - 5/21/18 | $14,368 |
Delphix Corp. Series D | 7/10/15 | $3,845 |
Jello Labs, Inc. Series C | 12/22/16 | $4,899 |
Jet.Com, Inc. Series B1 (Escrow) | 9/9/16 | $0 |
Lyft, Inc. Series H | 11/22/17 | $23,658 |
Lyft, Inc. Series I | 6/27/18 | $30,415 |
Moderna, Inc. Series B | 4/13/17 | $6,922 |
Moderna, Inc. Series C | 4/13/17 | $2,633 |
Mulberry Health, Inc. Series A8 | 1/20/16 | $29,331 |
One Kings Lane, Inc. Series E (Escrow) | 1/29/14 | $429 |
Pinterest, Inc. Series G, 8.00% | 2/27/15 | $1,000 |
Reddit, Inc. Series B | 7/26/17 | $18,989 |
Reddit, Inc. Series C | 7/24/17 | $4,743 |
Roofoods Ltd. Series F | 9/12/17 | $33,211 |
Space Exploration Technologies Corp. Class A | 10/16/15 - 9/11/17 | $21,156 |
Space Exploration Technologies Corp. Class C | 9/11/17 | $957 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $4,805 |
Space Exploration Technologies Corp. Series H | 8/4/17 | $8,865 |
Starry, Inc. Series B | 12/1/16 | $980 |
Taboola.Com Ltd. Series E | 12/22/14 | $20,000 |
Tanium, Inc. Class B | 4/21/17 | $1,947 |
The Honest Co., Inc. Series D | 8/3/15 | $3,444 |
Turn, Inc. (Escrow) | 4/11/17 | $863 |
Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $34,668 |
Uber Technologies, Inc. Series E, 8.00% | 12/5/14 | $4,952 |
WeWork Companies, Inc. Class A | 6/23/15 | $984 |
WeWork Companies, Inc. Series E | 6/23/15 | $8,854 |
WeWork Companies, Inc. Series F | 12/1/16 | $728 |
Wheels Up Partners Holdings LLC Series B | 9/18/15 | $5,000 |
YourPeople, Inc. Series C | 5/1/15 | $5,000 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $668 |
Fidelity Securities Lending Cash Central Fund | 1,629 |
Total | $2,297 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $4,621,073 | $4,449,156 | $51,519 | $120,398 |
Consumer Discretionary | 3,592,310 | 3,588,555 | 1,798 | 1,957 |
Consumer Staples | 637,094 | 567,904 | 39,826 | 29,364 |
Energy | 112,422 | 112,422 | -- | -- |
Financials | 921,575 | 915,752 | -- | 5,823 |
Health Care | 1,665,421 | 1,561,962 | -- | 103,459 |
Industrials | 247,841 | 184,730 | 1,954 | 61,157 |
Information Technology | 7,623,507 | 7,433,259 | -- | 190,248 |
Materials | 67,567 | 67,567 | -- | -- |
Real Estate | 78,789 | 16,778 | -- | 62,011 |
Money Market Funds | 374,912 | 374,912 | -- | -- |
Total Investments in Securities: | $19,942,511 | $19,272,997 | $95,097 | $574,417 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
(Amounts in thousands) | |
Investments in Securities: | |
Equities - Information Technology | |
Beginning Balance | $359,526 |
Net Realized Gain (Loss) on Investment Securities | (96) |
Net Unrealized Gain (Loss) on Investment Securities | (137,937) |
Cost of Purchases | 14,170 |
Proceeds of Sales | (45,415) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $190,248 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 | $(137,937) |
Other Investments in Securities | |
Beginning Balance | $290,448 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | 96,156 |
Cost of Purchases | 10,011 |
Proceeds of Sales | (12,446) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $384,169 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 | $96,156 |
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.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
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 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $574,417 | Market comparable | Enterprise value/Sales multiple (EV/S) | 1.3 - 8.9 / 4.2 | Increase |
Transaction price | $10.06 - $411.85 / $182.70 | Increase | |||
Discount rate | 50.0% - 78.0% / 72.4% | Decrease | |||
Discount for lack of marketability | 10.0% - 25.0% / 13.4% | Decrease | |||
Premium rate | 7.5% - 40.0% / 34.6% | Increase | |||
Conversion ratio | 3.0 | Increase | |||
Liquidity preference | $14.90 | Increase | |||
Market approach | Transaction price | $0.81 - $169.00 / $48.49 | Increase | ||
Conversion ratio | 1.6 | Increase | |||
Recovery value | Recovery value | 0.0% - 1.2% / 0.8% | Increase |
(a) 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 significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity® Growth & Income Portfolio
October 31, 2018
Schedule of Investments October 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 8.0% | |||
Diversified Telecommunication Services - 1.7% | |||
AT&T, Inc. | 360,715 | $11,067 | |
Verizon Communications, Inc. | 1,734,874 | 99,044 | |
110,111 | |||
Entertainment - 1.2% | |||
The Walt Disney Co. | 492,500 | 56,554 | |
Viacom, Inc. Class B (non-vtg.) | 137,100 | 4,384 | |
Vivendi SA | 757,700 | 18,274 | |
79,212 | |||
Interactive Media & Services - 0.8% | |||
Alphabet, Inc.: | |||
Class A (a) | 23,507 | 25,636 | |
Class C (a) | 22,136 | 23,835 | |
49,471 | |||
Media - 4.3% | |||
Comcast Corp. Class A | 5,997,500 | 228,745 | |
Interpublic Group of Companies, Inc. | 1,682,700 | 38,971 | |
Omnicom Group, Inc. | 198,400 | 14,745 | |
282,461 | |||
TOTAL COMMUNICATION SERVICES | 521,255 | ||
CONSUMER DISCRETIONARY - 2.7% | |||
Auto Components - 0.1% | |||
Gentex Corp. | 282,100 | 5,938 | |
Hotels, Restaurants & Leisure - 0.1% | |||
Cedar Fair LP (depositary unit) | 48,500 | 2,486 | |
Dunkin' Brands Group, Inc. | 72,693 | 5,275 | |
Starbucks Corp. | 27,400 | 1,597 | |
9,358 | |||
Multiline Retail - 0.2% | |||
Target Corp. | 176,675 | 14,775 | |
Specialty Retail - 2.3% | |||
L Brands, Inc. | 704,600 | 22,843 | |
Lowe's Companies, Inc. | 662,079 | 63,043 | |
Ross Stores, Inc. | 295,300 | 29,235 | |
TJX Companies, Inc. | 284,500 | 31,261 | |
146,382 | |||
TOTAL CONSUMER DISCRETIONARY | 176,453 | ||
CONSUMER STAPLES - 9.7% | |||
Beverages - 1.5% | |||
The Coca-Cola Co. | 1,973,703 | 94,501 | |
Food & Staples Retailing - 1.8% | |||
Walgreens Boots Alliance, Inc. | 246,300 | 19,647 | |
Walmart, Inc. | 992,700 | 99,548 | |
119,195 | |||
Food Products - 0.4% | |||
The Hershey Co. | 240,200 | 25,737 | |
The Kraft Heinz Co. | 29,900 | 1,644 | |
27,381 | |||
Household Products - 1.8% | |||
Kimberly-Clark Corp. | 133,300 | 13,903 | |
Procter & Gamble Co. | 1,017,715 | 90,251 | |
Spectrum Brands Holdings, Inc. | 136,200 | 8,846 | |
113,000 | |||
Tobacco - 4.2% | |||
Altria Group, Inc. | 2,946,000 | 191,608 | |
British American Tobacco PLC sponsored ADR | 1,873,400 | 81,306 | |
272,914 | |||
TOTAL CONSUMER STAPLES | 626,991 | ||
ENERGY - 12.5% | |||
Energy Equipment & Services - 1.6% | |||
Baker Hughes, a GE Co. Class A | 1,018,500 | 27,184 | |
Nabors Industries Ltd. | 722,900 | 3,593 | |
National Oilwell Varco, Inc. | 513,700 | 18,904 | |
Oceaneering International, Inc. (a) | 750,300 | 14,211 | |
Schlumberger Ltd. | 425,100 | 21,812 | |
TechnipFMC PLC | 668,800 | 17,589 | |
103,293 | |||
Oil, Gas & Consumable Fuels - 10.9% | |||
BP PLC sponsored ADR | 1,705,598 | 73,972 | |
Cabot Oil & Gas Corp. | 1,027,100 | 24,887 | |
Cenovus Energy, Inc. | 37,200 | 315 | |
Cenovus Energy, Inc. (Canada) | 8,852,742 | 74,913 | |
Chevron Corp. | 1,213,196 | 135,453 | |
Enterprise Products Partners LP | 236,400 | 6,340 | |
Equinor ASA sponsored ADR | 1,782,500 | 45,810 | |
Exxon Mobil Corp. | 2,816,600 | 224,427 | |
Imperial Oil Ltd. | 854,200 | 26,681 | |
Kosmos Energy Ltd. (a) | 2,177,985 | 14,135 | |
Legacy Reserves, Inc. (a) | 1,051,668 | 4,428 | |
Suncor Energy, Inc. | 1,406,450 | 47,179 | |
Teekay LNG Partners LP | 295,874 | 4,204 | |
The Williams Companies, Inc. | 1,137,265 | 27,670 | |
710,414 | |||
TOTAL ENERGY | 813,707 | ||
FINANCIALS - 19.7% | |||
Banks - 13.3% | |||
Bank of America Corp. | 7,618,156 | 209,499 | |
Citigroup, Inc. | 2,084,530 | 136,453 | |
First Hawaiian, Inc. | 331,800 | 8,222 | |
JPMorgan Chase & Co. | 1,586,692 | 172,981 | |
M&T Bank Corp. | 65,200 | 10,785 | |
PNC Financial Services Group, Inc. | 451,354 | 57,994 | |
SunTrust Banks, Inc. | 937,566 | 58,748 | |
U.S. Bancorp | 1,183,473 | 61,860 | |
Wells Fargo & Co. | 2,741,441 | 145,927 | |
862,469 | |||
Capital Markets - 5.0% | |||
Apollo Global Management LLC Class A | 348,900 | 10,265 | |
Brookfield Asset Management, Inc. | 48,200 | 1,964 | |
Cboe Global Markets, Inc. | 73,100 | 8,249 | |
Charles Schwab Corp. | 650,543 | 30,081 | |
KKR & Co. LP | 1,178,843 | 27,880 | |
Morgan Stanley | 839,797 | 38,345 | |
Northern Trust Corp. | 860,464 | 80,944 | |
Oaktree Capital Group LLC Class A | 365,482 | 15,288 | |
S&P Global, Inc. | 88,100 | 16,062 | |
State Street Corp. | 1,289,827 | 88,676 | |
Virtu Financial, Inc. Class A | 322,600 | 7,652 | |
325,406 | |||
Insurance - 1.1% | |||
Chubb Ltd. | 136,500 | 17,050 | |
Marsh & McLennan Companies, Inc. | 245,407 | 20,798 | |
MetLife, Inc. | 654,200 | 26,946 | |
The Travelers Companies, Inc. | 81,900 | 10,248 | |
75,042 | |||
Thrifts & Mortgage Finance - 0.3% | |||
Radian Group, Inc. | 864,968 | 16,599 | |
TOTAL FINANCIALS | 1,279,516 | ||
HEALTH CARE - 14.4% | |||
Biotechnology - 1.1% | |||
Alexion Pharmaceuticals, Inc. (a) | 360,100 | 40,356 | |
Amgen, Inc. | 83,812 | 16,158 | |
Intercept Pharmaceuticals, Inc. (a) | 169,326 | 16,257 | |
72,771 | |||
Health Care Equipment & Supplies - 0.7% | |||
Becton, Dickinson & Co. | 9,300 | 2,144 | |
Boston Scientific Corp. (a) | 333,300 | 12,045 | |
Danaher Corp. | 235,600 | 23,419 | |
Fisher & Paykel Healthcare Corp. | 334,280 | 2,967 | |
Zimmer Biomet Holdings, Inc. | 53,010 | 6,021 | |
46,596 | |||
Health Care Providers & Services - 6.7% | |||
AmerisourceBergen Corp. | 502,100 | 44,185 | |
Anthem, Inc. | 152,800 | 42,107 | |
Cardinal Health, Inc. | 884,000 | 44,730 | |
Cigna Corp. | 263,800 | 56,403 | |
CVS Health Corp. | 1,654,204 | 119,748 | |
Fresenius Medical Care AG & Co. KGaA sponsored ADR | 174,500 | 6,819 | |
Humana, Inc. | 50,100 | 16,053 | |
McKesson Corp. | 430,287 | 53,683 | |
Patterson Companies, Inc. (b) | 736,270 | 16,625 | |
UnitedHealth Group, Inc. | 117,200 | 30,630 | |
430,983 | |||
Pharmaceuticals - 5.9% | |||
Allergan PLC | 46,700 | 7,379 | |
AstraZeneca PLC sponsored ADR | 718,100 | 27,848 | |
Bayer AG | 643,286 | 49,309 | |
Eli Lilly & Co. | 105,600 | 11,451 | |
GlaxoSmithKline PLC sponsored ADR | 2,777,922 | 108,506 | |
Johnson & Johnson | 814,669 | 114,046 | |
Novartis AG sponsored ADR | 58,944 | 5,155 | |
Perrigo Co. PLC | 160,200 | 11,262 | |
Sanofi SA | 264,413 | 23,628 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,273,620 | 25,447 | |
384,031 | |||
TOTAL HEALTH CARE | 934,381 | ||
INDUSTRIALS - 11.0% | |||
Aerospace & Defense - 2.1% | |||
General Dynamics Corp. | 160,700 | 27,734 | |
Huntington Ingalls Industries, Inc. | 8,800 | 1,923 | |
Meggitt PLC | 218,664 | 1,481 | |
Rolls-Royce Holdings PLC | 1,143,700 | 12,265 | |
United Technologies Corp. | 753,782 | 93,627 | |
137,030 | |||
Air Freight & Logistics - 1.7% | |||
C.H. Robinson Worldwide, Inc. | 210,900 | 18,776 | |
Expeditors International of Washington, Inc. | 9,700 | 652 | |
United Parcel Service, Inc. Class B | 852,604 | 90,836 | |
110,264 | |||
Building Products - 0.0% | |||
A.O. Smith Corp. | 29,700 | 1,352 | |
Commercial Services & Supplies - 0.3% | |||
Healthcare Services Group, Inc. (b) | 239,500 | 9,721 | |
Interface, Inc. | 236,400 | 3,851 | |
Ritchie Brothers Auctioneers, Inc. | 19,100 | 642 | |
Stericycle, Inc. (a) | 86,075 | 4,301 | |
18,515 | |||
Electrical Equipment - 0.7% | |||
Acuity Brands, Inc. | 196,200 | 24,651 | |
Hubbell, Inc. Class B | 179,839 | 18,290 | |
Rockwell Automation, Inc. | 22,400 | 3,690 | |
46,631 | |||
Industrial Conglomerates - 1.7% | |||
3M Co. | 30,700 | 5,841 | |
General Electric Co. | 10,564,127 | 106,698 | |
112,539 | |||
Machinery - 0.9% | |||
Donaldson Co., Inc. | 210,600 | 10,800 | |
Flowserve Corp. | 749,900 | 34,420 | |
Wabtec Corp. | 158,390 | 12,991 | |
58,211 | |||
Professional Services - 0.3% | |||
Nielsen Holdings PLC | 627,100 | 16,292 | |
Road & Rail - 2.4% | |||
J.B. Hunt Transport Services, Inc. | 341,240 | 37,745 | |
Knight-Swift Transportation Holdings, Inc. Class A | 407,800 | 13,050 | |
Norfolk Southern Corp. | 231,399 | 38,836 | |
Union Pacific Corp. (c) | 444,200 | 64,951 | |
154,582 | |||
Trading Companies & Distributors - 0.9% | |||
Fastenal Co. | 453,800 | 23,330 | |
MSC Industrial Direct Co., Inc. Class A | 102,300 | 8,292 | |
Watsco, Inc. | 174,892 | 25,915 | |
57,537 | |||
TOTAL INDUSTRIALS | 712,953 | ||
INFORMATION TECHNOLOGY - 15.3% | |||
Communications Equipment - 0.9% | |||
Cisco Systems, Inc. (c) | 1,263,852 | 57,821 | |
Electronic Equipment & Components - 0.2% | |||
Avnet, Inc. | 122,500 | 4,909 | |
Philips Lighting NV (d) | 145,900 | 3,603 | |
8,512 | |||
IT Services - 2.7% | |||
IBM Corp. | 101,800 | 11,751 | |
MasterCard, Inc. Class A | 55,600 | 10,990 | |
Paychex, Inc. | 652,952 | 42,762 | |
Unisys Corp. (a)(b) | 838,218 | 15,432 | |
Visa, Inc. Class A | 681,884 | 93,998 | |
174,933 | |||
Semiconductors & Semiconductor Equipment - 2.0% | |||
Analog Devices, Inc. | 68,800 | 5,759 | |
Applied Materials, Inc. | 507,200 | 16,677 | |
Lam Research Corp. | 61,100 | 8,660 | |
Qualcomm, Inc. | 1,594,146 | 100,256 | |
131,352 | |||
Software - 6.6% | |||
Micro Focus International PLC | 819,462 | 12,703 | |
Microsoft Corp. | 2,712,299 | 289,703 | |
Oracle Corp. | 1,803,353 | 88,076 | |
SAP SE sponsored ADR (b) | 373,100 | 40,019 | |
430,501 | |||
Technology Hardware, Storage & Peripherals - 2.9% | |||
Apple, Inc. (c) | 816,094 | 178,610 | |
Western Digital Corp. | 229,200 | 9,872 | |
188,482 | |||
TOTAL INFORMATION TECHNOLOGY | 991,601 | ||
MATERIALS - 1.6% | |||
Chemicals - 1.6% | |||
CF Industries Holdings, Inc. | 233,400 | 11,210 | |
DowDuPont, Inc. | 350,400 | 18,894 | |
International Flavors & Fragrances, Inc. | 79,700 | 11,529 | |
LyondellBasell Industries NV Class A | 227,200 | 20,282 | |
Nutrien Ltd. | 679,380 | 35,965 | |
The Scotts Miracle-Gro Co. Class A | 134,500 | 8,977 | |
106,857 | |||
REAL ESTATE - 1.6% | |||
Equity Real Estate Investment Trusts (REITs) - 1.6% | |||
American Tower Corp. | 153,900 | 23,979 | |
CoreSite Realty Corp. | 159,700 | 14,989 | |
Equinix, Inc. | 62,500 | 23,671 | |
Omega Healthcare Investors, Inc. | 138,500 | 4,619 | |
Public Storage | 89,000 | 18,287 | |
Sabra Health Care REIT, Inc. | 257,800 | 5,581 | |
Simon Property Group, Inc. | 37,500 | 6,882 | |
Spirit MTA REIT | 91,630 | 981 | |
Spirit Realty Capital, Inc. | 916,300 | 7,165 | |
106,154 | |||
UTILITIES - 1.4% | |||
Electric Utilities - 1.3% | |||
Duke Energy Corp. | 116,200 | 9,602 | |
Exelon Corp. | 897,000 | 39,298 | |
PPL Corp. | 700,600 | 21,298 | |
Southern Co. | 320,100 | 14,414 | |
84,612 | |||
Multi-Utilities - 0.1% | |||
Sempra Energy | 85,300 | 9,393 | |
TOTAL UTILITIES | 94,005 | ||
TOTAL COMMON STOCKS | |||
(Cost $5,825,409) | 6,363,873 | ||
Preferred Stocks - 0.2% | |||
Convertible Preferred Stocks - 0.2% | |||
HEALTH CARE - 0.2% | |||
Health Care Equipment & Supplies - 0.2% | |||
Becton, Dickinson & Co. Series A, 6.125% | 155,000 | 9,081 | |
Nonconvertible Preferred Stocks - 0.0% | |||
INDUSTRIALS - 0.0% | |||
Aerospace & Defense - 0.0% | |||
Rolls-Royce Holdings PLC: | |||
(C Shares) | 411,700,180 | 526 | |
Series C (a) | 52,610,200 | 67 | |
593 | |||
TOTAL PREFERRED STOCKS | |||
(Cost $8,376) | 9,674 | ||
Principal Amount (000s)(e) | Value (000s) | ||
Convertible Bonds - 0.1% | |||
HEALTH CARE - 0.1% | |||
Pharmaceuticals - 0.1% | |||
Bayer Capital Corp. BV 5.625% 11/22/19(d) | |||
(Cost $7,157) | EUR 6,700 | 6,338 | |
Shares | Value (000s) | ||
Other - 0.1% | |||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Utica Shale Drilling Program (non-operating revenue interest) (f)(g)(h) | |||
(Cost $18,052) | 18,052,449 | 9,521 | |
Money Market Funds - 2.6% | |||
Fidelity Cash Central Fund, 2.23% (i) | 117,542,923 | 117,566 | |
Fidelity Securities Lending Cash Central Fund 2.23% (i)(j) | 52,364,667 | 52,370 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $169,936) | 169,936 | ||
TOTAL INVESTMENT IN SECURITIES - 100.9% | |||
(Cost $6,028,930) | 6,559,342 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (61,205) | ||
NET ASSETS - 100% | $6,498,137 |
Written Options | ||||||
Counterparty | Number of Contracts | Notional Amount (000s) | Exercise Price | Expiration Date | Value (000s) | |
Call Options | ||||||
Apple, Inc. | Chicago Board Options Exchange | 812 | $17,771 | $235.00 | 12/21/18 | $(329) |
Cabot Oil & Gas Corp. | Bank of America NA | 10,059 | 24,373 | 27.00 | 12/21/18 | (571) |
CF Industries Holdings, Inc. | Morgan Stanley & Co. Intl Plc | 2,278 | 10,941 | 57.50 | 1/18/19 | (200) |
Cisco Systems, Inc. | Chicago Board Options Exchange | 2,002 | 9,159 | 48.00 | 12/21/18 | (211) |
Union Pacific Corp. | Chicago Board Options Exchange | 435 | 6,361 | 160.00 | 12/21/18 | (42) |
TOTAL WRITTEN OPTIONS | $(1,353) |
Currency Abbreviations
EUR – European Monetary Unit
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $33,291,000.
(d) 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 $9,941,000 or 0.2% of net assets.
(e) Amount is stated in United States dollars unlessotherwise noted.
(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(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 $9,521,000 or 0.1% of net assets.
(h) Level 3 security
(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(j) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $18,052 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $420 |
Fidelity Securities Lending Cash Central Fund | 131 |
Total | $551 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $521,255 | $502,981 | $18,274 | $-- |
Consumer Discretionary | 176,453 | 176,453 | -- | -- |
Consumer Staples | 626,991 | 626,991 | -- | -- |
Energy | 813,707 | 813,707 | -- | -- |
Financials | 1,279,516 | 1,279,516 | -- | -- |
Health Care | 943,462 | 861,444 | 82,018 | -- |
Industrials | 713,546 | 701,281 | 12,265 | -- |
Information Technology | 991,601 | 978,898 | 12,703 | -- |
Materials | 106,857 | 106,857 | -- | -- |
Real Estate | 106,154 | 106,154 | -- | -- |
Utilities | 94,005 | 94,005 | -- | -- |
Corporate Bonds | 6,338 | -- | 6,338 | -- |
Other | 9,521 | -- | -- | 9,521 |
Money Market Funds | 169,936 | 169,936 | -- | -- |
Total Investments in Securities: | $6,559,342 | $6,418,223 | $131,598 | $9,521 |
Derivative Instruments: | ||||
Liabilities | ||||
Written Options | $(1,353) | $(582) | $(771) | $-- |
Total Liabilities | $(1,353) | $(582) | $(771) | $-- |
Total Derivative Instruments: | $(1,353) | $(582) | $(771) | $-- |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Options traded over-the-counter are valued using vendor or broker-supplied valuations and are categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity® Leveraged Company Stock Fund
October 31, 2018
Schedule of Investments October 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.4% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 13.2% | |||
Entertainment - 2.5% | |||
Activision Blizzard, Inc. | 261,800 | $18,077 | |
Electronic Arts, Inc. (a) | 162,100 | 14,748 | |
Take-Two Interactive Software, Inc. (a) | 197,700 | 25,478 | |
58,303 | |||
Interactive Media & Services - 4.2% | |||
Alphabet, Inc. Class A (a) | 56,700 | 61,836 | |
Facebook, Inc. Class A (a) | 246,000 | 37,340 | |
99,176 | |||
Media - 3.1% | |||
Comcast Corp. Class A | 720,500 | 27,480 | |
Naspers Ltd.: | |||
Class N | 135,500 | 23,813 | |
Class N sponsored ADR (b) | 181,000 | 6,331 | |
Nexstar Broadcasting Group, Inc. Class A | 195,498 | 14,641 | |
72,265 | |||
Wireless Telecommunication Services - 3.4% | |||
T-Mobile U.S., Inc. (a) | 1,148,300 | 78,721 | |
TOTAL COMMUNICATION SERVICES | 308,465 | ||
CONSUMER DISCRETIONARY - 18.6% | |||
Hotels, Restaurants & Leisure - 9.9% | |||
Boyd Gaming Corp. | 1,595,300 | 42,371 | |
Eldorado Resorts, Inc. (a) | 1,413,780 | 51,603 | |
Melco Crown Entertainment Ltd. sponsored ADR | 1,469,400 | 24,436 | |
Penn National Gaming, Inc. (a) | 1,659,400 | 40,290 | |
Red Rock Resorts, Inc. | 437,647 | 10,127 | |
Royal Caribbean Cruises Ltd. | 214,400 | 22,454 | |
Scientific Games Corp. Class A (a) | 636,900 | 14,177 | |
The Stars Group, Inc. (a) | 530,200 | 11,012 | |
Wyndham Hotels & Resorts, Inc. | 289,100 | 14,250 | |
Wynn Resorts Ltd. | 12,895 | 1,297 | |
232,017 | |||
Household Durables - 0.0% | |||
Lennar Corp. Class B | 6,642 | 238 | |
Internet & Direct Marketing Retail - 5.5% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 545,500 | 77,614 | |
Amazon.com, Inc. (a) | 31,500 | 50,337 | |
127,951 | |||
Media - 1.4% | |||
Altice U.S.A., Inc. Class A | 1,071,500 | 17,476 | |
Studio City International Holdings Ltd. ADR | 695,700 | 14,262 | |
31,738 | |||
Textiles, Apparel & Luxury Goods - 1.8% | |||
adidas AG | 124,368 | 29,300 | |
Puma AG | 25,100 | 12,907 | |
42,207 | |||
TOTAL CONSUMER DISCRETIONARY | 434,151 | ||
CONSUMER STAPLES - 2.8% | |||
Food Products - 2.8% | |||
Darling International, Inc. (a) | 1,932,283 | 39,921 | |
JBS SA | 9,507,900 | 26,187 | |
66,108 | |||
ENERGY - 5.5% | |||
Oil, Gas & Consumable Fuels - 5.5% | |||
Cheniere Energy, Inc. (a) | 319,640 | 19,309 | |
Diamondback Energy, Inc. | 271,000 | 30,450 | |
EQT Corp. | 306,506 | 10,412 | |
MEG Energy Corp. (a) | 1,809,300 | 14,472 | |
Parsley Energy, Inc. Class A (a) | 677,000 | 15,855 | |
Pioneer Natural Resources Co. | 145,200 | 21,384 | |
Whiting Petroleum Corp. (a) | 430,473 | 16,057 | |
127,939 | |||
FINANCIALS - 5.6% | |||
Banks - 2.5% | |||
Bank of America Corp. | 891,999 | 24,530 | |
Huntington Bancshares, Inc. | 757,980 | 10,862 | |
JPMorgan Chase & Co. | 199,700 | 21,771 | |
57,163 | |||
Capital Markets - 0.5% | |||
MSCI, Inc. | 73,500 | 11,053 | |
Consumer Finance - 1.9% | |||
OneMain Holdings, Inc. (a) | 1,547,200 | 44,126 | |
Diversified Financial Services - 0.2% | |||
GDS Holdings Ltd. ADR (a)(b) | 232,604 | 5,459 | |
Mortgage Real Estate Investment Trusts - 0.5% | |||
Starwood Property Trust, Inc. | 565,200 | 12,276 | |
TOTAL FINANCIALS | 130,077 | ||
HEALTH CARE - 6.4% | |||
Health Care Providers & Services - 3.6% | |||
Cigna Corp. | 113,300 | 24,225 | |
Humana, Inc. | 99,700 | 31,945 | |
UnitedHealth Group, Inc. | 104,000 | 27,180 | |
83,350 | |||
Life Sciences Tools & Services - 2.0% | |||
Quintiles Transnational Holdings, Inc. (a) | 370,100 | 45,496 | |
Pharmaceuticals - 0.8% | |||
Bausch Health Cos., Inc. (Canada) (a) | 56,100 | 1,284 | |
Jazz Pharmaceuticals PLC (a) | 114,300 | 18,153 | |
19,437 | |||
TOTAL HEALTH CARE | 148,283 | ||
INDUSTRIALS - 8.3% | |||
Aerospace & Defense - 0.8% | |||
TransDigm Group, Inc. (a) | 57,700 | 19,055 | |
Air Freight & Logistics - 0.5% | |||
XPO Logistics, Inc. (a) | 123,400 | 11,029 | |
Airlines - 3.0% | |||
Air Canada (a) | 3,279,900 | 62,237 | |
Allegiant Travel Co. | 59,698 | 6,814 | |
69,051 | |||
Commercial Services & Supplies - 0.0% | |||
Novus Holdings Ltd. | 46,866 | 14 | |
Machinery - 1.1% | |||
Allison Transmission Holdings, Inc. | 591,807 | 26,087 | |
Marine - 0.0% | |||
Genco Shipping & Trading Ltd. (a) | 831 | 9 | |
Trading Companies & Distributors - 2.9% | |||
HD Supply Holdings, Inc. (a) | 1,016,300 | 38,182 | |
United Rentals, Inc. (a) | 248,100 | 29,789 | |
67,971 | |||
TOTAL INDUSTRIALS | 193,216 | ||
INFORMATION TECHNOLOGY - 26.4% | |||
Electronic Equipment & Components - 1.4% | |||
CDW Corp. | 245,300 | 22,079 | |
Control4 Corp. (a) | 397,400 | 11,095 | |
33,174 | |||
IT Services - 8.5% | |||
EPAM Systems, Inc. (a) | 302,100 | 36,092 | |
Global Payments, Inc. | 480,900 | 54,933 | |
MasterCard, Inc. Class A | 152,400 | 30,125 | |
PayPal Holdings, Inc. (a) | 453,600 | 38,189 | |
Visa, Inc. Class A | 285,900 | 39,411 | |
198,750 | |||
Semiconductors & Semiconductor Equipment - 9.1% | |||
Advanced Micro Devices, Inc. (a) | 702,600 | 12,794 | |
Broadcom, Inc. | 119,200 | 26,640 | |
Microchip Technology, Inc. (b) | 530,100 | 34,870 | |
Micron Technology, Inc. (a) | 1,084,600 | 40,911 | |
NVIDIA Corp. | 258,500 | 54,500 | |
NXP Semiconductors NV | 151,700 | 11,376 | |
ON Semiconductor Corp. (a) | 1,788,000 | 30,396 | |
211,487 | |||
Software - 7.4% | |||
Adobe, Inc. (a) | 215,600 | 52,986 | |
Microsoft Corp. | 443,300 | 47,349 | |
Salesforce.com, Inc. (a) | 217,000 | 29,781 | |
SS&C Technologies Holdings, Inc. | 804,400 | 41,153 | |
171,269 | |||
TOTAL INFORMATION TECHNOLOGY | 614,680 | ||
MATERIALS - 6.0% | |||
Chemicals - 5.0% | |||
DowDuPont, Inc. | 657,221 | 35,437 | |
Ingevity Corp. (a) | 18,680 | 1,701 | |
LyondellBasell Industries NV Class A | 133,555 | 11,922 | |
Platform Specialty Products Corp. (a) | 1,754,500 | 18,984 | |
The Chemours Co. LLC | 943,100 | 31,132 | |
Trinseo SA | 193,200 | 10,410 | |
Westlake Chemical Corp. | 106,400 | 7,586 | |
117,172 | |||
Containers & Packaging - 0.5% | |||
Crown Holdings, Inc. (a) | 277,300 | 11,727 | |
Metals & Mining - 0.5% | |||
First Quantum Minerals Ltd. | 1,151,600 | 11,495 | |
TOTAL MATERIALS | 140,394 | ||
UTILITIES - 2.6% | |||
Electric Utilities - 1.3% | |||
Vistra Energy Corp. (a) | 1,364,665 | 30,882 | |
Independent Power and Renewable Electricity Producers - 1.3% | |||
NRG Energy, Inc. | 837,200 | 30,298 | |
TOTAL UTILITIES | 61,180 | ||
TOTAL COMMON STOCKS | |||
(Cost $2,048,148) | 2,224,493 | ||
Convertible Preferred Stocks - 0.7% | |||
INFORMATION TECHNOLOGY - 0.7% | |||
Internet Software & Services - 0.7% | |||
Lyft, Inc. Series I (c)(d) | |||
(Cost $15,000) | 316,764 | 15,000 | |
Money Market Funds - 5.8% | |||
Fidelity Cash Central Fund, 2.23% (e) | 101,045,940 | 101,066 | |
Fidelity Securities Lending Cash Central Fund 2.23% (e)(f) | 34,222,115 | 34,226 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $135,290) | 135,292 | ||
TOTAL INVESTMENT IN SECURITIES - 101.9% | |||
(Cost $2,198,438) | 2,374,785 | ||
NET OTHER ASSETS (LIABILITIES) - (1.9)% | (43,537) | ||
NET ASSETS - 100% | $2,331,248 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 $15,000,000 or 0.6% of net assets.
(d) Level 3 security
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
Lyft, Inc. Series I | 6/27/18 | $15,000 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $312 |
Fidelity Securities Lending Cash Central Fund | 79 |
Total | $391 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $308,465 | $308,465 | $-- | $-- |
Consumer Discretionary | 434,151 | 434,151 | -- | -- |
Consumer Staples | 66,108 | 66,108 | -- | -- |
Energy | 127,939 | 127,939 | -- | -- |
Financials | 130,077 | 130,077 | -- | -- |
Health Care | 148,283 | 148,283 | -- | -- |
Industrials | 193,216 | 193,216 | -- | -- |
Information Technology | 629,680 | 614,680 | -- | 15,000 |
Materials | 140,394 | 140,394 | -- | -- |
Utilities | 61,180 | 61,180 | -- | -- |
Money Market Funds | 135,292 | 135,292 | -- | -- |
Total Investments in Securities: | $2,374,785 | $2,359,785 | $-- | $15,000 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity® Blue Chip Growth Fund
October 31, 2018
Schedule of Investments October 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.8% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 16.3% | |||
Entertainment - 4.3% | |||
Activision Blizzard, Inc. | 5,322,514 | $367,520 | |
Electronic Arts, Inc. (a) | 249,126 | 22,665 | |
NetEase, Inc. ADR | 123,214 | 25,610 | |
Netflix, Inc. (a) | 1,198,702 | 361,744 | |
Spotify Technology SA (a) | 34,300 | 5,134 | |
Take-Two Interactive Software, Inc. (a) | 189,000 | 24,356 | |
The Walt Disney Co. | 2,201,399 | 252,787 | |
WME Entertainment Parent, LLC Class A (a)(b)(c)(d) | 9,739,286 | 30,484 | |
1,090,300 | |||
Interactive Media & Services - 11.8% | |||
Alphabet, Inc.: | |||
Class A (a) | 1,585,904 | 1,729,555 | |
Class C (a) | 122,689 | 132,108 | |
Facebook, Inc. Class A (a) | 6,087,734 | 924,057 | |
IAC/InterActiveCorp (a) | 183,147 | 36,005 | |
Momo, Inc. ADR (a) | 569,000 | 19,101 | |
Snap, Inc. Class A (a)(e) | 889,548 | 5,880 | |
Tencent Holdings Ltd. | 2,918,700 | 99,993 | |
Twitter, Inc. (a) | 475,609 | 16,527 | |
Yelp, Inc. (a) | 284,000 | 12,161 | |
YY, Inc. ADR (a) | 82,000 | 5,240 | |
2,980,627 | |||
Wireless Telecommunication Services - 0.2% | |||
Boingo Wireless, Inc. (a) | 244,114 | 7,648 | |
T-Mobile U.S., Inc. (a) | 465,948 | 31,941 | |
39,589 | |||
TOTAL COMMUNICATION SERVICES | 4,110,516 | ||
CONSUMER DISCRETIONARY - 23.5% | |||
Automobiles - 2.9% | |||
Eicher Motors Ltd. | 14,288 | 4,224 | |
Tesla, Inc. (a)(e) | 2,118,014 | 714,448 | |
718,672 | |||
Diversified Consumer Services - 0.2% | |||
Grand Canyon Education, Inc. (a) | 34,563 | 4,310 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 428,023 | 25,044 | |
Weight Watchers International, Inc. (a) | 172,663 | 11,413 | |
40,767 | |||
Hotels, Restaurants & Leisure - 1.5% | |||
Alsea S.A.B. de CV | 1,341,500 | 3,430 | |
Caesars Entertainment Corp. (a)(e) | 273,600 | 2,350 | |
Eldorado Resorts, Inc. (a) | 252,956 | 9,233 | |
Gaming VC Holdings SA | 635,400 | 7,610 | |
Haidilao International Holding Ltd. | 2,682,860 | 5,638 | |
Hilton Worldwide Holdings, Inc. | 216,897 | 15,437 | |
International Game Technology PLC | 118,300 | 2,194 | |
Kambi Group PLC (a) | 245,800 | 6,809 | |
Las Vegas Sands Corp. | 795,614 | 40,600 | |
Marriott International, Inc. Class A | 108,691 | 12,705 | |
McDonald's Corp. | 402,624 | 71,224 | |
MGM Mirage, Inc. | 98,800 | 2,636 | |
Penn National Gaming, Inc. (a) | 269,400 | 6,541 | |
Planet Fitness, Inc. (a) | 923,905 | 45,354 | |
PlayAGS, Inc. (a) | 183,000 | 4,438 | |
Restaurant Brands International, Inc. | 430,123 | 23,564 | |
Royal Caribbean Cruises Ltd. | 466,586 | 48,866 | |
Scientific Games Corp. Class A (a) | 714,000 | 15,894 | |
Shake Shack, Inc. Class A (a) | 362,937 | 19,196 | |
Vail Resorts, Inc. | 42,475 | 10,675 | |
Wynn Resorts Ltd. | 198,684 | 19,988 | |
YETI Holdings, Inc. | 368,000 | 5,862 | |
380,244 | |||
Household Durables - 0.2% | |||
D.R. Horton, Inc. | 287,200 | 10,328 | |
Forbo Holding AG (Reg.) | 1,251 | 1,837 | |
iRobot Corp. (a) | 67,149 | 5,921 | |
Lennar Corp. Class A | 251,000 | 10,788 | |
Roku, Inc. Class A (a) | 316,400 | 17,592 | |
Taylor Morrison Home Corp. (a) | 155,500 | 2,572 | |
49,038 | |||
Internet & Direct Marketing Retail - 9.3% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 1,277,668 | 181,787 | |
Amazon.com, Inc. (a) | 1,122,196 | 1,793,280 | |
Etsy, Inc. (a) | 416,600 | 17,714 | |
GrubHub, Inc. (a) | 56,100 | 5,203 | |
JD.com, Inc. sponsored ADR (a) | 3,038,464 | 71,465 | |
Meituan Dianping: | |||
Class B | 947,300 | 6,125 | |
Class B | 3,163,704 | 18,409 | |
Stamps.com, Inc. (a) | 82,358 | 16,650 | |
The Booking Holdings, Inc. (a) | 109,277 | 204,848 | |
The Honest Co., Inc. (a)(c)(d) | 150,143 | 1,727 | |
Wayfair LLC Class A (a) | 346,564 | 38,223 | |
2,355,431 | |||
Multiline Retail - 1.1% | |||
Avenue Supermarts Ltd. (a)(f) | 135,551 | 2,452 | |
Dollar General Corp. | 148,500 | 16,540 | |
Dollar Tree, Inc. (a) | 2,842,534 | 239,626 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 118,618 | 11,020 | |
Target Corp. | 246,800 | 20,640 | |
290,278 | |||
Specialty Retail - 4.9% | |||
At Home Group, Inc. (a) | 1,997,889 | 54,622 | |
Best Buy Co., Inc. | 468,400 | 32,863 | |
Burlington Stores, Inc. (a) | 375,458 | 64,387 | |
Five Below, Inc. (a) | 369,643 | 42,073 | |
Floor & Decor Holdings, Inc. Class A (a) | 760,628 | 19,457 | |
Home Depot, Inc. | 2,402,193 | 422,498 | |
Lowe's Companies, Inc. | 2,593,548 | 246,958 | |
RH (a)(e) | 771,739 | 89,298 | |
Ross Stores, Inc. | 534,381 | 52,904 | |
TCNS Clothing Co. Ltd. (a) | 417,395 | 3,488 | |
Tiffany & Co., Inc. | 369,034 | 41,073 | |
TJX Companies, Inc. | 891,319 | 97,938 | |
Ulta Beauty, Inc. (a) | 218,705 | 60,039 | |
1,227,598 | |||
Textiles, Apparel & Luxury Goods - 3.4% | |||
adidas AG | 528,165 | 124,431 | |
Allbirds, Inc. (c)(d) | 36,216 | 1,986 | |
Axonics Modulation Technologies, Inc. (a) | 309,800 | 4,641 | |
Canada Goose Holdings, Inc. (a) | 383,571 | 20,944 | |
Cibus Global Ltd. Series C (b)(c)(d) | 3,045,600 | 6,396 | |
lululemon athletica, Inc. (a) | 1,462,870 | 205,870 | |
LVMH Moet Hennessy - Louis Vuitton SA | 105,652 | 32,055 | |
NIKE, Inc. Class B | 2,045,460 | 153,491 | |
PagSeguro Digital Ltd. (a)(e) | 657,100 | 17,735 | |
Pinduoduo, Inc. ADR (e) | 1,874,375 | 33,083 | |
Prada SpA | 4,827,200 | 17,051 | |
Principia Biopharma, Inc. | 103,400 | 2,378 | |
PVH Corp. | 777,315 | 93,892 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 979,114 | 27,973 | |
Tapestry, Inc. | 929,821 | 39,341 | |
Tory Burch LLC (b)(c)(d) | 293,611 | 19,346 | |
Under Armour, Inc. Class C (non-vtg.) (a)(e) | 876,526 | 17,382 | |
VF Corp. | 484,586 | 40,162 | |
858,157 | |||
TOTAL CONSUMER DISCRETIONARY | 5,920,185 | ||
CONSUMER STAPLES - 2.2% | |||
Beverages - 0.8% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 307,591 | 61,281 | |
Fever-Tree Drinks PLC | 1,237,883 | 44,003 | |
Keurig Dr. Pepper, Inc. | 1,960,537 | 50,974 | |
Monster Beverage Corp. (a) | 1,077,078 | 56,924 | |
Pernod Ricard SA | 14,513 | 2,216 | |
215,398 | |||
Food & Staples Retailing - 0.9% | |||
BJ's Wholesale Club Holdings, Inc. | 1,686,123 | 37,348 | |
Costco Wholesale Corp. | 815,823 | 186,522 | |
Kroger Co. | 163,100 | 4,854 | |
228,724 | |||
Food Products - 0.1% | |||
Blue Bottle Coffee, Inc. Class C (Escrow) (c)(d) | 632,822 | 930 | |
Darling International, Inc. (a) | 542,992 | 11,218 | |
Nestle SA (Reg. S) | 31,690 | 2,675 | |
The a2 Milk Co. Ltd. (a) | 699,200 | 4,754 | |
19,577 | |||
Household Products - 0.1% | |||
Energizer Holdings, Inc. | 293,341 | 17,240 | |
Personal Products - 0.3% | |||
Coty, Inc. Class A | 1,490,372 | 15,723 | |
Estee Lauder Companies, Inc. Class A | 397,504 | 54,633 | |
Kose Corp. | 43,552 | 6,511 | |
76,867 | |||
Tobacco - 0.0% | |||
JUUL Labs, Inc.: | |||
Class A (c)(d) | 21,148 | 3,791 | |
Class B (c)(d) | 6,625 | 1,188 | |
4,979 | |||
TOTAL CONSUMER STAPLES | 562,785 | ||
ENERGY - 1.8% | |||
Oil, Gas & Consumable Fuels - 1.8% | |||
Anadarko Petroleum Corp. | 852,148 | 45,334 | |
Berry Petroleum Corp. | 514,700 | 7,206 | |
Continental Resources, Inc. (a) | 1,334,514 | 70,302 | |
Delek U.S. Holdings, Inc. | 706,714 | 25,951 | |
Diamondback Energy, Inc. | 282,885 | 31,785 | |
EOG Resources, Inc. | 293,896 | 30,959 | |
Marathon Petroleum Corp. | 325,018 | 22,898 | |
Oasis Petroleum, Inc. (a) | 1,494,500 | 15,035 | |
Pioneer Natural Resources Co. | 246,455 | 36,295 | |
Reliance Industries Ltd. | 4,443,038 | 63,753 | |
Valero Energy Corp. | 342,306 | 31,181 | |
Whiting Petroleum Corp. (a) | 1,932,868 | 72,096 | |
452,795 | |||
FINANCIALS - 3.0% | |||
Banks - 1.4% | |||
Bank of America Corp. | 6,709,863 | 184,521 | |
Citigroup, Inc. | 739,889 | 48,433 | |
Coastal Financial Corp. of Washington (a) | 41,268 | 674 | |
HDFC Bank Ltd. sponsored ADR | 93,293 | 8,295 | |
IndusInd Bank Ltd. | 184,465 | 3,554 | |
JPMorgan Chase & Co. | 868,379 | 94,671 | |
Kotak Mahindra Bank Ltd. | 615,886 | 9,319 | |
349,467 | |||
Capital Markets - 0.8% | |||
Charles Schwab Corp. | 1,464,466 | 67,717 | |
Edelweiss Financial Services Ltd. | 1,204,598 | 2,648 | |
Fairfax India Holdings Corp. (a)(f) | 221,792 | 2,815 | |
Goldman Sachs Group, Inc. | 285,355 | 64,310 | |
HDFC Asset Management Co. Ltd. (a) | 1,726 | 33 | |
TD Ameritrade Holding Corp. | 1,212,715 | 62,722 | |
Virtu Financial, Inc. Class A | 170,670 | 4,048 | |
204,293 | |||
Diversified Financial Services - 0.7% | |||
Allakos, Inc. (a) | 156,342 | 7,559 | |
Berkshire Hathaway, Inc. Class B (a) | 824,206 | 169,193 | |
GDS Holdings Ltd. ADR (a)(e) | 511,100 | 11,996 | |
188,748 | |||
Thrifts & Mortgage Finance - 0.1% | |||
Housing Development Finance Corp. Ltd. | 697,722 | 16,691 | |
LendingTree, Inc. (a) | 12,500 | 2,521 | |
19,212 | |||
TOTAL FINANCIALS | 761,720 | ||
HEALTH CARE - 11.0% | |||
Biotechnology - 4.4% | |||
AC Immune SA (a) | 728,427 | 6,031 | |
ACADIA Pharmaceuticals, Inc. (a) | 261,119 | 5,087 | |
Acceleron Pharma, Inc. (a) | 80,467 | 4,085 | |
Agios Pharmaceuticals, Inc. (a) | 300,066 | 18,922 | |
Aimmune Therapeutics, Inc. (a) | 534,211 | 14,199 | |
Alexion Pharmaceuticals, Inc. (a) | 1,813,432 | 203,231 | |
Alkermes PLC (a) | 899,963 | 36,745 | |
Allogene Therapeutics, Inc. | 115,100 | 2,764 | |
Alnylam Pharmaceuticals, Inc. (a) | 770,577 | 61,978 | |
Amgen, Inc. | 188,479 | 36,337 | |
AnaptysBio, Inc. (a) | 174,823 | 13,063 | |
Arena Pharmaceuticals, Inc. (a) | 363,842 | 12,975 | |
Array BioPharma, Inc. (a) | 180,000 | 2,916 | |
Ascendis Pharma A/S sponsored ADR (a) | 388,910 | 25,003 | |
BeiGene Ltd. | 601,400 | 5,215 | |
BeiGene Ltd. ADR (a) | 119,096 | 14,999 | |
bluebird bio, Inc. (a) | 321,350 | 36,859 | |
Blueprint Medicines Corp. (a) | 54,097 | 3,287 | |
Cellectis SA sponsored ADR (a) | 131,977 | 3,351 | |
Coherus BioSciences, Inc. (a) | 585,024 | 6,839 | |
Crinetics Pharmaceuticals, Inc. (a) | 121,507 | 3,027 | |
CytomX Therapeutics, Inc. (a) | 152,639 | 2,177 | |
CytomX Therapeutics, Inc. (a)(f) | 378,621 | 5,399 | |
DBV Technologies SA sponsored ADR (a) | 99,162 | 1,829 | |
Deciphera Pharmaceuticals, Inc. (a) | 64,850 | 1,309 | |
Denali Therapeutics, Inc. (a)(e) | 766,028 | 11,084 | |
Editas Medicine, Inc. (a)(e) | 455,304 | 11,533 | |
Epizyme, Inc. (a) | 306,388 | 2,466 | |
Esperion Therapeutics, Inc. (a)(e) | 232,000 | 10,540 | |
Exelixis, Inc. (a) | 688,830 | 9,554 | |
FibroGen, Inc. (a) | 326,173 | 13,983 | |
GenSight Biologics SA (a)(e)(f) | 161,295 | 305 | |
Global Blood Therapeutics, Inc. (a) | 652,939 | 22,912 | |
Heron Therapeutics, Inc. (a) | 195,441 | 5,425 | |
ImmunoGen, Inc. (a) | 226,127 | 1,228 | |
Intellia Therapeutics, Inc. (a)(e) | 559,509 | 9,500 | |
Intercept Pharmaceuticals, Inc. (a) | 262,811 | 25,232 | |
Ionis Pharmaceuticals, Inc. (a) | 116,379 | 5,767 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 982,411 | 12,870 | |
La Jolla Pharmaceutical Co. (a) | 162,585 | 2,650 | |
Momenta Pharmaceuticals, Inc. (a) | 89,065 | 1,114 | |
Natera, Inc. (a) | 612,300 | 13,446 | |
Neurocrine Biosciences, Inc. (a) | 580,746 | 62,227 | |
Portola Pharmaceuticals, Inc. (a)(e) | 351,872 | 6,928 | |
Regeneron Pharmaceuticals, Inc. (a) | 388,345 | 131,742 | |
Rubius Therapeutics, Inc. | 128,102 | 2,105 | |
Sage Therapeutics, Inc. (a) | 418,527 | 53,856 | |
Sarepta Therapeutics, Inc. (a) | 328,458 | 43,935 | |
Scholar Rock Holding Corp. | 128,395 | 3,016 | |
Ultragenyx Pharmaceutical, Inc. (a) | 138,473 | 6,709 | |
Vertex Pharmaceuticals, Inc. (a) | 503,700 | 85,357 | |
Viking Therapeutics, Inc. (a)(e) | 512,400 | 6,969 | |
Xencor, Inc. (a) | 419,714 | 13,733 | |
Zai Lab Ltd. ADR (a) | 297,236 | 4,863 | |
1,108,676 | |||
Health Care Equipment & Supplies - 3.1% | |||
Align Technology, Inc. (a) | 139,723 | 30,907 | |
Atricure, Inc. (a) | 176,900 | 5,627 | |
Becton, Dickinson & Co. | 201,133 | 46,361 | |
Boston Scientific Corp. (a) | 7,479,995 | 270,327 | |
Danaher Corp. | 426,052 | 42,350 | |
DexCom, Inc. (a) | 155,652 | 20,666 | |
Edwards Lifesciences Corp. (a) | 35,441 | 5,231 | |
Establishment Labs Holdings, Inc. (a) | 380,002 | 8,672 | |
Fisher & Paykel Healthcare Corp. | 255,660 | 2,269 | |
Insulet Corp. (a) | 220,711 | 19,469 | |
Intuitive Surgical, Inc. (a) | 461,866 | 240,715 | |
iRhythm Technologies, Inc. (a) | 504,602 | 38,986 | |
Novocure Ltd. (a) | 146,627 | 4,859 | |
Penumbra, Inc. (a) | 33,879 | 4,608 | |
Quanterix Corp. (a) | 147,078 | 2,575 | |
Stryker Corp. | 105,275 | 17,078 | |
Tandem Diabetes Care, Inc. (a) | 142,500 | 5,359 | |
ViewRay, Inc. (a)(e) | 547,000 | 4,732 | |
Wright Medical Group NV (a) | 308,100 | 8,313 | |
779,104 | |||
Health Care Providers & Services - 2.5% | |||
Anthem, Inc. | 57,000 | 15,707 | |
Centene Corp. (a) | 75,100 | 9,787 | |
CVS Health Corp. | 419,500 | 30,368 | |
Guardant Health, Inc. (e) | 180,400 | 6,040 | |
HCA Holdings, Inc. | 281,900 | 37,642 | |
Henry Schein, Inc. (a) | 162,200 | 13,463 | |
Humana, Inc. | 620,379 | 198,776 | |
National Vision Holdings, Inc. | 348,371 | 14,433 | |
OptiNose, Inc. | 655,811 | 6,938 | |
UnitedHealth Group, Inc. | 1,115,655 | 291,576 | |
624,730 | |||
Health Care Technology - 0.1% | |||
Evolent Health, Inc. (a) | 306,073 | 6,795 | |
Teladoc Health, Inc. (a) | 327,588 | 22,715 | |
29,510 | |||
Life Sciences Tools & Services - 0.1% | |||
Illumina, Inc. (a) | 90,088 | 28,031 | |
Pharmaceuticals - 0.8% | |||
Akcea Therapeutics, Inc. (a)(e) | 806,566 | 18,003 | |
AstraZeneca PLC sponsored ADR | 556,293 | 21,573 | |
Chiasma, Inc. warrants 12/16/24 (a) | 55,391 | 58 | |
Dova Pharmaceuticals, Inc. (a)(e) | 203,660 | 3,780 | |
Eli Lilly & Co. | 146,000 | 15,832 | |
Jazz Pharmaceuticals PLC (a) | 311,883 | 49,533 | |
MyoKardia, Inc. (a) | 99,501 | 5,268 | |
Nektar Therapeutics (a) | 759,414 | 29,374 | |
Perrigo Co. PLC | 370,800 | 26,067 | |
The Medicines Company (a) | 488,163 | 11,355 | |
TherapeuticsMD, Inc. (a)(e) | 960,716 | 4,698 | |
Theravance Biopharma, Inc. (a) | 56,924 | 1,382 | |
Zogenix, Inc. (a) | 110,477 | 4,614 | |
191,537 | |||
TOTAL HEALTH CARE | 2,761,588 | ||
INDUSTRIALS - 4.2% | |||
Aerospace & Defense - 1.4% | |||
Bombardier, Inc. Class B (sub. vtg.) (a) | 5,539,176 | 13,422 | |
Elbit Systems Ltd. (e) | 50,472 | 6,031 | |
Northrop Grumman Corp. | 298,529 | 78,200 | |
Raytheon Co. | 267,680 | 46,855 | |
Space Exploration Technologies Corp.: | |||
Class A (a)(c)(d) | 242,545 | 40,990 | |
Class C (a)(c)(d) | 2,783 | 470 | |
The Boeing Co. | 384,745 | 136,531 | |
United Technologies Corp. | 162,969 | 20,242 | |
342,741 | |||
Air Freight & Logistics - 0.2% | |||
XPO Logistics, Inc. (a) | 621,551 | 55,554 | |
Airlines - 0.9% | |||
American Airlines Group, Inc. | 714,000 | 25,047 | |
Delta Air Lines, Inc. | 1,325,274 | 72,532 | |
Spirit Airlines, Inc. (a) | 1,421,359 | 73,769 | |
United Continental Holdings, Inc. (a) | 625,942 | 53,524 | |
Wizz Air Holdings PLC (a)(f) | 248,126 | 8,154 | |
233,026 | |||
Building Products - 0.0% | |||
Resideo Technologies, Inc. (a) | 71,117 | 1,497 | |
Commercial Services & Supplies - 0.1% | |||
HomeServe PLC | 947,833 | 11,528 | |
Tomra Systems ASA | 588,900 | 14,601 | |
26,129 | |||
Construction & Engineering - 0.0% | |||
Dycom Industries, Inc. (a) | 65,900 | 4,473 | |
Electrical Equipment - 0.2% | |||
Fortive Corp. | 470,794 | 34,956 | |
Melrose Industries PLC | 196,152 | 423 | |
Regal Beloit Corp. | 261,523 | 18,751 | |
54,130 | |||
Industrial Conglomerates - 0.4% | |||
General Electric Co. | 2,388,887 | 24,128 | |
Honeywell International, Inc. | 426,704 | 61,795 | |
ITT, Inc. | 170,000 | 8,585 | |
94,508 | |||
Machinery - 0.5% | |||
Aumann AG (f) | 131,925 | 6,515 | |
Deere & Co. | 613,291 | 83,064 | |
Rational AG | 15,129 | 8,774 | |
Xylem, Inc. | 400,788 | 26,284 | |
124,637 | |||
Professional Services - 0.1% | |||
Equifax, Inc. | 5,770 | 585 | |
IHS Markit Ltd. (a) | 479,373 | 25,181 | |
25,766 | |||
Road & Rail - 0.4% | |||
CSX Corp. | 110,300 | 7,595 | |
Knight-Swift Transportation Holdings, Inc. Class A | 1,955,799 | 62,586 | |
Norfolk Southern Corp. | 78,200 | 13,124 | |
83,305 | |||
Trading Companies & Distributors - 0.0% | |||
Ferguson PLC | 29,955 | 2,023 | |
TOTAL INDUSTRIALS | 1,047,789 | ||
INFORMATION TECHNOLOGY - 32.1% | |||
Communications Equipment - 0.4% | |||
Arista Networks, Inc. (a) | 146,880 | 33,834 | |
Carvana Co. Class A (a)(e) | 281,300 | 10,900 | |
NETGEAR, Inc. (a) | 604,029 | 33,512 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 1,568,500 | 13,583 | |
91,829 | |||
Electronic Equipment & Components - 0.2% | |||
Corning, Inc. | 1,475,528 | 47,143 | |
Internet Software & Services - 0.2% | |||
ANGI Homeservices, Inc. Class A (a)(e) | 1,475,352 | 28,238 | |
CarGurus, Inc. Class A | 572,598 | 25,435 | |
Farfetch Ltd. Class A | 428,200 | 8,795 | |
62,468 | |||
IT Services - 5.8% | |||
Adyen BV (f) | 44,238 | 28,616 | |
Akamai Technologies, Inc. (a) | 623,224 | 45,028 | |
Alliance Data Systems Corp. | 37,000 | 7,629 | |
Elastic NV (e) | 24,700 | 1,680 | |
Endava PLC ADR (a) | 89,831 | 2,089 | |
FleetCor Technologies, Inc. (a) | 106,976 | 21,398 | |
GoDaddy, Inc. (a) | 471,502 | 34,500 | |
Keywords Studios PLC | 113,998 | 1,996 | |
MasterCard, Inc. Class A | 1,938,923 | 383,267 | |
Netcompany Group A/S | 94,900 | 3,139 | |
Okta, Inc. (a) | 50,180 | 2,929 | |
PayPal Holdings, Inc. (a) | 2,624,347 | 220,944 | |
Shopify, Inc. Class A (a) | 287,282 | 39,689 | |
Square, Inc. (a) | 298,588 | 21,931 | |
Total System Services, Inc. | 60,054 | 5,474 | |
Visa, Inc. Class A | 4,007,388 | 552,418 | |
Wirecard AG | 18,471 | 3,460 | |
Wix.com Ltd. (a) | 384,255 | 37,407 | |
Worldpay, Inc. (a) | 489,363 | 44,943 | |
1,458,537 | |||
Semiconductors & Semiconductor Equipment - 7.7% | |||
Acacia Communications, Inc. (a)(e) | 154,382 | 5,322 | |
Advanced Micro Devices, Inc. (a) | 2,360,504 | 42,985 | |
Analog Devices, Inc. | 413,294 | 34,597 | |
ASML Holding NV | 64,972 | 11,199 | |
Broadcom, Inc. | 2,405,896 | 537,694 | |
Inphi Corp. (a) | 638,469 | 20,431 | |
Intel Corp. | 402,000 | 18,846 | |
Lam Research Corp. | 358,500 | 50,810 | |
Marvell Technology Group Ltd. | 14,964,639 | 245,570 | |
Micron Technology, Inc. (a) | 1,459,222 | 55,042 | |
Monolithic Power Systems, Inc. | 435,878 | 51,486 | |
NVIDIA Corp. | 3,269,682 | 689,347 | |
NXP Semiconductors NV | 568,896 | 42,662 | |
Qualcomm, Inc. | 1,700,013 | 106,914 | |
Semtech Corp. (a) | 47,700 | 2,144 | |
Xilinx, Inc. | 342,800 | 29,265 | |
1,944,314 | |||
Software - 9.5% | |||
Adobe, Inc. (a) | 1,053,419 | 258,888 | |
Altair Engineering, Inc. Class A (a) | 90,717 | 3,460 | |
Atom Tickets LLC (a)(b)(c)(d) | 1,204,239 | 4,937 | |
DocuSign, Inc. (e) | 177,184 | 7,431 | |
Dropbox, Inc. Class A (a) | 1,092,691 | 25,645 | |
HubSpot, Inc. (a) | 48,284 | 6,550 | |
Intuit, Inc. | 218,003 | 45,999 | |
Microsoft Corp. | 10,142,236 | 1,083,292 | |
Nutanix, Inc. Class B (a)(f) | 482,746 | 20,039 | |
Paycom Software, Inc. (a) | 411,832 | 51,561 | |
RingCentral, Inc. (a) | 430,724 | 33,480 | |
SailPoint Technologies Holding, Inc. (a) | 288,078 | 7,502 | |
Salesforce.com, Inc. (a) | 5,045,280 | 692,414 | |
ServiceNow, Inc. (a) | 14,900 | 2,697 | |
Splunk, Inc. (a) | 70,129 | 7,002 | |
StoneCo Ltd. Class A (a) | 101,600 | 2,915 | |
Tanium, Inc. Class B (a)(c)(d) | 554,900 | 4,824 | |
Tenable Holdings, Inc. (e) | 46,664 | 1,329 | |
The Trade Desk, Inc. (a) | 316,201 | 39,067 | |
Upwork, Inc. | 5,210 | 100 | |
Workday, Inc. Class A (a) | 494,873 | 65,828 | |
Zendesk, Inc. (a) | 336,836 | 18,516 | |
Zuora, Inc. | 137,400 | 2,806 | |
2,386,282 | |||
Technology Hardware, Storage & Peripherals - 8.3% | |||
Apple, Inc. | 9,498,416 | 2,078,808 | |
NetApp, Inc. | 67,400 | 5,290 | |
2,084,098 | |||
TOTAL INFORMATION TECHNOLOGY | 8,074,671 | ||
MATERIALS - 1.6% | |||
Chemicals - 1.6% | |||
CF Industries Holdings, Inc. | 2,792,129 | 134,106 | |
DowDuPont, Inc. | 452,960 | 24,424 | |
FMC Corp. | 213,080 | 16,637 | |
LG Chemical Ltd. | 18,286 | 5,561 | |
LyondellBasell Industries NV Class A | 461,236 | 41,175 | |
Nutrien Ltd. | 685,643 | 36,296 | |
Sherwin-Williams Co. | 6,400 | 2,518 | |
The Chemours Co. LLC | 2,352,060 | 77,642 | |
The Mosaic Co. | 1,785,987 | 55,258 | |
Tronox Ltd. Class A | 1,324,854 | 15,170 | |
408,787 | |||
REAL ESTATE - 0.1% | |||
Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
Ant International Co. Ltd. Class C (c)(d) | 4,367,660 | 24,503 | |
Real Estate Management & Development - 0.0% | |||
Parsvnath Developers Ltd. (a) | 15,643,447 | 1,512 | |
TOTAL REAL ESTATE | 26,015 | ||
TOTAL COMMON STOCKS | |||
(Cost $14,092,944) | 24,126,851 | ||
Preferred Stocks - 4.2% | |||
Convertible Preferred Stocks - 4.1% | |||
COMMUNICATION SERVICES - 1.0% | |||
Interactive Media & Services - 1.0% | |||
Uber Technologies, Inc.: | |||
Series D, 8.00% (a)(c)(d) | 5,107,956 | 249,115 | |
Series E, 8.00% (a)(c)(d) | 101,698 | 4,960 | |
254,075 | |||
CONSUMER DISCRETIONARY - 0.3% | |||
Hotels, Restaurants & Leisure - 0.1% | |||
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(b)(c)(d) | 74,995 | 11,965 | |
Neutron Holdings, Inc. Series C (c)(d) | 50,654,200 | 9,262 | |
Topgolf International, Inc. Series F (c)(d) | 415,730 | 5,741 | |
26,968 | |||
Internet & Direct Marketing Retail - 0.1% | |||
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) | 2,928,086 | 133 | |
The Honest Co., Inc.: | |||
Series C (a)(c)(d) | 350,333 | 6,868 | |
Series D (a)(c)(d) | 77,448 | 1,518 | |
Series E (a)(c)(d) | 551,397 | 10,810 | |
19,329 | |||
Leisure Products - 0.1% | |||
Peloton Interactive, Inc. Series E (a)(c)(d) | 1,341,716 | 19,375 | |
Textiles, Apparel & Luxury Goods - 0.0% | |||
Allbirds, Inc.: | |||
Series A (c)(d) | 14,293 | 784 | |
Series B (c)(d) | 2,512 | 138 | |
Series C (c)(d) | 23,999 | 1,316 | |
2,238 | |||
TOTAL CONSUMER DISCRETIONARY | 67,910 | ||
CONSUMER STAPLES - 1.9% | |||
Food & Staples Retailing - 0.0% | |||
Roofoods Ltd. Series F (a)(c)(d) | 41,941 | 13,112 | |
Food Products - 0.0% | |||
Agbiome LLC Series C (c)(d) | 1,091,300 | 6,912 | |
Tobacco - 1.9% | |||
JUUL Labs, Inc.: | |||
Series C (a)(c)(d) | 2,613,078 | 468,394 | |
Series D (c)(d) | 13,822 | 2,478 | |
Series E (c)(d) | 14,959 | 2,681 | |
473,553 | |||
TOTAL CONSUMER STAPLES | 493,577 | ||
FINANCIALS - 0.0% | |||
Consumer Finance - 0.0% | |||
Oportun Finance Corp. Series H (a)(c)(d) | 3,552,125 | 9,236 | |
HEALTH CARE - 0.2% | |||
Biotechnology - 0.1% | |||
23andMe, Inc. Series F (a)(c)(d) | 800,982 | 13,897 | |
Axcella Health, Inc. Series C (a)(c)(d) | 545,634 | 6,095 | |
Generation Bio Series B (c)(d) | 460,500 | 4,212 | |
Immunocore Ltd. Series A (a)(c)(d) | 11,275 | 1,461 | |
25,665 | |||
Health Care Providers & Services - 0.1% | |||
Mulberry Health, Inc. Series A8 (a)(c)(d) | 2,728,716 | 19,499 | |
Pharmaceuticals - 0.0% | |||
Castle Creek Pharmaceutical Holdings, Inc. Series B (c)(d) | 3,301 | 1,360 | |
TOTAL HEALTH CARE | 46,524 | ||
INDUSTRIALS - 0.1% | |||
Aerospace & Defense - 0.1% | |||
Space Exploration Technologies Corp.: | |||
Series G (a)(c)(d) | 97,277 | 16,440 | |
Series H (a)(c)(d) | 25,767 | 4,355 | |
20,795 | |||
Professional Services - 0.0% | |||
YourPeople, Inc. Series C (a)(c)(d) | 692,196 | 3,032 | |
TOTAL INDUSTRIALS | 23,827 | ||
INFORMATION TECHNOLOGY - 0.6% | |||
Internet Software & Services - 0.4% | |||
ContextLogic, Inc. Series G (c)(d) | 133,922 | 16,968 | |
Lyft, Inc.: | |||
Series H (c)(d) | 719,567 | 34,074 | |
Series I (c)(d) | 547,120 | 25,908 | |
Reddit, Inc. Series B (a)(c)(d) | 524,232 | 5,824 | |
Starry, Inc. Series C (c)(d) | 5,833,836 | 5,379 | |
88,153 | |||
IT Services - 0.0% | |||
AppNexus, Inc. Series E (Escrow) (a)(c)(d) | 646,522 | 624 | |
Software - 0.2% | |||
Bracket Computing, Inc. Series C (a)(c)(d) | 1,207,761 | 0 | |
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) | 1,160,525 | 12,766 | |
Compass, Inc. Series E (c)(d) | 53,263 | 6,315 | |
Dataminr, Inc. Series D (a)(c)(d) | 277,250 | 5,517 | |
Delphix Corp. Series D (a)(c)(d) | 675,445 | 4,539 | |
Malwarebytes Corp. Series B (a)(c)(d) | 1,056,193 | 15,864 | |
Taboola.Com Ltd. Series E (a)(c)(d) | 634,902 | 11,409 | |
56,410 | |||
TOTAL INFORMATION TECHNOLOGY | 145,187 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 1,040,336 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Textiles, Apparel & Luxury Goods - 0.0% | |||
Allbirds, Inc. (c)(d) | 7,680 | 421 | |
HEALTH CARE - 0.1% | |||
Pharmaceuticals - 0.1% | |||
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (c)(d) | 29,758 | 12,256 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 12,677 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $401,166) | 1,053,013 | ||
Money Market Funds - 3.0% | |||
Fidelity Cash Central Fund, 2.23% (g) | 37,927,904 | 37,935 | |
Fidelity Securities Lending Cash Central Fund 2.23% (g)(h) | 729,607,167 | 729,680 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $767,615) | 767,615 | ||
TOTAL INVESTMENT IN SECURITIES - 103.0% | |||
(Cost $15,261,725) | 25,947,479 | ||
NET OTHER ASSETS (LIABILITIES) - (3.0)% | (751,975) | ||
NET ASSETS - 100% | $25,195,504 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(c) 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 $1,194,582,000 or 4.7% of net assets.
(d) Level 3 security
(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 $74,295,000 or 0.3% of net assets.
(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
23andMe, Inc. Series F | 8/31/17 | $11,121 |
Agbiome LLC Series C | 6/29/18 | $6,912 |
Allbirds, Inc. | 10/9/18 | $1,986 |
Allbirds, Inc. | 10/9/18 | $421 |
Allbirds, Inc. Series A | 10/9/18 | $784 |
Allbirds, Inc. Series B | 10/9/18 | $138 |
Allbirds, Inc. Series C | 10/9/18 | $1,316 |
Ant International Co. Ltd. Class C | 5/16/18 | $24,503 |
AppNexus, Inc. Series E (Escrow) | 8/1/14 | $1,166 |
Atom Tickets LLC | 8/15/17 | $7,000 |
Axcella Health, Inc. Series C | 1/30/15 | $5,500 |
Blue Bottle Coffee, Inc. Class C (Escrow) | 10/30/17 | $385 |
Bracket Computing, Inc. Series C | 9/9/15 | $9,500 |
Castle Creek Pharmaceutical Holdings, Inc. Series A4 | 9/29/16 | $9,831 |
Castle Creek Pharmaceutical Holdings, Inc. Series B | 10/9/18 | $1,360 |
Cibus Global Ltd. Series C | 2/16/18 | $6,396 |
Cloudflare, Inc. Series D, 8.00% | 11/5/14 - 9/10/18 | $9,459 |
Compass, Inc. Series E | 11/3/17 | $3,594 |
ContextLogic, Inc. Series G | 10/24/17 | $18,017 |
Dataminr, Inc. Series D | 3/6/15 | $3,535 |
Delphix Corp. Series D | 7/10/15 | $6,079 |
Generation Bio Series B | 2/21/18 | $4,212 |
Immunocore Ltd. Series A | 7/27/15 | $2,122 |
Jet.Com, Inc. Series B1 (Escrow) | 9/9/16 | $-- |
JUUL Labs, Inc. Class A | 12/20/17 - 7/6/18 | $3,621 |
JUUL Labs, Inc. Class B | 11/21/17 | $21 |
JUUL Labs, Inc. Series C | 5/22/15 - 7/6/18 | $15,390 |
JUUL Labs, Inc. Series D | 6/25/18 - 7/6/18 | $1,665 |
JUUL Labs, Inc. Series E | 12/20/17 - 7/6/18 | $2,561 |
Lyft, Inc. Series H | 11/22/17 | $28,600 |
Lyft, Inc. Series I | 6/27/18 | $25,908 |
Malwarebytes Corp. Series B | 12/21/15 | $10,958 |
MOD Super Fast Pizza Holdings LLC Series 3 Preferred | 11/3/16 - 12/14/17 | $10,293 |
Mulberry Health, Inc. Series A8 | 1/20/16 | $18,432 |
Neutron Holdings, Inc. Series C | 7/3/18 | $9,262 |
Oportun Finance Corp. Series H | 2/6/15 | $10,114 |
Peloton Interactive, Inc. Series E | 3/31/17 | $7,266 |
Reddit, Inc. Series B | 7/26/17 | $7,442 |
Roofoods Ltd. Series F | 9/12/17 | $14,829 |
Space Exploration Technologies Corp. Class A | 10/16/15 - 9/11/17 | $23,515 |
Space Exploration Technologies Corp. Class C | 9/11/17 | $376 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $7,535 |
Space Exploration Technologies Corp. Series H | 8/4/17 | $3,479 |
Starry, Inc. Series C | 12/8/17 | $5,379 |
Taboola.Com Ltd. Series E | 12/22/14 | $6,619 |
Tanium, Inc. Class B | 4/21/17 | $2,755 |
The Honest Co., Inc. | 8/21/14 | $4,062 |
The Honest Co., Inc. Series C | 8/21/14 | $9,479 |
The Honest Co., Inc. Series D | 8/3/15 | $3,544 |
The Honest Co., Inc. Series E | 9/28/17 | $10,810 |
Topgolf International, Inc. Series F | 11/10/17 | $5,751 |
Tory Burch LLC | 5/14/15 | $20,890 |
Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $79,240 |
Uber Technologies, Inc. Series E, 8.00% | 12/5/14 | $3,388 |
WME Entertainment Parent, LLC Class A | 4/13/16 - 8/16/16 | $19,025 |
YourPeople, Inc. Series C | 5/1/15 | $10,314 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $102 |
Fidelity Securities Lending Cash Central Fund | 2,002 |
Total | $2,104 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $4,364,591 | $3,980,039 | $99,993 | $284,559 |
Consumer Discretionary | 5,988,516 | 5,840,266 | 50,464 | 97,786 |
Consumer Staples | 1,056,362 | 554,201 | 2,675 | 499,486 |
Energy | 452,795 | 452,795 | -- | -- |
Financials | 770,956 | 761,720 | -- | 9,236 |
Health Care | 2,820,368 | 2,761,530 | 58 | 58,780 |
Industrials | 1,071,616 | 1,006,329 | -- | 65,287 |
Information Technology | 8,219,858 | 8,064,910 | -- | 154,948 |
Materials | 408,787 | 408,787 | -- | -- |
Real Estate | 26,015 | 1,512 | -- | 24,503 |
Money Market Funds | 767,615 | 767,615 | -- | -- |
Total Investments in Securities: | $25,947,479 | $24,599,704 | $153,190 | $1,194,585 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
(Amounts in thousands) | |
Investments in Securities: | |
Equities - Communication Services | |
Beginning Balance | $-- |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | 284,559 |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $284,559 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 | $284,559 |
Equities - Consumer Staples | |
Beginning Balance | $476,524 |
Net Realized Gain (Loss) on Investment Securities | 1,099 |
Net Unrealized Gain (Loss) on Investment Securities | 25,923 |
Cost of Purchases | -- |
Proceeds of Sales | (4,060) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $499,486 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 | $27,738 |
Equities - Information Technology | |
Beginning Balance | $388,432 |
Net Realized Gain (Loss) on Investment Securities | (38) |
Net Unrealized Gain (Loss) on Investment Securities | (224,645) |
Cost of Purchases | 13,612 |
Proceeds of Sales | (22,413) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $154,948 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 | $(224,645) |
Other Investments in Securities | |
Beginning Balance | $295,337 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | (35,753) |
Cost of Purchases | 15,838 |
Proceeds of Sales | (19,830) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $255,592 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 | $(29,935) |
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.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
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 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $1,194,585 | Market comparable | Enterprise value/Sales multiple (EV/S) | 1.2 - 7.8 / 3.0 | Increase |
Transaction price | $9.15 - $411.85 / $232.51 | Increase | |||
Enterprise value/EBITDA multiple (EV/EBITDA) | 11.4 | Increase | |||
Discount rate | 7.5% - 78.0% / 34.1% | Decrease | |||
Discount for lack of marketability | 10.0% - 25.0% / 13.7% | Decrease | |||
Price/Earnings multiple (P/E) | 10.8 | Increase | |||
Premium rate | 7.5% - 40.0% / 15.4% | Increase | |||
Conversion ratio | 3.0 | Increase | |||
Proxy premium | 10.8% | Increase | |||
Liquidity preference | $14.90 | Increase | |||
Market approach | Transaction price | $0.18 - $179.25 / $112.39 | Increase | ||
Recovery value | Recovery value | 0.0% - 1.5% / 1.2% | Increase |
(a) 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 significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity® Dividend Growth Fund
October 31, 2018
Schedule of Investments October 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.1% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 11.0% | |||
Diversified Telecommunication Services - 2.8% | |||
Verizon Communications, Inc. | 3,325,900 | $189,876 | |
Entertainment - 0.3% | |||
Cinemark Holdings, Inc. | 412,400 | 17,143 | |
Media - 7.9% | |||
Comcast Corp. Class A | 10,262,392 | 391,408 | |
GCI Liberty, Inc. (a) | 571,138 | 27,032 | |
Interpublic Group of Companies, Inc. | 2,719,200 | 62,977 | |
Liberty Broadband Corp. Class A (a) | 285,934 | 23,672 | |
Omnicom Group, Inc. | 572,800 | 42,570 | |
547,659 | |||
TOTAL COMMUNICATION SERVICES | 754,678 | ||
CONSUMER DISCRETIONARY - 5.1% | |||
Auto Components - 0.7% | |||
Gentex Corp. | 1,374,400 | 28,931 | |
Lear Corp. | 145,700 | 19,364 | |
48,295 | |||
Distributors - 0.8% | |||
LKQ Corp. (a) | 2,020,700 | 55,104 | |
Diversified Consumer Services - 0.5% | |||
H&R Block, Inc. | 1,320,000 | 35,033 | |
Household Durables - 1.5% | |||
Lennar Corp.: | |||
Class A | 644,100 | 27,683 | |
Class B | 13,702 | 490 | |
NVR, Inc. (a) | 34,000 | 76,127 | |
104,300 | |||
Multiline Retail - 1.3% | |||
Dollar General Corp. | 143,800 | 16,016 | |
Dollar Tree, Inc. (a) | 842,800 | 71,048 | |
87,064 | |||
Specialty Retail - 0.2% | |||
AutoZone, Inc. (a) | 23,500 | 17,237 | |
Textiles, Apparel & Luxury Goods - 0.1% | |||
Hanesbrands, Inc. | 376,000 | 6,452 | |
TOTAL CONSUMER DISCRETIONARY | 353,485 | ||
CONSUMER STAPLES - 11.2% | |||
Food & Staples Retailing - 1.0% | |||
Walgreens Boots Alliance, Inc. | 859,200 | 68,538 | |
Food Products - 2.4% | |||
Ingredion, Inc. | 274,100 | 27,733 | |
The Hershey Co. | 347,400 | 37,224 | |
The Kraft Heinz Co. | 1,778,900 | 97,786 | |
162,743 | |||
Household Products - 1.7% | |||
Kimberly-Clark Corp. | 556,400 | 58,033 | |
Spectrum Brands Holdings, Inc. | 900,600 | 58,494 | |
116,527 | |||
Tobacco - 6.1% | |||
Altria Group, Inc. | 4,392,900 | 285,714 | |
British American Tobacco PLC (United Kingdom) | 1,263,700 | 54,782 | |
Philip Morris International, Inc. | 919,200 | 80,954 | |
421,450 | |||
TOTAL CONSUMER STAPLES | 769,258 | ||
ENERGY - 6.5% | |||
Oil, Gas & Consumable Fuels - 6.5% | |||
Chevron Corp. | 1,652,100 | 184,457 | |
Exxon Mobil Corp. | 3,292,797 | 262,370 | |
446,827 | |||
FINANCIALS - 22.1% | |||
Banks - 8.1% | |||
Bank of America Corp. | 4,605,217 | 126,643 | |
JPMorgan Chase & Co. | 531,735 | 57,970 | |
M&T Bank Corp. | 438,600 | 72,549 | |
PNC Financial Services Group, Inc. | 459,700 | 59,067 | |
Signature Bank | 125,700 | 13,814 | |
U.S. Bancorp | 1,663,600 | 86,956 | |
Wells Fargo & Co. | 2,683,993 | 142,869 | |
559,868 | |||
Capital Markets - 0.5% | |||
Oaktree Capital Group LLC Class A | 449,900 | 18,819 | |
Virtu Financial, Inc. Class A | 525,900 | 12,474 | |
31,293 | |||
Consumer Finance - 0.9% | |||
American Express Co. | 595,400 | 61,165 | |
Imperial Holdings, Inc. warrants 4/11/19 (a) | 48,012 | 0 | |
61,165 | |||
Diversified Financial Services - 6.9% | |||
Berkshire Hathaway, Inc. Class B (a) | 2,319,400 | 476,132 | |
Insurance - 5.7% | |||
Allstate Corp. | 500,000 | 47,860 | |
Chubb Ltd. | 701,700 | 87,649 | |
MetLife, Inc. | 1,781,800 | 73,392 | |
The Travelers Companies, Inc. | 951,100 | 119,011 | |
Torchmark Corp. | 791,900 | 67,042 | |
394,954 | |||
TOTAL FINANCIALS | 1,523,412 | ||
HEALTH CARE - 16.0% | |||
Biotechnology - 2.0% | |||
Amgen, Inc. | 386,510 | 74,515 | |
Biogen, Inc. (a) | 67,200 | 20,447 | |
Gilead Sciences, Inc. | 648,500 | 44,215 | |
139,177 | |||
Health Care Providers & Services - 9.7% | |||
AmerisourceBergen Corp. | 441,900 | 38,887 | |
Anthem, Inc. | 401,800 | 110,724 | |
Cardinal Health, Inc. | 896,900 | 45,383 | |
Cigna Corp. | 540,800 | 115,628 | |
CVS Health Corp. | 1,480,100 | 107,144 | |
Express Scripts Holding Co. (a) | 94,000 | 9,115 | |
McKesson Corp. | 298,200 | 37,203 | |
Quest Diagnostics, Inc. | 645,900 | 60,786 | |
UnitedHealth Group, Inc. | 390,400 | 102,031 | |
Universal Health Services, Inc. Class B | 317,300 | 38,571 | |
665,472 | |||
Pharmaceuticals - 4.3% | |||
Bayer AG | 556,000 | 42,619 | |
Johnson & Johnson | 1,177,543 | 164,844 | |
Pfizer, Inc. | 2,143,100 | 92,282 | |
299,745 | |||
TOTAL HEALTH CARE | 1,104,394 | ||
INDUSTRIALS - 12.6% | |||
Aerospace & Defense - 0.6% | |||
United Technologies Corp. | 366,500 | 45,523 | |
Air Freight & Logistics - 1.4% | |||
United Parcel Service, Inc. Class B | 883,200 | 94,096 | |
Airlines - 1.2% | |||
Delta Air Lines, Inc. | 984,800 | 53,898 | |
Southwest Airlines Co. | 539,100 | 26,470 | |
80,368 | |||
Commercial Services & Supplies - 0.4% | |||
Deluxe Corp. | 610,800 | 28,836 | |
Electrical Equipment - 0.5% | |||
Acuity Brands, Inc. | 265,800 | 33,395 | |
Industrial Conglomerates - 1.3% | |||
General Electric Co. | 8,758,900 | 88,465 | |
Machinery - 3.5% | |||
Allison Transmission Holdings, Inc. | 606,002 | 26,713 | |
Cummins, Inc. | 282,100 | 38,560 | |
PACCAR, Inc. | 1,096,000 | 62,702 | |
Snap-On, Inc. | 395,900 | 60,945 | |
WABCO Holdings, Inc. (a) | 522,200 | 56,110 | |
245,030 | |||
Professional Services - 0.3% | |||
Dun & Bradstreet Corp. | 130,600 | 18,582 | |
Road & Rail - 3.4% | |||
Knight-Swift Transportation Holdings, Inc. Class A (b) | 2,317,600 | 74,163 | |
Norfolk Southern Corp. | 381,100 | 63,960 | |
Union Pacific Corp. | 674,300 | 98,596 | |
236,719 | |||
TOTAL INDUSTRIALS | 871,014 | ||
INFORMATION TECHNOLOGY - 8.2% | |||
Communications Equipment - 0.8% | |||
Cisco Systems, Inc. | 1,225,386 | 56,061 | |
IT Services - 1.4% | |||
Amdocs Ltd. | 897,100 | 56,760 | |
IBM Corp. | 363,900 | 42,005 | |
98,765 | |||
Semiconductors & Semiconductor Equipment - 0.5% | |||
Qualcomm, Inc. | 492,383 | 30,966 | |
Software - 1.8% | |||
Oracle Corp. | 2,494,200 | 121,817 | |
Technology Hardware, Storage & Peripherals - 3.7% | |||
Apple, Inc. | 1,022,118 | 223,701 | |
HP, Inc. | 1,434,100 | 34,619 | |
258,320 | |||
TOTAL INFORMATION TECHNOLOGY | 565,929 | ||
MATERIALS - 1.0% | |||
Chemicals - 1.0% | |||
DowDuPont, Inc. | 1,284,700 | 69,271 | |
UTILITIES - 1.4% | |||
Electric Utilities - 1.4% | |||
Exelon Corp. | 271,800 | 11,908 | |
PPL Corp. | 2,725,300 | 82,849 | |
94,757 | |||
TOTAL COMMON STOCKS | |||
(Cost $6,089,572) | 6,553,025 | ||
Money Market Funds - 4.5% | |||
Fidelity Cash Central Fund, 2.23% (c) | 308,553,277 | 308,615 | |
Fidelity Securities Lending Cash Central Fund 2.23% (c)(d) | 5,814,844 | 5,815 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $314,425) | 314,430 | ||
TOTAL INVESTMENT IN SECURITIES - 99.6% | |||
(Cost $6,403,997) | 6,867,455 | ||
NET OTHER ASSETS (LIABILITIES) - 0.4% | 25,478 | ||
NET ASSETS - 100% | $6,892,933 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $1,896 |
Fidelity Securities Lending Cash Central Fund | 10 |
Total | $1,906 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $754,678 | $754,678 | $-- | $-- |
Consumer Discretionary | 353,485 | 353,485 | -- | -- |
Consumer Staples | 769,258 | 714,476 | 54,782 | -- |
Energy | 446,827 | 446,827 | -- | -- |
Financials | 1,523,412 | 1,523,412 | -- | -- |
Health Care | 1,104,394 | 1,061,775 | 42,619 | -- |
Industrials | 871,014 | 871,014 | -- | -- |
Information Technology | 565,929 | 565,929 | -- | -- |
Materials | 69,271 | 69,271 | -- | -- |
Utilities | 94,757 | 94,757 | -- | -- |
Money Market Funds | 314,430 | 314,430 | -- | -- |
Total Investments in Securities: | $6,867,455 | $6,770,054 | $97,401 | $-- |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity® Blue Chip Value Fund
October 31, 2018
Schedule of Investments October 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.3% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 13.3% | |||
Entertainment - 5.6% | |||
The Walt Disney Co. | 93,900 | $10,782,537 | |
Twenty-First Century Fox, Inc. Class A | 244,500 | 11,129,640 | |
21,912,177 | |||
Interactive Media & Services - 1.7% | |||
Alphabet, Inc. Class A (a) | 6,000 | 6,543,480 | |
Media - 6.0% | |||
Comcast Corp. Class A | 447,100 | 17,052,394 | |
Interpublic Group of Companies, Inc. | 263,600 | 6,104,976 | |
23,157,370 | |||
TOTAL COMMUNICATION SERVICES | 51,613,027 | ||
CONSUMER DISCRETIONARY - 3.1% | |||
Multiline Retail - 1.6% | |||
Dollar General Corp. | 54,100 | 6,025,658 | |
Textiles, Apparel & Luxury Goods - 1.5% | |||
PVH Corp. | 49,700 | 6,003,263 | |
TOTAL CONSUMER DISCRETIONARY | 12,028,921 | ||
CONSUMER STAPLES - 7.1% | |||
Beverages - 1.9% | |||
C&C Group PLC | 2,004,512 | 7,446,946 | |
Food Products - 3.1% | |||
The Hershey Co. | 46,500 | 4,982,475 | |
The J.M. Smucker Co. | 65,700 | 7,116,624 | |
12,099,099 | |||
Tobacco - 2.1% | |||
British American Tobacco PLC sponsored ADR | 187,300 | 8,128,820 | |
TOTAL CONSUMER STAPLES | 27,674,865 | ||
ENERGY - 10.5% | |||
Energy Equipment & Services - 1.4% | |||
Baker Hughes, a GE Co. Class A | 202,800 | 5,412,732 | |
Oil, Gas & Consumable Fuels - 9.1% | |||
Exxon Mobil Corp. | 188,000 | 14,979,840 | |
GasLog Partners LP | 246,300 | 6,120,555 | |
Golar LNG Partners LP | 485,900 | 6,856,049 | |
Teekay LNG Partners LP | 433,300 | 6,157,193 | |
Teekay Offshore Partners LP | 492,269 | 1,073,146 | |
35,186,783 | |||
TOTAL ENERGY | 40,599,515 | ||
FINANCIALS - 25.9% | |||
Banks - 7.7% | |||
U.S. Bancorp | 236,197 | 12,346,017 | |
Wells Fargo & Co. | 326,298 | 17,368,843 | |
29,714,860 | |||
Capital Markets - 1.4% | |||
Goldman Sachs Group, Inc. | 24,900 | 5,611,713 | |
Consumer Finance - 1.9% | |||
Discover Financial Services | 105,700 | 7,364,119 | |
Diversified Financial Services - 5.0% | |||
Berkshire Hathaway, Inc. Class B (a) | 95,500 | 19,604,240 | |
Insurance - 6.7% | |||
Chubb Ltd. | 66,600 | 8,319,006 | |
Prudential PLC | 426,798 | 8,546,043 | |
The Travelers Companies, Inc. | 72,800 | 9,109,464 | |
25,974,513 | |||
Mortgage Real Estate Investment Trusts - 3.2% | |||
AGNC Investment Corp. | 338,600 | 6,040,624 | |
Annaly Capital Management, Inc. | 635,400 | 6,271,398 | |
12,312,022 | |||
TOTAL FINANCIALS | 100,581,467 | ||
HEALTH CARE - 22.2% | |||
Biotechnology - 6.3% | |||
Amgen, Inc. | 81,200 | 15,654,548 | |
Shire PLC sponsored ADR | 48,068 | 8,738,762 | |
24,393,310 | |||
Health Care Providers & Services - 12.3% | |||
Anthem, Inc. | 34,100 | 9,396,937 | |
Cigna Corp. | 92,400 | 19,756,046 | |
CVS Health Corp. | 257,300 | 18,625,947 | |
47,778,930 | |||
Pharmaceuticals - 3.6% | |||
Bayer AG | 79,142 | 6,066,429 | |
Roche Holding AG (participation certificate) | 32,180 | 7,831,402 | |
13,897,831 | |||
TOTAL HEALTH CARE | 86,070,071 | ||
INDUSTRIALS - 2.5% | |||
Aerospace & Defense - 2.5% | |||
United Technologies Corp. | 76,800 | 9,539,328 | |
INFORMATION TECHNOLOGY - 4.4% | |||
IT Services - 4.4% | |||
Amdocs Ltd. | 81,700 | 5,169,159 | |
Cognizant Technology Solutions Corp. Class A | 105,000 | 7,248,150 | |
The Western Union Co. | 253,400 | 4,571,336 | |
16,988,645 | |||
MATERIALS - 1.2% | |||
Chemicals - 1.2% | |||
LyondellBasell Industries NV Class A | 51,800 | 4,624,186 | |
REAL ESTATE - 2.5% | |||
Real Estate Management & Development - 2.5% | |||
CBRE Group, Inc. (a) | 242,700 | 9,778,383 | |
UTILITIES - 1.6% | |||
Electric Utilities - 1.6% | |||
Exelon Corp. | 140,600 | 6,159,686 | |
TOTAL COMMON STOCKS | |||
(Cost $357,940,963) | 365,658,094 | ||
Money Market Funds - 6.6% | |||
Fidelity Cash Central Fund, 2.23% (b) | |||
(Cost $25,578,526) | 25,573,412 | 25,578,526 | |
TOTAL INVESTMENT IN SECURITIES - 100.9% | |||
(Cost $383,519,489) | 391,236,620 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (3,374,059) | ||
NET ASSETS - 100% | $387,862,561 |
Legend
(a) Non-income producing
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
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 | $85,360 |
Fidelity Securities Lending Cash Central Fund | 4,160 |
Total | $89,520 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $51,613,027 | $51,613,027 | $-- | $-- |
Consumer Discretionary | 12,028,921 | 12,028,921 | -- | -- |
Consumer Staples | 27,674,865 | 27,674,865 | -- | -- |
Energy | 40,599,515 | 40,599,515 | -- | -- |
Financials | 100,581,467 | 92,035,424 | 8,546,043 | -- |
Health Care | 86,070,071 | 72,172,240 | 13,897,831 | -- |
Industrials | 9,539,328 | 9,539,328 | -- | -- |
Information Technology | 16,988,645 | 16,988,645 | -- | -- |
Materials | 4,624,186 | 4,624,186 | -- | -- |
Real Estate | 9,778,383 | 9,778,383 | -- | -- |
Utilities | 6,159,686 | 6,159,686 | -- | -- |
Money Market Funds | 25,578,526 | 25,578,526 | -- | -- |
Total Investments in Securities: | $391,236,620 | $368,792,746 | $22,443,874 | $-- |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity® Small Cap Growth Fund
October 31, 2018
Schedule of Investments October 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.9% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 2.9% | |||
Diversified Telecommunication Services - 0.5% | |||
Iridium Communications, Inc. (a) | 1,012,700 | $20,061,587 | |
Media - 1.7% | |||
Gray Television, Inc. (a) | 1,132,200 | 19,598,382 | |
Nexstar Broadcasting Group, Inc. Class A | 336,400 | 25,192,996 | |
The New York Times Co. Class A | 929,600 | 24,541,440 | |
69,332,818 | |||
Wireless Telecommunication Services - 0.7% | |||
Boingo Wireless, Inc. (a) | 922,676 | 28,907,439 | |
TOTAL COMMUNICATION SERVICES | 118,301,844 | ||
CONSUMER DISCRETIONARY - 15.0% | |||
Diversified Consumer Services - 3.2% | |||
Arco Platform Ltd. Class A | 879,696 | 18,746,322 | |
Bright Horizons Family Solutions, Inc. (a) | 289,910 | 33,313,558 | |
Grand Canyon Education, Inc. (a) | 291,548 | 36,356,036 | |
Weight Watchers International, Inc. (a) | 630,266 | 41,660,583 | |
130,076,499 | |||
Hotels, Restaurants & Leisure - 3.3% | |||
Boyd Gaming Corp. | 322,467 | 8,564,724 | |
Dunkin' Brands Group, Inc. | 220,900 | 16,028,504 | |
Hilton Grand Vacations, Inc. (a) | 724,853 | 19,476,800 | |
Marriott Vacations Worldwide Corp. | 168,672 | 14,925,785 | |
Planet Fitness, Inc. (a) | 936,209 | 45,958,500 | |
Vail Resorts, Inc. | 122,459 | 30,776,396 | |
135,730,709 | |||
Household Durables - 2.5% | |||
Cavco Industries, Inc. (a) | 244,723 | 49,093,881 | |
LGI Homes, Inc. (a)(b) | 353,030 | 15,106,154 | |
Skyline Champion Corp. | 976,563 | 23,271,496 | |
TopBuild Corp. (a) | 271,275 | 12,375,566 | |
99,847,097 | |||
Internet & Direct Marketing Retail - 2.5% | |||
Etsy, Inc. (a) | 281,693 | 11,977,586 | |
Gaia, Inc. Class A (a) | 1,060,745 | 15,497,484 | |
GrubHub, Inc. (a) | 226,700 | 21,024,158 | |
Stamps.com, Inc. (a) | 263,234 | 53,218,018 | |
101,717,246 | |||
Multiline Retail - 0.6% | |||
Ollie's Bargain Outlet Holdings, Inc. (a) | 239,377 | 22,238,123 | |
Specialty Retail - 2.3% | |||
Five Below, Inc. (a) | 346,452 | 39,433,167 | |
The Children's Place Retail Stores, Inc. (b) | 370,805 | 55,398,267 | |
94,831,434 | |||
Textiles, Apparel & Luxury Goods - 0.6% | |||
Axonics Modulation Technologies, Inc. (a) | 416,610 | 6,240,818 | |
Columbia Sportswear Co. | 176,365 | 15,922,232 | |
Gritstone Oncology, Inc. | 189,894 | 3,230,097 | |
25,393,147 | |||
TOTAL CONSUMER DISCRETIONARY | 609,834,255 | ||
CONSUMER STAPLES - 2.4% | |||
Food & Staples Retailing - 0.6% | |||
Performance Food Group Co. (a) | 863,866 | 25,328,551 | |
Food Products - 1.2% | |||
Nomad Foods Ltd. (a) | 1,174,190 | 22,427,029 | |
Post Holdings, Inc. (a) | 294,468 | 26,036,861 | |
48,463,890 | |||
Household Products - 0.6% | |||
Central Garden & Pet Co. (a)(b) | 413,786 | 13,439,769 | |
Central Garden & Pet Co. Class A (non-vtg.) (a) | 402,777 | 11,942,338 | |
25,382,107 | |||
TOTAL CONSUMER STAPLES | 99,174,548 | ||
ENERGY - 1.3% | |||
Energy Equipment & Services - 0.3% | |||
NCS Multistage Holdings, Inc. (a) | 953,062 | 10,769,601 | |
Oil, Gas & Consumable Fuels - 1.0% | |||
Delek U.S. Holdings, Inc. | 512,169 | 18,806,846 | |
Renewable Energy Group, Inc. (a)(b) | 404,087 | 12,559,024 | |
Whiting Petroleum Corp. (a) | 276,670 | 10,319,791 | |
41,685,661 | |||
TOTAL ENERGY | 52,455,262 | ||
FINANCIALS - 9.4% | |||
Banks - 1.4% | |||
First Citizen Bancshares, Inc. | 87,320 | 37,253,332 | |
Popular, Inc. | 420,391 | 21,864,536 | |
59,117,868 | |||
Capital Markets - 3.6% | |||
Apollo Global Management LLC Class A | 566,203 | 16,657,692 | |
Cboe Global Markets, Inc. | 207,700 | 23,438,945 | |
Hamilton Lane, Inc. Class A | 487,716 | 18,718,540 | |
LPL Financial | 266,915 | 16,441,964 | |
Morningstar, Inc. | 203,492 | 25,395,802 | |
MSCI, Inc. | 178,165 | 26,792,453 | |
Virtu Financial, Inc. Class A (b) | 837,240 | 19,859,333 | |
147,304,729 | |||
Consumer Finance - 0.7% | |||
Green Dot Corp. Class A (a) | 353,283 | 26,757,654 | |
Diversified Financial Services - 1.2% | |||
Gores Holdings II, Inc. (a) | 5,041,449 | 47,339,206 | |
Insurance - 1.4% | |||
Enstar Group Ltd. (a) | 141,329 | 25,665,346 | |
Primerica, Inc. | 291,160 | 31,951,898 | |
57,617,244 | |||
Real Estate Management & Development - 0.4% | |||
The RMR Group, Inc. | 221,573 | 16,812,959 | |
Thrifts & Mortgage Finance - 0.7% | |||
Essent Group Ltd. (a) | 692,130 | 27,283,765 | |
TOTAL FINANCIALS | 382,233,425 | ||
HEALTH CARE - 26.0% | |||
Biotechnology - 8.1% | |||
Abeona Therapeutics, Inc. (a) | 688,816 | 5,923,818 | |
Acceleron Pharma, Inc. (a) | 355,030 | 18,024,873 | |
Acorda Therapeutics, Inc. (a) | 332,599 | 6,355,967 | |
Adaptimmune Therapeutics PLC sponsored ADR (a) | 431,906 | 2,677,817 | |
Aduro Biotech, Inc. (a) | 713,219 | 3,024,049 | |
Alder Biopharmaceuticals, Inc. (a)(b) | 746,996 | 9,486,849 | |
AnaptysBio, Inc. (a) | 260,447 | 19,460,600 | |
Arena Pharmaceuticals, Inc. (a) | 267,021 | 9,521,969 | |
Argenx SE ADR (a) | 226,790 | 18,145,468 | |
Array BioPharma, Inc. (a) | 187,072 | 3,030,566 | |
Ascendis Pharma A/S sponsored ADR (a) | 390,617 | 25,112,767 | |
Atara Biotherapeutics, Inc. (a) | 307,908 | 10,521,216 | |
Audentes Therapeutics, Inc. (a) | 517,610 | 14,596,602 | |
Blueprint Medicines Corp. (a) | 321,110 | 19,513,855 | |
Crinetics Pharmaceuticals, Inc. (a) | 6,100 | 151,951 | |
Dynavax Technologies Corp. (a)(b) | 826,143 | 8,170,554 | |
FibroGen, Inc. (a) | 517,839 | 22,199,758 | |
Five Prime Therapeutics, Inc. (a) | 258,127 | 3,133,662 | |
Global Blood Therapeutics, Inc. (a) | 418,964 | 14,701,447 | |
Heron Therapeutics, Inc. (a) | 448,216 | 12,442,476 | |
Kezar Life Sciences, Inc. | 278,290 | 6,882,112 | |
Ligand Pharmaceuticals, Inc. Class B (a) | 94,661 | 15,601,079 | |
Loxo Oncology, Inc. (a) | 193,203 | 29,494,370 | |
Mirati Therapeutics, Inc. (a)(b) | 258,488 | 9,659,697 | |
Sarepta Therapeutics, Inc. (a) | 237,950 | 31,828,192 | |
Spark Therapeutics, Inc. (a) | 177,412 | 7,981,766 | |
TESARO, Inc. (a) | 78,034 | 2,253,622 | |
329,897,102 | |||
Health Care Equipment & Supplies - 9.4% | |||
Cerus Corp. (a) | 551,044 | 3,691,995 | |
CONMED Corp. | 247,375 | 16,680,496 | |
Glaukos Corp. (a)(b) | 322,542 | 18,688,083 | |
Globus Medical, Inc. (a) | 797,826 | 42,165,104 | |
Hill-Rom Holdings, Inc. | 266,218 | 22,383,609 | |
ICU Medical, Inc. (a) | 71,506 | 18,214,723 | |
Insulet Corp. (a) | 682,401 | 60,194,592 | |
Integer Holdings Corp. (a) | 257,783 | 19,197,100 | |
Integra LifeSciences Holdings Corp. (a) | 611,609 | 32,763,894 | |
iRhythm Technologies, Inc. (a) | 430,258 | 33,241,733 | |
Masimo Corp. (a) | 438,472 | 50,687,363 | |
Merit Medical Systems, Inc. (a) | 569,900 | 32,552,688 | |
Novocure Ltd. (a) | 631,355 | 20,923,105 | |
Nuvectra Corp. (a) | 22,101 | 442,241 | |
Quanterix Corp. (a)(b) | 742,460 | 13,000,475 | |
384,827,201 | |||
Health Care Providers & Services - 3.5% | |||
Chemed Corp. | 69,577 | 21,174,368 | |
G1 Therapeutics, Inc. (a) | 507,541 | 20,306,715 | |
LHC Group, Inc. (a) | 272,000 | 24,868,960 | |
Magellan Health Services, Inc. (a) | 412,445 | 26,833,672 | |
Molina Healthcare, Inc. (a) | 394,854 | 50,055,642 | |
143,239,357 | |||
Health Care Technology - 2.0% | |||
Evolent Health, Inc. (a) | 658,732 | 14,623,850 | |
HMS Holdings Corp. (a) | 1,117,700 | 32,212,114 | |
HTG Molecular Diagnostics (a) | 786,272 | 2,995,696 | |
Teladoc Health, Inc. (a)(b) | 465,362 | 32,268,201 | |
82,099,861 | |||
Life Sciences Tools & Services - 1.1% | |||
ICON PLC (a) | 261,755 | 36,143,130 | |
Morphosys AG (a) | 99,547 | 9,223,106 | |
45,366,236 | |||
Pharmaceuticals - 1.9% | |||
Aclaris Therapeutics, Inc. (a) | 544,982 | 6,479,836 | |
Aerie Pharmaceuticals, Inc. (a) | 301,647 | 16,041,587 | |
Akcea Therapeutics, Inc. (a)(b) | 270,015 | 6,026,735 | |
GW Pharmaceuticals PLC ADR (a)(b) | 69,287 | 9,526,270 | |
Nektar Therapeutics (a) | 402,558 | 15,570,943 | |
SCYNEXIS, Inc. warrants 6/21/21 (a) | 168,750 | 10,856 | |
The Medicines Company (a) | 330,565 | 7,688,942 | |
Theravance Biopharma, Inc. (a) | 289,029 | 7,014,734 | |
Xeris Pharmaceuticals, Inc. | 327,546 | 7,179,808 | |
75,539,711 | |||
TOTAL HEALTH CARE | 1,060,969,468 | ||
INDUSTRIALS - 14.4% | |||
Aerospace & Defense - 2.4% | |||
BWX Technologies, Inc. | 518,600 | 30,317,356 | |
HEICO Corp. Class A | 561,702 | 37,443,055 | |
Teledyne Technologies, Inc. (a) | 137,981 | 30,532,436 | |
98,292,847 | |||
Air Freight & Logistics - 0.5% | |||
Forward Air Corp. | 326,953 | 19,613,910 | |
Airlines - 0.6% | |||
SkyWest, Inc. | 458,228 | 26,251,882 | |
Commercial Services & Supplies - 0.8% | |||
Copart, Inc. (a) | 695,724 | 34,027,861 | |
Construction & Engineering - 2.6% | |||
Argan, Inc. | 280,614 | 12,352,628 | |
Dycom Industries, Inc. (a) | 529,759 | 35,960,041 | |
Jacobs Engineering Group, Inc. | 770,943 | 57,890,110 | |
106,202,779 | |||
Electrical Equipment - 1.0% | |||
Generac Holdings, Inc. (a) | 775,730 | 39,352,783 | |
Industrial Conglomerates - 0.7% | |||
ITT, Inc. | 597,973 | 30,197,637 | |
Machinery - 1.8% | |||
AGCO Corp. | 327,648 | 18,361,394 | |
Allison Transmission Holdings, Inc. | 503,635 | 22,200,231 | |
Gardner Denver Holdings, Inc. (a) | 432,658 | 11,707,725 | |
Luxfer Holdings PLC sponsored | 261,275 | 6,030,227 | |
Milacron Holdings Corp. (a) | 1,088,612 | 15,240,568 | |
73,540,145 | |||
Professional Services - 3.3% | |||
Asgn, Inc. (a) | 611,019 | 40,987,155 | |
Exponent, Inc. | 560,848 | 28,300,390 | |
FTI Consulting, Inc. (a) | 341,311 | 23,588,003 | |
Insperity, Inc. | 367,308 | 40,348,784 | |
133,224,332 | |||
Trading Companies & Distributors - 0.7% | |||
SiteOne Landscape Supply, Inc. (a) | 195,805 | 13,322,572 | |
Univar, Inc. (a) | 528,140 | 13,002,807 | |
26,325,379 | |||
TOTAL INDUSTRIALS | 587,029,555 | ||
INFORMATION TECHNOLOGY - 21.4% | |||
Electronic Equipment & Components - 1.3% | |||
Dolby Laboratories, Inc. Class A | 233,039 | 16,035,414 | |
FLIR Systems, Inc. | 49,867 | 2,309,341 | |
Novanta, Inc. (a) | 243,674 | 14,184,264 | |
Zebra Technologies Corp. Class A (a) | 117,003 | 19,457,599 | |
51,986,618 | |||
Internet Software & Services - 3.8% | |||
ANGI Homeservices, Inc. Class A (a)(b) | 1,285,467 | 24,603,838 | |
BlackLine, Inc. (a) | 366,867 | 17,015,291 | |
CarGurus, Inc. Class A | 2,236,308 | 99,336,803 | |
ShotSpotter, Inc. (a)(b) | 370,875 | 14,345,445 | |
155,301,377 | |||
IT Services - 5.0% | |||
Booz Allen Hamilton Holding Corp. Class A | 608,300 | 30,135,182 | |
Elastic NV (b) | 180,094 | 12,246,392 | |
EPAM Systems, Inc. (a) | 274,715 | 32,820,201 | |
Euronet Worldwide, Inc. (a) | 273,800 | 30,441,084 | |
EVO Payments, Inc. Class A (b) | 423,086 | 10,044,062 | |
GoDaddy, Inc. (a) | 479,091 | 35,055,088 | |
Interxion Holding N.V. (a) | 415,509 | 24,461,015 | |
Leidos Holdings, Inc. | 252,954 | 16,386,360 | |
Okta, Inc. (a) | 226,286 | 13,206,051 | |
204,795,435 | |||
Semiconductors & Semiconductor Equipment - 1.4% | |||
Brooks Automation, Inc. | 629,569 | 19,535,526 | |
Entegris, Inc. | 1,344,215 | 35,675,466 | |
55,210,992 | |||
Software - 9.9% | |||
2U, Inc. (a)(b) | 889,979 | 55,988,579 | |
8x8, Inc. (a) | 958,779 | 16,481,411 | |
Black Knight, Inc. (a) | 421,107 | 20,537,388 | |
Cardlytics, Inc. (a)(c) | 1,935,515 | 40,955,497 | |
Dropbox, Inc. Class A (a) | 348,100 | 8,169,907 | |
Everbridge, Inc. (a) | 7,206 | 366,281 | |
Five9, Inc. (a) | 747,330 | 29,414,909 | |
HubSpot, Inc. (a) | 293,654 | 39,834,165 | |
New Relic, Inc. (a) | 104,553 | 9,331,355 | |
Parametric Technology Corp. (a) | 214,300 | 17,660,463 | |
Pivotal Software, Inc. | 421,243 | 8,593,357 | |
Pluralsight, Inc. (b) | 1,538,414 | 34,475,858 | |
PROS Holdings, Inc. (a) | 631,107 | 20,776,042 | |
RealPage, Inc. (a) | 416,616 | 22,080,648 | |
Talend SA ADR (a) | 245,668 | 15,219,133 | |
The Trade Desk, Inc. (a)(b) | 270,518 | 33,422,499 | |
Upwork, Inc. (b) | 3,822 | 73,382 | |
Zendesk, Inc. (a) | 313,207 | 17,216,989 | |
Zuora, Inc. (b) | 668,300 | 13,646,686 | |
404,244,549 | |||
TOTAL INFORMATION TECHNOLOGY | 871,538,971 | ||
MATERIALS - 2.8% | |||
Chemicals - 1.4% | |||
Orion Engineered Carbons SA | 1,087,531 | 28,069,175 | |
The Chemours Co. LLC | 866,028 | 28,587,584 | |
56,656,759 | |||
Containers & Packaging - 1.1% | |||
Aptargroup, Inc. | 328,502 | 33,494,064 | |
Avery Dennison Corp. | 108,431 | 9,836,860 | |
43,330,924 | |||
Paper & Forest Products - 0.3% | |||
Neenah, Inc. | 179,230 | 14,420,846 | |
Quintis Ltd. (a)(b)(d) | 10,830,535 | 77 | |
14,420,923 | |||
TOTAL MATERIALS | 114,408,606 | ||
REAL ESTATE - 1.3% | |||
Equity Real Estate Investment Trusts (REITs) - 1.3% | |||
Rexford Industrial Realty, Inc. | 533,481 | 16,895,343 | |
Store Capital Corp. | 573,915 | 16,660,752 | |
Terreno Realty Corp. | 478,027 | 17,892,551 | |
51,448,646 | |||
TOTAL COMMON STOCKS | |||
(Cost $3,470,257,666) | 3,947,394,580 | ||
Convertible Preferred Stocks - 1.0% | |||
INFORMATION TECHNOLOGY - 1.0% | |||
Software - 1.0% | |||
Compass, Inc. Series E (d)(e) | |||
(Cost $23,873,990) | 353,803 | 41,950,422 | |
Money Market Funds - 4.4% | |||
Fidelity Cash Central Fund, 2.23% (f) | 51,850,708 | 51,861,078 | |
Fidelity Securities Lending Cash Central Fund 2.23% (f)(g) | 126,540,935 | 126,553,589 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $178,414,667) | 178,414,667 | ||
TOTAL INVESTMENT IN SECURITIES - 102.3% | |||
(Cost $3,672,546,323) | 4,167,759,669 | ||
NET OTHER ASSETS (LIABILITIES) - (2.3)% | (94,587,067) | ||
NET ASSETS - 100% | $4,073,172,602 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated company
(d) Level 3 security
(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 $41,950,422 or 1.0% of net assets.
(f) 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.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Compass, Inc. Series E | 11/3/17 | $23,873,990 |
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 | $314,804 |
Fidelity Securities Lending Cash Central Fund | 258,387 |
Total | $573,191 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Cardlytics, Inc. | $31,989,182 | $6,123,287 | $1,807,370 | $-- | $932,893 | $3,717,505 | $40,955,497 |
Total | $31,989,182 | $6,123,287 | $1,807,370 | $-- | $932,893 | $3,717,505 | $40,955,497 |
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $118,301,844 | $118,301,844 | $-- | $-- |
Consumer Discretionary | 609,834,255 | 609,834,255 | -- | -- |
Consumer Staples | 99,174,548 | 99,174,548 | -- | -- |
Energy | 52,455,262 | 52,455,262 | -- | -- |
Financials | 382,233,425 | 382,233,425 | -- | -- |
Health Care | 1,060,969,468 | 1,060,958,612 | 10,856 | -- |
Industrials | 587,029,555 | 587,029,555 | -- | -- |
Information Technology | 913,489,393 | 871,538,971 | -- | 41,950,422 |
Materials | 114,408,606 | 114,408,529 | -- | 77 |
Real Estate | 51,448,646 | 51,448,646 | -- | -- |
Money Market Funds | 178,414,667 | 178,414,667 | -- | -- |
Total Investments in Securities: | $4,167,759,669 | $4,125,798,314 | $10,856 | $41,950,499 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Equities - Information Technology | |
Beginning Balance | $23,873,990 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | 18,076,432 |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $41,950,422 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 | $18,076,432 |
Other Investments in Securities | |
Beginning Balance | $1,361,915 |
Net Realized Gain (Loss) on Investment Securities | 336,700 |
Net Unrealized Gain (Loss) on Investment Securities | (176,935) |
Cost of Purchases | -- |
Proceeds of Sales | (1,521,603) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $77 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 | $302,369 |
The information used in the above reconciliation 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.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
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 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $41,950,499 | Market approach | Transaction price | $118.57 | Increase |
Recovery value | Recovery value | 0.0% | Increase |
(a) 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 significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity® Small Cap Value Fund
October 31, 2018
Schedule of Investments October 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.4% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 1.5% | |||
Media - 1.5% | |||
Gray Television, Inc. (a) | 1,966,400 | $34,038,384 | |
CONSUMER DISCRETIONARY - 9.9% | |||
Auto Components - 2.7% | |||
Standard Motor Products, Inc. (b) | 1,154,600 | 62,475,406 | |
Diversified Consumer Services - 0.7% | |||
Grand Canyon Education, Inc. (a) | 122,400 | 15,263,280 | |
Hotels, Restaurants & Leisure - 0.7% | |||
Bluegreen Vacations Corp. (c) | 1,296,868 | 16,988,971 | |
Household Durables - 1.0% | |||
LGI Homes, Inc. (a)(c) | 55,900 | 2,391,961 | |
Taylor Morrison Home Corp. (a) | 1,217,800 | 20,142,412 | |
22,534,373 | |||
Specialty Retail - 3.6% | |||
Aaron's, Inc. Class A | 810,500 | 38,198,865 | |
Sally Beauty Holdings, Inc. (a)(c) | 1,831,600 | 32,620,796 | |
Signet Jewelers Ltd. | 218,400 | 12,241,320 | |
83,060,981 | |||
Textiles, Apparel & Luxury Goods - 1.2% | |||
G-III Apparel Group Ltd. (a) | 722,200 | 28,786,892 | |
TOTAL CONSUMER DISCRETIONARY | 229,109,903 | ||
CONSUMER STAPLES - 5.3% | |||
Food & Staples Retailing - 1.7% | |||
BJ's Wholesale Club Holdings, Inc. | 1,822,200 | 40,361,730 | |
Food Products - 2.3% | |||
Nomad Foods Ltd. (a) | 2,772,800 | 52,960,480 | |
Tobacco - 1.3% | |||
Universal Corp. | 431,400 | 29,274,804 | |
TOTAL CONSUMER STAPLES | 122,597,014 | ||
ENERGY - 7.3% | |||
Energy Equipment & Services - 3.5% | |||
Oil States International, Inc. (a) | 999,200 | 22,252,184 | |
ShawCor Ltd. Class A | 3,200,400 | 58,054,276 | |
80,306,460 | |||
Oil, Gas & Consumable Fuels - 3.8% | |||
Berry Petroleum Corp. | 561,734 | 7,864,276 | |
CVR Refining, LP | 920,306 | 17,715,891 | |
Denbury Resources, Inc. (a)(c) | 5,020,000 | 17,319,000 | |
Riviera Resources, Inc. (a) | 262,156 | 5,589,166 | |
Roan Resources, Inc. (a) | 1,650,800 | 26,858,516 | |
Whiting Petroleum Corp. (a) | 339,569 | 12,665,924 | |
88,012,773 | |||
TOTAL ENERGY | 168,319,233 | ||
FINANCIALS - 28.5% | |||
Banks - 15.7% | |||
Associated Banc-Corp. | 359,700 | 8,337,846 | |
BOK Financial Corp. | 149,800 | 12,842,354 | |
Cadence Bancorp Class A | 1,265,000 | 27,905,900 | |
Cullen/Frost Bankers, Inc. | 349,000 | 34,174,080 | |
CVB Financial Corp. | 1,607,400 | 35,121,690 | |
Equity Bancshares, Inc. (a) | 710,600 | 25,645,554 | |
First Citizen Bancshares, Inc. | 114,624 | 48,902,037 | |
Heartland Financial U.S.A., Inc. | 717,000 | 38,101,380 | |
Hilltop Holdings, Inc. | 2,049,100 | 40,777,090 | |
Popular, Inc. | 1,196,300 | 62,219,563 | |
The Bank of NT Butterfield & Son Ltd. | 129,300 | 5,209,497 | |
Trico Bancshares | 630,540 | 22,712,051 | |
361,949,042 | |||
Capital Markets - 1.9% | |||
Cowen Group, Inc. Class A (a)(c) | 158,482 | 2,345,534 | |
Morningstar, Inc. | 161,600 | 20,167,680 | |
OM Asset Management Ltd. | 1,928,201 | 21,981,491 | |
44,494,705 | |||
Consumer Finance - 0.6% | |||
Green Dot Corp. Class A (a) | 192,700 | 14,595,098 | |
Diversified Financial Services - 1.0% | |||
Donnelley Financial Solutions, Inc. (a) | 1,451,100 | 22,564,605 | |
Insurance - 7.2% | |||
Argo Group International Holdings, Ltd. | 762,875 | 47,000,729 | |
Axis Capital Holdings Ltd. | 186,000 | 10,376,940 | |
Enstar Group Ltd. (a) | 316,500 | 57,476,400 | |
First American Financial Corp. | 316,875 | 14,047,069 | |
Primerica, Inc. | 329,900 | 36,203,226 | |
165,104,364 | |||
Thrifts & Mortgage Finance - 2.1% | |||
Beneficial Bancorp, Inc. | 2,942,434 | 45,990,243 | |
Washington Federal, Inc. | 53,503 | 1,506,644 | |
47,496,887 | |||
TOTAL FINANCIALS | 656,204,701 | ||
HEALTH CARE - 4.5% | |||
Health Care Equipment & Supplies - 1.2% | |||
LivaNova PLC (a) | 252,751 | 28,305,584 | |
Health Care Technology - 0.8% | |||
Cegedim SA (a) | 701,397 | 17,557,065 | |
Pharmaceuticals - 2.5% | |||
Prestige Brands Holdings, Inc. (a) | 1,588,000 | 57,422,080 | |
TOTAL HEALTH CARE | 103,284,729 | ||
INDUSTRIALS - 10.6% | |||
Aerospace & Defense - 2.3% | |||
Moog, Inc. Class A | 751,100 | 53,741,205 | |
Electrical Equipment - 2.1% | |||
Melrose Industries PLC | 929,799 | 2,004,353 | |
Regal Beloit Corp. | 662,468 | 47,498,956 | |
49,503,309 | |||
Machinery - 1.1% | |||
Apergy Corp. (a) | 436,800 | 17,030,832 | |
Mueller Industries, Inc. | 321,300 | 7,823,655 | |
24,854,487 | |||
Professional Services - 2.4% | |||
CBIZ, Inc. (a) | 2,563,200 | 56,851,776 | |
Road & Rail - 1.4% | |||
Genesee & Wyoming, Inc. Class A (a) | 397,700 | 31,509,771 | |
Trading Companies & Distributors - 1.3% | |||
Applied Industrial Technologies, Inc. | 445,100 | 29,256,423 | |
TOTAL INDUSTRIALS | 245,716,971 | ||
INFORMATION TECHNOLOGY - 8.8% | |||
Electronic Equipment & Components - 3.1% | |||
SYNNEX Corp. | 156,084 | 12,113,679 | |
Tech Data Corp. (a) | 341,800 | 24,151,588 | |
TTM Technologies, Inc. (a) | 3,037,800 | 35,542,260 | |
71,807,527 | |||
IT Services - 5.1% | |||
Computer Services, Inc. | 572,367 | 28,658,416 | |
EVERTEC, Inc. | 2,115,800 | 55,180,064 | |
Hackett Group, Inc. | 1,351,786 | 27,671,059 | |
Presidio, Inc. | 523,678 | 7,017,285 | |
118,526,824 | |||
Software - 0.6% | |||
j2 Global, Inc. | 172,400 | 12,557,616 | |
TOTAL INFORMATION TECHNOLOGY | 202,891,967 | ||
MATERIALS - 2.9% | |||
Chemicals - 1.0% | |||
Orion Engineered Carbons SA | 856,100 | 22,095,941 | |
Containers & Packaging - 1.9% | |||
Silgan Holdings, Inc. | 1,839,700 | 44,207,991 | |
TOTAL MATERIALS | 66,303,932 | ||
REAL ESTATE - 12.7% | |||
Equity Real Estate Investment Trusts (REITs) - 12.7% | |||
CareTrust (REIT), Inc. | 2,410,000 | 42,560,600 | |
Clipper Realty, Inc. | 288,233 | 3,873,852 | |
Corporate Office Properties Trust (SBI) | 1,248,900 | 32,271,576 | |
Equity Commonwealth | 1,751,700 | 52,165,626 | |
Four Corners Property Trust, Inc. | 1,272,200 | 33,178,976 | |
Rexford Industrial Realty, Inc. | 2,088,400 | 66,139,626 | |
Store Capital Corp. | 2,133,700 | 61,941,311 | |
292,131,567 | |||
UTILITIES - 5.4% | |||
Electric Utilities - 3.1% | |||
El Paso Electric Co. | 517,100 | 29,500,555 | |
IDACORP, Inc. | 443,500 | 41,360,810 | |
70,861,365 | |||
Independent Power and Renewable Electricity Producers - 2.3% | |||
NRG Yield, Inc. Class C | 2,715,500 | 53,250,955 | |
TOTAL UTILITIES | 124,112,320 | ||
TOTAL COMMON STOCKS | |||
(Cost $2,148,526,910) | 2,244,710,721 | ||
Principal Amount | Value | ||
Nonconvertible Bonds - 0.4% | |||
INDUSTRIALS - 0.4% | |||
Machinery - 0.4% | |||
Mueller Industries, Inc. 6% 3/1/27 (Cost $10,499,000) | 10,499,000 | 10,052,793 | |
Shares | Value | ||
Money Market Funds - 3.0% | |||
Fidelity Cash Central Fund, 2.23% (d) | 44,049,840 | 44,058,650 | |
Fidelity Securities Lending Cash Central Fund 2.23% (d)(e) | 23,668,803 | 23,671,170 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $67,729,820) | 67,729,820 | ||
TOTAL INVESTMENT IN SECURITIES - 100.8% | |||
(Cost $2,226,755,730) | 2,322,493,334 | ||
NET OTHER ASSETS (LIABILITIES) - (0.8)% | (18,255,356) | ||
NET ASSETS - 100% | $2,304,237,978 |
Legend
(a) Non-income producing
(b) Affiliated company
(c) Security or a portion of the security is on loan at period end.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
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 | $166,065 |
Fidelity Securities Lending Cash Central Fund | 40,309 |
Total | $206,374 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Beneficial Bancorp, Inc. | $70,619,250 | $-- | $23,557,047 | $184,525 | $(119,595) | $(952,365) | $-- |
Standard Motor Products, Inc. | 61,899,800 | 2,703,509 | 8,035,502 | 266,700 | (549,212) | 6,456,811 | 62,475,406 |
Total | $132,519,050 | $2,703,509 | $31,592,549 | $451,225 | $(668,807) | $5,504,446 | $62,475,406 |
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $34,038,384 | $34,038,384 | $-- | $-- |
Consumer Discretionary | 229,109,903 | 229,109,903 | -- | -- |
Consumer Staples | 122,597,014 | 122,597,014 | -- | -- |
Energy | 168,319,233 | 168,319,233 | -- | -- |
Financials | 656,204,701 | 656,204,701 | -- | -- |
Health Care | 103,284,729 | 103,284,729 | -- | -- |
Industrials | 245,716,971 | 245,716,971 | -- | -- |
Information Technology | 202,891,967 | 202,891,967 | -- | -- |
Materials | 66,303,932 | 66,303,932 | -- | -- |
Real Estate | 292,131,567 | 292,131,567 | -- | -- |
Utilities | 124,112,320 | 124,112,320 | -- | -- |
Corporate Bonds | 10,052,793 | -- | 10,052,793 | -- |
Money Market Funds | 67,729,820 | 67,729,820 | -- | -- |
Total Investments in Securities: | $2,322,493,334 | $2,312,440,541 | $10,052,793 | $-- |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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 significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity® Series Small Cap Opportunities Fund
October 31, 2018
Schedule of Investments October 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.7% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 2.0% | |||
Entertainment - 0.3% | |||
Cinemark Holdings, Inc. | 457,400 | $19,014,118 | |
Media - 1.2% | |||
Nexstar Broadcasting Group, Inc. Class A | 451,900 | 33,842,791 | |
The New York Times Co. Class A | 1,128,900 | 29,802,960 | |
63,645,751 | |||
Wireless Telecommunication Services - 0.5% | |||
Boingo Wireless, Inc. (a) | 885,300 | 27,736,449 | |
TOTAL COMMUNICATION SERVICES | 110,396,318 | ||
CONSUMER DISCRETIONARY - 12.2% | |||
Auto Components - 0.8% | |||
Fox Factory Holding Corp. (a) | 465,700 | 25,022,061 | |
Standard Motor Products, Inc. | 360,834 | 19,524,728 | |
44,546,789 | |||
Diversified Consumer Services - 0.6% | |||
Frontdoor, Inc. (a) | 439,400 | 14,961,570 | |
Weight Watchers International, Inc. (a) | 284,907 | 18,832,353 | |
33,793,923 | |||
Hotels, Restaurants & Leisure - 3.4% | |||
Bluegreen Vacations Corp. | 1,262,270 | 16,535,737 | |
Churchill Downs, Inc. | 106,800 | 26,658,348 | |
Eldorado Resorts, Inc. (a) | 367,700 | 13,421,050 | |
Marriott Vacations Worldwide Corp. | 360,100 | 31,865,249 | |
Planet Fitness, Inc. (a) | 616,300 | 30,254,167 | |
PlayAGS, Inc. (a) | 882,883 | 21,409,913 | |
Texas Roadhouse, Inc. Class A | 546,100 | 33,017,206 | |
YETI Holdings, Inc. | 659,700 | 10,509,021 | |
183,670,691 | |||
Household Durables - 2.0% | |||
Cavco Industries, Inc. (a) | 141,319 | 28,350,005 | |
Helen of Troy Ltd. (a) | 200,479 | 24,883,453 | |
Taylor Morrison Home Corp. (a) | 1,277,700 | 21,133,158 | |
TopBuild Corp. (a) | 382,489 | 17,449,148 | |
TRI Pointe Homes, Inc. (a) | 1,543,333 | 18,365,663 | |
110,181,427 | |||
Leisure Products - 0.7% | |||
Brunswick Corp. | 390,300 | 20,291,697 | |
Johnson Outdoors, Inc. Class A | 238,893 | 17,991,032 | |
38,282,729 | |||
Multiline Retail - 0.6% | |||
Ollie's Bargain Outlet Holdings, Inc. (a) | 361,000 | 33,536,900 | |
Specialty Retail - 2.3% | |||
Burlington Stores, Inc. (a) | 138,100 | 23,682,769 | |
Monro, Inc. | 359,481 | 26,745,386 | |
Murphy U.S.A., Inc. (a) | 324,400 | 26,156,372 | |
The Children's Place Retail Stores, Inc. | 192,900 | 28,819,260 | |
Williams-Sonoma, Inc. (b) | 297,600 | 17,671,488 | |
123,075,275 | |||
Textiles, Apparel & Luxury Goods - 1.8% | |||
Deckers Outdoor Corp. (a) | 290,600 | 36,955,602 | |
Steven Madden Ltd. | 1,123,708 | 35,138,349 | |
Wolverine World Wide, Inc. | 787,652 | 27,701,721 | |
99,795,672 | |||
TOTAL CONSUMER DISCRETIONARY | 666,883,406 | ||
CONSUMER STAPLES - 2.9% | |||
Beverages - 0.3% | |||
Cott Corp. | 947,400 | 14,248,896 | |
Food & Staples Retailing - 1.2% | |||
BJ's Wholesale Club Holdings, Inc. | 1,208,090 | 26,759,194 | |
Casey's General Stores, Inc. | 141,700 | 17,869,787 | |
Performance Food Group Co. (a) | 779,425 | 22,852,741 | |
67,481,722 | |||
Food Products - 0.8% | |||
Ingredion, Inc. | 145,500 | 14,721,690 | |
Lamb Weston Holdings, Inc. | 189,000 | 14,772,240 | |
Nomad Foods Ltd. (a) | 902,800 | 17,243,480 | |
46,737,410 | |||
Household Products - 0.3% | |||
Central Garden & Pet Co. (a) | 482,300 | 15,665,104 | |
Personal Products - 0.3% | |||
Inter Parfums, Inc. | 273,100 | 16,110,169 | |
TOTAL CONSUMER STAPLES | 160,243,301 | ||
ENERGY - 4.5% | |||
Energy Equipment & Services - 1.5% | |||
Liberty Oilfield Services, Inc. Class A (b) | 654,823 | 12,428,541 | |
Nabors Industries Ltd. | 5,059,200 | 25,144,224 | |
Rowan Companies PLC (a) | 2,083,210 | 33,143,871 | |
Total Energy Services, Inc. | 1,488,477 | 10,775,332 | |
81,491,968 | |||
Oil, Gas & Consumable Fuels - 3.0% | |||
Delek U.S. Holdings, Inc. | 1,201,100 | 44,104,392 | |
Diamondback Energy, Inc. | 130,793 | 14,695,901 | |
PDC Energy, Inc. (a) | 784,277 | 33,292,559 | |
Viper Energy Partners LP | 786,685 | 28,289,193 | |
WPX Energy, Inc. (a) | 2,627,310 | 42,142,052 | |
162,524,097 | |||
TOTAL ENERGY | 244,016,065 | ||
FINANCIALS - 17.8% | |||
Banks - 10.9% | |||
Associated Banc-Corp. | 1,631,612 | 37,820,766 | |
BancFirst Corp. | 663,786 | 38,088,041 | |
Banner Corp. | 704,826 | 40,753,039 | |
Boston Private Financial Holdings, Inc. | 522,884 | 7,058,934 | |
City Holding Co. | 487,800 | 35,989,884 | |
Cullen/Frost Bankers, Inc. | 365,200 | 35,760,384 | |
First Citizen Bancshares, Inc. | 75,000 | 31,997,250 | |
First Hawaiian, Inc. | 1,397,900 | 34,639,962 | |
First Interstate Bancsystem, Inc. | 659,671 | 27,349,960 | |
First Merchants Corp. | 842,770 | 35,067,660 | |
Heartland Financial U.S.A., Inc. | 750,400 | 39,876,256 | |
Independent Bank Corp., Massachusetts | 429,779 | 33,716,163 | |
Old National Bancorp, Indiana | 2,187,278 | 39,042,912 | |
Preferred Bank, Los Angeles | 382,177 | 19,647,720 | |
Trico Bancshares | 1,059,069 | 38,147,665 | |
Trustmark Corp. | 847,922 | 26,115,998 | |
WesBanco, Inc. | 834,600 | 33,467,460 | |
Wintrust Financial Corp. | 513,800 | 39,120,732 | |
593,660,786 | |||
Capital Markets - 2.5% | |||
Hamilton Lane, Inc. Class A | 885,700 | 33,993,166 | |
Houlihan Lokey | 683,000 | 28,125,940 | |
Morningstar, Inc. | 290,238 | 36,221,702 | |
PJT Partners, Inc. | 818,866 | 37,127,384 | |
135,468,192 | |||
Diversified Financial Services - 0.4% | |||
Allakos, Inc. (a) | 484,488 | 23,424,995 | |
Insurance - 2.9% | |||
Amerisafe, Inc. | 387,600 | 25,228,884 | |
Employers Holdings, Inc. | 954,170 | 43,853,653 | |
First American Financial Corp. | 832,400 | 36,900,292 | |
Primerica, Inc. | 477,830 | 52,437,064 | |
158,419,893 | |||
Thrifts & Mortgage Finance - 1.1% | |||
Beneficial Bancorp, Inc. | 222,602 | 3,479,269 | |
Meridian Bancorp, Inc. Maryland | 426,479 | 6,755,427 | |
Washington Federal, Inc. | 237,936 | 6,700,278 | |
WSFS Financial Corp. | 958,405 | 40,760,965 | |
57,695,939 | |||
TOTAL FINANCIALS | 968,669,805 | ||
HEALTH CARE - 15.1% | |||
Biotechnology - 7.1% | |||
Abeona Therapeutics, Inc. (a) | 826,215 | 7,105,449 | |
ACADIA Pharmaceuticals, Inc. (a) | 378,261 | 7,368,524 | |
Acorda Therapeutics, Inc. (a) | 767,471 | 14,666,371 | |
Agios Pharmaceuticals, Inc. (a) | 249,145 | 15,711,084 | |
AnaptysBio, Inc. (a) | 221,900 | 16,580,368 | |
Argenx SE ADR (a) | 206,700 | 16,538,067 | |
Array BioPharma, Inc. (a) | 254,386 | 4,121,053 | |
Ascendis Pharma A/S sponsored ADR (a) | 324,348 | 20,852,333 | |
Atara Biotherapeutics, Inc. (a) | 410,497 | 14,026,682 | |
Audentes Therapeutics, Inc. (a) | 489,080 | 13,792,056 | |
bluebird bio, Inc. (a) | 116,656 | 13,380,443 | |
Cellectis SA sponsored ADR (a) | 502,444 | 12,757,053 | |
Crinetics Pharmaceuticals, Inc. (a)(b) | 659,689 | 16,432,853 | |
CytomX Therapeutics, Inc. (a) | 294,000 | 4,192,440 | |
CytomX Therapeutics, Inc. (a)(c) | 105,499 | 1,504,416 | |
FibroGen, Inc. (a) | 475,300 | 20,376,111 | |
Heron Therapeutics, Inc. (a) | 632,800 | 17,566,528 | |
Insmed, Inc. (a) | 874,182 | 12,763,057 | |
Intercept Pharmaceuticals, Inc. (a) | 170,498 | 16,369,513 | |
Ionis Pharmaceuticals, Inc. (a) | 280,172 | 13,882,523 | |
Kezar Life Sciences, Inc. (b) | 733,100 | 18,129,563 | |
La Jolla Pharmaceutical Co. (a)(b) | 668,700 | 10,899,810 | |
Mirati Therapeutics, Inc. (a)(b) | 440,000 | 16,442,800 | |
Neurocrine Biosciences, Inc. (a) | 206,782 | 22,156,691 | |
Protagonist Therapeutics, Inc. (a) | 916,540 | 7,323,155 | |
Sage Therapeutics, Inc. (a) | 108,175 | 13,919,959 | |
Sarepta Therapeutics, Inc. (a) | 137,500 | 18,392,000 | |
Sienna Biopharmaceuticals, Inc.(a) | 120,919 | 1,116,082 | |
Spark Therapeutics, Inc. (a) | 260,079 | 11,700,954 | |
TESARO, Inc. (a)(b) | 279,800 | 8,080,624 | |
388,148,562 | |||
Health Care Equipment & Supplies - 3.0% | |||
Integra LifeSciences Holdings Corp. (a) | 494,186 | 26,473,544 | |
iRhythm Technologies, Inc. (a) | 497,300 | 38,421,398 | |
Masimo Corp. (a) | 321,900 | 37,211,640 | |
Merit Medical Systems, Inc. (a) | 312,400 | 17,844,288 | |
Nanosonics Ltd. (a) | 6,343,204 | 13,475,820 | |
Steris PLC | 299,900 | 32,782,069 | |
166,208,759 | |||
Health Care Providers & Services - 2.4% | |||
G1 Therapeutics, Inc. (a) | 482,300 | 19,296,823 | |
Magellan Health Services, Inc. (a) | 355,290 | 23,115,167 | |
Molina Healthcare, Inc. (a) | 293,200 | 37,168,964 | |
National Vision Holdings, Inc. | 637,100 | 26,395,053 | |
NMC Health PLC | 445,800 | 20,126,098 | |
Wellcare Health Plans, Inc. (a) | 26,700 | 7,368,933 | |
133,471,038 | |||
Health Care Technology - 0.5% | |||
Veeva Systems, Inc. Class A (a) | 267,800 | 24,463,530 | |
Life Sciences Tools & Services - 0.8% | |||
ICON PLC (a) | 307,000 | 42,390,560 | |
Pharmaceuticals - 1.3% | |||
MyoKardia, Inc. (a) | 204,530 | 10,827,818 | |
Nektar Therapeutics (a) | 264,200 | 10,219,256 | |
Theravance Biopharma, Inc. (a) | 619,172 | 15,027,304 | |
Xeris Pharmaceuticals, Inc. | 659,400 | 14,454,048 | |
Zogenix, Inc. (a) | 419,000 | 17,497,440 | |
68,025,866 | |||
TOTAL HEALTH CARE | 822,708,315 | ||
INDUSTRIALS - 14.2% | |||
Aerospace & Defense - 1.5% | |||
Moog, Inc. Class A | 551,260 | 39,442,653 | |
Teledyne Technologies, Inc. (a) | 192,340 | 42,560,995 | |
82,003,648 | |||
Air Freight & Logistics - 0.5% | |||
Air Transport Services Group, Inc. (a) | 1,355,030 | 26,558,588 | |
Building Products - 1.2% | |||
Allegion PLC | 299,990 | 25,718,143 | |
Simpson Manufacturing Co. Ltd. | 669,180 | 38,196,794 | |
63,914,937 | |||
Commercial Services & Supplies - 1.3% | |||
Deluxe Corp. | 412,840 | 19,490,176 | |
Interface, Inc. | 1,678,920 | 27,349,607 | |
Tomra Systems ASA | 1,071,898 | 26,575,563 | |
73,415,346 | |||
Construction & Engineering - 2.9% | |||
Comfort Systems U.S.A., Inc. | 928,260 | 49,643,345 | |
EMCOR Group, Inc. | 746,820 | 53,009,284 | |
Jacobs Engineering Group, Inc. | 378,380 | 28,412,554 | |
Valmont Industries, Inc. | 200,240 | 24,891,834 | |
155,957,017 | |||
Industrial Conglomerates - 0.7% | |||
ITT, Inc. | 787,060 | 39,746,530 | |
Machinery - 2.1% | |||
AGCO Corp. | 314,040 | 17,598,802 | |
John Bean Technologies Corp. | 400,100 | 41,598,397 | |
SPX Flow, Inc. (a) | 814,709 | 27,887,489 | |
Standex International Corp. | 320,330 | 25,985,170 | |
113,069,858 | |||
Professional Services - 0.5% | |||
CBIZ, Inc. (a) | 1,319,800 | 29,273,164 | |
Road & Rail - 0.6% | |||
Landstar System, Inc. | 312,150 | 31,243,094 | |
Trading Companies & Distributors - 2.9% | |||
Kaman Corp. | 752,430 | 47,794,354 | |
MRC Global, Inc. (a) | 1,898,620 | 30,055,155 | |
SiteOne Landscape Supply, Inc. (a)(b) | 520,040 | 35,383,522 | |
Univar, Inc. (a) | 799,979 | 19,695,483 | |
Watsco, Inc. | 162,330 | 24,054,059 | |
156,982,573 | |||
TOTAL INDUSTRIALS | 772,164,755 | ||
INFORMATION TECHNOLOGY - 14.9% | |||
Communications Equipment - 0.5% | |||
InterDigital, Inc. | 409,167 | 29,030,399 | |
Electronic Equipment & Components - 2.1% | |||
CTS Corp. | 424,654 | 11,334,015 | |
ePlus, Inc. (a) | 341,132 | 28,955,284 | |
Fabrinet | 522,200 | 22,621,704 | |
Plexus Corp. (a) | 528,218 | 30,847,931 | |
TTM Technologies, Inc. (a) | 1,915,485 | 22,411,175 | |
116,170,109 | |||
Internet Software & Services - 1.0% | |||
BlackLine, Inc. (a) | 464,338 | 21,535,996 | |
CarGurus, Inc. Class A | 740,500 | 32,893,010 | |
54,429,006 | |||
IT Services - 4.7% | |||
Amdocs Ltd. | 500,400 | 31,660,308 | |
Carbonite, Inc. (a) | 785,200 | 26,861,692 | |
Conduent, Inc. (a) | 1,243,319 | 23,747,393 | |
EPAM Systems, Inc. (a) | 220,048 | 26,289,135 | |
ExlService Holdings, Inc. (a) | 410,101 | 26,287,474 | |
Maximus, Inc. | 405,901 | 26,371,388 | |
Presidio, Inc. | 1,217,200 | 16,310,480 | |
Science Applications International Corp. | 363,199 | 25,245,962 | |
Wix.com Ltd. (a) | 236,268 | 23,000,690 | |
WNS Holdings Ltd. sponsored ADR (a) | 573,584 | 28,788,181 | |
254,562,703 | |||
Semiconductors & Semiconductor Equipment - 1.9% | |||
Cabot Microelectronics Corp. | 197,500 | 19,279,950 | |
Entegris, Inc. | 1,322,291 | 35,093,603 | |
Nanometrics, Inc. (a) | 521,647 | 16,724,003 | |
Semtech Corp. (a) | 712,100 | 32,001,774 | |
103,099,330 | |||
Software - 4.7% | |||
CommVault Systems, Inc. (a) | 411,500 | 23,957,530 | |
Everbridge, Inc. (a) | 487,600 | 24,784,708 | |
Five9, Inc. (a) | 720,800 | 28,370,688 | |
j2 Global, Inc. | 152,303 | 11,093,751 | |
LivePerson, Inc. (a) | 1,348,778 | 30,482,383 | |
MINDBODY, Inc. (a) | 528,700 | 16,833,808 | |
New Relic, Inc. (a) | 333,400 | 29,755,950 | |
Paycom Software, Inc. (a) | 136,293 | 17,063,884 | |
RealPage, Inc. (a) | 396,591 | 21,019,323 | |
RingCentral, Inc. (a) | 325,551 | 25,305,079 | |
SPS Commerce, Inc. (a) | 305,600 | 28,448,304 | |
257,115,408 | |||
TOTAL INFORMATION TECHNOLOGY | 814,406,955 | ||
MATERIALS - 4.4% | |||
Chemicals - 2.5% | |||
Chase Corp. | 304,600 | 32,848,064 | |
Ingevity Corp. (a) | 367,104 | 33,435,832 | |
Innospec, Inc. | 558,600 | 37,381,512 | |
Olin Corp. | 721,300 | 14,570,260 | |
Trinseo SA | 228,400 | 12,306,192 | |
Tronox Ltd. Class A | 597,200 | 6,837,940 | |
137,379,800 | |||
Construction Materials - 0.4% | |||
nVent Electric PLC | 900,900 | 21,999,978 | |
Containers & Packaging - 0.8% | |||
Owens-Illinois, Inc. (a) | 976,200 | 15,297,054 | |
Sonoco Products Co. | 499,100 | 27,240,878 | |
42,537,932 | |||
Metals & Mining - 0.7% | |||
B2Gold Corp. (a) | 5,508,100 | 13,598,181 | |
Steel Dynamics, Inc. | 673,818 | 26,683,193 | |
40,281,374 | |||
TOTAL MATERIALS | 242,199,084 | ||
REAL ESTATE - 7.5% | |||
Equity Real Estate Investment Trusts (REITs) - 7.5% | |||
Americold Realty Trust | 2,058,000 | 50,935,500 | |
CoreSite Realty Corp. | 411,926 | 38,663,374 | |
Corporate Office Properties Trust (SBI) | 1,594,100 | 41,191,544 | |
Equity Lifestyle Properties, Inc. | 415,879 | 39,379,583 | |
Four Corners Property Trust, Inc. | 2,331,254 | 60,799,104 | |
Rexford Industrial Realty, Inc. | 1,884,500 | 59,682,115 | |
Store Capital Corp. | 1,988,103 | 57,714,630 | |
Terreno Realty Corp. | 1,681,600 | 62,942,284 | |
411,308,134 | |||
UTILITIES - 3.2% | |||
Electric Utilities - 1.8% | |||
El Paso Electric Co. | 521,780 | 29,767,549 | |
Hawaiian Electric Industries, Inc. | 285,800 | 10,660,340 | |
IDACORP, Inc. | 328,100 | 30,598,606 | |
Portland General Electric Co. | 146,032 | 6,583,123 | |
Vistra Energy Corp. (a) | 911,300 | 20,622,719 | |
98,232,337 | |||
Gas Utilities - 1.2% | |||
Atmos Energy Corp. | 156,586 | 14,575,025 | |
China Resource Gas Group Ltd. | 2,544,300 | 9,733,421 | |
Southwest Gas Holdings, Inc. | 258,100 | 19,943,387 | |
Spire, Inc. | 288,608 | 20,947,169 | |
65,199,002 | |||
Independent Power and Renewable Electricity Producers - 0.2% | |||
NRG Yield, Inc. Class C | 488,000 | 9,569,680 | |
TOTAL UTILITIES | 173,001,019 | ||
TOTAL COMMON STOCKS | |||
(Cost $4,706,384,573) | 5,385,997,157 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 1.99% 11/1/18 (d) | |||
(Cost $3,230,000) | 3,230,000 | 3,230,000 | |
Shares | Value | ||
Money Market Funds - 2.0% | |||
Fidelity Cash Central Fund, 2.23% (e) | 64,658,675 | $64,671,607 | |
Fidelity Securities Lending Cash Central Fund 2.23% (e)(f) | 46,990,172 | 46,994,871 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $111,666,275) | 111,666,478 | ||
TOTAL INVESTMENT IN SECURITIES - 100.8% | |||
(Cost $4,821,280,848) | 5,500,893,635 | ||
NET OTHER ASSETS (LIABILITIES) - (0.8)% | (43,845,010) | ||
NET ASSETS - 100% | $5,457,048,625 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 340 | Dec. 2018 | $25,702,300 | $(1,869,310) | $(1,869,310) |
The notional amount of futures purchased as a percentage of Net Assets is 0.5%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,504,416 or 0.0% of net assets.
(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,276,000.
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $394,118 |
Fidelity Securities Lending Cash Central Fund | 170,459 |
Total | $564,577 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Kezar Life Sciences, Inc. | $17,029,271 | $-- | $7,230,750 | $-- | $1,617,525 | $6,713,517 | $-- |
Total | $17,029,271 | $-- | $7,230,750 | $-- | $1,617,525 | $6,713,517 | $-- |
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $110,396,318 | $110,396,318 | $-- | $-- |
Consumer Discretionary | 666,883,406 | 666,883,406 | -- | -- |
Consumer Staples | 160,243,301 | 160,243,301 | -- | -- |
Energy | 244,016,065 | 244,016,065 | -- | -- |
Financials | 968,669,805 | 968,669,805 | -- | -- |
Health Care | 822,708,315 | 822,708,315 | -- | -- |
Industrials | 772,164,755 | 772,164,755 | -- | -- |
Information Technology | 814,406,955 | 814,406,955 | -- | -- |
Materials | 242,199,084 | 242,199,084 | -- | -- |
Real Estate | 411,308,134 | 411,308,134 | -- | -- |
Utilities | 173,001,019 | 173,001,019 | -- | -- |
U.S. Government and Government Agency Obligations | 3,230,000 | -- | 3,230,000 | -- |
Money Market Funds | 111,666,478 | 111,666,478 | -- | -- |
Total Investments in Securities: | $5,500,893,635 | $5,497,663,635 | $3,230,000 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(1,869,310) | $(1,869,310) | $-- | $-- |
Total Liabilities | $(1,869,310) | $(1,869,310) | $-- | $-- |
Total Derivative Instruments: | $(1,869,310) | $(1,869,310) | $-- | $-- |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity® Real Estate Income Fund
October 31, 2018
Schedule of Investments October 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 31.3% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 0.3% | |||
Hotels, Restaurants & Leisure - 0.3% | |||
Wyndham Destinations, Inc. | 271,200 | $9,730,656 | |
Wyndham Hotels & Resorts, Inc. | 172,200 | 8,487,738 | |
18,218,394 | |||
FINANCIALS - 4.7% | |||
Capital Markets - 1.0% | |||
Brookfield Asset Management, Inc. Class A | 674,100 | 27,507,807 | |
Ellington Financial LLC (a) | 1,635,484 | 25,153,744 | |
52,661,551 | |||
Insurance - 0.2% | |||
FNF Group | 306,629 | 10,256,740 | |
Mortgage Real Estate Investment Trusts - 3.5% | |||
Anworth Mortgage Asset Corp. | 371,436 | 1,619,461 | |
Chimera Investment Corp. | 1,383,300 | 25,729,380 | |
Dynex Capital, Inc. | 1,286,463 | 7,448,621 | |
Ellington Residential Mortgage REIT (b) | 483,900 | 5,109,984 | |
Great Ajax Corp. (a) | 1,577,762 | 20,574,016 | |
Hunt Companies Finance Trust I (b) | 547,901 | 1,928,612 | |
Invesco Mortgage Capital, Inc. | 1,037,849 | 15,650,763 | |
MFA Financial, Inc. | 13,149,311 | 91,124,725 | |
New Residential Investment Corp. | 154,000 | 2,753,520 | |
Redwood Trust, Inc. | 647,900 | 10,638,518 | |
182,577,600 | |||
TOTAL FINANCIALS | 245,495,891 | ||
REAL ESTATE - 26.3% | |||
Equity Real Estate Investment Trusts (REITs) - 25.9% | |||
Acadia Realty Trust (SBI) (a) | 4,329,404 | 120,530,607 | |
American Homes 4 Rent Class A | 808,022 | 17,025,024 | |
American Tower Corp. | 754,100 | 117,496,321 | |
Apartment Investment & Management Co. Class A | 2,952,296 | 127,066,820 | |
AvalonBay Communities, Inc. | 209,700 | 36,777,186 | |
Boardwalk (REIT) (b) | 229,500 | 8,544,035 | |
Brixmor Property Group, Inc. | 441,300 | 7,149,060 | |
Cedar Realty Trust, Inc. | 299,963 | 1,130,861 | |
Colony Capital, Inc. | 8,369,748 | 49,130,421 | |
Crown Castle International Corp. | 345,510 | 37,570,757 | |
DDR Corp. | 1,379,550 | 17,147,807 | |
Equinix, Inc. | 181,700 | 68,817,058 | |
Equity Lifestyle Properties, Inc. | 1,593,802 | 150,917,101 | |
Equity Residential (SBI) | 895,203 | 58,152,387 | |
Extra Space Storage, Inc. | 59,500 | 5,358,570 | |
Healthcare Realty Trust, Inc. | 431,300 | 12,016,018 | |
Healthcare Trust of America, Inc. | 1,158,860 | 30,431,664 | |
Lexington Corporate Properties Trust | 4,316,674 | 33,540,557 | |
Mid-America Apartment Communities, Inc. | 847,806 | 82,839,124 | |
Omega Healthcare Investors, Inc. (b) | 807,623 | 26,934,227 | |
Outfront Media, Inc. | 601,663 | 10,661,468 | |
Public Storage | 168,491 | 34,619,846 | |
Sabra Health Care REIT, Inc. | 2,563,575 | 55,501,399 | |
Safety Income and Growth, Inc. | 396,570 | 7,130,329 | |
Senior Housing Properties Trust (SBI) | 2,202,000 | 35,386,140 | |
Spirit MTA REIT | 120,120 | 1,286,485 | |
Spirit Realty Capital, Inc. | 1,201,200 | 9,393,384 | |
Store Capital Corp. | 908,900 | 26,385,367 | |
Terreno Realty Corp. | 448,628 | 16,792,146 | |
Ventas, Inc. | 2,068,886 | 120,078,143 | |
VEREIT, Inc. | 2,775,234 | 20,342,465 | |
Welltower, Inc. | 115,374 | 7,622,760 | |
1,353,775,537 | |||
Real Estate Management & Development - 0.4% | |||
Colony NorthStar Credit Real Estate, Inc. (b) | 832,722 | 17,770,287 | |
Retail Value, Inc. (c) | 173,255 | 4,852,873 | |
22,623,160 | |||
TOTAL REAL ESTATE | 1,376,398,697 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,451,679,298) | 1,640,112,982 | ||
Preferred Stocks - 18.9% | |||
Convertible Preferred Stocks - 1.5% | |||
FINANCIALS - 0.4% | |||
Mortgage Real Estate Investment Trusts - 0.4% | |||
Great Ajax Corp. 7.25% (a) | 281,000 | 6,921,873 | |
ZAIS Financial Corp. 7.00% | 404,700 | 10,570,764 | |
17,492,637 | |||
REAL ESTATE - 1.1% | |||
Equity Real Estate Investment Trusts (REITs) - 1.0% | |||
Alexandria Real Estate Equities, Inc. Series D, 7.00% | 136,759 | 4,680,440 | |
Braemar Hotels & Resorts, Inc. 5.50% | 95,791 | 1,714,659 | |
Equity Commonwealth 6.50% | 31,237 | 799,814 | |
iStar Financial, Inc. Series J, 4.50% | 213,773 | 9,797,046 | |
Lexington Corporate Properties Trust Series C, 6.50% | 468,142 | 22,949,117 | |
QTS Realty Trust, Inc. 6.50% | 42,000 | 4,107,890 | |
RLJ Lodging Trust Series A, 1.95% | 31,935 | 815,578 | |
Wheeler REIT, Inc. 8.75% | 516,748 | 9,735,532 | |
54,600,076 | |||
Real Estate Management & Development - 0.1% | |||
Landmark Infrastructure Partners LP 7.012% | 191,800 | 4,294,402 | |
TOTAL REAL ESTATE | 58,894,478 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 76,387,115 | ||
Nonconvertible Preferred Stocks - 17.4% | |||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Global Partners LP 9.75% | 150,000 | 3,795,000 | |
FINANCIALS - 8.5% | |||
Capital Markets - 0.1% | |||
Arlington Asset Investment Corp. 6.625% | 182,517 | 4,383,511 | |
Mortgage Real Estate Investment Trusts - 8.3% | |||
AG Mortgage Investment Trust, Inc.: | |||
8.00% | 618,287 | 15,559,069 | |
8.25% | 38,935 | 980,422 | |
AGNC Investment Corp.: | |||
Series B, 7.75% | 427,100 | 10,848,340 | |
Series C, 7.00% | 361,900 | 9,156,070 | |
Annaly Capital Management, Inc.: | |||
Series C, 7.625% | 190,417 | 4,841,752 | |
Series D, 7.50% | 621,976 | 15,748,681 | |
Series F, 6.95% | 1,250,552 | 31,426,372 | |
Series G, 6.50% | 720,300 | 17,157,546 | |
Series H, 8.125% | 248,636 | 6,397,379 | |
Anworth Mortgage Asset Corp. Series A, 8.625% | 238,275 | 6,109,085 | |
Apollo Commercial Real Estate Finance, Inc. Series C, 8.00% | 485,559 | 12,129,264 | |
Arbor Realty Trust, Inc.: | |||
Series A, 8.25% | 189,089 | 4,850,133 | |
Series B, 7.75% | 240,000 | 6,091,200 | |
Series C, 8.50% | 100,000 | 2,567,100 | |
Armour Residential REIT, Inc. Series B, 7.875% | 153,654 | 3,836,956 | |
Capstead Mortgage Corp. Series E, 7.50% | 202,984 | 5,022,596 | |
Cherry Hill Mortgage Investment Corp. Series A, 8.20% | 246,500 | 6,172,705 | |
Chimera Investment Corp.: | |||
Series A, 8.00% | 204,800 | 5,206,016 | |
Series B, 8.00% | 1,259,804 | 32,628,924 | |
Series C 7.75% | 965,893 | 24,717,202 | |
Dynex Capital, Inc.: | |||
Series A, 8.50% | 362,932 | 9,230,232 | |
Series B, 7.625% | 252,120 | 6,008,020 | |
Exantas Capital Corp. 8.625% | 168,316 | 4,266,811 | |
Hunt Companies Finance Trust I Series A, 8.75% | 86,727 | 2,184,879 | |
Invesco Mortgage Capital, Inc.: | |||
7.50% | 1,344,215 | 33,444,069 | |
Series A, 7.75% | 123,342 | 3,084,783 | |
Series B, 7.75% | 856,479 | 22,045,769 | |
MFA Financial, Inc.: | |||
8.00% | 538,930 | 13,772,356 | |
Series B, 7.50% | 616,232 | 15,313,365 | |
New York Mortgage Trust, Inc.: | |||
Series B, 7.75% | 284,267 | 6,594,994 | |
Series C, 7.875% | 280,725 | 6,554,929 | |
Series D, 8.00% | 313,300 | 7,199,634 | |
PennyMac Mortgage Investment Trust: | |||
8.125% | 377,700 | 9,374,514 | |
Series B, 8.00% | 593,631 | 14,603,323 | |
Two Harbors Investment Corp.: | |||
7.50% | 496,667 | 11,905,108 | |
7.75% | 118,428 | 2,897,519 | |
Series A, 8.125% | 450,000 | 11,625,750 | |
Series B, 7.625% | 665,837 | 16,432,857 | |
Series C, 7.25% | 601,187 | 14,614,255 | |
Wells Fargo Real Estate Investment Corp. Series A, 6.375% | 137,600 | 3,500,544 | |
436,100,523 | |||
Real Estate Management & Development - 0.1% | |||
Brookfield Properties Corp. Series EE, 5.10% | 353,100 | 6,590,199 | |
TOTAL FINANCIALS | 447,074,233 | ||
REAL ESTATE - 8.7% | |||
Equity Real Estate Investment Trusts (REITs) - 8.7% | |||
American Homes 4 Rent: | |||
6.25% | 100,030 | 2,349,705 | |
Series D, 6.50% | 280,000 | 6,736,968 | |
Series E, 6.35% | 210,000 | 4,976,748 | |
Series F, 5.875% | 250,809 | 5,595,549 | |
Series G, 5.875% | 202,000 | 4,468,240 | |
Ashford Hospitality Trust, Inc.: | |||
Series D, 8.45% | 11,770 | 300,841 | |
Series F, 7.375% | 268,000 | 6,165,126 | |
Series G, 7.375% | 120,000 | 2,735,460 | |
Series H, 7.50% | 168,800 | 3,951,895 | |
Series I, 7.50% | 168,900 | 3,916,791 | |
Bluerock Residential Growth (REIT), Inc.: | |||
Series A, 8.25% | 486,775 | 12,295,937 | |
Series C, 7.625% | 146,969 | 3,644,831 | |
Series D, 7.125% | 170,000 | 3,825,000 | |
Brookfield Property REIT, Inc. 6.375% | 190,963 | 4,573,564 | |
Cedar Realty Trust, Inc.: | |||
Series B, 7.25% | 97,922 | 2,357,962 | |
Series C, 6.50% | 294,900 | 6,293,166 | |
City Office REIT, Inc. Series A, 6.625% | 180,500 | 4,378,930 | |
Colony Capital, Inc.: | |||
Series B, 8.25% | 207,961 | 5,253,095 | |
Series E, 8.75% | 493,204 | 12,724,663 | |
Series G, 7.50% | 221,282 | 5,000,973 | |
Series H, 7.125% | 732,865 | 16,342,890 | |
Series I, 7.15% | 834,142 | 18,434,538 | |
Series J, 7.15% | 926,538 | 20,498,078 | |
DDR Corp.: | |||
Series J, 6.50% | 340,721 | 7,929,259 | |
Series K, 6.25% | 228,888 | 5,008,161 | |
Digital Realty Trust, Inc.: | |||
Series C, 6.625% | 84,000 | 2,199,120 | |
Series G, 5.875% | 40,444 | 988,840 | |
Series H, 7.375% | 50,000 | 1,276,000 | |
Farmland Partners, Inc. Series B, 6.00% | 630,200 | 13,790,604 | |
Gladstone Commercial Corp. Series D, 7.00% | 538,800 | 13,416,120 | |
Gladstone Land Corp. Series A, 6.375% | 64,000 | 1,635,834 | |
Global Medical REIT, Inc. Series A, 7.50% | 135,100 | 3,348,075 | |
Global Net Lease, Inc. Series A, 7.25% | 509,800 | 12,688,922 | |
Government Properties Income Trust 5.875% | 202,500 | 4,999,725 | |
Hersha Hospitality Trust: | |||
Series C, 6.875% | 50,000 | 1,161,000 | |
Series D, 6.50% | 200,000 | 4,220,000 | |
Investors Real Estate Trust Series C, 6.625% | 320,900 | 7,846,005 | |
iStar Financial, Inc.: | |||
Series D, 8.00% | 188,329 | 4,619,710 | |
Series G, 7.65% | 222,721 | 5,309,669 | |
Series I, 7.50% | 161,269 | 3,773,695 | |
Jernigan Capital, Inc. Series B, 7.00% | 111,162 | 2,695,679 | |
LaSalle Hotel Properties: | |||
Series I, 6.375% | 354,698 | 8,576,598 | |
Series J, 6.30% | 240,000 | 5,697,600 | |
Monmouth Real Estate Investment Corp. Series C, 6.125% | 225,900 | 5,421,577 | |
National Retail Properties, Inc. Series E, 5.70% | 301,404 | 7,179,443 | |
National Storage Affiliates Trust Series A, 6.00% | 67,600 | 1,638,577 | |
Pebblebrook Hotel Trust: | |||
Series C, 6.50% | 204,321 | 4,985,432 | |
Series D, 6.375% | 350,000 | 8,447,915 | |
Pennsylvania (REIT): | |||
Series B, 7.375% | 100,510 | 2,326,807 | |
Series C, 7.20% | 51,000 | 1,144,440 | |
Series D, 6.875% | 151,800 | 3,328,215 | |
Plymouth Industrial REIT, Inc. Series A, 7.50% | 169,400 | 4,114,726 | |
Prologis, Inc. Series Q, 8.54% | 94,446 | 5,761,206 | |
Public Storage: | |||
Series F, 5.15% | 173,400 | 3,953,520 | |
Series Y, 6.375% | 102,224 | 2,608,859 | |
QTS Realty Trust, Inc. Series A, 7.125% | 30,000 | 750,000 | |
RAIT Financial Trust: | |||
7.125% | 336,786 | 7,880,792 | |
7.625% | 224,590 | 4,368,276 | |
Rexford Industrial Realty, Inc.: | |||
Series A, 5.875% | 135,000 | 3,138,750 | |
Series B, 5.875% | 79,500 | 1,849,965 | |
Saul Centers, Inc.: | |||
Series C, 6.875% | 183,479 | 4,570,058 | |
Series D, 6.125% | 83,700 | 1,830,519 | |
Sotherly Hotels, Inc.: | |||
Series B, 8.00% | 68,000 | 1,748,892 | |
Series C, 7.875% | 108,200 | 2,713,331 | |
Spirit Realty Capital, Inc. Series A, 6.00% | 95,200 | 2,122,008 | |
Stag Industrial, Inc. Series C, 6.875% | 83,000 | 2,145,550 | |
Summit Hotel Properties, Inc.: | |||
Series D, 6.45% | 210,000 | 5,061,000 | |
Series E, 6.25% | 190,000 | 4,360,500 | |
Sunstone Hotel Investors, Inc.: | |||
Series E, 6.95% | 42,000 | 1,061,487 | |
Series F, 6.45% | 84,000 | 2,105,880 | |
Taubman Centers, Inc. Series K, 6.25% | 157,322 | 3,759,996 | |
UMH Properties, Inc.: | |||
Series B, 8.00% | 319,604 | 8,330,350 | |
Series C, 6.75% | 341,140 | 7,812,106 | |
Series D, 6.375% | 93,800 | 2,114,336 | |
Urstadt Biddle Properties, Inc.: | |||
Series G, 6.75% | 160,000 | 3,972,048 | |
Series H, 6.25% | 284,500 | 6,552,035 | |
VEREIT, Inc. Series F, 6.70% | 1,959,376 | 48,710,087 | |
Washington Prime Group, Inc.: | |||
Series H, 7.50% | 198,527 | 4,165,096 | |
Series I, 6.875% | 298,115 | 5,723,570 | |
455,758,915 | |||
Real Estate Management & Development - 0.0% | |||
Landmark Infrastructure Partners LP Series B, 7.90% | 117,700 | 2,769,952 | |
TOTAL REAL ESTATE | 458,528,867 | ||
UTILITIES - 0.1% | |||
Multi-Utilities - 0.1% | |||
Brookfield Infrastructure Partners LP Series 5, 5.35% | 169,300 | 3,224,088 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 912,622,188 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $999,887,392) | 989,009,303 | ||
Principal Amount | Value | ||
Corporate Bonds - 19.4% | |||
Convertible Bonds - 4.5% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Textiles, Apparel & Luxury Goods - 0.1% | |||
KKR Real Estate Finance Trust, Inc. 6.125% 5/15/23 unit (d) | 8,100,000 | 8,145,417 | |
FINANCIALS - 4.4% | |||
Diversified Financial Services - 0.3% | |||
Granite Point Mortgage Trust, Inc.: | |||
5.625% 12/1/22 (d) | 6,770,000 | 6,767,258 | |
6.375% 10/1/23 | 6,800,000 | 6,777,302 | |
13,544,560 | |||
Mortgage Real Estate Investment Trusts - 4.1% | |||
Apollo Commercial Real Estate Finance, Inc. 5.375% 10/15/23 | 1,700,000 | 1,669,262 | |
Arbor Realty Trust, Inc. 5.25% 7/1/21 (d) | 6,710,000 | 6,783,971 | |
Blackstone Mortgage Trust, Inc.: | |||
4.375% 5/5/22 | 16,780,000 | 16,510,295 | |
4.75% 3/15/23 | 3,900,000 | 3,832,635 | |
Colony Financial, Inc.: | |||
3.875% 1/15/21 | 19,280,000 | 18,254,632 | |
5% 4/15/23 | 26,083,000 | 24,322,398 | |
Exantas Capital Corp.: | |||
6% 12/1/18 | 6,100,000 | 6,115,073 | |
8% 1/15/20 | 13,890,000 | 14,428,932 | |
PennyMac Corp. 5.375% 5/1/20 | 35,606,000 | 35,103,101 | |
Redwood Trust, Inc. 5.625% 7/15/24 | 14,234,000 | 14,069,042 | |
RWT Holdings, Inc. 5.625% 11/15/19 | 36,880,000 | 37,224,054 | |
Starwood Property Trust, Inc. 4.375% 4/1/23 | 11,080,000 | 11,033,542 | |
Two Harbors Investment Corp. 6.25% 1/15/22 | 4,380,000 | 4,462,887 | |
Western Asset Mortgage Capital Corp. 6.75% 10/1/22 | 21,100,000 | 20,756,576 | |
214,566,400 | |||
TOTAL FINANCIALS | 228,110,960 | ||
TOTAL CONVERTIBLE BONDS | 236,256,377 | ||
Nonconvertible Bonds - 14.9% | |||
COMMUNICATION SERVICES - 0.0% | |||
Media - 0.0% | |||
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. 5.625% 2/15/24 | 1,300,000 | 1,301,625 | |
CONSUMER DISCRETIONARY - 3.6% | |||
Hotels, Restaurants & Leisure - 0.4% | |||
ESH Hospitality, Inc. 5.25% 5/1/25 (d) | 11,040,000 | 10,446,600 | |
FelCor Lodging LP 6% 6/1/25 | 2,025,000 | 2,095,875 | |
Marriott Ownership Resorts, Inc. 6.5% 9/15/26 (d) | 4,000,000 | 4,040,000 | |
Times Square Hotel Trust 8.528% 8/1/26 (d) | 6,342,506 | 7,242,266 | |
23,824,741 | |||
Household Durables - 3.2% | |||
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | |||
6.75% 8/1/25 (d) | 17,332,000 | 16,075,430 | |
6.875% 2/15/21 (d) | 15,709,000 | 15,709,000 | |
Beazer Homes U.S.A., Inc.: | |||
5.875% 10/15/27 | 10,165,000 | 8,208,238 | |
6.75% 3/15/25 | 5,850,000 | 5,133,375 | |
8.75% 3/15/22 | 5,840,000 | 5,898,400 | |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (d) | 5,495,000 | 5,385,100 | |
Brookfield Residential Properties, Inc.: | |||
6.375% 5/15/25 (d) | 5,580,000 | 5,252,175 | |
6.5% 12/15/20 (d) | 12,085,000 | 12,085,000 | |
KB Home 8% 3/15/20 | 8,465,000 | 8,856,506 | |
LGI Homes, Inc. 6.875% 7/15/26 (d) | 11,065,000 | 10,511,750 | |
M/I Homes, Inc.: | |||
5.625% 8/1/25 | 7,965,000 | 7,327,800 | |
6.75% 1/15/21 | 3,803,000 | 3,812,508 | |
Meritage Homes Corp.: | |||
5.125% 6/6/27 | 5,035,000 | 4,430,800 | |
6% 6/1/25 | 4,000,000 | 3,890,000 | |
7% 4/1/22 | 7,525,000 | 7,748,493 | |
7.15% 4/15/20 | 7,060,000 | 7,236,500 | |
New Home Co. LLC 7.25% 4/1/22 | 9,200,000 | 9,062,000 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 4/15/23 (d) | 4,100,000 | 4,048,750 | |
TRI Pointe Homes, Inc.: | |||
5.25% 6/1/27 | 5,045,000 | 4,307,169 | |
5.875% 6/15/24 | 7,890,000 | 7,377,150 | |
William Lyon Homes, Inc.: | |||
5.875% 1/31/25 | 6,135,000 | 5,406,469 | |
7% 8/15/22 | 8,180,000 | 8,169,775 | |
165,932,388 | |||
TOTAL CONSUMER DISCRETIONARY | 189,757,129 | ||
CONSUMER STAPLES - 0.8% | |||
Food & Staples Retailing - 0.8% | |||
Ahold Lease U.S.A., Inc. 7.82% 1/2/20 | 87,104 | 88,242 | |
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
5.75% 3/15/25 | 17,225,000 | 15,158,000 | |
6.625% 6/15/24 | 8,225,000 | 7,772,625 | |
Albertsons, Inc. 8.7% 5/1/30 | 5,080,000 | 4,559,300 | |
C&S Group Enterprises LLC 5.375% 7/15/22 (d) | 9,705,000 | 9,365,325 | |
Cumberland Farms, Inc. 6.75% 5/1/25 (d) | 2,075,000 | 2,132,063 | |
39,075,555 | |||
FINANCIALS - 0.7% | |||
Diversified Financial Services - 0.6% | |||
Brixmor Operating Partnership LP: | |||
3.65% 6/15/24 | 6,000,000 | 5,764,596 | |
3.85% 2/1/25 | 8,384,000 | 8,003,976 | |
Five Point Operation Co. LP 7.875% 11/15/25 (d) | 11,025,000 | 10,922,468 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
5.875% 2/1/22 | 3,680,000 | 3,680,368 | |
6.25% 2/1/22 | 1,695,000 | 1,711,204 | |
30,082,612 | |||
Mortgage Real Estate Investment Trusts - 0.1% | |||
Starwood Property Trust, Inc. 4.75% 3/15/25 | 4,235,000 | 4,033,838 | |
TOTAL FINANCIALS | 34,116,450 | ||
HEALTH CARE - 0.3% | |||
Health Care Providers & Services - 0.3% | |||
Sabra Health Care LP/Sabra Capital Corp.: | |||
5.375% 6/1/23 | 5,675,000 | 5,646,625 | |
5.5% 2/1/21 | 12,305,000 | 12,466,503 | |
18,113,128 | |||
INDUSTRIALS - 0.2% | |||
Building Products - 0.2% | |||
Shea Homes Ltd. Partnership/Corp. 6.125% 4/1/25 (d) | 10,610,000 | 9,867,300 | |
INFORMATION TECHNOLOGY - 0.1% | |||
IT Services - 0.1% | |||
CyrusOne LP/CyrusOne Finance Corp. 5% 3/15/24 | 3,610,000 | 3,610,000 | |
REAL ESTATE - 9.2% | |||
Equity Real Estate Investment Trusts (REITs) - 6.6% | |||
ARC Properties Operating Partnership LP 4.6% 2/6/24 | 10,480,000 | 10,484,936 | |
Care Capital Properties LP 5.125% 8/15/26 | 20,493,000 | 19,620,135 | |
CBL & Associates LP: | |||
4.6% 10/15/24 | 26,758,000 | 21,272,610 | |
5.25% 12/1/23 | 11,500,000 | 9,660,000 | |
5.95% 12/15/26 | 10,434,000 | 8,688,183 | |
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 | 7,577,000 | 7,387,575 | |
DDR Corp.: | |||
3.625% 2/1/25 | 5,551,000 | 5,219,087 | |
4.625% 7/15/22 | 2,096,000 | 2,132,480 | |
Equinix, Inc. 5.375% 5/15/27 | 6,620,000 | 6,553,800 | |
HCP, Inc.: | |||
4% 6/1/25 | 1,000,000 | 972,285 | |
4.25% 11/15/23 | 1,707,000 | 1,696,651 | |
Healthcare Realty Trust, Inc. 3.75% 4/15/23 | 966,000 | 946,347 | |
Healthcare Trust of America Holdings LP 3.75% 7/1/27 | 8,395,000 | 7,830,389 | |
Hospitality Properties Trust 5% 8/15/22 | 3,177,000 | 3,242,985 | |
iStar Financial, Inc.: | |||
4.625% 9/15/20 | 6,755,000 | 6,704,338 | |
5% 7/1/19 | 15,659,000 | 15,668,787 | |
5.25% 9/15/22 | 4,220,000 | 4,082,850 | |
6% 4/1/22 | 8,375,000 | 8,354,063 | |
Lexington Corporate Properties Trust 4.4% 6/15/24 | 2,180,000 | 2,129,915 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
5% 10/15/27 | 9,555,000 | 8,978,834 | |
5.25% 8/1/26 | 7,700,000 | 7,430,500 | |
6.375% 3/1/24 | 4,000,000 | 4,140,000 | |
National Retail Properties, Inc.: | |||
3.5% 10/15/27 | 3,421,000 | 3,191,761 | |
4.3% 10/15/28 | 2,500,000 | 2,460,527 | |
Omega Healthcare Investors, Inc.: | |||
4.375% 8/1/23 | 3,303,000 | 3,266,687 | |
4.5% 4/1/27 | 2,462,000 | 2,355,429 | |
4.75% 1/15/28 | 12,204,000 | 11,830,485 | |
4.95% 4/1/24 | 2,898,000 | 2,917,714 | |
Regency Centers LP 3.6% 2/1/27 | 2,558,000 | 2,409,723 | |
SBA Communications Corp. 4% 10/1/22 | 5,535,000 | 5,299,763 | |
Select Income REIT: | |||
4.15% 2/1/22 | 11,170,000 | 11,000,790 | |
4.25% 5/15/24 | 5,030,000 | 4,793,350 | |
4.5% 2/1/25 | 21,294,000 | 20,372,005 | |
Senior Housing Properties Trust: | |||
3.25% 5/1/19 | 7,382,000 | 7,381,437 | |
4.75% 5/1/24 | 44,895,000 | 44,398,437 | |
4.75% 2/15/28 | 1,000,000 | 955,008 | |
6.75% 4/15/20 | 13,624,000 | 13,970,105 | |
6.75% 12/15/21 | 8,000,000 | 8,469,689 | |
VEREIT Operating Partnership LP 4.875% 6/1/26 | 10,945,000 | 10,931,361 | |
WP Carey, Inc.: | |||
4% 2/1/25 | 6,985,000 | 6,765,754 | |
4.25% 10/1/26 | 7,242,000 | 6,974,712 | |
4.6% 4/1/24 | 11,323,000 | 11,383,178 | |
344,324,665 | |||
Real Estate Management & Development - 2.6% | |||
Greystar Real Estate Partners 5.75% 12/1/25 (d) | 9,625,000 | 9,336,250 | |
Howard Hughes Corp. 5.375% 3/15/25 (d) | 26,067,000 | 25,024,320 | |
Kennedy-Wilson, Inc. 5.875% 4/1/24 | 42,515,000 | 40,814,400 | |
Mattamy Group Corp.: | |||
6.5% 10/1/25 (d) | 16,715,000 | 15,712,100 | |
6.875% 12/15/23 (d) | 5,425,000 | 5,282,594 | |
Mid-America Apartments LP: | |||
3.75% 6/15/24 | 1,663,000 | 1,625,181 | |
4.3% 10/15/23 | 2,203,000 | 2,225,493 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.25% 4/15/21 (d) | 2,803,000 | 2,792,489 | |
5.625% 3/1/24 (d) | 9,935,000 | 9,636,950 | |
Washington Prime Group LP 5.95% 8/15/24 | 27,489,000 | 25,369,048 | |
137,818,825 | |||
TOTAL REAL ESTATE | 482,143,490 | ||
TOTAL NONCONVERTIBLE BONDS | 777,984,677 | ||
TOTAL CORPORATE BONDS | |||
(Cost $1,038,048,142) | 1,014,241,054 | ||
Asset-Backed Securities - 2.4% | |||
American Homes 4 Rent: | |||
Series 2014-SFR2 Class E, 6.231% 10/17/36 (d) | 3,000,000 | 3,222,340 | |
Series 2014-SFR3 Class E, 6.418% 12/17/36 (d) | 9,025,000 | 9,795,055 | |
Series 2015-SFR1: | |||
Class E, 5.639% 4/17/52 (d) | 1,999,310 | 2,080,591 | |
Class F, 5.885% 4/17/52 (d) | 2,000,000 | 2,092,373 | |
Series 2015-SFR2: | |||
Class E, 6.07% 10/17/45 (d) | 8,259,000 | 8,800,920 | |
Class XS, 0% 10/17/45 (d)(e)(f)(g) | 4,737,994 | 47 | |
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1 month U.S. LIBOR + 1.500% 3.7796% 3/20/50 (d)(e)(g)(h) | 2,250,000 | 225 | |
Colony Starwood Homes Series 2016-2A Class F, 1 month U.S. LIBOR + 4.150% 6.4295% 12/17/33 (d)(e)(h) | 1,500,000 | 1,508,528 | |
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33 | 440,596 | 406,261 | |
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 | 1,802,082 | 1,832,275 | |
Green Tree Financial Corp.: | |||
Series 1996-4 Class M1, 7.75% 6/15/27 (e) | 891,976 | 903,173 | |
Series 1997-3 Class M1, 7.53% 3/15/28 | 5,931,669 | 5,920,530 | |
Home Partners of America Credit Trust Series 2017-1 Class F, 1 month U.S. LIBOR + 3.539% 5.8285% 7/17/34 (d)(e)(h) | 6,318,500 | 6,358,394 | |
Home Partners of America Trust: | |||
Series 2016-2 Class F, 1 month U.S. LIBOR + 4.700% 6.9895% 10/17/33 (d)(e)(h) | 3,393,000 | 3,404,692 | |
Series 2018-1 Class F, 1 month U.S. LIBOR + 2.350% 4.6395% 7/17/37 (d)(e)(h) | 3,896,000 | 3,905,742 | |
Invitation Homes Trust: | |||
Series 2017-SFR2 Class F, 1 month U.S. LIBOR + 3.000% 5.2895% 12/17/36 (d)(e)(h) | 8,442,000 | 8,534,560 | |
Series 2018-SFR2 Class F, 1 month U.S. LIBOR + 2.250% 4.5295% 6/17/37 (d)(e)(h) | 3,000,000 | 3,008,476 | |
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 | 750,549 | 529,953 | |
Merit Securities Corp. Series 13 Class M1, 7.9388% 12/28/33 (e) | 1,765,916 | 1,840,825 | |
Progress Residential Trust: | |||
Series 2015-SFR3 Class F, 6.643% 11/12/32 (d) | 2,940,000 | 3,020,194 | |
Series 2017-SFR1 Class F, 5.35% 8/17/34 (d) | 3,073,000 | 3,105,135 | |
Series 2017-SFR2 Class F, 1 month U.S. LIBOR + 2.750% 4.836% 12/17/34 (d)(h) | 2,568,000 | 2,549,567 | |
Series 2018-SFR2 Class F, 4.953% 8/17/35 (d) | 3,402,000 | 3,351,799 | |
Series 2018-SFR3 Class F, 5.368% 10/17/35 (d) | 3,412,000 | 3,421,276 | |
Starwood Waypoint Homes Trust Series 2017-1: | |||
Class E, 1 month U.S. LIBOR + 2.600% 4.8795% 1/17/35 (d)(e)(h) | 5,906,000 | 5,928,495 | |
Class F, 1 month U.S. LIBOR + 3.400% 5.6795% 1/17/35 (d)(e)(h) | 12,671,000 | 12,764,611 | |
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3 month U.S. LIBOR + 2.650% 4.9905% 2/5/36 (d)(e)(g)(h) | 4,412,962 | 331 | |
Tricon American Homes: | |||
Series 2017-SFR1 Class F, 5.151% 9/17/34 (d) | 8,442,000 | 8,444,660 | |
Series 2017-SFR2 Class F, 5.104% 1/17/36 (d) | 3,785,000 | 3,771,873 | |
Series 2018-SFR1 Class F, 4.96% 5/17/37 (d) | 1,000,000 | 976,287 | |
Tricon American Homes Trust Series 2016-SFR1 Class F, 5.769% 11/17/33 (d) | 2,544,000 | 2,584,045 | |
VB-S1 Issuer LLC: | |||
Series 2016-1A Class F, 6.901% 6/15/46 (d) | 7,797,000 | 7,981,422 | |
Series 2018-1A Class F, 5.25% 2/15/48 (d) | 1,354,000 | 1,342,555 | |
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 3 month U.S. LIBOR + 1.950% 4.2619% 11/21/40 (d)(e)(g)(h) | 250,000 | 225,000 | |
TOTAL ASSET-BACKED SECURITIES | |||
(Cost $126,171,146) | 123,612,210 | ||
Collateralized Mortgage Obligations - 0.2% | |||
Private Sponsor - 0.2% | |||
FREMF Mortgage Trust: | |||
Series 2010-K6 Class B, 5.3672% 12/25/46 (d)(e) | 4,500,000 | 4,590,996 | |
Series 2010-K7 Class B, 5.5005% 4/25/20 (d)(e) | 3,200,000 | 3,281,685 | |
RESI Finance LP/RESI Finance DE Corp. floater Series 2003-B Class B9, 1 month U.S. LIBOR + 11.950% 14.2341% 6/10/35 (d)(e)(h) | 46,205 | 24,959 | |
TOTAL PRIVATE SPONSOR | 7,897,640 | ||
U.S. Government Agency - 0.0% | |||
Fannie Mae REMIC Trust: | |||
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.8768% 2/25/42 (d)(e) | 49,018 | 16,822 | |
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.87% 6/25/43 (d)(e) | 82,688 | 36,687 | |
TOTAL U.S. GOVERNMENT AGENCY | 53,509 | ||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |||
(Cost $7,773,008) | 7,951,149 | ||
Commercial Mortgage Securities - 17.1% | |||
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (d) | 2,000,000 | 2,128,237 | |
BANK: | |||
Series 2017-BNK4 Class D, 3.357% 5/15/50 (d) | 3,349,000 | 2,764,670 | |
Series 2018-BN12 Class D, 3% 5/15/61 (d) | 1,701,000 | 1,351,127 | |
Barclays Commercial Mortgage Securities LLC Series 2015-STP: | |||
Class E, 4.2844% 9/10/28 (d)(e) | 8,413,000 | 8,080,909 | |
Class F, 4.2844% 9/10/28 (d)(e) | 4,074,000 | 3,768,276 | |
BX Trust: | |||
floater Series 2018-IND: | |||
Class G, 1 month U.S. LIBOR + 2.050% 4.33% 11/15/35 (d)(e)(h) | 1,000,000 | 1,000,000 | |
Class H, 1 month U.S. LIBOR + 3.000% 5.28% 11/15/35 (d)(e)(h) | 8,967,000 | 8,971,342 | |
Series 2017-IMC Class F, 1 month U.S. LIBOR + 4.250% 6.5295% 10/15/32 (d)(e)(h) | 12,691,000 | 12,706,637 | |
CCRESG Commercial Mortgage Trust Series 2016-HEAT: | |||
Class E, 5.4883% 4/10/29 (d)(e) | 4,536,000 | 4,562,941 | |
Class F, 5.4883% 4/10/29 (d)(e) | 9,710,000 | 9,459,392 | |
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (d) | 3,391,000 | 2,827,578 | |
CGBAM Commercial Mortgage Trust Series 2015-SMRT Class F, 3.7859% 4/10/28 (d)(e) | 9,911,000 | 9,793,877 | |
CGMS Commercial Mortgage Trust Series 2017-MDRB: | |||
Class D, 1 month U.S. LIBOR + 3.250% 5.5295% 7/15/30 (d)(e)(h) | 5,000,000 | 4,983,275 | |
Class E, 1 month U.S. LIBOR + 3.872% 6.151% 7/15/30 (d)(e)(h) | 6,741,000 | 6,690,217 | |
Citigroup Commercial Mortgage Trust: | |||
Series 2013-GC15 Class D, 5.2172% 9/10/46 (d)(e) | 5,254,000 | 5,242,713 | |
Series 2015-SHP2 Class E, 1 month U.S. LIBOR + 4.350% 6.6295% 7/15/27 (d)(e)(h) | 2,933,000 | 2,947,542 | |
Series 2016-C3 Class D, 3% 11/15/49 (d) | 7,089,000 | 5,460,197 | |
COMM Mortgage Trust: | |||
floater Series 2018-HCLV: | |||
Class F, 1 month U.S. LIBOR + 3.050% 5.3295% 9/15/33 (d)(e)(h) | 4,265,000 | 4,213,478 | |
Class G, 1 month U.S. LIBOR + 5.056% 7.3358% 9/15/33 (d)(e)(h) | 4,265,000 | 4,013,683 | |
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (d) | 7,300,000 | 5,772,628 | |
Series 2012-CR1: | |||
Class C, 5.3208% 5/15/45 (e) | 1,000,000 | 1,022,040 | |
Class D, 5.3208% 5/15/45 (d)(e) | 5,550,000 | 5,514,613 | |
Class G, 2.462% 5/15/45 (d) | 6,346,000 | 4,676,216 | |
Series 2012-CR5 Class D, 4.3201% 12/10/45 (d)(e) | 2,000,000 | 1,944,845 | |
Series 2012-LC4: | |||
Class C, 5.603% 12/10/44 (e) | 2,000,000 | 1,977,328 | |
Class D, 5.603% 12/10/44 (d)(e) | 11,675,000 | 10,468,269 | |
Series 2013-CCRE6 Class E, 4.0861% 3/10/46 (d)(e) | 882,000 | 747,310 | |
Series 2013-CR10 Class D, 4.8118% 8/10/46 (d)(e) | 4,544,000 | 4,341,388 | |
Series 2013-CR12 Class D, 5.0877% 10/10/46 (d)(e) | 4,500,000 | 3,958,103 | |
Series 2013-CR6 Class F, 4.0861% 3/10/46 (d)(e) | 8,038,000 | 5,623,851 | |
Series 2013-LC6 Class D, 4.2637% 1/10/46(d)(e) | 8,301,000 | 8,016,896 | |
Series 2014-CR17 Class E, 4.8013% 5/10/47 (d)(e) | 3,098,000 | 2,783,348 | |
Series 2014-UBS2 Class D, 5.0211% 3/10/47 (d)(e) | 3,713,000 | 3,276,845 | |
Series 2016-CD1 Class D, 2.7696% 8/10/49 (d)(e) | 9,452,000 | 7,633,832 | |
Series 2017-CD4 Class D, 3.3% 5/10/50 (d) | 2,800,000 | 2,312,645 | |
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (d) | 2,800,000 | 2,238,089 | |
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2: | |||
Class D, 4.8316% 8/15/45 (d)(e) | 4,500,000 | 4,399,495 | |
Class E, 4.8316% 8/15/45 (d)(e) | 8,000,000 | 7,625,654 | |
Core Industrial Trust: | |||
Series 2015-TEXW Class F, 3.8487% 2/10/34 (d)(e) | 10,945,000 | 10,585,584 | |
Series 2015-WEST Class F, 4.2268% 2/10/37 (d)(e) | 12,745,000 | 12,079,466 | |
CSAIL Commercial Mortgage Trust: | |||
Series 2017-C8 Class D, 4.47% 6/15/50 (d) | 4,346,000 | 3,843,034 | |
Series 2017-CX10 Class UESD, 4.2366% 10/15/32 (d)(e) | 7,210,000 | 6,885,589 | |
Series 2017-CX9 Class D, 4.1581% 9/15/50 (d)(e) | 2,568,000 | 2,255,057 | |
CSMC Trust Series 2016-MFF Class F, 1 month U.S. LIBOR + 7.250% 9.5295% 11/15/33 (d)(e)(h) | 6,300,000 | 6,361,390 | |
DBCCRE Mortgage Trust Series 2014-ARCP: | |||
Class D, 4.9345% 1/10/34 (d)(e) | 1,000,000 | 970,903 | |
Class E, 4.9345% 1/10/34 (d)(e) | 10,853,000 | 10,264,591 | |
DBUBS Mortgage Trust: | |||
Series 2011-LC1A: | |||
Class E, 5.6981% 11/10/46 (d)(e) | 14,031,000 | 14,435,841 | |
Class G, 4.652% 11/10/46 (d) | 12,360,000 | 11,188,194 | |
Series 2011-LC3A Class D, 5.3378% 8/10/44 (d)(e) | 3,945,000 | 4,027,942 | |
Freddie Mac: | |||
pass-thru certificates: | |||
Series K011 Class X3, 2.5725% 12/25/43 (e)(f) | 12,206,096 | 625,971 | |
Series K012 Class X3, 2.2521% 1/25/41 (e)(f) | 20,724,835 | 968,200 | |
Series K013 Class X3, 2.8141% 1/25/43 (e)(f) | 14,360,000 | 847,787 | |
Series KAIV Class X2, 3.6147% 6/25/41 (e)(f) | 7,430,000 | 627,810 | |
GAHR Commercial Mortgage Trust Series 2015-NRF: | |||
Class EFX, 3.3822% 12/15/34 (d)(e) | 4,364,000 | 4,315,691 | |
Class FFX, 3.3822% 12/15/34 (d)(e) | 14,402,000 | 14,168,796 | |
Class GFX, 3.3822% 12/15/34 (d)(e) | 24,194,000 | 23,735,500 | |
GPMT Ltd. floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.950% 5.232% 11/21/35 (d)(e)(h) | 2,500,000 | 2,512,500 | |
GS Mortgage Securities Trust: | |||
floater Series 2018-RIVR Class G, 1 month U.S. LIBOR + 2.600% 4.8795% 7/15/35 (d)(e)(h) | 3,808,000 | 3,759,940 | |
Series 2010-C2 Class D, 5.1815% 12/10/43 (d)(e) | 3,000,000 | 3,026,557 | |
Series 2011-GC5: | |||
Class C, 5.3913% 8/10/44 (d)(e) | 9,000,000 | 9,239,111 | |
Class D, 5.3913% 8/10/44 (d)(e) | 9,559,000 | 9,297,455 | |
Class E, 5.3913% 8/10/44 (d)(e) | 8,230,000 | 6,868,152 | |
Class F, 4.5% 8/10/44 (d) | 7,986,000 | 4,536,120 | |
Series 2012-GC6: | |||
Class C, 5.6517% 1/10/45 (d)(e) | 3,600,000 | 3,719,304 | |
Class D, 5.6517% 1/10/45 (d)(e) | 6,665,000 | 6,605,862 | |
Class E, 5% 1/10/45 (d)(e) | 4,516,000 | 3,909,853 | |
Series 2012-GCJ7: | |||
Class C, 5.702% 5/10/45 (e) | 6,500,000 | 6,632,871 | |
Class D, 5.702% 5/10/45 (d)(e) | 10,192,000 | 9,537,674 | |
Class E, 5% 5/10/45 (d) | 3,837,320 | 2,532,119 | |
Series 2012-GCJ9: | |||
Class D, 4.7474% 11/10/45 (d)(e) | 5,565,000 | 5,439,326 | |
Class E, 4.7474% 11/10/45 (d)(e) | 1,930,000 | 1,721,158 | |
Series 2013-GC14 Class D, 4.7585% 8/10/46 (d)(e) | 1,680,000 | 1,578,892 | |
Series 2013-GC16: | |||
Class D, 5.2978% 11/10/46 (d)(e) | 3,750,000 | 3,676,599 | |
Class F, 3.5% 11/10/46 (d) | 7,303,000 | 5,355,169 | |
Series 2016-GS3 Class D, 2.62% 10/10/49 (d) | 3,398,000 | 2,690,718 | |
Series 2016-REMZ Class MZB, 7.727% 2/10/21 (d) | 29,826,000 | 30,376,862 | |
Series 2016-RENT: | |||
Class E, 4.0667% 2/10/29 (d)(e) | 4,340,000 | 4,253,569 | |
Class F, 4.0667% 2/10/29 (d)(e) | 15,890,000 | 15,491,064 | |
Hilton U.S.A. Trust: | |||
Series 2016-HHV Class F, 4.1935% 11/5/38 (d)(e) | 8,440,000 | 7,519,810 | |
Series 2016-SFP Class F, 6.1552% 11/5/35 (d) | 8,457,000 | 8,513,566 | |
IMT Trust Series 2017-APTS: | |||
Class EFX, 3.4966% 6/15/34 (d)(e) | 9,317,000 | 8,495,419 | |
Class FFL, 1 month U.S. LIBOR + 2.850% 5.1295% 6/15/34 (d)(e)(h) | 3,909,000 | 3,905,328 | |
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (d) | 2,896,000 | 2,826,580 | |
Invitation Homes Trust floater: | |||
Series 2018-SFR3 Class F, 1 month U.S. LIBOR + 2.250% 4.5395% 7/17/37 (d)(e)(h) | 8,405,000 | 8,428,991 | |
Series 2018-SFR4 Class F, 1 month U.S. LIBOR + 2.200% 4.5% 1/17/38 (d)(e)(h)(i) | 3,410,000 | 3,409,786 | |
JP Morgan Chase Commercial Mortgage Securities Trust floater Series 2018-LAQ Class E, 1 month U.S. LIBOR + 3.000% 5.2795% 6/15/35 (d)(e)(h) | 1,680,000 | 1,692,590 | |
JPMBB Commercial Mortgage Securities Trust: | |||
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (d) | 8,738,000 | 7,365,522 | |
Series 2014-C26 Class D, 3.9219% 1/15/48 (d)(e) | 3,398,000 | 3,086,435 | |
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.4571% 12/15/49 (d)(e) | 10,241,000 | 8,624,464 | |
JPMDB Commercial Mortgage Securities Trust: | |||
Series 2016-C4 Class D, 3.0939% 12/15/49 (d)(e) | 7,388,000 | 5,988,315 | |
Series 2018-C8 Class D, 3.2456% 6/15/51 (d)(e) | 1,698,000 | 1,371,698 | |
JPMorgan Chase Commercial Mortgage Securities Corp.: | |||
Series 2003-C1 Class F, 5.4805% 1/12/37 (d)(e) | 616,823 | 628,183 | |
Series 2012-CBX: | |||
Class C, 5.1909% 6/15/45 (e) | 4,530,000 | 4,550,191 | |
Class E, 5.1909% 6/15/45 (d)(e) | 5,640,000 | 5,147,001 | |
Class F, 4% 6/15/45 (d) | 8,192,000 | 6,322,992 | |
Class G 4% 6/15/45 (d) | 4,044,000 | 2,095,109 | |
JPMorgan Chase Commercial Mortgage Securities Trust: | |||
Series 2011-C3: | |||
Class E, 5.6762% 2/15/46 (d)(e) | 13,930,000 | 13,682,326 | |
Class G, 4.409% 2/15/46 (d)(e) | 4,671,000 | 3,843,437 | |
Class H, 4.409% 2/15/46 (d)(e) | 7,077,000 | 5,303,592 | |
Series 2011-C4 Class F, 3.873% 7/15/46 (d) | 1,400,000 | 1,363,038 | |
Series 2013-LC11: | |||
Class C, 3.9582% 4/15/46 (e) | 848,000 | 828,990 | |
Class D, 4.1629% 4/15/46 (e) | 7,672,000 | 6,692,527 | |
Class E, 3.25% 4/15/46 (d)(e) | 472,000 | 344,072 | |
Class F, 3.25% 4/15/46 (d)(e) | 2,518,000 | 1,547,572 | |
Series 2014-DSTY Class E, 3.8046% 6/10/27 (d)(e) | 2,752,000 | 2,217,458 | |
Series 2015-UES Class F, 3.621% 9/5/32 (d)(e) | 5,432,000 | 5,302,534 | |
Series 2018-AON Class F, 4.6132% 7/5/31 (d) | 5,096,000 | 4,976,637 | |
JPMorgan Commercial Mortgage Finance Corp. Series 1999-C8 Class H, 6% 7/15/31 (d) | 83,412 | 80,409 | |
LSTAR Commercial Mortgage Trust Series 2014-2: | |||
Class D, 5.0964% 1/20/41 (d)(e) | 3,000,000 | 2,993,966 | |
Class E, 5.0964% 1/20/41 (d)(e) | 4,800,000 | 4,452,329 | |
Merrill Lynch Mortgage Trust Series 2006-C1 Class AJ, 5.5939% 5/12/39 (e) | 2,091,642 | 2,103,022 | |
Morgan Stanley BAML Trust: | |||
Series 2012-C5 Class E, 4.6859% 8/15/45 (d)(e) | 3,889,000 | 3,832,949 | |
Series 2012-C6 Class D, 4.5736% 11/15/45 (d)(e) | 2,000,000 | 1,991,111 | |
Series 2013-C12 Class D, 4.7613% 10/15/46 (d)(e) | 7,164,000 | 6,909,903 | |
Series 2013-C13: | |||
Class D, 4.903% 11/15/46 (d)(e) | 5,277,000 | 5,237,611 | |
Class E, 4.903% 11/15/46 (d)(e) | 3,379,000 | 3,015,268 | |
Series 2013-C7: | |||
Class D, 4.2328% 2/15/46 (d)(e) | 5,650,000 | 5,106,959 | |
Class E, 4.2328% 2/15/46 (d)(e) | 1,000,000 | 792,563 | |
Series 2013-C9: | |||
Class C, 4.0385% 5/15/46 (e) | 3,339,000 | 3,305,304 | |
Class D, 4.1265% 5/15/46 (d)(e) | 5,137,000 | 4,781,504 | |
Series 2016-C30 Class D, 3% 9/15/49 (d) | 5,408,000 | 4,401,035 | |
Series 2016-C31 Class D, 3% 11/15/49 (d)(e) | 1,500,000 | 1,151,194 | |
Series 2016-C32 Class D, 3.396% 12/15/49 (d) | 5,929,000 | 4,846,634 | |
Morgan Stanley Capital I Trust: | |||
sequential payer Series 2012-C4 Class E, 5.42% 3/15/45 (d)(e) | 3,640,000 | 3,156,135 | |
Series 1998-CF1 Class G, 7.35% 7/15/32 (d) | 408,463 | 348,238 | |
Series 2011-C2: | |||
Class D, 5.4847% 6/15/44 (d)(e) | 5,387,000 | 5,348,468 | |
Class E, 5.4847% 6/15/44 (d)(e) | 12,150,000 | 11,558,927 | |
Class F, 5.4847% 6/15/44 (d)(e) | 4,440,000 | 3,944,211 | |
Class XB, 0.5352% 6/15/44 (d)(e)(f) | 63,708,222 | 809,630 | |
Series 2011-C3: | |||
Class D, 5.1539% 7/15/49 (d)(e) | 7,400,000 | 7,554,613 | |
Class E, 5.1539% 7/15/49 (d)(e) | 1,353,000 | 1,346,377 | |
Class F, 5.1539% 7/15/49 (d)(e) | 5,688,050 | 5,493,026 | |
Class G, 5.1539% 7/15/49 (d)(e) | 3,902,000 | 3,405,057 | |
Series 2012-C4 Class D, 5.42% 3/15/45 (d)(e) | 6,310,000 | 5,991,529 | |
Series 2015-MS1 Class D, 4.0305% 5/15/48 (d)(e) | 10,956,000 | 9,748,427 | |
Series 2015-UBS8 Class D, 3.18% 12/15/48 (d) | 5,013,000 | 4,203,443 | |
Series 2016-BNK2 Class C, 3% 11/15/49 (d) | 3,000,000 | 2,426,723 | |
Motel 6 Trust floater: | |||
Series 2017-M6MZ, Class M, 1 month U.S. LIBOR + 6.927% 9.206% 8/15/19 (d)(e)(h) | 7,738,249 | 7,812,229 | |
Series 2017-MTL6, Class F, 1 month U.S. LIBOR + 4.250% 6.5295% 8/15/34 (d)(e)(h) | 13,256,275 | 13,272,759 | |
MSCCG Trust floater Series 2018-SELF Class E, 1 month U.S. LIBOR + 2.150% 4.45% 10/15/28 (d)(e)(h) | 5,118,000 | 5,106,923 | |
MSCG Trust Series 2016-SNR: | |||
Class D, 6.55% 11/15/34 (d) | 10,105,650 | 9,967,833 | |
Class E, 6.8087% 11/15/34 (d) | 9,659,400 | 9,154,685 | |
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 4.851% 9/5/47 (d)(e) | 1,500,000 | 1,332,765 | |
Natixis Commercial Mortgage Securities Trust floater Series 2018-FL1: | |||
Class WAN1, 1 month U.S. LIBOR + 2.750% 4.909% 6/15/35 (d)(e)(h) | 1,743,000 | 1,738,976 | |
Class WAN2, 1 month U.S. LIBOR + 3.750% 5.909% 6/15/35 (d)(e)(h) | 651,000 | 649,538 | |
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (d) | 4,155,513 | 4,856,004 | |
Starwood Retail Property Trust Series 2014-STAR Class D, 1 month U.S. LIBOR + 3.250% 5.5295% 11/15/27 (d)(e)(h) | 2,500,000 | 2,430,135 | |
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.481% 8/15/39 (e) | 116,141 | 116,336 | |
UBS Commercial Mortgage Trust Series 2012-C1: | |||
Class D, 5.5439% 5/10/45 (d)(e) | 3,235,000 | 3,185,521 | |
Class E, 5% 5/10/45 (d)(e) | 6,339,000 | 5,581,311 | |
Class F, 5% 5/10/45 (d)(e) | 2,221,350 | 1,598,953 | |
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 6.0506% 1/10/45 (d)(e) | 3,000,000 | 3,168,030 | |
Wells Fargo Commercial Mortgage Trust: | |||
Series 2012-LC5: | |||
Class D, 4.763% 10/15/45 (d)(e) | 12,964,000 | 12,748,411 | |
Class E, 4.763% 10/15/45 (d)(e) | 8,441,000 | 8,194,476 | |
Series 2016-BNK1 Class D, 3% 8/15/49 (d) | 6,979,000 | 5,654,648 | |
Series 2016-C35 Class D, 3.142% 7/15/48 (d) | 18,542,000 | 14,818,587 | |
Series 2016-NXS6 Class D, 3.059% 11/15/49 (d) | 5,094,000 | 4,083,732 | |
Series 2017-C38 Class D, 3% 7/15/50 (d)(e) | 4,373,000 | 3,450,608 | |
WF-RBS Commercial Mortgage Trust: | |||
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (d) | 4,000,000 | 2,365,668 | |
Series 2011-C3: | |||
Class C, 5.335% 3/15/44 (d) | 4,900,000 | 4,966,749 | |
Class D, 5.6827% 3/15/44 (d)(e) | 1,000,000 | 879,122 | |
Class E, 5% 3/15/44 (d) | 3,000,000 | 1,501,746 | |
Series 2011-C5: | |||
Class E, 5.6724% 11/15/44 (d)(e) | 3,807,000 | 3,776,982 | |
Class F, 5.25% 11/15/44 (d)(e) | 3,000,000 | 2,631,033 | |
Class G, 5.25% 11/15/44 (d)(e) | 2,000,000 | 1,656,350 | |
Series 2012-C7: | |||
Class D, 4.8217% 6/15/45 (d)(e) | 2,380,000 | 2,166,601 | |
Class F, 4.5% 6/15/45 (d) | 2,000,000 | 1,264,766 | |
Series 2012-C8 Class E, 4.892% 8/15/45 (d)(e) | 2,922,500 | 2,843,721 | |
Series 2013-C11: | |||
Class D, 4.2694% 3/15/45 (d)(e) | 5,830,000 | 5,572,509 | |
Class E, 4.2694% 3/15/45 (d)(e) | 4,780,000 | 4,213,157 | |
Series 2013-C13 Class D, 4.133% 5/15/45 (d)(e) | 4,000,000 | 3,742,919 | |
Series 2013-C16 Class D, 5.0381% 9/15/46 (d)(e) | 3,728,000 | 3,475,789 | |
Series 2013-UBS1 Class D, 4.6915% 3/15/46 (d)(e) | 4,589,000 | 4,219,573 | |
WFCG Commercial Mortgage Trust floater Series 2015-BXRP: | |||
Class F, 1 month U.S. LIBOR + 3.720% 5.9998% 11/15/29 (d)(e)(h) | 5,152,378 | 5,142,131 | |
Class G, 1 month U.S. LIBOR + 3.020% 5.2995% 11/15/29 (d)(e)(h) | 8,859,793 | 8,753,258 | |
WP Glimcher Mall Trust Series 2015-WPG: | |||
Class PR1, 3.516% 6/5/35 (d)(e) | 6,725,000 | 5,227,733 | |
Class PR2, 3.516% 6/5/35 (d)(e) | 2,541,000 | 1,825,688 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES | |||
(Cost $879,488,553) | 897,806,390 | ||
Bank Loan Obligations - 4.7% | |||
COMMUNICATION SERVICES - 0.2% | |||
Wireless Telecommunication Services - 0.2% | |||
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.31% 4/11/25 (e)(h) | 11,930,100 | 11,898,962 | |
CONSUMER DISCRETIONARY - 0.9% | |||
Hotels, Restaurants & Leisure - 0.7% | |||
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.052% 12/22/24 (e)(h) | 3,354,650 | 3,354,180 | |
ESH Hospitality, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.302% 8/30/23 (e)(h) | 12,647,308 | 12,623,657 | |
LTF Merger Sub, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.0626% 6/10/22 (e)(h) | 2,537,186 | 2,532,441 | |
Marriott Ownership Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.552% 8/31/25 (e)(h) | 3,630,000 | 3,639,075 | |
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.05% 4/27/24 (e)(h) | 6,284,872 | 6,188,651 | |
Wyndham Destinations, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.552% 5/31/25 (e)(h) | 6,326,025 | 6,322,103 | |
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.052% 5/30/25 (e)(h) | 1,000,000 | 998,960 | |
35,659,067 | |||
Multiline Retail - 0.2% | |||
JC Penney Corp., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.5673% 6/23/23 (e)(h) | 12,279,281 | 10,972,397 | |
TOTAL CONSUMER DISCRETIONARY | 46,631,464 | ||
CONSUMER STAPLES - 0.5% | |||
Food & Staples Retailing - 0.5% | |||
Albertson's LLC Tranche B, term loan: | |||
3 month U.S. LIBOR + 3.000% 5.3114% 6/22/23 (e)(h) | 17,105,947 | 17,020,417 | |
3 month U.S. LIBOR + 3.000% 5.381% 12/21/22 (e)(h) | 11,470,567 | 11,435,467 | |
28,455,884 | |||
ENERGY - 0.6% | |||
Energy Equipment & Services - 0.1% | |||
Kestrel Acquisition LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.56% 6/1/25 (e)(h) | 4,488,750 | 4,514,919 | |
Oil, Gas & Consumable Fuels - 0.5% | |||
Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 8.1361% 12/19/20 (e)(h) | 22,015,520 | 21,809,234 | |
TPF II Power LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.052% 10/2/23 (e)(h) | 5,373,841 | 5,359,547 | |
27,168,781 | |||
TOTAL ENERGY | 31,683,700 | ||
FINANCIALS - 0.3% | |||
Diversified Financial Services - 0.2% | |||
Veritas-B Junior Mezz C LLC 10.48% 2/6/21 (e)(g) | 9,171,000 | 9,607,540 | |
Thrifts & Mortgage Finance - 0.1% | |||
Ocwen Loan Servicing LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.2796% 12/5/20 (e)(h) | 3,238,471 | 3,240,511 | |
TOTAL FINANCIALS | 12,848,051 | ||
HEALTH CARE - 0.1% | |||
Health Care Providers & Services - 0.1% | |||
Community Health Systems, Inc. Tranche H, term loan 3 month U.S. LIBOR + 3.250% 5.5626% 1/27/21 (e)(h) | 7,412,799 | 7,247,716 | |
INDUSTRIALS - 0.0% | |||
Commercial Services & Supplies - 0.0% | |||
Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 2/27/25 (e)(h) | 2,039,750 | 2,023,595 | |
INFORMATION TECHNOLOGY - 0.1% | |||
Electronic Equipment & Components - 0.1% | |||
Compass Power Generation LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.802% 12/20/24 (e)(h) | 3,355,086 | 3,373,539 | |
REAL ESTATE - 1.3% | |||
Equity Real Estate Investment Trusts (REITs) - 0.6% | |||
Invitation Homes Operating Par Tranche B, term loan 3 month U.S. LIBOR + 1.700% 3.9796% 2/6/22 (e)(h) | 15,000,000 | 14,700,000 | |
iStar Financial, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.028% 6/28/23 (e)(h) | 12,573,488 | 12,573,488 | |
The GEO Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.31% 3/23/24 (e)(h) | 2,984,848 | 2,971,805 | |
30,245,293 | |||
Real Estate Management & Development - 0.7% | |||
Capital Automotive LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.81% 3/24/24 (e)(h) | 3,088,555 | 3,087,010 | |
DTZ U.S. Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.552% 8/21/25 (e)(h) | 23,780,000 | 23,757,647 | |
Realogy Group LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.5295% 2/8/25 (e)(h) | 3,989,950 | 3,976,224 | |
VICI Properties, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.2796% 12/22/24 (e)(h) | 5,955,000 | 5,937,016 | |
36,757,897 | |||
TOTAL REAL ESTATE | 67,003,190 | ||
UTILITIES - 0.7% | |||
Electric Utilities - 0.3% | |||
Lightstone Holdco LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.052% 1/30/24 (e)(h) | 10,886,098 | 10,724,766 | |
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.052% 1/30/24 (e)(h) | 584,685 | 576,020 | |
Southeast Powergen LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.81% 12/2/21 (e)(h) | 2,423,750 | 2,332,859 | |
13,633,645 | |||
Independent Power and Renewable Electricity Producers - 0.4% | |||
APLP Holdings LP Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 4/13/23 (e)(h) | 7,976,867 | 7,978,861 | |
MRP Generation Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 7.000% 9.3861% 10/18/22 (e)(h) | 14,446,698 | 13,941,064 | |
21,919,925 | |||
TOTAL UTILITIES | 35,553,570 | ||
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $247,473,845) | 246,719,671 | ||
Preferred Securities - 0.0% | |||
FINANCIALS - 0.0% | |||
Diversified Financial Services - 0.0% | |||
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, (d)(g) | 1,220,000 | 122 | |
Thrifts & Mortgage Finance - 0.0% | |||
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (d)(g) | 500,000 | 37,100 | |
TOTAL PREFERRED SECURITIES | |||
(Cost $1,297,768) | 37,222 | ||
Shares | Value | ||
Money Market Funds - 6.4% | |||
Fidelity Cash Central Fund, 2.23% (j) | 295,489,556 | 295,548,654 | |
Fidelity Securities Lending Cash Central Fund 2.23% (j)(k) | 41,532,275 | 41,536,428 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $337,029,412) | 337,085,082 | ||
TOTAL INVESTMENT IN SECURITIES - 100.4% | |||
(Cost $5,088,848,564) | 5,256,575,063 | ||
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (20,847,383) | ||
NET ASSETS - 100% | $5,235,727,680 |
Legend
(a) Affiliated company
(b) Security or a portion of the security is on loan at period end.
(c) Non-income producing
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,200,240,153 or 22.9% of net assets.
(e) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(f) 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.
(g) Level 3 security
(h) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(i) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(j) 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.
(k) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $1,801,124 |
Fidelity Securities Lending Cash Central Fund | 50,121 |
Total | $1,851,245 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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 | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Acadia Realty Trust (SBI) | $118,210,943 | $-- | $1,028,592 | $1,168,932 | $(258,244) | $3,606,507 | $120,530,607 |
Ellington Financial LLC | 26,952,776 | -- | -- | 670,548 | -- | (1,799,032) | 25,153,744 |
Great Ajax Corp. | 21,094,678 | -- | -- | 414,664 | -- | (461,997) | 20,574,016 |
Great Ajax Corp. 7.25% | 6,982,400 | -- | -- | 127,328 | -- | (60,527) | 6,921,873 |
Total | $173,240,797 | $-- | $1,028,592 | $2,381,472 | $(258,244) | $1,284,951 | $173,180,240 |
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $18,218,394 | $18,218,394 | $-- | $-- |
Energy | 3,795,000 | 3,795,000 | -- | -- |
Financials | 710,062,761 | 692,570,124 | 17,492,637 | -- |
Real Estate | 1,893,822,042 | 1,834,927,564 | 58,894,478 | -- |
Utilities | 3,224,088 | 3,224,088 | -- | -- |
Corporate Bonds | 1,014,241,054 | -- | 1,014,241,054 | -- |
Asset-Backed Securities | 123,612,210 | -- | 123,386,607 | 225,603 |
Collateralized Mortgage Obligations | 7,951,149 | -- | 7,951,149 | -- |
Commercial Mortgage Securities | 897,806,390 | -- | 897,806,390 | -- |
Bank Loan Obligations | 246,719,671 | -- | 237,112,131 | 9,607,540 |
Preferred Securities | 37,222 | -- | -- | 37,222 |
Money Market Funds | 337,085,082 | 337,085,082 | -- | -- |
Total Investments in Securities: | $5,256,575,063 | $2,889,820,252 | $2,356,884,446 | $9,870,365 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations, and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices. Asset backed securities, collateralized mortgage obligations, and commercial mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity® Series Real Estate Income Fund
October 31, 2018
Schedule of Investments October 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 15.2% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 0.2% | |||
Hotels, Restaurants & Leisure - 0.2% | |||
Wyndham Destinations, Inc. | 22,700 | $814,476 | |
Wyndham Hotels & Resorts, Inc. | 15,000 | 739,350 | |
1,553,826 | |||
FINANCIALS - 2.2% | |||
Capital Markets - 0.2% | |||
Ellington Financial LLC | 124,800 | 1,919,424 | |
Insurance - 0.1% | |||
FNF Group | 26,100 | 873,045 | |
Mortgage Real Estate Investment Trusts - 1.9% | |||
Anworth Mortgage Asset Corp. | 35,512 | 154,832 | |
Chimera Investment Corp. | 118,200 | 2,198,520 | |
Dynex Capital, Inc. | 125,700 | 727,803 | |
Ellington Residential Mortgage REIT | 39,900 | 421,344 | |
Great Ajax Corp. | 199,926 | 2,607,035 | |
Hunt Companies Finance Trust I | 17,008 | 59,868 | |
Invesco Mortgage Capital, Inc. | 92,100 | 1,388,868 | |
MFA Financial, Inc. | 1,141,700 | 7,911,981 | |
New Residential Investment Corp. | 12,200 | 218,136 | |
Redwood Trust, Inc. | 59,900 | 983,558 | |
16,671,945 | |||
TOTAL FINANCIALS | 19,464,414 | ||
REAL ESTATE - 12.8% | |||
Equity Real Estate Investment Trusts (REITs) - 12.6% | |||
Acadia Realty Trust (SBI) | 373,800 | 10,406,592 | |
American Homes 4 Rent Class A | 66,867 | 1,408,888 | |
American Tower Corp. | 64,300 | 10,018,583 | |
Apartment Investment & Management Co. Class A | 254,701 | 10,962,331 | |
AvalonBay Communities, Inc. | 17,600 | 3,086,688 | |
Brixmor Property Group, Inc. | 11,500 | 186,300 | |
Cedar Realty Trust, Inc. | 32,200 | 121,394 | |
Colony Capital, Inc. | 698,199 | 4,098,428 | |
Crown Castle International Corp. | 27,200 | 2,957,728 | |
DDR Corp. | 119,700 | 1,487,871 | |
Equinix, Inc. | 15,300 | 5,794,722 | |
Equity Lifestyle Properties, Inc. | 135,600 | 12,839,960 | |
Equity Residential (SBI) | 78,100 | 5,073,376 | |
Extra Space Storage, Inc. | 4,900 | 441,294 | |
Healthcare Realty Trust, Inc. | 47,500 | 1,323,350 | |
Healthcare Trust of America, Inc. | 98,950 | 2,598,427 | |
Lexington Corporate Properties Trust | 384,422 | 2,986,959 | |
Mid-America Apartment Communities, Inc. | 74,414 | 7,270,992 | |
Omega Healthcare Investors, Inc. | 69,800 | 2,327,830 | |
Outfront Media, Inc. | 5,000 | 88,600 | |
Public Storage | 14,000 | 2,876,580 | |
Sabra Health Care REIT, Inc. | 221,800 | 4,801,970 | |
Safety Income and Growth, Inc. | 46,000 | 827,080 | |
Senior Housing Properties Trust (SBI) | 185,800 | 2,985,806 | |
Spirit MTA REIT | 9,630 | 103,137 | |
Spirit Realty Capital, Inc. | 96,300 | 753,066 | |
Store Capital Corp. | 75,000 | 2,177,250 | |
Terreno Realty Corp. | 39,680 | 1,485,222 | |
Ventas, Inc. | 177,728 | 10,315,333 | |
VEREIT, Inc. | 240,300 | 1,761,399 | |
Welltower, Inc. | 9,922 | 655,547 | |
114,222,703 | |||
Real Estate Management & Development - 0.2% | |||
Colony NorthStar Credit Real Estate, Inc. | 70,000 | 1,493,800 | |
Retail Value, Inc. (a) | 15,070 | 422,111 | |
1,915,911 | |||
TOTAL REAL ESTATE | 116,138,614 | ||
TOTAL COMMON STOCKS | |||
(Cost $116,968,190) | 137,156,854 | ||
Preferred Stocks - 23.8% | |||
Convertible Preferred Stocks - 2.5% | |||
FINANCIALS - 1.0% | |||
Mortgage Real Estate Investment Trusts - 1.0% | |||
Great Ajax Corp. 7.25% | 306,500 | 7,550,015 | |
ZAIS Financial Corp. 7.00% | 68,900 | 1,799,668 | |
9,349,683 | |||
REAL ESTATE - 1.5% | |||
Equity Real Estate Investment Trusts (REITs) - 1.3% | |||
Alexandria Real Estate Equities, Inc. Series D, 7.00% | 8,241 | 282,040 | |
Braemar Hotels & Resorts, Inc. 5.50% | 17,193 | 307,755 | |
iStar Financial, Inc. Series J, 4.50% | 44,700 | 2,048,565 | |
Lexington Corporate Properties Trust Series C, 6.50% | 70,019 | 3,432,450 | |
QTS Realty Trust, Inc. 6.50% | 8,000 | 782,455 | |
RLJ Lodging Trust Series A, 1.95% | 38,600 | 985,794 | |
Wheeler REIT, Inc. 8.75% | 208,000 | 3,918,720 | |
11,757,779 | |||
Real Estate Management & Development - 0.2% | |||
Landmark Infrastructure Partners LP 7.012% | 55,500 | 1,242,645 | |
TOTAL REAL ESTATE | 13,000,424 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 22,350,107 | ||
Nonconvertible Preferred Stocks - 21.3% | |||
FINANCIALS - 10.5% | |||
Capital Markets - 0.1% | |||
Arlington Asset Investment Corp. 6.625% | 31,528 | 757,208 | |
Mortgage Real Estate Investment Trusts - 10.4% | |||
AG Mortgage Investment Trust, Inc.: | |||
8.00% | 137,584 | 3,462,274 | |
8.25% | 1,300 | 32,735 | |
AGNC Investment Corp.: | |||
Series B, 7.75% | 29,100 | 739,140 | |
Series C, 7.00% | 61,500 | 1,555,950 | |
Annaly Capital Management, Inc.: | |||
Series C, 7.625% | 14,664 | 372,863 | |
Series D, 7.50% | 83,513 | 2,114,583 | |
Series F, 6.95% | 206,600 | 5,191,858 | |
Series G, 6.50% | 118,900 | 2,832,198 | |
Series H, 8.125% | 33,100 | 851,660 | |
Anworth Mortgage Asset Corp. Series A, 8.625% | 108,738 | 2,787,912 | |
Apollo Commercial Real Estate Finance, Inc. Series C, 8.00% | 89,058 | 2,224,669 | |
Arbor Realty Trust, Inc.: | |||
Series A, 8.25% | 41,922 | 1,075,299 | |
Series B, 7.75% | 40,000 | 1,015,200 | |
Series C, 8.50% | 15,000 | 385,065 | |
Armour Residential REIT, Inc. Series B, 7.875% | 25,701 | 641,790 | |
Capstead Mortgage Corp. Series E, 7.50% | 37,016 | 915,917 | |
Cherry Hill Mortgage Investment Corp. Series A, 8.20% | 61,500 | 1,540,046 | |
Chimera Investment Corp.: | |||
Series A, 8.00% | 36,200 | 920,204 | |
Series B, 8.00% | 328,858 | 8,517,422 | |
Series C 7.75% | 166,514 | 4,261,093 | |
Dynex Capital, Inc.: | |||
Series A, 8.50% | 96,313 | 2,449,471 | |
Series B, 7.625% | 47,335 | 1,127,993 | |
Exantas Capital Corp. 8.625% | 2,011 | 50,979 | |
Hunt Companies Finance Trust I Series A, 8.75% | 28,863 | 727,134 | |
Invesco Mortgage Capital, Inc.: | |||
7.50% | 381,256 | 9,485,649 | |
Series A, 7.75% | 30,151 | 754,077 | |
Series B, 7.75% | 226,916 | 5,840,818 | |
MFA Financial, Inc.: | |||
8.00% | 108,747 | 2,779,030 | |
Series B, 7.50% | 188,749 | 4,690,413 | |
New York Mortgage Trust, Inc.: | |||
Series B, 7.75% | 78,802 | 1,828,206 | |
Series C, 7.875% | 117,633 | 2,746,731 | |
Series D, 8.00% | 74,400 | 1,709,712 | |
PennyMac Mortgage Investment Trust: | |||
8.125% | 66,300 | 1,645,566 | |
Series B, 8.00% | 102,800 | 2,528,880 | |
Two Harbors Investment Corp.: | |||
7.50% | 113,333 | 2,716,592 | |
7.75% | 10,314 | 252,347 | |
Series A, 8.125% | 104,500 | 2,699,758 | |
Series B, 7.625% | 220,055 | 5,430,957 | |
Series C, 7.25% | 123,545 | 3,003,255 | |
Wells Fargo Real Estate Investment Corp. Series A, 6.375% | 23,000 | 585,120 | |
94,490,566 | |||
TOTAL FINANCIALS | 95,247,774 | ||
REAL ESTATE - 10.7% | |||
Equity Real Estate Investment Trusts (REITs) - 10.7% | |||
American Homes 4 Rent: | |||
6.25% | 17,800 | 418,122 | |
Series D, 6.50% | 40,000 | 962,424 | |
Series E, 6.35% | 40,000 | 947,952 | |
Series F, 5.875% | 44,883 | 1,001,340 | |
Series G, 5.875% | 34,800 | 769,776 | |
Ashford Hospitality Trust, Inc.: | |||
Series D, 8.45% | 12,945 | 330,874 | |
Series F, 7.375% | 52,000 | 1,196,218 | |
Series G, 7.375% | 20,000 | 455,910 | |
Series H, 7.50% | 28,700 | 671,916 | |
Series I, 7.50% | 47,300 | 1,096,887 | |
Bluerock Residential Growth (REIT), Inc.: | |||
Series A, 8.25% | 102,400 | 2,586,624 | |
Series C, 7.625% | 27,200 | 674,560 | |
Series D, 7.125% | 30,000 | 675,000 | |
Brookfield Property REIT, Inc. 6.375% | 38,990 | 933,811 | |
Cedar Realty Trust, Inc.: | |||
Series B, 7.25% | 24,806 | 597,328 | |
Series C, 6.50% | 50,200 | 1,071,268 | |
City Office REIT, Inc. Series A, 6.625% | 25,500 | 618,630 | |
Colony Capital, Inc.: | |||
Series B, 8.25% | 42,790 | 1,080,875 | |
Series E, 8.75% | 95,816 | 2,472,053 | |
Series G, 7.50% | 72,608 | 1,640,941 | |
Series H, 7.125% | 178,912 | 3,989,738 | |
Series I, 7.15% | 196,135 | 4,334,584 | |
Series J, 7.15% | 257,837 | 5,704,205 | |
DDR Corp.: | |||
Series J, 6.50% | 70,181 | 1,633,252 | |
Series K, 6.25% | 25,489 | 557,710 | |
Digital Realty Trust, Inc.: | |||
Series C, 6.625% | 16,000 | 418,880 | |
Series G, 5.875% | 28,270 | 691,190 | |
Series H, 7.375% | 10,000 | 255,200 | |
Farmland Partners, Inc. Series B, 6.00% | 110,000 | 2,407,119 | |
Gladstone Commercial Corp. Series D, 7.00% | 101,200 | 2,519,880 | |
Gladstone Land Corp. Series A, 6.375% | 11,000 | 281,159 | |
Global Medical REIT, Inc. Series A, 7.50% | 22,800 | 565,034 | |
Global Net Lease, Inc. Series A, 7.25% | 123,600 | 3,076,404 | |
Government Properties Income Trust 5.875% | 37,500 | 925,875 | |
Hersha Hospitality Trust Series D, 6.50% | 40,000 | 844,000 | |
Investors Real Estate Trust Series C, 6.625% | 54,100 | 1,322,745 | |
iStar Financial, Inc.: | |||
Series D, 8.00% | 62,442 | 1,531,702 | |
Series G, 7.65% | 96,000 | 2,288,640 | |
Series I, 7.50% | 26,900 | 629,460 | |
Jernigan Capital, Inc. Series B, 7.00% | 26,800 | 649,900 | |
Kimco Realty Corp. Series M, 5.25% | 22,400 | 465,696 | |
LaSalle Hotel Properties: | |||
Series I, 6.375% | 47,339 | 1,144,657 | |
Series J, 6.30% | 40,000 | 949,600 | |
Monmouth Real Estate Investment Corp. Series C, 6.125% | 40,400 | 969,596 | |
National Retail Properties, Inc. Series E, 5.70% | 46,124 | 1,098,674 | |
National Storage Affiliates Trust Series A, 6.00% | 11,300 | 273,904 | |
Pebblebrook Hotel Trust: | |||
Series C, 6.50% | 71,130 | 1,735,572 | |
Series D, 6.375% | 50,000 | 1,206,845 | |
Pennsylvania (REIT): | |||
Series B, 7.375% | 55,408 | 1,282,695 | |
Series C, 7.20% | 9,000 | 201,960 | |
Series D, 6.875% | 25,700 | 563,473 | |
Plymouth Industrial REIT, Inc. Series A, 7.50% | 28,100 | 682,549 | |
Prologis, Inc. Series Q, 8.54% | 15,800 | 963,800 | |
PS Business Parks, Inc. Series U, 5.75% | 102,483 | 2,438,060 | |
Public Storage: | |||
Series F, 5.15% | 28,000 | 638,400 | |
Series Y, 6.375% | 19,826 | 505,979 | |
QTS Realty Trust, Inc. Series A, 7.125% | 32,500 | 812,500 | |
RAIT Financial Trust: | |||
7.125% | 82,863 | 1,938,994 | |
7.625% | 46,080 | 896,256 | |
Rexford Industrial Realty, Inc.: | |||
Series A, 5.875% | 25,000 | 581,250 | |
Series B, 5.875% | 49,100 | 1,142,557 | |
Saul Centers, Inc.: | |||
Series C, 6.875% | 40,477 | 1,008,193 | |
Series D, 6.125% | 15,000 | 328,050 | |
Sotherly Hotels, Inc.: | |||
Series B, 8.00% | 12,000 | 308,628 | |
Series C, 7.875% | 18,100 | 453,894 | |
Spirit Realty Capital, Inc. Series A, 6.00% | 15,500 | 345,495 | |
Stag Industrial, Inc. Series C, 6.875% | 17,000 | 439,450 | |
Summit Hotel Properties, Inc.: | |||
Series D, 6.45% | 40,000 | 964,000 | |
Series E, 6.25% | 32,000 | 734,400 | |
Sunstone Hotel Investors, Inc.: | |||
Series E, 6.95% | 8,000 | 202,188 | |
Series F, 6.45% | 16,000 | 401,120 | |
Taubman Centers, Inc. Series K, 6.25% | 19,561 | 467,508 | |
UMH Properties, Inc.: | |||
Series B, 8.00% | 150,700 | 3,927,935 | |
Series C, 6.75% | 58,520 | 1,340,108 | |
Series D, 6.375% | 19,700 | 444,056 | |
Urstadt Biddle Properties, Inc.: | |||
Series G, 6.75% | 33,500 | 831,648 | |
Series H, 6.25% | 48,000 | 1,105,440 | |
VEREIT, Inc. Series F, 6.70% | 254,483 | 6,326,447 | |
Washington Prime Group, Inc.: | |||
Series H, 7.50% | 53,575 | 1,124,004 | |
Series I, 6.875% | 10,483 | 201,265 | |
96,276,032 | |||
Real Estate Management & Development - 0.0% | |||
Landmark Infrastructure Partners LP Series B, 7.90% | 20,800 | 489,507 | |
TOTAL REAL ESTATE | 96,765,539 | ||
UTILITIES - 0.1% | |||
Multi-Utilities - 0.1% | |||
Brookfield Infrastructure Partners LP Series 5, 5.35% | 30,700 | 584,640 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 192,597,953 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $216,990,711) | 214,948,060 | ||
Principal Amount | Value | ||
Corporate Bonds - 24.7% | |||
Convertible Bonds - 5.8% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Textiles, Apparel & Luxury Goods - 0.1% | |||
KKR Real Estate Finance Trust, Inc. 6.125% 5/15/23 unit (b) | 1,400,000 | 1,407,850 | |
FINANCIALS - 5.4% | |||
Diversified Financial Services - 0.4% | |||
Granite Point Mortgage Trust, Inc.: | |||
5.625% 12/1/22 (b) | 2,620,000 | 2,618,939 | |
6.375% 10/1/23 | 1,200,000 | 1,195,994 | |
3,814,933 | |||
Mortgage Real Estate Investment Trusts - 5.0% | |||
Apollo Commercial Real Estate Finance, Inc. 5.375% 10/15/23 | 300,000 | 294,576 | |
Arbor Realty Trust, Inc. 5.25% 7/1/21 (b) | 1,200,000 | 1,213,229 | |
Blackstone Mortgage Trust, Inc.: | |||
4.375% 5/5/22 | 2,940,000 | 2,892,745 | |
4.75% 3/15/23 | 1,600,000 | 1,572,363 | |
Colony Financial, Inc.: | |||
3.875% 1/15/21 | 5,220,000 | 4,942,385 | |
5% 4/15/23 | 3,395,000 | 3,165,838 | |
Exantas Capital Corp.: | |||
6% 12/1/18 | 1,110,000 | 1,112,743 | |
8% 1/15/20 | 1,810,000 | 1,880,228 | |
PennyMac Corp. 5.375% 5/1/20 | 6,884,000 | 6,786,770 | |
Redwood Trust, Inc. 5.625% 7/15/24 | 2,545,000 | 2,515,506 | |
RWT Holdings, Inc. 5.625% 11/15/19 | 11,250,000 | 11,354,951 | |
Starwood Property Trust, Inc. 4.375% 4/1/23 | 2,680,000 | 2,668,763 | |
Two Harbors Investment Corp. 6.25% 1/15/22 | 780,000 | 794,761 | |
Western Asset Mortgage Capital Corp. 6.75% 10/1/22 | 3,570,000 | 3,511,895 | |
44,706,753 | |||
TOTAL FINANCIALS | 48,521,686 | ||
REAL ESTATE - 0.3% | |||
Equity Real Estate Investment Trusts (REITs) - 0.3% | |||
American Realty Capital Properties, Inc. 3.75% 12/15/20 | 2,660,000 | 2,653,728 | |
TOTAL CONVERTIBLE BONDS | 52,583,264 | ||
Nonconvertible Bonds - 18.9% | |||
COMMUNICATION SERVICES - 0.0% | |||
Media - 0.0% | |||
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. 5.625% 2/15/24 | 240,000 | 240,300 | |
CONSUMER DISCRETIONARY - 4.7% | |||
Hotels, Restaurants & Leisure - 0.8% | |||
ESH Hospitality, Inc. 5.25% 5/1/25 (b) | 3,460,000 | 3,274,025 | |
FelCor Lodging LP 6% 6/1/25 | 1,380,000 | 1,428,300 | |
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 6.125% 12/1/24 | 460,000 | 464,600 | |
Times Square Hotel Trust 8.528% 8/1/26 (b) | 1,971,693 | 2,251,401 | |
7,418,326 | |||
Household Durables - 3.9% | |||
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | |||
6.75% 8/1/25 (b) | 2,780,000 | 2,578,450 | |
6.875% 2/15/21 (b) | 2,669,000 | 2,669,000 | |
Beazer Homes U.S.A., Inc.: | |||
5.875% 10/15/27 | 1,720,000 | 1,388,900 | |
6.75% 3/15/25 | 1,535,000 | 1,346,963 | |
8.75% 3/15/22 | 1,030,000 | 1,040,300 | |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (b) | 1,060,000 | 1,038,800 | |
Brookfield Residential Properties, Inc.: | |||
6.375% 5/15/25 (b) | 2,000,000 | 1,882,500 | |
6.5% 12/15/20 (b) | 2,425,000 | 2,425,000 | |
KB Home 8% 3/15/20 | 2,395,000 | 2,505,769 | |
LGI Homes, Inc. 6.875% 7/15/26 (b) | 1,935,000 | 1,838,250 | |
M/I Homes, Inc.: | |||
5.625% 8/1/25 | 1,395,000 | 1,283,400 | |
6.75% 1/15/21 | 735,000 | 736,838 | |
Meritage Homes Corp.: | |||
5.125% 6/6/27 | 885,000 | 778,800 | |
6% 6/1/25 | 3,085,000 | 3,000,163 | |
7% 4/1/22 | 2,005,000 | 2,064,549 | |
7.15% 4/15/20 | 1,940,000 | 1,988,500 | |
New Home Co. LLC 7.25% 4/1/22 | 1,640,000 | 1,615,400 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 4/15/23 (b) | 760,000 | 750,500 | |
TRI Pointe Homes, Inc. 5.25% 6/1/27 | 875,000 | 747,031 | |
William Lyon Homes, Inc.: | |||
5.875% 1/31/25 | 1,915,000 | 1,687,594 | |
7% 8/15/22 | 1,245,000 | 1,243,444 | |
34,610,151 | |||
TOTAL CONSUMER DISCRETIONARY | 42,028,477 | ||
CONSUMER STAPLES - 0.8% | |||
Food & Staples Retailing - 0.8% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
5.75% 3/15/25 | 2,670,000 | 2,349,600 | |
6.625% 6/15/24 | 1,455,000 | 1,374,975 | |
Albertsons, Inc. 8.7% 5/1/30 | 845,000 | 758,388 | |
C&S Group Enterprises LLC 5.375% 7/15/22 (b) | 2,280,000 | 2,200,200 | |
Cumberland Farms, Inc. 6.75% 5/1/25 (b) | 365,000 | 375,038 | |
7,058,201 | |||
FINANCIALS - 0.6% | |||
Diversified Financial Services - 0.5% | |||
Brixmor Operating Partnership LP 3.85% 2/1/25 | 1,659,000 | 1,583,802 | |
Five Point Operation Co. LP 7.875% 11/15/25 (b) | 1,875,000 | 1,857,563 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
5.875% 2/1/22 | 820,000 | 820,082 | |
6.25% 2/1/22 | 280,000 | 282,677 | |
4,544,124 | |||
Mortgage Real Estate Investment Trusts - 0.1% | |||
Starwood Property Trust, Inc. 4.75% 3/15/25 | 700,000 | 666,750 | |
TOTAL FINANCIALS | 5,210,874 | ||
HEALTH CARE - 0.9% | |||
Health Care Providers & Services - 0.9% | |||
Sabra Health Care LP/Sabra Capital Corp.: | |||
5.375% 6/1/23 | 4,040,000 | 4,019,800 | |
5.5% 2/1/21 | 4,450,000 | 4,508,406 | |
8,528,206 | |||
INDUSTRIALS - 0.1% | |||
Building Products - 0.1% | |||
Shea Homes Ltd. Partnership/Corp. 6.125% 4/1/25 (b) | 1,390,000 | 1,292,700 | |
INFORMATION TECHNOLOGY - 0.1% | |||
IT Services - 0.1% | |||
CyrusOne LP/CyrusOne Finance Corp. 5% 3/15/24 | 615,000 | 615,000 | |
REAL ESTATE - 11.7% | |||
Equity Real Estate Investment Trusts (REITs) - 8.5% | |||
American Homes 4 Rent 4.25% 2/15/28 | 2,000,000 | 1,895,909 | |
ARC Properties Operating Partnership LP 4.6% 2/6/24 | 1,640,000 | 1,640,772 | |
Care Capital Properties LP 5.125% 8/15/26 | 6,386,000 | 6,113,999 | |
CBL & Associates LP: | |||
4.6% 10/15/24 | 5,401,000 | 4,293,795 | |
5.25% 12/1/23 | 3,500,000 | 2,940,000 | |
5.95% 12/15/26 | 2,434,000 | 2,026,743 | |
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 | 1,343,000 | 1,309,425 | |
DDR Corp.: | |||
3.625% 2/1/25 | 128,000 | 120,346 | |
4.625% 7/15/22 | 370,000 | 376,440 | |
Equinix, Inc. 5.375% 5/15/27 | 1,175,000 | 1,163,250 | |
HCP, Inc.: | |||
4% 6/1/25 | 2,000,000 | 1,944,569 | |
4.25% 11/15/23 | 1,185,000 | 1,177,816 | |
Healthcare Realty Trust, Inc. 3.75% 4/15/23 | 967,000 | 947,326 | |
Hospitality Properties Trust 5% 8/15/22 | 823,000 | 840,093 | |
iStar Financial, Inc.: | |||
4.625% 9/15/20 | 1,140,000 | 1,131,450 | |
5% 7/1/19 | 2,733,000 | 2,734,708 | |
5.25% 9/15/22 | 715,000 | 691,763 | |
6% 4/1/22 | 1,490,000 | 1,486,275 | |
Lexington Corporate Properties Trust: | |||
4.25% 6/15/23 | 2,500,000 | 2,440,289 | |
4.4% 6/15/24 | 385,000 | 376,155 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
5% 10/15/27 | 4,130,000 | 3,880,961 | |
5.25% 8/1/26 | 1,380,000 | 1,331,700 | |
6.375% 3/1/24 | 790,000 | 817,650 | |
National Retail Properties, Inc.: | |||
3.5% 10/15/27 | 579,000 | 540,202 | |
4.3% 10/15/28 | 500,000 | 492,105 | |
Omega Healthcare Investors, Inc.: | |||
4.375% 8/1/23 | 579,000 | 572,635 | |
4.5% 4/1/27 | 455,000 | 435,305 | |
4.75% 1/15/28 | 1,479,000 | 1,433,734 | |
4.95% 4/1/24 | 627,000 | 631,265 | |
Regency Centers LP 3.6% 2/1/27 | 442,000 | 416,379 | |
SBA Communications Corp. 4% 10/1/22 | 425,000 | 406,938 | |
Select Income REIT: | |||
4.15% 2/1/22 | 1,992,000 | 1,961,824 | |
4.25% 5/15/24 | 890,000 | 848,127 | |
4.5% 2/1/25 | 3,457,000 | 3,307,318 | |
Senior Housing Properties Trust: | |||
3.25% 5/1/19 | 500,000 | 499,962 | |
4.75% 5/1/24 | 11,978,000 | 11,845,517 | |
4.75% 2/15/28 | 4,000,000 | 3,820,034 | |
6.75% 4/15/20 | 576,000 | 590,633 | |
6.75% 12/15/21 | 2,000,000 | 2,117,422 | |
VEREIT Operating Partnership LP 4.875% 6/1/26 | 2,055,000 | 2,052,439 | |
WP Carey, Inc.: | |||
4% 2/1/25 | 344,000 | 333,202 | |
4.25% 10/1/26 | 905,000 | 871,598 | |
4.6% 4/1/24 | 1,968,000 | 1,978,459 | |
76,836,532 | |||
Real Estate Management & Development - 3.2% | |||
Greystar Real Estate Partners 5.75% 12/1/25 (b) | 1,285,000 | 1,246,450 | |
Howard Hughes Corp. 5.375% 3/15/25 (b) | 6,380,000 | 6,124,800 | |
Kennedy-Wilson, Inc. 5.875% 4/1/24 | 9,905,000 | 9,508,800 | |
Mattamy Group Corp.: | |||
6.5% 10/1/25 (b) | 2,885,000 | 2,711,900 | |
6.875% 12/15/23 (b) | 1,985,000 | 1,932,894 | |
Mid-America Apartments LP: | |||
3.75% 6/15/24 | 337,000 | 329,336 | |
4.3% 10/15/23 | 740,000 | 747,555 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.625% 3/1/24 (b) | 1,345,000 | 1,304,650 | |
Washington Prime Group LP 5.95% 8/15/24 | 5,008,000 | 4,621,783 | |
28,528,168 | |||
TOTAL REAL ESTATE | 105,364,700 | ||
TOTAL NONCONVERTIBLE BONDS | 170,338,458 | ||
TOTAL CORPORATE BONDS | |||
(Cost $227,423,568) | 222,921,722 | ||
Asset-Backed Securities - 3.6% | |||
American Homes 4 Rent: | |||
Series 2014-SFR3 Class E, 6.418% 12/17/36 (b) | 1,740,000 | 1,888,465 | |
Series 2015-SFR1 Class E, 5.639% 4/17/52 (b) | 1,354,586 | 1,409,656 | |
Series 2015-SFR2: | |||
Class E, 6.07% 10/17/45 (b) | 1,624,000 | 1,730,560 | |
Class XS, 0% 10/17/45 (b)(c)(d)(e) | 936,546 | 9 | |
Colony Starwood Homes Series 2016-2A Class F, 1 month U.S. LIBOR + 4.150% 6.4295% 12/17/33 (b)(c)(f) | 1,500,000 | 1,508,528 | |
Conseco Finance Securitizations Corp.: | |||
Series 2002-1 Class M2, 9.546% 12/1/33 | 1,216,000 | 1,288,574 | |
Series 2002-2 Class M2, 9.163% 3/1/33 | 1,785,295 | 1,646,168 | |
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 | 308,630 | 313,801 | |
Home Partners of America Credit Trust Series 2017-1 Class F, 1 month U.S. LIBOR + 3.539% 5.8285% 7/17/34 (b)(c)(f) | 1,099,000 | 1,105,939 | |
Home Partners of America Trust: | |||
Series 2016-2 Class F, 1 month U.S. LIBOR + 4.700% 6.9895% 10/17/33 (b)(c)(f) | 607,000 | 609,092 | |
Series 2018-1 Class F, 1 month U.S. LIBOR + 2.350% 4.6395% 7/17/37 (b)(c)(f) | 604,000 | 605,510 | |
Invitation Homes Trust: | |||
Series 2017-SFR2 Class F, 1 month U.S. LIBOR + 3.000% 5.2895% 12/17/36 (b)(c)(f) | 1,407,000 | 1,422,427 | |
Series 2018-SFR1 Class F, 1 month U.S. LIBOR + 2.500% 4.7895% 3/17/37 (b)(c)(f) | 2,058,000 | 2,072,640 | |
Series 2018-SFR2 Class F, 1 month U.S. LIBOR + 2.250% 4.5295% 6/17/37 (b)(c)(f) | 1,000,000 | 1,002,825 | |
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 | 2,524,848 | 1,782,763 | |
Progress Residential Trust: | |||
Series 2015-SFR3 Class F, 6.643% 11/12/32 (b) | 588,000 | 604,039 | |
Series 2017-SFR1 Class F, 5.35% 8/17/34 (b) | 526,000 | 531,500 | |
Series 2017-SFR2 Class F, 1 month U.S. LIBOR + 2.750% 4.836% 12/17/34 (b)(f) | 783,000 | 777,380 | |
Series 2018-SFR2 Class F, 4.953% 8/17/35 (b) | 598,000 | 589,176 | |
Series 2018-SFR3 Class F, 5.368% 10/17/35 (b) | 588,000 | 589,599 | |
Residential Asset Securities Corp. Series 2003-KS10 Class MI3, 5.6269% 12/25/33 | 211,372 | 137,184 | |
Starwood Waypoint Homes Trust Series 2017-1: | |||
Class E, 1 month U.S. LIBOR + 2.600% 4.8795% 1/17/35 (b)(c)(f) | 994,000 | 997,786 | |
Class F, 1 month U.S. LIBOR + 3.400% 5.6795% 1/17/35 (b)(c)(f) | 2,132,000 | 2,147,751 | |
Tricon American Homes: | |||
Series 2017-SFR1 Class F, 5.151% 9/17/34 (b) | 1,432,000 | 1,432,451 | |
Series 2017-SFR2 Class F, 5.104% 1/17/36 (b) | 628,000 | 625,822 | |
Series 2018-SFR1 Class F, 4.96% 5/17/37 (b) | 1,386,000 | 1,353,134 | |
Tricon American Homes Trust Series 2016-SFR1 Class F, 5.769% 11/17/33 (b) | 1,310,000 | 1,330,621 | |
VB-S1 Issuer LLC: | |||
Series 2016-1A Class F, 6.901% 6/15/46 (b) | 1,453,000 | 1,487,368 | |
Series 2018-1A Class F, 5.25% 2/15/48 (b) | 2,044,000 | 2,026,723 | |
TOTAL ASSET-BACKED SECURITIES | |||
(Cost $32,600,612) | 33,017,491 | ||
Collateralized Mortgage Obligations - 0.4% | |||
Private Sponsor - 0.4% | |||
FREMF Mortgage Trust: | |||
Series 2010-K6 Class B, 5.3672% 12/25/46 (b)(c) | 811,000 | 827,400 | |
Series 2010-K7 Class B, 5.5005% 4/25/20 (b)(c) | 2,605,000 | 2,671,497 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |||
(Cost $3,369,380) | 3,498,897 | ||
Commercial Mortgage Securities - 23.7% | |||
BANK: | |||
Series 2017-BNK4 Class D, 3.357% 5/15/50 (b) | 588,000 | 485,406 | |
Series 2018-BN12 Class D, 3% 5/15/61 (b) | 299,000 | 237,500 | |
Barclays Commercial Mortgage Securities LLC Series 2015-STP: | |||
Class E, 4.2844% 9/10/28 (b)(c) | 1,626,000 | 1,561,816 | |
Class F, 4.2844% 9/10/28 (b)(c) | 800,000 | 739,966 | |
BX Commercial Mortgage Trust floater Series 2018-BIOA Class F, 1 month U.S. LIBOR + 2.471% 4.7506% 3/15/37 (b)(c)(f) | 2,000,000 | 2,003,101 | |
BX Trust: | |||
floater Series 2018-IND: | |||
Class G, 1 month U.S. LIBOR + 2.050% 4.33% 11/15/35 (b)(c)(f) | 1,585,000 | 1,585,000 | |
Class H, 1 month U.S. LIBOR + 3.000% 5.28% 11/15/35 (b)(c)(f) | 1,554,000 | 1,554,752 | |
Series 2017-IMC Class F, 1 month U.S. LIBOR + 4.250% 6.5295% 10/15/32 (b)(c)(f) | 2,119,000 | 2,121,611 | |
CCRESG Commercial Mortgage Trust Series 2016-HEAT: | |||
Class E, 5.4883% 4/10/29 (b)(c) | 806,000 | 810,787 | |
Class F, 5.4883% 4/10/29 (b)(c) | 1,890,000 | 1,841,220 | |
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (b) | 2,188,000 | 1,824,459 | |
CGBAM Commercial Mortgage Trust Series 2015-SMRT: | |||
Class E, 3.7859% 4/10/28 (b)(c) | 561,000 | 555,823 | |
Class F, 3.7859% 4/10/28 (b)(c) | 1,882,000 | 1,859,759 | |
CGMS Commercial Mortgage Trust Series 2017-MDRB Class E, 1 month U.S. LIBOR + 3.872% 6.151% 7/15/30 (b)(c)(f) | 1,154,000 | 1,145,306 | |
Citigroup Commercial Mortgage Trust: | |||
Series 2013-GC15 Class D, 5.2172% 9/10/46 (b)(c) | 2,496,000 | 2,490,638 | |
Series 2015-SHP2 Class E, 1 month U.S. LIBOR + 4.350% 6.6295% 7/15/27 (b)(c)(f) | 567,000 | 569,811 | |
Series 2016-C3 Class D, 3% 11/15/49 (b) | 2,911,000 | 2,242,154 | |
COMM Mortgage Trust: | |||
floater Series 2018-HCLV: | |||
Class F, 1 month U.S. LIBOR + 3.050% 5.3295% 9/15/33 (b)(c)(f) | 735,000 | 726,121 | |
Class G, 1 month U.S. LIBOR + 5.056% 7.3358% 9/15/33 (b)(c)(f) | 735,000 | 691,690 | |
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (b) | 2,000,000 | 1,581,542 | |
Series 2012-CR1: | |||
Class C, 5.3208% 5/15/45 (c) | 3,000,000 | 3,066,119 | |
Class D, 5.3208% 5/15/45 (b)(c) | 1,917,000 | 1,904,777 | |
Class G, 2.462% 5/15/45 (b) | 1,133,000 | 834,881 | |
Series 2012-LC4: | |||
Class C, 5.603% 12/10/44 (c) | 780,000 | 771,158 | |
Class D, 5.603% 12/10/44 (b)(c) | 3,532,000 | 3,166,931 | |
Series 2013-CCRE6 Class E, 4.0861% 3/10/46 (b)(c) | 147,000 | 124,552 | |
Series 2013-CR10 Class D, 4.8118% 8/10/46 (b)(c) | 1,756,000 | 1,677,702 | |
Series 2013-CR12 Class D, 5.0877% 10/10/46 (b)(c) | 2,900,000 | 2,550,778 | |
Series 2013-CR6 Class F, 4.0861% 3/10/46 (b)(c) | 1,459,000 | 1,020,801 | |
Series 2013-LC6 Class D, 4.2637% 1/10/46 (b)(c) | 2,732,000 | 2,638,496 | |
Series 2014-UBS2 Class D, 5.0211% 3/10/47 (b)(c) | 537,000 | 473,920 | |
Series 2016-CD1 Class D, 2.7696% 8/10/49 (b)(c) | 2,104,000 | 1,699,279 | |
Series 2017-CD4 Class D, 3.3% 5/10/50 (b) | 1,161,000 | 958,922 | |
COMM Mortgage Trust pass-thru certificates Series 2005-LP5 Class F, 4.5449% 5/10/43 (b)(c) | 1,311,456 | 1,298,953 | |
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2 Class D, 4.8316% 8/15/45 (b)(c) | 836,000 | 817,328 | |
Core Industrial Trust: | |||
Series 2015-TEXW Class F, 3.8487% 2/10/34 (b)(c) | 2,067,000 | 1,999,123 | |
Series 2015-WEST Class F, 4.2268% 2/10/37 (b)(c) | 2,496,000 | 2,365,661 | |
CSAIL Commercial Mortgage Trust: | |||
Series 2017-C8 Class D, 4.47% 6/15/50 (b) | 1,717,000 | 1,518,290 | |
Series 2017-CX10 Class UESD, 4.2366% 10/15/32 (b)(c) | 1,206,000 | 1,151,737 | |
Series 2017-CX9 Class D, 4.1581% 9/15/50 (b)(c) | 432,000 | 379,355 | |
CSMC Trust Series 2016-MFF Class F, 1 month U.S. LIBOR + 7.250% 9.5295% 11/15/33 (b)(c)(f) | 2,700,000 | 2,726,310 | |
DBCCRE Mortgage Trust Series 2014-ARCP: | |||
Class D, 4.9345% 1/10/34 (b)(c) | 1,000,000 | 970,903 | |
Class E, 4.9345% 1/10/34 (b)(c) | 2,047,000 | 1,936,019 | |
DBUBS Mortgage Trust: | |||
Series 2011-LC1A: | |||
Class E, 5.6981% 11/10/46 (b)(c) | 2,745,000 | 2,824,202 | |
Class G, 4.652% 11/10/46 (b) | 2,640,000 | 2,389,711 | |
Series 2011-LC3A Class D, 5.3378% 8/10/44 (b)(c) | 728,000 | 743,306 | |
Freddie Mac pass-thru certificates: | |||
Series K011 Class X3, 2.5725% 12/25/43 (c)(d) | 4,947,000 | 253,699 | |
Series K012 Class X3, 2.2521% 1/25/41 (c)(d) | 2,799,977 | 130,806 | |
Series K013 Class X3, 2.8141% 1/25/43 (c)(d) | 4,806,000 | 283,737 | |
GAHR Commercial Mortgage Trust Series 2015-NRF: | |||
Class DFX, 3.3822% 12/15/34 (b)(c) | 300,000 | 297,775 | |
Class EFX, 3.3822% 12/15/34 (b)(c) | 2,947,000 | 2,914,377 | |
Class FFX, 3.3822% 12/15/34 (b)(c) | 3,708,000 | 3,647,958 | |
Class GFX, 3.3822% 12/15/34 (b)(c) | 3,333,000 | 3,269,836 | |
GPMT Ltd. floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.950% 5.232% 11/21/35 (b)(c)(f) | 1,500,000 | 1,507,500 | |
GS Mortgage Securities Trust: | |||
floater Series 2018-RIVR Class G, 1 month U.S. LIBOR + 2.600% 4.8795% 7/15/35 (b)(c)(f) | 669,000 | 660,557 | |
Series 2010-C2 Class D, 5.1815% 12/10/43 (b)(c) | 2,000,000 | 2,017,705 | |
Series 2011-GC5: | |||
Class D, 5.3913% 8/10/44 (b)(c) | 2,516,000 | 2,447,159 | |
Class E, 5.3913% 8/10/44 (b)(c) | 756,000 | 630,902 | |
Class F, 4.5% 8/10/44 (b) | 588,000 | 333,989 | |
Series 2012-GC6: | |||
Class C, 5.6517% 1/10/45 (b)(c) | 2,400,000 | 2,479,536 | |
Class D, 5.6517% 1/10/45 (b)(c) | 1,816,000 | 1,799,887 | |
Class E, 5% 1/10/45 (b)(c) | 831,000 | 719,462 | |
Series 2012-GCJ7: | |||
Class C, 5.702% 5/10/45 (c) | 3,500,000 | 3,571,546 | |
Class D, 5.702% 5/10/45 (b)(c) | 3,425,000 | 3,205,115 | |
Class E, 5% 5/10/45 (b) | 975,966 | 644,007 | |
Series 2012-GCJ9: | |||
Class D, 4.7474% 11/10/45 (b)(c) | 1,507,000 | 1,472,968 | |
Class E, 4.7474% 11/10/45 (b)(c) | 333,000 | 296,967 | |
Series 2013-GC14 Class D, 4.7585% 8/10/46 (b)(c) | 320,000 | 300,741 | |
Series 2013-GC16: | |||
Class D, 5.2978% 11/10/46 (b)(c) | 3,250,000 | 3,186,386 | |
Class F, 3.5% 11/10/46 (b) | 1,428,000 | 1,047,129 | |
Series 2016-GS2 Class D, 2.753% 5/10/49 (b) | 1,964,000 | 1,612,425 | |
Series 2016-GS3 Class D, 2.62% 10/10/49 (b) | 602,000 | 476,696 | |
Series 2016-REMZ Class MZB, 7.727% 2/10/21 (b) | 5,523,000 | 5,625,005 | |
Series 2016-RENT: | |||
Class E, 4.0667% 2/10/29 (b)(c) | 2,614,000 | 2,561,942 | |
Class F, 4.0667% 2/10/29 (b)(c) | 3,110,000 | 3,031,920 | |
Hilton U.S.A. Trust: | |||
Series 2016-HHV Class F, 4.1935% 11/5/38 (b)(c) | 1,460,000 | 1,300,820 | |
Series 2016-SFP Class F, 6.1552% 11/5/35 (b) | 4,443,000 | 4,472,718 | |
IMT Trust Series 2017-APTS: | |||
Class EFX, 3.4966% 6/15/34 (b)(c) | 1,589,000 | 1,448,881 | |
Class FFL, 1 month U.S. LIBOR + 2.850% 5.1295% 6/15/34 (b)(c)(f) | 664,000 | 663,376 | |
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (b) | 504,000 | 491,919 | |
Invitation Homes Trust floater: | |||
Series 2018-SFR3 Class F, 1 month U.S. LIBOR + 2.250% 4.5395% 7/17/37 (b)(c)(f) | 1,491,000 | 1,495,256 | |
Series 2018-SFR4 Class F, 1 month U.S. LIBOR + 2.200% 4.5% 1/17/38 (b)(c)(f) | 590,000 | 589,963 | |
JPMBB Commercial Mortgage Securities Trust: | |||
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (b) | 1,526,000 | 1,286,311 | |
Series 2014-C26 Class D, 3.9219% 1/15/48 (b)(c) | 602,000 | 546,802 | |
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.4571% 12/15/49 (b)(c) | 1,809,000 | 1,523,450 | |
JPMDB Commercial Mortgage Securities Trust: | |||
Series 2016-C4 Class D, 3.0939% 12/15/49 (b)(c) | 1,308,000 | 1,060,194 | |
Series 2018-C8 Class D, 3.2456% 6/15/51 (b)(c) | 302,000 | 243,965 | |
JPMorgan Chase Commercial Mortgage Securities Corp.: | |||
Series 2003-C1 Class F, 5.4805% 1/12/37 (b)(c) | 466,318 | 474,906 | |
Series 2012-CBX: | |||
Class C, 5.1909% 6/15/45 (c) | 1,240,000 | 1,245,527 | |
Class E, 5.1909% 6/15/45 (b)(c) | 1,037,000 | 946,355 | |
Class G 4% 6/15/45 (b) | 805,000 | 417,053 | |
JPMorgan Chase Commercial Mortgage Securities Trust: | |||
Series 2011-C3: | |||
Class E, 5.6762% 2/15/46 (b)(c) | 3,311,000 | 3,252,131 | |
Class G, 4.409% 2/15/46 (b)(c) | 1,680,000 | 1,382,354 | |
Class H, 4.409% 2/15/46 (b)(c) | 1,320,000 | 989,224 | |
Series 2011-C4 Class E, 5.5358% 7/15/46 (b)(c) | 1,390,000 | 1,426,365 | |
Series 2013-LC11: | |||
Class D, 4.1629% 4/15/46 (c) | 1,207,000 | 1,052,904 | |
Class F, 3.25% 4/15/46 (b)(c) | 482,000 | 296,239 | |
Series 2015-UES Class F, 3.621% 9/5/32 (b)(c) | 1,843,000 | 1,799,074 | |
Series 2018-AON Class F, 4.6132% 7/5/31 (b) | 904,000 | 882,826 | |
Merrill Lynch Mortgage Trust Series 2006-C1 Class AJ, 5.5939% 5/12/39 (c) | 391,605 | 393,736 | |
Morgan Stanley BAML Trust: | |||
Series 2012-C5 Class E, 4.6859% 8/15/45 (b)(c) | 670,000 | 660,343 | |
Series 2012-C6 Class D, 4.5736% 11/15/45 (b)(c) | 2,000,000 | 1,991,111 | |
Series 2013-C12 Class D, 4.7613% 10/15/46 (b)(c) | 1,500,000 | 1,446,797 | |
Series 2013-C13: | |||
Class D, 4.903% 11/15/46 (b)(c) | 2,935,000 | 2,913,092 | |
Class E, 4.903% 11/15/46 (b)(c) | 621,000 | 554,153 | |
Series 2013-C7: | |||
Class D, 4.2328% 2/15/46 (b)(c) | 998,000 | 902,079 | |
Class E, 4.2328% 2/15/46 (b)(c) | 1,490,000 | 1,180,919 | |
Series 2013-C9 Class C, 4.0385% 5/15/46 (c) | 588,000 | 582,066 | |
Series 2016-C30 Class D, 3% 9/15/49 (b) | 963,000 | 783,690 | |
Series 2016-C31 Class D, 3% 11/15/49 (b)(c) | 1,500,000 | 1,151,194 | |
Series 2016-C32 Class D, 3.396% 12/15/49 (b) | 1,071,000 | 875,484 | |
Morgan Stanley Capital I Trust: | |||
sequential payer Series 2012-C4 Class E, 5.42% 3/15/45 (b)(c) | 1,284,000 | 1,113,318 | |
Series 1998-CF1 Class G, 7.35% 7/15/32 (b) | 278,409 | 237,360 | |
Series 2011-C2: | |||
Class D, 5.4847% 6/15/44 (b)(c) | 2,382,000 | 2,364,962 | |
Class E, 5.4847% 6/15/44 (b)(c) | 2,396,000 | 2,279,439 | |
Class F, 5.4847% 6/15/44 (b)(c) | 1,467,000 | 1,303,189 | |
Class XB, 0.5352% 6/15/44 (b)(c)(d) | 51,641,000 | 656,274 | |
Series 2011-C3: | |||
Class E, 5.1539% 7/15/49 (b)(c) | 255,000 | 253,752 | |
Class F, 5.1539% 7/15/49 (b)(c) | 572,000 | 552,388 | |
Class G, 5.1539% 7/15/49 (b)(c) | 715,000 | 623,940 | |
Series 2012-C4 Class D, 5.42% 3/15/45 (b)(c) | 1,640,000 | 1,557,228 | |
Series 2015-MS1 Class D, 4.0305% 5/15/48 (b)(c) | 1,922,000 | 1,710,157 | |
Series 2015-UBS8 Class D, 3.18% 12/15/48 (b) | 987,000 | 827,608 | |
Series 2016-BNK2 Class C, 3% 11/15/49 (b) | 2,312,000 | 1,870,195 | |
Motel 6 Trust floater: | |||
Series 2017-M6MZ, Class M, 1 month U.S. LIBOR + 6.927% 9.206% 8/15/19 (b)(c)(f) | 1,319,349 | 1,331,963 | |
Series 2017-MTL6, Class F, 1 month U.S. LIBOR + 4.250% 6.5295% 8/15/34 (b)(c)(f) | 2,249,497 | 2,252,294 | |
MSCCG Trust floater Series 2018-SELF Class E, 1 month U.S. LIBOR + 2.150% 4.45% 10/15/28 (b)(c)(f) | 882,000 | 880,091 | |
MSCG Trust Series 2016-SNR: | |||
Class D, 6.55% 11/15/34 (b) | 2,828,800 | 2,790,222 | |
Class E, 6.8087% 11/15/34 (b) | 1,746,750 | 1,655,480 | |
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 4.851% 9/5/47 (b)(c) | 1,000,000 | 888,510 | |
Natixis Commercial Mortgage Securities Trust floater Series 2018-FL1: | |||
Class WAN1, 1 month U.S. LIBOR + 2.750% 4.909% 6/15/35 (b)(c)(f) | 315,000 | 314,273 | |
Class WAN2, 1 month U.S. LIBOR + 3.750% 5.909% 6/15/35 (b)(c)(f) | 113,725 | 113,470 | |
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (b) | 1,141,381 | 1,333,782 | |
RETL floater Series 2018-RVP Class E, 1 month U.S. LIBOR + 4.500% 6.7795% 3/15/33 (b)(c)(f) | 1,359,359 | 1,366,136 | |
UBS Commercial Mortgage Trust Series 2012-C1: | |||
Class D, 5.5439% 5/10/45 (b)(c) | 645,000 | 635,135 | |
Class E, 5% 5/10/45 (b)(c) | 1,165,000 | 1,025,750 | |
Class F, 5% 5/10/45 (b)(c) | 399,000 | 287,205 | |
UBS-BAMLL Trust Series 12-WRM Class D, 4.238% 6/10/30 (b)(c) | 1,460,000 | 1,404,941 | |
Wells Fargo Commercial Mortgage Trust: | |||
Series 2012-LC5: | |||
Class D, 4.763% 10/15/45 (b)(c) | 492,000 | 483,818 | |
Class E, 4.763% 10/15/45 (b)(c) | 1,445,000 | 1,402,798 | |
Series 2016-BNK1 Class D, 3% 8/15/49 (b) | 1,260,000 | 1,020,899 | |
Series 2016-C35 Class D, 3.142% 7/15/48 (b) | 3,317,000 | 2,650,914 | |
Series 2016-NXS6 Class D, 3.059% 11/15/49 (b) | 906,000 | 726,318 | |
Series 2017-C38 Class D, 3% 7/15/50 (b)(c) | 757,000 | 597,327 | |
WF-RBS Commercial Mortgage Trust: | |||
Series 2011-C3: | |||
Class C, 5.335% 3/15/44 (b) | 2,100,000 | 2,128,607 | |
Class D, 5.6827% 3/15/44 (b)(c) | 1,000,000 | 879,122 | |
Series 2011-C5: | |||
Class C, 5.6724% 11/15/44 (b)(c) | 1,250,000 | 1,300,855 | |
Class E, 5.6724% 11/15/44 (b)(c) | 693,000 | 687,536 | |
Class F, 5.25% 11/15/44 (b)(c) | 2,000,000 | 1,754,022 | |
Class G, 5.25% 11/15/44 (b)(c) | 1,000,000 | 828,175 | |
Series 2012-C7 Class D, 4.8217% 6/15/45 (b)(c) | 620,000 | 564,409 | |
Series 2012-C8 Class E, 4.892% 8/15/45 (b)(c) | 524,000 | 509,875 | |
Series 2013-C16 Class D, 5.0381% 9/15/46 (b)(c) | 673,000 | 627,469 | |
Series 2013-UBS1 Class D, 4.6915% 3/15/46 (b)(c) | 859,000 | 789,848 | |
WFCG Commercial Mortgage Trust floater Series 2015-BXRP: | |||
Class F, 1 month U.S. LIBOR + 3.720% 5.9998% 11/15/29 (b)(c)(f) | 952,061 | 950,168 | |
Class G, 1 month U.S. LIBOR + 3.020% 5.2995% 11/15/29 (b)(c)(f) | 1,614,085 | 1,594,677 | |
WP Glimcher Mall Trust Series 2015-WPG: | |||
Class PR1, 3.516% 6/5/35 (b)(c) | 1,168,000 | 907,954 | |
Class PR2, 3.516% 6/5/35 (b)(c) | 459,000 | 329,788 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES | |||
(Cost $207,364,636) | 214,152,326 | ||
Bank Loan Obligations - 5.2% | |||
COMMUNICATION SERVICES - 0.3% | |||
Wireless Telecommunication Services - 0.3% | |||
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.31% 4/11/25 (c)(f) | 3,097,238 | 3,089,154 | |
CONSUMER DISCRETIONARY - 0.7% | |||
Hotels, Restaurants & Leisure - 0.5% | |||
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.052% 12/22/24 (c)(f) | 565,725 | 565,646 | |
ESH Hospitality, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.302% 8/30/23 (c)(f) | 2,245,754 | 2,241,555 | |
LTF Merger Sub, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.0626% 6/10/22 (c)(f) | 447,739 | 446,901 | |
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.05% 4/27/24 (c)(f) | 741,326 | 729,977 | |
Wyndham Destinations, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.552% 5/31/25 (c)(f) | 455,000 | 454,718 | |
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.052% 5/30/25 (c)(f) | 240,000 | 239,750 | |
4,678,547 | |||
Multiline Retail - 0.2% | |||
JC Penney Corp., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.5673% 6/23/23 (c)(f) | 1,865,322 | 1,666,796 | |
TOTAL CONSUMER DISCRETIONARY | 6,345,343 | ||
CONSUMER STAPLES - 0.7% | |||
Food & Staples Retailing - 0.7% | |||
Albertson's LLC Tranche B, term loan: | |||
3 month U.S. LIBOR + 3.000% 5.3114% 6/22/23 (c)(f) | 3,106,384 | 3,090,852 | |
3 month U.S. LIBOR + 3.000% 5.381% 12/21/22 (c)(f) | 3,083,984 | 3,074,547 | |
6,165,399 | |||
ENERGY - 0.8% | |||
Energy Equipment & Services - 0.2% | |||
Kestrel Acquisition LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.56% 6/1/25 (c)(f) | 1,496,250 | 1,504,973 | |
Oil, Gas & Consumable Fuels - 0.6% | |||
Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 8.1361% 12/19/20 (c)(f) | 4,417,267 | 4,375,877 | |
TPF II Power LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.052% 10/2/23 (c)(f) | 1,002,160 | 999,495 | |
5,375,372 | |||
TOTAL ENERGY | 6,880,345 | ||
FINANCIALS - 0.2% | |||
Diversified Financial Services - 0.2% | |||
Veritas-B Junior Mezz C LLC 10.48% 2/6/21 (c)(e) | 1,629,000 | 1,706,540 | |
Thrifts & Mortgage Finance - 0.0% | |||
Ocwen Loan Servicing LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.2796% 12/5/20 (c)(f) | 554,718 | 555,067 | |
TOTAL FINANCIALS | 2,261,607 | ||
HEALTH CARE - 0.2% | |||
Health Care Providers & Services - 0.2% | |||
Community Health Systems, Inc. Tranche H, term loan 3 month U.S. LIBOR + 3.250% 5.5626% 1/27/21 (c)(f) | 1,450,394 | 1,418,093 | |
INDUSTRIALS - 0.2% | |||
Commercial Services & Supplies - 0.2% | |||
Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 2/27/25 (c)(f) | 1,850,700 | 1,836,042 | |
INFORMATION TECHNOLOGY - 0.1% | |||
Electronic Equipment & Components - 0.1% | |||
Compass Power Generation LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.802% 12/20/24 (c)(f) | 554,233 | 557,281 | |
REAL ESTATE - 1.3% | |||
Equity Real Estate Investment Trusts (REITs) - 0.8% | |||
Invitation Homes Operating Par Tranche B, term loan 3 month U.S. LIBOR + 1.700% 3.9796% 2/6/22 (c)(f) | 5,000,000 | 4,900,000 | |
iStar Financial, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.028% 6/28/23 (c)(f) | 2,234,400 | 2,234,400 | |
7,134,400 | |||
Real Estate Management & Development - 0.5% | |||
Capital Automotive LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.81% 3/24/24 (c)(f) | 551,873 | 551,597 | |
DTZ U.S. Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.552% 8/21/25 (c)(f) | 3,220,000 | 3,216,973 | |
VICI Properties, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.2796% 12/22/24 (c)(f) | 1,045,000 | 1,041,844 | |
4,810,414 | |||
TOTAL REAL ESTATE | 11,944,814 | ||
UTILITIES - 0.7% | |||
Electric Utilities - 0.3% | |||
Lightstone Holdco LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.052% 1/30/24 (c)(f) | 1,808,941 | 1,782,132 | |
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.052% 1/30/24 (c)(f) | 97,157 | 95,717 | |
Southeast Powergen LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.81% 12/2/21 (c)(f) | 468,125 | 450,570 | |
2,328,419 | |||
Independent Power and Renewable Electricity Producers - 0.4% | |||
APLP Holdings LP Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 4/13/23 (c)(f) | 1,458,772 | 1,459,137 | |
MRP Generation Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 7.000% 9.3861% 10/18/22 (c)(f) | 2,571,898 | 2,481,882 | |
3,941,019 | |||
TOTAL UTILITIES | 6,269,438 | ||
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $46,893,207) | 46,767,516 | ||
Shares | Value | ||
Money Market Funds - 3.0% | |||
Fidelity Cash Central Fund, 2.23% (g) | |||
(Cost $27,248,148) | 27,246,238 | 27,251,687 | |
TOTAL INVESTMENT IN SECURITIES - 99.6% | |||
(Cost $878,858,452) | 899,714,553 | ||
NET OTHER ASSETS (LIABILITIES) - 0.4% | 3,919,294 | ||
NET ASSETS - 100% | $903,633,847 |
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $277,143,065 or 30.7% of net assets.
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(d) 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.
(e) Level 3 security
(f) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
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 | $140,210 |
Total | $140,210 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $1,553,826 | $1,553,826 | $-- | $-- |
Financials | 124,061,871 | 114,712,188 | 9,349,683 | -- |
Real Estate | 225,904,577 | 212,904,153 | 13,000,424 | -- |
Utilities | 584,640 | 584,640 | -- | -- |
Corporate Bonds | 222,921,722 | -- | 222,921,722 | -- |
Asset-Backed Securities | 33,017,491 | -- | 33,017,482 | 9 |
Collateralized Mortgage Obligations | 3,498,897 | -- | 3,498,897 | -- |
Commercial Mortgage Securities | 214,152,326 | -- | 214,152,326 | -- |
Bank Loan Obligations | 46,767,516 | -- | 45,060,976 | 1,706,540 |
Money Market Funds | 27,251,687 | 27,251,687 | -- | -- |
Total Investments in Securities: | $899,714,553 | $357,006,494 | $541,001,510 | $1,706,549 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Bank Loan Obligations | |
Beginning Balance | $9,629,302 |
Net Realized Gain (Loss) on Investment Securities | 1,842 |
Net Unrealized Gain (Loss) on Investment Securities | (15,574) |
Cost of Purchases | -- |
Proceeds of Sales | (3,026,000) |
Amortization/Accretion | (8,030) |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (4,875,000) |
Ending Balance | $1,706,540 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 | $(2,180) |
Other Investments in Securities | |
Beginning Balance | $-- |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | -- |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | 9 |
Transfers out of Level 3 | -- |
Ending Balance | $9 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 | $-- |
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.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity® Series Blue Chip Growth Fund
October 31, 2018
Schedule of Investments October 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.6% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 16.6% | |||
Entertainment - 4.2% | |||
Activision Blizzard, Inc. | 1,134,728 | $78,352,968 | |
Electronic Arts, Inc. (a) | 43,000 | 3,912,140 | |
NetEase, Inc. ADR | 24,300 | 5,050,755 | |
Netflix, Inc. (a) | 248,846 | 75,096,746 | |
Spotify Technology SA (a) | 7,700 | 1,152,613 | |
Take-Two Interactive Software, Inc. (a) | 42,500 | 5,476,975 | |
The Walt Disney Co. | 502,100 | 57,656,143 | |
WME Entertainment Parent, LLC Class A (a)(b)(c)(d) | 3,058,566 | 9,573,312 | |
236,271,652 | |||
Interactive Media & Services - 12.2% | |||
Alphabet, Inc. Class A (a) | 418,313 | 456,203,792 | |
Facebook, Inc. Class A (a) | 1,286,055 | 195,210,288 | |
IAC/InterActiveCorp (a) | 40,400 | 7,942,236 | |
Momo, Inc. ADR (a) | 127,400 | 4,276,818 | |
Snap, Inc. Class A (a)(e) | 104,072 | 687,916 | |
Tencent Holdings Ltd. | 529,800 | 18,150,558 | |
Twitter, Inc. (a) | 107,900 | 3,749,525 | |
Yelp, Inc. (a) | 63,400 | 2,714,788 | |
YY, Inc. ADR (a) | 18,400 | 1,175,760 | |
690,111,681 | |||
Wireless Telecommunication Services - 0.2% | |||
Boingo Wireless, Inc. (a) | 57,200 | 1,792,076 | |
T-Mobile U.S., Inc. (a) | 83,100 | 5,696,505 | |
7,488,581 | |||
TOTAL COMMUNICATION SERVICES | 933,871,914 | ||
CONSUMER DISCRETIONARY - 22.3% | |||
Automobiles - 2.7% | |||
Tesla, Inc. (a)(e) | 461,237 | 155,584,465 | |
Diversified Consumer Services - 0.2% | |||
Grand Canyon Education, Inc. (a) | 9,000 | 1,122,300 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 77,400 | 4,528,674 | |
Weight Watchers International, Inc. (a) | 46,300 | 3,060,430 | |
8,711,404 | |||
Hotels, Restaurants & Leisure - 1.2% | |||
Alsea S.A.B. de CV | 358,600 | 916,923 | |
Caesars Entertainment Corp. (a)(e) | 60,800 | 522,272 | |
Eldorado Resorts, Inc. (a) | 57,800 | 2,109,700 | |
Gaming VC Holdings SA | 141,700 | 1,697,103 | |
Haidilao International Holding Ltd. | 598,000 | 1,256,708 | |
Hilton Worldwide Holdings, Inc. | 44,700 | 3,181,299 | |
International Game Technology PLC | 26,500 | 491,575 | |
Kambi Group PLC (a) | 54,700 | 1,515,269 | |
Las Vegas Sands Corp. | 165,000 | 8,419,950 | |
Marriott International, Inc. Class A | 16,000 | 1,870,240 | |
McDonald's Corp. | 20,900 | 3,697,210 | |
MGM Mirage, Inc. | 22,000 | 586,960 | |
Penn National Gaming, Inc. (a) | 60,000 | 1,456,800 | |
Planet Fitness, Inc. (a) | 192,800 | 9,464,552 | |
PlayAGS, Inc. (a) | 41,700 | 1,011,225 | |
Restaurant Brands International, Inc. | 91,400 | 5,007,230 | |
Royal Caribbean Cruises Ltd. | 102,400 | 10,724,352 | |
Scientific Games Corp. Class A (a) | 159,445 | 3,549,246 | |
Shake Shack, Inc. Class A (a) | 50,400 | 2,665,656 | |
Vail Resorts, Inc. | 10,000 | 2,513,200 | |
Wynn Resorts Ltd. | 44,800 | 4,506,880 | |
YETI Holdings, Inc. | 82,100 | 1,307,853 | |
68,472,203 | |||
Household Durables - 0.2% | |||
D.R. Horton, Inc. | 64,300 | 2,312,228 | |
Forbo Holding AG (Reg.) | 390 | 572,715 | |
iRobot Corp. (a) | 15,500 | 1,366,635 | |
Lennar Corp. Class A | 56,000 | 2,406,880 | |
Roku, Inc. Class A (a) | 71,800 | 3,992,080 | |
Taylor Morrison Home Corp. (a) | 34,900 | 577,246 | |
11,227,784 | |||
Internet & Direct Marketing Retail - 8.2% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 273,100 | 38,856,668 | |
Amazon.com, Inc. (a) | 213,280 | 340,823,573 | |
Etsy, Inc. (a) | 93,100 | 3,958,612 | |
GrubHub, Inc. (a) | 12,600 | 1,168,524 | |
JD.com, Inc. sponsored ADR (a) | 567,700 | 13,352,304 | |
Meituan Dianping: | |||
Class B | 1,581,852 | 9,204,331 | |
Class B | 211,400 | 1,366,749 | |
Stamps.com, Inc. (a) | 18,700 | 3,780,579 | |
The Booking Holdings, Inc. (a) | 21,500 | 40,303,470 | |
The Honest Co., Inc. (a)(c)(d) | 71,609 | 823,504 | |
Wayfair LLC Class A (a) | 77,600 | 8,558,504 | |
462,196,818 | |||
Multiline Retail - 1.1% | |||
Avenue Supermarts Ltd. (a)(f) | 34,373 | 621,814 | |
Dollar General Corp. | 32,900 | 3,664,402 | |
Dollar Tree, Inc. (a) | 602,700 | 50,807,610 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 28,400 | 2,638,360 | |
Target Corp. | 55,200 | 4,616,376 | |
62,348,562 | |||
Specialty Retail - 4.8% | |||
At Home Group, Inc. (a) | 446,600 | 12,210,044 | |
Best Buy Co., Inc. | 104,400 | 7,324,704 | |
Burlington Stores, Inc. (a) | 84,000 | 14,405,160 | |
Five Below, Inc. (a) | 77,700 | 8,843,814 | |
Floor & Decor Holdings, Inc. Class A (a) | 174,900 | 4,473,942 | |
Home Depot, Inc. | 454,500 | 79,937,460 | |
Lowe's Companies, Inc. | 554,800 | 52,828,056 | |
RH (a)(e) | 335,818 | 38,857,501 | |
Ross Stores, Inc. | 106,200 | 10,513,800 | |
TCNS Clothing Co. Ltd. (a) | 100,259 | 837,751 | |
Tiffany & Co., Inc. | 83,000 | 9,237,900 | |
TJX Companies, Inc. | 184,000 | 20,217,920 | |
Ulta Beauty, Inc. (a) | 49,000 | 13,451,480 | |
273,139,532 | |||
Textiles, Apparel & Luxury Goods - 3.9% | |||
adidas AG | 87,735 | 20,669,594 | |
Allbirds, Inc. (c)(d) | 8,081 | 443,128 | |
Axonics Modulation Technologies, Inc. (a) | 69,400 | 1,039,612 | |
Canada Goose Holdings, Inc. (a) | 99,600 | 5,438,298 | |
Cibus Global Ltd. Series C (b)(c)(d) | 726,554 | 1,525,763 | |
lululemon athletica, Inc. (a) | 532,868 | 74,990,514 | |
LVMH Moet Hennessy - Louis Vuitton SA | 22,471 | 6,817,823 | |
NIKE, Inc. Class B | 460,000 | 34,518,400 | |
PagSeguro Digital Ltd. (a)(e) | 146,500 | 3,954,035 | |
Pinduoduo, Inc. ADR (e) | 406,500 | 7,174,725 | |
Prada SpA | 1,010,100 | 3,567,961 | |
Principia Biopharma, Inc. | 23,100 | 531,300 | |
PVH Corp. | 151,200 | 18,263,448 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 351,200 | 10,033,784 | |
Tapestry, Inc. | 198,200 | 8,385,842 | |
Tory Burch LLC (b)(c)(d) | 106,817 | 7,038,172 | |
Under Armour, Inc. Class C (non-vtg.) (a)(e) | 201,300 | 3,991,779 | |
VF Corp. | 115,800 | 9,597,504 | |
217,981,682 | |||
TOTAL CONSUMER DISCRETIONARY | 1,259,662,450 | ||
CONSUMER STAPLES - 2.1% | |||
Beverages - 0.8% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 56,800 | 11,316,264 | |
Fever-Tree Drinks PLC | 273,903 | 9,736,359 | |
Keurig Dr. Pepper, Inc. | 447,700 | 11,640,200 | |
Monster Beverage Corp. (a) | 212,943 | 11,254,038 | |
Pernod Ricard SA | 3,500 | 534,384 | |
44,481,245 | |||
Food & Staples Retailing - 0.8% | |||
BJ's Wholesale Club Holdings, Inc. | 388,800 | 8,611,920 | |
Costco Wholesale Corp. | 156,100 | 35,689,143 | |
Kroger Co. | 36,600 | 1,089,216 | |
45,390,279 | |||
Food Products - 0.1% | |||
Blue Bottle Coffee, Inc. Class C (Escrow) (c)(d) | 234,006 | 343,989 | |
Darling International, Inc. (a) | 132,700 | 2,741,582 | |
Nestle SA (Reg. S) | 7,070 | 596,871 | |
The a2 Milk Co. Ltd. (a) | 156,000 | 1,060,733 | |
4,743,175 | |||
Household Products - 0.1% | |||
Energizer Holdings, Inc. | 69,100 | 4,061,007 | |
Personal Products - 0.3% | |||
Coty, Inc. Class A | 320,500 | 3,381,275 | |
Estee Lauder Companies, Inc. Class A | 85,900 | 11,806,096 | |
Kose Corp. | 9,700 | 1,450,250 | |
16,637,621 | |||
Tobacco - 0.0% | |||
JUUL Labs, Inc. Class B (c)(d) | 2,450 | 439,163 | |
TOTAL CONSUMER STAPLES | 115,752,490 | ||
ENERGY - 1.7% | |||
Oil, Gas & Consumable Fuels - 1.7% | |||
Anadarko Petroleum Corp. | 154,178 | 8,202,270 | |
Berry Petroleum Corp. | 115,600 | 1,618,400 | |
Continental Resources, Inc. (a) | 264,364 | 13,926,696 | |
Delek U.S. Holdings, Inc. | 149,700 | 5,496,984 | |
Diamondback Energy, Inc. | 60,900 | 6,842,724 | |
EOG Resources, Inc. | 58,826 | 6,196,731 | |
Marathon Petroleum Corp. | 68,039 | 4,793,348 | |
Oasis Petroleum, Inc. (a) | 338,100 | 3,401,286 | |
Pioneer Natural Resources Co. | 44,800 | 6,597,696 | |
Reliance Industries Ltd. | 958,021 | 13,746,617 | |
Valero Energy Corp. | 71,100 | 6,476,499 | |
Whiting Petroleum Corp. (a) | 439,000 | 16,374,700 | |
93,673,951 | |||
FINANCIALS - 2.6% | |||
Banks - 1.1% | |||
Bank of America Corp. | 1,283,300 | 35,290,750 | |
Citigroup, Inc. | 98,489 | 6,447,090 | |
Coastal Financial Corp. of Washington (a) | 9,700 | 158,401 | |
HDFC Bank Ltd. sponsored ADR | 7,200 | 640,152 | |
IndusInd Bank Ltd. | 44,055 | 848,875 | |
JPMorgan Chase & Co. | 140,672 | 15,336,061 | |
Kotak Mahindra Bank Ltd. | 138,376 | 2,093,882 | |
60,815,211 | |||
Capital Markets - 0.8% | |||
Charles Schwab Corp. | 294,500 | 13,617,680 | |
Edelweiss Financial Services Ltd. | 287,620 | 632,328 | |
Fairfax India Holdings Corp. (a)(f) | 67,527 | 856,918 | |
Goldman Sachs Group, Inc. | 59,100 | 13,319,367 | |
HDFC Asset Management Co. Ltd. (a) | 403 | 7,631 | |
TD Ameritrade Holding Corp. | 256,000 | 13,240,320 | |
Virtu Financial, Inc. Class A | 40,800 | 967,776 | |
42,642,020 | |||
Diversified Financial Services - 0.7% | |||
Allakos, Inc. (a) | 35,800 | 1,730,930 | |
Berkshire Hathaway, Inc. Class B (a) | 185,900 | 38,161,552 | |
GDS Holdings Ltd. ADR (a)(e) | 114,100 | 2,677,927 | |
42,570,409 | |||
Thrifts & Mortgage Finance - 0.0% | |||
LendingTree, Inc. (a) | 2,800 | 564,732 | |
TOTAL FINANCIALS | 146,592,372 | ||
HEALTH CARE - 11.7% | |||
Biotechnology - 5.4% | |||
AC Immune SA (a) | 223,136 | 1,847,566 | |
ACADIA Pharmaceuticals, Inc. (a) | 87,700 | 1,708,396 | |
Acceleron Pharma, Inc. (a) | 19,900 | 1,010,323 | |
Agios Pharmaceuticals, Inc. (a) | 134,323 | 8,470,408 | |
Aimmune Therapeutics, Inc. (a) | 115,000 | 3,056,700 | |
Alexion Pharmaceuticals, Inc. (a) | 382,504 | 42,867,223 | |
Alkermes PLC (a) | 307,500 | 12,555,225 | |
Allogene Therapeutics, Inc. | 25,600 | 614,656 | |
Alnylam Pharmaceuticals, Inc. (a) | 347,200 | 27,925,296 | |
Amgen, Inc. | 42,200 | 8,135,738 | |
AnaptysBio, Inc. (a) | 43,700 | 3,265,264 | |
Arena Pharmaceuticals, Inc. (a) | 84,000 | 2,995,440 | |
Array BioPharma, Inc. (a) | 40,900 | 662,580 | |
Ascendis Pharma A/S sponsored ADR (a) | 122,000 | 7,843,380 | |
BeiGene Ltd. | 140,400 | 1,217,452 | |
BeiGene Ltd. ADR (a) | 32,700 | 4,118,238 | |
bluebird bio, Inc. (a) | 128,200 | 14,704,540 | |
Blueprint Medicines Corp. (a) | 14,200 | 862,934 | |
Cellectis SA sponsored ADR (a) | 42,400 | 1,076,536 | |
Coherus BioSciences, Inc. (a) | 185,500 | 2,168,495 | |
Crinetics Pharmaceuticals, Inc. (a) | 28,600 | 712,426 | |
CytomX Therapeutics, Inc. (a) | 53,200 | 758,632 | |
CytomX Therapeutics, Inc. (a)(f) | 137,854 | 1,965,798 | |
DBV Technologies SA sponsored ADR (a) | 33,900 | 625,116 | |
Deciphera Pharmaceuticals, Inc. (a) | 15,900 | 321,021 | |
Denali Therapeutics, Inc. (a)(e) | 178,800 | 2,587,236 | |
Editas Medicine, Inc. (a) | 108,989 | 2,760,691 | |
Epizyme, Inc. (a) | 77,100 | 620,655 | |
Esperion Therapeutics, Inc. (a)(e) | 51,800 | 2,353,274 | |
Exelixis, Inc. (a) | 115,800 | 1,606,146 | |
FibroGen, Inc. (a) | 63,500 | 2,722,245 | |
GenSight Biologics SA (a)(e)(f) | 53,317 | 100,850 | |
Global Blood Therapeutics, Inc. (a) | 149,900 | 5,259,991 | |
Heron Therapeutics, Inc. (a) | 57,900 | 1,607,304 | |
ImmunoGen, Inc. (a) | 55,500 | 301,365 | |
Intellia Therapeutics, Inc. (a) | 117,657 | 1,997,816 | |
Intercept Pharmaceuticals, Inc. (a) | 94,000 | 9,024,940 | |
Ionis Pharmaceuticals, Inc. (a) | 62,200 | 3,082,010 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 325,316 | 4,261,640 | |
La Jolla Pharmaceutical Co. (a) | 49,300 | 803,590 | |
Momenta Pharmaceuticals, Inc. (a) | 35,300 | 441,603 | |
Natera, Inc. (a) | 136,400 | 2,995,344 | |
Neurocrine Biosciences, Inc. (a) | 198,000 | 21,215,700 | |
Portola Pharmaceuticals, Inc. (a)(e) | 72,100 | 1,419,649 | |
Regeneron Pharmaceuticals, Inc. (a) | 90,880 | 30,830,131 | |
Rubius Therapeutics, Inc. | 30,200 | 496,186 | |
Sage Therapeutics, Inc. (a) | 128,986 | 16,597,918 | |
Sarepta Therapeutics, Inc. (a) | 79,700 | 10,660,672 | |
Scholar Rock Holding Corp. | 32,100 | 754,029 | |
Ultragenyx Pharmaceutical, Inc. (a) | 33,600 | 1,627,920 | |
Vertex Pharmaceuticals, Inc. (a) | 112,500 | 19,064,250 | |
Viking Therapeutics, Inc. (a)(e) | 114,400 | 1,555,840 | |
Xencor, Inc. (a) | 109,200 | 3,573,024 | |
Zai Lab Ltd. ADR (a) | 74,400 | 1,217,184 | |
303,028,586 | |||
Health Care Equipment & Supplies - 2.8% | |||
Align Technology, Inc. (a) | 31,100 | 6,879,320 | |
Atricure, Inc. (a) | 39,400 | 1,253,314 | |
Becton, Dickinson & Co. | 42,500 | 9,796,250 | |
Boston Scientific Corp. (a) | 1,406,600 | 50,834,524 | |
Danaher Corp. | 80,500 | 8,001,700 | |
DexCom, Inc. (a) | 35,400 | 4,700,058 | |
Edwards Lifesciences Corp. (a) | 8,600 | 1,269,360 | |
Establishment Labs Holdings, Inc. (a) | 128,200 | 2,925,524 | |
Fisher & Paykel Healthcare Corp. | 68,839 | 610,924 | |
Insulet Corp. (a) | 62,200 | 5,486,662 | |
Intuitive Surgical, Inc. (a) | 94,200 | 49,095,156 | |
iRhythm Technologies, Inc. (a) | 104,600 | 8,081,396 | |
Novocure Ltd. (a) | 45,200 | 1,497,928 | |
Penumbra, Inc. (a) | 8,700 | 1,183,200 | |
Quanterix Corp. (a) | 38,600 | 675,886 | |
Stryker Corp. | 24,700 | 4,006,834 | |
Tandem Diabetes Care, Inc. (a) | 31,700 | 1,192,237 | |
ViewRay, Inc. (a) | 124,600 | 1,077,790 | |
Wright Medical Group NV (a) | 69,900 | 1,885,902 | |
160,453,965 | |||
Health Care Providers & Services - 2.5% | |||
Anthem, Inc. | 12,700 | 3,499,739 | |
Centene Corp. (a) | 16,800 | 2,189,376 | |
CVS Health Corp. | 93,200 | 6,746,748 | |
Guardant Health, Inc. | 40,100 | 1,342,548 | |
HCA Holdings, Inc. | 62,800 | 8,385,684 | |
Henry Schein, Inc. (a) | 36,100 | 2,996,300 | |
Humana, Inc. | 144,800 | 46,395,368 | |
National Vision Holdings, Inc. | 83,661 | 3,466,075 | |
OptiNose, Inc. (e) | 175,224 | 1,853,870 | |
UnitedHealth Group, Inc. | 248,200 | 64,867,070 | |
141,742,778 | |||
Health Care Technology - 0.1% | |||
Evolent Health, Inc. (a) | 85,900 | 1,906,980 | |
Teladoc Health, Inc. (a) | 81,200 | 5,630,408 | |
7,537,388 | |||
Life Sciences Tools & Services - 0.1% | |||
Illumina, Inc. (a) | 20,500 | 6,378,575 | |
Pharmaceuticals - 0.8% | |||
Akcea Therapeutics, Inc. (a) | 207,800 | 4,638,096 | |
AstraZeneca PLC sponsored ADR | 125,800 | 4,878,524 | |
Chiasma, Inc. warrants 12/16/24 (a) | 23,784 | 24,700 | |
Dova Pharmaceuticals, Inc. (a)(e) | 54,700 | 1,015,232 | |
Eli Lilly & Co. | 32,400 | 3,513,456 | |
Jazz Pharmaceuticals PLC (a) | 63,400 | 10,069,188 | |
MyoKardia, Inc. (a) | 24,300 | 1,286,442 | |
Nektar Therapeutics (a) | 167,700 | 6,486,636 | |
Perrigo Co. PLC | 83,100 | 5,841,930 | |
The Medicines Company (a) | 170,200 | 3,958,852 | |
TherapeuticsMD, Inc. (a)(e) | 219,300 | 1,072,377 | |
Theravance Biopharma, Inc. (a) | 17,300 | 419,871 | |
Zogenix, Inc. (a) | 30,000 | 1,252,800 | |
44,458,104 | |||
TOTAL HEALTH CARE | 663,599,396 | ||
INDUSTRIALS - 3.8% | |||
Aerospace & Defense - 1.2% | |||
Bombardier, Inc. Class B (sub. vtg.) (a) | 1,241,200 | 3,007,655 | |
Elbit Systems Ltd. | 12,800 | 1,529,472 | |
Northrop Grumman Corp. | 61,100 | 16,005,145 | |
Raytheon Co. | 53,900 | 9,434,656 | |
Space Exploration Technologies Corp.: | |||
Class A (a)(c)(d) | 22,703 | 3,836,807 | |
Class C (a)(c)(d) | 686 | 115,934 | |
The Boeing Co. | 77,000 | 27,324,220 | |
United Technologies Corp. | 38,100 | 4,732,401 | |
65,986,290 | |||
Air Freight & Logistics - 0.2% | |||
XPO Logistics, Inc. (a) | 134,700 | 12,039,486 | |
Airlines - 0.9% | |||
American Airlines Group, Inc. | 159,400 | 5,591,752 | |
Delta Air Lines, Inc. | 243,100 | 13,304,863 | |
Spirit Airlines, Inc. (a) | 340,100 | 17,651,190 | |
United Continental Holdings, Inc. (a) | 134,300 | 11,483,993 | |
Wizz Air Holdings PLC (a)(f) | 87,213 | 2,866,039 | |
50,897,837 | |||
Building Products - 0.0% | |||
Resideo Technologies, Inc. (a) | 13,383 | 281,712 | |
Commercial Services & Supplies - 0.1% | |||
HomeServe PLC | 238,600 | 2,901,871 | |
Tomra Systems ASA | 140,500 | 3,483,416 | |
6,385,287 | |||
Construction & Engineering - 0.0% | |||
Dycom Industries, Inc. (a) | 14,700 | 997,836 | |
Electrical Equipment - 0.2% | |||
Fortive Corp. | 86,650 | 6,433,763 | |
Melrose Industries PLC | 48,762 | 105,115 | |
Regal Beloit Corp. | 58,300 | 4,180,110 | |
10,718,988 | |||
Industrial Conglomerates - 0.3% | |||
General Electric Co. | 362,900 | 3,665,290 | |
Honeywell International, Inc. | 80,300 | 11,629,046 | |
ITT, Inc. | 33,100 | 1,671,550 | |
16,965,886 | |||
Machinery - 0.5% | |||
Aumann AG (f) | 37,638 | 1,858,698 | |
Deere & Co. | 130,600 | 17,688,464 | |
Rational AG | 3,100 | 1,797,742 | |
Xylem, Inc. | 81,200 | 5,325,096 | |
26,670,000 | |||
Professional Services - 0.1% | |||
Equifax, Inc. | 1,300 | 131,872 | |
IHS Markit Ltd. (a) | 98,100 | 5,153,193 | |
5,285,065 | |||
Road & Rail - 0.3% | |||
CSX Corp. | 25,000 | 1,721,500 | |
Knight-Swift Transportation Holdings, Inc. Class A | 447,700 | 14,326,400 | |
Norfolk Southern Corp. | 17,700 | 2,970,591 | |
19,018,491 | |||
Trading Companies & Distributors - 0.0% | |||
Ferguson PLC | 9,214 | 622,197 | |
TOTAL INDUSTRIALS | 215,869,075 | ||
INFORMATION TECHNOLOGY - 30.3% | |||
Communications Equipment - 0.3% | |||
Arista Networks, Inc. (a) | 27,800 | 6,403,730 | |
Carvana Co. Class A (a)(e) | 62,900 | 2,437,375 | |
NETGEAR, Inc. (a) | 140,900 | 7,817,132 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 350,100 | 3,031,866 | |
19,690,103 | |||
Electronic Equipment & Components - 0.2% | |||
Corning, Inc. | 333,200 | 10,645,740 | |
Internet Software & Services - 0.2% | |||
ANGI Homeservices, Inc. Class A (a)(e) | 359,000 | 6,871,260 | |
CarGurus, Inc. Class A | 122,688 | 5,449,801 | |
Farfetch Ltd. Class A | 95,600 | 1,963,624 | |
14,284,685 | |||
IT Services - 5.0% | |||
Adyen BV (f) | 11,215 | 7,254,495 | |
Akamai Technologies, Inc. (a) | 132,400 | 9,565,900 | |
Alliance Data Systems Corp. | 8,300 | 1,711,294 | |
Elastic NV | 5,500 | 374,000 | |
Endava PLC ADR (a) | 21,000 | 488,460 | |
FleetCor Technologies, Inc. (a) | 23,200 | 4,640,696 | |
GoDaddy, Inc. (a) | 100,200 | 7,331,634 | |
Keywords Studios PLC | 26,000 | 455,295 | |
MasterCard, Inc. Class A | 350,000 | 69,184,500 | |
Netcompany Group A/S | 23,300 | 770,606 | |
Okta, Inc. (a) | 17,400 | 1,015,464 | |
PayPal Holdings, Inc. (a) | 498,400 | 41,960,296 | |
Shopify, Inc. Class A (a) | 80,100 | 11,065,963 | |
Square, Inc. (a) | 63,900 | 4,693,455 | |
Total System Services, Inc. | 14,300 | 1,303,445 | |
Visa, Inc. Class A | 723,448 | 99,727,307 | |
Wirecard AG | 4,500 | 843,031 | |
Wix.com Ltd. (a) | 81,200 | 7,904,820 | |
Worldpay, Inc. (a) | 105,100 | 9,652,384 | |
279,943,045 | |||
Semiconductors & Semiconductor Equipment - 7.1% | |||
Acacia Communications, Inc. (a) | 37,800 | 1,302,966 | |
Advanced Micro Devices, Inc. (a) | 572,400 | 10,423,404 | |
Analog Devices, Inc. | 88,100 | 7,374,851 | |
ASML Holding NV | 15,000 | 2,585,400 | |
Broadcom, Inc. | 463,400 | 103,565,266 | |
Inphi Corp. (a) | 143,200 | 4,582,400 | |
Intel Corp. | 89,500 | 4,195,760 | |
Lam Research Corp. | 83,900 | 11,891,147 | |
Marvell Technology Group Ltd. | 3,314,400 | 54,389,304 | |
Micron Technology, Inc. (a) | 186,700 | 7,042,324 | |
Monolithic Power Systems, Inc. | 87,256 | 10,306,679 | |
NVIDIA Corp. | 666,420 | 140,501,329 | |
NXP Semiconductors NV | 134,500 | 10,086,155 | |
Qualcomm, Inc. | 375,500 | 23,615,195 | |
Semtech Corp. (a) | 10,600 | 476,364 | |
Xilinx, Inc. | 84,600 | 7,222,302 | |
399,560,846 | |||
Software - 9.0% | |||
Adobe, Inc. (a) | 191,820 | 47,141,683 | |
Altair Engineering, Inc. Class A (a) | 24,100 | 919,174 | |
Atom Tickets LLC (a)(b)(c)(d) | 344,068 | 1,410,679 | |
DocuSign, Inc. | 40,900 | 1,715,346 | |
Dropbox, Inc. Class A (a) | 97,000 | 2,276,590 | |
Hortonworks, Inc. (a) | 28,600 | 510,796 | |
HubSpot, Inc. (a) | 12,800 | 1,736,320 | |
Intuit, Inc. | 45,600 | 9,621,600 | |
Microsoft Corp. | 2,371,900 | 253,342,639 | |
Nutanix, Inc. Class A (a) | 127,544 | 5,294,351 | |
Paycom Software, Inc. (a) | 75,700 | 9,477,640 | |
RingCentral, Inc. (a) | 100,700 | 7,827,411 | |
SailPoint Technologies Holding, Inc. (a) | 75,700 | 1,971,228 | |
Salesforce.com, Inc. (a) | 961,467 | 131,951,731 | |
ServiceNow, Inc. (a) | 3,300 | 597,432 | |
Splunk, Inc. (a) | 17,100 | 1,707,264 | |
StoneCo Ltd. Class A (a) | 22,700 | 651,263 | |
Tanium, Inc. Class B (a)(c)(d) | 151,000 | 1,312,734 | |
Tenable Holdings, Inc. | 10,900 | 310,432 | |
The Trade Desk, Inc. (a) | 67,600 | 8,351,980 | |
Upwork, Inc. | 400 | 7,680 | |
Workday, Inc. Class A (a) | 102,200 | 13,594,644 | |
Zendesk, Inc. (a) | 98,200 | 5,398,054 | |
Zuora, Inc. | 30,600 | 624,852 | |
507,753,523 | |||
Technology Hardware, Storage & Peripherals - 8.5% | |||
Apple, Inc. | 2,192,234 | 479,792,332 | |
NetApp, Inc. | 15,000 | 1,177,350 | |
480,969,682 | |||
TOTAL INFORMATION TECHNOLOGY | 1,712,847,624 | ||
MATERIALS - 1.4% | |||
Chemicals - 1.4% | |||
CF Industries Holdings, Inc. | 554,000 | 26,608,620 | |
DowDuPont, Inc. | 52,593 | 2,835,815 | |
FMC Corp. | 48,936 | 3,820,923 | |
LG Chemical Ltd. | 4,021 | 1,222,863 | |
LyondellBasell Industries NV Class A | 76,400 | 6,820,228 | |
Nutrien Ltd. | 147,800 | 7,824,211 | |
Sherwin-Williams Co. | 1,400 | 550,858 | |
The Chemours Co. LLC | 488,800 | 16,135,288 | |
The Mosaic Co. | 378,400 | 11,707,696 | |
Tronox Ltd. Class A | 377,100 | 4,317,795 | |
81,844,297 | |||
REAL ESTATE - 0.1% | |||
Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
Ant International Co. Ltd. Class C (c)(d) | 1,065,661 | 5,978,358 | |
TOTAL COMMON STOCKS | |||
(Cost $3,191,004,060) | 5,229,691,927 | ||
Preferred Stocks - 6.9% | |||
Convertible Preferred Stocks - 6.8% | |||
COMMUNICATION SERVICES - 2.2% | |||
Interactive Media & Services - 2.2% | |||
Uber Technologies, Inc.: | |||
Series D, 8.00% (a)(c)(d) | 2,553,952 | 124,556,239 | |
Series E, 8.00% (a)(c)(d) | 46,973 | 2,290,873 | |
126,847,112 | |||
CONSUMER DISCRETIONARY - 0.4% | |||
Hotels, Restaurants & Leisure - 0.2% | |||
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(b)(c)(d) | 24,573 | 3,920,376 | |
Neutron Holdings, Inc. Series C (c)(d) | 12,405,800 | 2,268,276 | |
Topgolf International, Inc. Series F (c)(d) | 106,191 | 1,466,498 | |
7,655,150 | |||
Internet & Direct Marketing Retail - 0.1% | |||
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) | 922,232 | 41,869 | |
The Honest Co., Inc.: | |||
Series C (a)(c)(d) | 167,087 | 3,275,707 | |
Series D (a)(c)(d) | 27,712 | 543,288 | |
Series E (a)(c)(d) | 143,059 | 2,804,643 | |
6,665,507 | |||
Leisure Products - 0.1% | |||
Peloton Interactive, Inc. Series E (a)(c)(d) | 377,252 | 5,447,587 | |
Textiles, Apparel& Luxury Goods - 0.0% | |||
Allbirds, Inc.: | |||
Series A (c)(d) | 3,189 | 174,871 | |
Series B (c)(d) | 560 | 30,708 | |
Series C (c)(d) | 5,355 | 293,646 | |
499,225 | |||
TOTAL CONSUMER DISCRETIONARY | 20,267,469 | ||
CONSUMER STAPLES - 3.1% | |||
Food Products - 0.0% | |||
Agbiome LLC Series C (c)(d) | 266,499 | 1,687,925 | |
Tobacco - 3.1% | |||
JUUL Labs, Inc.: | |||
Series C (a)(c)(d) | 966,268 | 173,203,539 | |
Series D (c)(d) | 5,110 | 915,968 | |
174,119,507 | |||
TOTAL CONSUMER STAPLES | 175,807,432 | ||
FINANCIALS - 0.1% | |||
Consumer Finance - 0.1% | |||
Oportun Finance Corp. Series H (a)(c)(d) | 1,527,120 | 3,970,512 | |
HEALTH CARE - 0.2% | |||
Biotechnology - 0.1% | |||
23andMe, Inc. Series F (a)(c)(d) | 195,114 | 3,385,228 | |
Axcella Health, Inc. Series C (a)(c)(d) | 248,015 | 2,770,328 | |
Generation Bio Series B (c)(d) | 110,000 | 1,006,027 | |
Immunocore Ltd. Series A (a)(c)(d) | 4,035 | 522,923 | |
7,684,506 | |||
Health Care Providers & Services - 0.1% | |||
Mulberry Health, Inc. Series A8 (a)(c)(d) | 813,618 | 5,813,935 | |
Pharmaceuticals - 0.0% | |||
Castle Creek Pharmaceutical Holdings, Inc. Series B (c)(d) | 1,069 | 440,268 | |
TOTAL HEALTH CARE | 13,938,709 | ||
INDUSTRIALS - 0.2% | |||
Aerospace & Defense - 0.2% | |||
Space Exploration Technologies Corp.: | |||
Series G (a)(c)(d) | 42,650 | 7,207,850 | |
Series H (a)(c)(d) | 6,348 | 1,072,812 | |
8,280,662 | |||
Professional Services - 0.0% | |||
YourPeople, Inc. Series C (a)(c)(d) | 253,888 | 1,112,029 | |
TOTAL INDUSTRIALS | 9,392,691 | ||
INFORMATION TECHNOLOGY - 0.6% | |||
Internet Software & Services - 0.2% | |||
ContextLogic, Inc. Series G (c)(d) | 34,750 | 4,402,825 | |
Lyft, Inc. Series I (c)(d) | 137,264 | 6,499,986 | |
Reddit, Inc. Series B (a)(c)(d) | 129,280 | 1,436,301 | |
Starry, Inc. Series C (c)(d) | 1,477,502 | 1,362,257 | |
13,701,369 | |||
IT Services - 0.0% | |||
AppNexus, Inc. Series E (Escrow) (a)(c)(d) | 307,049 | 296,302 | |
Software - 0.4% | |||
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) | 428,680 | 4,715,480 | |
Compass, Inc. Series E (c)(d) | 13,605 | 1,613,145 | |
Dataminr, Inc. Series D (a)(c)(d) | 115,901 | 2,306,430 | |
Delphix Corp. Series D (a)(c)(d) | 242,876 | 1,632,127 | |
Malwarebytes Corp. Series B (a)(c)(d) | 329,349 | 4,946,822 | |
Taboola.Com Ltd. Series E (a)(c)(d) | 289,958 | 5,210,545 | |
20,424,549 | |||
TOTAL INFORMATION TECHNOLOGY | 34,422,220 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 384,646,145 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Textiles, Apparel & Luxury Goods - 0.0% | |||
Allbirds, Inc. (c)(d) | 1,715 | 94,043 | |
HEALTH CARE - 0.1% | |||
Pharmaceuticals - 0.1% | |||
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (c)(d) | 9,636 | 3,968,587 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 4,062,630 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $125,031,984) | 388,708,775 | ||
Money Market Funds - 3.1% | |||
Fidelity Cash Central Fund, 2.23% (g) | 25,222,505 | 25,227,549 | |
Fidelity Securities Lending Cash Central Fund 2.23% (g)(h) | 153,497,245 | 153,512,595 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $178,740,144) | 178,740,144 | ||
TOTAL INVESTMENT IN SECURITIES - 102.6% | |||
(Cost $3,494,776,188) | 5,797,140,846 | ||
NET OTHER ASSETS (LIABILITIES) - (2.6)% | (147,351,777) | ||
NET ASSETS - 100% | $5,649,789,069 |
Legend
(a) Non-income producing
(b) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(c) 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 $421,550,316 or 7.5% of net assets.
(d) Level 3 security
(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 $15,524,612 or 0.3% of net assets.
(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
23andMe, Inc. Series F | 8/31/17 | $2,709,002 |
Agbiome LLC Series C | 6/29/18 | $1,687,925 |
Allbirds, Inc. | 10/9/18 | $443,128 |
Allbirds, Inc. | 10/9/18 | $94,043 |
Allbirds, Inc. Series A | 10/9/18 | $174,871 |
Allbirds, Inc. Series B | 10/9/18 | $30,708 |
Allbirds, Inc. Series C | 10/9/18 | $293,646 |
Ant International Co. Ltd. Class C | 5/16/18 | $5,978,358 |
AppNexus, Inc. Series E (Escrow) | 8/1/14 | $553,578 |
Atom Tickets LLC | 8/15/17 | $1,999,998 |
Axcella Health, Inc. Series C | 1/30/15 | $2,499,991 |
Blue Bottle Coffee, Inc. Class C (Escrow) | 10/30/17 | $142,254 |
Castle Creek Pharmaceutical Holdings, Inc. Series A4 | 9/29/16 | $3,179,880 |
Castle Creek Pharmaceutical Holdings, Inc. Series B | 10/9/18 | $440,268 |
Cibus Global Ltd. Series C | 2/16/18 | $1,525,763 |
Cloudflare, Inc. Series D, 8.00% | 11/5/14 - 9/10/18 | $3,171,631 |
Compass, Inc. Series E | 11/3/17 | $918,041 |
ContextLogic, Inc. Series G | 10/24/17 | $4,675,022 |
Dataminr, Inc. Series D | 3/6/15 | $1,477,738 |
Delphix Corp. Series D | 7/10/15 | $2,185,884 |
Generation Bio Series B | 2/21/18 | $1,006,027 |
Immunocore Ltd. Series A | 7/27/15 | $759,303 |
Jet.Com, Inc. Series B1 (Escrow) | 9/19/16 | $0 |
JUUL Labs, Inc. Class B | 11/21/17 | $7,595 |
JUUL Labs, Inc. Series C | 5/22/15 - 7/6/18 | $5,691,100 |
JUUL Labs, Inc. Series D | 6/25/18 - 7/6/18 | $615,640 |
Lyft, Inc. Series I | 6/27/18 | $6,499,986 |
Malwarebytes Corp. Series B | 12/21/15 | $3,416,996 |
MOD Super Fast Pizza Holdings LLC Series 3 Preferred | 11/3/16 - 12/14/17 | $3,372,522 |
Mulberry Health, Inc. Series A8 | 1/20/16 | $5,495,786 |
Neutron Holdings, Inc. Series C | 7/3/18 | $2,268,276 |
Oportun Finance Corp. Series H | 2/6/15 | $4,348,169 |
Peloton Interactive, Inc. Series E | 3/31/17 | $2,042,989 |
Reddit, Inc. Series B | 7/26/17 | $1,835,324 |
Space Exploration Technologies Corp. Class A | 4/6/17 - 9/11/17 | $2,534,625 |
Space Exploration Technologies Corp. Class C | 9/11/17 | $92,610 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $3,303,669 |
Space Exploration Technologies Corp. Series H | 8/4/17 | $856,980 |
Starry, Inc. Series C | 12/8/17 | $1,362,257 |
Taboola.Com Ltd. Series E | 12/22/14 | $3,022,928 |
Tanium, Inc. Class B | 4/21/17 | $749,609 |
The Honest Co., Inc. | 8/21/14 | $1,937,546 |
The Honest Co., Inc. Series C | 8/21/14 | $4,520,923 |
The Honest Co., Inc. Series D | 8/3/15 | $1,267,963 |
The Honest Co., Inc. Series E | 9/28/17 | $2,804,643 |
Topgolf International, Inc. Series F | 11/10/17 | $1,468,993 |
Tory Burch LLC | 5/14/15 | $7,600,030 |
Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $39,619,585 |
Uber Technologies, Inc. Series E, 8.00% | 12/5/14 | $1,565,026 |
WME Entertainment Parent, LLC Class A | 4/13/16 - 8/16/16 | $5,974,752 |
YourPeople, Inc. Series C | 5/1/15 | $3,783,205 |
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 | $43,949 |
Fidelity Securities Lending Cash Central Fund | 404,660 |
Total | $448,609 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $1,060,719,026 | $906,148,044 | $18,150,558 | $136,420,424 |
Consumer Discretionary | 1,280,023,962 | 1,233,809,729 | 16,022,154 | 30,192,079 |
Consumer Staples | 291,559,922 | 114,372,467 | 596,871 | 176,590,584 |
Energy | 93,673,951 | 93,673,951 | -- | -- |
Financials | 150,562,884 | 146,592,372 | -- | 3,970,512 |
Health Care | 681,506,692 | 663,574,696 | 24,700 | 17,907,296 |
Industrials | 225,261,766 | 211,916,334 | -- | 13,345,432 |
Information Technology | 1,747,269,844 | 1,710,124,211 | -- | 37,145,633 |
Materials | 81,844,297 | 81,844,297 | -- | -- |
Real Estate | 5,978,358 | -- | -- | 5,978,358 |
Money Market Funds | 178,740,144 | 178,740,144 | -- | -- |
Total Investments in Securities: | $5,797,140,846 | $5,340,796,245 | $34,794,283 | $421,550,318 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Equities - Communication Services | |
Beginning Balance | $-- |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | 136,420,424 |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $136,420,424 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 | $136,420,424 |
Equities - Consumer Staples | |
Beginning Balance | $166,746,619 |
Net Realized Gain (Loss) on Investment Securities | 406,392 |
Net Unrealized Gain (Loss) on Investment Securities | 10,939,045 |
Cost of Purchases | -- |
Proceeds of Sales | (1,501,472) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $176,590,584 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 | $11,610,064 |
Equities - Information Technology | |
Beginning Balance | $149,759,371 |
Net Realized Gain (Loss) on Investment Securities | (18,269) |
Net Unrealized Gain (Loss) on Investment Securities | (108,178,270) |
Cost of Purchases | 1,715,459 |
Proceeds of Sales | (6,132,658) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $37,145,633 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 | $(108,178,270) |
Other Investments in Securities | |
Beginning Balance | $87,387,046 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | (12,470,991) |
Cost of Purchases | 4,663,142 |
Proceeds of Sales | (8,185,520) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $71,393,677 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 | $(9,561,727) |
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.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
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 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $421,550,318 | Market comparable | Enterprise value/Sales multiple (EV/S) | 1.2 - 7.8 / 3.1 | Increase |
Transaction price | $9.15 - $411.85 / $220.76 | Increase | |||
Enterprise value/EBITDA multiple (EV/EBITDA) | 11.4 | Increase | |||
Discount rate | 7.5% - 69.0% / 30.0% | Decrease | |||
Discount for lack of marketability | 10.0 - 25.0% / 13.8% | Decrease | |||
Price/Earnings multiple (P/E) | 10.8 | Increase | |||
Premium rate | 7.5% - 40.0% / 14.6% | Increase | |||
Conversion ratio | 3.0 | Increase | |||
Proxy premium | 10.8% | Increase | |||
Liquidity preference | $14.90 | Increase | |||
Market approach | Transaction price | $0.18 - $179.25 / $110.85 | Increase | ||
Recovery value | Recovery value | 0.0% - 1.5% / 1.2% | Increase |
(a) 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 significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity Flex℠ Funds
Fidelity Flex℠ Large Cap Growth Fund
October 31, 2018
Schedule of Investments October 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.8% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 16.4% | |||
Entertainment - 4.5% | |||
Activision Blizzard, Inc. | 3,367 | $232,491 | |
Electronic Arts, Inc. (a) | 126 | 11,463 | |
NetEase, Inc. ADR | 64 | 13,302 | |
Netflix, Inc. (a) | 750 | 226,335 | |
Spotify Technology SA (a) | 21 | 3,143 | |
Take-Two Interactive Software, Inc. (a) | 122 | 15,722 | |
The Walt Disney Co. | 1,677 | 192,570 | |
695,026 | |||
Interactive Media & Services - 11.7% | |||
Alphabet, Inc. Class A (a) | 998 | 1,088,399 | |
Facebook, Inc. Class A (a) | 3,840 | 582,874 | |
IAC/InterActiveCorp (a) | 108 | 21,232 | |
Momo, Inc. ADR (a) | 347 | 11,649 | |
Snap, Inc. Class A (a) | 333 | 2,201 | |
Tencent Holdings Ltd. | 2,032 | 69,615 | |
Twitter, Inc. (a) | 267 | 9,278 | |
Yelp, Inc. (a) | 160 | 6,851 | |
YY, Inc. ADR (a) | 50 | 3,195 | |
1,795,294 | |||
Wireless Telecommunication Services - 0.2% | |||
Boingo Wireless, Inc. (a) | 129 | 4,042 | |
T-Mobile U.S., Inc. (a) | 285 | 19,537 | |
23,579 | |||
TOTAL COMMUNICATION SERVICES | 2,513,899 | ||
CONSUMER DISCRETIONARY - 23.3% | |||
Automobiles - 3.0% | |||
Eicher Motors Ltd. | 7 | 2,069 | |
Tesla, Inc. (a) | 1,336 | 450,660 | |
452,729 | |||
Diversified Consumer Services - 0.1% | |||
Grand Canyon Education, Inc. (a) | 16 | 1,995 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 224 | 13,106 | |
Weight Watchers International, Inc. (a) | 94 | 6,213 | |
21,314 | |||
Hotels, Restaurants & Leisure - 1.6% | |||
Alsea S.A.B. de CV | 700 | 1,790 | |
Caesars Entertainment Corp. (a) | 163 | 1,400 | |
Eldorado Resorts, Inc. (a) | 148 | 5,402 | |
Gaming VC Holdings SA | 378 | 4,527 | |
Haidilao International Holding Ltd. | 2,140 | 4,497 | |
Hilton Worldwide Holdings, Inc. | 121 | 8,612 | |
International Game Technology PLC | 93 | 1,725 | |
Kambi Group PLC (a) | 146 | 4,044 | |
Las Vegas Sands Corp. | 489 | 24,954 | |
Marriott International, Inc. Class A | 62 | 7,247 | |
McDonald's Corp. | 340 | 60,146 | |
MGM Mirage, Inc. | 59 | 1,574 | |
Penn National Gaming, Inc. (a) | 306 | 7,430 | |
Planet Fitness, Inc. (a) | 561 | 27,539 | |
PlayAGS, Inc. (a) | 102 | 2,474 | |
Restaurant Brands International, Inc. | 229 | 12,545 | |
Royal Caribbean Cruises Ltd. | 286 | 29,953 | |
Scientific Games Corp. Class A (a) | 457 | 10,173 | |
Shake Shack, Inc. Class A (a) | 152 | 8,039 | |
Vail Resorts, Inc. | 23 | 5,780 | |
Wynn Resorts Ltd. | 115 | 11,569 | |
YETI Holdings, Inc. | 224 | 3,568 | |
244,988 | |||
Household Durables - 0.2% | |||
D.R. Horton, Inc. | 174 | 6,257 | |
Forbo Holding AG (Reg.) | 1 | 1,469 | |
iRobot Corp. (a) | 37 | 3,262 | |
Lennar Corp. Class A | 152 | 6,533 | |
Roku, Inc. Class A (a) | 178 | 9,897 | |
Taylor Morrison Home Corp. (a) | 95 | 1,571 | |
28,989 | |||
Internet & Direct Marketing Retail - 9.2% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 798 | 113,539 | |
Amazon.com, Inc. (a) | 675 | 1,078,657 | |
Etsy, Inc. (a) | 244 | 10,375 | |
GrubHub, Inc. (a) | 34 | 3,153 | |
JD.com, Inc. sponsored ADR (a) | 1,859 | 43,724 | |
Meituan Dianping Class B | 784 | 5,069 | |
Stamps.com, Inc. (a) | 31 | 6,267 | |
The Booking Holdings, Inc. (a) | 67 | 125,597 | |
Wayfair LLC Class A (a) | 245 | 27,021 | |
1,413,402 | |||
Multiline Retail - 1.2% | |||
Avenue Supermarts Ltd. (a)(b) | 73 | 1,321 | |
Dollar General Corp. | 86 | 9,579 | |
Dollar Tree, Inc. (a) | 1,782 | 150,223 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 52 | 4,831 | |
Target Corp. | 146 | 12,210 | |
178,164 | |||
Specialty Retail - 4.6% | |||
At Home Group, Inc. (a) | 1,217 | 33,273 | |
Best Buy Co., Inc. | 269 | 18,873 | |
Burlington Stores, Inc. (a) | 238 | 40,815 | |
Five Below, Inc. (a) | 224 | 25,496 | |
Floor & Decor Holdings, Inc. Class A (a) | 540 | 13,813 | |
Home Depot, Inc. | 1,515 | 266,458 | |
Lowe's Companies, Inc. | 1,624 | 154,637 | |
Ross Stores, Inc. | 324 | 32,076 | |
TCNS Clothing Co. Ltd. (a) | 35 | 292 | |
Tiffany & Co., Inc. | 227 | 25,265 | |
TJX Companies, Inc. | 585 | 64,280 | |
Ulta Beauty, Inc. (a) | 139 | 38,158 | |
713,436 | |||
Textiles, Apparel & Luxury Goods - 3.4% | |||
adidas AG | 327 | 77,038 | |
Allbirds, Inc. (c)(d) | 43 | 2,358 | |
Axonics Modulation Technologies, Inc. (a) | 188 | 2,820 | |
Canada Goose Holdings, Inc. (a) | 458 | 25,007 | |
lululemon athletica, Inc. (a) | 978 | 137,634 | |
LVMH Moet Hennessy - Louis Vuitton SA | 59 | 17,901 | |
NIKE, Inc. Class B | 1,268 | 95,151 | |
PagSeguro Digital Ltd. (a) | 393 | 10,607 | |
Pinduoduo, Inc. ADR | 1,419 | 25,045 | |
Prada SpA | 2,287 | 8,078 | |
Principia Biopharma, Inc. | 201 | 4,623 | |
PVH Corp. | 475 | 57,375 | |
Tapestry, Inc. | 574 | 24,286 | |
Under Armour, Inc. Class C (non-vtg.) (a) | 516 | 10,232 | |
VF Corp. | 303 | 25,113 | |
523,268 | |||
TOTAL CONSUMER DISCRETIONARY | 3,576,290 | ||
CONSUMER STAPLES - 2.6% | |||
Beverages - 0.9% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 190 | 37,854 | |
Fever-Tree Drinks PLC | 739 | 26,269 | |
Keurig Dr. Pepper, Inc. | 1,281 | 33,306 | |
Monster Beverage Corp. (a) | 672 | 35,515 | |
Pernod Ricard SA | 8 | 1,221 | |
134,165 | |||
Food & Staples Retailing - 1.0% | |||
BJ's Wholesale Club Holdings, Inc. | 1,098 | 24,321 | |
Costco Wholesale Corp. | 537 | 122,774 | |
Kroger Co. | 99 | 2,946 | |
150,041 | |||
Food Products - 0.1% | |||
Darling International, Inc. (a) | 292 | 6,033 | |
Nestle SA (Reg. S) | 19 | 1,604 | |
The a2 Milk Co. Ltd. (a) | 406 | 2,761 | |
10,398 | |||
Household Products - 0.1% | |||
Energizer Holdings, Inc. | 159 | 9,344 | |
MTG Co. Ltd. | 100 | 4,706 | |
14,050 | |||
Personal Products - 0.3% | |||
Coty, Inc. Class A | 854 | 9,010 | |
Estee Lauder Companies, Inc. Class A | 244 | 33,535 | |
42,545 | |||
Tobacco - 0.2% | |||
JUUL Labs, Inc. Class A (c)(d) | 217 | 38,897 | |
TOTAL CONSUMER STAPLES | 390,096 | ||
ENERGY - 1.8% | |||
Oil, Gas & Consumable Fuels - 1.8% | |||
Anadarko Petroleum Corp. | 538 | 28,622 | |
Berry Petroleum Corp. | 296 | 4,144 | |
Continental Resources, Inc. (a) | 822 | 43,303 | |
Delek U.S. Holdings, Inc. | 410 | 15,055 | |
Diamondback Energy, Inc. | 181 | 20,337 | |
EOG Resources, Inc. | 179 | 18,856 | |
Marathon Petroleum Corp. | 164 | 11,554 | |
Oasis Petroleum, Inc. (a) | 846 | 8,511 | |
Pioneer Natural Resources Co. | 138 | 20,323 | |
Reliance Industries Ltd. | 2,813 | 40,364 | |
Valero Energy Corp. | 214 | 19,493 | |
Whiting Petroleum Corp. (a) | 1,082 | 40,359 | |
270,921 | |||
FINANCIALS - 3.1% | |||
Banks - 1.4% | |||
Bank of America Corp. | 4,185 | 115,088 | |
Citigroup, Inc. | 477 | 31,224 | |
Coastal Financial Corp. of Washington (a) | 400 | 6,532 | |
HDFC Bank Ltd. sponsored ADR | 49 | 4,357 | |
IndusInd Bank Ltd. | 95 | 1,831 | |
JPMorgan Chase & Co. | 547 | 59,634 | |
Kotak Mahindra Bank Ltd. | 291 | 4,403 | |
223,069 | |||
Capital Markets - 0.8% | |||
Charles Schwab Corp. | 866 | 40,044 | |
Edelweiss Financial Services Ltd. | 619 | 1,361 | |
Fairfax India Holdings Corp. (a)(b) | 34 | 431 | |
Goldman Sachs Group, Inc. | 184 | 41,468 | |
TD Ameritrade Holding Corp. | 730 | 37,756 | |
Virtu Financial, Inc. Class A | 81 | 1,921 | |
122,981 | |||
Diversified Financial Services - 0.8% | |||
Allakos, Inc. (a) | 222 | 10,734 | |
Berkshire Hathaway, Inc. Class B (a) | 512 | 105,103 | |
GDS Holdings Ltd. ADR (a) | 308 | 7,229 | |
123,066 | |||
Thrifts & Mortgage Finance - 0.1% | |||
Housing Development Finance Corp. Ltd. | 365 | 8,731 | |
LendingTree, Inc. (a) | 8 | 1,614 | |
10,345 | |||
TOTAL FINANCIALS | 479,461 | ||
HEALTH CARE - 11.1% | |||
Biotechnology - 4.5% | |||
AC Immune SA (a) | 325 | 2,691 | |
ACADIA Pharmaceuticals, Inc. (a) | 144 | 2,805 | |
Acceleron Pharma, Inc. (a) | 40 | 2,031 | |
Agios Pharmaceuticals, Inc. (a) | 39 | 2,459 | |
Aimmune Therapeutics, Inc. (a) | 302 | 8,027 | |
Alexion Pharmaceuticals, Inc. (a) | 1,133 | 126,975 | |
Alkermes PLC (a) | 557 | 22,742 | |
Allogene Therapeutics, Inc. | 188 | 4,514 | |
Alnylam Pharmaceuticals, Inc. (a) | 519 | 41,743 | |
Amgen, Inc. | 312 | 60,150 | |
AnaptysBio, Inc. (a) | 98 | 7,323 | |
Arena Pharmaceuticals, Inc. (a) | 187 | 6,668 | |
Array BioPharma, Inc. (a) | 103 | 1,669 | |
Ascendis Pharma A/S sponsored ADR (a) | 175 | 11,251 | |
BeiGene Ltd. | 331 | 2,870 | |
BeiGene Ltd. ADR (a) | 79 | 9,949 | |
bluebird bio, Inc. (a) | 194 | 22,252 | |
Blueprint Medicines Corp. (a) | 31 | 1,884 | |
Cellectis SA sponsored ADR (a) | 40 | 1,016 | |
Coherus BioSciences, Inc. (a) | 288 | 3,367 | |
Crinetics Pharmaceuticals, Inc. (a) | 87 | 2,167 | |
DBV Technologies SA sponsored ADR (a) | 51 | 940 | |
Deciphera Pharmaceuticals, Inc. (a) | 33 | 666 | |
Denali Therapeutics, Inc. (a) | 448 | 6,483 | |
Editas Medicine, Inc. (a) | 238 | 6,029 | |
Epizyme, Inc. (a) | 139 | 1,119 | |
Esperion Therapeutics, Inc. (a) | 140 | 6,360 | |
Exelixis, Inc. (a) | 232 | 3,218 | |
FibroGen, Inc. (a) | 186 | 7,974 | |
Global Blood Therapeutics, Inc. (a) | 316 | 11,088 | |
Heron Therapeutics, Inc. (a) | 113 | 3,137 | |
ImmunoGen, Inc. (a) | 116 | 630 | |
Intellia Therapeutics, Inc. (a) | 317 | 5,383 | |
Intercept Pharmaceuticals, Inc. (a) | 143 | 13,729 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 524 | 6,864 | |
Liquidia Technologies, Inc. | 1,189 | 19,476 | |
Natera, Inc. (a) | 365 | 8,015 | |
Neurocrine Biosciences, Inc. (a) | 351 | 37,610 | |
Portola Pharmaceuticals, Inc. (a) | 199 | 3,918 | |
Regeneron Pharmaceuticals, Inc. (a) | 249 | 84,471 | |
Rubius Therapeutics, Inc. | 66 | 1,084 | |
Sage Therapeutics, Inc. (a) | 151 | 19,431 | |
Sarepta Therapeutics, Inc. (a) | 190 | 25,414 | |
Scholar Rock Holding Corp. | 89 | 2,091 | |
Ultragenyx Pharmaceutical, Inc. (a) | 71 | 3,440 | |
Vertex Pharmaceuticals, Inc. (a) | 315 | 53,380 | |
Viking Therapeutics, Inc. (a) | 319 | 4,338 | |
Xencor, Inc. (a) | 200 | 6,544 | |
Zai Lab Ltd. ADR (a) | 255 | 4,172 | |
691,557 | |||
Health Care Equipment & Supplies - 3.2% | |||
Align Technology, Inc. (a) | 81 | 17,917 | |
Atricure, Inc. (a) | 108 | 3,435 | |
Becton, Dickinson & Co. | 124 | 28,582 | |
Boston Scientific Corp. (a) | 4,694 | 169,641 | |
Danaher Corp. | 266 | 26,440 | |
DexCom, Inc. (a) | 86 | 11,418 | |
Edwards Lifesciences Corp. (a) | 20 | 2,952 | |
Establishment Labs Holdings, Inc. (a) | 417 | 9,516 | |
Fisher & Paykel Healthcare Corp. | 123 | 1,092 | |
Insulet Corp. (a) | 123 | 10,850 | |
Intuitive Surgical, Inc. (a) | 290 | 151,142 | |
iRhythm Technologies, Inc. (a) | 285 | 22,019 | |
Novocure Ltd. (a) | 79 | 2,618 | |
Penumbra, Inc. (a) | 22 | 2,992 | |
Quanterix Corp. (a) | 83 | 1,453 | |
Stryker Corp. | 62 | 10,058 | |
Tandem Diabetes Care, Inc. (a) | 82 | 3,084 | |
ViewRay, Inc. (a) | 307 | 2,656 | |
Wright Medical Group NV (a) | 176 | 4,748 | |
482,613 | |||
Health Care Providers & Services - 2.5% | |||
Anthem, Inc. | 36 | 9,921 | |
Centene Corp. (a) | 45 | 5,864 | |
CVS Health Corp. | 246 | 17,808 | |
Guardant Health, Inc. | 177 | 5,926 | |
HCA Holdings, Inc. | 166 | 22,166 | |
Henry Schein, Inc. (a) | 94 | 7,802 | |
Humana, Inc. | 368 | 117,911 | |
National Vision Holdings, Inc. | 212 | 8,783 | |
OptiNose, Inc. | 764 | 8,083 | |
UnitedHealth Group, Inc. | 698 | 182,422 | |
386,686 | |||
Health Care Technology - 0.1% | |||
Evolent Health, Inc. (a) | 169 | 3,752 | |
Teladoc Health, Inc. (a) | 169 | 11,718 | |
15,470 | |||
Life Sciences Tools & Services - 0.1% | |||
Illumina, Inc. (a) | 52 | 16,180 | |
Pharmaceuticals - 0.7% | |||
Akcea Therapeutics, Inc. (a) | 417 | 9,307 | |
AstraZeneca PLC sponsored ADR | 321 | 12,448 | |
Dova Pharmaceuticals, Inc. (a) | 96 | 1,782 | |
Eli Lilly & Co. | 86 | 9,326 | |
Jazz Pharmaceuticals PLC (a) | 188 | 29,858 | |
MyoKardia, Inc. (a) | 53 | 2,806 | |
Nektar Therapeutics (a) | 461 | 17,831 | |
Perrigo Co. PLC | 214 | 15,044 | |
The Medicines Company (a) | 248 | 5,768 | |
TherapeuticsMD, Inc. (a) | 551 | 2,694 | |
Theravance Biopharma, Inc. (a) | 20 | 485 | |
Zogenix, Inc. (a) | 59 | 2,464 | |
109,813 | |||
TOTAL HEALTH CARE | 1,702,319 | ||
INDUSTRIALS - 3.9% | |||
Aerospace & Defense - 1.2% | |||
Bombardier, Inc. Class B (sub. vtg.) (a) | 3,390 | 8,215 | |
Elbit Systems Ltd. | 27 | 3,226 | |
Northrop Grumman Corp. | 182 | 47,675 | |
Raytheon Co. | 165 | 28,882 | |
The Boeing Co. | 238 | 84,457 | |
United Technologies Corp. | 112 | 13,912 | |
186,367 | |||
Air Freight & Logistics - 0.2% | |||
XPO Logistics, Inc. (a) | 377 | 33,696 | |
Airlines - 0.9% | |||
American Airlines Group, Inc. | 433 | 15,190 | |
Delta Air Lines, Inc. | 822 | 44,988 | |
Spirit Airlines, Inc. (a) | 786 | 40,793 | |
United Continental Holdings, Inc. (a) | 383 | 32,750 | |
Wizz Air Holdings PLC (a)(b) | 128 | 4,206 | |
137,927 | |||
Building Products - 0.0% | |||
Masco Corp. | 40 | 1,200 | |
Resideo Technologies, Inc. (a) | 43 | 905 | |
2,105 | |||
Commercial Services & Supplies - 0.1% | |||
HomeServe PLC | 421 | 5,120 | |
Tomra Systems ASA | 313 | 7,760 | |
12,880 | |||
Construction & Engineering - 0.0% | |||
Dycom Industries, Inc. (a) | 37 | 2,512 | |
Electrical Equipment - 0.2% | |||
Fortive Corp. | 283 | 21,013 | |
Melrose Industries PLC | 3 | 6 | |
Regal Beloit Corp. | 144 | 10,325 | |
31,344 | |||
Industrial Conglomerates - 0.4% | |||
General Electric Co. | 1,355 | 13,686 | |
Honeywell International, Inc. | 261 | 37,798 | |
ITT, Inc. | 84 | 4,242 | |
55,726 | |||
Machinery - 0.5% | |||
Deere & Co. | 375 | 50,790 | |
Rational AG | 8 | 4,639 | |
Xylem, Inc. | 309 | 20,264 | |
75,693 | |||
Professional Services - 0.1% | |||
IHS Markit Ltd. (a) | 257 | 13,500 | |
Road & Rail - 0.3% | |||
CSX Corp. | 63 | 4,338 | |
Knight-Swift Transportation Holdings, Inc. Class A | 1,155 | 36,960 | |
Norfolk Southern Corp. | 45 | 7,552 | |
48,850 | |||
Trading Companies & Distributors - 0.0% | |||
Ferguson PLC | 8 | 540 | |
TOTAL INDUSTRIALS | 601,140 | ||
INFORMATION TECHNOLOGY - 33.9% | |||
Communications Equipment - 0.3% | |||
Arista Networks, Inc. (a) | 86 | 19,810 | |
Carvana Co. Class A (a) | 170 | 6,588 | |
NETGEAR, Inc. (a) | 320 | 17,754 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 904 | 7,829 | |
51,981 | |||
Electronic Equipment & Components - 0.2% | |||
Corning, Inc. | 896 | 28,627 | |
Internet Software & Services - 0.3% | |||
ANGI Homeservices, Inc. Class A (a) | 858 | 16,422 | |
CarGurus, Inc. Class A | 400 | 17,768 | |
Farfetch Ltd. Class A | 349 | 7,168 | |
41,358 | |||
IT Services - 6.5% | |||
Adyen BV (b) | 133 | 86,032 | |
Akamai Technologies, Inc. (a) | 377 | 27,238 | |
Alliance Data Systems Corp. | 22 | 4,536 | |
Elastic NV | 200 | 13,600 | |
Endava PLC ADR (a) | 155 | 3,605 | |
FleetCor Technologies, Inc. (a) | 64 | 12,802 | |
GoDaddy, Inc. (a) | 279 | 20,414 | |
Keywords Studios PLC | 63 | 1,103 | |
MasterCard, Inc. Class A | 1,218 | 240,762 | |
Netcompany Group A/S | 281 | 9,294 | |
Okta, Inc. (a) | 29 | 1,692 | |
PayPal Holdings, Inc. (a) | 1,640 | 138,072 | |
Shopify, Inc. Class A (a) | 151 | 20,861 | |
Square, Inc. (a) | 183 | 13,441 | |
Total System Services, Inc. | 32 | 2,917 | |
Visa, Inc. Class A | 2,529 | 348,623 | |
Wirecard AG | 10 | 1,873 | |
Wix.com Ltd. (a) | 228 | 22,196 | |
Worldpay, Inc. (a) | 293 | 26,909 | |
995,970 | |||
Semiconductors & Semiconductor Equipment - 7.9% | |||
Acacia Communications, Inc. (a) | 79 | 2,723 | |
Advanced Micro Devices, Inc. (a) | 1,420 | 25,858 | |
Analog Devices, Inc. | 250 | 20,928 | |
ASML Holding NV | 37 | 6,377 | |
Broadcom, Inc. | 1,519 | 339,481 | |
Inphi Corp. (a) | 285 | 9,120 | |
Intel Corp. | 238 | 11,157 | |
Lam Research Corp. | 225 | 31,889 | |
Marvell Technology Group Ltd. | 9,125 | 149,741 | |
Micron Technology, Inc. (a) | 924 | 34,853 | |
Monolithic Power Systems, Inc. | 267 | 31,538 | |
NVIDIA Corp. | 2,061 | 434,521 | |
NXP Semiconductors NV | 370 | 27,746 | |
Qualcomm, Inc. | 1,080 | 67,921 | |
Semtech Corp. (a) | 28 | 1,258 | |
Xilinx, Inc. | 228 | 19,464 | |
1,214,575 | |||
Software - 10.4% | |||
Adobe, Inc. (a) | 656 | 161,219 | |
Altair Engineering, Inc. Class A (a) | 276 | 10,527 | |
DocuSign, Inc. | 169 | 7,088 | |
Dropbox, Inc. Class A (a) | 597 | 14,012 | |
Hortonworks, Inc. (a) | 76 | 1,357 | |
HubSpot, Inc. (a) | 21 | 2,849 | |
Intuit, Inc. | 132 | 27,852 | |
Microsoft Corp. | 7,236 | 772,877 | |
Paycom Software, Inc. (a) | 234 | 29,297 | |
RingCentral, Inc. (a) | 247 | 19,199 | |
SailPoint Technologies Holding, Inc. (a) | 363 | 9,453 | |
Salesforce.com, Inc. (a) | 3,175 | 435,737 | |
ServiceNow, Inc. (a) | 9 | 1,629 | |
Splunk, Inc. (a) | 40 | 3,994 | |
StoneCo Ltd. Class A (a) | 300 | 8,607 | |
Tanium, Inc. Class B (a)(c)(d) | 131 | 1,139 | |
Tenable Holdings, Inc. | 300 | 8,544 | |
The Trade Desk, Inc. (a) | 187 | 23,104 | |
Workday, Inc. Class A (a) | 296 | 39,374 | |
Zendesk, Inc. (a) | 167 | 9,180 | |
Zuora, Inc. | 82 | 1,674 | |
1,588,712 | |||
Technology Hardware, Storage & Peripherals - 8.3% | |||
Apple, Inc. | 5,834 | 1,276,835 | |
NetApp, Inc. | 41 | 3,218 | |
1,280,053 | |||
TOTAL INFORMATION TECHNOLOGY | 5,201,276 | ||
MATERIALS - 1.6% | |||
Chemicals - 1.6% | |||
CF Industries Holdings, Inc. | 1,712 | 82,227 | |
DowDuPont, Inc. | 249 | 13,426 | |
FMC Corp. | 111 | 8,667 | |
LG Chemical Ltd. | 7 | 2,129 | |
LyondellBasell Industries NV Class A | 288 | 25,710 | |
Nutrien Ltd. | 397 | 21,016 | |
Sherwin-Williams Co. | 4 | 1,574 | |
The Chemours Co. LLC | 1,388 | 45,818 | |
The Mosaic Co. | 1,117 | 34,560 | |
Tronox Ltd. Class A | 729 | 8,347 | |
243,474 | |||
REAL ESTATE - 0.1% | |||
Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
Ant International Co. Ltd. Class C (c)(d) | 2,450 | 13,745 | |
TOTAL COMMON STOCKS | |||
(Cost $12,875,114) | 14,992,621 | ||
Preferred Stocks - 1.3% | |||
Convertible Preferred Stocks - 1.3% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Hotels, Restaurants & Leisure - 0.1% | |||
Neutron Holdings, Inc. Series C (c)(d) | 26,100 | 4,772 | |
Topgolf International, Inc. Series F (c)(d) | 217 | 2,997 | |
7,769 | |||
Internet & Direct Marketing Retail - 0.0% | |||
The Honest Co., Inc. Series E (a)(c)(d) | 282 | 5,529 | |
Textiles, Apparel & Luxury Goods - 0.0% | |||
Allbirds, Inc.: | |||
Series A (c)(d) | 17 | 932 | |
Series B (c)(d) | 3 | 165 | |
Series C (c)(d) | 28 | 1,535 | |
2,632 | |||
TOTAL CONSUMER DISCRETIONARY | 15,930 | ||
CONSUMER STAPLES - 0.2% | |||
Food & Staples Retailing - 0.0% | |||
Roofoods Ltd. Series F (a)(c)(d) | 17 | 5,315 | |
Food Products - 0.0% | |||
Agbiome LLC Series C (c)(d) | 557 | 3,528 | |
Tobacco - 0.2% | |||
JUUL Labs, Inc. Series E (c)(d) | 127 | 22,765 | |
TOTAL CONSUMER STAPLES | 31,608 | ||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
23andMe, Inc. Series F (a)(c)(d) | 339 | 5,882 | |
Generation Bio Series B (c)(d) | 200 | 1,829 | |
7,711 | |||
INFORMATION TECHNOLOGY - 1.0% | |||
Internet Software & Services - 0.9% | |||
ContextLogic, Inc. Series G (c)(d) | 67 | 8,489 | |
Lyft, Inc.: | |||
Series H (c)(d) | 2,516 | 119,142 | |
Series I (c)(d) | 289 | 13,685 | |
Starry, Inc. Series C (c)(d) | 3,181 | 2,933 | |
144,249 | |||
Software - 0.1% | |||
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) | 300 | 3,300 | |
Compass, Inc. Series E (c)(d) | 28 | 3,320 | |
6,620 | |||
TOTAL INFORMATION TECHNOLOGY | 150,869 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 206,118 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Textiles, Apparel & Luxury Goods - 0.0% | |||
Allbirds, Inc. (c)(d) | 9 | 494 | |
TOTAL PREFERRED STOCKS | |||
(Cost $185,610) | 206,612 | ||
Money Market Funds - 0.7% | |||
Fidelity Cash Central Fund, 2.23% (e) | |||
(Cost $104,270) | 104,249 | 104,270 | |
TOTAL INVESTMENT IN SECURITIES - 99.8% | |||
(Cost $13,164,994) | 15,303,503 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 33,345 | ||
NET ASSETS - 100% | $15,336,848 |
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $91,990 or 0.6% of net assets.
(c) 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 $262,749 or 1.7% of net assets.
(d) Level 3 security
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
23andMe, Inc. Series F | 8/31/17 | $4,707 |
Agbiome LLC Series C | 6/29/18 | $3,528 |
Allbirds, Inc. | 10/9/18 | $2,358 |
Allbirds, Inc. | 10/9/18 | $494 |
Allbirds, Inc. Series A | 10/9/18 | $932 |
Allbirds, Inc. Series B | 10/9/18 | $165 |
Allbirds, Inc. Series C | 10/9/18 | $1,535 |
Ant International Co. Ltd. Class C | 5/16/18 | $13,745 |
Cloudflare, Inc. Series D, 8.00% | 9/10/18 | $3,300 |
Compass, Inc. Series E | 11/3/17 | $1,889 |
ContextLogic, Inc. Series G | 10/24/17 | $9,014 |
Generation Bio Series B | 2/21/18 | $1,829 |
JUUL Labs, Inc. Class A | 12/20/17 - 7/6/18 | $38,305 |
JUUL Labs, Inc. Series E | 12/20/17 - 7/6/18 | $22,284 |
Lyft, Inc. Series H | 11/22/17 | $100,001 |
Lyft, Inc. Series I | 6/27/18 | $13,685 |
Neutron Holdings, Inc. Series C | 7/3/18 | $4,772 |
Roofoods Ltd. Series F | 9/12/17 | $6,011 |
Starry, Inc. Series C | 12/8/17 | $2,933 |
Tanium, Inc. Class B | 4/21/17 | $650 |
The Honest Co., Inc. Series E | 9/28/17 | $5,529 |
Topgolf International, Inc. Series F | 11/10/17 | $3,002 |
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 | $1,414 |
Total | $1,414 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $2,513,899 | $2,444,284 | $69,615 | $-- |
Consumer Discretionary | 3,592,714 | 3,556,031 | 17,901 | 18,782 |
Consumer Staples | 421,704 | 349,595 | 1,604 | 70,505 |
Energy | 270,921 | 270,921 | -- | -- |
Financials | 479,461 | 479,461 | -- | -- |
Health Care | 1,710,030 | 1,702,319 | -- | 7,711 |
Industrials | 601,140 | 601,140 | -- | -- |
Information Technology | 5,352,145 | 5,200,137 | -- | 152,008 |
Materials | 243,474 | 243,474 | -- | -- |
Real Estate | 13,745 | -- | -- | 13,745 |
Money Market Funds | 104,270 | 104,270 | -- | -- |
Total Investments in Securities: | $15,303,503 | $14,951,632 | $89,120 | $262,751 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Beginning Balance | $252,593 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | 1,374 |
Cost of Purchases | 8,784 |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $262,751 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 | $1,374 |
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.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
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 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input*(a) |
Equities | $262,751 | Market comparable | Enterprise value/Sales multiple (EV/S) | 1.3 - 2.8 / 2.2 | Increase |
Transaction price | $9.15 | Increase | |||
Discount rate | 38.0% - 78.0% / 63.6% | Decrease | |||
Premium rate | 9.0% | Increase | |||
Market approach | Transaction price | $0.18 - $179.25 / $75.36 | Increase |
(a) 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 significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity® Blue Chip Growth K6 Fund
October 31, 2018
Schedule of Investments October 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.3% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 16.6% | |||
Entertainment - 4.3% | |||
Activision Blizzard, Inc. | 353,430 | $24,404,342 | |
Electronic Arts, Inc. (a) | 21,380 | 1,945,152 | |
NetEase, Inc. ADR | 8,018 | 1,666,541 | |
Netflix, Inc. (a) | 79,013 | 23,844,543 | |
Spotify Technology SA (a) | 2,300 | 344,287 | |
Take-Two Interactive Software, Inc. (a) | 12,300 | 1,585,101 | |
The Walt Disney Co. | 143,856 | 16,518,984 | |
70,308,950 | |||
Interactive Media & Services - 12.1% | |||
Alphabet, Inc.: | |||
Class A (a) | 104,404 | 113,860,914 | |
Class C (a) | 10,449 | 11,251,170 | |
Facebook, Inc. Class A (a) | 405,926 | 61,615,508 | |
IAC/InterActiveCorp (a) | 11,779 | 2,315,634 | |
Momo, Inc. ADR (a) | 37,100 | 1,245,447 | |
Snap, Inc. Class A (a) | 60,991 | 403,151 | |
Tencent Holdings Ltd. | 193,300 | 6,622,316 | |
Twitter, Inc. (a) | 30,891 | 1,073,462 | |
Yelp, Inc. (a) | 18,500 | 792,170 | |
YY, Inc. ADR (a) | 5,400 | 345,060 | |
199,524,832 | |||
Wireless Telecommunication Services - 0.2% | |||
Boingo Wireless, Inc. (a) | 15,686 | 491,442 | |
T-Mobile U.S., Inc. (a) | 29,702 | 2,036,072 | |
2,527,514 | |||
TOTAL COMMUNICATION SERVICES | 272,361,296 | ||
CONSUMER DISCRETIONARY - 23.7% | |||
Automobiles - 2.8% | |||
Eicher Motors Ltd. | 429 | 126,824 | |
Tesla, Inc. (a)(b) | 138,917 | 46,859,482 | |
46,986,306 | |||
Diversified Consumer Services - 0.2% | |||
Grand Canyon Education, Inc. (a) | 2,053 | 256,009 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 27,912 | 1,633,131 | |
Weight Watchers International, Inc. (a) | 13,526 | 894,069 | |
2,783,209 | |||
Hotels, Restaurants & Leisure - 1.6% | |||
Alsea S.A.B. de CV | 83,800 | 214,273 | |
Caesars Entertainment Corp. (a)(b) | 17,900 | 153,761 | |
Eldorado Resorts, Inc. (a) | 16,444 | 600,206 | |
Gaming VC Holdings SA | 41,500 | 497,034 | |
Haidilao International Holding Ltd. | 175,000 | 367,766 | |
Hilton Worldwide Holdings, Inc. | 14,096 | 1,003,212 | |
International Game Technology PLC | 7,700 | 142,835 | |
Kambi Group PLC (a) | 16,000 | 443,223 | |
Las Vegas Sands Corp. | 51,625 | 2,634,424 | |
Marriott International, Inc. Class A | 7,048 | 823,841 | |
McDonald's Corp. | 38,688 | 6,843,907 | |
MGM Mirage, Inc. | 6,500 | 173,420 | |
Penn National Gaming, Inc. (a) | 24,932 | 605,349 | |
Planet Fitness, Inc. (a) | 60,256 | 2,957,967 | |
PlayAGS, Inc. (a) | 12,000 | 291,000 | |
Restaurant Brands International, Inc. | 28,234 | 1,546,763 | |
Royal Caribbean Cruises Ltd. | 31,058 | 3,252,704 | |
Scientific Games Corp. Class A (a) | 46,600 | 1,037,316 | |
Shake Shack, Inc. Class A (a) | 24,140 | 1,276,765 | |
Vail Resorts, Inc. | 2,711 | 681,329 | |
Wynn Resorts Ltd. | 12,761 | 1,283,757 | |
YETI Holdings, Inc. | 24,000 | 382,320 | |
27,213,172 | |||
Household Durables - 0.2% | |||
D.R. Horton, Inc. | 18,900 | 679,644 | |
Forbo Holding AG (Reg.) | 83 | 121,886 | |
iRobot Corp. (a) | 4,351 | 383,628 | |
Lennar Corp. Class A | 16,400 | 704,872 | |
Roku, Inc. Class A (a) | 20,700 | 1,150,920 | |
Taylor Morrison Home Corp. (a) | 10,100 | 167,054 | |
3,208,004 | |||
Internet & Direct Marketing Retail - 9.5% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 87,817 | 12,494,603 | |
Amazon.com, Inc. (a) | 74,604 | 119,217,938 | |
Etsy, Inc. (a) | 27,300 | 1,160,796 | |
GrubHub, Inc. (a) | 3,700 | 343,138 | |
JD.com, Inc. sponsored ADR (a) | 212,274 | 4,992,684 | |
Meituan Dianping Class B | 61,800 | 399,551 | |
Stamps.com, Inc. (a) | 5,131 | 1,037,334 | |
The Booking Holdings, Inc. (a) | 7,718 | 14,468,008 | |
Wayfair LLC Class A (a) | 19,996 | 2,205,359 | |
156,319,411 | |||
Multiline Retail - 1.2% | |||
Avenue Supermarts Ltd. (a)(c) | 3,665 | 66,301 | |
Dollar General Corp. | 9,800 | 1,091,524 | |
Dollar Tree, Inc. (a) | 191,803 | 16,168,993 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 7,304 | 678,542 | |
Target Corp. | 16,200 | 1,354,806 | |
19,360,166 | |||
Specialty Retail - 4.9% | |||
At Home Group, Inc. (a) | 130,511 | 3,568,171 | |
Best Buy Co., Inc. | 30,500 | 2,139,880 | |
Burlington Stores, Inc. (a) | 23,939 | 4,105,299 | |
Five Below, Inc. (a) | 23,969 | 2,728,152 | |
Floor & Decor Holdings, Inc. Class A (a) | 48,371 | 1,237,330 | |
Home Depot, Inc. | 159,083 | 27,979,518 | |
Lowe's Companies, Inc. | 168,887 | 16,081,420 | |
RH (a)(b) | 48,065 | 5,561,601 | |
Ross Stores, Inc. | 35,464 | 3,510,936 | |
TCNS Clothing Co. Ltd. (a) | 3,760 | 31,418 | |
Tiffany & Co., Inc. | 24,021 | 2,673,537 | |
TJX Companies, Inc. | 61,550 | 6,763,114 | |
Ulta Beauty, Inc. (a) | 13,900 | 3,815,828 | |
80,196,204 | |||
Textiles, Apparel & Luxury Goods - 3.3% | |||
adidas AG | 35,856 | 8,447,358 | |
Allbirds, Inc. (d)(e) | 2,352 | 128,974 | |
Axonics Modulation Technologies, Inc. (a) | 20,200 | 302,596 | |
Canada Goose Holdings, Inc. (a) | 24,423 | 1,333,530 | |
Cibus Global Ltd. Series C (d)(e)(f) | 133,810 | 281,001 | |
lululemon athletica, Inc. (a) | 84,112 | 11,837,082 | |
LVMH Moet Hennessy - Louis Vuitton SA | 6,780 | 2,057,089 | |
NIKE, Inc. Class B | 142,542 | 10,696,352 | |
PagSeguro Digital Ltd. (a)(b) | 42,900 | 1,157,871 | |
Pinduoduo, Inc. ADR (b) | 121,684 | 2,147,723 | |
Prada SpA | 305,500 | 1,079,113 | |
Principia Biopharma, Inc. | 6,700 | 154,100 | |
PVH Corp. | 51,034 | 6,164,397 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 51,671 | 1,476,240 | |
Tapestry, Inc. | 63,110 | 2,670,184 | |
Under Armour, Inc. Class C (non-vtg.) (a)(b) | 54,880 | 1,088,270 | |
VF Corp. | 34,829 | 2,886,628 | |
53,908,508 | |||
TOTAL CONSUMER DISCRETIONARY | 389,974,980 | ||
CONSUMER STAPLES - 2.6% | |||
Beverages - 0.9% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 20,258 | 4,036,001 | |
Fever-Tree Drinks PLC | 80,396 | 2,857,816 | |
Keurig Dr. Pepper, Inc. | 128,622 | 3,344,172 | |
Monster Beverage Corp. (a) | 79,842 | 4,219,650 | |
Pernod Ricard SA | 899 | 137,260 | |
14,594,899 | |||
Food & Staples Retailing - 1.0% | |||
BJ's Wholesale Club Holdings, Inc. | 109,319 | 2,421,416 | |
Costco Wholesale Corp. | 56,795 | 12,985,041 | |
Kroger Co. | 10,600 | 315,456 | |
15,721,913 | |||
Food Products - 0.1% | |||
Darling International, Inc. (a) | 34,908 | 721,199 | |
Nestle SA (Reg. S) | 2,070 | 174,756 | |
The a2 Milk Co. Ltd. (a) | 45,600 | 310,060 | |
1,206,015 | |||
Household Products - 0.1% | |||
Energizer Holdings, Inc. | 19,363 | 1,137,964 | |
MTG Co. Ltd. | 2,100 | 98,826 | |
1,236,790 | |||
Personal Products - 0.3% | |||
Coty, Inc. Class A | 96,426 | 1,017,294 | |
Estee Lauder Companies, Inc. Class A | 26,587 | 3,654,117 | |
Kose Corp. | 2,907 | 434,627 | |
5,106,038 | |||
Tobacco - 0.2% | |||
JUUL Labs, Inc. Class A (d)(e) | 23,134 | 4,146,770 | |
TOTAL CONSUMER STAPLES | 42,012,425 | ||
ENERGY - 1.8% | |||
Oil, Gas & Consumable Fuels - 1.8% | |||
Anadarko Petroleum Corp. | 56,147 | 2,987,020 | |
Berry Petroleum Corp. | 33,600 | 470,400 | |
Continental Resources, Inc. (a) | 88,672 | 4,671,241 | |
Delek U.S. Holdings, Inc. | 45,655 | 1,676,452 | |
Diamondback Energy, Inc. | 18,404 | 2,067,873 | |
EOG Resources, Inc. | 21,680 | 2,283,771 | |
Marathon Petroleum Corp. | 20,912 | 1,473,250 | |
Oasis Petroleum, Inc. (a) | 97,800 | 983,868 | |
Pioneer Natural Resources Co. | 16,074 | 2,367,218 | |
Reliance Industries Ltd. | 280,742 | 4,028,359 | |
Valero Energy Corp. | 21,889 | 1,993,869 | |
Whiting Petroleum Corp. (a) | 123,583 | 4,609,646 | |
29,612,967 | |||
FINANCIALS - 3.1% | |||
Banks - 1.5% | |||
Bank of America Corp. | 447,248 | 12,299,320 | |
Citigroup, Inc. | 56,983 | 3,730,107 | |
Coastal Financial Corp. of Washington (a) | 2,632 | 42,981 | |
HDFC Bank Ltd. sponsored ADR | 7,983 | 709,769 | |
IndusInd Bank Ltd. | 8,949 | 172,434 | |
JPMorgan Chase & Co. | 61,781 | 6,735,365 | |
Kotak Mahindra Bank Ltd. | 18,502 | 279,969 | |
23,969,945 | |||
Capital Markets - 0.9% | |||
Charles Schwab Corp. | 97,831 | 4,523,705 | |
Edelweiss Financial Services Ltd. | 58,486 | 128,581 | |
Fairfax India Holdings Corp. (a)(c) | 10,449 | 132,598 | |
Goldman Sachs Group, Inc. | 22,623 | 5,098,546 | |
HDFC Asset Management Co. Ltd. (a) | 110 | 2,083 | |
TD Ameritrade Holding Corp. | 80,902 | 4,184,251 | |
Virtu Financial, Inc. Class A | 10,730 | 254,516 | |
14,324,280 | |||
Diversified Financial Services - 0.7% | |||
Allakos, Inc. (a) | 10,258 | 495,974 | |
Berkshire Hathaway, Inc. Class B (a) | 53,577 | 10,998,287 | |
GDS Holdings Ltd. ADR (a)(b) | 33,400 | 783,898 | |
12,278,159 | |||
Thrifts & Mortgage Finance - 0.0% | |||
Housing Development Finance Corp. Ltd. | 20,960 | 501,399 | |
LendingTree, Inc. (a) | 800 | 161,352 | |
662,751 | |||
TOTAL FINANCIALS | 51,235,135 | ||
HEALTH CARE - 11.2% | |||
Biotechnology - 4.6% | |||
AC Immune SA (a) | 45,547 | 377,129 | |
ACADIA Pharmaceuticals, Inc. (a) | 15,329 | 298,609 | |
Acceleron Pharma, Inc. (a) | 5,025 | 255,119 | |
Agios Pharmaceuticals, Inc. (a) | 17,738 | 1,118,558 | |
Aimmune Therapeutics, Inc. (a) | 34,119 | 906,883 | |
Alexion Pharmaceuticals, Inc. (a) | 121,188 | 13,581,539 | |
Alkermes PLC (a) | 58,087 | 2,371,692 | |
Allogene Therapeutics, Inc. | 7,500 | 180,075 | |
Alnylam Pharmaceuticals, Inc. (a) | 45,195 | 3,635,034 | |
Amgen, Inc. | 16,159 | 3,115,294 | |
AnaptysBio, Inc. (a) | 11,213 | 837,835 | |
Arena Pharmaceuticals, Inc. (a) | 23,025 | 821,072 | |
Array BioPharma, Inc. (a) | 11,700 | 189,540 | |
Ascendis Pharma A/S sponsored ADR (a) | 23,609 | 1,517,823 | |
BeiGene Ltd. | 38,400 | 332,978 | |
BeiGene Ltd. ADR (a) | 7,459 | 939,386 | |
bluebird bio, Inc. (a) | 21,198 | 2,431,411 | |
Blueprint Medicines Corp. (a) | 1,475 | 89,636 | |
Cellectis SA sponsored ADR (a) | 8,032 | 203,932 | |
Coherus BioSciences, Inc. (a) | 36,568 | 427,480 | |
Crinetics Pharmaceuticals, Inc. (a) | 7,893 | 196,615 | |
CytomX Therapeutics, Inc. (a) | 8,911 | 127,071 | |
DBV Technologies SA sponsored ADR (a) | 6,199 | 114,310 | |
Deciphera Pharmaceuticals, Inc. (a) | 4,150 | 83,789 | |
Denali Therapeutics, Inc. (a)(b) | 47,999 | 694,546 | |
Editas Medicine, Inc. (a) | 29,258 | 741,105 | |
Epizyme, Inc. (a) | 19,138 | 154,061 | |
Esperion Therapeutics, Inc. (a)(b) | 15,100 | 685,993 | |
Exelixis, Inc. (a) | 45,643 | 633,068 | |
FibroGen, Inc. (a) | 21,041 | 902,028 | |
Global Blood Therapeutics, Inc. (a) | 41,685 | 1,462,727 | |
Heron Therapeutics, Inc. (a) | 11,855 | 329,095 | |
ImmunoGen, Inc. (a) | 14,473 | 78,588 | |
Intellia Therapeutics, Inc. (a) | 34,895 | 592,517 | |
Intercept Pharmaceuticals, Inc. (a) | 15,801 | 1,517,054 | |
Ionis Pharmaceuticals, Inc. (a) | 6,844 | 339,120 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 62,575 | 819,733 | |
La Jolla Pharmaceutical Co. (a)(b) | 9,529 | 155,323 | |
Liquidia Technologies, Inc. | 141,380 | 2,315,804 | |
Momenta Pharmaceuticals, Inc. (a) | 5,264 | 65,853 | |
Natera, Inc. (a) | 40,100 | 880,596 | |
Neurocrine Biosciences, Inc. (a) | 34,502 | 3,696,889 | |
Portola Pharmaceuticals, Inc. (a)(b) | 21,980 | 432,786 | |
Regeneron Pharmaceuticals, Inc. (a) | 31,116 | 10,555,792 | |
Rubius Therapeutics, Inc. | 8,198 | 134,693 | |
Sage Therapeutics, Inc. (a) | 24,972 | 3,213,397 | |
Sarepta Therapeutics, Inc. (a) | 20,902 | 2,795,852 | |
Scholar Rock Holding Corp. | 10,201 | 239,621 | |
Ultragenyx Pharmaceutical, Inc. (a) | 8,728 | 422,872 | |
Vertex Pharmaceuticals, Inc. (a) | 33,837 | 5,734,018 | |
Viking Therapeutics, Inc. (a)(b) | 33,500 | 455,600 | |
Xencor, Inc. (a) | 25,227 | 825,427 | |
Zai Lab Ltd. ADR (a) | 19,020 | 311,167 | |
75,338,135 | |||
Health Care Equipment & Supplies - 3.2% | |||
Align Technology, Inc. (a) | 9,143 | 2,022,432 | |
Atricure, Inc. (a) | 11,600 | 368,996 | |
Becton, Dickinson & Co. | 13,580 | 3,130,190 | |
Boston Scientific Corp. (a) | 496,518 | 17,944,161 | |
Danaher Corp. | 27,314 | 2,715,012 | |
DexCom, Inc. (a) | 9,662 | 1,282,824 | |
Edwards Lifesciences Corp. (a) | 2,259 | 333,428 | |
Establishment Labs Holdings, Inc. (a) | 51,715 | 1,180,136 | |
Fisher & Paykel Healthcare Corp. | 15,961 | 141,649 | |
Insulet Corp. (a) | 13,546 | 1,194,893 | |
Intuitive Surgical, Inc. (a) | 30,360 | 15,823,025 | |
iRhythm Technologies, Inc. (a) | 31,951 | 2,468,534 | |
Novocure Ltd. (a) | 8,495 | 281,524 | |
Penumbra, Inc. (a) | 2,150 | 292,400 | |
Quanterix Corp. (a) | 9,331 | 163,386 | |
Stryker Corp. | 6,925 | 1,123,374 | |
Tandem Diabetes Care, Inc. (a) | 9,300 | 349,773 | |
ViewRay, Inc. (a) | 35,800 | 309,670 | |
Wright Medical Group NV (a) | 20,100 | 542,298 | |
51,667,705 | |||
Health Care Providers & Services - 2.5% | |||
Anthem, Inc. | 3,600 | 992,052 | |
Centene Corp. (a) | 5,000 | 651,600 | |
CVS Health Corp. | 27,400 | 1,983,486 | |
Guardant Health, Inc. | 11,800 | 395,064 | |
HCA Holdings, Inc. | 18,500 | 2,470,305 | |
Henry Schein, Inc. (a) | 10,500 | 871,500 | |
Humana, Inc. | 41,158 | 13,187,435 | |
National Vision Holdings, Inc. | 26,004 | 1,077,346 | |
OptiNose, Inc. | 38,195 | 404,103 | |
UnitedHealth Group, Inc. | 73,932 | 19,322,128 | |
41,355,019 | |||
Health Care Technology - 0.1% | |||
Evolent Health, Inc. (a) | 19,203 | 426,307 | |
Teladoc Health, Inc. (a) | 19,431 | 1,347,346 | |
1,773,653 | |||
Life Sciences Tools & Services - 0.1% | |||
Illumina, Inc. (a) | 5,612 | 1,746,174 | |
Pharmaceuticals - 0.7% | |||
Akcea Therapeutics, Inc. (a)(b) | 47,243 | 1,054,464 | |
AstraZeneca PLC sponsored ADR | 35,269 | 1,367,732 | |
Dova Pharmaceuticals, Inc. (a)(b) | 12,744 | 236,529 | |
Eli Lilly & Co. | 9,400 | 1,019,336 | |
Jazz Pharmaceuticals PLC (a) | 19,927 | 3,164,806 | |
MyoKardia, Inc. (a) | 6,299 | 333,469 | |
Nektar Therapeutics (a) | 48,032 | 1,857,878 | |
Perrigo Co. PLC | 24,200 | 1,701,260 | |
The Medicines Company (a) | 28,501 | 662,933 | |
TherapeuticsMD, Inc. (a)(b) | 62,384 | 305,058 | |
Theravance Biopharma, Inc. (a) | 3,331 | 80,843 | |
Zogenix, Inc. (a) | 7,004 | 292,487 | |
12,076,795 | |||
TOTAL HEALTH CARE | 183,957,481 | ||
INDUSTRIALS - 4.4% | |||
Aerospace & Defense - 1.6% | |||
Bombardier, Inc. Class B (sub. vtg.) (a) | 348,569 | 844,647 | |
Elbit Systems Ltd. | 3,124 | 373,287 | |
Northrop Grumman Corp. | 19,726 | 5,167,226 | |
Raytheon Co. | 17,711 | 3,100,133 | |
The Boeing Co. | 42,174 | 14,965,866 | |
United Technologies Corp. | 10,677 | 1,326,190 | |
25,777,349 | |||
Air Freight & Logistics - 0.2% | |||
XPO Logistics, Inc. (a) | 41,621 | 3,720,085 | |
Airlines - 1.0% | |||
American Airlines Group, Inc. | 46,600 | 1,634,728 | |
Delta Air Lines, Inc. | 87,203 | 4,772,620 | |
Spirit Airlines, Inc.(a) | 90,460 | 4,694,874 | |
United Continental Holdings, Inc. (a) | 46,211 | 3,951,503 | |
Wizz Air Holdings PLC (a)(c) | 15,498 | 509,303 | |
15,563,028 | |||
Building Products - 0.0% | |||
Resideo Technologies, Inc. (a) | 4,654 | 97,967 | |
Commercial Services & Supplies - 0.1% | |||
HomeServe PLC | 58,816 | 715,324 | |
Tomra Systems ASA | 37,800 | 937,175 | |
1,652,499 | |||
Construction & Engineering - 0.0% | |||
Dycom Industries, Inc. (a) | 4,200 | 285,096 | |
Electrical Equipment - 0.2% | |||
Fortive Corp. | 32,295 | 2,397,904 | |
Melrose Industries PLC | 537 | 1,158 | |
Regal Beloit Corp. | 14,940 | 1,071,198 | |
3,470,260 | |||
Industrial Conglomerates - 0.4% | |||
General Electric Co. | 154,666 | 1,562,127 | |
Honeywell International, Inc. | 27,926 | 4,044,243 | |
ITT, Inc. | 10,570 | 533,785 | |
6,140,155 | |||
Machinery - 0.5% | |||
Aumann AG (c) | 6,782 | 334,919 | |
Deere & Co. | 40,599 | 5,498,729 | |
Rational AG | 973 | 564,259 | |
Xylem, Inc. | 25,372 | 1,663,896 | |
8,061,803 | |||
Professional Services - 0.1% | |||
Equifax, Inc. | 398 | 40,373 | |
IHS Markit Ltd. (a) | 30,650 | 1,610,045 | |
1,650,418 | |||
Road & Rail - 0.3% | |||
CSX Corp. | 7,200 | 495,792 | |
Knight-Swift Transportation Holdings, Inc. Class A | 128,073 | 4,098,336 | |
Norfolk Southern Corp. | 5,000 | 839,150 | |
5,433,278 | |||
Trading Companies & Distributors - 0.0% | |||
Ferguson PLC | 1,757 | 118,645 | |
TOTAL INDUSTRIALS | 71,970,583 | ||
INFORMATION TECHNOLOGY - 33.2% | |||
Communications Equipment - 0.4% | |||
Arista Networks, Inc. (a) | 9,348 | 2,153,312 | |
Carvana Co. Class A (a) | 18,400 | 713,000 | |
NETGEAR, Inc. (a) | 37,505 | 2,080,777 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 102,100 | 884,186 | |
5,831,275 | |||
Electronic Equipment & Components - 0.2% | |||
Corning, Inc. | 96,072 | 3,069,500 | |
Internet Software & Services - 0.2% | |||
ANGI Homeservices, Inc. Class A (a) | 91,926 | 1,759,464 | |
CarGurus, Inc. Class A | 37,293 | 1,656,555 | |
Farfetch Ltd. Class A | 27,900 | 573,066 | |
3,989,085 | |||
IT Services - 5.9% | |||
Adyen BV (c) | 3,931 | 2,542,793 | |
Akamai Technologies, Inc. (a) | 41,925 | 3,029,081 | |
Alliance Data Systems Corp. | 2,400 | 494,832 | |
Elastic NV | 1,600 | 108,800 | |
Endava PLC ADR (a) | 5,769 | 134,187 | |
FleetCor Technologies, Inc. (a) | 6,870 | 1,374,206 | |
GoDaddy, Inc. (a) | 30,310 | 2,217,783 | |
Keywords Studios PLC | 7,302 | 127,868 | |
MasterCard, Inc. Class A | 129,347 | 25,568,021 | |
Netcompany Group A/S | 6,100 | 201,747 | |
Okta, Inc. (a) | 3,037 | 177,239 | |
PayPal Holdings, Inc. (a) | 174,889 | 14,723,905 | |
Shopify, Inc. Class A (a) | 18,257 | 2,522,238 | |
Square, Inc. (a) | 18,964 | 1,392,906 | |
Total System Services, Inc. | 3,846 | 350,563 | |
Visa, Inc. Class A | 265,530 | 36,603,311 | |
Wirecard AG | 1,217 | 227,993 | |
Wix.com Ltd. (a) | 24,953 | 2,429,175 | |
Worldpay, Inc. (a) | 31,336 | 2,877,898 | |
97,104,546 | |||
Semiconductors & Semiconductor Equipment - 7.9% | |||
Acacia Communications, Inc. (a) | 9,918 | 341,873 | |
Advanced Micro Devices, Inc. (a) | 159,567 | 2,905,715 | |
Analog Devices, Inc. | 26,800 | 2,243,428 | |
ASML Holding NV | 4,228 | 728,738 | |
Broadcom, Inc. | 158,634 | 35,453,113 | |
Inphi Corp. (a) | 36,469 | 1,167,008 | |
Intel Corp. | 26,200 | 1,228,256 | |
Lam Research Corp. | 24,500 | 3,472,385 | |
Marvell Technology Group Ltd. | 984,516 | 16,155,908 | |
Micron Technology, Inc. (a) | 102,843 | 3,879,238 | |
Monolithic Power Systems, Inc. | 29,596 | 3,495,880 | |
NVIDIA Corp. | 217,837 | 45,926,575 | |
NXP Semiconductors NV | 39,648 | 2,973,204 | |
Qualcomm, Inc. | 117,302 | 7,377,123 | |
Semtech Corp. (a) | 3,100 | 139,314 | |
Xilinx, Inc. | 24,600 | 2,100,102 | |
129,587,860 | |||
Software - 9.9% | |||
Adobe, Inc. (a) | 70,115 | 17,231,462 | |
Altair Engineering, Inc. Class A (a) | 5,333 | 203,401 | |
DocuSign, Inc. | 11,416 | 478,787 | |
Dropbox, Inc. Class A (a) | 27,504 | 645,519 | |
Hortonworks, Inc. (a) | 8,400 | 150,024 | |
HubSpot, Inc. (a) | 2,937 | 398,404 | |
Intuit, Inc. | 15,131 | 3,192,641 | |
Microsoft Corp. | 746,294 | 79,711,662 | |
Paycom Software, Inc. (a) | 26,504 | 3,318,301 | |
RingCentral, Inc. (a) | 27,988 | 2,175,507 | |
SailPoint Technologies Holding, Inc. (a) | 14,028 | 365,289 | |
Salesforce.com, Inc. (a) | 336,527 | 46,184,965 | |
ServiceNow, Inc. (a) | 1,000 | 181,040 | |
Splunk, Inc. (a) | 4,346 | 433,905 | |
StoneCo Ltd. Class A (a) | 6,600 | 189,354 | |
Tenable Holdings, Inc. | 3,036 | 86,465 | |
The Trade Desk, Inc. (a) | 21,984 | 2,716,123 | |
Workday, Inc. Class A (a) | 31,931 | 4,247,462 | |
Zendesk, Inc. (a) | 18,781 | 1,032,392 | |
Zuora, Inc. | 9,000 | 183,780 | |
163,126,483 | |||
Technology Hardware, Storage & Peripherals - 8.7% | |||
Apple, Inc. | 653,241 | 142,968,314 | |
NetApp, Inc. | 4,400 | 345,356 | |
Samsung Electronics Co. Ltd. | 1,300 | 48,309 | |
143,361,979 | |||
TOTAL INFORMATION TECHNOLOGY | 546,070,728 | ||
MATERIALS - 1.6% | |||
Chemicals - 1.6% | |||
CF Industries Holdings, Inc. | 183,415 | 8,809,422 | |
DowDuPont, Inc. | 37,490 | 2,021,461 | |
FMC Corp. | 13,579 | 1,060,248 | |
LyondellBasell Industries NV Class A | 30,798 | 2,749,337 | |
Nutrien Ltd. | 44,735 | 2,368,174 | |
Sherwin-Williams Co. | 400 | 157,388 | |
The Chemours Co. LLC | 154,473 | 5,099,154 | |
The Mosaic Co. | 116,340 | 3,599,560 | |
Tronox Ltd. Class A | 79,216 | 907,023 | |
26,771,767 | |||
REAL ESTATE - 0.1% | |||
Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
Ant International Co. Ltd. Class C (d)(e) | 274,458 | 1,539,709 | |
TOTAL COMMON STOCKS | |||
(Cost $1,498,815,317) | 1,615,507,071 | ||
Preferred Stocks - 1.1% | |||
Convertible Preferred Stocks - 1.1% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Hotels, Restaurants & Leisure - 0.1% | |||
Neutron Holdings, Inc. Series C (d)(e) | 3,178,083 | 581,081 | |
Topgolf International, Inc. Series F (d)(e) | 9,181 | 126,790 | |
707,871 | |||
Internet & Direct Marketing Retail - 0.0% | |||
The Honest Co., Inc. Series E (a)(d)(e) | 11,802 | 231,376 | |
Textiles, Apparel & Luxury Goods - 0.0% | |||
Allbirds, Inc.: | |||
Series A (d)(e) | 928 | 50,888 | |
Series B (d)(e) | 163 | 8,938 | |
Series C (d)(e) | 1,558 | 85,434 | |
145,260 | |||
TOTAL CONSUMER DISCRETIONARY | 1,084,507 | ||
CONSUMER STAPLES - 0.2% | |||
Food & Staples Retailing - 0.0% | |||
Roofoods Ltd. Series F (a)(d)(e) | 337 | 105,353 | |
Food Products - 0.0% | |||
Agbiome LLC Series C (d)(e) | 68,700 | 435,125 | |
Tobacco - 0.2% | |||
JUUL Labs, Inc. Series E (d)(e) | 12,508 | 2,242,059 | |
TOTAL CONSUMER STAPLES | 2,782,537 | ||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
23andMe, Inc. Series F (a)(d)(e) | 6,504 | 112,844 | |
Generation Bio Series B (d)(e) | 22,400 | 204,864 | |
317,708 | |||
INFORMATION TECHNOLOGY - 0.8% | |||
Internet Software & Services - 0.8% | |||
ContextLogic, Inc. Series G (d)(e) | 2,862 | 362,615 | |
Lyft, Inc.: | |||
Series H (d)(e) | 100,639 | 4,765,649 | |
Series I (d)(e) | 177,388 | 8,400,014 | |
Starry, Inc. Series C (d)(e) | 158,250 | 145,907 | |
13,674,185 | |||
Software - 0.0% | |||
Cloudflare, Inc. Series D, 8.00% (a)(d)(e) | 30,300 | 333,300 | |
Compass, Inc. Series E (d)(e) | 1,181 | 140,031 | |
473,331 | |||
TOTAL INFORMATION TECHNOLOGY | 14,147,516 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 18,332,268 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Textiles, Apparel & Luxury Goods - 0.0% | |||
Allbirds, Inc. (d)(e) | 499 | 27,363 | |
TOTAL PREFERRED STOCKS | |||
(Cost $17,521,726) | 18,359,631 | ||
Money Market Funds - 3.4% | |||
Fidelity Cash Central Fund, 2.23% (g) | 8,842,907 | 8,844,675 | |
Fidelity Securities Lending Cash Central Fund 2.23% (g)(h) | 47,366,526 | 47,371,262 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $56,215,937) | 56,215,937 | ||
TOTAL INVESTMENT IN SECURITIES - 102.8% | |||
(Cost $1,572,552,980) | 1,690,082,639 | ||
NET OTHER ASSETS (LIABILITIES) - (2.8)% | (46,806,115) | ||
NET ASSETS - 100% | $1,643,276,524 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 $3,585,914 or 0.2% of net assets.
(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $24,456,084 or 1.5% of net assets.
(e) Level 3 security
(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
23andMe, Inc. Series F | 8/31/17 | $90,303 |
Agbiome LLC Series C | 6/29/18 | $435,125 |
Allbirds, Inc. | 10/9/18 | $128,974 |
Allbirds, Inc. | 10/9/18 | $27,363 |
Allbirds, Inc. Series A | 10/9/18 | $50,888 |
Allbirds, Inc. Series B | 10/9/18 | $8,938 |
Allbirds, Inc. Series C | 10/9/18 | $85,434 |
Ant International Co. Ltd. Class C | 5/16/18 | $1,539,709 |
Cibus Global Ltd. Series C | 2/16/18 | $281,001 |
Cloudflare, Inc. Series D, 8.00% | 9/10/18 | $333,300 |
Compass, Inc. Series E | 11/3/17 | $79,692 |
ContextLogic, Inc. Series G | 10/24/17 | $385,033 |
Generation Bio Series B | 2/21/18 | $204,864 |
JUUL Labs, Inc. Class A | 12/20/17 - 7/6/18 | $4,110,283 |
JUUL Labs, Inc. Series E | 12/20/17 - 7/6/18 | $2,216,242 |
Lyft, Inc. Series H | 11/22/17 | $4,000,008 |
Lyft, Inc. Series I | 6/27/18 | $8,400,014 |
Neutron Holdings, Inc. Series C | 7/3/18 | $581,081 |
Roofoods Ltd. Series F | 9/12/17 | $119,153 |
Starry, Inc. Series C | 12/8/17 | $145,907 |
The Honest Co., Inc. Series E | 9/28/17 | $231,376 |
Topgolf International, Inc. Series F | 11/10/17 | $127,005 |
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 | $102,624 |
Fidelity Securities Lending Cash Central Fund | 80,263 |
Total | $182,887 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $272,361,296 | $265,738,980 | $6,622,316 | $-- |
Consumer Discretionary | 391,086,850 | 387,507,916 | 2,057,089 | 1,521,845 |
Consumer Staples | 44,794,962 | 37,690,899 | 174,756 | 6,929,307 |
Energy | 29,612,967 | 29,612,967 | -- | -- |
Financials | 51,235,135 | 51,235,135 | -- | -- |
Health Care | 184,275,189 | 183,957,481 | -- | 317,708 |
Industrials | 71,970,583 | 71,970,583 | -- | -- |
Information Technology | 560,218,244 | 546,070,728 | -- | 14,147,516 |
Materials | 26,771,767 | 26,771,767 | -- | -- |
Real Estate | 1,539,709 | -- | -- | 1,539,709 |
Money Market Funds | 56,215,937 | 56,215,937 | -- | -- |
Total Investments in Securities: | $1,690,082,639 | $1,656,772,393 | $8,854,161 | $24,456,085 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Investments in Securities | |
Beginning Balance | $23,490,491 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | 330,697 |
Cost of Purchases | 634,897 |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $24,456,085 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2018 | $330,697 |
The information used in the above reconciliation 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.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
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 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $24,456,085 | Market comparable | Enterprise value/Sales multiple (EV/S) | 1.3 - 2.8 / 2.4 | Increase |
Transaction price | $9.15 | Increase | |||
Discount rate | 38.0% - 78.0% / 56.2% | Decrease | |||
Premium rate | 9.0% | Increase | |||
Market approach | Transaction price | $0.18 - $179.25 / $77.11 | Increase |
(a) 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 significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Holdings Report
for
Fidelity® Small Cap Growth K6 Fund
October 31, 2018
Schedule of Investments October 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.1% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 2.9% | |||
Diversified Telecommunication Services - 0.5% | |||
Iridium Communications, Inc. (a) | 172,300 | $3,413,263 | |
Media - 1.7% | |||
Gray Television, Inc. (a) | 192,000 | 3,323,520 | |
Nexstar Broadcasting Group, Inc. Class A | 57,000 | 4,268,730 | |
The New York Times Co. Class A | 157,400 | 4,155,360 | |
11,747,610 | |||
Wireless Telecommunication Services - 0.7% | |||
Boingo Wireless, Inc. (a) | 157,824 | 4,944,626 | |
TOTAL COMMUNICATION SERVICES | 20,105,499 | ||
CONSUMER DISCRETIONARY - 14.9% | |||
Diversified Consumer Services - 3.2% | |||
Arco Platform Ltd. Class A | 144,208 | 3,073,072 | |
Bright Horizons Family Solutions, Inc. (a) | 49,601 | 5,699,651 | |
Grand Canyon Education, Inc. (a) | 49,182 | 6,132,995 | |
Weight Watchers International, Inc. (a) | 106,934 | 7,068,337 | |
21,974,055 | |||
Hotels, Restaurants & Leisure - 3.3% | |||
Boyd Gaming Corp. | 54,918 | 1,458,622 | |
Dunkin' Brands Group, Inc. | 37,600 | 2,728,256 | |
Hilton Grand Vacations, Inc. (a) | 123,947 | 3,330,456 | |
Marriott Vacations Worldwide Corp. | 28,811 | 2,549,485 | |
Planet Fitness, Inc. (a) | 160,091 | 7,858,867 | |
Vail Resorts, Inc. | 20,796 | 5,226,451 | |
23,152,137 | |||
Household Durables - 2.4% | |||
Cavco Industries, Inc. (a) | 41,815 | 8,388,507 | |
LGI Homes, Inc. (a)(b) | 60,409 | 2,584,901 | |
Skyline Champion Corp. | 166,237 | 3,961,428 | |
TopBuild Corp. (a) | 45,025 | 2,054,041 | |
16,988,877 | |||
Internet & Direct Marketing Retail - 2.5% | |||
Etsy, Inc. (a) | 46,907 | 1,994,486 | |
Gaia, Inc. Class A (a) | 181,803 | 2,656,142 | |
GrubHub, Inc. (a) | 38,700 | 3,589,038 | |
Stamps.com, Inc. (a) | 44,057 | 8,907,004 | |
17,146,670 | |||
Multiline Retail - 0.6% | |||
Ollie's Bargain Outlet Holdings, Inc. (a) | 42,142 | 3,914,992 | |
Specialty Retail - 2.3% | |||
Five Below, Inc. (a) | 60,948 | 6,937,101 | |
The Children's Place Retail Stores, Inc. | 63,296 | 9,456,422 | |
16,393,523 | |||
Textiles, Apparel & Luxury Goods - 0.6% | |||
Axonics Modulation Technologies, Inc. (a) | 71,100 | 1,065,078 | |
Columbia Sportswear Co. | 30,120 | 2,719,234 | |
Gritstone Oncology, Inc. | 33,230 | 565,242 | |
4,349,554 | |||
TOTAL CONSUMER DISCRETIONARY | 103,919,808 | ||
CONSUMER STAPLES - 2.4% | |||
Food & Staples Retailing - 0.6% | |||
Performance Food Group Co. (a) | 144,563 | 4,238,587 | |
Food Products - 1.2% | |||
Nomad Foods Ltd. (a) | 200,810 | 3,835,471 | |
Post Holdings, Inc. (a) | 50,337 | 4,450,798 | |
8,286,269 | |||
Household Products - 0.6% | |||
Central Garden & Pet Co. (a) | 67,433 | 2,190,224 | |
Central Garden & Pet Co. Class A (non-vtg.) (a) | 65,133 | 1,931,193 | |
4,121,417 | |||
TOTAL CONSUMER STAPLES | 16,646,273 | ||
ENERGY - 1.3% | |||
Energy Equipment & Services - 0.3% | |||
NCS Multistage Holdings, Inc. (a) | 163,038 | 1,842,329 | |
Oil, Gas & Consumable Fuels - 1.0% | |||
Delek U.S. Holdings, Inc. | 87,631 | 3,217,810 | |
Renewable Energy Group, Inc. (a)(b) | 68,288 | 2,122,391 | |
Whiting Petroleum Corp. (a) | 45,230 | 1,687,079 | |
7,027,280 | |||
TOTAL ENERGY | 8,869,609 | ||
FINANCIALS - 9.2% | |||
Banks - 1.4% | |||
First Citizen Bancshares, Inc. | 14,641 | 6,246,290 | |
Popular, Inc. | 71,309 | 3,708,781 | |
9,955,071 | |||
Capital Markets - 3.6% | |||
Apollo Global Management LLC Class A | 96,121 | 2,827,880 | |
Cboe Global Markets, Inc. | 35,200 | 3,972,320 | |
Hamilton Lane, Inc. Class A | 83,384 | 3,200,278 | |
LPL Financial | 45,574 | 2,807,358 | |
Morningstar, Inc. | 34,308 | 4,281,638 | |
MSCI, Inc. | 30,501 | 4,586,740 | |
Virtu Financial, Inc. Class A (b) | 143,160 | 3,395,755 | |
25,071,969 | |||
Consumer Finance - 0.7% | |||
Green Dot Corp. Class A (a) | 60,417 | 4,575,984 | |
Diversified Financial Services - 1.1% | |||
Gores Holdings II, Inc. (a) | 851,551 | 7,996,064 | |
Insurance - 1.4% | |||
Enstar Group Ltd. (a) | 23,326 | 4,236,002 | |
Primerica, Inc. | 49,840 | 5,469,442 | |
9,705,444 | |||
Real Estate Management & Development - 0.4% | |||
The RMR Group, Inc. | 34,327 | 2,604,733 | |
Thrifts & Mortgage Finance - 0.6% | |||
Essent Group Ltd. (a) | 110,070 | 4,338,959 | |
TOTAL FINANCIALS | 64,248,224 | ||
HEALTH CARE - 25.0% | |||
Biotechnology - 7.7% | |||
Abeona Therapeutics, Inc. (a) | 110,084 | 946,722 | |
Acceleron Pharma, Inc. (a) | 58,570 | 2,973,599 | |
Acorda Therapeutics, Inc. (a) | 55,478 | 1,060,185 | |
Adaptimmune Therapeutics PLC sponsored ADR (a) | 72,092 | 446,970 | |
Aduro Biotech, Inc. (a) | 120,400 | 510,496 | |
Alder Biopharmaceuticals, Inc. (a) | 121,669 | 1,545,196 | |
AnaptysBio, Inc. (a) | 33,919 | 2,534,428 | |
Arena Pharmaceuticals, Inc. (a) | 43,636 | 1,556,060 | |
Argenx SE ADR (a) | 38,038 | 3,043,420 | |
Array BioPharma, Inc. (a) | 33,400 | 541,080 | |
Ascendis Pharma A/S sponsored ADR (a) | 64,630 | 4,155,063 | |
Atara Biotherapeutics, Inc. (a) | 50,181 | 1,714,685 | |
Audentes Therapeutics, Inc. (a) | 85,937 | 2,423,423 | |
Blueprint Medicines Corp. (a) | 46,146 | 2,804,292 | |
Crinetics Pharmaceuticals, Inc. (a) | 1,100 | 27,401 | |
Dynavax Technologies Corp. (a)(b) | 141,742 | 1,401,828 | |
FibroGen, Inc. (a) | 88,547 | 3,796,010 | |
Five Prime Therapeutics, Inc. (a) | 39,973 | 485,272 | |
Global Blood Therapeutics, Inc. (a) | 66,962 | 2,349,697 | |
Heron Therapeutics, Inc. (a) | 74,121 | 2,057,599 | |
Kezar Life Sciences, Inc. | 46,552 | 1,151,231 | |
Ligand Pharmaceuticals, Inc. Class B (a) | 16,203 | 2,670,416 | |
Loxo Oncology, Inc. (a) | 32,413 | 4,948,169 | |
Mirati Therapeutics, Inc. (a) | 43,912 | 1,640,991 | |
Sarepta Therapeutics, Inc. (a) | 40,650 | 5,437,344 | |
Spark Therapeutics, Inc. (a) | 29,288 | 1,317,667 | |
TESARO, Inc. (a) | 11,225 | 324,178 | |
53,863,422 | |||
Health Care Equipment & Supplies - 8.9% | |||
Cerus Corp. (a) | 94,968 | 636,286 | |
CONMED Corp. | 40,825 | 2,752,830 | |
Glaukos Corp. (a) | 53,258 | 3,085,769 | |
Globus Medical, Inc. (a) | 136,474 | 7,212,651 | |
Hill-Rom Holdings, Inc. | 45,182 | 3,798,903 | |
ICU Medical, Inc. (a) | 12,094 | 3,080,705 | |
Insulet Corp. (a) | 79,185 | 6,984,909 | |
Integer Holdings Corp. (a) | 44,117 | 3,285,393 | |
Integra LifeSciences Holdings Corp. (a) | 104,012 | 5,571,923 | |
iRhythm Technologies, Inc. (a) | 73,598 | 5,686,181 | |
Masimo Corp. (a) | 75,028 | 8,673,237 | |
Merit Medical Systems, Inc. (a) | 97,000 | 5,540,640 | |
Novocure Ltd. (a) | 106,683 | 3,535,475 | |
Nuvectra Corp. (a) | 3,757 | 75,178 | |
Quanterix Corp. (a) | 126,981 | 2,223,437 | |
62,143,517 | |||
Health Care Providers & Services - 3.5% | |||
Chemed Corp. | 11,823 | 3,598,094 | |
G1 Therapeutics, Inc. (a) | 84,594 | 3,384,606 | |
LHC Group, Inc. (a) | 46,300 | 4,233,209 | |
Magellan Health Services, Inc. (a) | 70,774 | 4,604,556 | |
Molina Healthcare, Inc. (a) | 67,546 | 8,562,806 | |
24,383,271 | |||
Health Care Technology - 2.0% | |||
Evolent Health, Inc. (a) | 109,768 | 2,436,850 | |
HMS Holdings Corp. (a) | 188,800 | 5,441,216 | |
HTG Molecular Diagnostics (a) | 128,028 | 487,787 | |
Teladoc Health, Inc. (a) | 78,038 | 5,411,155 | |
13,777,008 | |||
Life Sciences Tools & Services - 1.1% | |||
ICON PLC (a) | 44,579 | 6,155,468 | |
Morphosys AG (a) | 16,235 | 1,504,185 | |
7,659,653 | |||
Pharmaceuticals - 1.8% | |||
Aclaris Therapeutics, Inc. (a) | 90,509 | 1,076,152 | |
Aerie Pharmaceuticals, Inc. (a) | 51,628 | 2,745,577 | |
Akcea Therapeutics, Inc. (a)(b) | 51,782 | 1,155,774 | |
GW Pharmaceuticals PLC ADR (a) | 10,313 | 1,417,934 | |
Nektar Therapeutics (a) | 68,811 | 2,661,609 | |
The Medicines Company (a) | 53,888 | 1,253,435 | |
Theravance Biopharma, Inc. (a) | 33,018 | 801,347 | |
Xeris Pharmaceuticals, Inc. | 56,656 | 1,241,900 | |
12,353,728 | |||
TOTAL HEALTH CARE | 174,180,599 | ||
INDUSTRIALS - 14.3% | |||
Aerospace & Defense - 2.4% | |||
BWX Technologies, Inc. | 88,482 | 5,172,658 | |
HEICO Corp. Class A | 95,611 | 6,373,429 | |
Teledyne Technologies, Inc. (a) | 23,458 | 5,190,786 | |
16,736,873 | |||
Air Freight & Logistics - 0.5% | |||
Forward Air Corp. | 52,958 | 3,176,950 | |
Airlines - 0.6% | |||
SkyWest, Inc. | 78,304 | 4,486,036 | |
Commercial Services & Supplies - 0.8% | |||
Copart, Inc. (a) | 118,739 | 5,807,524 | |
Construction & Engineering - 2.6% | |||
Argan, Inc. | 47,784 | 2,103,452 | |
Dycom Industries, Inc. (a) | 90,607 | 6,150,403 | |
Jacobs Engineering Group, Inc. | 130,857 | 9,826,052 | |
18,079,907 | |||
Electrical Equipment - 1.0% | |||
Generac Holdings, Inc. (a) | 131,715 | 6,681,902 | |
Industrial Conglomerates - 0.7% | |||
ITT, Inc. | 102,034 | 5,152,717 | |
Machinery - 1.8% | |||
AGCO Corp. | 54,413 | 3,049,305 | |
Allison Transmission Holdings, Inc. | 86,171 | 3,798,418 | |
Gardner Denver Holdings, Inc. (a) | 73,442 | 1,987,341 | |
Luxfer Holdings PLC sponsored | 45,903 | 1,059,441 | |
Milacron Holdings Corp. (a) | 180,720 | 2,530,080 | |
12,424,585 | |||
Professional Services - 3.3% | |||
Asgn, Inc. (a) | 104,532 | 7,012,007 | |
Exponent, Inc. | 95,250 | 4,806,315 | |
FTI Consulting, Inc. (a) | 57,664 | 3,985,159 | |
Insperity, Inc. | 62,792 | 6,897,701 | |
22,701,182 | |||
Trading Companies & Distributors - 0.6% | |||
SiteOne Landscape Supply, Inc. (a) | 31,964 | 2,174,831 | |
Univar, Inc. (a) | 90,503 | 2,228,184 | |
4,403,015 | |||
TOTAL INDUSTRIALS | 99,650,691 | ||
INFORMATION TECHNOLOGY - 21.1% | |||
Electronic Equipment & Components - 1.3% | |||
Dolby Laboratories, Inc. Class A | 39,861 | 2,742,835 | |
FLIR Systems, Inc. | 8,600 | 398,266 | |
Novanta, Inc. (a) | 40,262 | 2,343,651 | |
Zebra Technologies Corp. Class A (a) | 19,982 | 3,323,007 | |
8,807,759 | |||
Internet Software & Services - 3.7% | |||
ANGI Homeservices, Inc. Class A (a)(b) | 219,771 | 4,206,417 | |
BlackLine, Inc. (a) | 61,450 | 2,850,051 | |
CarGurus, Inc. Class A | 374,192 | 16,621,609 | |
ShotSpotter, Inc. (a) | 63,245 | 2,446,317 | |
26,124,394 | |||
IT Services - 5.0% | |||
Booz Allen Hamilton Holding Corp. Class A | 103,100 | 5,107,574 | |
Elastic NV | 30,500 | 2,074,000 | |
EPAM Systems, Inc. (a) | 47,010 | 5,616,285 | |
Euronet Worldwide, Inc. (a) | 46,400 | 5,158,752 | |
EVO Payments, Inc. Class A | 71,414 | 1,695,368 | |
GoDaddy, Inc. (a) | 80,154 | 5,864,868 | |
Interxion Holding N.V. (a) | 70,791 | 4,167,466 | |
Leidos Holdings, Inc. | 43,039 | 2,788,066 | |
Okta, Inc. (a) | 38,819 | 2,265,477 | |
34,737,856 | |||
Semiconductors & Semiconductor Equipment - 1.3% | |||
Brooks Automation, Inc. | 107,631 | 3,339,790 | |
Entegris, Inc. | 229,910 | 6,101,811 | |
9,441,601 | |||
Software - 9.8% | |||
2U, Inc. (a) | 152,155 | 9,572,071 | |
8x8, Inc. (a) | 163,946 | 2,818,232 | |
Black Knight, Inc. (a) | 71,993 | 3,511,099 | |
Cardlytics, Inc. (a) | 316,704 | 6,701,457 | |
Dropbox, Inc. Class A (a) | 59,400 | 1,394,118 | |
Everbridge, Inc. (a) | 1,180 | 59,979 | |
Five9, Inc. (a) | 126,159 | 4,965,618 | |
HubSpot, Inc. (a) | 49,953 | 6,776,124 | |
New Relic, Inc. (a) | 16,947 | 1,512,520 | |
Parametric Technology Corp. (a) | 36,500 | 3,007,965 | |
Pivotal Software, Inc. | 71,866 | 1,466,066 | |
Pluralsight, Inc. (b) | 262,309 | 5,878,345 | |
PROS Holdings, Inc. (a) | 107,893 | 3,551,838 | |
RealPage, Inc. (a) | 71,084 | 3,767,452 | |
Talend SA ADR (a) | 42,032 | 2,603,882 | |
The Trade Desk, Inc. (a) | 45,682 | 5,644,011 | |
Zendesk, Inc. (a) | 52,893 | 2,907,528 | |
Zuora, Inc. | 113,000 | 2,307,460 | |
68,445,765 | |||
TOTAL INFORMATION TECHNOLOGY | 147,557,375 | ||
MATERIALS - 2.8% | |||
Chemicals - 1.4% | |||
Orion Engineered Carbons SA | 182,517 | 4,710,764 | |
The Chemours Co. LLC | 148,148 | 4,890,365 | |
9,601,129 | |||
Containers & Packaging - 1.1% | |||
Aptargroup, Inc. | 55,598 | 5,668,772 | |
Avery Dennison Corp. | 18,348 | 1,664,531 | |
7,333,303 | |||
Paper & Forest Products - 0.3% | |||
Neenah, Inc. | 29,231 | 2,351,926 | |
Quintis Ltd. (a)(c) | 928,453 | 7 | |
2,351,933 | |||
TOTAL MATERIALS | 19,286,365 | ||
REAL ESTATE - 1.2% | |||
Equity Real Estate Investment Trusts (REITs) - 1.2% | |||
Rexford Industrial Realty, Inc. | 91,269 | 2,890,489 | |
Store Capital Corp. | 98,111 | 2,848,162 | |
Terreno Realty Corp. | 81,786 | 3,061,250 | |
8,799,901 | |||
TOTAL COMMON STOCKS | |||
(Cost $660,266,918) | 663,264,344 | ||
Convertible Preferred Stocks - 0.8% | |||
INFORMATION TECHNOLOGY - 0.8% | |||
Software - 0.8% | |||
Compass, Inc.: | |||
Series E (c)(d) | 16,661 | 1,975,495 | |
Series F (c)(d) | 27,147 | 3,218,820 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $4,343,074) | 5,194,315 | ||
Money Market Funds - 5.4% | |||
Fidelity Cash Central Fund, 2.23%(e) | 23,397,046 | 23,401,725 | |
Fidelity Securities Lending Cash Central Fund 2.23% (e)(f) | 14,353,745 | 14,355,180 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $37,756,905) | 37,756,905 | ||
TOTAL INVESTMENT IN SECURITIES - 101.3% | |||
(Cost $702,366,897) | 706,215,564 | ||
NET OTHER ASSETS (LIABILITIES) - (1.3)% | (8,885,799) | ||
NET ASSETS - 100% | $697,329,765 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Level 3 security
(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,194,315 or 0.8% of net assets.
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Compass, Inc. Series E | 11/3/17 | $1,124,254 |
Compass, Inc. Series F | 10/22/18 | $3,218,820 |
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 | $85,220 |
Fidelity Securities Lending Cash Central Fund | 34,563 |
Total | $119,783 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $20,105,499 | $20,105,499 | $-- | $-- |
Consumer Discretionary | 103,354,566 | 103,354,566 | -- | -- |
Consumer Staples | 16,646,273 | 16,646,273 | -- | -- |
Energy | 8,869,609 | 8,869,609 | -- | -- |
Financials | 64,248,224 | 64,248,224 | -- | -- |
Health Care | 174,745,841 | 174,745,841 | -- | -- |
Industrials | 99,650,691 | 99,650,691 | -- | -- |
Information Technology | 152,751,690 | 147,557,375 | -- | 5,194,315 |
Materials | 19,286,365 | 19,286,358 | -- | 7 |
Real Estate | 8,799,901 | 8,799,901 | -- | -- |
Money Market Funds | 37,756,905 | 37,756,905 | -- | -- |
Total Investments in Securities: | $706,215,564 | $701,021,242 | $-- | $5,194,322 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Item 2.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity 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/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | December 27, 2018 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | December 27, 2018 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | December 27, 2018 |
Exhibit EX-99.CERT
I, Stacie M. Smith, certify that:
1.
I have reviewed this report on Form N-Q of Fidelity Securities Fund;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:
December 27, 2018
/s/Stacie M. Smith |
Stacie M. Smith |
President and Treasurer |
I, John J. Burke III, certify that:
1.
I have reviewed this report on Form N-Q of Fidelity Securities Fund;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:
December 27, 2018
/s/John J. Burke III |
John J. Burke III |
Chief Financial Officer |