N-Q 1 filing989.htm PRIMARY DOCUMENT

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







OTC-QTLY-1218
1.809071.115





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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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







GAI-QTLY-1218
1.809089.115





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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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







LSF-QTLY-1218
1.809078.115





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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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







BCF-QTLY-1218
1.809076.115





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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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







DGF-QTLY-1218
1.809095.115





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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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







BCV-QTLY-1218
1.809087.115





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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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







SCP-QTLY-1218
1.823237.114





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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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







SCV-QTLY-1218
1.823236.114





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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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







SMO-QTLY-1218
1.858552.112





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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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.

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Quarterly Holdings Report
for

Fidelity® Real Estate Income Fund

October 31, 2018







REI-QTLY-1218
1.809106.115





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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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







SRE-QTLY-1218
1.924315.107





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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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







XS1-QTLY-1218
1.967991.104





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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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







ZLG-QTLY-1218
1.9881573.101





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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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







BCFK6-QTLY-1218
1.9884004.101





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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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







SCPK6-QTLY-1218
1.9884008.101





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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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