Quarterly Holdings Report
for
Fidelity® Value Fund
January 31, 2021
VAL-QTLY-0321
1.813084.116
Schedule of Investments January 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.9% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 2.6% | |||
Diversified Telecommunication Services - 0.4% | |||
Liberty Global PLC Class C (a) | 1,228,100 | $29,671 | |
Media - 2.2% | |||
DISH Network Corp. Class A (a) | 521,800 | 15,143 | |
Interpublic Group of Companies, Inc. | 2,185,600 | 52,607 | |
News Corp. Class A | 642,300 | 12,461 | |
Nexstar Broadcasting Group, Inc. Class A | 375,000 | 42,626 | |
Publicis Groupe SA | 379,461 | 19,691 | |
142,528 | |||
TOTAL COMMUNICATION SERVICES | 172,199 | ||
CONSUMER DISCRETIONARY - 11.2% | |||
Auto Components - 0.4% | |||
Adient PLC (a) | 821,300 | 26,520 | |
Automobiles - 0.2% | |||
Thor Industries, Inc. (b) | 90,800 | 10,988 | |
Distributors - 0.6% | |||
LKQ Corp. (a) | 1,091,400 | 38,297 | |
Diversified Consumer Services - 0.4% | |||
Laureate Education, Inc. Class A (a) | 1,833,000 | 23,847 | |
Hotels, Restaurants & Leisure - 1.5% | |||
Caesars Entertainment, Inc. (a) | 1,046,204 | 73,642 | |
Extended Stay America, Inc. unit | 1,860,600 | 27,314 | |
100,956 | |||
Household Durables - 2.1% | |||
Mohawk Industries, Inc. (a) | 332,200 | 47,704 | |
Taylor Morrison Home Corp. (a) | 532,400 | 13,832 | |
Tempur Sealy International, Inc. (a) | 944,200 | 24,927 | |
Tupperware Brands Corp. (a) | 630,851 | 18,976 | |
Whirlpool Corp. | 174,200 | 32,243 | |
137,682 | |||
Internet & Direct Marketing Retail - 1.5% | |||
eBay, Inc. | 837,564 | 47,331 | |
Expedia, Inc. | 436,100 | 54,120 | |
101,451 | |||
Leisure Products - 0.7% | |||
Mattel, Inc. (a) | 2,454,200 | 44,470 | |
Specialty Retail - 2.7% | |||
American Eagle Outfitters, Inc. | 1,203,300 | 27,303 | |
L Brands, Inc. | 834,700 | 34,022 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 87,600 | 27,916 | |
Lowe's Companies, Inc. | 116,700 | 19,471 | |
Michaels Companies, Inc. (a)(b) | 2,118,200 | 32,832 | |
Sally Beauty Holdings, Inc. (a) | 2,445,971 | 36,934 | |
178,478 | |||
Textiles, Apparel & Luxury Goods - 1.1% | |||
Capri Holdings Ltd. (a) | 799,100 | 33,291 | |
Tapestry, Inc. | 1,171,500 | 37,043 | |
70,334 | |||
TOTAL CONSUMER DISCRETIONARY | 733,023 | ||
CONSUMER STAPLES - 3.8% | |||
Beverages - 0.4% | |||
Primo Water Corp. | 1,780,100 | 27,503 | |
Food & Staples Retailing - 0.7% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 467,200 | 19,655 | |
U.S. Foods Holding Corp. (a) | 751,000 | 23,273 | |
42,928 | |||
Food Products - 1.3% | |||
Bunge Ltd. | 99,100 | 6,485 | |
Darling Ingredients, Inc. (a) | 687,500 | 42,632 | |
Nomad Foods Ltd. (a) | 850,217 | 21,340 | |
Post Holdings, Inc. (a) | 168,500 | 15,982 | |
86,439 | |||
Household Products - 0.9% | |||
Energizer Holdings, Inc. | 638,200 | 27,979 | |
Spectrum Brands Holdings, Inc. | 442,300 | 33,425 | |
61,404 | |||
Personal Products - 0.1% | |||
Edgewell Personal Care Co. | 122,966 | 4,107 | |
Tobacco - 0.4% | |||
Altria Group, Inc. | 685,900 | 28,177 | |
TOTAL CONSUMER STAPLES | 250,558 | ||
ENERGY - 5.1% | |||
Energy Equipment & Services - 0.3% | |||
Liberty Oilfield Services, Inc. Class A | 439,800 | 5,286 | |
TechnipFMC PLC | 1,445,800 | 15,456 | |
20,742 | |||
Oil, Gas & Consumable Fuels - 4.8% | |||
Apache Corp. | 409,200 | 5,843 | |
Cabot Oil & Gas Corp. | 402,800 | 7,383 | |
Cenovus Energy, Inc. (Canada) | 5,659,881 | 33,417 | |
Cheniere Energy, Inc. (a) | 875,800 | 55,464 | |
Devon Energy Corp. | 387,300 | 6,375 | |
Energy Transfer Equity LP | 2,863,500 | 17,954 | |
Hess Corp. | 913,800 | 49,327 | |
Marathon Petroleum Corp. | 747,099 | 32,245 | |
Occidental Petroleum Corp. warrants 8/3/27 (a) | 37 | 0 | |
Pioneer Natural Resources Co. | 108,400 | 13,106 | |
The Williams Companies, Inc. | 1,915,300 | 40,662 | |
Valero Energy Corp. | 889,900 | 50,217 | |
311,993 | |||
TOTAL ENERGY | 332,735 | ||
FINANCIALS - 15.0% | |||
Banks - 3.3% | |||
Bank of Kyoto Ltd. | 305,500 | 16,012 | |
First Citizens Bancshares, Inc. | 41,192 | 24,550 | |
First Citizens Bancshares, Inc. Class B | 4,400 | 2,482 | |
M&T Bank Corp. | 238,600 | 31,607 | |
PacWest Bancorp | 1,061,200 | 32,038 | |
Signature Bank | 368,100 | 60,806 | |
Sterling Bancorp | 1,744,400 | 32,202 | |
Wells Fargo & Co. | 608,300 | 18,176 | |
217,873 | |||
Capital Markets - 1.8% | |||
Ameriprise Financial, Inc. | 232,300 | 45,965 | |
Lazard Ltd. Class A | 777,400 | 32,029 | |
LPL Financial | 361,900 | 39,208 | |
117,202 | |||
Consumer Finance - 4.0% | |||
Ally Financial, Inc. | 994,900 | 37,647 | |
Capital One Financial Corp. | 417,291 | 43,507 | |
Navient Corp. | 1,942,400 | 21,862 | |
OneMain Holdings, Inc. | 1,110,300 | 51,696 | |
SLM Corp. | 4,012,596 | 55,695 | |
Synchrony Financial | 1,554,500 | 52,309 | |
262,716 | |||
Diversified Financial Services - 0.8% | |||
ECN Capital Corp. | 3,681,600 | 19,578 | |
Voya Financial, Inc. | 601,600 | 33,365 | |
52,943 | |||
Insurance - 5.1% | |||
Allstate Corp. | 211,900 | 22,711 | |
AMBAC Financial Group, Inc. (a) | 2,040,459 | 29,423 | |
American Equity Investment Life Holding Co. | 640,300 | 18,690 | |
American Financial Group, Inc. | 312,400 | 29,409 | |
American International Group, Inc. | 676,600 | 25,332 | |
Arch Capital Group Ltd. (a) | 868,700 | 27,286 | |
Assurant, Inc. | 301,000 | 40,776 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 78,200 | 28,370 | |
MetLife, Inc. | 304,100 | 14,642 | |
Old Republic International Corp. | 889,200 | 16,095 | |
Reinsurance Group of America, Inc. | 336,600 | 35,360 | |
The Travelers Companies, Inc. | 315,300 | 42,975 | |
331,069 | |||
TOTAL FINANCIALS | 981,803 | ||
HEALTH CARE - 6.8% | |||
Biotechnology - 0.1% | |||
Ascendis Pharma A/S sponsored ADR (a) | 29,543 | 4,436 | |
TG Therapeutics, Inc. (a) | 15,600 | 753 | |
United Therapeutics Corp. (a) | 13,200 | 2,162 | |
7,351 | |||
Health Care Equipment & Supplies - 0.7% | |||
Dentsply Sirona, Inc. | 48,600 | 2,600 | |
Hill-Rom Holdings, Inc. | 49,031 | 4,709 | |
Hologic, Inc. (a) | 268,685 | 21,422 | |
Teleflex, Inc. | 19,946 | 7,532 | |
Zimmer Biomet Holdings, Inc. | 47,400 | 7,284 | |
43,547 | |||
Health Care Providers & Services - 3.3% | |||
AmerisourceBergen Corp. | 32,600 | 3,397 | |
Cardinal Health, Inc. | 462,600 | 24,855 | |
Centene Corp. (a) | 800,300 | 48,258 | |
Cigna Corp. | 268,800 | 58,343 | |
DaVita HealthCare Partners, Inc. (a) | 18,200 | 2,136 | |
Laboratory Corp. of America Holdings (a) | 317,313 | 72,636 | |
Molina Healthcare, Inc. (a) | 6,600 | 1,410 | |
Progyny, Inc. (a) | 66,197 | 3,096 | |
Surgery Partners, Inc. (a) | 49,600 | 1,849 | |
215,980 | |||
Life Sciences Tools & Services - 1.2% | |||
Agilent Technologies, Inc. | 129,219 | 15,528 | |
Avantor, Inc. (a) | 99,500 | 2,934 | |
Bio-Rad Laboratories, Inc. Class A (a) | 19,052 | 10,931 | |
IQVIA Holdings, Inc. (a) | 64,260 | 11,425 | |
PerkinElmer, Inc. | 34,130 | 5,019 | |
QIAGEN NV (a) | 47,200 | 2,556 | |
Sotera Health Co. | 92,100 | 2,403 | |
Syneos Health, Inc. (a) | 407,613 | 30,306 | |
81,102 | |||
Pharmaceuticals - 1.5% | |||
Bayer AG | 364,800 | 22,079 | |
Catalent, Inc. (a) | 53,600 | 6,167 | |
Horizon Therapeutics PLC (a) | 38,641 | 2,801 | |
Jazz Pharmaceuticals PLC (a) | 238,967 | 37,159 | |
Viatris, Inc. (a) | 1,566,043 | 26,607 | |
94,813 | |||
TOTAL HEALTH CARE | 442,793 | ||
INDUSTRIALS - 23.9% | |||
Aerospace & Defense - 1.7% | |||
Curtiss-Wright Corp. | 611,100 | 63,426 | |
General Dynamics Corp. | 111,900 | 16,413 | |
Howmet Aerospace, Inc. | 147,800 | 3,633 | |
Huntington Ingalls Industries, Inc. | 171,000 | 26,903 | |
110,375 | |||
Air Freight & Logistics - 1.0% | |||
FedEx Corp. | 124,500 | 29,300 | |
XPO Logistics, Inc. (a) | 337,800 | 37,296 | |
66,596 | |||
Airlines - 0.2% | |||
JetBlue Airways Corp. (a) | 844,000 | 12,103 | |
Spirit Airlines, Inc. (a) | 89,981 | 2,334 | |
14,437 | |||
Building Products - 1.4% | |||
Builders FirstSource, Inc. (a) | 1,071,550 | 40,987 | |
Jeld-Wen Holding, Inc. (a) | 1,902,700 | 49,451 | |
90,438 | |||
Commercial Services & Supplies - 1.2% | |||
ABM Industries, Inc. | 661,400 | 24,300 | |
Knoll, Inc. | 1,342,700 | 20,087 | |
The Brink's Co. | 534,100 | 36,388 | |
80,775 | |||
Construction & Engineering - 4.8% | |||
AECOM (a) | 1,231,823 | 61,714 | |
API Group Corp. (a)(c) | 683,900 | 12,249 | |
Arcadis NV | 1,373,328 | 48,165 | |
EMCOR Group, Inc. | 170,700 | 15,073 | |
Fluor Corp. | 3,063,100 | 52,961 | |
Granite Construction, Inc. | 1,852,800 | 54,861 | |
Quanta Services, Inc. | 5,100 | 359 | |
Valmont Industries, Inc. | 162,200 | 31,292 | |
Willscot Mobile Mini Holdings (a) | 1,690,500 | 40,082 | |
316,756 | |||
Electrical Equipment - 2.0% | |||
Atkore International Group, Inc. (a) | 506,386 | 22,463 | |
Regal Beloit Corp. | 248,956 | 31,239 | |
Sensata Technologies, Inc. PLC (a) | 1,101,306 | 60,021 | |
Vertiv Holdings Co. | 842,000 | 16,941 | |
130,664 | |||
Industrial Conglomerates - 0.2% | |||
General Electric Co. | 1,083,300 | 11,570 | |
Machinery - 1.9% | |||
Allison Transmission Holdings, Inc. | 1,457,929 | 59,338 | |
Colfax Corp. (a) | 198,362 | 7,363 | |
Crane Co. | 182,900 | 13,842 | |
Stanley Black & Decker, Inc. | 249,400 | 43,268 | |
123,811 | |||
Marine - 1.4% | |||
A.P. Moller - Maersk A/S Series B | 7,013 | 14,406 | |
Genco Shipping & Trading Ltd. | 477,000 | 3,773 | |
Golden Ocean Group Ltd. | 389,600 | 1,847 | |
Kirby Corp. (a) | 1,285,700 | 65,262 | |
Safe Bulkers, Inc. (a) | 522,654 | 909 | |
Star Bulk Carriers Corp. (b) | 373,951 | 3,968 | |
90,165 | |||
Professional Services - 2.9% | |||
ASGN, Inc. (a) | 389,600 | 32,302 | |
Intertrust NV (c) | 1,298,307 | 19,947 | |
Manpower, Inc. | 476,300 | 42,124 | |
Nielsen Holdings PLC | 4,183,100 | 93,405 | |
187,778 | |||
Road & Rail - 1.6% | |||
AMERCO | 800 | 370 | |
Knight-Swift Transportation Holdings, Inc. Class A | 743,800 | 29,752 | |
Ryder System, Inc. | 573,400 | 35,889 | |
TFI International, Inc. (Canada) | 637,600 | 42,352 | |
108,363 | |||
Trading Companies & Distributors - 3.6% | |||
AerCap Holdings NV (a) | 752,196 | 28,764 | |
Beacon Roofing Supply, Inc. (a) | 951,200 | 37,829 | |
Fortress Transportation & Infrastructure Investors LLC | 1,176,238 | 25,995 | |
GMS, Inc. (a) | 811,900 | 23,537 | |
MRC Global, Inc. (a) | 2,474,624 | 17,100 | |
NOW, Inc. (a) | 1,382,608 | 11,462 | |
United Rentals, Inc. (a) | 171,000 | 41,555 | |
Univar, Inc. (a) | 2,623,900 | 48,778 | |
235,020 | |||
TOTAL INDUSTRIALS | 1,566,748 | ||
INFORMATION TECHNOLOGY - 7.0% | |||
Communications Equipment - 0.9% | |||
F5 Networks, Inc. (a) | 166,100 | 32,547 | |
Lumentum Holdings, Inc. (a) | 139,700 | 13,104 | |
ViaSat, Inc. (a)(b) | 305,800 | 13,315 | |
58,966 | |||
Electronic Equipment & Components - 1.5% | |||
Flex Ltd. (a) | 3,871,700 | 68,297 | |
Insight Enterprises, Inc. (a) | 402,500 | 30,630 | |
98,927 | |||
IT Services - 2.4% | |||
DXC Technology Co. | 766,836 | 21,625 | |
Econocom Group SA | 5,195,126 | 16,077 | |
Rackspace Technology, Inc. (a)(b) | 1,094,100 | 25,285 | |
Science Applications International Corp. | 374,900 | 36,002 | |
Unisys Corp. (a) | 2,533,941 | 60,536 | |
159,525 | |||
Semiconductors & Semiconductor Equipment - 0.6% | |||
ON Semiconductor Corp. (a) | 1,024,100 | 35,321 | |
Software - 1.1% | |||
Micro Focus International PLC | 2,681,400 | 16,171 | |
NortonLifeLock, Inc. | 846,400 | 17,834 | |
SS&C Technologies Holdings, Inc. | 597,100 | 37,546 | |
71,551 | |||
Technology Hardware, Storage & Peripherals - 0.5% | |||
NCR Corp. (a) | 406,000 | 13,544 | |
Xerox Holdings Corp. | 934,600 | 19,655 | |
33,199 | |||
TOTAL INFORMATION TECHNOLOGY | 457,489 | ||
MATERIALS - 9.8% | |||
Chemicals - 4.4% | |||
Axalta Coating Systems Ltd. (a) | 1,463,778 | 39,507 | |
Celanese Corp. Class A | 129,439 | 15,811 | |
DuPont de Nemours, Inc. | 117,972 | 9,373 | |
Eastman Chemical Co. | 341,200 | 33,557 | |
FMC Corp. | 114,725 | 12,424 | |
Huntsman Corp. | 661,700 | 17,482 | |
Olin Corp. | 2,241,280 | 53,589 | |
The Chemours Co. LLC | 1,205,200 | 31,745 | |
The Mosaic Co. | 401,100 | 10,413 | |
Tronox Holdings PLC | 2,185,974 | 33,555 | |
W.R. Grace & Co. | 515,100 | 29,886 | |
287,342 | |||
Construction Materials - 1.0% | |||
Eagle Materials, Inc. | 266,700 | 29,345 | |
Grupo Cementos de Chihuahua S.A.B. de CV | 2,598,500 | 16,532 | |
Martin Marietta Materials, Inc. | 59,283 | 17,039 | |
62,916 | |||
Containers & Packaging - 3.1% | |||
Avery Dennison Corp. | 74,690 | 11,268 | |
Berry Global Group, Inc. (a) | 859,900 | 42,453 | |
Crown Holdings, Inc. (a) | 470,100 | 42,380 | |
O-I Glass, Inc. | 3,113,484 | 39,354 | |
Sealed Air Corp. | 272,700 | 11,527 | |
WestRock Co. | 1,384,300 | 57,352 | |
204,334 | |||
Metals & Mining - 1.3% | |||
ArcelorMittal SA Class A unit (a)(b) | 1,338,900 | 28,907 | |
Constellium NV (a) | 2,715,300 | 33,480 | |
First Quantum Minerals Ltd. | 779,400 | 12,982 | |
Steel Dynamics, Inc. | 275,865 | 9,454 | |
84,823 | |||
TOTAL MATERIALS | 639,415 | ||
REAL ESTATE - 7.0% | |||
Equity Real Estate Investment Trusts (REITs) - 6.3% | |||
Alexandria Real Estate Equities, Inc. | 209,700 | 35,043 | |
American Tower Corp. | 162,604 | 36,970 | |
CubeSmart | 1,632,137 | 56,864 | |
Douglas Emmett, Inc. | 1,503,648 | 41,666 | |
Equinix, Inc. | 54,100 | 40,032 | |
Equity Lifestyle Properties, Inc. | 652,822 | 39,718 | |
Equity Residential (SBI) | 361,400 | 22,277 | |
Essex Property Trust, Inc. | 113,400 | 27,172 | |
Kilroy Realty Corp. | 454,600 | 25,744 | |
Lamar Advertising Co. Class A | 355,900 | 28,750 | |
RLJ Lodging Trust | 1,512,675 | 19,529 | |
VICI Properties, Inc. | 1,485,200 | 37,546 | |
411,311 | |||
Real Estate Management & Development - 0.7% | |||
Cushman & Wakefield PLC (a) | 3,174,914 | 45,497 | |
TOTAL REAL ESTATE | 456,808 | ||
UTILITIES - 6.7% | |||
Electric Utilities - 3.1% | |||
Edison International | 1,136,000 | 66,070 | |
Exelon Corp. | 725,908 | 30,169 | |
FirstEnergy Corp. | 1,412,600 | 43,452 | |
NRG Energy, Inc. | 353,900 | 14,655 | |
PG&E Corp. (a) | 4,245,800 | 48,529 | |
202,875 | |||
Gas Utilities - 0.3% | |||
Atmos Energy Corp. | 108,100 | 9,621 | |
Spire, Inc. | 130,700 | 7,998 | |
17,619 | |||
Independent Power and Renewable Electricity Producers - 2.4% | |||
The AES Corp. | 3,475,400 | 84,765 | |
Vistra Corp. | 3,692,000 | 73,729 | |
158,494 | |||
Multi-Utilities - 0.9% | |||
CenterPoint Energy, Inc. | 2,753,365 | 58,068 | |
TOTAL UTILITIES | 437,056 | ||
TOTAL COMMON STOCKS | |||
(Cost $4,962,660) | 6,470,627 | ||
Principal Amount (000s) | Value (000s) | ||
U.S. Treasury Obligations - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 0.07% to 0.08% 2/18/21 to 4/1/21 (d) | |||
(Cost $3,770) | 3,770 | 3,770 | |
Shares | Value (000s) | ||
Money Market Funds - 1.7% | |||
Fidelity Cash Central Fund 0.09% (e) | 36,501,171 | $36,508 | |
Fidelity Securities Lending Cash Central Fund 0.09% (e)(f) | 75,551,509 | 75,559 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $112,067) | 112,067 | ||
TOTAL INVESTMENT IN SECURITIES - 100.7% | |||
(Cost $5,078,497) | 6,586,464 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (44,079) | ||
NET ASSETS - 100% | $6,542,385 |
Securities Sold Short - 0.0%
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount (000s) | Value (000s) | Unrealized Appreciation/(Depreciation) (000s) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P MidCap 400 Index Contracts (United States) | 136 | March 2021 | $31,766 | $333 | $333 |
The notional amount of futures purchased as a percentage of Net Assets is 0.5%
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) 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 $32,196,000 or 0.5% 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 $1,942,000.
(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 |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $16 |
Fidelity Securities Lending Cash Central Fund | 22 |
Total | $38 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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. 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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