Quarterly Holdings Report
for
Fidelity® Equity-Income Fund
October 31, 2021
EQU-NPRT3-1221
1.809096.118
Common Stocks - 98.6% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 8.1% | |||
Diversified Telecommunication Services - 0.8% | |||
AT&T, Inc. | 695,382 | 17,565 | |
Verizon Communications, Inc. | 777,185 | 41,183 | |
58,748 | |||
Entertainment - 1.8% | |||
The Walt Disney Co. (a) | 840,640 | 142,127 | |
Interactive Media & Services - 1.4% | |||
Alphabet, Inc. Class A (a) | 38,547 | 114,135 | |
Media - 3.1% | |||
Comcast Corp. Class A | 2,413,127 | 124,107 | |
Interpublic Group of Companies, Inc. | 1,780,860 | 65,126 | |
Shaw Communications, Inc. Class B | 680,784 | 19,605 | |
WPP PLC | 2,826,603 | 40,858 | |
249,696 | |||
Wireless Telecommunication Services - 1.0% | |||
Rogers Communications, Inc. Class B (non-vtg.) | 143,054 | 6,653 | |
T-Mobile U.S., Inc. (a) | 620,717 | 71,401 | |
78,054 | |||
TOTAL COMMUNICATION SERVICES | 642,760 | ||
CONSUMER DISCRETIONARY - 6.3% | |||
Hotels, Restaurants & Leisure - 1.2% | |||
McDonald's Corp. | 381,144 | 93,590 | |
Household Durables - 0.6% | |||
Tempur Sealy International, Inc. | 1,031,592 | 45,875 | |
Internet & Direct Marketing Retail - 0.3% | |||
eBay, Inc. | 293,829 | 22,543 | |
Multiline Retail - 1.5% | |||
Kohl's Corp. | 744,222 | 36,117 | |
Nordstrom, Inc. (a)(b) | 460,069 | 13,218 | |
Target Corp. | 261,180 | 67,808 | |
117,143 | |||
Specialty Retail - 2.0% | |||
Best Buy Co., Inc. | 209,543 | 25,615 | |
Burlington Stores, Inc. (a) | 148,580 | 41,051 | |
Dick's Sporting Goods, Inc. | 219,941 | 27,319 | |
Lowe's Companies, Inc. | 103,954 | 24,307 | |
The Home Depot, Inc. | 62,755 | 23,329 | |
TJX Companies, Inc. | 292,088 | 19,129 | |
160,750 | |||
Textiles, Apparel & Luxury Goods - 0.7% | |||
PVH Corp. | 214,751 | 23,479 | |
Tapestry, Inc. | 923,703 | 36,006 | |
59,485 | |||
TOTAL CONSUMER DISCRETIONARY | 499,386 | ||
CONSUMER STAPLES - 8.0% | |||
Beverages - 2.3% | |||
Diageo PLC | 812,334 | 40,415 | |
Keurig Dr. Pepper, Inc. | 1,616,021 | 58,322 | |
The Coca-Cola Co. | 1,470,675 | 82,902 | |
181,639 | |||
Food & Staples Retailing - 2.1% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 490,037 | 28,638 | |
Costco Wholesale Corp. | 80,157 | 39,400 | |
Walmart, Inc. | 669,441 | 100,028 | |
168,066 | |||
Food Products - 1.8% | |||
Bunge Ltd. | 269,072 | 24,927 | |
Lamb Weston Holdings, Inc. | 459,047 | 25,913 | |
Mondelez International, Inc. | 1,138,497 | 69,152 | |
Nestle SA (Reg. S) | 164,056 | 21,640 | |
141,632 | |||
Household Products - 1.8% | |||
Procter & Gamble Co. | 1,016,115 | 145,294 | |
TOTAL CONSUMER STAPLES | 636,631 | ||
ENERGY - 6.2% | |||
Oil, Gas & Consumable Fuels - 6.2% | |||
Canadian Natural Resources Ltd. | 1,073,303 | 45,617 | |
ConocoPhillips Co. | 661,436 | 49,270 | |
Enterprise Products Partners LP | 1,617,921 | 36,694 | |
Exxon Mobil Corp. | 2,383,485 | 153,663 | |
Hess Corp. | 312,500 | 25,803 | |
Imperial Oil Ltd. | 1,205,598 | 40,817 | |
Phillips 66 Co. | 501,539 | 37,505 | |
Suncor Energy, Inc. | 2,357,442 | 62,003 | |
Thungela Resources Ltd. (a) | 60,989 | 286 | |
Valero Energy Corp. | 525,207 | 40,614 | |
492,272 | |||
FINANCIALS - 20.9% | |||
Banks - 13.9% | |||
Bank of America Corp. | 5,059,614 | 241,748 | |
Citigroup, Inc. | 1,551,072 | 107,272 | |
Huntington Bancshares, Inc. | 3,258,775 | 51,293 | |
JPMorgan Chase & Co. | 1,725,780 | 293,191 | |
M&T Bank Corp. | 628,142 | 92,412 | |
PNC Financial Services Group, Inc. | 603,548 | 127,367 | |
Wells Fargo & Co. | 3,758,898 | 192,305 | |
1,105,588 | |||
Capital Markets - 1.9% | |||
BlackRock, Inc. Class A | 83,085 | 78,387 | |
KKR & Co. LP | 906,977 | 72,259 | |
150,646 | |||
Consumer Finance - 1.5% | |||
Capital One Financial Corp. | 779,296 | 117,697 | |
Insurance - 3.6% | |||
American Financial Group, Inc. | 328,920 | 44,746 | |
American International Group, Inc. | 553,352 | 32,698 | |
Chubb Ltd. | 403,661 | 78,867 | |
Hartford Financial Services Group, Inc. | 569,829 | 41,558 | |
Old Republic International Corp. | 1,334,404 | 34,468 | |
The Travelers Companies, Inc. | 350,872 | 56,448 | |
288,785 | |||
TOTAL FINANCIALS | 1,662,716 | ||
HEALTH CARE - 17.3% | |||
Biotechnology - 2.1% | |||
AbbVie, Inc. | 670,790 | 76,919 | |
Amgen, Inc. | 443,315 | 91,753 | |
168,672 | |||
Health Care Equipment & Supplies - 2.3% | |||
Danaher Corp. | 580,624 | 181,021 | |
Health Care Providers & Services - 3.2% | |||
Cigna Corp. | 291,867 | 62,346 | |
UnitedHealth Group, Inc. | 415,961 | 191,538 | |
253,884 | |||
Pharmaceuticals - 9.7% | |||
AstraZeneca PLC (United Kingdom) | 669,616 | 83,770 | |
Bristol-Myers Squibb Co. | 2,026,435 | 118,344 | |
Eli Lilly & Co. | 515,480 | 131,324 | |
Johnson & Johnson | 1,019,128 | 165,996 | |
Merck & Co., Inc. | 1,087,000 | 95,710 | |
Roche Holding AG (participation certificate) | 209,052 | 80,986 | |
Sanofi SA | 1,022,904 | 102,745 | |
778,875 | |||
TOTAL HEALTH CARE | 1,382,452 | ||
INDUSTRIALS - 10.7% | |||
Aerospace & Defense - 1.9% | |||
Huntington Ingalls Industries, Inc. | 88,500 | 17,942 | |
Northrop Grumman Corp. | 179,393 | 64,083 | |
The Boeing Co. (a) | 344,721 | 71,368 | |
153,393 | |||
Air Freight & Logistics - 1.5% | |||
Deutsche Post AG | 566,658 | 35,059 | |
United Parcel Service, Inc. Class B | 379,589 | 81,031 | |
116,090 | |||
Building Products - 0.8% | |||
Johnson Controls International PLC | 845,015 | 61,999 | |
Electrical Equipment - 0.8% | |||
AMETEK, Inc. | 464,267 | 61,469 | |
Industrial Conglomerates - 2.6% | |||
General Electric Co. | 895,720 | 93,934 | |
Hitachi Ltd. | 337,900 | 19,471 | |
Roper Technologies, Inc. | 148,046 | 72,227 | |
Siemens AG | 123,435 | 20,068 | |
205,700 | |||
Machinery - 2.4% | |||
Crane Co. | 233,384 | 24,104 | |
Fortive Corp. | 514,467 | 38,950 | |
ITT, Inc. | 464,254 | 43,672 | |
Nordson Corp. | 143,148 | 36,390 | |
Otis Worldwide Corp. | 636,732 | 51,136 | |
194,252 | |||
Marine - 0.1% | |||
A.P. Moller - Maersk A/S Series B | 3,867 | 11,206 | |
Trading Companies & Distributors - 0.3% | |||
Watsco, Inc. | 80,640 | 23,352 | |
Transportation Infrastructure - 0.3% | |||
Aena SME SA (a)(c) | 155,900 | 25,604 | |
TOTAL INDUSTRIALS | 853,065 | ||
INFORMATION TECHNOLOGY - 10.5% | |||
Communications Equipment - 1.8% | |||
Cisco Systems, Inc. | 2,513,554 | 140,684 | |
IT Services - 2.6% | |||
Accenture PLC Class A | 178,900 | 64,188 | |
Amdocs Ltd. | 1,062,256 | 82,686 | |
Genpact Ltd. | 898,351 | 44,334 | |
Visa, Inc. Class A | 82,653 | 17,503 | |
208,711 | |||
Semiconductors & Semiconductor Equipment - 2.5% | |||
NXP Semiconductors NV | 451,050 | 90,598 | |
Qualcomm, Inc. | 259,517 | 34,526 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 667,276 | 75,869 | |
200,993 | |||
Software - 2.3% | |||
Microsoft Corp. | 366,642 | 121,586 | |
NortonLifeLock, Inc. | 861,814 | 21,933 | |
Open Text Corp. | 771,790 | 38,876 | |
182,395 | |||
Technology Hardware, Storage & Peripherals - 1.3% | |||
Apple, Inc. | 278,556 | 41,728 | |
Samsung Electronics Co. Ltd. | 1,081,010 | 64,392 | |
106,120 | |||
TOTAL INFORMATION TECHNOLOGY | 838,903 | ||
MATERIALS - 2.8% | |||
Chemicals - 1.2% | |||
Linde PLC | 274,382 | 87,583 | |
Nutrien Ltd. | 128,400 | 8,974 | |
96,557 | |||
Containers & Packaging - 1.3% | |||
Crown Holdings, Inc. | 545,948 | 56,773 | |
Packaging Corp. of America | 326,900 | 44,906 | |
101,679 | |||
Metals & Mining - 0.3% | |||
Anglo American PLC (United Kingdom) | 566,977 | 21,570 | |
Lundin Mining Corp. | 871,700 | 7,586 | |
29,156 | |||
TOTAL MATERIALS | 227,392 | ||
REAL ESTATE - 2.3% | |||
Equity Real Estate Investment Trusts (REITs) - 2.3% | |||
American Tower Corp. | 186,177 | 52,496 | |
Lamar Advertising Co. Class A | 761,697 | 86,224 | |
Public Storage | 145,624 | 48,373 | |
187,093 | |||
UTILITIES - 5.5% | |||
Electric Utilities - 2.9% | |||
Exelon Corp. | 984,336 | 52,357 | |
NextEra Energy, Inc. | 1,377,226 | 117,519 | |
NRG Energy, Inc. | 1,090,709 | 43,508 | |
PG&E Corp. (a) | 1,354,272 | 15,710 | |
229,094 | |||
Independent Power and Renewable Electricity Producers - 0.5% | |||
Vistra Corp. | 1,884,922 | 36,926 | |
Multi-Utilities - 2.1% | |||
Ameren Corp. | 432,496 | 36,455 | |
CenterPoint Energy, Inc. | 1,333,966 | 34,736 | |
Dominion Energy, Inc. | 824,648 | 62,616 | |
WEC Energy Group, Inc. | 425,090 | 38,284 | |
172,091 | |||
TOTAL UTILITIES | 438,111 | ||
TOTAL COMMON STOCKS (Cost $5,236,554) | 7,860,781 | ||
Other - 0.1% | |||
Shares | Value ($) (000s) | ||
Other - 0.1% | |||
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(f)(g) (Cost $22,694) | 17,489,628 | 8,358 | |
Money Market Funds - 1.3% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 0.06% (h) | 95,791,875 | 95,811 | |
Fidelity Securities Lending Cash Central Fund 0.06% (h)(i) | 10,435,356 | 10,436 | |
TOTAL MONEY MARKET FUNDS (Cost $106,247) | 106,247 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $5,365,495) | 7,975,386 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | (2,533) |
NET ASSETS - 100.0% | 7,972,853 |
Any 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 $25,604,000 or 0.3% of net assets. |
(d) | A portion of the security sold on a delayed delivery basis. |
(e) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(f) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,358,000 or 0.1% of net assets. |
(g) | Level 3 security |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Utica Shale Drilling Program (non-operating revenue interest) | 10/05/16 - 12/16/20 | 22,696 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | %ownership, end of period |
Fidelity Cash Central Fund 0.06% | 137,942 | 432,753 | 474,883 | 78 | (1) | - | 95,811 | 0.2% |
Fidelity Securities Lending Cash Central Fund 0.06% | 19,580 | 532,877 | 542,021 | 59 | - | - | 10,436 | 0.0% |
Total | 157,522 | 965,630 | 1,016,904 | 137 | (1) | - | 106,247 |
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. Securities 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 inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
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)
Valuation techniques used to value 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 any 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.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure 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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