Quarterly Holdings Report
for
Fidelity® Value Fund
July 31, 2021
Schedule of Investments July 31, 2021 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.4% | |||
| Shares | Value (000s) | ||
| COMMUNICATION SERVICES - 2.4% | |||
| Diversified Telecommunication Services - 0.3% | |||
| Liberty Global PLC Class C (a) | 1,014,500 | $27,249 | |
| Media - 2.1% | |||
| Advantage Solutions, Inc. Class A (a) | 1,362,000 | 13,320 | |
| DISH Network Corp. Class A (a) | 541,400 | 22,679 | |
| Interpublic Group of Companies, Inc. | 1,870,700 | 66,148 | |
| News Corp. Class A | 883,200 | 21,753 | |
| Nexstar Broadcasting Group, Inc. Class A | 310,600 | 45,680 | |
| Thryv Holdings, Inc. (a)(b) | 783,100 | 26,015 | |
| 195,595 | |||
| TOTAL COMMUNICATION SERVICES | 222,844 | ||
| CONSUMER DISCRETIONARY - 11.3% | |||
| Auto Components - 0.4% | |||
| Adient PLC (a) | 870,100 | 36,657 | |
| Distributors - 0.6% | |||
| LKQ Corp. (a) | 1,151,300 | 58,428 | |
| Diversified Consumer Services - 0.8% | |||
| Adtalem Global Education, Inc. (a) | 1,049,300 | 38,132 | |
| Laureate Education, Inc. Class A (a) | 2,674,100 | 39,603 | |
| 77,735 | |||
| Hotels, Restaurants & Leisure - 1.4% | |||
| Bally's Corp. (a) | 373,200 | 18,380 | |
| Brinker International, Inc. (a) | 540,600 | 29,376 | |
| Caesars Entertainment, Inc. (a) | 804,404 | 70,273 | |
| Elior SA (a)(c) | 2,343,400 | 16,054 | |
| 134,083 | |||
| Household Durables - 2.2% | |||
| Meritage Homes Corp. (a) | 457,839 | 49,712 | |
| Mohawk Industries, Inc. (a) | 320,100 | 62,387 | |
| PulteGroup, Inc. | 393,000 | 21,564 | |
| Tempur Sealy International, Inc. | 1,015,400 | 43,936 | |
| Tupperware Brands Corp. (a)(b) | 1,094,709 | 22,868 | |
| 200,467 | |||
| Internet & Direct Marketing Retail - 0.7% | |||
| eBay, Inc. | 902,464 | 61,557 | |
| Leisure Products - 0.4% | |||
| Mattel, Inc. (a) | 1,817,300 | 39,472 | |
| Multiline Retail - 0.5% | |||
| Dollar Tree, Inc. (a) | 140,400 | 14,011 | |
| Nordstrom, Inc. (a) | 854,000 | 28,267 | |
| 42,278 | |||
| Specialty Retail - 3.4% | |||
| Academy Sports & Outdoors, Inc. | 1,013,700 | 37,558 | |
| American Eagle Outfitters, Inc. | 1,294,100 | 44,608 | |
| Bath & Body Works, Inc. | 852,700 | 68,276 | |
| Gap, Inc. | 1,660,300 | 48,431 | |
| Lithia Motors, Inc. Class A (sub. vtg.) | 86,600 | 32,667 | |
| Rent-A-Center, Inc. | 672,900 | 38,503 | |
| Sally Beauty Holdings, Inc. (a) | 2,282,471 | 43,184 | |
| 313,227 | |||
| Textiles, Apparel & Luxury Goods - 0.9% | |||
| Capri Holdings Ltd. (a) | 920,900 | 51,856 | |
| Gildan Activewear, Inc. | 617,400 | 21,284 | |
| Hanesbrands, Inc. | 458,100 | 8,365 | |
| 81,505 | |||
| TOTAL CONSUMER DISCRETIONARY | 1,045,409 | ||
| CONSUMER STAPLES - 3.7% | |||
| Beverages - 0.6% | |||
| Primo Water Corp. | 3,197,900 | 52,861 | |
| Food & Staples Retailing - 0.4% | |||
| BJ's Wholesale Club Holdings, Inc. (a) | 818,800 | 41,464 | |
| Food Products - 1.3% | |||
| Bunge Ltd. | 635,300 | 49,318 | |
| Darling Ingredients, Inc. (a) | 909,500 | 62,819 | |
| Nomad Foods Ltd. (a) | 272,361 | 7,114 | |
| 119,251 | |||
| Household Products - 0.6% | |||
| Energizer Holdings, Inc. | 327,282 | 14,024 | |
| Reynolds Consumer Products, Inc. | 1,361,200 | 38,726 | |
| 52,750 | |||
| Personal Products - 0.4% | |||
| Herbalife Nutrition Ltd. (a) | 715,600 | 36,453 | |
| Tobacco - 0.4% | |||
| Altria Group, Inc. | 885,900 | 42,559 | |
| TOTAL CONSUMER STAPLES | 345,338 | ||
| ENERGY - 6.7% | |||
| Energy Equipment & Services - 0.8% | |||
| Liberty Oilfield Services, Inc. Class A (a) | 2,742,894 | 27,950 | |
| Technip Energies NV (a) | 1,316,985 | 17,849 | |
| Technip Energies NV ADR (a) | 38,975 | 528 | |
| TechnipFMC PLC (a) | 3,726,800 | 26,907 | |
| 73,234 | |||
| Oil, Gas & Consumable Fuels - 5.9% | |||
| Antero Resources Corp. (a) | 2,209,800 | 30,053 | |
| APA Corp. | 712,481 | 13,359 | |
| Canadian Natural Resources Ltd. | 1,692,900 | 55,865 | |
| Cenovus Energy, Inc. (Canada) | 7,038,581 | 58,730 | |
| Cheniere Energy, Inc. (a) | 831,900 | 70,653 | |
| Denbury, Inc. (a) | 460,750 | 30,276 | |
| Devon Energy Corp. | 622,163 | 16,077 | |
| DHT Holdings, Inc. | 1,358,800 | 7,881 | |
| Diamondback Energy, Inc. | 168,274 | 12,979 | |
| Energy Transfer LP | 2,869,600 | 28,294 | |
| Enviva Partners LP | 566,121 | 30,571 | |
| Euronav NV | 889,400 | 7,727 | |
| Hess Corp. | 1,047,377 | 80,061 | |
| Marathon Petroleum Corp. | 360,412 | 19,902 | |
| Range Resources Corp. (a) | 1,767,421 | 26,918 | |
| Targa Resources Corp. | 717,700 | 30,222 | |
| The Williams Companies, Inc. | 888,672 | 22,261 | |
| 541,829 | |||
| TOTAL ENERGY | 615,063 | ||
| FINANCIALS - 13.9% | |||
| Banks - 2.4% | |||
| Bank of Kyoto Ltd. (b) | 369,000 | 15,842 | |
| East West Bancorp, Inc. | 349,300 | 24,853 | |
| First Citizens Bancshares, Inc. (b) | 52,992 | 41,471 | |
| First Citizens Bancshares, Inc. Class B | 5,400 | 3,915 | |
| M&T Bank Corp. | 256,700 | 34,359 | |
| PacWest Bancorp | 1,194,900 | 47,581 | |
| Signature Bank | 232,800 | 52,839 | |
| 220,860 | |||
| Capital Markets - 2.7% | |||
| Ameriprise Financial, Inc. | 248,200 | 63,926 | |
| Apollo Global Management LLC Class A (b) | 667,900 | 39,313 | |
| Bank of New York Mellon Corp. | 520,800 | 26,733 | |
| Lazard Ltd. Class A | 1,237,000 | 58,386 | |
| LPL Financial | 419,400 | 59,152 | |
| 247,510 | |||
| Consumer Finance - 2.6% | |||
| Ally Financial, Inc. | 728,800 | 37,431 | |
| Navient Corp. | 1,326,400 | 27,098 | |
| OneMain Holdings, Inc. | 1,154,380 | 70,417 | |
| SLM Corp. | 3,084,296 | 58,077 | |
| Synchrony Financial | 1,007,400 | 47,368 | |
| 240,391 | |||
| Diversified Financial Services - 1.6% | |||
| Cyxtera Technologies, Inc. Class A (a) | 2,076,600 | 19,707 | |
| ECN Capital Corp. | 3,249,500 | 27,322 | |
| Equitable Holdings, Inc. | 1,317,300 | 40,665 | |
| Voya Financial, Inc. | 875,200 | 56,363 | |
| 144,057 | |||
| Insurance - 3.9% | |||
| AMBAC Financial Group, Inc. (a) | 2,040,459 | 29,627 | |
| American Financial Group, Inc. | 439,200 | 55,554 | |
| Arch Capital Group Ltd. (a) | 1,482,700 | 57,825 | |
| Assurant, Inc. | 460,400 | 72,656 | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | 84,400 | 35,553 | |
| Reinsurance Group of America, Inc. | 387,600 | 42,706 | |
| The Travelers Companies, Inc. | 470,500 | 70,067 | |
| 363,988 | |||
| Thrifts & Mortgage Finance - 0.7% | |||
| Axos Financial, Inc. (a) | 656,200 | 31,399 | |
| Essent Group Ltd. | 798,600 | 36,073 | |
| 67,472 | |||
| TOTAL FINANCIALS | 1,284,278 | ||
| HEALTH CARE - 7.1% | |||
| Biotechnology - 0.7% | |||
| Ascendis Pharma A/S sponsored ADR (a) | 32,143 | 3,799 | |
| Horizon Therapeutics PLC (a) | 77,754 | 7,777 | |
| Novavax, Inc. (a) | 195,400 | 35,041 | |
| United Therapeutics Corp. (a) | 95,600 | 17,393 | |
| 64,010 | |||
| Health Care Equipment & Supplies - 0.7% | |||
| Dentsply Sirona, Inc. | 158,262 | 10,452 | |
| Hologic, Inc. (a) | 145,654 | 10,930 | |
| Teleflex, Inc. | 30,215 | 12,008 | |
| The Cooper Companies, Inc. | 36,477 | 15,385 | |
| Zimmer Biomet Holdings, Inc. | 65,004 | 10,623 | |
| 59,398 | |||
| Health Care Providers & Services - 3.0% | |||
| Cardinal Health, Inc. | 175,777 | 10,438 | |
| Centene Corp. (a) | 893,200 | 61,282 | |
| Cigna Corp. | 347,000 | 79,633 | |
| Laboratory Corp. of America Holdings (a) | 302,776 | 89,667 | |
| McKesson Corp. | 90,643 | 18,476 | |
| Molina Healthcare, Inc. (a) | 46,607 | 12,724 | |
| Oak Street Health, Inc. (a) | 96,436 | 6,079 | |
| 278,299 | |||
| Health Care Technology - 0.2% | |||
| Inovalon Holdings, Inc. Class A (a) | 288,628 | 10,933 | |
| Phreesia, Inc. (a) | 96,531 | 6,598 | |
| 17,531 | |||
| Life Sciences Tools & Services - 1.2% | |||
| Agilent Technologies, Inc. | 60,715 | 9,303 | |
| Bio-Rad Laboratories, Inc. Class A (a) | 25,806 | 19,084 | |
| IQVIA Holdings, Inc. (a) | 69,006 | 17,093 | |
| PerkinElmer, Inc. | 77,547 | 14,131 | |
| Syneos Health, Inc. (a) | 600,410 | 53,839 | |
| 113,450 | |||
| Pharmaceuticals - 1.3% | |||
| Bayer AG | 389,700 | 23,218 | |
| Bristol-Myers Squibb Co. | 520,200 | 35,306 | |
| Catalent, Inc. (a) | 99,571 | 11,930 | |
| Elanco Animal Health, Inc. (a) | 68,200 | 2,487 | |
| Jazz Pharmaceuticals PLC (a) | 289,267 | 49,037 | |
| 121,978 | |||
| TOTAL HEALTH CARE | 654,666 | ||
| INDUSTRIALS - 20.5% | |||
| Aerospace & Defense - 1.3% | |||
| Curtiss-Wright Corp. | 679,300 | 80,361 | |
| Northrop Grumman Corp. | 88,600 | 32,164 | |
| The Boeing Co. (a) | 52,500 | 11,890 | |
| 124,415 | |||
| Air Freight & Logistics - 1.0% | |||
| FedEx Corp. | 132,900 | 37,205 | |
| XPO Logistics, Inc. (a) | 426,700 | 59,179 | |
| 96,384 | |||
| Airlines - 0.2% | |||
| Spirit Airlines, Inc. (a) | 530,400 | 14,310 | |
| Building Products - 2.0% | |||
| Builders FirstSource, Inc. (a) | 1,723,850 | 76,711 | |
| Jeld-Wen Holding, Inc. (a) | 3,331,200 | 88,210 | |
| UFP Industries, Inc. | 310,500 | 23,058 | |
| 187,979 | |||
| Commercial Services & Supplies - 1.0% | |||
| CoreCivic, Inc. (a) | 1,596,360 | 16,411 | |
| KAR Auction Services, Inc. (a) | 1,320,600 | 21,763 | |
| The Brink's Co. | 724,800 | 55,781 | |
| 93,955 | |||
| Construction & Engineering - 3.0% | |||
| AECOM (a) | 423,019 | 26,633 | |
| API Group Corp. (a)(c) | 1,754,063 | 40,203 | |
| Fluor Corp. (a) | 3,608,400 | 60,116 | |
| Granite Construction, Inc. | 1,622,500 | 62,336 | |
| Quanta Services, Inc. | 17,500 | 1,591 | |
| Valmont Industries, Inc. | 119,800 | 28,387 | |
| Willscot Mobile Mini Holdings (a) | 1,890,900 | 54,288 | |
| 273,554 | |||
| Electrical Equipment - 1.3% | |||
| Regal Beloit Corp. | 453,656 | 66,792 | |
| Sensata Technologies, Inc. PLC (a) | 565,506 | 33,150 | |
| Vertiv Holdings Co. | 691,400 | 19,387 | |
| 119,329 | |||
| Machinery - 2.0% | |||
| Allison Transmission Holdings, Inc. | 1,642,814 | 65,565 | |
| Crane Co. | 639,129 | 62,143 | |
| Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) | 4,040 | 457 | |
| Stanley Black & Decker, Inc. | 280,400 | 55,253 | |
| 183,418 | |||
| Marine - 1.1% | |||
| Genco Shipping & Trading Ltd. | 420,500 | 7,380 | |
| Golden Ocean Group Ltd. | 517,900 | 5,060 | |
| Kirby Corp. (a) | 1,211,300 | 70,146 | |
| Safe Bulkers, Inc. (a) | 448,954 | 1,500 | |
| Star Bulk Carriers Corp. (b) | 780,951 | 14,861 | |
| 98,947 | |||
| Professional Services - 3.0% | |||
| ASGN, Inc. (a) | 325,400 | 32,908 | |
| CACI International, Inc. Class A (a) | 127,300 | 33,984 | |
| Intertrust NV (a)(c) | 1,362,406 | 22,497 | |
| KBR, Inc. | 912,500 | 35,314 | |
| Manpower, Inc. | 416,200 | 49,353 | |
| Nielsen Holdings PLC | 4,355,700 | 103,191 | |
| 277,247 | |||
| Road & Rail - 1.2% | |||
| Knight-Swift Transportation Holdings, Inc. Class A | 332,900 | 16,542 | |
| Ryder System, Inc. | 629,500 | 47,936 | |
| TFI International, Inc. (Canada) | 410,800 | 45,986 | |
| 110,464 | |||
| Trading Companies & Distributors - 3.4% | |||
| AerCap Holdings NV (a) | 847,996 | 44,944 | |
| Beacon Roofing Supply, Inc. (a) | 1,073,100 | 57,389 | |
| Fortress Transportation & Infrastructure Investors LLC | 1,257,038 | 35,939 | |
| GMS, Inc. (a) | 1,037,200 | 50,958 | |
| Herc Holdings, Inc. (a) | 282,400 | 35,029 | |
| MRC Global, Inc. (a) | 2,835,958 | 26,006 | |
| NOW, Inc. (a) | 1,016,755 | 10,035 | |
| Univar, Inc. (a) | 2,277,827 | 55,898 | |
| 316,198 | |||
| TOTAL INDUSTRIALS | 1,896,200 | ||
| INFORMATION TECHNOLOGY - 6.2% | |||
| Communications Equipment - 0.8% | |||
| Lumentum Holdings, Inc. (a) | 253,000 | 21,249 | |
| Plantronics, Inc. (a) | 1,090,200 | 34,003 | |
| ViaSat, Inc. (a) | 411,500 | 20,427 | |
| 75,679 | |||
| Electronic Equipment & Components - 1.3% | |||
| Flex Ltd. (a) | 4,028,200 | 72,387 | |
| Insight Enterprises, Inc. (a) | 449,400 | 45,111 | |
| 117,498 | |||
| IT Services - 2.4% | |||
| Concentrix Corp. (a) | 297,700 | 48,742 | |
| DXC Technology Co. (a) | 1,145,336 | 45,791 | |
| Rackspace Technology, Inc. (a)(b) | 2,076,100 | 36,851 | |
| Unisys Corp. (a) | 3,003,061 | 67,118 | |
| Verra Mobility Corp. (a) | 1,563,200 | 23,933 | |
| 222,435 | |||
| Software - 1.0% | |||
| Alight, Inc. Class A (a)(b) | 806,500 | 7,589 | |
| Micro Focus International PLC | 2,440,800 | 13,599 | |
| SS&C Technologies Holdings, Inc. | 893,000 | 70,002 | |
| 91,190 | |||
| Technology Hardware, Storage & Peripherals - 0.7% | |||
| NCR Corp. (a) | 1,199,300 | 53,249 | |
| Xerox Holdings Corp. | 352,400 | 8,503 | |
| 61,752 | |||
| TOTAL INFORMATION TECHNOLOGY | 568,554 | ||
| MATERIALS - 11.1% | |||
| Chemicals - 3.8% | |||
| Axalta Coating Systems Ltd. (a) | 1,790,837 | 53,904 | |
| Celanese Corp. Class A | 140,467 | 21,881 | |
| Corteva, Inc. | 475,119 | 20,326 | |
| Eastman Chemical Co. | 379,000 | 42,721 | |
| Huntsman Corp. | 1,855,383 | 49,001 | |
| Olin Corp. | 1,483,780 | 69,782 | |
| The Chemours Co. LLC | 1,160,200 | 38,577 | |
| Trinseo SA | 329,990 | 17,938 | |
| Tronox Holdings PLC | 1,874,174 | 34,541 | |
| 348,671 | |||
| Construction Materials - 1.2% | |||
| Eagle Materials, Inc. | 286,100 | 40,432 | |
| Grupo Cementos de Chihuahua S.A.B. de CV | 2,700,900 | 21,965 | |
| Martin Marietta Materials, Inc. | 58,702 | 21,326 | |
| Summit Materials, Inc. (a) | 888,600 | 29,857 | |
| 113,580 | |||
| Containers & Packaging - 3.2% | |||
| Berry Global Group, Inc. (a) | 1,124,724 | 72,309 | |
| Crown Holdings, Inc. | 602,900 | 60,145 | |
| O-I Glass, Inc. (a) | 3,887,284 | 57,493 | |
| Sealed Air Corp. | 705,900 | 40,060 | |
| WestRock Co. | 1,284,094 | 63,190 | |
| 293,197 | |||
| Metals & Mining - 2.9% | |||
| Alcoa Corp. (a) | 299,100 | 12,009 | |
| Allegheny Technologies, Inc. (a) | 935,600 | 19,208 | |
| Arconic Corp. (a) | 1,119,830 | 40,247 | |
| Carpenter Technology Corp. | 785,900 | 29,982 | |
| Constellium NV (a) | 2,595,941 | 48,985 | |
| First Quantum Minerals Ltd. | 779,400 | 16,693 | |
| Freeport-McMoRan, Inc. | 872,900 | 33,257 | |
| Steel Dynamics, Inc. | 345,548 | 22,271 | |
| Wheaton Precious Metals Corp. | 935,400 | 43,209 | |
| 265,861 | |||
| TOTAL MATERIALS | 1,021,309 | ||
| REAL ESTATE - 8.7% | |||
| Equity Real Estate Investment Trusts (REITs) - 7.9% | |||
| Alexandria Real Estate Equities, Inc. | 496,900 | 100,046 | |
| American Tower Corp. | 215,004 | 60,803 | |
| Americold Realty Trust | 2,079,200 | 80,777 | |
| CubeSmart | 1,562,837 | 77,610 | |
| Douglas Emmett, Inc. | 1,177,248 | 39,320 | |
| Equinix, Inc. | 78,200 | 64,156 | |
| Equity Lifestyle Properties, Inc. | 1,028,022 | 86,148 | |
| Lamar Advertising Co. Class A | 398,400 | 42,469 | |
| Mid-America Apartment Communities, Inc. | 370,900 | 71,621 | |
| SITE Centers Corp. | 2,924,100 | 46,376 | |
| VICI Properties, Inc. (b) | 1,957,700 | 61,061 | |
| 730,387 | |||
| Real Estate Management & Development - 0.8% | |||
| Cushman & Wakefield PLC (a) | 3,879,557 | 72,431 | |
| TOTAL REAL ESTATE | 802,818 | ||
| UTILITIES - 6.8% | |||
| Electric Utilities - 3.2% | |||
| Edison International | 1,623,100 | 88,459 | |
| Exelon Corp. | 670,708 | 31,389 | |
| FirstEnergy Corp. | 1,358,100 | 52,042 | |
| NRG Energy, Inc. | 1,381,000 | 56,952 | |
| PG&E Corp. (a) | 7,721,900 | 67,876 | |
| 296,718 | |||
| Independent Power and Renewable Electricity Producers - 1.5% | |||
| The AES Corp. | 3,356,800 | 79,556 | |
| Vistra Corp. | 2,794,900 | 53,522 | |
| 133,078 | |||
| Multi-Utilities - 2.1% | |||
| CenterPoint Energy, Inc. | 2,653,365 | 67,555 | |
| MDU Resources Group, Inc. | 2,455,900 | 77,901 | |
| Sempra Energy | 394,500 | 51,541 | |
| 196,997 | |||
| TOTAL UTILITIES | 626,793 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $6,874,246) | 9,083,272 | ||
| Principal Amount (000s) | Value (000s) | ||
| U.S. Treasury Obligations - 0.3% | |||
| U.S. Treasury Bills, yield at date of purchase 0.01% to 0.04% 8/26/21 to 9/16/21 (d) | |||
| (Cost $23,829) | 23,830 | 23,829 | |
| Shares | Value (000s) | ||
| Money Market Funds - 3.0% | |||
| Fidelity Cash Central Fund 0.06% (e) | 135,569,135 | $135,596 | |
| Fidelity Securities Lending Cash Central Fund 0.06% (e)(f) | 145,935,143 | 145,950 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $281,546) | 281,546 | ||
| TOTAL INVESTMENT IN SECURITIES - 101.7% | |||
| (Cost $7,179,621) | 9,388,647 | ||
| NET OTHER ASSETS (LIABILITIES) - (1.7)% | (156,356) | ||
| NET ASSETS - 100% | $9,232,291 |
| 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) | 316 | Sept. 2021 | $85,279 | $1,568 | $1,568 |
The notional amount of futures purchased as a percentage of Net Assets is 0.9%
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 $78,754,000 or 0.9% 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 $4,500,000.
(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 | $57 |
| Fidelity Securities Lending Cash Central Fund | 86 |
| Total | $143 |
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.
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $47,661 | $3,340,300 | $3,252,366 | $1 | $-- | $135,596 | 0.2% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 14,552 | 659,393 | 527,995 | -- | -- | 145,950 | 0.5% |
| Total | $62,213 | $3,999,693 | $3,780,361 | $1 | $-- | $281,546 |
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 any open-end mutual funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market. Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract’s exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
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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