Quarterly Holdings Report
for
Fidelity® Mid-Cap Stock Fund
July 31, 2020
Schedule of Investments July 31, 2020 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 96.8% | |||
| Shares | Value (000s) | ||
| COMMUNICATION SERVICES - 2.3% | |||
| Diversified Telecommunication Services - 0.9% | |||
| Cogent Communications Group, Inc. | 372,800 | $33,593 | |
| Iridium Communications, Inc. (a) | 676,000 | 18,516 | |
| 52,109 | |||
| Entertainment - 0.2% | |||
| WME Entertainment Parent, LLC Class A (a)(b)(c)(d) | 9,001,296 | 13,412 | |
| Media - 1.2% | |||
| Nexstar Broadcasting Group, Inc. Class A | 439,400 | 38,513 | |
| Omnicom Group, Inc. | 637,000 | 34,226 | |
| 72,739 | |||
| TOTAL COMMUNICATION SERVICES | 138,260 | ||
| CONSUMER DISCRETIONARY - 15.5% | |||
| Automobiles - 0.9% | |||
| Aston Martin Lagonda Global Holdings PLC (a)(e)(f) | 14,941,500 | 11,324 | |
| Fiat Chrysler Automobiles NV | 4,291,596 | 43,560 | |
| 54,884 | |||
| Hotels, Restaurants & Leisure - 2.5% | |||
| Boyd Gaming Corp. | 925,412 | 21,905 | |
| Churchill Downs, Inc. | 297,700 | 41,237 | |
| Dunkin' Brands Group, Inc. | 582,200 | 40,015 | |
| Wyndham Hotels & Resorts, Inc. | 1,129,496 | 49,879 | |
| 153,036 | |||
| Household Durables - 4.8% | |||
| D.R. Horton, Inc. | 1,174,789 | 77,724 | |
| Lennar Corp. Class A | 568,536 | 41,134 | |
| Mohawk Industries, Inc. (a) | 282,296 | 22,541 | |
| NVR, Inc. (a) | 38,271 | 150,411 | |
| 291,810 | |||
| Internet & Direct Marketing Retail - 0.2% | |||
| Coupang unit (c)(d) | 1,932,161 | 14,491 | |
| Leisure Products - 2.5% | |||
| New Academy Holding Co. LLC unit (a)(c)(d)(g) | 294,000 | 14,685 | |
| Peloton Interactive, Inc. Class A (a) | 1,555,776 | 106,135 | |
| Smith & Wesson Brands, Inc. (a) | 1,260,420 | 30,111 | |
| 150,931 | |||
| Multiline Retail - 0.4% | |||
| Dollar General Corp. | 116,858 | 22,250 | |
| Specialty Retail - 2.4% | |||
| AutoZone, Inc. (a) | 28,795 | 34,768 | |
| Best Buy Co., Inc. | 287,278 | 28,610 | |
| National Vision Holdings, Inc. (a)(e) | 1,314,767 | 42,059 | |
| Ross Stores, Inc. | 465,900 | 41,777 | |
| 147,214 | |||
| Textiles, Apparel & Luxury Goods - 1.8% | |||
| Allbirds, Inc. (a)(c)(d) | 53,875 | 555 | |
| Brunello Cucinelli SpA | 2,065,300 | 59,945 | |
| PVH Corp. | 420,959 | 20,484 | |
| Tapestry, Inc. | 1,375,317 | 18,374 | |
| Under Armour, Inc. Class A (sub. vtg.) (a) | 1,090,018 | 11,467 | |
| 110,825 | |||
| TOTAL CONSUMER DISCRETIONARY | 945,441 | ||
| CONSUMER STAPLES - 4.3% | |||
| Food & Staples Retailing - 0.7% | |||
| Kroger Co. | 1,189,056 | 41,367 | |
| Food Products - 2.3% | |||
| Bunge Ltd. | 457,281 | 19,864 | |
| Conagra Brands, Inc. | 733,194 | 27,458 | |
| Greencore Group PLC | 15,719,584 | 26,318 | |
| JDE Peet's BV | 408,800 | 18,178 | |
| Lamb Weston Holdings, Inc. | 324,400 | 19,490 | |
| Sanderson Farms, Inc. | 258,400 | 28,810 | |
| 140,118 | |||
| Household Products - 0.7% | |||
| Reckitt Benckiser Group PLC | 448,100 | 44,931 | |
| Personal Products - 0.6% | |||
| Edgewell Personal Care Co. (a) | 1,192,003 | 35,629 | |
| TOTAL CONSUMER STAPLES | 262,045 | ||
| ENERGY - 5.5% | |||
| Energy Equipment & Services - 0.6% | |||
| Borr Drilling Ltd. (a)(e) | 2,120,800 | 1,875 | |
| Oceaneering International, Inc. (a) | 1,963,779 | 11,036 | |
| Pacific Drilling SA (a)(e) | 914,803 | 411 | |
| Schlumberger Ltd. | 850,400 | 15,426 | |
| TechnipFMC PLC | 656,463 | 5,271 | |
| 34,019 | |||
| Oil, Gas & Consumable Fuels - 4.9% | |||
| Cabot Oil & Gas Corp. | 1,469,044 | 27,471 | |
| Cenovus Energy, Inc. (Canada) | 5,817,500 | 25,885 | |
| Cheniere Energy, Inc. (a) | 1,010,500 | 50,000 | |
| GasLog Ltd. (e) | 1,148,215 | 3,353 | |
| Golar LNG Ltd. (e) | 1,948,645 | 14,615 | |
| Hess Corp. | 1,853,208 | 91,196 | |
| Kosmos Energy Ltd. | 7,067,701 | 11,379 | |
| New Fortress Energy LLC (a) | 1,273,500 | 27,508 | |
| The Williams Companies, Inc. | 2,403,139 | 45,972 | |
| 297,379 | |||
| TOTAL ENERGY | 331,398 | ||
| FINANCIALS - 18.6% | |||
| Banks - 7.6% | |||
| Bank of Hawaii Corp. | 461,469 | 26,133 | |
| Comerica, Inc. | 444,914 | 17,138 | |
| Cullen/Frost Bankers, Inc. | 681,387 | 49,101 | |
| First Horizon National Corp. | 3,368,751 | 31,228 | |
| Huntington Bancshares, Inc. | 6,831,100 | 63,324 | |
| M&T Bank Corp. | 618,780 | 65,560 | |
| Prosperity Bancshares, Inc. | 912,270 | 50,686 | |
| Signature Bank | 602,800 | 61,805 | |
| Truist Financial Corp. | 795,511 | 29,800 | |
| UMB Financial Corp. | 614,700 | 30,612 | |
| Wintrust Financial Corp. | 852,900 | 36,504 | |
| 461,891 | |||
| Capital Markets - 3.6% | |||
| Cboe Global Markets, Inc. | 212,200 | 18,610 | |
| Lazard Ltd. Class A | 851,059 | 24,953 | |
| Northern Trust Corp. | 509,100 | 39,888 | |
| Raymond James Financial, Inc. | 295,084 | 20,502 | |
| The NASDAQ OMX Group, Inc. | 456,500 | 59,943 | |
| TPG Specialty Lending, Inc. | 1,917,023 | 32,666 | |
| Virtu Financial, Inc. Class A | 897,600 | 22,260 | |
| 218,822 | |||
| Insurance - 6.4% | |||
| American Financial Group, Inc. | 665,026 | 40,414 | |
| American International Group, Inc. | 921,500 | 29,617 | |
| Arch Capital Group Ltd. (a) | 1,783,600 | 54,846 | |
| Axis Capital Holdings Ltd. | 639,317 | 25,649 | |
| Beazley PLC | 2,865,400 | 15,656 | |
| First American Financial Corp. | 1,023,055 | 52,186 | |
| Hartford Financial Services Group, Inc. | 745,851 | 31,564 | |
| Hiscox Ltd. | 1,642,707 | 16,807 | |
| Principal Financial Group, Inc. | 648,600 | 27,520 | |
| RenaissanceRe Holdings Ltd. | 388,600 | 70,096 | |
| The Travelers Companies, Inc. | 261,200 | 29,887 | |
| 394,242 | |||
| Thrifts & Mortgage Finance - 1.0% | |||
| Radian Group, Inc. | 4,062,510 | 60,613 | |
| TOTAL FINANCIALS | 1,135,568 | ||
| HEALTH CARE - 7.3% | |||
| Biotechnology - 0.2% | |||
| Viela Bio, Inc. | 312,700 | 11,448 | |
| Health Care Equipment & Supplies - 1.2% | |||
| Hologic, Inc. (a) | 1,007,930 | 70,333 | |
| Health Care Providers & Services - 3.1% | |||
| Centene Corp. (a) | 696,784 | 45,465 | |
| Molina Healthcare, Inc. (a) | 591,678 | 109,283 | |
| Universal Health Services, Inc. Class B | 339,155 | 37,273 | |
| 192,021 | |||
| Life Sciences Tools & Services - 1.5% | |||
| Bruker Corp. | 1,105,400 | 49,323 | |
| Lonza Group AG | 66,664 | 41,687 | |
| 91,010 | |||
| Pharmaceuticals - 1.3% | |||
| Kala Pharmaceuticals, Inc. (a) | 1,132,300 | 9,908 | |
| Nektar Therapeutics (a)(e) | 1,488,800 | 32,992 | |
| Recordati SpA | 495,100 | 26,384 | |
| Zogenix, Inc. (a) | 502,100 | 11,945 | |
| 81,229 | |||
| TOTAL HEALTH CARE | 446,041 | ||
| INDUSTRIALS - 17.9% | |||
| Aerospace & Defense - 2.3% | |||
| Huntington Ingalls Industries, Inc. | 254,583 | 44,224 | |
| Kratos Defense & Security Solutions, Inc. (a) | 2,196,900 | 39,566 | |
| Space Exploration Technologies Corp.: | |||
| Class A (a)(c)(d) | 139,629 | 37,700 | |
| Class C (c)(d) | 2,034 | 549 | |
| TransDigm Group, Inc. | 42,600 | 18,385 | |
| 140,424 | |||
| Air Freight & Logistics - 0.8% | |||
| XPO Logistics, Inc. (a) | 680,589 | 51,058 | |
| Building Products - 1.3% | |||
| Fortune Brands Home & Security, Inc. | 456,300 | 34,907 | |
| Owens Corning | 736,000 | 44,506 | |
| 79,413 | |||
| Commercial Services & Supplies - 1.5% | |||
| IAA Spinco, Inc. (a) | 619,280 | 26,846 | |
| KAR Auction Services, Inc. (e) | 614,992 | 9,305 | |
| Stericycle, Inc. (a) | 677,300 | 40,933 | |
| U.S. Ecology, Inc. | 365,981 | 12,692 | |
| 89,776 | |||
| Construction & Engineering - 1.2% | |||
| AECOM (a) | 1,429,479 | 51,733 | |
| Dycom Industries, Inc. (a) | 469,900 | 20,126 | |
| 71,859 | |||
| Electrical Equipment - 4.2% | |||
| AMETEK, Inc. | 674,594 | 62,906 | |
| Generac Holdings, Inc. (a) | 569,703 | 89,774 | |
| Melrose Industries PLC | 17,680,941 | 19,733 | |
| Regal Beloit Corp. | 595,401 | 54,759 | |
| Sensata Technologies, Inc. PLC (a) | 727,951 | 27,648 | |
| 254,820 | |||
| Machinery - 4.5% | |||
| Allison Transmission Holdings, Inc. | 971,571 | 36,298 | |
| Donaldson Co., Inc. | 1,460,171 | 70,585 | |
| Fortive Corp. | 711,367 | 49,931 | |
| Gardner Denver Holdings, Inc. (a) | 1,154,095 | 36,458 | |
| Oshkosh Corp. | 587,006 | 46,209 | |
| Pentair PLC | 886,948 | 38,006 | |
| 277,487 | |||
| Marine - 0.3% | |||
| Goodbulk Ltd. (a)(d) | 1,490,722 | 18,346 | |
| Professional Services - 0.3% | |||
| Clarivate Analytics PLC (a) | 716,940 | 19,823 | |
| Road & Rail - 1.1% | |||
| Knight-Swift Transportation Holdings, Inc. Class A (e) | 1,490,663 | 64,829 | |
| Trading Companies & Distributors - 0.4% | |||
| Beacon Roofing Supply, Inc. (a) | 785,800 | 24,486 | |
| TOTAL INDUSTRIALS | 1,092,321 | ||
| INFORMATION TECHNOLOGY - 11.0% | |||
| Communications Equipment - 0.4% | |||
| Ericsson (B Shares) | 1,988,500 | 23,136 | |
| Electronic Equipment & Components - 4.6% | |||
| Amphenol Corp. Class A | 579,611 | 61,300 | |
| Arrow Electronics, Inc. (a) | 826,500 | 59,194 | |
| CDW Corp. | 222,700 | 25,889 | |
| Fabrinet (a) | 1,087,856 | 79,011 | |
| FLIR Systems, Inc. | 348,000 | 14,498 | |
| Keysight Technologies, Inc. (a) | 417,405 | 41,695 | |
| 281,587 | |||
| IT Services - 4.5% | |||
| Akamai Technologies, Inc. (a) | 250,900 | 28,211 | |
| Black Knight, Inc. (a) | 309,712 | 23,204 | |
| Euronet Worldwide, Inc. (a) | 145,800 | 14,017 | |
| Fiserv, Inc. (a) | 292,500 | 29,189 | |
| Gartner, Inc. (a) | 133,400 | 16,627 | |
| Leidos Holdings, Inc. | 461,861 | 43,951 | |
| Verra Mobility Corp. (a) | 1,916,700 | 19,608 | |
| WNS Holdings Ltd. sponsored ADR (a) | 1,569,531 | 100,387 | |
| 275,194 | |||
| Semiconductors & Semiconductor Equipment - 0.5% | |||
| Lam Research Corp. | 78,300 | 29,532 | |
| Software - 1.0% | |||
| Aspen Technology, Inc. (a) | 331,900 | 32,281 | |
| Citrix Systems, Inc. | 172,500 | 24,626 | |
| 56,907 | |||
| TOTAL INFORMATION TECHNOLOGY | 666,356 | ||
| MATERIALS - 4.9% | |||
| Chemicals - 1.2% | |||
| LG Chemical Ltd. | 83,610 | 39,712 | |
| Nutrien Ltd. | 480,500 | 15,648 | |
| Olin Corp. | 1,326,337 | 14,908 | |
| 70,268 | |||
| Containers & Packaging - 0.9% | |||
| Avery Dennison Corp. | 225,774 | 25,589 | |
| O-I Glass, Inc. | 2,886,400 | 30,134 | |
| 55,723 | |||
| Metals & Mining - 2.8% | |||
| Commercial Metals Co. | 1,450,700 | 30,000 | |
| Franco-Nevada Corp. | 333,600 | 53,323 | |
| Newcrest Mining Ltd. | 1,260,479 | 31,681 | |
| Novagold Resources, Inc. (a) | 3,780,676 | 34,576 | |
| Steel Dynamics, Inc. | 874,300 | 23,965 | |
| 173,545 | |||
| TOTAL MATERIALS | 299,536 | ||
| REAL ESTATE - 5.7% | |||
| Equity Real Estate Investment Trusts (REITs) - 5.7% | |||
| Apartment Investment & Management Co. Class A | 888,899 | 34,507 | |
| Cousins Properties, Inc. | 1,276,338 | 39,209 | |
| Gaming & Leisure Properties | 976,926 | 35,374 | |
| Healthcare Realty Trust, Inc. | 1,675,304 | 49,086 | |
| Healthcare Trust of America, Inc. | 1,608,510 | 44,411 | |
| National Retail Properties, Inc. | 1,023,525 | 36,284 | |
| Spirit Realty Capital, Inc. | 772,583 | 26,623 | |
| VEREIT, Inc. | 5,970,879 | 38,870 | |
| VICI Properties, Inc. | 2,066,668 | 44,867 | |
| 349,231 | |||
| UTILITIES - 3.8% | |||
| Electric Utilities - 3.0% | |||
| Alliant Energy Corp. | 1,212,400 | 65,288 | |
| IDACORP, Inc. | 544,019 | 50,730 | |
| OGE Energy Corp. | 2,060,941 | 67,805 | |
| 183,823 | |||
| Gas Utilities - 0.8% | |||
| Atmos Energy Corp. | 466,704 | 49,466 | |
| TOTAL UTILITIES | 233,289 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $5,124,444) | 5,899,486 | ||
| Preferred Stocks - 1.2% | |||
| Convertible Preferred Stocks - 1.1% | |||
| CONSUMER DISCRETIONARY - 0.3% | |||
| Textiles, Apparel & Luxury Goods - 0.3% | |||
| Allbirds, Inc.: | |||
| Series A (a)(c)(d) | 21,265 | 219 | |
| Series B (a)(c)(d) | 3,735 | 38 | |
| Series C (a)(c)(d) | 35,700 | 368 | |
| Series D (a)(c)(d) | 68,801 | 709 | |
| Series Seed (a)(c)(d) | 101,339 | 1,044 | |
| Bolt Threads, Inc. Series D (a)(c)(d) | 976,285 | 16,529 | |
| 18,907 | |||
| CONSUMER STAPLES - 0.1% | |||
| Food & Staples Retailing - 0.1% | |||
| Sweetgreen, Inc.: | |||
| Series C (c)(d) | 3,889 | 58 | |
| Series D (c)(d) | 62,561 | 931 | |
| Series I (a)(c)(d) | 147,450 | 2,194 | |
| 3,183 | |||
| HEALTH CARE - 0.6% | |||
| Health Care Equipment & Supplies - 0.6% | |||
| Butterfly Network, Inc. Series D (c)(d) | 1,647,945 | 37,754 | |
| INDUSTRIALS - 0.1% | |||
| Aerospace & Defense - 0.1% | |||
| Space Exploration Technologies Corp. Series H (a)(c)(d) | 18,837 | 5,086 | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | 64,930 | ||
| Nonconvertible Preferred Stocks - 0.1% | |||
| HEALTH CARE - 0.1% | |||
| Health Care Providers & Services - 0.1% | |||
| Oak Street Health LLC Series III-E (b)(c)(d) | 45,575 | 9,932 | |
| TOTAL PREFERRED STOCKS | |||
| (Cost $48,472) | 74,862 | ||
| Principal Amount (000s) | Value (000s) | ||
| Corporate Bonds - 0.3% | |||
| Convertible Bonds - 0.3% | |||
| CONSUMER DISCRETIONARY - 0.1% | |||
| Textiles, Apparel & Luxury Goods - 0.1% | |||
| Bolt Threads, Inc. 3% 2/7/23 (c)(d) | 7,161 | 7,161 | |
| HEALTH CARE - 0.2% | |||
| Health Care Equipment & Supplies - 0.2% | |||
| Butterfly Network, Inc. 5% 5/21/22 (c)(d) | 10,308 | 10,308 | |
| TOTAL CONVERTIBLE BONDS | 17,469 | ||
| Nonconvertible Bonds - 0.0% | |||
| ENERGY - 0.0% | |||
| Energy Equipment & Services - 0.0% | |||
| Pacific Drilling SA 12% 4/1/24 pay-in-kind (f)(h) | 463 | 5 | |
| TOTAL CORPORATE BONDS | |||
| (Cost $17,938) | 17,474 | ||
| Shares | Value (000s) | ||
| Other - 0.2% | |||
| Other - 0.2% | |||
| Utica Shale Drilling Program (non-operating revenue interest) (b)(c)(d) | 15,731,366 | 739 | |
| Utica Shale Drilling Program (non-operating revenue interest) 10% 10/5/23 (b)(c)(d) | 13,598,541 | 8,839 | |
| TOTAL OTHER | |||
| (Cost $20,409) | 9,578 | ||
| Money Market Funds - 3.5% | |||
| Fidelity Cash Central Fund 0.14% (i) | 110,032,457 | 110,065 | |
| Fidelity Securities Lending Cash Central Fund 0.13% (i)(j) | 105,149,427 | 105,160 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $215,214) | 215,225 | ||
| TOTAL INVESTMENT IN SECURITIES - 102.0% | |||
| (Cost $5,426,477) | 6,216,625 | ||
| NET OTHER ASSETS (LIABILITIES) - (2.0)% | (120,568) | ||
| NET ASSETS - 100% | $6,096,057 |
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 (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 $183,301,000 or 3.0% 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 $11,329,000 or 0.2% of net assets.
(g) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.
(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(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) |
| Allbirds, Inc. | 10/9/18 | $591 |
| Allbirds, Inc. Series A | 10/9/18 | $233 |
| Allbirds, Inc. Series B | 10/9/18 | $41 |
| Allbirds, Inc. Series C | 10/9/18 | $392 |
| Allbirds, Inc. Series D | 12/23/19 | $887 |
| Allbirds, Inc. Series Seed | 10/9/18 - 1/23/20 | $1,012 |
| Bolt Threads, Inc. Series D | 12/13/17 | $15,659 |
| Bolt Threads, Inc. 3% 2/7/23 | 2/7/20 | $7,161 |
| Butterfly Network, Inc. Series D | 5/4/18 | $16,924 |
| Butterfly Network, Inc. 5% 5/21/22 | 5/19/20 | $10,308 |
| Coupang unit | 6/12/20 | $14,491 |
| New Academy Holding Co. LLC unit | 8/1/11 | $30,988 |
| Oak Street Health LLC Series III-E | 2/21/20 | $7,123 |
| Space Exploration Technologies Corp. Class A | 4/8/16 - 9/11/17 | $14,283 |
| Space Exploration Technologies Corp. Class C | 9/11/17 | $275 |
| Space Exploration Technologies Corp. Series H | 8/4/17 | $2,543 |
| Sweetgreen, Inc. Series C | 9/13/19 | $67 |
| Sweetgreen, Inc. Series D | 9/13/19 | $1,070 |
| Sweetgreen, Inc. Series I | 9/13/19 | $2,521 |
| Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $6,810 |
| Utica Shale Drilling Program (non-operating revenue interest) 10% 10/5/23 | 10/5/16 - 4/5/18 | $13,599 |
| WME Entertainment Parent, LLC Class A | 8/16/16 | $16,658 |
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 | $24 |
| Fidelity Securities Lending Cash Central Fund | 564 |
| Total | $588 |
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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security’s underlying assets and liabilities.
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.
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