Quarterly Holdings Report
for
Fidelity Flex℠ Funds
Fidelity Flex℠ Opportunistic Insights Fund
March 31, 2019
Schedule of Investments March 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 96.8% | |||
| Shares | Value | ||
| COMMUNICATION SERVICES - 15.0% | |||
| Diversified Telecommunication Services - 0.1% | |||
| Verizon Communications, Inc. | 319 | $18,862 | |
| Entertainment - 3.3% | |||
| Activision Blizzard, Inc. | 1,389 | 63,241 | |
| Live Nation Entertainment, Inc. (a) | 69 | 4,384 | |
| Netflix, Inc. (a) | 1,242 | 442,848 | |
| Spotify Technology SA (a) | 50 | 6,940 | |
| The Walt Disney Co. | 479 | 53,183 | |
| 570,596 | |||
| Interactive Media & Services - 11.0% | |||
| Alphabet, Inc.: | |||
| Class A (a) | 296 | 348,359 | |
| Class C (a) | 304 | 356,686 | |
| CarGurus, Inc. Class A (a) | 352 | 14,101 | |
| Facebook, Inc. Class A (a) | 7,006 | 1,167,830 | |
| TripAdvisor, Inc. (a) | 90 | 4,631 | |
| 1,891,607 | |||
| Media - 0.4% | |||
| Discovery Communications, Inc. Class A (a) | 325 | 8,782 | |
| Liberty Media Corp.: | |||
| Liberty Formula One Group Series C (a) | 1,422 | 49,841 | |
| Liberty SiriusXM Series C (a) | 124 | 4,742 | |
| 63,365 | |||
| Wireless Telecommunication Services - 0.2% | |||
| T-Mobile U.S., Inc. (a) | 533 | 36,830 | |
| TOTAL COMMUNICATION SERVICES | 2,581,260 | ||
| CONSUMER DISCRETIONARY - 11.6% | |||
| Automobiles - 0.2% | |||
| General Motors Co. | 284 | 10,536 | |
| Mahindra & Mahindra Ltd. | 897 | 8,737 | |
| Maruti Suzuki India Ltd. | 100 | 9,645 | |
| Toyota Motor Corp. | 200 | 11,782 | |
| 40,700 | |||
| Hotels, Restaurants & Leisure - 1.6% | |||
| Chipotle Mexican Grill, Inc. (a) | 68 | 48,301 | |
| Darden Restaurants, Inc. | 110 | 13,362 | |
| Domino's Pizza, Inc. | 43 | 11,098 | |
| Marriott International, Inc. Class A | 471 | 58,917 | |
| McDonald's Corp. | 803 | 152,490 | |
| 284,168 | |||
| Household Durables - 0.0% | |||
| Mohawk Industries, Inc. (a) | 28 | 3,532 | |
| Internet & Direct Marketing Retail - 7.0% | |||
| Amazon.com, Inc. (a) | 668 | 1,189,539 | |
| MercadoLibre, Inc. (a) | 14 | 7,108 | |
| Ocado Group PLC (a) | 100 | 1,785 | |
| 1,198,432 | |||
| Multiline Retail - 0.4% | |||
| Dollar General Corp. | 101 | 12,049 | |
| Dollar Tree, Inc. (a) | 71 | 7,458 | |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 544 | 46,420 | |
| 65,927 | |||
| Specialty Retail - 1.4% | |||
| AutoZone, Inc. (a) | 4 | 4,096 | |
| Burlington Stores, Inc. (a) | 135 | 21,152 | |
| Home Depot, Inc. | 488 | 93,642 | |
| John David Group PLC | 800 | 5,237 | |
| O'Reilly Automotive, Inc. (a) | 47 | 18,250 | |
| Ross Stores, Inc. | 221 | 20,575 | |
| TJX Companies, Inc. | 1,065 | 56,669 | |
| Ulta Beauty, Inc. (a) | 29 | 10,113 | |
| Urban Outfitters, Inc. (a) | 233 | 6,906 | |
| 236,640 | |||
| Textiles, Apparel & Luxury Goods - 1.0% | |||
| adidas AG | 335 | 81,395 | |
| Deckers Outdoor Corp. (a) | 28 | 4,116 | |
| lululemon athletica, Inc. (a) | 100 | 16,387 | |
| NIKE, Inc. Class B | 271 | 22,821 | |
| Pinduoduo, Inc. ADR (b) | 200 | 4,960 | |
| VF Corp. | 416 | 36,155 | |
| 165,834 | |||
| TOTAL CONSUMER DISCRETIONARY | 1,995,233 | ||
| CONSUMER STAPLES - 3.3% | |||
| Beverages - 0.5% | |||
| Diageo PLC | 300 | 12,277 | |
| Keurig Dr. Pepper, Inc. | 1,055 | 29,508 | |
| Monster Beverage Corp. (a) | 120 | 6,550 | |
| The Coca-Cola Co. | 790 | 37,019 | |
| 85,354 | |||
| Food & Staples Retailing - 0.8% | |||
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 112 | 6,598 | |
| Costco Wholesale Corp. | 524 | 126,881 | |
| Walmart, Inc. | 100 | 9,753 | |
| 143,232 | |||
| Food Products - 0.1% | |||
| Freshpet, Inc. (a) | 100 | 4,229 | |
| Mondelez International, Inc. | 132 | 6,589 | |
| The Simply Good Foods Co. (a) | 418 | 8,607 | |
| 19,425 | |||
| Household Products - 0.4% | |||
| Colgate-Palmolive Co. | 100 | 6,854 | |
| Procter & Gamble Co. | 504 | 52,441 | |
| 59,295 | |||
| Personal Products - 1.5% | |||
| Estee Lauder Companies, Inc. Class A | 1,387 | 229,618 | |
| Kao Corp. | 100 | 7,893 | |
| Shiseido Co. Ltd. | 200 | 14,481 | |
| 251,992 | |||
| TOTAL CONSUMER STAPLES | 559,298 | ||
| ENERGY - 2.6% | |||
| Oil, Gas & Consumable Fuels - 2.6% | |||
| Birchcliff Energy Ltd. | 5,087 | 13,552 | |
| BP PLC | 2,176 | 15,801 | |
| Canadian Natural Resources Ltd. | 750 | 20,592 | |
| Centennial Resource Development, Inc. Class A (a) | 3,277 | 28,805 | |
| Cheniere Energy, Inc. (a) | 100 | 6,836 | |
| ConocoPhillips Co. | 642 | 42,847 | |
| Continental Resources, Inc. (a) | 414 | 18,535 | |
| Diamondback Energy, Inc. | 153 | 15,534 | |
| EOG Resources, Inc. | 743 | 70,719 | |
| Hess Corp. | 1,058 | 63,723 | |
| Magnolia Oil & Gas Corp. | 1,300 | 15,600 | |
| Phillips 66 Co. | 230 | 21,889 | |
| PrairieSky Royalty Ltd. | 343 | 4,620 | |
| Reliance Industries Ltd. | 4,970 | 97,931 | |
| Tamarack Valley Energy Ltd. (a) | 3,734 | 6,790 | |
| 443,774 | |||
| FINANCIALS - 16.3% | |||
| Banks - 7.9% | |||
| Banco do Brasil SA | 600 | 7,466 | |
| Bank of America Corp. | 19,281 | 531,963 | |
| Citigroup, Inc. | 3,889 | 241,974 | |
| HDFC Bank Ltd. sponsored ADR | 793 | 91,917 | |
| JPMorgan Chase & Co. | 4,370 | 442,375 | |
| Kotak Mahindra Bank Ltd. | 2,185 | 42,146 | |
| 1,357,841 | |||
| Capital Markets - 1.8% | |||
| Bank of New York Mellon Corp. | 2,025 | 102,121 | |
| BM&F BOVESPA SA | 600 | 4,922 | |
| Brookfield Asset Management, Inc. Class A | 85 | 3,960 | |
| Charles Schwab Corp. | 1,485 | 63,499 | |
| CME Group, Inc. | 172 | 28,308 | |
| Morgan Stanley | 2,010 | 84,822 | |
| Oaktree Capital Group LLC Class A | 506 | 25,123 | |
| 312,755 | |||
| Consumer Finance - 0.8% | |||
| American Express Co. | 1,328 | 145,150 | |
| Diversified Financial Services - 5.4% | |||
| Berkshire Hathaway, Inc. Class A (a) | 3 | 903,645 | |
| Churchill Capital Corp. Class A (a) | 1,100 | 14,784 | |
| 918,429 | |||
| Insurance - 0.4% | |||
| Admiral Group PLC | 855 | 24,165 | |
| American International Group, Inc. | 177 | 7,622 | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | 31 | 14,359 | |
| Hiscox Ltd. | 300 | 6,095 | |
| Progressive Corp. | 229 | 16,509 | |
| 68,750 | |||
| TOTAL FINANCIALS | 2,802,925 | ||
| HEALTH CARE - 13.1% | |||
| Biotechnology - 2.6% | |||
| 23andMe, Inc. (a)(c)(d) | 35 | 466 | |
| Acceleron Pharma, Inc. (a) | 157 | 7,311 | |
| Agios Pharmaceuticals, Inc. (a) | 394 | 26,571 | |
| Alexion Pharmaceuticals, Inc. (a) | 100 | 13,518 | |
| Allogene Therapeutics, Inc. | 218 | 6,302 | |
| Amgen, Inc. | 241 | 45,785 | |
| Celgene Corp. (a) | 224 | 21,132 | |
| CSL Ltd. | 23 | 3,184 | |
| Exact Sciences Corp. (a) | 84 | 7,276 | |
| FibroGen, Inc. (a) | 324 | 17,609 | |
| Genmab A/S (a) | 37 | 6,420 | |
| Mirati Therapeutics, Inc. (a) | 100 | 7,330 | |
| Neurocrine Biosciences, Inc. (a) | 464 | 40,878 | |
| Regeneron Pharmaceuticals, Inc. (a) | 121 | 49,685 | |
| Sage Therapeutics, Inc. (a) | 91 | 14,474 | |
| Vertex Pharmaceuticals, Inc. (a) | 948 | 174,385 | |
| 442,326 | |||
| Health Care Equipment & Supplies - 3.5% | |||
| Abbott Laboratories | 571 | 45,646 | |
| Baxter International, Inc. | 1,527 | 124,160 | |
| Boston Scientific Corp. (a) | 1,902 | 72,999 | |
| Danaher Corp. | 827 | 109,181 | |
| DexCom, Inc. (a) | 224 | 26,678 | |
| Edwards Lifesciences Corp. (a) | 474 | 90,690 | |
| Intuitive Surgical, Inc. (a) | 163 | 93,005 | |
| Penumbra, Inc. (a) | 53 | 7,792 | |
| ResMed, Inc. | 234 | 24,329 | |
| Sonova Holding AG Class B | 38 | 7,518 | |
| Stryker Corp. | 21 | 4,148 | |
| 606,146 | |||
| Health Care Providers & Services - 3.5% | |||
| Anthem, Inc. | 226 | 64,857 | |
| HealthEquity, Inc. (a) | 336 | 24,857 | |
| Humana, Inc. | 136 | 36,176 | |
| Molina Healthcare, Inc. (a) | 56 | 7,950 | |
| National Vision Holdings, Inc. (a) | 469 | 14,741 | |
| Notre Dame Intermedica Participacoes SA | 200 | 1,675 | |
| UnitedHealth Group, Inc. | 1,845 | 456,195 | |
| 606,451 | |||
| Health Care Technology - 0.4% | |||
| Veeva Systems, Inc. Class A (a) | 469 | 59,497 | |
| Life Sciences Tools & Services - 1.4% | |||
| Agilent Technologies, Inc. | 60 | 4,823 | |
| IQVIA Holdings, Inc. (a) | 227 | 32,654 | |
| Mettler-Toledo International, Inc. (a) | 169 | 122,187 | |
| PRA Health Sciences, Inc. (a) | 185 | 20,404 | |
| Thermo Fisher Scientific, Inc. | 190 | 52,007 | |
| 232,075 | |||
| Pharmaceuticals - 1.7% | |||
| AstraZeneca PLC: | |||
| (United Kingdom) | 100 | 7,982 | |
| sponsored ADR | 1,616 | 65,335 | |
| Eli Lilly & Co. | 615 | 79,802 | |
| Idorsia Ltd. (a) | 630 | 11,085 | |
| Ipsen SA | 39 | 5,346 | |
| Merck & Co., Inc. | 299 | 24,868 | |
| Novartis AG sponsored ADR | 365 | 35,091 | |
| Roche Holding AG (participation certificate) | 71 | 19,564 | |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | 468 | 7,338 | |
| Zoetis, Inc. Class A | 373 | 37,550 | |
| 293,961 | |||
| TOTAL HEALTH CARE | 2,240,456 | ||
| INDUSTRIALS - 3.8% | |||
| Aerospace & Defense - 0.8% | |||
| Harris Corp. | 24 | 3,833 | |
| The Boeing Co. | 311 | 118,622 | |
| TransDigm Group, Inc. (a) | 29 | 13,166 | |
| 135,621 | |||
| Air Freight & Logistics - 0.1% | |||
| C.H. Robinson Worldwide, Inc. | 143 | 12,440 | |
| Building Products - 0.1% | |||
| Toto Ltd. | 503 | 21,388 | |
| Commercial Services & Supplies - 0.2% | |||
| Cintas Corp. | 179 | 36,178 | |
| Waste Management, Inc. | 42 | 4,364 | |
| 40,542 | |||
| Electrical Equipment - 0.8% | |||
| AMETEK, Inc. | 179 | 14,852 | |
| Fortive Corp. | 1,455 | 122,060 | |
| 136,912 | |||
| Industrial Conglomerates - 0.3% | |||
| General Electric Co. | 5,838 | 58,322 | |
| Machinery - 0.3% | |||
| Deere & Co. | 336 | 53,706 | |
| Rexnord Corp. (a) | 158 | 3,972 | |
| 57,678 | |||
| Professional Services - 0.1% | |||
| CoStar Group, Inc. (a) | 8 | 3,731 | |
| FTI Consulting, Inc. (a) | 216 | 16,593 | |
| 20,324 | |||
| Road & Rail - 0.9% | |||
| CSX Corp. | 934 | 69,882 | |
| Lyft, Inc. | 485 | 34,174 | |
| Union Pacific Corp. | 244 | 40,797 | |
| 144,853 | |||
| Trading Companies & Distributors - 0.2% | |||
| W.W. Grainger, Inc. | 100 | 30,093 | |
| TOTAL INDUSTRIALS | 658,173 | ||
| INFORMATION TECHNOLOGY - 28.7% | |||
| Communications Equipment - 0.4% | |||
| Arista Networks, Inc. (a) | 115 | 36,163 | |
| Motorola Solutions, Inc. | 88 | 12,357 | |
| Telefonaktiebolaget LM Ericsson (B Shares) | 1,200 | 11,025 | |
| 59,545 | |||
| Electronic Equipment & Components - 2.1% | |||
| Amphenol Corp. Class A | 3,325 | 314,013 | |
| Corning, Inc. | 300 | 9,930 | |
| Keysight Technologies, Inc. (a) | 89 | 7,761 | |
| Zebra Technologies Corp. Class A (a) | 156 | 32,687 | |
| 364,391 | |||
| IT Services - 8.6% | |||
| Accenture PLC Class A | 115 | 20,242 | |
| Adyen BV (e) | 23 | 18,009 | |
| EPAM Systems, Inc. (a) | 83 | 14,038 | |
| Global Payments, Inc. | 310 | 42,321 | |
| Infosys Ltd. sponsored ADR | 1,200 | 13,116 | |
| MasterCard, Inc. Class A | 1,743 | 410,389 | |
| MongoDB, Inc. Class A (a) | 252 | 37,049 | |
| Netcompany Group A/S (e) | 200 | 7,161 | |
| Okta, Inc. (a) | 448 | 37,063 | |
| PayPal Holdings, Inc. (a) | 4,028 | 418,268 | |
| Shopify, Inc. Class A (a) | 208 | 42,937 | |
| Square, Inc. (a) | 258 | 19,329 | |
| Twilio, Inc. Class A (a) | 45 | 5,813 | |
| Visa, Inc. Class A | 2,421 | 378,136 | |
| Wix.com Ltd. (a) | 40 | 4,833 | |
| 1,468,704 | |||
| Semiconductors & Semiconductor Equipment - 1.2% | |||
| Advanced Micro Devices, Inc. (a) | 1,023 | 26,107 | |
| Analog Devices, Inc. | 47 | 4,948 | |
| Marvell Technology Group Ltd. | 200 | 3,978 | |
| Microchip Technology, Inc. | 56 | 4,646 | |
| NVIDIA Corp. | 601 | 107,916 | |
| Texas Instruments, Inc. | 114 | 12,092 | |
| Xilinx, Inc. | 348 | 44,123 | |
| 203,810 | |||
| Software - 16.2% | |||
| Adobe, Inc. (a) | 1,869 | 498,070 | |
| Atlassian Corp. PLC (a) | 554 | 62,264 | |
| Coupa Software, Inc. (a) | 179 | 16,285 | |
| DocuSign, Inc. | 87 | 4,510 | |
| Dropbox, Inc. Class A (a) | 868 | 18,922 | |
| Intuit, Inc. | 410 | 107,178 | |
| Microsoft Corp. | 6,210 | 732,407 | |
| New Relic, Inc. (a) | 172 | 16,976 | |
| Paycom Software, Inc. (a) | 270 | 51,065 | |
| Pivotal Software, Inc. | 100 | 2,085 | |
| RingCentral, Inc. (a) | 420 | 45,276 | |
| Salesforce.com, Inc. (a) | 5,368 | 850,130 | |
| ServiceNow, Inc. (a) | 27 | 6,655 | |
| SS&C Technologies Holdings, Inc. | 244 | 15,540 | |
| SurveyMonkey | 100 | 1,821 | |
| Tableau Software, Inc. (a) | 271 | 34,493 | |
| Tanium, Inc. Class B (a)(c)(d) | 100 | 869 | |
| Ultimate Software Group, Inc. (a) | 340 | 112,244 | |
| Workday, Inc. Class A (a) | 1,072 | 206,735 | |
| 2,783,525 | |||
| Technology Hardware, Storage & Peripherals - 0.2% | |||
| Apple, Inc. | 159 | 30,202 | |
| Xerox Corp. | 200 | 6,396 | |
| 36,598 | |||
| TOTAL INFORMATION TECHNOLOGY | 4,916,573 | ||
| MATERIALS - 1.6% | |||
| Chemicals - 0.6% | |||
| DowDuPont, Inc. | 646 | 34,438 | |
| Sherwin-Williams Co. | 108 | 46,517 | |
| Westlake Chemical Corp. | 330 | 22,394 | |
| 103,349 | |||
| Metals & Mining - 1.0% | |||
| B2Gold Corp. (a) | 4,102 | 11,480 | |
| Barrick Gold Corp. (Canada) | 3,031 | 41,552 | |
| Franco-Nevada Corp. | 606 | 45,434 | |
| Ivanhoe Mines Ltd. (a) | 13,229 | 31,678 | |
| Kirkland Lake Gold Ltd. | 841 | 25,576 | |
| Livent Corp. | 100 | 1,228 | |
| Newcrest Mining Ltd. | 300 | 5,434 | |
| Novagold Resources, Inc. (a) | 2,336 | 9,737 | |
| 172,119 | |||
| TOTAL MATERIALS | 275,468 | ||
| REAL ESTATE - 0.4% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.4% | |||
| American Tower Corp. | 251 | 49,462 | |
| Apartment Investment & Management Co. Class A | 31 | 1,559 | |
| AvalonBay Communities, Inc. | 40 | 8,029 | |
| Equity Residential (SBI) | 171 | 12,880 | |
| Essex Property Trust, Inc. | 18 | 5,206 | |
| 77,136 | |||
| UTILITIES - 0.4% | |||
| Electric Utilities - 0.3% | |||
| NextEra Energy, Inc. | 176 | 34,024 | |
| Vistra Energy Corp. | 500 | 13,015 | |
| 47,039 | |||
| Independent Power and Renewable Electricity Producers - 0.1% | |||
| NRG Energy, Inc. | 285 | 12,107 | |
| The AES Corp. | 300 | 5,424 | |
| 17,531 | |||
| TOTAL UTILITIES | 64,570 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $13,039,896) | 16,614,866 | ||
| Preferred Stocks - 0.1% | |||
| Convertible Preferred Stocks - 0.0% | |||
| CONSUMER STAPLES - 0.0% | |||
| Food & Staples Retailing - 0.0% | |||
| Roofoods Ltd. Series F (a)(c)(d) | 8 | 4,387 | |
| HEALTH CARE - 0.0% | |||
| Biotechnology - 0.0% | |||
| 23andMe, Inc. Series F (a)(c)(d) | 144 | 1,918 | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | 6,305 | ||
| Nonconvertible Preferred Stocks - 0.1% | |||
| FINANCIALS - 0.1% | |||
| Banks - 0.1% | |||
| Itau Unibanco Holding SA sponsored ADR | 950 | 8,370 | |
| INDUSTRIALS - 0.0% | |||
| Aerospace & Defense - 0.0% | |||
| Rolls-Royce Holdings PLC (C Shares) (a) | 9,200 | 12 | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | 8,382 | ||
| TOTAL PREFERRED STOCKS | |||
| (Cost $14,437) | 14,687 | ||
| Money Market Funds - 3.0% | |||
| Fidelity Cash Central Fund, 2.48% (f) | 502,742 | 502,843 | |
| Fidelity Securities Lending Cash Central Fund 2.48% (f)(g) | 4,800 | 4,800 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $507,643) | 507,643 | ||
| TOTAL INVESTMENT IN SECURITIES - 99.9% | |||
| (Cost $13,561,976) | 17,137,196 | ||
| NET OTHER ASSETS (LIABILITIES) - 0.1% | 22,513 | ||
| NET ASSETS - 100% | $17,159,709 |
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 $7,640 or 0.0% 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 $25,170 or 0.1% 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 |
| 23andMe, Inc. | 12/7/18 | $588 |
| 23andMe, Inc. Series F | 8/31/17 | $1,999 |
| Roofoods Ltd. Series F | 9/12/17 | $2,829 |
| Tanium, Inc. Class B | 4/21/17 | $496 |
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 | $2,660 |
| Fidelity Securities Lending Cash Central Fund | 806 |
| Total | $3,466 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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. 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.
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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