Quarterly Holdings Report
for
Fidelity® Series Small Cap Opportunities Fund
April 30, 2020
Schedule of Investments April 30, 2020 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.6% | |||
| Shares | Value | ||
| COMMUNICATION SERVICES - 1.7% | |||
| Diversified Telecommunication Services - 0.9% | |||
| Cogent Communications Group, Inc. | 260,700 | $21,854,481 | |
| Iridium Communications, Inc. (a) | 697,500 | 15,697,238 | |
| 37,551,719 | |||
| Media - 0.8% | |||
| 4Imprint Group PLC | 268,939 | 6,361,324 | |
| Nexstar Broadcasting Group, Inc. Class A | 80,700 | 5,652,228 | |
| Tegna, Inc. | 1,453,380 | 15,580,234 | |
| The New York Times Co. Class A | 277,600 | 9,027,552 | |
| 36,621,338 | |||
| TOTAL COMMUNICATION SERVICES | 74,173,057 | ||
| CONSUMER DISCRETIONARY - 9.1% | |||
| Auto Components - 1.1% | |||
| Fox Factory Holding Corp. (a) | 292,800 | 14,935,728 | |
| Standard Motor Products, Inc. | 438,934 | 17,860,224 | |
| Stoneridge, Inc. (a) | 730,400 | 14,629,912 | |
| 47,425,864 | |||
| Diversified Consumer Services - 0.2% | |||
| Laureate Education, Inc. Class A (a) | 1,034,900 | 9,800,503 | |
| Hotels, Restaurants & Leisure - 0.4% | |||
| Planet Fitness, Inc. (a) | 137,700 | 8,307,441 | |
| Wendy's Co. (b) | 489,500 | 9,721,470 | |
| 18,028,911 | |||
| Household Durables - 2.0% | |||
| Helen of Troy Ltd. (a) | 168,579 | 27,694,158 | |
| M.D.C. Holdings, Inc. | 483,200 | 14,133,600 | |
| Skyline Champion Corp. (a) | 742,900 | 14,642,559 | |
| Taylor Morrison Home Corp. (a) | 945,700 | 13,759,935 | |
| TopBuild Corp. (a) | 213,989 | 19,941,635 | |
| 90,171,887 | |||
| Leisure Products - 1.4% | |||
| Acushnet Holdings Corp. (b) | 719,000 | 19,700,600 | |
| Brunswick Corp. | 198,600 | 9,477,192 | |
| Clarus Corp. | 1,192,402 | 12,734,853 | |
| Johnson Outdoors, Inc. Class A | 204,093 | 13,951,797 | |
| YETI Holdings, Inc. (a)(b) | 239,800 | 6,620,878 | |
| 62,485,320 | |||
| Specialty Retail - 1.7% | |||
| Lithia Motors, Inc. Class A (sub. vtg.) | 140,900 | 15,577,904 | |
| Monro, Inc. (b) | 326,381 | 18,110,882 | |
| Murphy U.S.A., Inc. (a) | 225,400 | 24,072,720 | |
| Williams-Sonoma, Inc. | 277,200 | 17,142,048 | |
| 74,903,554 | |||
| Textiles, Apparel & Luxury Goods - 2.3% | |||
| Carter's, Inc. | 179,100 | 14,005,620 | |
| Columbia Sportswear Co. (b) | 157,200 | 11,458,308 | |
| Crocs, Inc. (a) | 602,800 | 14,617,900 | |
| Deckers Outdoor Corp. (a) | 187,300 | 27,862,748 | |
| Oxford Industries, Inc. (b) | 290,400 | 12,173,568 | |
| Steven Madden Ltd. | 900,447 | 22,574,206 | |
| 102,692,350 | |||
| TOTAL CONSUMER DISCRETIONARY | 405,508,389 | ||
| CONSUMER STAPLES - 2.9% | |||
| Food & Staples Retailing - 0.9% | |||
| BJ's Wholesale Club Holdings, Inc. (a) | 777,100 | 20,445,501 | |
| Casey's General Stores, Inc. | 78,200 | 11,840,262 | |
| Grocery Outlet Holding Corp. | 182,900 | 6,085,083 | |
| 38,370,846 | |||
| Food Products - 1.3% | |||
| Freshpet, Inc. (a) | 192,400 | 14,508,884 | |
| Nomad Foods Ltd. (a) | 676,000 | 13,932,360 | |
| Post Holdings, Inc. (a) | 138,000 | 12,675,300 | |
| The Simply Good Foods Co. (a) | 802,100 | 15,119,585 | |
| 56,236,129 | |||
| Household Products - 0.4% | |||
| Central Garden & Pet Co. (a) | 303,900 | 10,010,466 | |
| Reynolds Consumer Products, Inc. | 295,500 | 9,583,065 | |
| 19,593,531 | |||
| Personal Products - 0.3% | |||
| BellRing Brands, Inc. Class A (a) | 833,400 | 14,609,502 | |
| Inter Parfums, Inc. | 28,102 | 1,255,878 | |
| 15,865,380 | |||
| TOTAL CONSUMER STAPLES | 130,065,886 | ||
| ENERGY - 1.7% | |||
| Energy Equipment & Services - 0.1% | |||
| Liberty Oilfield Services, Inc. Class A (b) | 1,546,623 | 7,300,061 | |
| Oil, Gas & Consumable Fuels - 1.6% | |||
| Delek U.S. Holdings, Inc. (b) | 952,400 | 22,238,540 | |
| Diamondback Energy, Inc. | 226,993 | 9,883,275 | |
| EQT Corp. | 436,300 | 6,365,617 | |
| Northern Oil & Gas, Inc. (a)(b) | 10,027,715 | 8,395,203 | |
| PDC Energy, Inc. (a) | 926,977 | 12,041,431 | |
| WPX Energy, Inc. (a) | 1,817,510 | 11,141,336 | |
| 70,065,402 | |||
| TOTAL ENERGY | 77,365,463 | ||
| FINANCIALS - 15.6% | |||
| Banks - 7.4% | |||
| BancFirst Corp. | 300,684 | 11,579,341 | |
| Camden National Corp. | 376,724 | 12,337,711 | |
| City Holding Co. | 365,680 | 24,716,311 | |
| Community Bank System, Inc. | 359,300 | 22,452,657 | |
| ConnectOne Bancorp, Inc. | 966,506 | 14,439,600 | |
| First Bancorp, Puerto Rico | 4,097,885 | 23,890,670 | |
| First Citizens Bancshares, Inc. | 63,700 | 24,333,400 | |
| First Interstate Bancsystem, Inc. | 194,754 | 6,582,685 | |
| First Merchants Corp. | 878,570 | 24,872,317 | |
| Glacier Bancorp, Inc. | 753,700 | 28,700,896 | |
| Heartland Financial U.S.A., Inc. | 688,815 | 23,399,046 | |
| Independent Bank Corp., Massachusetts | 378,000 | 27,552,420 | |
| Popular, Inc. | 467,900 | 18,056,261 | |
| Preferred Bank, Los Angeles | 308,380 | 11,764,697 | |
| Trico Bancshares | 831,777 | 25,053,123 | |
| United Community Bank, Inc. | 1,271,200 | 26,879,524 | |
| WesBanco, Inc. | 149,778 | 3,696,521 | |
| 330,307,180 | |||
| Capital Markets - 3.8% | |||
| AllianceBernstein Holding LP | 1,176,400 | 27,551,288 | |
| Hamilton Lane, Inc. Class A | 420,498 | 27,269,295 | |
| Houlihan Lokey | 509,178 | 30,234,990 | |
| Lazard Ltd. Class A | 412,900 | 11,354,750 | |
| Moelis & Co. Class A (b) | 636,900 | 19,024,203 | |
| Morningstar, Inc. | 164,838 | 25,708,134 | |
| PJT Partners, Inc. | 561,213 | 27,297,400 | |
| 168,440,060 | |||
| Consumer Finance - 0.6% | |||
| First Cash Financial Services, Inc. | 395,300 | 28,398,352 | |
| Diversified Financial Services - 0.7% | |||
| Cannae Holdings, Inc. (a) | 947,100 | 29,881,005 | |
| Insurance - 2.7% | |||
| Amerisafe, Inc. | 367,200 | 23,379,624 | |
| Employers Holdings, Inc. | 668,006 | 20,287,342 | |
| First American Financial Corp. | 574,200 | 26,482,104 | |
| Old Republic International Corp. | 946,900 | 15,103,055 | |
| Primerica, Inc. | 145,700 | 15,139,687 | |
| White Mountains Insurance Group Ltd. | 18,192 | 17,700,816 | |
| 118,092,628 | |||
| Thrifts & Mortgage Finance - 0.4% | |||
| Essent Group Ltd. | 669,400 | 18,288,008 | |
| TOTAL FINANCIALS | 693,407,233 | ||
| HEALTH CARE - 21.2% | |||
| Biotechnology - 11.0% | |||
| ACADIA Pharmaceuticals, Inc. (a) | 235,502 | 11,377,102 | |
| Acceleron Pharma, Inc. (a) | 278,900 | 25,248,817 | |
| Agios Pharmaceuticals, Inc. (a) | 328,549 | 13,516,506 | |
| Amicus Therapeutics, Inc. (a) | 1,650,800 | 19,495,948 | |
| Aprea Therapeutics, Inc. | 384,700 | 12,229,613 | |
| Arcutis Biotherapeutics, Inc. (a)(b) | 614,573 | 18,265,110 | |
| Argenx SE ADR (a) | 171,600 | 25,137,684 | |
| Ascendis Pharma A/S sponsored ADR (a) | 207,748 | 28,197,636 | |
| ChemoCentryx, Inc. (a) | 319,700 | 16,947,297 | |
| Crinetics Pharmaceuticals, Inc. (a) | 602,028 | 10,041,827 | |
| FibroGen, Inc. (a) | 647,300 | 23,878,897 | |
| G1 Therapeutics, Inc. (a) | 567,400 | 7,449,962 | |
| Immunomedics, Inc. (a) | 1,202,700 | 36,538,026 | |
| Insmed, Inc. (a) | 976,200 | 22,452,600 | |
| Intercept Pharmaceuticals, Inc. (a) | 223,698 | 18,325,340 | |
| Ionis Pharmaceuticals, Inc. (a) | 152,372 | 8,461,217 | |
| Kura Oncology, Inc. (a) | 758,530 | 11,036,612 | |
| Mirati Therapeutics, Inc. (a) | 183,600 | 15,613,344 | |
| Morphic Holding, Inc. | 479,962 | 6,532,283 | |
| Neurocrine Biosciences, Inc. (a) | 194,400 | 19,078,416 | |
| Passage Bio, Inc. | 271,740 | 4,497,297 | |
| Principia Biopharma, Inc. (a) | 414,300 | 25,761,174 | |
| Protagonist Therapeutics, Inc. (a) | 1,324,329 | 8,939,221 | |
| Revolution Medicines, Inc. | 453,332 | 14,175,692 | |
| Sage Therapeutics, Inc. (a) | 114,675 | 4,470,032 | |
| Sarepta Therapeutics, Inc. (a) | 146,600 | 17,281,208 | |
| TG Therapeutics, Inc. (a)(b) | 1,279,000 | 15,041,040 | |
| Turning Point Therapeutics, Inc. | 200,200 | 10,312,302 | |
| Viela Bio, Inc. | 537,982 | 21,858,209 | |
| Xenon Pharmaceuticals, Inc. (a) | 1,038,759 | 13,462,317 | |
| Zymeworks, Inc. (a) | 144,400 | 5,274,932 | |
| 490,897,661 | |||
| Health Care Equipment & Supplies - 3.4% | |||
| Haemonetics Corp. (a) | 274,800 | 31,266,744 | |
| Hill-Rom Holdings, Inc. | 246,400 | 27,717,536 | |
| Masimo Corp. (a) | 219,400 | 46,931,854 | |
| Nevro Corp. (a) | 177,600 | 20,892,864 | |
| STERIS PLC | 156,900 | 22,358,250 | |
| 149,167,248 | |||
| Health Care Providers & Services - 2.5% | |||
| Chemed Corp. | 59,700 | 24,869,229 | |
| LHC Group, Inc. (a) | 323,400 | 42,038,766 | |
| Molina Healthcare, Inc. (a) | 274,100 | 44,944,177 | |
| 111,852,172 | |||
| Health Care Technology - 1.3% | |||
| HMS Holdings Corp. (a) | 608,265 | 17,441,999 | |
| Inspire Medical Systems, Inc. (a) | 295,443 | 21,171,445 | |
| Teladoc Health, Inc. (a)(b) | 109,400 | 18,006,146 | |
| 56,619,590 | |||
| Life Sciences Tools & Services - 1.7% | |||
| Bio-Rad Laboratories, Inc. Class A (a) | 79,400 | 34,943,940 | |
| Bruker Corp. | 596,600 | 23,458,312 | |
| ICON PLC (a) | 93,500 | 15,003,945 | |
| 73,406,197 | |||
| Pharmaceuticals - 1.3% | |||
| Arvinas Holding Co. LLC (a) | 254,300 | 13,350,750 | |
| IMARA, Inc. | 179,039 | 3,294,318 | |
| MyoKardia, Inc. (a) | 366,115 | 22,999,344 | |
| Theravance Biopharma, Inc. (a) | 683,172 | 19,921,296 | |
| 59,565,708 | |||
| TOTAL HEALTH CARE | 941,508,576 | ||
| INDUSTRIALS - 15.0% | |||
| Aerospace & Defense - 1.2% | |||
| Moog, Inc. Class A | 500,798 | 24,779,485 | |
| Teledyne Technologies, Inc. (a) | 81,012 | 26,383,178 | |
| 51,162,663 | |||
| Air Freight & Logistics - 0.6% | |||
| Air Transport Services Group, Inc. (a) | 1,304,769 | 26,408,525 | |
| Building Products - 1.9% | |||
| Allegion PLC (b) | 190,941 | 19,197,208 | |
| Armstrong World Industries, Inc. | 304,463 | 23,468,008 | |
| Simpson Manufacturing Co. Ltd. (b) | 550,485 | 39,689,969 | |
| 82,355,185 | |||
| Commercial Services & Supplies - 0.7% | |||
| Tetra Tech, Inc. | 432,416 | 32,552,276 | |
| Construction & Engineering - 2.9% | |||
| Comfort Systems U.S.A., Inc. (b) | 723,330 | 24,086,889 | |
| Construction Partners, Inc. Class A (a)(b) | 914,102 | 16,755,490 | |
| EMCOR Group, Inc. | 536,098 | 34,058,306 | |
| Fluor Corp. | 900,200 | 10,532,340 | |
| Jacobs Engineering Group, Inc. | 253,273 | 20,958,341 | |
| Valmont Industries, Inc. | 197,741 | 23,183,155 | |
| 129,574,521 | |||
| Electrical Equipment - 1.6% | |||
| Atkore International Group, Inc. (a) | 1,146,759 | 27,912,114 | |
| Generac Holdings, Inc. (a) | 437,073 | 42,588,393 | |
| 70,500,507 | |||
| Machinery - 3.3% | |||
| Allison Transmission Holdings, Inc. | 511,861 | 18,601,029 | |
| ESCO Technologies, Inc. | 436,078 | 33,272,751 | |
| Federal Signal Corp. (b) | 772,421 | 20,801,298 | |
| ITT, Inc. | 576,385 | 30,387,017 | |
| Oshkosh Corp. | 245,900 | 16,605,627 | |
| SPX Flow, Inc. (a) | 877,407 | 28,577,146 | |
| 148,244,868 | |||
| Professional Services - 0.9% | |||
| CBIZ, Inc. (a) | 1,675,325 | 39,788,969 | |
| Clarivate Analytics PLC (a) | 42,300 | 972,054 | |
| 40,761,023 | |||
| Road & Rail - 0.4% | |||
| Landstar System, Inc. | 169,629 | 17,524,372 | |
| Trading Companies & Distributors - 1.5% | |||
| Kaman Corp. | 683,943 | 26,509,631 | |
| MRC Global, Inc. (a) | 1,761,920 | 9,443,891 | |
| Rush Enterprises, Inc. Class A | 342,276 | 12,835,350 | |
| Univar, Inc. (a) | 1,236,654 | 17,956,216 | |
| 66,745,088 | |||
| TOTAL INDUSTRIALS | 665,829,028 | ||
| INFORMATION TECHNOLOGY - 16.2% | |||
| Electronic Equipment & Components - 2.8% | |||
| ePlus, Inc. (a) | 336,122 | 23,780,632 | |
| Fabrinet (a) | 464,474 | 29,145,744 | |
| II-VI, Inc. (a)(b) | 725,400 | 24,968,268 | |
| Insight Enterprises, Inc. (a) | 493,700 | 26,802,973 | |
| TTM Technologies, Inc. (a) | 1,735,185 | 20,110,794 | |
| 124,808,411 | |||
| IT Services - 5.6% | |||
| Amdocs Ltd. | 215,900 | 13,912,596 | |
| CACI International, Inc. Class A (a) | 112,571 | 28,158,510 | |
| Endava PLC ADR (a) | 524,006 | 22,935,743 | |
| EPAM Systems, Inc. (a) | 87,548 | 19,338,478 | |
| ExlService Holdings, Inc. (a) | 430,884 | 26,598,469 | |
| ManTech International Corp. Class A | 375,944 | 28,030,385 | |
| Maximus, Inc. | 339,101 | 22,828,279 | |
| Perspecta, Inc. | 1,421,300 | 30,657,441 | |
| Science Applications International Corp. (b) | 495,899 | 40,495,112 | |
| WNS Holdings Ltd. sponsored ADR (a) | 378,103 | 18,470,332 | |
| 251,425,345 | |||
| Semiconductors & Semiconductor Equipment - 4.7% | |||
| Advanced Energy Industries, Inc. (a) | 486,699 | 27,060,464 | |
| Ambarella, Inc. (a) | 341,500 | 17,956,070 | |
| Cabot Microelectronics Corp. | 259,700 | 31,823,638 | |
| Diodes, Inc. (a) | 457,600 | 23,287,264 | |
| Entegris, Inc. | 521,713 | 28,292,496 | |
| MKS Instruments, Inc. | 218,500 | 21,900,255 | |
| Semtech Corp. (a) | 673,200 | 30,455,568 | |
| Synaptics, Inc. (a) | 405,500 | 26,515,645 | |
| 207,291,400 | |||
| Software - 3.1% | |||
| Altair Engineering, Inc. Class A (a)(b) | 567,100 | 18,708,629 | |
| Everbridge, Inc. (a)(b) | 282,900 | 31,509,402 | |
| Five9, Inc. (a) | 559,900 | 51,885,928 | |
| Pegasystems, Inc. | 198,700 | 16,615,294 | |
| Workiva, Inc. (a) | 514,700 | 19,738,745 | |
| 138,457,998 | |||
| TOTAL INFORMATION TECHNOLOGY | 721,983,154 | ||
| MATERIALS - 3.5% | |||
| Chemicals - 1.4% | |||
| Chase Corp. | 193,994 | 18,285,874 | |
| Innospec, Inc. | 349,400 | 25,338,488 | |
| Olin Corp. | 701,300 | 9,362,355 | |
| Tronox Holdings PLC | 1,216,000 | 8,293,120 | |
| 61,279,837 | |||
| Construction Materials - 0.3% | |||
| Eagle Materials, Inc. | 228,900 | 13,965,189 | |
| Containers & Packaging - 0.4% | |||
| O-I Glass, Inc. | 1,123,100 | 9,254,344 | |
| Sonoco Products Co. | 223,100 | 10,896,204 | |
| 20,150,548 | |||
| Metals & Mining - 0.9% | |||
| B2Gold Corp. | 4,774,200 | 24,146,247 | |
| Steel Dynamics, Inc. | 632,618 | 15,353,639 | |
| 39,499,886 | |||
| Paper & Forest Products - 0.5% | |||
| Louisiana-Pacific Corp. (b) | 1,042,900 | 20,858,000 | |
| TOTAL MATERIALS | 155,753,460 | ||
| REAL ESTATE - 7.1% | |||
| Equity Real Estate Investment Trusts (REITs) - 6.5% | |||
| Americold Realty Trust | 901,900 | 27,589,121 | |
| CoreSite Realty Corp. | 237,400 | 28,770,506 | |
| CubeSmart | 1,263,200 | 31,832,640 | |
| Equity Commonwealth | 564,400 | 19,161,380 | |
| Equity Lifestyle Properties, Inc. | 302,558 | 18,247,273 | |
| Lexington Corporate Properties Trust | 4,036,300 | 42,179,335 | |
| PS Business Parks, Inc. | 289,700 | 37,397,373 | |
| Rexford Industrial Realty, Inc. | 1,097,300 | 44,682,056 | |
| Terreno Realty Corp. | 766,800 | 42,035,976 | |
| 291,895,660 | |||
| Real Estate Management & Development - 0.6% | |||
| Cushman & Wakefield PLC (a) | 2,106,000 | 25,630,020 | |
| TOTAL REAL ESTATE | 317,525,680 | ||
| UTILITIES - 3.6% | |||
| Electric Utilities - 1.6% | |||
| Allete, Inc. | 353,800 | 20,364,728 | |
| Hawaiian Electric Industries, Inc. (b) | 254,700 | 10,053,009 | |
| IDACORP, Inc. | 167,800 | 15,400,684 | |
| PNM Resources, Inc. (b) | 604,862 | 24,490,862 | |
| 70,309,283 | |||
| Gas Utilities - 1.3% | |||
| New Jersey Resources Corp. | 363,000 | 12,262,140 | |
| Southwest Gas Holdings, Inc. (b) | 278,537 | 21,113,105 | |
| Spire, Inc. | 321,608 | 23,464,520 | |
| 56,839,765 | |||
| Independent Power and Renewable Electricity Producers - 0.3% | |||
| Vistra Energy Corp. | 714,751 | 13,966,235 | |
| Multi-Utilities - 0.4% | |||
| Algonquin Power & Utilities Corp. | 1,386,400 | 19,201,640 | |
| TOTAL UTILITIES | 160,316,923 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $3,991,223,160) | 4,343,436,849 | ||
| Money Market Funds - 6.3% | |||
| Fidelity Cash Central Fund 0.16% (c) | 119,092,927 | 119,128,655 | |
| Fidelity Securities Lending Cash Central Fund 0.11% (c)(d) | 162,268,275 | 162,284,502 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $281,401,453) | 281,413,157 | ||
| TOTAL INVESTMENT IN SECURITIES - 103.9% | |||
| (Cost $4,272,624,613) | 4,624,850,006 | ||
| NET OTHER ASSETS (LIABILITIES) - (3.9)%(e) | (171,966,368) | ||
| NET ASSETS - 100% | $4,452,883,638 |
| Futures Contracts | |||||
| Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
| Purchased | |||||
| Equity Index Contracts | |||||
| CME E-mini Russell 2000 Index Contracts (United States) | 483 | June 2020 | $31,556,805 | $3,388,417 | $3,388,417 |
The notional amount of futures purchased as a percentage of Net Assets is 0.7%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
(e) Includes $3,429,300 of cash collateral to cover margin requirements for futures contracts.
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 | $1,391,296 |
| Fidelity Securities Lending Cash Central Fund | 355,076 |
| Total | $1,746,372 |
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. 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.
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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