Quarterly Holdings Report
for
Fidelity® Large Cap Core Enhanced Index Fund
May 31, 2021
CEI-QTLY-0721
1.850082.114
Schedule of Investments May 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.2% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 9.9% | |||
Diversified Telecommunication Services - 0.9% | |||
AT&T, Inc. | 46,759 | $1,376,117 | |
Verizon Communications, Inc. | 204,940 | 11,577,061 | |
12,953,178 | |||
Entertainment - 2.0% | |||
Activision Blizzard, Inc. | 30,548 | 2,970,793 | |
Electronic Arts, Inc. | 45,370 | 6,484,734 | |
Netflix, Inc. (a) | 24,472 | 12,304,766 | |
The Walt Disney Co. (a) | 31,352 | 5,601,035 | |
27,361,328 | |||
Interactive Media & Services - 6.3% | |||
Alphabet, Inc.: | |||
Class A (a) | 11,061 | 26,069,118 | |
Class C (a) | 11,118 | 26,811,724 | |
Facebook, Inc. Class A (a) | 98,912 | 32,515,342 | |
85,396,184 | |||
Media - 0.7% | |||
Comcast Corp. Class A | 157,276 | 9,018,206 | |
Omnicom Group, Inc. | 4,766 | 391,956 | |
9,410,162 | |||
TOTAL COMMUNICATION SERVICES | 135,120,852 | ||
CONSUMER DISCRETIONARY - 13.8% | |||
Automobiles - 1.4% | |||
Ford Motor Co. (a) | 214,129 | 3,111,294 | |
Tesla, Inc. (a) | 24,559 | 15,354,778 | |
18,466,072 | |||
Hotels, Restaurants & Leisure - 3.4% | |||
Carnival Corp. (a) | 196,315 | 5,803,071 | |
Hilton Worldwide Holdings, Inc. (a) | 48,562 | 6,083,362 | |
International Game Technology PLC (a) | 17,452 | 423,386 | |
McDonald's Corp. | 42,047 | 9,834,373 | |
Royal Caribbean Cruises Ltd. (a) | 64,769 | 6,041,005 | |
Scientific Games Corp. Class A (a) | 104,935 | 7,611,985 | |
Starbucks Corp. | 26,177 | 2,981,037 | |
Travel+Leisure Co. | 97,403 | 6,345,805 | |
Wendy's Co. (b) | 41,091 | 954,133 | |
Wingstop, Inc. | 722 | 103,015 | |
46,181,172 | |||
Household Durables - 1.4% | |||
D.R. Horton, Inc. | 37,770 | 3,599,103 | |
Lennar Corp. Class A | 10,155 | 1,005,447 | |
Meritage Homes Corp. (a) | 42,621 | 4,589,003 | |
NVR, Inc. (a) | 686 | 3,352,640 | |
PulteGroup, Inc. | 120,317 | 6,953,119 | |
19,499,312 | |||
Internet & Direct Marketing Retail - 4.0% | |||
Amazon.com, Inc. (a) | 16,059 | 51,759,281 | |
eBay, Inc. | 47,953 | 2,919,379 | |
54,678,660 | |||
Leisure Products - 0.2% | |||
Polaris, Inc. | 17,835 | 2,340,309 | |
Multiline Retail - 0.8% | |||
Dollar General Corp. | 2,103 | 426,825 | |
Dollar Tree, Inc. (a) | 6,678 | 651,105 | |
Target Corp. | 42,682 | 9,685,399 | |
10,763,329 | |||
Specialty Retail - 2.1% | |||
AutoNation, Inc. (a) | 22,800 | 2,328,564 | |
L Brands, Inc. | 7,527 | 525,911 | |
Lowe's Companies, Inc. | 60,735 | 11,833,000 | |
O'Reilly Automotive, Inc. (a) | 3,864 | 2,067,704 | |
The Home Depot, Inc. | 37,407 | 11,929,466 | |
28,684,645 | |||
Textiles, Apparel & Luxury Goods - 0.5% | |||
Carter's, Inc. (b) | 7,455 | 762,199 | |
NIKE, Inc. Class B | 42,934 | 5,858,774 | |
6,620,973 | |||
TOTAL CONSUMER DISCRETIONARY | 187,234,472 | ||
CONSUMER STAPLES - 5.6% | |||
Beverages - 1.4% | |||
Coca-Cola Bottling Co. Consolidated | 2,070 | 838,184 | |
PepsiCo, Inc. | 29,258 | 4,328,429 | |
The Coca-Cola Co. | 247,888 | 13,705,728 | |
18,872,341 | |||
Food & Staples Retailing - 1.2% | |||
Costco Wholesale Corp. | 11,666 | 4,412,898 | |
Kroger Co. | 4,730 | 174,915 | |
Sprouts Farmers Market LLC (a)(b) | 29,860 | 794,276 | |
Walmart, Inc. | 75,233 | 10,685,343 | |
16,067,432 | |||
Food Products - 1.1% | |||
Mondelez International, Inc. | 111,676 | 7,094,776 | |
The Kraft Heinz Co. (b) | 50,021 | 2,180,415 | |
Tyson Foods, Inc. Class A | 78,505 | 6,241,148 | |
15,516,339 | |||
Household Products - 1.1% | |||
Colgate-Palmolive Co. | 16,041 | 1,343,915 | |
Procter & Gamble Co. | 97,478 | 13,144,908 | |
14,488,823 | |||
Personal Products - 0.4% | |||
Coty, Inc. Class A (a) | 546,725 | 4,871,320 | |
Tobacco - 0.4% | |||
Altria Group, Inc. | 29,558 | 1,454,845 | |
Philip Morris International, Inc. | 49,402 | 4,763,835 | |
6,218,680 | |||
TOTAL CONSUMER STAPLES | 76,034,935 | ||
ENERGY - 4.1% | |||
Energy Equipment & Services - 0.8% | |||
Halliburton Co. | 170,898 | 3,836,660 | |
Schlumberger Ltd. | 224,133 | 7,022,087 | |
TechnipFMC PLC (a) | 12,836 | 110,261 | |
10,969,008 | |||
Oil, Gas & Consumable Fuels - 3.3% | |||
Chevron Corp. | 73,374 | 7,615,487 | |
ConocoPhillips Co. | 103,706 | 5,780,572 | |
Devon Energy Corp. | 13,867 | 368,308 | |
Diamondback Energy, Inc. | 11,012 | 881,731 | |
EOG Resources, Inc. | 95,758 | 7,693,198 | |
Exxon Mobil Corp. | 185,109 | 10,804,812 | |
Hess Corp. | 7,750 | 649,605 | |
Kinder Morgan, Inc. | 127,924 | 2,346,126 | |
Marathon Oil Corp. | 242,264 | 2,933,817 | |
Occidental Petroleum Corp. warrants 8/3/27 (a) | 9,120 | 99,864 | |
Ovintiv, Inc. | 61,832 | 1,646,586 | |
PDC Energy, Inc. | 8,440 | 356,337 | |
Pioneer Natural Resources Co. | 25,761 | 3,920,567 | |
45,097,010 | |||
TOTAL ENERGY | 56,066,018 | ||
FINANCIALS - 11.5% | |||
Banks - 5.1% | |||
Bank of America Corp. | 216,407 | 9,173,493 | |
Citigroup, Inc. | 166,812 | 13,129,773 | |
Citizens Financial Group, Inc. | 116,776 | 5,827,122 | |
Community Bank System, Inc. (b) | 3,054 | 247,740 | |
Eastern Bankshares, Inc. | 31,303 | 701,187 | |
First Republic Bank | 8,506 | 1,628,389 | |
Hancock Whitney Corp. | 4,233 | 209,576 | |
Huntington Bancshares, Inc. | 8,311 | 131,812 | |
JPMorgan Chase & Co. | 146,252 | 24,020,428 | |
PNC Financial Services Group, Inc. | 10,213 | 1,988,267 | |
Popular, Inc. | 551 | 44,967 | |
Regions Financial Corp. | 83,777 | 1,961,220 | |
Umpqua Holdings Corp. | 53,279 | 1,016,563 | |
Wells Fargo & Co. | 197,366 | 9,220,940 | |
Wintrust Financial Corp. | 11,050 | 888,641 | |
70,190,118 | |||
Capital Markets - 1.6% | |||
Ameriprise Financial, Inc. | 1,744 | 453,161 | |
Bank of New York Mellon Corp. | 18,006 | 937,752 | |
Charles Schwab Corp. | 39,835 | 2,941,815 | |
Goldman Sachs Group, Inc. | 5,716 | 2,126,466 | |
LPL Financial | 19,021 | 2,812,825 | |
Morgan Stanley | 112,383 | 10,221,234 | |
Raymond James Financial, Inc. | 2,748 | 364,357 | |
SEI Investments Co. | 10,574 | 670,815 | |
Stifel Financial Corp. | 11,084 | 767,900 | |
T. Rowe Price Group, Inc. | 2,184 | 417,908 | |
21,714,233 | |||
Consumer Finance - 1.2% | |||
Capital One Financial Corp. | 51,520 | 8,283,386 | |
OneMain Holdings, Inc. | 44,662 | 2,583,250 | |
SLM Corp. | 69,616 | 1,409,724 | |
Synchrony Financial | 75,807 | 3,594,010 | |
15,870,370 | |||
Diversified Financial Services - 2.1% | |||
Berkshire Hathaway, Inc. Class B (a) | 92,002 | 26,629,059 | |
Jefferies Financial Group, Inc. | 78,131 | 2,510,349 | |
29,139,408 | |||
Insurance - 1.5% | |||
Allstate Corp. | 18,266 | 2,495,318 | |
Fidelity National Financial, Inc. | 50,929 | 2,393,154 | |
First American Financial Corp. | 108,149 | 6,955,062 | |
Primerica, Inc. | 2,105 | 341,452 | |
Progressive Corp. | 69,233 | 6,859,606 | |
Selective Insurance Group, Inc. | 4,837 | 364,081 | |
W.R. Berkley Corp. | 6,307 | 491,883 | |
19,900,556 | |||
TOTAL FINANCIALS | 156,814,685 | ||
HEALTH CARE - 12.5% | |||
Biotechnology - 2.0% | |||
AbbVie, Inc. | 59,652 | 6,752,606 | |
Alexion Pharmaceuticals, Inc. (a) | 497 | 87,745 | |
Amgen, Inc. | 10,237 | 2,435,792 | |
Biogen, Inc. (a) | 16,297 | 4,359,122 | |
Gilead Sciences, Inc. | 121,210 | 8,013,193 | |
Incyte Corp. (a) | 26,790 | 2,244,466 | |
Regeneron Pharmaceuticals, Inc. (a) | 2,720 | 1,366,610 | |
United Therapeutics Corp. (a) | 7,753 | 1,441,283 | |
26,700,817 | |||
Health Care Equipment & Supplies - 2.6% | |||
Abbott Laboratories | 90,149 | 10,515,881 | |
Baxter International, Inc. | 29,382 | 2,412,850 | |
Boston Scientific Corp. (a) | 15,885 | 675,907 | |
Danaher Corp. | 21,682 | 5,553,627 | |
Edwards Lifesciences Corp. (a) | 18,802 | 1,803,112 | |
Hill-Rom Holdings, Inc. | 21,741 | 2,419,338 | |
Hologic, Inc. (a) | 1,295 | 81,663 | |
IDEXX Laboratories, Inc. (a) | 4,401 | 2,456,242 | |
Intuitive Surgical, Inc. (a) | 2,349 | 1,978,281 | |
Medtronic PLC | 58,325 | 7,383,362 | |
Quidel Corp. (a)(b) | 2,809 | 331,771 | |
35,612,034 | |||
Health Care Providers & Services - 2.8% | |||
Anthem, Inc. | 26,812 | 10,677,075 | |
Centene Corp. (a) | 7,797 | 573,859 | |
Cigna Corp. | 454 | 117,518 | |
CVS Health Corp. | 67,143 | 5,803,841 | |
Laboratory Corp. of America Holdings (a) | 674 | 185,000 | |
Quest Diagnostics, Inc. | 2,425 | 319,300 | |
Select Medical Holdings Corp. | 9,647 | 386,555 | |
UnitedHealth Group, Inc. | 48,696 | 20,058,856 | |
38,122,004 | |||
Health Care Technology - 0.2% | |||
Veeva Systems, Inc. Class A (a) | 8,578 | 2,499,115 | |
Life Sciences Tools & Services - 1.3% | |||
Illumina, Inc. (a) | 12,064 | 4,893,641 | |
Thermo Fisher Scientific, Inc. | 26,359 | 12,375,551 | |
17,269,192 | |||
Pharmaceuticals - 3.6% | |||
Bristol-Myers Squibb Co. | 156,921 | 10,312,848 | |
Eli Lilly & Co. | 20,643 | 4,123,233 | |
Johnson & Johnson | 102,848 | 17,407,024 | |
Merck & Co., Inc. | 154,710 | 11,740,942 | |
Pfizer, Inc. | 121,206 | 4,694,308 | |
Zoetis, Inc. Class A | 7,221 | 1,275,806 | |
49,554,161 | |||
TOTAL HEALTH CARE | 169,757,323 | ||
INDUSTRIALS - 8.7% | |||
Aerospace & Defense - 1.5% | |||
Curtiss-Wright Corp. | 20,101 | 2,519,057 | |
Lockheed Martin Corp. | 11,477 | 4,386,509 | |
Moog, Inc. Class A | 68,417 | 6,171,213 | |
Northrop Grumman Corp. | 9,121 | 3,337,100 | |
Parsons Corp. (a)(b) | 4,279 | 169,491 | |
Raytheon Technologies Corp. | 5,311 | 471,139 | |
Teledyne Technologies, Inc. (a) | 6,628 | 2,780,247 | |
Textron, Inc. | 5,033 | 344,610 | |
20,179,366 | |||
Air Freight & Logistics - 0.2% | |||
United Parcel Service, Inc. Class B | 14,648 | 3,143,461 | |
Airlines - 0.4% | |||
American Airlines Group, Inc. (a) | 37,443 | 907,618 | |
Southwest Airlines Co. (a) | 75,644 | 4,649,080 | |
5,556,698 | |||
Building Products - 0.8% | |||
Johnson Controls International PLC | 69,864 | 4,648,751 | |
Simpson Manufacturing Co. Ltd. | 18,317 | 2,057,365 | |
UFP Industries, Inc. | 45,937 | 3,652,910 | |
10,359,026 | |||
Commercial Services & Supplies - 0.5% | |||
Clean Harbors, Inc. (a) | 14,837 | 1,381,325 | |
Republic Services, Inc. | 47,568 | 5,193,474 | |
6,574,799 | |||
Construction & Engineering - 0.4% | |||
EMCOR Group, Inc. | 48,781 | 6,151,772 | |
Electrical Equipment - 1.0% | |||
AMETEK, Inc. | 14,784 | 1,997,318 | |
Eaton Corp. PLC | 21,145 | 3,071,311 | |
Emerson Electric Co. | 84,250 | 8,061,883 | |
nVent Electric PLC | 21,221 | 690,531 | |
13,821,043 | |||
Industrial Conglomerates - 0.5% | |||
3M Co. | 606 | 123,042 | |
General Electric Co. | 333,599 | 4,690,402 | |
Honeywell International, Inc. | 8,073 | 1,864,136 | |
Roper Technologies, Inc. | 283 | 127,353 | |
6,804,933 | |||
Machinery - 1.9% | |||
AGCO Corp. | 47,615 | 6,588,488 | |
Allison Transmission Holdings, Inc. (b) | 17,904 | 757,518 | |
Caterpillar, Inc. | 40,161 | 9,682,014 | |
Deere & Co. | 24,830 | 8,966,113 | |
Illinois Tool Works, Inc. | 918 | 212,756 | |
26,206,889 | |||
Professional Services - 0.4% | |||
CACI International, Inc. Class A (a) | 15,840 | 4,038,566 | |
CoStar Group, Inc. (a) | 293 | 250,222 | |
IHS Markit Ltd. | 169 | 17,797 | |
TriNet Group, Inc. (a) | 7,327 | 552,016 | |
4,858,601 | |||
Road & Rail - 1.0% | |||
CSX Corp. | 51,449 | 5,151,074 | |
Schneider National, Inc. Class B | 45,584 | 1,116,352 | |
Union Pacific Corp. | 29,886 | 6,716,281 | |
Werner Enterprises, Inc. (b) | 15,954 | 765,632 | |
13,749,339 | |||
Trading Companies & Distributors - 0.1% | |||
W.W. Grainger, Inc. | 2,578 | 1,191,448 | |
TOTAL INDUSTRIALS | 118,597,375 | ||
INFORMATION TECHNOLOGY - 25.1% | |||
Communications Equipment - 0.9% | |||
Cisco Systems, Inc. | 225,332 | 11,920,063 | |
Electronic Equipment & Components - 0.3% | |||
National Instruments Corp. | 41,788 | 1,704,950 | |
Vontier Corp. | 47,722 | 1,674,088 | |
3,379,038 | |||
IT Services - 4.2% | |||
Accenture PLC Class A | 4,740 | 1,337,438 | |
Alliance Data Systems Corp. | 1,428 | 172,859 | |
Amdocs Ltd. | 79,971 | 6,245,735 | |
Automatic Data Processing, Inc. | 39,632 | 7,768,665 | |
Black Knight, Inc. (a) | 53,395 | 3,918,659 | |
Cognizant Technology Solutions Corp. Class A | 5,118 | 366,244 | |
EPAM Systems, Inc. (a) | 2,556 | 1,220,746 | |
GoDaddy, Inc. (a) | 11,400 | 922,944 | |
IBM Corp. | 38,442 | 5,525,653 | |
Jack Henry & Associates, Inc. | 6,197 | 955,268 | |
MasterCard, Inc. Class A | 20,564 | 7,414,967 | |
Maximus, Inc. | 2,174 | 201,465 | |
PayPal Holdings, Inc. (a) | 48,219 | 12,537,904 | |
Visa, Inc. Class A | 38,819 | 8,823,559 | |
57,412,106 | |||
Semiconductors & Semiconductor Equipment - 5.2% | |||
Applied Materials, Inc. | 39,084 | 5,398,673 | |
Broadcom, Inc. | 5,790 | 2,734,791 | |
Cirrus Logic, Inc. (a) | 3,679 | 287,220 | |
Intel Corp. | 265,533 | 15,167,245 | |
Lam Research Corp. | 3,908 | 2,539,614 | |
NVIDIA Corp. | 29,779 | 19,349,799 | |
NXP Semiconductors NV | 3,420 | 723,056 | |
Qualcomm, Inc. | 87,840 | 11,817,994 | |
Texas Instruments, Inc. | 68,078 | 12,922,566 | |
70,940,958 | |||
Software - 8.8% | |||
Adobe, Inc. (a) | 30,312 | 15,294,829 | |
Box, Inc. Class A (a) | 118,123 | 2,753,447 | |
Dropbox, Inc. Class A (a) | 197,392 | 5,398,671 | |
FireEye, Inc. (a)(b) | 63,856 | 1,428,459 | |
Microsoft Corp. | 294,445 | 73,517,028 | |
Oracle Corp. | 101,997 | 8,031,244 | |
Salesforce.com, Inc. (a) | 3,273 | 779,301 | |
ServiceNow, Inc. (a) | 2,800 | 1,326,864 | |
Synopsys, Inc. (a) | 27,982 | 7,116,942 | |
Workday, Inc. Class A (a) | 15,886 | 3,633,446 | |
119,280,231 | |||
Technology Hardware, Storage & Peripherals - 5.7% | |||
Apple, Inc. | 597,951 | 74,510,674 | |
NetApp, Inc. | 44,141 | 3,415,189 | |
77,925,863 | |||
TOTAL INFORMATION TECHNOLOGY | 340,858,259 | ||
MATERIALS - 2.5% | |||
Chemicals - 0.9% | |||
CF Industries Holdings, Inc. | 61,621 | 3,276,389 | |
Corteva, Inc. | 11,406 | 518,973 | |
Dow, Inc. | 37,309 | 2,552,682 | |
DuPont de Nemours, Inc. | 25,666 | 2,171,087 | |
Linde PLC | 3,392 | 1,019,635 | |
NewMarket Corp. | 3,623 | 1,243,522 | |
Olin Corp. | 27,044 | 1,322,181 | |
12,104,469 | |||
Construction Materials - 0.1% | |||
Vulcan Materials Co. | 11,917 | 2,184,624 | |
Containers & Packaging - 0.1% | |||
International Paper Co. | 28,454 | 1,795,447 | |
Metals & Mining - 1.4% | |||
Alcoa Corp. (a) | 107,600 | 4,268,492 | |
Freeport-McMoRan, Inc. | 171,923 | 7,344,551 | |
Nucor Corp. | 12,610 | 1,293,029 | |
Reliance Steel & Aluminum Co. | 33,713 | 5,666,144 | |
18,572,216 | |||
TOTAL MATERIALS | 34,656,756 | ||
REAL ESTATE - 2.2% | |||
Equity Real Estate Investment Trusts (REITs) - 2.2% | |||
American Tower Corp. | 26,953 | 6,885,413 | |
Apartment Income (REIT) Corp. | 13,811 | 643,316 | |
Corporate Office Properties Trust (SBI) | 6,002 | 165,655 | |
Crown Castle International Corp. | 29,729 | 5,633,646 | |
First Industrial Realty Trust, Inc. | 24,244 | 1,227,716 | |
Healthcare Realty Trust, Inc. | 57,225 | 1,736,207 | |
National Storage Affiliates Trust | 19,319 | 890,606 | |
PS Business Parks, Inc. | 6,846 | 1,060,856 | |
Public Storage | 25,931 | 7,324,989 | |
SBA Communications Corp. Class A | 5,475 | 1,632,207 | |
Weyerhaeuser Co. | 55,787 | 2,117,675 | |
29,318,286 | |||
UTILITIES - 1.3% | |||
Electric Utilities - 0.9% | |||
Hawaiian Electric Industries, Inc. | 30,454 | 1,311,045 | |
IDACORP, Inc. | 13,572 | 1,329,377 | |
NextEra Energy, Inc. | 83,091 | 6,083,923 | |
NRG Energy, Inc. | 38,322 | 1,232,052 | |
Portland General Electric Co. | 38,029 | 1,823,110 | |
11,779,507 | |||
Multi-Utilities - 0.4% | |||
MDU Resources Group, Inc. | 76,202 | 2,564,959 | |
Public Service Enterprise Group, Inc. | 43,321 | 2,691,101 | |
WEC Energy Group, Inc. | 1,476 | 138,611 | |
5,394,671 | |||
TOTAL UTILITIES | 17,174,178 | ||
TOTAL COMMON STOCKS | |||
(Cost $844,241,510) | 1,321,633,139 | ||
Money Market Funds - 2.9% | |||
Fidelity Cash Central Fund 0.03% (c) | 34,619,969 | 34,626,893 | |
Fidelity Securities Lending Cash Central Fund 0.03% (c)(d) | 5,201,180 | 5,201,700 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $39,828,558) | 39,828,593 | ||
TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
(Cost $884,070,068) | 1,361,461,732 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)%(e) | (1,405,764) | ||
NET ASSETS - 100% | $1,360,055,968 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P 500 Index Contracts (United States) | 182 | June 2021 | $38,241,840 | $1,623,159 | $1,623,159 |
The notional amount of futures purchased as a percentage of Net Assets is 2.8%
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 $1,958,000 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 | $10,311 |
Fidelity Securities Lending Cash Central Fund | 7,124 |
Total | $17,435 |
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.
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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