Quarterly Holdings Report
for
Fidelity® Equity-Income Fund
April 30, 2023
EQU-NPRT1-0623
1.800336.119
Common Stocks - 95.7% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 7.7% | |||
Diversified Telecommunication Services - 1.7% | |||
AT&T, Inc. | 3,046,078 | 53,824 | |
Verizon Communications, Inc. | 1,678,985 | 65,195 | |
119,019 | |||
Entertainment - 0.8% | |||
Activision Blizzard, Inc. | 716,341 | 55,667 | |
Interactive Media & Services - 1.2% | |||
Alphabet, Inc. Class A (a) | 779,227 | 83,642 | |
Media - 2.0% | |||
Comcast Corp. Class A | 2,691,622 | 111,352 | |
Interpublic Group of Companies, Inc. | 771,230 | 27,556 | |
138,908 | |||
Wireless Telecommunication Services - 2.0% | |||
Rogers Communications, Inc. Class B (non-vtg.) | 488,752 | 24,148 | |
T-Mobile U.S., Inc. (a) | 793,081 | 114,124 | |
138,272 | |||
TOTAL COMMUNICATION SERVICES | 535,508 | ||
CONSUMER DISCRETIONARY - 3.5% | |||
Diversified Consumer Services - 0.2% | |||
H&R Block, Inc. | 464,509 | 15,752 | |
Hotels, Restaurants & Leisure - 1.5% | |||
McDonald's Corp. | 352,240 | 104,175 | |
Specialty Retail - 1.7% | |||
Best Buy Co., Inc. | 165,696 | 12,348 | |
Burlington Stores, Inc. (a) | 131,587 | 25,371 | |
Dick's Sporting Goods, Inc. | 27,772 | 4,027 | |
Lowe's Companies, Inc. | 14,484 | 3,010 | |
TJX Companies, Inc. | 868,862 | 68,484 | |
113,240 | |||
Textiles, Apparel & Luxury Goods - 0.1% | |||
Columbia Sportswear Co. (b) | 60,131 | 5,023 | |
Tapestry, Inc. | 105,378 | 4,300 | |
9,323 | |||
TOTAL CONSUMER DISCRETIONARY | 242,490 | ||
CONSUMER STAPLES - 12.3% | |||
Beverages - 2.7% | |||
Diageo PLC | 541,076 | 24,682 | |
Keurig Dr. Pepper, Inc. | 2,105,243 | 68,841 | |
The Coca-Cola Co. | 1,477,426 | 94,777 | |
188,300 | |||
Consumer Staples Distribution & Retail - 4.6% | |||
Albertsons Companies, Inc. | 781,089 | 16,325 | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 407,076 | 20,317 | |
BJ's Wholesale Club Holdings, Inc. (a) | 333,862 | 25,497 | |
Costco Wholesale Corp. | 70,105 | 35,278 | |
Dollar Tree, Inc. (a) | 358,272 | 55,070 | |
Target Corp. | 158,269 | 24,967 | |
Walmart, Inc. | 956,163 | 144,352 | |
321,806 | |||
Food Products - 1.5% | |||
Bunge Ltd. | 208,406 | 19,507 | |
Mondelez International, Inc. | 890,305 | 68,304 | |
Nestle SA (Reg. S) | 111,578 | 14,314 | |
102,125 | |||
Household Products - 1.6% | |||
Procter & Gamble Co. | 693,419 | 108,437 | |
Personal Care Products - 0.2% | |||
Unilever PLC | 312,411 | 17,396 | |
Tobacco - 1.7% | |||
Altria Group, Inc. | 776,817 | 36,907 | |
Philip Morris International, Inc. | 785,458 | 78,522 | |
115,429 | |||
TOTAL CONSUMER STAPLES | 853,493 | ||
ENERGY - 8.5% | |||
Oil, Gas & Consumable Fuels - 8.5% | |||
Canadian Natural Resources Ltd. | 815,678 | 49,705 | |
ConocoPhillips Co. | 777,942 | 80,042 | |
Enterprise Products Partners LP | 1,662,168 | 43,732 | |
Exxon Mobil Corp. | 2,072,860 | 245,308 | |
Hess Corp. | 356,893 | 51,771 | |
Imperial Oil Ltd. | 929,802 | 47,394 | |
Phillips 66 Co. | 346,544 | 34,308 | |
Valero Energy Corp. | 328,978 | 37,724 | |
589,984 | |||
FINANCIALS - 13.6% | |||
Banks - 9.0% | |||
Bank of America Corp. | 4,941,669 | 144,692 | |
Huntington Bancshares, Inc. | 3,271,848 | 36,645 | |
JPMorgan Chase & Co. | 1,663,952 | 230,025 | |
M&T Bank Corp. | 332,816 | 41,868 | |
PNC Financial Services Group, Inc. | 578,073 | 75,294 | |
Wells Fargo & Co. | 2,377,015 | 94,486 | |
623,010 | |||
Consumer Finance - 0.7% | |||
Capital One Financial Corp. | 497,845 | 48,440 | |
Financial Services - 0.2% | |||
Visa, Inc. Class A | 78,474 | 18,263 | |
Insurance - 3.7% | |||
American Financial Group, Inc. | 315,112 | 38,674 | |
Chubb Ltd. | 386,764 | 77,956 | |
Hartford Financial Services Group, Inc. | 656,194 | 46,583 | |
Marsh & McLennan Companies, Inc. | 129,548 | 23,343 | |
The Travelers Companies, Inc. | 378,663 | 68,591 | |
255,147 | |||
TOTAL FINANCIALS | 944,860 | ||
HEALTH CARE - 18.8% | |||
Biotechnology - 3.0% | |||
AbbVie, Inc. | 246,047 | 37,183 | |
Amgen, Inc. | 365,985 | 87,741 | |
Gilead Sciences, Inc. | 974,570 | 80,119 | |
205,043 | |||
Health Care Equipment & Supplies - 0.4% | |||
GE Healthcare Holding LLC | 323,584 | 26,320 | |
Health Care Providers & Services - 2.7% | |||
Cigna Group | 350,203 | 88,703 | |
UnitedHealth Group, Inc. | 205,131 | 100,943 | |
189,646 | |||
Life Sciences Tools & Services - 1.9% | |||
Danaher Corp. | 550,864 | 130,505 | |
Pharmaceuticals - 10.8% | |||
AstraZeneca PLC (United Kingdom) | 596,247 | 87,745 | |
Bristol-Myers Squibb Co. | 1,221,058 | 81,530 | |
Eli Lilly & Co. | 309,629 | 122,570 | |
Johnson & Johnson | 896,719 | 146,793 | |
Merck & Co., Inc. | 855,246 | 98,755 | |
Roche Holding AG (participation certificate) | 286,329 | 89,661 | |
Royalty Pharma PLC | 929,095 | 32,658 | |
Sanofi SA | 809,332 | 87,220 | |
746,932 | |||
TOTAL HEALTH CARE | 1,298,446 | ||
INDUSTRIALS - 9.1% | |||
Aerospace & Defense - 3.1% | |||
Huntington Ingalls Industries, Inc. | 126,980 | 25,607 | |
Lockheed Martin Corp. | 79,685 | 37,010 | |
Northrop Grumman Corp. | 122,280 | 56,404 | |
The Boeing Co. (a) | 476,599 | 98,551 | |
217,572 | |||
Air Freight & Logistics - 0.6% | |||
United Parcel Service, Inc. Class B | 212,395 | 38,191 | |
Building Products - 0.5% | |||
Johnson Controls International PLC | 583,920 | 34,942 | |
Electrical Equipment - 0.8% | |||
AMETEK, Inc. | 374,824 | 51,699 | |
Industrial Conglomerates - 2.0% | |||
General Electric Co. | 970,751 | 96,075 | |
Hitachi Ltd. | 335,666 | 18,567 | |
Siemens AG | 150,329 | 24,779 | |
139,421 | |||
Machinery - 1.4% | |||
Crane Co. | 234,399 | 16,893 | |
Crane Nxt Co. | 234,399 | 11,101 | |
Fortive Corp. | 449,994 | 28,390 | |
ITT, Inc. | 459,334 | 38,786 | |
95,170 | |||
Professional Services - 0.3% | |||
KBR, Inc. | 284,761 | 16,154 | |
Paychex, Inc. | 57,932 | 6,364 | |
22,518 | |||
Trading Companies & Distributors - 0.4% | |||
Watsco, Inc. (b) | 81,256 | 28,145 | |
TOTAL INDUSTRIALS | 627,658 | ||
INFORMATION TECHNOLOGY - 9.1% | |||
Communications Equipment - 1.5% | |||
Cisco Systems, Inc. | 2,204,042 | 104,141 | |
IT Services - 1.6% | |||
Accenture PLC Class A | 117,226 | 32,857 | |
Amdocs Ltd. | 809,352 | 73,853 | |
106,710 | |||
Semiconductors & Semiconductor Equipment - 1.9% | |||
NXP Semiconductors NV | 407,444 | 66,715 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 783,073 | 66,013 | |
132,728 | |||
Software - 2.8% | |||
Gen Digital, Inc. | 824,473 | 14,568 | |
Microsoft Corp. | 337,939 | 103,835 | |
Roper Technologies, Inc. | 166,851 | 75,880 | |
194,283 | |||
Technology Hardware, Storage & Peripherals - 1.3% | |||
Apple, Inc. | 107,481 | 18,237 | |
Samsung Electronics Co. Ltd. | 1,344,410 | 66,177 | |
Seagate Technology Holdings PLC | 120,884 | 7,104 | |
91,518 | |||
TOTAL INFORMATION TECHNOLOGY | 629,380 | ||
MATERIALS - 5.1% | |||
Chemicals - 2.3% | |||
Linde PLC | 397,552 | 146,876 | |
Nutrien Ltd. | 215,100 | 14,922 | |
161,798 | |||
Containers & Packaging - 1.3% | |||
Ball Corp. (b) | 589,720 | 31,361 | |
Crown Holdings, Inc. | 712,459 | 61,115 | |
92,476 | |||
Metals & Mining - 1.5% | |||
Anglo American PLC (United Kingdom) | 601,338 | 18,530 | |
Freeport-McMoRan, Inc. | 2,158,511 | 81,829 | |
100,359 | |||
TOTAL MATERIALS | 354,633 | ||
REAL ESTATE - 1.9% | |||
Equity Real Estate Investment Trusts (REITs) - 1.9% | |||
American Tower Corp. | 217,495 | 44,454 | |
Lamar Advertising Co. Class A | 451,212 | 47,684 | |
Public Storage | 137,315 | 40,485 | |
132,623 | |||
UTILITIES - 6.1% | |||
Electric Utilities - 3.5% | |||
Constellation Energy Corp. | 258,281 | 19,991 | |
Exelon Corp. | 942,935 | 40,018 | |
FirstEnergy Corp. | 590,600 | 23,506 | |
NextEra Energy, Inc. | 1,252,102 | 95,949 | |
PG&E Corp. (a) | 1,344,732 | 23,008 | |
Southern Co. | 548,039 | 40,308 | |
242,780 | |||
Independent Power and Renewable Electricity Producers - 0.3% | |||
Vistra Corp. | 956,603 | 22,825 | |
Multi-Utilities - 2.3% | |||
Ameren Corp. | 402,916 | 35,847 | |
CenterPoint Energy, Inc. | 1,254,023 | 38,210 | |
Dominion Energy, Inc. | 764,085 | 43,660 | |
WEC Energy Group, Inc. | 390,786 | 37,582 | |
155,299 | |||
TOTAL UTILITIES | 420,904 | ||
TOTAL COMMON STOCKS (Cost $4,606,366) | 6,629,979 | ||
Other - 0.1% | |||
Shares | Value ($) (000s) | ||
Other - 0.1% | |||
Utica Shale Drilling Program (non-operating revenue interest) (c)(d)(e) (Cost $20,241) | 17,489,628 | 6,827 | |
Money Market Funds - 4.4% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 4.88% (f) | 281,367,484 | 281,424 | |
Fidelity Securities Lending Cash Central Fund 4.88% (f)(g) | 24,873,613 | 24,876 | |
TOTAL MONEY MARKET FUNDS (Cost $306,300) | 306,300 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $4,932,907) | 6,943,106 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (17,213) |
NET ASSETS - 100.0% | 6,925,893 |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(d) | 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 $6,827,000 or 0.1% of net assets. |
(e) | Level 3 security |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Utica Shale Drilling Program (non-operating revenue interest) | 10/05/16 - 12/16/20 | 20,242 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.88% | 277,197 | 207,813 | 203,586 | 3,738 | - | - | 281,424 | 0.7% |
Fidelity Securities Lending Cash Central Fund 4.88% | 7,256 | 147,528 | 129,908 | 9 | - | - | 24,876 | 0.1% |
Total | 284,453 | 355,341 | 333,494 | 3,747 | - | - | 306,300 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column 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. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted 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)
Valuation techniques used to value 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 service 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 any 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 any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure 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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