The fund holding in Fannie and Freddie (10% of the fund holding) disapeared a few days before the Feds took them over. The fund was holding Bonds not the stock. When the Feds took them over the value of the bonds went up significantly and we did not benefited from the gains. No one at Fidelity can tell you what they did with them. In the meantime this fund is going in one direction-DOWN allmost everyday.