NPORT-EX 2 QTLY_2930_20200930.htm

Quarterly Holdings Report
for

Fidelity Flex® Funds

Fidelity Flex® Opportunistic Insights Fund

September 30, 2020







ZPI-QTLY-1120
1.9881593.103





Schedule of Investments September 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%   
 Shares Value 
COMMUNICATION SERVICES - 17.6%   
Entertainment - 3.3%   
Activision Blizzard, Inc. 463 $37,480 
Electronic Arts, Inc. (a) 206 26,864 
NetEase, Inc. 800 14,364 
Netflix, Inc. (a) 1,079 539,532 
Nexon Co. Ltd. 100 2,494 
Spotify Technology SA (a) 89 21,589 
Take-Two Interactive Software, Inc. (a) 92 15,200 
The Walt Disney Co. 353 43,800 
  701,323 
Interactive Media & Services - 13.3%   
Alphabet, Inc.:   
Class A (a) 235 344,416 
Class C (a) 250 367,400 
Facebook, Inc. Class A (a) 7,811 2,045,702 
Match Group, Inc. (a) 60 6,639 
Pinterest, Inc. Class A (a) 152 6,310 
Snap, Inc. Class A (a) 900 23,499 
Tencent Holdings Ltd. 137 9,253 
  2,803,219 
Media - 0.2%   
Charter Communications, Inc. Class A (a) 57 35,587 
Wireless Telecommunication Services - 0.8%   
T-Mobile U.S., Inc. 1,402 160,333 
TOTAL COMMUNICATION SERVICES  3,700,462 
CONSUMER DISCRETIONARY - 12.9%   
Automobiles - 0.0%   
Tesla, Inc. (a) 5 2,145 
Hotels, Restaurants & Leisure - 0.9%   
Chipotle Mexican Grill, Inc. (a) 71 88,303 
Domino's Pizza, Inc. 25 10,632 
DraftKings, Inc. Class A (a) 200 11,768 
Evolution Gaming Group AB (b) 176 11,689 
McDonald's Corp. 286 62,774 
Penn National Gaming, Inc. (a) 100 7,270 
  192,436 
Household Durables - 0.1%   
Garmin Ltd. 105 9,960 
Internet & Direct Marketing Retail - 10.0%   
Alibaba Group Holding Ltd. 1,898 69,678 
Alibaba Group Holding Ltd. sponsored ADR (a) 230 67,615 
Amazon.com, Inc. (a) 593 1,867,197 
Delivery Hero AG (a)(b) 40 4,602 
eBay, Inc. 813 42,357 
JD.com, Inc. Class A 489 18,829 
Meituan Dianping Class B (a) 600 18,901 
Pinduoduo, Inc. ADR (a) 102 7,563 
  2,096,742 
Leisure Products - 0.0%   
Peloton Interactive, Inc. Class A (a) 93 9,229 
Multiline Retail - 0.2%   
B&M European Value Retail SA 1,600 10,213 
Dollar General Corp. 152 31,862 
  42,075 
Specialty Retail - 0.7%   
Bed Bath & Beyond, Inc. 200 2,996 
Cazoo Holdings Ltd. (c)(d) 94 1,289 
The Home Depot, Inc. 504 139,966 
Vroom, Inc. 100 5,178 
  149,429 
Textiles, Apparel & Luxury Goods - 1.0%   
adidas AG 170 55,031 
Deckers Outdoor Corp. (a) 77 16,941 
Kering SA 3 1,996 
lululemon athletica, Inc. (a) 100 32,937 
NIKE, Inc. Class B 781 98,047 
  204,952 
TOTAL CONSUMER DISCRETIONARY  2,706,968 
CONSUMER STAPLES - 2.6%   
Beverages - 0.6%   
Keurig Dr. Pepper, Inc. 72 1,987 
Monster Beverage Corp. (a) 59 4,732 
PepsiCo, Inc. 624 86,486 
The Coca-Cola Co. 652 32,189 
  125,394 
Food & Staples Retailing - 1.2%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 235 8,184 
Costco Wholesale Corp. 582 206,610 
Walmart, Inc. 217 30,360 
  245,154 
Personal Products - 0.8%   
Estee Lauder Companies, Inc. Class A 791 172,636 
L'Oreal SA 29 9,437 
  182,073 
TOTAL CONSUMER STAPLES  552,621 
ENERGY - 0.5%   
Oil, Gas & Consumable Fuels - 0.5%   
Continental Resources, Inc. 100 1,228 
Hess Corp. 59 2,415 
Noble Energy, Inc. 400 3,420 
Reliance Industries Ltd. 3,061 93,099 
Tamarack Valley Energy Ltd. (a) 3,734 2,019 
  102,181 
FINANCIALS - 8.8%   
Banks - 1.7%   
Bank of America Corp. 9,716 234,058 
JPMorgan Chase & Co. 1,193 114,850 
Kotak Mahindra Bank Ltd. (a) 658 11,393 
The Toronto-Dominion Bank 100 4,630 
  364,931 
Capital Markets - 0.7%   
BlackRock, Inc. Class A 108 60,863 
MarketAxess Holdings, Inc. 9 4,334 
Moody's Corp. 155 44,927 
MSCI, Inc. 52 18,553 
S&P Global, Inc. 40 14,424 
  143,101 
Diversified Financial Services - 6.1%   
Berkshire Hathaway, Inc. Class A (a) 4 1,280,004 
Insurance - 0.3%   
Admiral Group PLC 917 30,895 
Direct Line Insurance Group PLC 600 2,086 
Fairfax Financial Holdings Ltd. (sub. vtg.) 26 7,656 
Progressive Corp. 193 18,271 
  58,908 
Thrifts & Mortgage Finance - 0.0%   
Rocket Cos., Inc. (a) 300 5,979 
TOTAL FINANCIALS  1,852,923 
HEALTH CARE - 12.5%   
Biotechnology - 3.1%   
23andMe, Inc. (a)(c)(d) 35 366 
AbbVie, Inc. 688 60,262 
Acceleron Pharma, Inc. (a) 55 6,189 
Allovir, Inc. (a) 37 1,018 
Alnylam Pharmaceuticals, Inc. (a) 35 5,096 
Amgen, Inc. 35 8,896 
Arcus Biosciences, Inc. (a) 100 1,714 
Argenx SE ADR (a) 100 26,252 
BeiGene Ltd. ADR (a) 54 15,468 
CSL Ltd. 6 1,239 
Denali Therapeutics, Inc. (a) 200 7,166 
Exelixis, Inc. (a) 100 2,445 
Genmab A/S (a) 13 4,709 
Idorsia Ltd. (a) 930 24,980 
Innovent Biologics, Inc. (a)(b) 2,000 14,914 
Kymera Therapeutics, Inc. (a) 100 3,231 
Mirati Therapeutics, Inc. (a) 12 1,993 
Morphosys AG (a) 40 5,081 
Regeneron Pharmaceuticals, Inc. (a) 276 154,499 
Relay Therapeutics, Inc. (a) 100 4,259 
Sarepta Therapeutics, Inc. (a) 34 4,775 
Seattle Genetics, Inc. (a) 100 19,569 
Turning Point Therapeutics, Inc. (a) 100 8,736 
Vertex Pharmaceuticals, Inc. (a) 932 253,616 
Zai Lab Ltd. (a) 100 8,321 
Zai Lab Ltd. ADR (a) 78 6,487 
  651,281 
Health Care Equipment & Supplies - 3.2%   
Abbott Laboratories 459 49,953 
Baxter International, Inc. 515 41,416 
Danaher Corp. 1,073 231,049 
DexCom, Inc. (a) 425 175,198 
Edwards Lifesciences Corp. (a) 813 64,894 
Hologic, Inc. (a) 72 4,786 
Intuitive Surgical, Inc. (a) 106 75,211 
Masimo Corp. (a) 47 11,095 
ResMed, Inc. 68 11,657 
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b) 576 6,148 
  671,407 
Health Care Providers & Services - 1.7%   
Humana, Inc. 67 27,731 
Patterson Companies, Inc. 336 8,099 
UnitedHealth Group, Inc. 1,000 311,770 
  347,600 
Health Care Technology - 0.4%   
GoodRx Holdings, Inc. 100 5,560 
Veeva Systems, Inc. Class A (a) 288 80,983 
  86,543 
Life Sciences Tools & Services - 1.5%   
10X Genomics, Inc. (a) 206 25,684 
Adaptive Biotechnologies Corp. (a) 100 4,863 
Bio-Rad Laboratories, Inc. Class A (a) 57 29,381 
Eurofins Scientific SA (a) 15 11,878 
IQVIA Holdings, Inc. (a) 73 11,507 
Mettler-Toledo International, Inc. (a) 88 84,986 
Thermo Fisher Scientific, Inc. 329 145,260 
WuXi AppTec Co. Ltd. (H Shares) (b) 700 10,123 
  323,682 
Pharmaceuticals - 2.6%   
AstraZeneca PLC sponsored ADR 2,078 113,874 
Bristol-Myers Squibb Co. 1,371 82,658 
Eli Lilly & Co. 837 123,893 
Hansoh Pharmaceutical Group Co. Ltd. (a)(b) 2,185 10,679 
Horizon Therapeutics PLC (a) 407 31,616 
Jazz Pharmaceuticals PLC (a) 54 7,700 
Johnson & Johnson 52 7,742 
Merck & Co., Inc. 916 75,982 
Royalty Pharma PLC 295 12,411 
UCB SA 43 4,890 
Zoetis, Inc. Class A 440 72,763 
  544,208 
TOTAL HEALTH CARE  2,624,721 
INDUSTRIALS - 2.5%   
Aerospace & Defense - 0.4%   
Lockheed Martin Corp. 75 28,746 
Northrop Grumman Corp. 169 53,318 
  82,064 
Air Freight & Logistics - 0.1%   
United Parcel Service, Inc. Class B 149 24,828 
Building Products - 0.3%   
Fortune Brands Home & Security, Inc. 291 25,177 
The AZEK Co., Inc. 186 6,475 
Toto Ltd. 522 24,053 
  55,705 
Commercial Services & Supplies - 0.3%   
Cintas Corp. 156 51,921 
Clean TeQ Holdings Ltd. (a) 8,100 1,677 
  53,598 
Electrical Equipment - 0.4%   
Vestas Wind Systems A/S 500 81,104 
Industrial Conglomerates - 0.0%   
General Electric Co. 1,079 6,722 
Machinery - 0.1%   
Fortive Corp. 191 14,556 
Professional Services - 0.7%   
Clarivate Analytics PLC (a) 1,935 59,966 
CoStar Group, Inc. (a) 51 43,274 
Experian PLC 491 18,449 
FTI Consulting, Inc. (a) 173 18,333 
  140,022 
Road & Rail - 0.2%   
Canadian Pacific Railway Ltd. 63 19,164 
Uber Technologies, Inc. (a) 100 3,648 
Union Pacific Corp. 122 24,018 
  46,830 
Trading Companies & Distributors - 0.0%   
Air Lease Corp. Class A 100 2,942 
Fastenal Co. 100 4,509 
  7,451 
TOTAL INDUSTRIALS  512,880 
INFORMATION TECHNOLOGY - 35.9%   
Electronic Equipment & Components - 1.2%   
Amphenol Corp. Class A 2,309 249,995 
Samsung SDI Co. Ltd. 14 5,204 
  255,199 
IT Services - 9.1%   
Accenture PLC Class A 509 115,029 
Adyen BV (a)(b) 44 81,157 
Edenred SA 102 4,592 
MasterCard, Inc. Class A 1,736 587,063 
MongoDB, Inc. Class A (a) 377 87,279 
Okta, Inc. (a) 603 128,952 
PayPal Holdings, Inc. (a) 1,298 255,745 
Shopify, Inc. Class A (a) 195 199,414 
Snowflake Computing, Inc. 100 25,100 
Snowflake Computing, Inc. Class B 47 10,617 
Square, Inc. (a) 62 10,078 
Twilio, Inc. Class A (a) 160 39,534 
Visa, Inc. Class A 1,823 364,545 
  1,909,105 
Semiconductors & Semiconductor Equipment - 5.1%   
Advanced Micro Devices, Inc. (a) 1,637 134,218 
Analog Devices, Inc. 110 12,841 
ASML Holding NV 54 19,941 
Enphase Energy, Inc. (a) 276 22,795 
KLA-Tencor Corp. 34 6,587 
Lam Research Corp. 157 52,085 
Lattice Semiconductor Corp. (a) 306 8,862 
Marvell Technology Group Ltd. 514 20,406 
NVIDIA Corp. 812 439,471 
NXP Semiconductors NV 280 34,947 
Qorvo, Inc. (a) 46 5,934 
Qualcomm, Inc. 1,963 231,006 
Skyworks Solutions, Inc. 66 9,603 
SolarEdge Technologies, Inc. (a) 73 17,400 
Synaptics, Inc. (a) 450 36,189 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 142 11,512 
Texas Instruments, Inc. 49 6,997 
  1,070,794 
Software - 19.9%   
Adobe, Inc. (a) 1,896 929,855 
Agora, Inc. ADR (a) 34 1,461 
Atlassian Corp. PLC (a) 604 109,801 
Cadence Design Systems, Inc. (a) 48 5,118 
Ceridian HCM Holding, Inc. (a) 142 11,736 
Cloudflare, Inc. (a) 200 8,212 
Coupa Software, Inc. (a) 227 62,252 
Crowdstrike Holdings, Inc. (a) 41 5,630 
Datadog, Inc. Class A (a) 162 16,550 
Dropbox, Inc. Class A (a) 964 18,567 
Duck Creek Technologies, Inc. (a) 100 4,543 
Dynatrace, Inc. (a) 678 27,812 
Epic Games, Inc. (c)(d) 34 19,550 
Everbridge, Inc. (a) 24 3,018 
Fortinet, Inc. (a) 152 17,907 
Intuit, Inc. 348 113,521 
JFrog Ltd. 100 8,465 
Microsoft Corp. 6,447 1,355,998 
Netcompany Group A/S (a)(b) 39 3,234 
RingCentral, Inc. (a) 79 21,694 
Salesforce.com, Inc. (a) 5,323 1,337,776 
ServiceNow, Inc. (a) 112 54,320 
Slack Technologies, Inc. Class A (a) 532 14,290 
SurveyMonkey (a) 424 9,375 
Tanium, Inc. Class B (a)(c)(d) 741 8,444 
Unity Software, Inc. 100 8,728 
Xero Ltd. (a) 42 3,064 
Zoom Video Communications, Inc. Class A (a) 4 1,880 
  4,182,801 
Technology Hardware, Storage & Peripherals - 0.6%   
Apple, Inc. 1,011 117,084 
Samsung Electronics Co. Ltd. 210 10,481 
  127,565 
TOTAL INFORMATION TECHNOLOGY  7,545,464 
MATERIALS - 3.3%   
Chemicals - 0.9%   
Air Products & Chemicals, Inc. 99 29,488 
Sherwin-Williams Co. 244 170,005 
  199,493 
Containers & Packaging - 0.1%   
Silgan Holdings, Inc. 295 10,847 
WestRock Co. 100 3,474 
  14,321 
Metals & Mining - 2.3%   
B2Gold Corp. 4,102 26,709 
Barrick Gold Corp. 300 8,433 
Barrick Gold Corp. (Canada) 4,465 125,411 
Franco-Nevada Corp. 1,356 189,487 
Freeport-McMoRan, Inc. 1,288 20,144 
Ivanhoe Mines Ltd. (a) 9,115 33,132 
Lundin Gold, Inc. (a) 411 3,735 
Newcrest Mining Ltd. 291 6,599 
Newmont Corp. 600 38,070 
Northern Star Resources Ltd. 300 2,973 
Novagold Resources, Inc. (a) 2,336 27,824 
  482,517 
TOTAL MATERIALS  696,331 
REAL ESTATE - 0.7%   
Equity Real Estate Investment Trusts (REITs) - 0.7%   
Alexandria Real Estate Equities, Inc. 100 16,000 
American Tower Corp. 459 110,954 
Equity Commonwealth 265 7,057 
Prologis (REIT), Inc. 107 10,766 
  144,777 
UTILITIES - 0.3%   
Electric Utilities - 0.3%   
Iberdrola SA 204 2,514 
NextEra Energy, Inc. 58 16,098 
PG&E Corp. (a) 3,200 30,048 
  48,660 
TOTAL COMMON STOCKS   
(Cost $11,277,332)  20,487,988 
Preferred Stocks - 0.2%   
Convertible Preferred Stocks - 0.2%   
CONSUMER DISCRETIONARY - 0.1%   
Internet & Direct Marketing Retail - 0.1%   
Doordash, Inc. Series H (c)(d) 33 7,575 
Specialty Retail - 0.0%   
Fanatics, Inc. Series E (c)(d) 290 5,014 
TOTAL CONSUMER DISCRETIONARY  12,589 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (a)(c)(d) 8 2,709 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
23andMe, Inc. Series F (a)(c)(d) 144 1,505 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series N (c)(d) 74 19,980 
TOTAL CONVERTIBLE PREFERRED STOCKS  36,783 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Specialty Retail - 0.0%   
Cazoo Holdings Ltd.:   
Series A (c)(d) 3 41 
Series B (c)(d) 54 740 
Series C (c)(d) 1 14 
Series D (c)(d) 192 2,632 
  3,427 
TOTAL PREFERRED STOCKS   
(Cost $40,824)  40,210 
Money Market Funds - 2.2%   
Fidelity Cash Central Fund 0.10% (e)   
(Cost $463,742) 463,650 463,742 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $11,781,898)  20,991,940 
NET OTHER ASSETS (LIABILITIES) - 0.0%  9,803 
NET ASSETS - 100%  $21,001,743 

Legend

 (a) Non-income producing

 (b) 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 $142,546 or 0.7% of net assets.

 (c) 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 $69,858 or 0.3% of net assets.

 (d) Level 3 security

 (e) 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.

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 
Cazoo Holdings Ltd. 9/30/20 $1,289 
Cazoo Holdings Ltd. Series A 9/30/20 $41 
Cazoo Holdings Ltd. Series B 9/30/20 $740 
Cazoo Holdings Ltd. Series C 9/30/20 $14 
Cazoo Holdings Ltd. Series D 9/30/20 $2,632 
Doordash, Inc. Series H 6/17/20 $7,575 
Epic Games, Inc. 7/30/20 $19,550 
Fanatics, Inc. Series E 8/13/20 $5,014 
Roofoods Ltd. Series F 9/12/17 $2,829 
Space Exploration Technologies Corp. Series N 8/4/20 $19,980 
Tanium, Inc. Class B 4/21/17 - 9/18/20 $7,800 

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 $2,037 
Fidelity Securities Lending Cash Central Fund 15 
Total $2,052 

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. 

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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