Quarterly Holdings Report
for
Fidelity Flex® Funds
Fidelity Flex® Real Estate Fund
October 31, 2020
Schedule of Investments October 31, 2020 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.6% | |||
| Shares | Value | ||
| Equity Real Estate Investment Trusts (REITs) - 98.7% | |||
| REITs - Apartments - 11.0% | |||
| American Homes 4 Rent Class A | 1,023 | $28,920 | |
| Apartment Investment & Management Co. Class A | 485 | 15,472 | |
| Invitation Homes, Inc. | 1,195 | 32,576 | |
| Mid-America Apartment Communities, Inc. | 224 | 26,125 | |
| UDR, Inc. | 756 | 23,617 | |
| 126,710 | |||
| REITs - Diversified - 38.6% | |||
| Crown Castle International Corp. | 576 | 89,971 | |
| Digital Realty Trust, Inc. | 740 | 106,782 | |
| Duke Realty Corp. | 1,890 | 71,801 | |
| Equinix, Inc. | 79 | 57,768 | |
| Gaming & Leisure Properties | 485 | 17,630 | |
| SBA Communications Corp. Class A | 261 | 75,787 | |
| VICI Properties, Inc. | 662 | 15,193 | |
| Washington REIT (SBI) | 507 | 8,862 | |
| 443,794 | |||
| REITs - Health Care - 8.0% | |||
| Ventas, Inc. | 955 | 37,694 | |
| Welltower, Inc. | 1,008 | 54,200 | |
| 91,894 | |||
| REITs - Hotels - 1.0% | |||
| DiamondRock Hospitality Co. | 1,548 | 7,647 | |
| RLJ Lodging Trust | 462 | 3,779 | |
| 11,426 | |||
| REITs - Management/Investment - 5.9% | |||
| American Assets Trust, Inc. | 307 | 6,426 | |
| Lexington Corporate Properties Trust | 1,507 | 14,965 | |
| National Retail Properties, Inc. | 681 | 21,799 | |
| Weyerhaeuser Co. | 886 | 24,179 | |
| 67,369 | |||
| REITs - Manufactured Homes - 6.5% | |||
| Equity Lifestyle Properties, Inc. | 734 | 43,445 | |
| Sun Communities, Inc. | 224 | 30,829 | |
| 74,274 | |||
| REITs - Office Property - 4.9% | |||
| Brandywine Realty Trust (SBI) | 793 | 6,947 | |
| Highwoods Properties, Inc. (SBI) | 346 | 10,300 | |
| Mack-Cali Realty Corp. | 577 | 6,341 | |
| Piedmont Office Realty Trust, Inc. Class A | 705 | 8,051 | |
| VEREIT, Inc. | 4,015 | 24,893 | |
| 56,532 | |||
| REITs - Shopping Centers - 2.5% | |||
| Kimco Realty Corp. | 1,267 | 12,999 | |
| Regency Centers Corp. | 454 | 16,158 | |
| 29,157 | |||
| REITs - Single Tenant - 1.2% | |||
| Spirit Realty Capital, Inc. | 455 | 13,673 | |
| REITs - Storage - 6.5% | |||
| CubeSmart | 937 | 31,792 | |
| Extra Space Storage, Inc. | 270 | 31,307 | |
| Iron Mountain, Inc. | 448 | 11,675 | |
| 74,774 | |||
| REITs - Warehouse/Industrial - 12.6% | |||
| Americold Realty Trust | 580 | 21,013 | |
| Prologis (REIT), Inc. | 1,255 | 124,496 | |
| 145,509 | |||
| TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 1,135,112 | ||
| Real Estate Management & Development - 0.9% | |||
| Real Estate Development - 0.9% | |||
| Instone Real Estate Group BV (a)(b) | 510 | 10,549 | |
| TOTAL COMMON STOCKS | |||
| (Cost $1,128,534) | 1,145,661 | ||
| Money Market Funds - 0.5% | |||
| Fidelity Cash Central Fund 0.10% (c) | |||
| (Cost $5,797) | 5,796 | 5,797 | |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
| (Cost $1,134,331) | 1,151,458 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | (582) | ||
| NET ASSETS - 100% | $1,150,876 |
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 $10,549 or 0.9% of net assets.
(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.
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 |
| Total | $2 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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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