NPORT-EX 2 QTLY_1799_20200430.htm

Quarterly Holdings Report
for

Fidelity® Series Small Cap Opportunities Fund

April 30, 2020







SMO-QTLY-0620
1.847958.113





Schedule of Investments April 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%   
 Shares Value 
COMMUNICATION SERVICES - 1.7%   
Diversified Telecommunication Services - 0.9%   
Cogent Communications Group, Inc. 260,700 $21,854,481 
Iridium Communications, Inc. (a) 697,500 15,697,238 
  37,551,719 
Media - 0.8%   
4Imprint Group PLC 268,939 6,361,324 
Nexstar Broadcasting Group, Inc. Class A 80,700 5,652,228 
Tegna, Inc. 1,453,380 15,580,234 
The New York Times Co. Class A 277,600 9,027,552 
  36,621,338 
TOTAL COMMUNICATION SERVICES  74,173,057 
CONSUMER DISCRETIONARY - 9.1%   
Auto Components - 1.1%   
Fox Factory Holding Corp. (a) 292,800 14,935,728 
Standard Motor Products, Inc. 438,934 17,860,224 
Stoneridge, Inc. (a) 730,400 14,629,912 
  47,425,864 
Diversified Consumer Services - 0.2%   
Laureate Education, Inc. Class A (a) 1,034,900 9,800,503 
Hotels, Restaurants & Leisure - 0.4%   
Planet Fitness, Inc. (a) 137,700 8,307,441 
Wendy's Co. (b) 489,500 9,721,470 
  18,028,911 
Household Durables - 2.0%   
Helen of Troy Ltd. (a) 168,579 27,694,158 
M.D.C. Holdings, Inc. 483,200 14,133,600 
Skyline Champion Corp. (a) 742,900 14,642,559 
Taylor Morrison Home Corp. (a) 945,700 13,759,935 
TopBuild Corp. (a) 213,989 19,941,635 
  90,171,887 
Leisure Products - 1.4%   
Acushnet Holdings Corp. (b) 719,000 19,700,600 
Brunswick Corp. 198,600 9,477,192 
Clarus Corp. 1,192,402 12,734,853 
Johnson Outdoors, Inc. Class A 204,093 13,951,797 
YETI Holdings, Inc. (a)(b) 239,800 6,620,878 
  62,485,320 
Specialty Retail - 1.7%   
Lithia Motors, Inc. Class A (sub. vtg.) 140,900 15,577,904 
Monro, Inc. (b) 326,381 18,110,882 
Murphy U.S.A., Inc. (a) 225,400 24,072,720 
Williams-Sonoma, Inc. 277,200 17,142,048 
  74,903,554 
Textiles, Apparel & Luxury Goods - 2.3%   
Carter's, Inc. 179,100 14,005,620 
Columbia Sportswear Co. (b) 157,200 11,458,308 
Crocs, Inc. (a) 602,800 14,617,900 
Deckers Outdoor Corp. (a) 187,300 27,862,748 
Oxford Industries, Inc. (b) 290,400 12,173,568 
Steven Madden Ltd. 900,447 22,574,206 
  102,692,350 
TOTAL CONSUMER DISCRETIONARY  405,508,389 
CONSUMER STAPLES - 2.9%   
Food & Staples Retailing - 0.9%   
BJ's Wholesale Club Holdings, Inc. (a) 777,100 20,445,501 
Casey's General Stores, Inc. 78,200 11,840,262 
Grocery Outlet Holding Corp. 182,900 6,085,083 
  38,370,846 
Food Products - 1.3%   
Freshpet, Inc. (a) 192,400 14,508,884 
Nomad Foods Ltd. (a) 676,000 13,932,360 
Post Holdings, Inc. (a) 138,000 12,675,300 
The Simply Good Foods Co. (a) 802,100 15,119,585 
  56,236,129 
Household Products - 0.4%   
Central Garden & Pet Co. (a) 303,900 10,010,466 
Reynolds Consumer Products, Inc. 295,500 9,583,065 
  19,593,531 
Personal Products - 0.3%   
BellRing Brands, Inc. Class A (a) 833,400 14,609,502 
Inter Parfums, Inc. 28,102 1,255,878 
  15,865,380 
TOTAL CONSUMER STAPLES  130,065,886 
ENERGY - 1.7%   
Energy Equipment & Services - 0.1%   
Liberty Oilfield Services, Inc. Class A (b) 1,546,623 7,300,061 
Oil, Gas & Consumable Fuels - 1.6%   
Delek U.S. Holdings, Inc. (b) 952,400 22,238,540 
Diamondback Energy, Inc. 226,993 9,883,275 
EQT Corp. 436,300 6,365,617 
Northern Oil & Gas, Inc. (a)(b) 10,027,715 8,395,203 
PDC Energy, Inc. (a) 926,977 12,041,431 
WPX Energy, Inc. (a) 1,817,510 11,141,336 
  70,065,402 
TOTAL ENERGY  77,365,463 
FINANCIALS - 15.6%   
Banks - 7.4%   
BancFirst Corp. 300,684 11,579,341 
Camden National Corp. 376,724 12,337,711 
City Holding Co. 365,680 24,716,311 
Community Bank System, Inc. 359,300 22,452,657 
ConnectOne Bancorp, Inc. 966,506 14,439,600 
First Bancorp, Puerto Rico 4,097,885 23,890,670 
First Citizens Bancshares, Inc. 63,700 24,333,400 
First Interstate Bancsystem, Inc. 194,754 6,582,685 
First Merchants Corp. 878,570 24,872,317 
Glacier Bancorp, Inc. 753,700 28,700,896 
Heartland Financial U.S.A., Inc. 688,815 23,399,046 
Independent Bank Corp., Massachusetts 378,000 27,552,420 
Popular, Inc. 467,900 18,056,261 
Preferred Bank, Los Angeles 308,380 11,764,697 
Trico Bancshares 831,777 25,053,123 
United Community Bank, Inc. 1,271,200 26,879,524 
WesBanco, Inc. 149,778 3,696,521 
  330,307,180 
Capital Markets - 3.8%   
AllianceBernstein Holding LP 1,176,400 27,551,288 
Hamilton Lane, Inc. Class A 420,498 27,269,295 
Houlihan Lokey 509,178 30,234,990 
Lazard Ltd. Class A 412,900 11,354,750 
Moelis & Co. Class A (b) 636,900 19,024,203 
Morningstar, Inc. 164,838 25,708,134 
PJT Partners, Inc. 561,213 27,297,400 
  168,440,060 
Consumer Finance - 0.6%   
First Cash Financial Services, Inc. 395,300 28,398,352 
Diversified Financial Services - 0.7%   
Cannae Holdings, Inc. (a) 947,100 29,881,005 
Insurance - 2.7%   
Amerisafe, Inc. 367,200 23,379,624 
Employers Holdings, Inc. 668,006 20,287,342 
First American Financial Corp. 574,200 26,482,104 
Old Republic International Corp. 946,900 15,103,055 
Primerica, Inc. 145,700 15,139,687 
White Mountains Insurance Group Ltd. 18,192 17,700,816 
  118,092,628 
Thrifts & Mortgage Finance - 0.4%   
Essent Group Ltd. 669,400 18,288,008 
TOTAL FINANCIALS  693,407,233 
HEALTH CARE - 21.2%   
Biotechnology - 11.0%   
ACADIA Pharmaceuticals, Inc. (a) 235,502 11,377,102 
Acceleron Pharma, Inc. (a) 278,900 25,248,817 
Agios Pharmaceuticals, Inc. (a) 328,549 13,516,506 
Amicus Therapeutics, Inc. (a) 1,650,800 19,495,948 
Aprea Therapeutics, Inc. 384,700 12,229,613 
Arcutis Biotherapeutics, Inc. (a)(b) 614,573 18,265,110 
Argenx SE ADR (a) 171,600 25,137,684 
Ascendis Pharma A/S sponsored ADR (a) 207,748 28,197,636 
ChemoCentryx, Inc. (a) 319,700 16,947,297 
Crinetics Pharmaceuticals, Inc. (a) 602,028 10,041,827 
FibroGen, Inc. (a) 647,300 23,878,897 
G1 Therapeutics, Inc. (a) 567,400 7,449,962 
Immunomedics, Inc. (a) 1,202,700 36,538,026 
Insmed, Inc. (a) 976,200 22,452,600 
Intercept Pharmaceuticals, Inc. (a) 223,698 18,325,340 
Ionis Pharmaceuticals, Inc. (a) 152,372 8,461,217 
Kura Oncology, Inc. (a) 758,530 11,036,612 
Mirati Therapeutics, Inc. (a) 183,600 15,613,344 
Morphic Holding, Inc. 479,962 6,532,283 
Neurocrine Biosciences, Inc. (a) 194,400 19,078,416 
Passage Bio, Inc. 271,740 4,497,297 
Principia Biopharma, Inc. (a) 414,300 25,761,174 
Protagonist Therapeutics, Inc. (a) 1,324,329 8,939,221 
Revolution Medicines, Inc. 453,332 14,175,692 
Sage Therapeutics, Inc. (a) 114,675 4,470,032 
Sarepta Therapeutics, Inc. (a) 146,600 17,281,208 
TG Therapeutics, Inc. (a)(b) 1,279,000 15,041,040 
Turning Point Therapeutics, Inc. 200,200 10,312,302 
Viela Bio, Inc. 537,982 21,858,209 
Xenon Pharmaceuticals, Inc. (a) 1,038,759 13,462,317 
Zymeworks, Inc. (a) 144,400 5,274,932 
  490,897,661 
Health Care Equipment & Supplies - 3.4%   
Haemonetics Corp. (a) 274,800 31,266,744 
Hill-Rom Holdings, Inc. 246,400 27,717,536 
Masimo Corp. (a) 219,400 46,931,854 
Nevro Corp. (a) 177,600 20,892,864 
STERIS PLC 156,900 22,358,250 
  149,167,248 
Health Care Providers & Services - 2.5%   
Chemed Corp. 59,700 24,869,229 
LHC Group, Inc. (a) 323,400 42,038,766 
Molina Healthcare, Inc. (a) 274,100 44,944,177 
  111,852,172 
Health Care Technology - 1.3%   
HMS Holdings Corp. (a) 608,265 17,441,999 
Inspire Medical Systems, Inc. (a) 295,443 21,171,445 
Teladoc Health, Inc. (a)(b) 109,400 18,006,146 
  56,619,590 
Life Sciences Tools & Services - 1.7%   
Bio-Rad Laboratories, Inc. Class A (a) 79,400 34,943,940 
Bruker Corp. 596,600 23,458,312 
ICON PLC (a) 93,500 15,003,945 
  73,406,197 
Pharmaceuticals - 1.3%   
Arvinas Holding Co. LLC (a) 254,300 13,350,750 
IMARA, Inc. 179,039 3,294,318 
MyoKardia, Inc. (a) 366,115 22,999,344 
Theravance Biopharma, Inc. (a) 683,172 19,921,296 
  59,565,708 
TOTAL HEALTH CARE  941,508,576 
INDUSTRIALS - 15.0%   
Aerospace & Defense - 1.2%   
Moog, Inc. Class A 500,798 24,779,485 
Teledyne Technologies, Inc. (a) 81,012 26,383,178 
  51,162,663 
Air Freight & Logistics - 0.6%   
Air Transport Services Group, Inc. (a) 1,304,769 26,408,525 
Building Products - 1.9%   
Allegion PLC (b) 190,941 19,197,208 
Armstrong World Industries, Inc. 304,463 23,468,008 
Simpson Manufacturing Co. Ltd. (b) 550,485 39,689,969 
  82,355,185 
Commercial Services & Supplies - 0.7%   
Tetra Tech, Inc. 432,416 32,552,276 
Construction & Engineering - 2.9%   
Comfort Systems U.S.A., Inc. (b) 723,330 24,086,889 
Construction Partners, Inc. Class A (a)(b) 914,102 16,755,490 
EMCOR Group, Inc. 536,098 34,058,306 
Fluor Corp. 900,200 10,532,340 
Jacobs Engineering Group, Inc. 253,273 20,958,341 
Valmont Industries, Inc. 197,741 23,183,155 
  129,574,521 
Electrical Equipment - 1.6%   
Atkore International Group, Inc. (a) 1,146,759 27,912,114 
Generac Holdings, Inc. (a) 437,073 42,588,393 
  70,500,507 
Machinery - 3.3%   
Allison Transmission Holdings, Inc. 511,861 18,601,029 
ESCO Technologies, Inc. 436,078 33,272,751 
Federal Signal Corp. (b) 772,421 20,801,298 
ITT, Inc. 576,385 30,387,017 
Oshkosh Corp. 245,900 16,605,627 
SPX Flow, Inc. (a) 877,407 28,577,146 
  148,244,868 
Professional Services - 0.9%   
CBIZ, Inc. (a) 1,675,325 39,788,969 
Clarivate Analytics PLC (a) 42,300 972,054 
  40,761,023 
Road & Rail - 0.4%   
Landstar System, Inc. 169,629 17,524,372 
Trading Companies & Distributors - 1.5%   
Kaman Corp. 683,943 26,509,631 
MRC Global, Inc. (a) 1,761,920 9,443,891 
Rush Enterprises, Inc. Class A 342,276 12,835,350 
Univar, Inc. (a) 1,236,654 17,956,216 
  66,745,088 
TOTAL INDUSTRIALS  665,829,028 
INFORMATION TECHNOLOGY - 16.2%   
Electronic Equipment & Components - 2.8%   
ePlus, Inc. (a) 336,122 23,780,632 
Fabrinet (a) 464,474 29,145,744 
II-VI, Inc. (a)(b) 725,400 24,968,268 
Insight Enterprises, Inc. (a) 493,700 26,802,973 
TTM Technologies, Inc. (a) 1,735,185 20,110,794 
  124,808,411 
IT Services - 5.6%   
Amdocs Ltd. 215,900 13,912,596 
CACI International, Inc. Class A (a) 112,571 28,158,510 
Endava PLC ADR (a) 524,006 22,935,743 
EPAM Systems, Inc. (a) 87,548 19,338,478 
ExlService Holdings, Inc. (a) 430,884 26,598,469 
ManTech International Corp. Class A 375,944 28,030,385 
Maximus, Inc. 339,101 22,828,279 
Perspecta, Inc. 1,421,300 30,657,441 
Science Applications International Corp. (b) 495,899 40,495,112 
WNS Holdings Ltd. sponsored ADR (a) 378,103 18,470,332 
  251,425,345 
Semiconductors & Semiconductor Equipment - 4.7%   
Advanced Energy Industries, Inc. (a) 486,699 27,060,464 
Ambarella, Inc. (a) 341,500 17,956,070 
Cabot Microelectronics Corp. 259,700 31,823,638 
Diodes, Inc. (a) 457,600 23,287,264 
Entegris, Inc. 521,713 28,292,496 
MKS Instruments, Inc. 218,500 21,900,255 
Semtech Corp. (a) 673,200 30,455,568 
Synaptics, Inc. (a) 405,500 26,515,645 
  207,291,400 
Software - 3.1%   
Altair Engineering, Inc. Class A (a)(b) 567,100 18,708,629 
Everbridge, Inc. (a)(b) 282,900 31,509,402 
Five9, Inc. (a) 559,900 51,885,928 
Pegasystems, Inc. 198,700 16,615,294 
Workiva, Inc. (a) 514,700 19,738,745 
  138,457,998 
TOTAL INFORMATION TECHNOLOGY  721,983,154 
MATERIALS - 3.5%   
Chemicals - 1.4%   
Chase Corp. 193,994 18,285,874 
Innospec, Inc. 349,400 25,338,488 
Olin Corp. 701,300 9,362,355 
Tronox Holdings PLC 1,216,000 8,293,120 
  61,279,837 
Construction Materials - 0.3%   
Eagle Materials, Inc. 228,900 13,965,189 
Containers & Packaging - 0.4%   
O-I Glass, Inc. 1,123,100 9,254,344 
Sonoco Products Co. 223,100 10,896,204 
  20,150,548 
Metals & Mining - 0.9%   
B2Gold Corp. 4,774,200 24,146,247 
Steel Dynamics, Inc. 632,618 15,353,639 
  39,499,886 
Paper & Forest Products - 0.5%   
Louisiana-Pacific Corp. (b) 1,042,900 20,858,000 
TOTAL MATERIALS  155,753,460 
REAL ESTATE - 7.1%   
Equity Real Estate Investment Trusts (REITs) - 6.5%   
Americold Realty Trust 901,900 27,589,121 
CoreSite Realty Corp. 237,400 28,770,506 
CubeSmart 1,263,200 31,832,640 
Equity Commonwealth 564,400 19,161,380 
Equity Lifestyle Properties, Inc. 302,558 18,247,273 
Lexington Corporate Properties Trust 4,036,300 42,179,335 
PS Business Parks, Inc. 289,700 37,397,373 
Rexford Industrial Realty, Inc. 1,097,300 44,682,056 
Terreno Realty Corp. 766,800 42,035,976 
  291,895,660 
Real Estate Management & Development - 0.6%   
Cushman & Wakefield PLC (a) 2,106,000 25,630,020 
TOTAL REAL ESTATE  317,525,680 
UTILITIES - 3.6%   
Electric Utilities - 1.6%   
Allete, Inc. 353,800 20,364,728 
Hawaiian Electric Industries, Inc. (b) 254,700 10,053,009 
IDACORP, Inc. 167,800 15,400,684 
PNM Resources, Inc. (b) 604,862 24,490,862 
  70,309,283 
Gas Utilities - 1.3%   
New Jersey Resources Corp. 363,000 12,262,140 
Southwest Gas Holdings, Inc. (b) 278,537 21,113,105 
Spire, Inc. 321,608 23,464,520 
  56,839,765 
Independent Power and Renewable Electricity Producers - 0.3%   
Vistra Energy Corp. 714,751 13,966,235 
Multi-Utilities - 0.4%   
Algonquin Power & Utilities Corp. 1,386,400 19,201,640 
TOTAL UTILITIES  160,316,923 
TOTAL COMMON STOCKS   
(Cost $3,991,223,160)  4,343,436,849 
Money Market Funds - 6.3%   
Fidelity Cash Central Fund 0.16% (c) 119,092,927 119,128,655 
Fidelity Securities Lending Cash Central Fund 0.11% (c)(d) 162,268,275 162,284,502 
TOTAL MONEY MARKET FUNDS   
(Cost $281,401,453)  281,413,157 
TOTAL INVESTMENT IN SECURITIES - 103.9%   
(Cost $4,272,624,613)  4,624,850,006 
NET OTHER ASSETS (LIABILITIES) - (3.9)%(e)  (171,966,368) 
NET ASSETS - 100%  $4,452,883,638 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini Russell 2000 Index Contracts (United States) 483 June 2020 $31,556,805 $3,388,417 $3,388,417 

The notional amount of futures purchased as a percentage of Net Assets is 0.7%

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 $3,429,300 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 $1,391,296 
Fidelity Securities Lending Cash Central Fund 355,076 
Total $1,746,372 

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. 

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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