Quarterly Holdings Report
for
Fidelity Flex® Funds
Fidelity Flex® Opportunistic Insights Fund
March 31, 2020
ZPI-QTLY-0520
1.9881592.103
Schedule of Investments March 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.0% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 16.2% | |||
Entertainment - 3.5% | |||
Activision Blizzard, Inc. | 473 | $28,134 | |
Netflix, Inc. (a) | 1,348 | 506,174 | |
Spotify Technology SA (a) | 92 | 11,172 | |
The Walt Disney Co. | 1,438 | 138,911 | |
684,391 | |||
Interactive Media & Services - 12.0% | |||
Alphabet, Inc.: | |||
Class A (a) | 326 | 378,796 | |
Class C (a) | 345 | 401,169 | |
Facebook, Inc. Class A (a) | 9,430 | 1,572,926 | |
Twitter, Inc. (a) | 100 | 2,456 | |
2,355,347 | |||
Media - 0.1% | |||
Charter Communications, Inc. Class A (a) | 20 | 8,726 | |
Liberty Media Corp. Liberty Formula One Group Series C (a) | 724 | 19,715 | |
28,441 | |||
Wireless Telecommunication Services - 0.6% | |||
T-Mobile U.S., Inc. (a) | 1,302 | 109,238 | |
TOTAL COMMUNICATION SERVICES | 3,177,417 | ||
CONSUMER DISCRETIONARY - 10.8% | |||
Automobiles - 0.1% | |||
Toyota Motor Corp. | 200 | 12,053 | |
Hotels, Restaurants & Leisure - 1.1% | |||
Chipotle Mexican Grill, Inc. (a) | 115 | 75,256 | |
Evolution Gaming Group AB (b) | 400 | 13,562 | |
McDonald's Corp. | 752 | 124,343 | |
Starbucks Corp. | 111 | 7,297 | |
220,458 | |||
Household Durables - 0.0% | |||
Tempur Sealy International, Inc. (a) | 100 | 4,371 | |
Internet & Direct Marketing Retail - 7.8% | |||
Alibaba Group Holding Ltd. | 2,200 | 53,308 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 52 | 10,113 | |
Amazon.com, Inc. (a) | 741 | 1,444,743 | |
Boohoo.Com PLC (a) | 1,500 | 3,528 | |
Chewy, Inc. | 200 | 7,498 | |
Delivery Hero AG (a)(b) | 37 | 2,720 | |
Meituan Dianping Class B (a) | 700 | 8,345 | |
1,530,255 | |||
Specialty Retail - 0.8% | |||
Burlington Stores, Inc. (a) | 34 | 5,388 | |
The Home Depot, Inc. | 527 | 98,396 | |
TJX Companies, Inc. | 1,107 | 52,926 | |
156,710 | |||
Textiles, Apparel & Luxury Goods - 1.0% | |||
adidas AG | 414 | 91,919 | |
Deckers Outdoor Corp. (a) | 98 | 13,132 | |
lululemon athletica, Inc.(a) | 100 | 18,955 | |
NIKE, Inc. Class B | 996 | 82,409 | |
206,415 | |||
TOTAL CONSUMER DISCRETIONARY | 2,130,262 | ||
CONSUMER STAPLES - 3.1% | |||
Beverages - 1.1% | |||
Keurig Dr. Pepper, Inc. | 1,059 | 25,702 | |
PepsiCo, Inc. | 823 | 98,842 | |
The Coca-Cola Co. | 2,196 | 97,173 | |
221,717 | |||
Food & Staples Retailing - 1.0% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 168 | 3,957 | |
Costco Wholesale Corp. | 652 | 185,905 | |
Grocery Outlet Holding Corp. | 128 | 4,396 | |
194,258 | |||
Food Products - 0.0% | |||
Mondelez International, Inc. | 22 | 1,102 | |
Personal Products - 1.0% | |||
Estee Lauder Companies, Inc. Class A | 1,104 | 175,911 | |
Kao Corp. | 100 | 8,212 | |
L'Oreal SA | 14 | 3,623 | |
Shiseido Co. Ltd. | 234 | 13,889 | |
201,635 | |||
TOTAL CONSUMER STAPLES | 618,712 | ||
ENERGY - 0.4% | |||
Oil, Gas & Consumable Fuels - 0.4% | |||
Continental Resources, Inc. | 114 | 871 | |
Hess Corp. | 133 | 4,429 | |
Magnolia Oil & Gas Corp. Class A (a) | 1,078 | 4,312 | |
Reliance Industries Ltd. | 4,104 | 60,667 | |
Tamarack Valley Energy Ltd. (a) | 3,734 | 1,287 | |
71,566 | |||
FINANCIALS - 10.7% | |||
Banks - 3.6% | |||
Bank of America Corp. | 15,620 | 331,613 | |
Citigroup, Inc. | 2,036 | 85,756 | |
JPMorgan Chase & Co. | 2,587 | 232,908 | |
Kotak Mahindra Bank Ltd. | 3,327 | 57,231 | |
The Toronto-Dominion Bank | 100 | 4,251 | |
711,759 | |||
Capital Markets - 0.5% | |||
Brookfield Asset Management, Inc. (Canada) Class A | 448 | 19,858 | |
CME Group, Inc. | 370 | 63,977 | |
Moody's Corp. | 62 | 13,113 | |
96,948 | |||
Consumer Finance - 0.7% | |||
American Express Co. | 1,525 | 130,555 | |
Diversified Financial Services - 5.5% | |||
Berkshire Hathaway, Inc. Class A (a) | 4 | 1,088,000 | |
Insurance - 0.4% | |||
Admiral Group PLC | 854 | 23,519 | |
Allstate Corp. | 134 | 12,292 | |
Chubb Ltd. | 213 | 23,790 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 48 | 14,715 | |
74,316 | |||
TOTAL FINANCIALS | 2,101,578 | ||
HEALTH CARE - 12.3% | |||
Biotechnology - 2.6% | |||
23andMe, Inc. (a)(c)(d) | 35 | 442 | |
AbbVie, Inc. | 431 | 32,838 | |
Acceleron Pharma, Inc. (a) | 200 | 17,974 | |
Alector, Inc. (a) | 132 | 3,185 | |
Argenx SE ADR (a) | 100 | 13,173 | |
bluebird bio, Inc. (a) | 137 | 6,297 | |
Gilead Sciences, Inc. | 100 | 7,476 | |
Idorsia Ltd. (a) | 630 | 16,283 | |
Innovent Biolgics, Inc. (a)(b) | 3,500 | 14,604 | |
Mirati Therapeutics, Inc. (a) | 50 | 3,844 | |
Regeneron Pharmaceuticals, Inc. (a) | 206 | 100,588 | |
Revolution Medicines, Inc. | 200 | 4,382 | |
Seattle Genetics, Inc. (a) | 100 | 11,538 | |
Vertex Pharmaceuticals, Inc. (a) | 1,147 | 272,929 | |
Zai Lab Ltd. ADR (a) | 200 | 10,296 | |
515,849 | |||
Health Care Equipment & Supplies - 4.0% | |||
Abbott Laboratories | 452 | 35,667 | |
Baxter International, Inc. | 1,502 | 121,947 | |
Danaher Corp. | 1,389 | 192,251 | |
DexCom, Inc. (a) | 533 | 143,521 | |
Edwards Lifesciences Corp. (a) | 583 | 109,965 | |
Intuitive Surgical, Inc. (a) | 151 | 74,777 | |
Masimo Corp. (a) | 44 | 7,793 | |
ResMed, Inc. | 149 | 21,946 | |
Sonova Holding AG Class B | 87 | 15,513 | |
Stryker Corp. | 372 | 61,934 | |
785,314 | |||
Health Care Providers & Services - 1.7% | |||
Cigna Corp. | 39 | 6,910 | |
Hapvida Participacoes e Investimentos SA (b) | 700 | 5,712 | |
Patterson Companies, Inc. | 100 | 1,529 | |
UnitedHealth Group, Inc. | 1,241 | 309,481 | |
323,632 | |||
Health Care Technology - 0.3% | |||
Veeva Systems, Inc. Class A (a) | 316 | 49,413 | |
Life Sciences Tools & Services - 1.3% | |||
10X Genomics, Inc. (a) | 106 | 6,606 | |
Bio-Rad Laboratories, Inc. Class A (a) | 57 | 19,982 | |
IQVIA Holdings, Inc. (a) | 143 | 15,424 | |
Mettler-Toledo International, Inc. (a) | 142 | 98,052 | |
Thermo Fisher Scientific, Inc. | 404 | 114,574 | |
254,638 | |||
Pharmaceuticals - 2.4% | |||
AstraZeneca PLC sponsored ADR | 2,734 | 122,100 | |
Bristol-Myers Squibb Co. | 1,339 | 74,636 | |
Bristol-Myers Squibb Co. rights (a) | 200 | 760 | |
Eli Lilly & Co. | 499 | 69,221 | |
Hansoh Pharmaceutical Group Co. Ltd. (b) | 4,000 | 13,366 | |
Merck & Co., Inc. | 1,204 | 92,636 | |
Novartis AG sponsored ADR | 188 | 15,501 | |
Roche Holding AG (participation certificate) | 43 | 13,835 | |
Zoetis, Inc. Class A | 653 | 76,852 | |
478,907 | |||
TOTAL HEALTH CARE | 2,407,753 | ||
INDUSTRIALS - 2.4% | |||
Aerospace & Defense - 0.6% | |||
Harris Corp. | 328 | 59,079 | |
Northrop Grumman Corp. | 141 | 42,660 | |
TransDigm Group, Inc. | 55 | 17,610 | |
119,349 | |||
Building Products - 0.2% | |||
Fortune Brands Home & Security, Inc. | 200 | 8,650 | |
Toto Ltd. | 734 | 24,541 | |
33,191 | |||
Commercial Services & Supplies - 0.3% | |||
Cintas Corp. | 293 | 50,753 | |
Clean TeQ Holdings Ltd. (a) | 8,100 | 623 | |
51,376 | |||
Electrical Equipment - 0.1% | |||
AMETEK, Inc. | 167 | 12,027 | |
Vestas Wind Systems A/S | 100 | 8,137 | |
20,164 | |||
Industrial Conglomerates - 0.2% | |||
General Electric Co. | 5,608 | 44,528 | |
Machinery - 0.2% | |||
Fortive Corp. | 838 | 46,249 | |
Professional Services - 0.8% | |||
Clarivate Analytics PLC (a) | 2,437 | 50,568 | |
CoStar Group, Inc. (a) | 58 | 34,058 | |
Experian PLC | 734 | 20,399 | |
FTI Consulting, Inc. (a) | 416 | 49,824 | |
154,849 | |||
Road & Rail - 0.0% | |||
Canadian Pacific Railway Ltd. | 30 | 6,620 | |
TOTAL INDUSTRIALS | 476,326 | ||
INFORMATION TECHNOLOGY - 32.5% | |||
Communications Equipment - 0.2% | |||
Motorola Solutions, Inc. | 298 | 39,610 | |
Electronic Equipment & Components - 1.6% | |||
Amphenol Corp. Class A | 3,535 | 257,631 | |
CDW Corp. | 274 | 25,556 | |
Keysight Technologies, Inc. (a) | 240 | 20,083 | |
Zebra Technologies Corp. Class A (a) | 37 | 6,793 | |
310,063 | |||
IT Services - 9.2% | |||
Accenture PLC Class A | 403 | 65,794 | |
Adyen BV (a)(b) | 57 | 48,008 | |
Edenred SA | 100 | 4,150 | |
Endava PLC ADR (a) | 100 | 3,516 | |
EPAM Systems, Inc. (a) | 143 | 26,549 | |
Fidelity National Information Services, Inc. | 101 | 12,286 | |
Fiserv, Inc. (a) | 117 | 11,114 | |
Global Payments, Inc. | 596 | 85,961 | |
MasterCard, Inc. Class A | 2,605 | 629,264 | |
MongoDB, Inc. Class A (a) | 397 | 54,206 | |
Okta, Inc. (a) | 745 | 91,084 | |
PayPal Holdings, Inc. (a) | 2,051 | 196,363 | |
Shopify, Inc. Class A (a) | 208 | 87,146 | |
StoneCo Ltd. Class A (a) | 331 | 7,206 | |
Visa, Inc. Class A | 3,012 | 485,293 | |
1,807,940 | |||
Semiconductors & Semiconductor Equipment - 2.8% | |||
Advanced Micro Devices, Inc. (a) | 2,137 | 97,191 | |
Analog Devices, Inc. | 46 | 4,124 | |
ASML Holding NV | 54 | 14,129 | |
Enphase Energy, Inc. (a) | 800 | 25,832 | |
Lam Research Corp. | 42 | 10,080 | |
NVIDIA Corp. | 959 | 252,792 | |
NXP Semiconductors NV | 276 | 22,889 | |
Qualcomm, Inc. | 1,772 | 119,876 | |
SolarEdge Technologies, Inc. (a) | 73 | 5,977 | |
Synaptics, Inc. (a) | 100 | 5,787 | |
558,677 | |||
Software - 18.6% | |||
Adobe, Inc. (a) | 2,576 | 819,786 | |
Atlassian Corp. PLC (a) | 672 | 92,239 | |
Ceridian HCM Holding, Inc. (a) | 200 | 10,014 | |
Coupa Software, Inc. (a) | 353 | 49,325 | |
Datadog, Inc. Class A (a) | 618 | 22,236 | |
Dropbox, Inc. Class A (a) | 1,264 | 22,878 | |
Dynatrace, Inc. | 87 | 2,074 | |
Intuit, Inc. | 535 | 123,050 | |
Microsoft Corp. | 8,396 | 1,324,133 | |
Netcompany Group A/S (a)(b) | 98 | 4,501 | |
Pagerduty, Inc. | 100 | 1,728 | |
Paycom Software, Inc. (a) | 208 | 42,018 | |
RingCentral, Inc. (a) | 429 | 90,909 | |
Salesforce.com, Inc. (a) | 6,789 | 977,480 | |
Slack Technologies, Inc. Class A (a) | 1,100 | 29,524 | |
Snowflake Computing, Inc. Class B (c)(d) | 47 | 1,822 | |
SurveyMonkey (a) | 716 | 9,673 | |
Tanium, Inc. Class B (a)(c)(d) | 100 | 996 | |
Workday, Inc. Class A (a) | 213 | 27,737 | |
3,652,123 | |||
Technology Hardware, Storage & Peripherals - 0.1% | |||
Samsung Electronics Co. Ltd. | 240 | 9,400 | |
TOTAL INFORMATION TECHNOLOGY | 6,377,813 | ||
MATERIALS - 2.5% | |||
Chemicals - 0.7% | |||
Air Products & Chemicals, Inc. | 83 | 16,568 | |
Sherwin-Williams Co. | 267 | 122,692 | |
139,260 | |||
Metals & Mining - 1.8% | |||
B2Gold Corp. | 4,102 | 12,417 | |
Barrick Gold Corp. | 300 | 5,496 | |
Barrick Gold Corp. (Canada) | 5,544 | 101,874 | |
Franco-Nevada Corp. | 1,356 | 135,484 | |
Ivanhoe Mines Ltd. (a) | 13,229 | 21,997 | |
Kirkland Lake Gold Ltd. | 153 | 4,506 | |
Lundin Gold, Inc. (a) | 711 | 3,956 | |
Newcrest Mining Ltd. | 1,629 | 22,371 | |
Newmont Corp. | 400 | 18,112 | |
Northern Star Resources Ltd. | 300 | 1,943 | |
Novagold Resources, Inc. (a) | 2,336 | 17,230 | |
345,386 | |||
TOTAL MATERIALS | 484,646 | ||
REAL ESTATE - 0.9% | |||
Equity Real Estate Investment Trusts (REITs) - 0.9% | |||
American Tower Corp. | 628 | 136,747 | |
Equity Commonwealth | 100 | 3,171 | |
Equity Residential (SBI) | 454 | 28,016 | |
Prologis, Inc. | 100 | 8,037 | |
175,971 | |||
UTILITIES - 0.2% | |||
Electric Utilities - 0.2% | |||
NextEra Energy, Inc. | 144 | 34,649 | |
TOTAL COMMON STOCKS | |||
(Cost $14,894,496) | 18,056,693 | ||
Convertible Preferred Stocks - 0.0% | |||
CONSUMER STAPLES - 0.0% | |||
Food & Staples Retailing - 0.0% | |||
Roofoods Ltd. Series F (a)(c)(d) | 8 | 2,671 | |
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
23andMe, Inc. Series F (a)(c)(d) | 144 | 1,819 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $4,828) | 4,490 | ||
Money Market Funds - 3.2% | |||
Fidelity Cash Central Fund 0.29% (e) | |||
(Cost $631,695) | 631,505 | 631,695 | |
TOTAL INVESTMENT IN SECURITIES - 95.2% | |||
(Cost $15,531,019) | 18,692,878 | ||
NET OTHER ASSETS (LIABILITIES) - 4.8% | 941,054 | ||
NET ASSETS - 100% | $19,633,932 |
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 $102,473 or 0.5% 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 $7,750 or 0.0% 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 |
Roofoods Ltd. Series F | 9/12/17 | $2,829 |
Snowflake Computing, Inc. Class B | 3/19/20 | $1,823 |
Tanium, Inc. Class B | 4/21/17 | $496 |
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 | $1,653 |
Total | $1,653 |
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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