NPORT-EX 2 QTLY_2931_20211031.htm US_QtlyFinancialStatementsCoverMaster
Quarterly Holdings Report
for
Fidelity Flex® Funds
Fidelity Flex® Mid Cap Value Fund
October 31, 2021
ZMV-NPRT3-1221
1.9881565.104
Common Stocks - 98.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 2.2%
 
 
 
Diversified Telecommunication Services - 0.6%
 
 
 
Liberty Global PLC Class C (a)
 
5,843
168,512
Media - 1.6%
 
 
 
Interpublic Group of Companies, Inc.
 
7,777
284,405
Nexstar Broadcasting Group, Inc. Class A
 
1,384
207,503
 
 
 
491,908
TOTAL COMMUNICATION SERVICES
 
 
660,420
CONSUMER DISCRETIONARY - 11.3%
 
 
 
Auto Components - 0.8%
 
 
 
Adient PLC (a)
 
5,651
235,195
Distributors - 1.3%
 
 
 
LKQ Corp.
 
6,973
384,073
Diversified Consumer Services - 1.9%
 
 
 
Adtalem Global Education, Inc. (a)
 
6,781
250,422
Laureate Education, Inc. Class A
 
18,155
314,445
 
 
 
564,867
Hotels, Restaurants & Leisure - 1.2%
 
 
 
Caesars Entertainment, Inc. (a)
 
3,283
359,357
Household Durables - 2.0%
 
 
 
Mohawk Industries, Inc. (a)
 
1,849
327,661
Taylor Morrison Home Corp. (a)
 
8,724
266,344
 
 
 
594,005
Internet & Direct Marketing Retail - 1.3%
 
 
 
eBay, Inc.
 
4,926
377,923
Multiline Retail - 1.1%
 
 
 
Dollar Tree, Inc. (a)
 
3,064
330,177
Specialty Retail - 1.7%
 
 
 
Gap, Inc.
 
12,640
286,802
Rent-A-Center, Inc.
 
3,811
202,974
 
 
 
489,776
TOTAL CONSUMER DISCRETIONARY
 
 
3,335,373
CONSUMER STAPLES - 5.2%
 
 
 
Beverages - 1.0%
 
 
 
Primo Water Corp.
 
17,980
285,882
Food & Staples Retailing - 1.0%
 
 
 
BJ's Wholesale Club Holdings, Inc. (a)
 
4,792
280,044
Food Products - 1.9%
 
 
 
Bunge Ltd.
 
1,514
140,257
Darling Ingredients, Inc. (a)
 
5,061
427,756
 
 
 
568,013
Household Products - 0.6%
 
 
 
Reynolds Consumer Products, Inc.
 
6,774
182,763
Tobacco - 0.7%
 
 
 
Altria Group, Inc.
 
4,869
214,772
TOTAL CONSUMER STAPLES
 
 
1,531,474
ENERGY - 6.4%
 
 
 
Energy Equipment & Services - 0.9%
 
 
 
Liberty Oilfield Services, Inc. Class A (a)
 
21,185
273,710
Oil, Gas & Consumable Fuels - 5.5%
 
 
 
Canadian Natural Resources Ltd.
 
15,760
669,825
Cheniere Energy, Inc.
 
4,490
464,266
Hess Corp.
 
5,859
483,778
 
 
 
1,617,869
TOTAL ENERGY
 
 
1,891,579
FINANCIALS - 17.2%
 
 
 
Banks - 2.8%
 
 
 
East West Bancorp, Inc.
 
2,870
228,108
First Citizens Bancshares, Inc.
 
344
279,982
Signature Bank
 
1,084
322,837
 
 
 
830,927
Capital Markets - 4.8%
 
 
 
Ameriprise Financial, Inc.
 
1,630
492,472
Bank of New York Mellon Corp.
 
2,742
162,326
Lazard Ltd. Class A
 
7,393
362,183
LPL Financial
 
2,451
402,013
 
 
 
1,418,994
Consumer Finance - 3.0%
 
 
 
OneMain Holdings, Inc.
 
6,435
339,832
SLM Corp.
 
17,107
313,913
Synchrony Financial
 
5,116
237,638
 
 
 
891,383
Diversified Financial Services - 0.8%
 
 
 
Voya Financial, Inc.
 
3,135
218,729
Insurance - 5.8%
 
 
 
American Financial Group, Inc.
 
2,841
386,490
Arch Capital Group Ltd. (a)
 
8,921
373,076
Assurant, Inc.
 
2,290
369,400
Reinsurance Group of America, Inc.
 
1,828
215,850
The Travelers Companies, Inc.
 
2,272
365,519
 
 
 
1,710,335
TOTAL FINANCIALS
 
 
5,070,368
HEALTH CARE - 6.4%
 
 
 
Biotechnology - 0.3%
 
 
 
United Therapeutics Corp. (a)
 
367
70,009
Health Care Providers & Services - 4.7%
 
 
 
Centene Corp. (a)
 
5,324
379,282
Cigna Corp.
 
2,824
603,235
Laboratory Corp. of America Holdings (a)
 
1,451
416,466
 
 
 
1,398,983
Pharmaceuticals - 1.4%
 
 
 
Bristol-Myers Squibb Co.
 
3,095
180,748
Jazz Pharmaceuticals PLC (a)
 
1,742
231,756
 
 
 
412,504
TOTAL HEALTH CARE
 
 
1,881,496
INDUSTRIALS - 19.4%
 
 
 
Aerospace & Defense - 0.8%
 
 
 
Curtiss-Wright Corp.
 
1,767
225,611
Air Freight & Logistics - 0.9%
 
 
 
FedEx Corp.
 
1,178
277,454
Building Products - 3.0%
 
 
 
Builders FirstSource, Inc. (a)
 
8,003
466,335
Jeld-Wen Holding, Inc. (a)
 
15,005
411,287
 
 
 
877,622
Commercial Services & Supplies - 0.9%
 
 
 
The Brink's Co.
 
3,960
272,765
Construction & Engineering - 2.2%
 
 
 
Fluor Corp. (a)
 
14,296
277,914
Willscot Mobile Mini Holdings (a)
 
10,484
364,319
 
 
 
642,233
Machinery - 2.0%
 
 
 
Allison Transmission Holdings, Inc.
 
8,973
299,339
Crane Co.
 
2,731
282,058
 
 
 
581,397
Marine - 0.8%
 
 
 
Kirby Corp. (a)
 
4,530
237,417
Professional Services - 3.6%
 
 
 
ASGN, Inc. (a)
 
1,687
201,866
KBR, Inc.
 
5,251
222,852
Manpower, Inc.
 
2,461
237,856
Nielsen Holdings PLC
 
20,242
409,901
 
 
 
1,072,475
Road & Rail - 2.4%
 
 
 
Ryder System, Inc.
 
2,502
212,545
TFI International, Inc. (Canada)
 
2,673
296,393
XPO Logistics, Inc. (a)
 
2,308
198,026
 
 
 
706,964
Trading Companies & Distributors - 2.8%
 
 
 
AerCap Holdings NV (a)
 
3,750
221,400
Beacon Roofing Supply, Inc. (a)
 
6,079
321,397
Univar, Inc. (a)
 
11,323
289,642
 
 
 
832,439
TOTAL INDUSTRIALS
 
 
5,726,377
INFORMATION TECHNOLOGY - 5.7%
 
 
 
Electronic Equipment & Components - 1.1%
 
 
 
Flex Ltd. (a)
 
20,012
338,203
IT Services - 2.2%
 
 
 
DXC Technology Co. (a)
 
8,299
270,298
Unisys Corp. (a)
 
14,286
365,293
 
 
 
635,591
Software - 2.4%
 
 
 
NCR Corp. (a)
 
6,230
246,334
SS&C Technologies Holdings, Inc.
 
5,710
453,774
 
 
 
700,108
TOTAL INFORMATION TECHNOLOGY
 
 
1,673,902
MATERIALS - 8.7%
 
 
 
Chemicals - 3.6%
 
 
 
Axalta Coating Systems Ltd. (a)
 
11,829
368,947
Olin Corp.
 
7,543
429,800
Tronox Holdings PLC
 
11,111
259,109
 
 
 
1,057,856
Construction Materials - 0.7%
 
 
 
Eagle Materials, Inc.
 
1,506
223,430
Containers & Packaging - 3.0%
 
 
 
Berry Global Group, Inc. (a)
 
4,666
305,810
Crown Holdings, Inc.
 
2,903
301,883
O-I Glass, Inc. (a)
 
20,524
267,838
 
 
 
875,531
Metals & Mining - 1.4%
 
 
 
Arconic Corp. (a)
 
8,075
237,567
Constellium NV (a)
 
9,143
168,323
 
 
 
405,890
TOTAL MATERIALS
 
 
2,562,707
REAL ESTATE - 7.9%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 7.9%
 
 
 
American Tower Corp.
 
1,221
344,285
Americold Realty Trust
 
7,906
232,990
CubeSmart
 
12,269
674,913
Equinix, Inc.
 
523
437,788
Equity Lifestyle Properties, Inc.
 
7,638
645,487
 
 
 
2,335,463
Real Estate Management & Development - 0.0%
 
 
 
Cushman & Wakefield PLC (a)
 
835
15,356
TOTAL REAL ESTATE
 
 
2,350,819
UTILITIES - 8.3%
 
 
 
Electric Utilities - 3.9%
 
 
 
Edison International
 
7,944
499,916
NRG Energy, Inc.
 
6,009
239,699
PG&E Corp. (a)
 
35,936
416,858
 
 
 
1,156,473
Independent Power and Renewable Electricity Producers - 2.1%
 
 
 
The AES Corp.
 
18,168
456,562
Vistra Corp.
 
8,420
164,948
 
 
 
621,510
Multi-Utilities - 2.3%
 
 
 
CenterPoint Energy, Inc.
 
12,810
333,572
MDU Resources Group, Inc.
 
11,408
350,568
 
 
 
684,140
TOTAL UTILITIES
 
 
2,462,123
 
TOTAL COMMON STOCKS
 (Cost $21,231,995)
 
 
 
29,146,638
 
 
 
 
U.S. Treasury Obligations - 0.2%
 
 
Principal
Amount (b)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 0.03% to 0.04% 12/30/21 to 1/13/22 (c)
 
 (Cost $69,996)
 
 
70,000
69,991
 
 
 
 
Money Market Funds - 1.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 0.06% (d)
 
 (Cost $289,460)
 
 
289,402
289,460
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
 (Cost $21,591,451)
 
 
 
29,506,089
NET OTHER ASSETS (LIABILITIES) - 0.1%  
29,858
NET ASSETS - 100.0%
29,535,947
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P MidCap 400 Index Contracts (United States)
1
Dec 2021
278,940
1,698
1,698
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.9%
 
Legend
 
(a)
Non-income producing
 
(b)
Amount is stated in United States dollars unless otherwise noted.
 
(c)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $20,997.
 
(d)
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
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 0.06%
256,574
14,598,793
14,565,908
281
1
-
289,460
0.0%
Fidelity Securities Lending Cash Central Fund 0.06%
-
365,200
365,200
1
-
-
-
0.0%
Total
256,574
14,963,993
14,931,108
282
1
-
289,460
 
 
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, changes in interest rates and credit quality. 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 inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
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)
 
Valuation techniques used to value 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 any 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.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. Treasury Obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
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 any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.  
 
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
 
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.  
 
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
 
The Fund used futures contracts to manage its exposure to the stock market.
 
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
 
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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