NPORT-EX 2 QTLY_339_20200930.htm

Quarterly Holdings Report
for

Fidelity® Growth Discovery Fund

September 30, 2020







CII-QTLY-1120
1.808775.116





Schedule of Investments September 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 16.2%   
Diversified Telecommunication Services - 0.7%   
Bandwidth, Inc. (a) 37,900 $6,616 
Cellnex Telecom SA (b) 210,300 12,821 
  19,437 
Entertainment - 2.2%   
Activision Blizzard, Inc. 339,100 27,450 
CD Projekt RED SA (a) 141,200 15,284 
Electronic Arts, Inc. (a) 115,234 15,028 
  57,762 
Interactive Media & Services - 13.3%   
Alphabet, Inc. Class A (a) 100,552 147,369 
Facebook, Inc. Class A (a) 521,591 136,605 
Match Group, Inc. (a) 42,938 4,751 
Tencent Holdings Ltd. 872,700 58,945 
Wise Talent Information Technology Co. Ltd. (a) 1,213,400 3,036 
Zoominfo Technologies, Inc. 164,100 7,055 
  357,761 
TOTAL COMMUNICATION SERVICES  434,960 
CONSUMER DISCRETIONARY - 13.6%   
Automobiles - 0.6%   
Ferrari NV 85,400 15,721 
XPeng, Inc. ADR (a) 29,000 582 
  16,303 
Diversified Consumer Services - 0.6%   
Laureate Education, Inc. Class A (a) 1,152,600 15,307 
Hotels, Restaurants & Leisure - 0.2%   
Dalata Hotel Group PLC 300,600 872 
Hilton Worldwide Holdings, Inc. 51,000 4,351 
  5,223 
Household Durables - 1.8%   
Blu Investments LLC (c)(d) 3,320,224 
D.R. Horton, Inc. 358,000 27,076 
NVR, Inc. (a) 3,140 12,821 
Toll Brothers, Inc. 203,600 9,907 
  49,805 
Internet & Direct Marketing Retail - 9.2%   
Alibaba Group Holding Ltd. sponsored ADR (a) 249,600 73,377 
Amazon.com, Inc. (a) 51,600 162,474 
Delivery Hero AG (a)(b) 28,300 3,256 
Pinduoduo, Inc. ADR (a) 64,400 4,775 
The RealReal, Inc. (a) 236,500 3,422 
  247,304 
Textiles, Apparel & Luxury Goods - 1.2%   
Aritzia LP (a) 59,900 784 
LVMH Moet Hennessy Louis Vuitton SE 49,380 23,105 
Prada SpA (a) 1,912,300 7,524 
  31,413 
TOTAL CONSUMER DISCRETIONARY  365,355 
CONSUMER STAPLES - 4.1%   
Beverages - 1.7%   
Fever-Tree Drinks PLC 351 10 
Kweichow Moutai Co. Ltd. (A Shares) 87,429 21,566 
Monster Beverage Corp. (a) 302,200 24,236 
  45,812 
Food & Staples Retailing - 0.2%   
Performance Food Group Co. (a) 149,500 5,176 
Food Products - 0.1%   
The Simply Good Foods Co. (a) 146,800 3,237 
Household Products - 1.2%   
Energizer Holdings, Inc. 358,300 14,024 
Reckitt Benckiser Group PLC 193,502 18,867 
  32,891 
Personal Products - 0.7%   
Herbalife Nutrition Ltd. (a) 410,500 19,150 
Tobacco - 0.2%   
Swedish Match Co. AB 43,700 3,576 
TOTAL CONSUMER STAPLES  109,842 
ENERGY - 1.5%   
Oil, Gas & Consumable Fuels - 1.5%   
Reliance Industries Ltd. 88,203 1,623 
Reliance Industries Ltd. 1,259,353 38,303 
  39,926 
FINANCIALS - 1.4%   
Banks - 0.3%   
HDFC Bank Ltd. 72,910 1,073 
HDFC Bank Ltd. sponsored ADR (a) 159,200 7,954 
Metro Bank PLC (a)(e) 25,300 20 
  9,047 
Capital Markets - 0.9%   
CME Group, Inc. 115,445 19,315 
JMP Group, Inc. 75,200 190 
MSCI, Inc. 4,100 1,463 
Tradeweb Markets, Inc. Class A 27,700 1,607 
XP, Inc. Class A (a) 20,600 859 
  23,434 
Consumer Finance - 0.1%   
Capital One Financial Corp. 54,100 3,888 
Insurance - 0.1%   
Arthur J. Gallagher & Co. 12,600 1,330 
TOTAL FINANCIALS  37,699 
HEALTH CARE - 16.7%   
Biotechnology - 4.6%   
ACADIA Pharmaceuticals, Inc. (a) 112,700 4,649 
Affimed NV (a) 200,400 679 
Alnylam Pharmaceuticals, Inc. (a) 7,900 1,150 
Applied Therapeutics, Inc. (a) 153,100 3,178 
Atara Biotherapeutics, Inc. (a) 156,700 2,031 
BioNTech SE ADR (a)(e) 102,332 7,084 
CRISPR Therapeutics AG (a)(e) 36,800 3,078 
Cytokinetics, Inc. (a) 133,571 2,892 
Galapagos Genomics NV sponsored ADR (a) 37,300 5,293 
Gamida Cell Ltd. (a) 495,600 2,057 
Global Blood Therapeutics, Inc. (a) 15,000 827 
Innovent Biologics, Inc. (a)(b) 410,500 3,061 
Insmed, Inc. (a) 388,678 12,492 
Neurocrine Biosciences, Inc. (a) 167,300 16,088 
Prelude Therapeutics, Inc. 11,400 343 
Regeneron Pharmaceuticals, Inc. (a) 66,200 37,057 
Rubius Therapeutics, Inc. (a) 18,700 94 
Sarepta Therapeutics, Inc. (a) 8,500 1,194 
Seres Therapeutics, Inc. (a) 52,300 1,481 
Vertex Pharmaceuticals, Inc. (a) 73,393 19,972 
Viela Bio, Inc. 20,600 578 
  125,278 
Health Care Equipment & Supplies - 3.9%   
Axonics Modulation Technologies, Inc. (a) 90,700 4,629 
Danaher Corp. 129,655 27,919 
Haemonetics Corp. (a) 125,900 10,985 
Hologic, Inc. (a) 374,900 24,920 
Intuitive Surgical, Inc. (a) 38,300 27,175 
Nevro Corp. (a) 33,200 4,625 
Outset Medical, Inc. 18,700 935 
Penumbra, Inc. (a) 21,300 4,140 
  105,328 
Health Care Providers & Services - 1.9%   
Guardant Health, Inc. (a) 13,200 1,475 
UnitedHealth Group, Inc. 158,700 49,478 
  50,953 
Health Care Technology - 1.2%   
Inspire Medical Systems, Inc. (a) 85,879 11,083 
Schrodinger, Inc. (e) 39,600 1,881 
Simulations Plus, Inc. 27,100 2,042 
Veeva Systems, Inc. Class A (a) 61,200 17,209 
  32,215 
Life Sciences Tools & Services - 2.6%   
10X Genomics, Inc. (a) 43,300 5,399 
Berkeley Lights, Inc. (a) 106,100 8,102 
Bio-Rad Laboratories, Inc. Class A (a) 6,100 3,144 
Bio-Techne Corp. 5,400 1,338 
Bruker Corp. 200,900 7,986 
Charles River Laboratories International, Inc. (a) 32,700 7,405 
Codexis, Inc. (a) 219,400 2,576 
Fluidigm Corp. (a)(e) 390,900 2,904 
Nanostring Technologies, Inc. (a) 112,000 5,006 
Thermo Fisher Scientific, Inc. 58,700 25,917 
  69,777 
Pharmaceuticals - 2.5%   
AstraZeneca PLC sponsored ADR 464,200 25,438 
Eli Lilly & Co. 266,600 39,462 
Reata Pharmaceuticals, Inc. (a) 14,500 1,413 
  66,313 
TOTAL HEALTH CARE  449,864 
INDUSTRIALS - 6.5%   
Aerospace & Defense - 0.3%   
TransDigm Group, Inc. 16,127 7,662 
Airlines - 0.4%   
Ryanair Holdings PLC sponsored ADR (a) 137,900 11,275 
Building Products - 0.4%   
Builders FirstSource, Inc. (a) 84,700 2,763 
Fortune Brands Home & Security, Inc. 102,100 8,834 
  11,597 
Commercial Services & Supplies - 0.4%   
Cintas Corp. 31,300 10,418 
Electrical Equipment - 0.7%   
Generac Holdings, Inc. (a) 97,200 18,822 
Industrial Conglomerates - 1.0%   
General Electric Co. 2,704,000 16,846 
Roper Technologies, Inc. 26,914 10,634 
  27,480 
Machinery - 0.6%   
Ingersoll Rand, Inc. (a) 475,600 16,931 
Professional Services - 1.3%   
Dun & Bradstreet Holdings, Inc. (a)(e) 86,300 2,214 
Equifax, Inc. 160,400 25,167 
Upwork, Inc. (a) 389,482 6,793 
  34,174 
Road & Rail - 1.2%   
Rumo SA (a) 1,316,100 4,467 
Uber Technologies, Inc. (a) 796,172 29,044 
  33,511 
Trading Companies & Distributors - 0.2%   
BMC Stock Holdings, Inc. (a) 65,200 2,793 
Fastenal Co. 28,000 1,263 
  4,056 
TOTAL INDUSTRIALS  175,926 
INFORMATION TECHNOLOGY - 37.6%   
Electronic Equipment & Components - 0.2%   
II-VI, Inc. (a) 144,113 5,845 
Novanta, Inc. (a) 4,900 516 
  6,361 
IT Services - 5.1%   
Adyen BV (a)(b) 4,000 7,378 
Black Knight, Inc. (a) 194,270 16,911 
CACI International, Inc. Class A (a) 13,000 2,771 
Edenred SA 1,000 45 
MasterCard, Inc. Class A 49,300 16,672 
MongoDB, Inc. Class A (a) 76,500 17,711 
Okta, Inc. (a) 33,000 7,057 
Shopify, Inc. Class A (a) 18,100 18,510 
Snowflake Computing, Inc. (e) 7,700 1,933 
Square, Inc. (a) 140,600 22,855 
Visa, Inc. Class A 126,996 25,395 
  137,238 
Semiconductors & Semiconductor Equipment - 10.6%   
ASML Holding NV 55,600 20,531 
Enphase Energy, Inc. (a) 81,800 6,756 
Lam Research Corp. 8,100 2,687 
MediaTek, Inc. 57,000 1,196 
Monolithic Power Systems, Inc. 6,800 1,901 
NVIDIA Corp. 211,100 114,252 
NXP Semiconductors NV 202,700 25,299 
Qualcomm, Inc. 750,300 88,295 
Semiconductor Manufacturing International Corp. (a) 376,500 881 
SiTime Corp. 35,700 3,000 
SolarEdge Technologies, Inc. (a) 23,000 5,482 
Universal Display Corp. 84,400 15,254 
  285,534 
Software - 15.8%   
Adobe, Inc. (a) 191,500 93,917 
Agora, Inc. ADR (a)(e) 3,500 150 
Cloudflare, Inc. (a) 47,800 1,963 
Datadog, Inc. Class A (a) 5,100 521 
Duck Creek Technologies, Inc. (a)(e) 2,800 127 
Elastic NV (a) 1,800 194 
FireEye, Inc. (a) 515,100 6,359 
JFrog Ltd. (e) 3,600 305 
Manhattan Associates, Inc. (a) 101,700 9,711 
Microsoft Corp. 1,178,100 247,790 
NICE Systems Ltd. sponsored ADR (a) 34,300 7,787 
Salesforce.com, Inc. (a) 219,864 55,256 
  424,080 
Technology Hardware, Storage & Peripherals - 5.9%   
Apple, Inc. 1,177,100 136,320 
Samsung Electronics Co. Ltd. 436,910 21,806 
  158,126 
TOTAL INFORMATION TECHNOLOGY  1,011,339 
MATERIALS - 1.0%   
Chemicals - 0.8%   
Albemarle Corp. U.S. 56,000 5,000 
Sherwin-Williams Co. 24,100 16,791 
  21,791 
Construction Materials - 0.2%   
Eagle Materials, Inc. 78,900 6,811 
TOTAL MATERIALS  28,602 
REAL ESTATE - 0.1%   
Real Estate Management & Development - 0.1%   
KE Holdings, Inc. ADR (a) 56,100 3,439 
TOTAL COMMON STOCKS   
(Cost $1,512,460)  2,656,952 
Convertible Preferred Stocks - 0.2%   
HEALTH CARE - 0.1%   
Biotechnology - 0.0%   
Nuvation Bio, Inc. Series A (a)(c)(d)(f) 607,600 571 
Health Care Technology - 0.1%   
Vor Biopharma, Inc. (c)(d) 2,297,342 1,195 
TOTAL HEALTH CARE  1,766 
INFORMATION TECHNOLOGY - 0.0%   
IT Services - 0.0%   
AppNexus, Inc. Series E (Escrow) (a)(c)(d) 48,212 
MATERIALS - 0.1%   
Metals & Mining - 0.1%   
Illuminated Holdings, Inc.:   
Series C2 (c)(d) 50,974 1,402 
Series C3 (c)(d) 63,718 1,752 
  3,154 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $4,850)  4,922 
Money Market Funds - 1.5%   
Fidelity Cash Central Fund 0.10% (g) 24,376,496 24,381 
Fidelity Securities Lending Cash Central Fund 0.10% (g)(h) 16,188,460 16,190 
TOTAL MONEY MARKET FUNDS   
(Cost $40,571)  40,571 
TOTAL INVESTMENT IN SECURITIES - 100.4%   
(Cost $1,557,881)  2,702,445 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (11,492) 
NET ASSETS - 100%  $2,690,953 

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 $26,516,000 or 1.0% 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 $4,923,000 or 0.2% of net assets.

 (d) Level 3 security

 (e) Security or a portion of the security is on loan at period end.

 (f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (g) 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.

 (h) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
AppNexus, Inc. Series E (Escrow) 8/1/14 $0 
Blu Investments LLC 5/21/20 $6 
Illuminated Holdings, Inc. Series C2 7/7/20 $1,274 
Illuminated Holdings, Inc. Series C3 7/7/20 $1,912 
Nuvation Bio, Inc. Series A 6/17/19 $468 
Vor Biopharma, Inc. 6/30/20 $1,195 

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 
 (Amounts in thousands) 
Fidelity Cash Central Fund $14 
Fidelity Securities Lending Cash Central Fund 
Total $23 

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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