NPORT-EX 2 QTLY_339_20220331.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Growth Discovery Fund
March 31, 2022
CII-NPRT3-0522
1.799853.118
Common Stocks - 99.4%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 17.7%
 
 
 
Entertainment - 3.7%
 
 
 
Take-Two Interactive Software, Inc. (a)
 
80,187
12,328
Universal Music Group NV
 
2,090,859
55,963
Warner Music Group Corp. Class A
 
1,398,160
52,920
 
 
 
121,211
Interactive Media & Services - 12.8%
 
 
 
Alphabet, Inc. Class A (a)
 
119,930
333,567
Match Group, Inc. (a)
 
6,200
674
Meta Platforms, Inc. Class A (a)
 
306,409
68,133
ZipRecruiter, Inc. (a)
 
93,900
2,158
Zoominfo Technologies, Inc. (a)
 
145,977
8,721
 
 
 
413,253
Media - 1.2%
 
 
 
Charter Communications, Inc. Class A (a)
 
16,200
8,837
Innovid Corp. (b)
 
166,306
1,004
Liberty Media Corp. Liberty Formula One Group Series C (a)
 
393,803
27,503
 
 
 
37,344
TOTAL COMMUNICATION SERVICES
 
 
571,808
CONSUMER DISCRETIONARY - 9.3%
 
 
 
Automobiles - 0.5%
 
 
 
Ferrari NV
 
77,363
16,872
XPeng, Inc. ADR (a)
 
13,400
370
 
 
 
17,242
Diversified Consumer Services - 0.7%
 
 
 
Laureate Education, Inc. Class A
 
1,369,665
16,231
Mister Car Wash, Inc.
 
367,500
5,435
 
 
 
21,666
Hotels, Restaurants & Leisure - 0.9%
 
 
 
Airbnb, Inc. Class A (a)
 
122,579
21,054
Flutter Entertainment PLC (a)
 
57,200
6,673
 
 
 
27,727
Household Durables - 0.0%
 
 
 
Blu Investments LLC (a)(b)(c)
 
3,320,224
1
Internet & Direct Marketing Retail - 5.5%
 
 
 
Amazon.com, Inc. (a)
 
54,646
178,143
Leisure Products - 0.2%
 
 
 
Peloton Interactive, Inc. Class A (a)(d)
 
198,600
5,247
Multiline Retail - 0.0%
 
 
 
Dollarama, Inc.
 
11,400
647
Specialty Retail - 0.7%
 
 
 
Aritzia, Inc. (a)
 
59,900
2,445
Floor & Decor Holdings, Inc. Class A (a)
 
30,216
2,447
TJX Companies, Inc.
 
25,600
1,551
Victoria's Secret & Co. (a)
 
345,938
17,767
 
 
 
24,210
Textiles, Apparel & Luxury Goods - 0.8%
 
 
 
LVMH Moet Hennessy Louis Vuitton SE
 
19,619
14,004
On Holding AG
 
7,900
199
Samsonite International SA (a)(e)
 
5,003,992
11,196
 
 
 
25,399
TOTAL CONSUMER DISCRETIONARY
 
 
300,282
CONSUMER STAPLES - 2.4%
 
 
 
Beverages - 2.0%
 
 
 
Keurig Dr. Pepper, Inc.
 
413,125
15,657
Monster Beverage Corp. (a)
 
231,538
18,500
The Coca-Cola Co.
 
487,540
30,227
 
 
 
64,384
Household Products - 0.4%
 
 
 
Reckitt Benckiser Group PLC
 
192,576
14,691
TOTAL CONSUMER STAPLES
 
 
79,075
ENERGY - 3.6%
 
 
 
Energy Equipment & Services - 0.5%
 
 
 
Baker Hughes Co. Class A
 
463,300
16,869
Oil, Gas & Consumable Fuels - 3.1%
 
 
 
Canadian Natural Resources Ltd. (d)
 
183,200
11,355
Cheniere Energy, Inc.
 
176,600
24,486
Denbury, Inc. (a)
 
40,103
3,151
Range Resources Corp. (a)
 
352,400
10,706
Reliance Industries Ltd.
 
1,493,856
51,565
 
 
 
101,263
TOTAL ENERGY
 
 
118,132
FINANCIALS - 5.1%
 
 
 
Banks - 0.0%
 
 
 
HDFC Bank Ltd.
 
93,676
1,801
Capital Markets - 3.1%
 
 
 
BlackRock, Inc. Class A
 
18,000
13,755
CME Group, Inc.
 
221,314
52,642
MarketAxess Holdings, Inc.
 
32,376
11,014
Moody's Corp.
 
1,900
641
Morningstar, Inc.
 
19,900
5,436
MSCI, Inc.
 
25,827
12,988
S&P Global, Inc.
 
10,000
4,102
 
 
 
100,578
Insurance - 2.0%
 
 
 
American Financial Group, Inc.
 
105,141
15,311
Arthur J. Gallagher & Co.
 
156,112
27,257
BRP Group, Inc. (a)
 
187,200
5,023
Marsh & McLennan Companies, Inc.
 
93,899
16,002
 
 
 
63,593
TOTAL FINANCIALS
 
 
165,972
HEALTH CARE - 15.3%
 
 
 
Biotechnology - 4.9%
 
 
 
Adamas Pharmaceuticals, Inc.:
 
 
 
 rights (a)(c)
 
678,800
41
 rights (a)(c)
 
678,800
41
Affimed NV (a)
 
251,902
1,101
Alnylam Pharmaceuticals, Inc. (a)
 
32,000
5,225
Applied Therapeutics, Inc. (a)
 
56,523
119
Atara Biotherapeutics, Inc. (a)
 
156,700
1,456
BioNTech SE ADR (a)
 
13,139
2,241
Cytokinetics, Inc. (a)
 
77,100
2,838
EQRx, Inc. (a)
 
168,650
697
Erasca, Inc.
 
38,400
330
Evelo Biosciences, Inc. (a)
 
22,800
77
Galapagos NV sponsored ADR (a)(d)
 
41,791
2,592
Gamida Cell Ltd. (a)(d)
 
617,986
2,565
Hookipa Pharma, Inc. (a)
 
454,700
1,037
Innovent Biologics, Inc. (a)(e)
 
409,342
1,377
Insmed, Inc. (a)(d)
 
294,929
6,931
Prelude Therapeutics, Inc. (a)
 
11,400
79
Regeneron Pharmaceuticals, Inc. (a)
 
46,239
32,294
Rubius Therapeutics, Inc. (a)
 
54,080
298
Seagen, Inc. (a)
 
88,500
12,748
Seres Therapeutics, Inc. (a)
 
64,900
462
Synlogic, Inc. (a)
 
458,300
1,100
Vertex Pharmaceuticals, Inc. (a)
 
295,136
77,022
Vor Biopharma, Inc. (a)
 
168,922
1,020
XOMA Corp. (a)(d)
 
118,900
3,327
 
 
 
157,018
Health Care Equipment & Supplies - 0.9%
 
 
 
Axonics Modulation Technologies, Inc. (a)(d)
 
85,329
5,342
Edwards Lifesciences Corp. (a)
 
145,774
17,161
Insulet Corp. (a)
 
3,900
1,039
Nevro Corp. (a)
 
20,500
1,483
Penumbra, Inc. (a)
 
22,800
5,065
 
 
 
30,090
Health Care Providers & Services - 5.8%
 
 
 
Guardant Health, Inc. (a)
 
66,900
4,431
HealthEquity, Inc. (a)
 
427,493
28,830
Option Care Health, Inc. (a)
 
23,400
668
Tenet Healthcare Corp. (a)
 
34,200
2,940
UnitedHealth Group, Inc.
 
294,251
150,059
 
 
 
186,928
Health Care Technology - 0.2%
 
 
 
Certara, Inc. (a)(d)
 
264,200
5,675
Simulations Plus, Inc. (d)
 
38,500
1,963
 
 
 
7,638
Life Sciences Tools & Services - 1.8%
 
 
 
10X Genomics, Inc. (a)
 
21,400
1,628
Bio-Techne Corp.
 
21,500
9,310
Bruker Corp.
 
198,054
12,735
Codexis, Inc. (a)(d)
 
200,602
4,136
Danaher Corp.
 
96,009
28,162
Nanostring Technologies, Inc. (a)
 
45,596
1,584
Olink Holding AB ADR (a)
 
11,100
196
 
 
 
57,751
Pharmaceuticals - 1.7%
 
 
 
Aclaris Therapeutics, Inc. (a)
 
96,800
1,669
AstraZeneca PLC sponsored ADR
 
181,400
12,034
Eli Lilly & Co.
 
133,395
38,200
Nuvation Bio, Inc. (a)
 
119,094
626
Revance Therapeutics, Inc. (a)(d)
 
169,418
3,304
 
 
 
55,833
TOTAL HEALTH CARE
 
 
495,258
INDUSTRIALS - 5.4%
 
 
 
Aerospace & Defense - 0.7%
 
 
 
Axon Enterprise, Inc. (a)
 
39,700
5,468
Northrop Grumman Corp.
 
39,800
17,799
 
 
 
23,267
Electrical Equipment - 0.9%
 
 
 
Ballard Power Systems, Inc. (a)
 
11,700
136
Bloom Energy Corp. Class A (a)(d)
 
58,800
1,420
Ceres Power Holdings PLC (a)(d)
 
720,300
6,983
Eaton Corp. PLC
 
22,000
3,339
Generac Holdings, Inc. (a)
 
44,599
13,257
Vestas Wind Systems A/S
 
113,600
3,332
 
 
 
28,467
Machinery - 0.6%
 
 
 
Ingersoll Rand, Inc.
 
423,037
21,300
Professional Services - 1.8%
 
 
 
ASGN, Inc. (a)
 
61,200
7,143
Clarivate Analytics PLC (a)
 
587,000
9,838
CoStar Group, Inc. (a)
 
17,400
1,159
KBR, Inc.
 
552,212
30,223
Kforce, Inc.
 
29,000
2,145
Upwork, Inc. (a)
 
316,341
7,352
 
 
 
57,860
Road & Rail - 0.6%
 
 
 
Uber Technologies, Inc. (a)
 
522,056
18,627
Trading Companies & Distributors - 0.8%
 
 
 
Azelis Group NV
 
54,700
1,331
Ferguson PLC
 
171,517
23,388
 
 
 
24,719
TOTAL INDUSTRIALS
 
 
174,240
INFORMATION TECHNOLOGY - 34.8%
 
 
 
Electronic Equipment & Components - 0.2%
 
 
 
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
1,174,000
4,314
Teledyne Technologies, Inc. (a)
 
3,500
1,654
 
 
 
5,968
IT Services - 2.3%
 
 
 
Cloudflare, Inc. (a)
 
50,433
6,037
Cognizant Technology Solutions Corp. Class A
 
364,578
32,692
MasterCard, Inc. Class A
 
27,080
9,678
MongoDB, Inc. Class A (a)
 
55,400
24,575
Okta, Inc. (a)
 
3,500
528
 
 
 
73,510
Semiconductors & Semiconductor Equipment - 7.2%
 
 
 
Aixtron AG
 
295,791
6,543
Allegro MicroSystems LLC (a)
 
81,000
2,300
ASML Holding NV
 
22,714
15,171
eMemory Technology, Inc.
 
24,000
1,526
Enphase Energy, Inc. (a)
 
102,992
20,782
NVIDIA Corp.
 
320,264
87,387
Qualcomm, Inc.
 
346,167
52,901
Silicon Laboratories, Inc. (a)
 
5,900
886
SiTime Corp. (a)
 
26,859
6,656
SolarEdge Technologies, Inc. (a)
 
67,730
21,834
Universal Display Corp. (d)
 
101,650
16,970
 
 
 
232,956
Software - 19.1%
 
 
 
Adobe, Inc. (a)
 
144,436
65,808
Confluent, Inc. (d)
 
70,900
2,907
Coupa Software, Inc. (a)
 
11,412
1,160
Elastic NV (a)
 
1,800
160
Epic Games, Inc. (a)(b)(c)
 
2,244
1,580
GitLab, Inc. (d)
 
7,700
419
HashiCorp, Inc. (d)
 
54,300
2,932
HubSpot, Inc. (a)
 
7,900
3,752
Intuit, Inc.
 
56,023
26,938
Mandiant, Inc. (a)
 
2,114,231
47,168
Manhattan Associates, Inc. (a)
 
105,559
14,642
Microsoft Corp.
 
1,173,373
361,766
Oracle Corp.
 
293,016
24,241
Palo Alto Networks, Inc. (a)(d)
 
102,279
63,670
Samsara, Inc. (d)
 
18,900
303
Volue A/S (a)
 
614,000
3,124
 
 
 
620,570
Technology Hardware, Storage & Peripherals - 6.0%
 
 
 
Apple, Inc.
 
1,110,177
193,848
TOTAL INFORMATION TECHNOLOGY
 
 
1,126,852
MATERIALS - 5.0%
 
 
 
Chemicals - 3.3%
 
 
 
Albemarle Corp. U.S.
 
132,165
29,228
CF Industries Holdings, Inc.
 
348,882
35,956
Sherwin-Williams Co.
 
123,247
30,765
The Chemours Co. LLC
 
290,366
9,141
 
 
 
105,090
Metals & Mining - 1.7%
 
 
 
First Quantum Minerals Ltd.
 
300,800
10,414
Freeport-McMoRan, Inc.
 
598,366
29,763
Lynas Rare Earths Ltd. (a)
 
1,180,248
9,409
MP Materials Corp. (a)(d)
 
111,800
6,411
 
 
 
55,997
TOTAL MATERIALS
 
 
161,087
REAL ESTATE - 0.6%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.6%
 
 
 
Prologis (REIT), Inc.
 
102,466
16,546
Welltower, Inc.
 
19,500
1,875
 
 
 
18,421
Real Estate Management & Development - 0.0%
 
 
 
Doma Holdings, Inc. (b)
 
331,286
719
TOTAL REAL ESTATE
 
 
19,140
UTILITIES - 0.2%
 
 
 
Electric Utilities - 0.1%
 
 
 
ORSTED A/S (e)
 
40,400
5,057
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
Brookfield Renewable Partners LP
 
56,300
2,312
TOTAL UTILITIES
 
 
7,369
 
TOTAL COMMON STOCKS
 (Cost $1,885,384)
 
 
 
3,219,215
 
 
 
 
Convertible Preferred Stocks - 0.3%
 
 
Shares
Value ($)
(000s)
 
HEALTH CARE - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
ElevateBio LLC Series C (b)(c)
 
75,700
273
INFORMATION TECHNOLOGY - 0.0%
 
 
 
IT Services - 0.0%
 
 
 
AppNexus, Inc. Series E (Escrow) (a)(b)(c)
 
48,212
2
Software - 0.0%
 
 
 
ASAPP, Inc. Series C (b)(c)
 
250,763
1,033
TOTAL INFORMATION TECHNOLOGY
 
 
1,035
MATERIALS - 0.3%
 
 
 
Metals & Mining - 0.3%
 
 
 
Illuminated Holdings, Inc.:
 
 
 
 Series C2 (a)(b)(c)
 
50,974
2,449
 Series C3 (a)(b)(c)
 
63,718
3,062
 Series C4 (a)(b)(c)
 
18,303
879
 Series C5 (b)(c)
 
36,887
1,772
 
 
 
8,162
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $7,411)
 
 
 
9,470
 
 
 
 
Money Market Funds - 3.9%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 0.31% (f)
 
11,498,757
11,501
Fidelity Securities Lending Cash Central Fund 0.31% (f)(g)
 
114,338,807
114,350
 
TOTAL MONEY MARKET FUNDS
 (Cost $125,851)
 
 
125,851
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.6%
 (Cost $2,018,646)
 
 
 
3,354,536
NET OTHER ASSETS (LIABILITIES) - (3.6)%  
(116,627)
NET ASSETS - 100.0%
3,237,909
 
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Non-income producing
 
(b)
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 $12,774,000 or 0.4% of net assets.
 
(c)
Level 3 security
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
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 $17,630,000 or 0.5% of net assets.
 
(f)
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.
 
(g)
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)
8/01/14
0
ASAPP, Inc. Series C
4/30/21
1,654
Blu Investments LLC
5/21/20
6
Doma Holdings, Inc.
3/02/21
3,313
ElevateBio LLC Series C
3/09/21
318
Epic Games, Inc.
3/29/21
1,986
Illuminated Holdings, Inc. Series C2
7/07/20
1,274
Illuminated Holdings, Inc. Series C3
7/07/20
1,912
Illuminated Holdings, Inc. Series C4
1/08/21
659
Illuminated Holdings, Inc. Series C5
6/16/21
1,594
Innovid Corp.
6/24/21
1,663
 
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 (Amounts in thousands)
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 0.31%
33,274
499,561
521,334
18
-
-
11,501
0.0%
Fidelity Securities Lending Cash Central Fund 0.31%
11,929
351,598
249,177
58
-
-
114,350
0.3%
Total
45,203
851,159
770,511
76
-
-
125,851
 
 
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. Securities 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 inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted 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.
 
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.
 
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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