NPORT-EX 2 QTLY_339_20240331.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Growth Discovery Fund
March 31, 2024
CII-NPRT3-0524
1.799853.120
Common Stocks - 98.3%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 10.5%
 
 
 
Entertainment - 5.0%
 
 
 
Live Nation Entertainment, Inc. (a)
 
144,400
15,273
Netflix, Inc. (a)
 
178,161
108,203
Universal Music Group NV
 
3,155,442
94,822
Warner Music Group Corp. Class A
 
1,544,274
50,992
 
 
 
269,290
Interactive Media & Services - 5.5%
 
 
 
Alphabet, Inc. Class A (a)
 
1,591,908
240,267
Epic Games, Inc. (a)(b)(c)
 
2,244
1,346
Meta Platforms, Inc. Class A
 
115,824
56,242
 
 
 
297,855
TOTAL COMMUNICATION SERVICES
 
 
567,145
CONSUMER DISCRETIONARY - 10.3%
 
 
 
Automobiles - 0.3%
 
 
 
BYD Co. Ltd. (H Shares)
 
589,608
15,097
Broadline Retail - 6.5%
 
 
 
Amazon.com, Inc. (a)
 
1,552,078
279,964
MercadoLibre, Inc. (a)
 
30,329
45,856
PDD Holdings, Inc. ADR (a)
 
177,378
20,620
Savers Value Village, Inc. (d)
 
374,282
7,216
 
 
 
353,656
Hotels, Restaurants & Leisure - 2.7%
 
 
 
Airbnb, Inc. Class A (a)
 
445,194
73,439
Domino's Pizza, Inc.
 
62,905
31,256
Flutter Entertainment PLC (a)
 
173,737
34,625
Kura Sushi U.S.A., Inc. Class A (a)(d)
 
64,019
7,372
 
 
 
146,692
Household Durables - 0.0%
 
 
 
Blu Investments LLC (a)(b)(c)
 
3,320,224
1
Textiles, Apparel & Luxury Goods - 0.8%
 
 
 
LVMH Moet Hennessy Louis Vuitton SE
 
24,344
21,905
Samsonite International SA (a)(e)
 
5,247,043
19,843
 
 
 
41,748
TOTAL CONSUMER DISCRETIONARY
 
 
557,194
CONSUMER STAPLES - 1.2%
 
 
 
Beverages - 0.8%
 
 
 
Monster Beverage Corp. (a)
 
691,159
40,972
Personal Care Products - 0.4%
 
 
 
Estee Lauder Companies, Inc. Class A
 
132,798
20,471
TOTAL CONSUMER STAPLES
 
 
61,443
ENERGY - 2.4%
 
 
 
Energy Equipment & Services - 0.1%
 
 
 
Schlumberger Ltd.
 
57,683
3,162
Oil, Gas & Consumable Fuels - 2.3%
 
 
 
Cheniere Energy, Inc.
 
282,329
45,534
Range Resources Corp.
 
715,011
24,618
Reliance Industries Ltd.
 
1,495,143
53,288
 
 
 
123,440
TOTAL ENERGY
 
 
126,602
FINANCIALS - 6.3%
 
 
 
Capital Markets - 0.2%
 
 
 
Ares Management Corp.
 
84,004
11,171
Consumer Finance - 0.3%
 
 
 
Capital One Financial Corp.
 
118,100
17,584
Financial Services - 4.8%
 
 
 
Apollo Global Management, Inc.
 
47,296
5,318
Corebridge Financial, Inc. (d)
 
453,241
13,022
Fiserv, Inc. (a)
 
71,633
11,448
Global Payments, Inc.
 
258,530
34,555
MasterCard, Inc. Class A
 
195,132
93,970
Rocket Companies, Inc. (a)(d)
 
650,018
9,458
Visa, Inc. Class A
 
323,531
90,291
 
 
 
258,062
Insurance - 1.0%
 
 
 
Arthur J. Gallagher & Co.
 
158,307
39,583
BRP Group, Inc. (a)
 
375,422
10,865
 
 
 
50,448
TOTAL FINANCIALS
 
 
337,265
HEALTH CARE - 14.0%
 
 
 
Biotechnology - 3.1%
 
 
 
Adamas Pharmaceuticals, Inc.:
 
 
 
 rights (a)(c)
 
678,800
149
 rights (a)(c)
 
678,800
48
Alnylam Pharmaceuticals, Inc. (a)
 
157,890
23,597
Arcellx, Inc. (a)
 
39,269
2,731
Arrowhead Pharmaceuticals, Inc. (a)
 
136,275
3,897
Beam Therapeutics, Inc. (a)
 
39,204
1,295
Blueprint Medicines Corp. (a)
 
25,637
2,432
Cytokinetics, Inc. (a)
 
111,689
7,831
Exact Sciences Corp. (a)
 
84,500
5,836
Galapagos NV sponsored ADR (a)
 
229,781
7,399
Gamida Cell Ltd. (a)(d)
 
993,684
36
Gamida Cell Ltd. warrants 4/21/28 (a)
 
182,600
0
Hookipa Pharma, Inc. (a)(d)
 
453,587
323
Immunocore Holdings PLC ADR (a)
 
95,155
6,185
Insmed, Inc. (a)
 
518,436
14,065
Janux Therapeutics, Inc. (a)
 
11,800
444
Krystal Biotech, Inc. (a)
 
17,258
3,071
Legend Biotech Corp. ADR (a)
 
121,690
6,826
Regeneron Pharmaceuticals, Inc. (a)
 
53,425
51,421
Repligen Corp. (a)
 
99,282
18,260
Sarepta Therapeutics, Inc. (a)
 
31,024
4,016
Seres Therapeutics, Inc. (a)
 
160,606
124
Synlogic, Inc. (a)(d)
 
29,441
53
Vor Biopharma, Inc. (a)
 
246,291
584
XOMA Corp. (a)
 
169,285
4,071
 
 
 
164,694
Health Care Equipment & Supplies - 4.0%
 
 
 
Align Technology, Inc. (a)
 
44,100
14,461
Boston Scientific Corp. (a)
 
1,877,300
128,576
Glaukos Corp. (a)
 
114,918
10,836
Hologic, Inc. (a)
 
136,900
10,673
Inspire Medical Systems, Inc. (a)
 
36,211
7,778
Lantheus Holdings, Inc. (a)
 
51,573
3,210
Masimo Corp. (a)
 
204,744
30,067
Penumbra, Inc. (a)
 
25,936
5,788
Pulmonx Corp. (a)
 
102,449
950
RxSight, Inc. (a)
 
27,931
1,441
 
 
 
213,780
Health Care Providers & Services - 0.9%
 
 
 
HealthEquity, Inc. (a)
 
603,714
49,281
Health Care Technology - 0.1%
 
 
 
Evolent Health, Inc. Class A (a)
 
173,275
5,682
Life Sciences Tools & Services - 2.9%
 
 
 
Agilent Technologies, Inc.
 
69,139
10,060
Bio-Techne Corp.
 
139,177
9,797
Bruker Corp.
 
283,050
26,590
Chemometec A/S
 
69,230
4,244
Codexis, Inc. (a)
 
582,572
2,033
Danaher Corp.
 
174,798
43,651
MaxCyte, Inc. (a)(d)
 
669,259
2,804
Sartorius Stedim Biotech
 
68,884
19,642
Thermo Fisher Scientific, Inc.
 
66,652
38,739
 
 
 
157,560
Pharmaceuticals - 3.0%
 
 
 
Aclaris Therapeutics, Inc. (a)
 
89,145
111
Chugai Pharmaceutical Co. Ltd.
 
241,641
9,234
Eli Lilly & Co.
 
180,986
140,800
Teva Pharmaceutical Industries Ltd. sponsored ADR (a)
 
936,700
13,217
 
 
 
163,362
TOTAL HEALTH CARE
 
 
754,359
INDUSTRIALS - 14.9%
 
 
 
Electrical Equipment - 1.7%
 
 
 
Eaton Corp. PLC
 
237,518
74,267
HD Hyundai Electric Co. Ltd.
 
60,120
7,960
Nextracker, Inc. Class A (a)
 
213,530
12,015
 
 
 
94,242
Ground Transportation - 4.8%
 
 
 
Uber Technologies, Inc. (a)
 
3,384,769
260,593
Industrial Conglomerates - 1.8%
 
 
 
General Electric Co.
 
561,143
98,497
Machinery - 2.3%
 
 
 
Chart Industries, Inc. (a)
 
43,800
7,215
Energy Recovery, Inc. (a)
 
157,613
2,489
Ingersoll Rand, Inc.
 
648,254
61,552
Parker Hannifin Corp.
 
68,757
38,214
Westinghouse Air Brake Tech Co.
 
108,129
15,752
 
 
 
125,222
Passenger Airlines - 0.6%
 
 
 
Ryanair Holdings PLC sponsored ADR
 
205,123
29,864
Professional Services - 2.7%
 
 
 
Equifax, Inc.
 
281,549
75,320
KBR, Inc.
 
647,474
41,218
RELX PLC sponsored ADR (d)
 
179,700
7,779
TransUnion
 
258,222
20,606
 
 
 
144,923
Trading Companies & Distributors - 1.0%
 
 
 
Ferguson PLC
 
234,888
51,362
TOTAL INDUSTRIALS
 
 
804,703
INFORMATION TECHNOLOGY - 38.6%
 
 
 
Electronic Equipment, Instruments & Components - 1.2%
 
 
 
Flex Ltd. (a)
 
1,031,532
29,512
Jabil, Inc.
 
241,223
32,312
 
 
 
61,824
IT Services - 1.4%
 
 
 
Gartner, Inc. (a)
 
44,847
21,377
MongoDB, Inc. Class A (a)
 
152,223
54,593
 
 
 
75,970
Semiconductors & Semiconductor Equipment - 16.2%
 
 
 
Allegro MicroSystems LLC (a)
 
700,096
18,875
ASML Holding NV (depository receipt)
 
78,281
75,969
Astera Labs, Inc.
 
9,700
720
BE Semiconductor Industries NV
 
236,826
36,255
eMemory Technology, Inc.
 
18,757
1,407
KLA Corp.
 
51,976
36,309
Marvell Technology, Inc.
 
137,662
9,757
Micron Technology, Inc.
 
278,736
32,860
Monolithic Power Systems, Inc.
 
26,145
17,711
NVIDIA Corp.
 
518,313
468,327
NXP Semiconductors NV
 
150,782
37,359
SiTime Corp. (a)
 
181,789
16,948
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
697,124
94,844
Universal Display Corp.
 
152,328
25,660
 
 
 
873,001
Software - 16.4%
 
 
 
ASAPP, Inc. warrants 8/28/28 (a)(b)(c)
 
1,014,955
2,385
HubSpot, Inc. (a)
 
60,512
37,914
Manhattan Associates, Inc. (a)
 
144,606
36,185
Microsoft Corp.
 
1,766,880
743,359
Monday.com Ltd. (a)
 
59,155
13,361
NICE Ltd. sponsored ADR (a)
 
116,462
30,352
ServiceNow, Inc. (a)
 
26,112
19,908
Volue A/S (a)
 
724,170
2,001
 
 
 
885,465
Technology Hardware, Storage & Peripherals - 3.4%
 
 
 
Apple, Inc.
 
1,077,618
184,790
TOTAL INFORMATION TECHNOLOGY
 
 
2,081,050
MATERIALS - 0.1%
 
 
 
Chemicals - 0.1%
 
 
 
Aspen Aerogels, Inc. (a)
 
297,729
5,240
 
TOTAL COMMON STOCKS
 (Cost $3,137,431)
 
 
 
5,295,001
 
 
 
 
Convertible Preferred Stocks - 0.2%
 
 
Shares
Value ($)
(000s)
 
CONSUMER DISCRETIONARY - 0.0%
 
 
 
Textiles, Apparel & Luxury Goods - 0.0%
 
 
 
Canva, Inc.:
 
 
 
 Series A (b)(c)
 
423
451
 Series A2 (b)(c)
 
77
82
 
 
 
533
FINANCIALS - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Akeana Series C (b)(c)
 
30,000
382
HEALTH CARE - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
ElevateBio LLC Series C (a)(b)(c)
 
75,700
263
INFORMATION TECHNOLOGY - 0.1%
 
 
 
Software - 0.1%
 
 
 
ASAPP, Inc.:
 
 
 
 Series C (a)(b)(c)
 
250,763
730
 Series D (b)(c)
 
1,768,998
4,989
 
 
 
5,719
MATERIALS - 0.1%
 
 
 
Metals & Mining - 0.1%
 
 
 
Illuminated Holdings, Inc.:
 
 
 
 Series C2 (a)(b)(c)
 
50,974
883
 Series C3 (a)(b)(c)
 
63,718
1,104
 Series C4 (a)(b)(c)
 
18,303
317
 Series C5 (a)(b)(c)
 
36,887
639
 
 
 
2,943
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $15,158)
 
 
 
9,840
 
 
 
 
Convertible Bonds - 0.0%
 
 
Principal
Amount (f)
(000s)
 
Value ($)
(000s)
 
MATERIALS - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Illuminated Holdings, Inc. 0% (b)(c)(g)
 
  (Cost $810)
 
 
810
832
 
 
 
 
Preferred Securities - 0.0%
 
 
Principal
Amount (f)
(000s)
 
Value ($)
(000s)
 
MATERIALS - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Illuminated Holdings, Inc. 0% (b)(c)(g)
 
  (Cost $1,099)
 
 
1,099
1,127
 
 
 
 
Money Market Funds - 2.2%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 5.39% (h)
 
88,485,356
88,503
Fidelity Securities Lending Cash Central Fund 5.39% (h)(i)
 
29,611,265
29,614
 
TOTAL MONEY MARKET FUNDS
 (Cost $118,117)
 
 
118,117
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.7%
 (Cost $3,272,615)
 
 
 
5,424,917
NET OTHER ASSETS (LIABILITIES) - (0.7)%  
(36,151)
NET ASSETS - 100.0%
5,388,766
 
 
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 $15,531,000 or 0.3% 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 $19,843,000 or 0.4% of net assets.
 
(f)
Amount is stated in United States dollars unless otherwise noted.
 
(g)
Security is perpetual in nature with no stated maturity date.
 
(h)
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.
 
(i)
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)
Akeana Series C
1/23/24
383
 
 
 
ASAPP, Inc. warrants 8/28/28
8/29/23
0
 
 
 
ASAPP, Inc. Series C
4/30/21
1,654
 
 
 
ASAPP, Inc. Series D
8/29/23
6,831
 
 
 
Blu Investments LLC
5/21/20
6
 
 
 
Canva, Inc. Series A
9/22/23
451
 
 
 
Canva, Inc. Series A2
9/22/23
82
 
 
 
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
 
 
 
Illuminated Holdings, Inc. 0%
6/14/23
810
 
 
 
Illuminated Holdings, Inc. 0%
9/27/23
1,099
 
 
 
 
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 5.39%
44,138
1,010,708
966,343
2,199
-
-
88,503
0.2%
Fidelity Securities Lending Cash Central Fund 5.39%
22,191
355,252
347,829
159
-
-
29,614
0.1%
Total
66,329
1,365,960
1,314,172
2,358
-
-
118,117
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
 
Amounts in the dividend income column 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
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 service 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 services or from brokers who make markets in such securities. Convertible Bonds and Preferred Securities are valued by pricing services 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
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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