NPORT-EX 2 QTLY_324_20200229.htm

Quarterly Holdings Report
for

Fidelity® Growth Strategies Fund

February 29, 2020







FEG-QTLY-0420
1.797938.116





Schedule of Investments February 29, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 2.5%   
Entertainment - 2.5%   
Electronic Arts, Inc. (a) 143,000 $14,496 
Live Nation Entertainment, Inc. (a) 436,300 26,514 
Take-Two Interactive Software, Inc. (a) 322,737 34,688 
  75,698 
CONSUMER DISCRETIONARY - 15.1%   
Distributors - 0.9%   
Pool Corp. 120,900 25,505 
Diversified Consumer Services - 1.1%   
Service Corp. International 700,000 33,453 
Hotels, Restaurants & Leisure - 0.9%   
Domino's Pizza, Inc. (b) 55,900 18,976 
Planet Fitness, Inc. (a) 115,270 7,780 
  26,756 
Household Durables - 2.6%   
Lennar Corp. Class A 470,000 28,360 
NVR, Inc. (a) 9,000 33,005 
PulteGroup, Inc. 375,000 15,075 
  76,440 
Internet & Direct Marketing Retail - 1.6%   
eBay, Inc. 565,300 19,582 
Expedia, Inc. 281,100 27,722 
  47,304 
Multiline Retail - 3.1%   
Dollar General Corp. 441,000 66,282 
Dollar Tree, Inc. (a) 293,500 24,369 
  90,651 
Specialty Retail - 4.4%   
AutoZone, Inc. (a) 44,500 45,947 
Best Buy Co., Inc. 185,000 13,995 
Ross Stores, Inc. 254,700 27,706 
Ulta Beauty, Inc. (a) 107,800 27,714 
Urban Outfitters, Inc. (a)(b) 710,000 16,692 
  132,054 
Textiles, Apparel & Luxury Goods - 0.5%   
Carter's, Inc. 169,000 15,458 
TOTAL CONSUMER DISCRETIONARY  447,621 
CONSUMER STAPLES - 2.7%   
Beverages - 0.9%   
Brown-Forman Corp. Class B (non-vtg.) 409,495 25,147 
Food & Staples Retailing - 0.0%   
Grocery Outlet Holding Corp. (b) 20,000 633 
Food Products - 1.0%   
The Hershey Co. 213,000 30,670 
Household Products - 0.4%   
Reynolds Consumer Products, Inc. (a) 374,753 10,812 
Personal Products - 0.4%   
BellRing Brands, Inc. Class A (a) 370,000 7,271 
Estee Lauder Companies, Inc. Class A 32,728 6,009 
  13,280 
TOTAL CONSUMER STAPLES  80,542 
FINANCIALS - 7.0%   
Capital Markets - 4.4%   
LPL Financial 127,593 10,141 
MarketAxess Holdings, Inc. 89,900 29,157 
Moody's Corp. 80,000 19,202 
MSCI, Inc. 195,000 57,611 
S&P Global, Inc. 46,300 12,312 
Tradeweb Markets, Inc. Class A 14,418 695 
  129,118 
Insurance - 2.6%   
Arch Capital Group Ltd. (a) 610,100 24,666 
Arthur J. Gallagher & Co. 36,574 3,566 
Brown & Brown, Inc. 67,000 2,882 
Primerica, Inc. 250,000 27,835 
Progressive Corp. 132,120 9,666 
RenaissanceRe Holdings Ltd. 55,845 9,516 
  78,131 
TOTAL FINANCIALS  207,249 
HEALTH CARE - 12.6%   
Health Care Equipment & Supplies - 6.4%   
DexCom, Inc. (a) 198,000 54,648 
Edwards Lifesciences Corp. (a) 55,000 11,266 
Intuitive Surgical, Inc. (a) 17,300 9,238 
Masimo Corp. (a) 157,000 25,643 
ResMed, Inc. 484,000 76,937 
Teleflex, Inc. 25,327 8,485 
The Cooper Companies, Inc. 13,300 4,317 
  190,534 
Health Care Providers & Services - 2.2%   
Centene Corp. (a) 1,193,800 63,295 
Health Care Technology - 0.9%   
Veeva Systems, Inc. Class A (a) 193,046 27,407 
Life Sciences Tools & Services - 3.1%   
Bruker Corp. 250,000 10,890 
Charles River Laboratories International, Inc. (a) 237,000 36,870 
Mettler-Toledo International, Inc. (a) 61,800 43,365 
  91,125 
TOTAL HEALTH CARE  372,361 
INDUSTRIALS - 14.1%   
Aerospace & Defense - 4.0%   
Harris Corp. 190,000 37,569 
HEICO Corp. Class A 40,800 3,604 
Huntington Ingalls Industries, Inc. 104,000 21,375 
TransDigm Group, Inc. 101,000 56,339 
  118,887 
Air Freight & Logistics - 0.9%   
C.H. Robinson Worldwide, Inc. (b) 360,000 24,804 
Commercial Services & Supplies - 2.9%   
Cintas Corp. 187,000 49,880 
Copart, Inc. (a) 433,000 36,580 
  86,460 
Electrical Equipment - 1.1%   
AMETEK, Inc. 388,600 33,420 
Industrial Conglomerates - 0.5%   
Roper Technologies, Inc. 43,800 15,404 
Machinery - 2.8%   
Dover Corp. 232,600 23,897 
IDEX Corp. 144,972 21,456 
ITT, Inc. 263,000 15,819 
Toro Co. 319,292 22,807 
  83,979 
Professional Services - 1.9%   
CoStar Group, Inc. (a) 40,600 27,104 
Verisk Analytics, Inc. 190,000 29,471 
  56,575 
TOTAL INDUSTRIALS  419,529 
INFORMATION TECHNOLOGY - 40.1%   
Communications Equipment - 1.0%   
Motorola Solutions, Inc. 170,000 28,166 
Electronic Equipment & Components - 5.5%   
Amphenol Corp. Class A 440,000 40,339 
CDW Corp. 350,000 39,977 
Jabil, Inc. 443,000 14,198 
Keysight Technologies, Inc. (a) 425,000 40,273 
Zebra Technologies Corp. Class A (a) 139,000 29,325 
  164,112 
IT Services - 16.3%   
Adyen BV (a)(c) 1,394 1,227 
Black Knight, Inc. (a) 245,000 16,344 
Booz Allen Hamilton Holding Corp. Class A 458,200 32,670 
Broadridge Financial Solutions, Inc. 132,091 13,785 
CACI International, Inc. Class A (a) 74,000 18,131 
EPAM Systems, Inc. (a) 152,200 33,971 
Fidelity National Information Services, Inc. 161,294 22,536 
Fiserv, Inc. (a) 780,969 85,407 
FleetCor Technologies, Inc. (a) 113,100 30,061 
Global Payments, Inc. 794,000 146,069 
VeriSign, Inc. (a) 429,000 81,403 
  481,604 
Semiconductors & Semiconductor Equipment - 8.4%   
Analog Devices, Inc. 123,159 13,430 
Broadcom, Inc. 26,000 7,088 
KLA-Tencor Corp. 356,800 54,844 
Lam Research Corp. 257,200 75,470 
Mellanox Technologies Ltd. (a) 153,207 18,296 
NXP Semiconductors NV 117,500 13,359 
ON Semiconductor Corp. (a) 663,000 12,372 
Skyworks Solutions, Inc. 148,000 14,827 
Xilinx, Inc. 481,200 40,175 
  249,861 
Software - 8.9%   
Adobe, Inc. (a) 35,000 12,079 
Atlassian Corp. PLC (a) 204,000 29,572 
Cadence Design Systems, Inc. (a) 441,000 29,168 
Check Point Software Technologies Ltd. (a) 9,683 1,005 
Fortinet, Inc. (a) 444,500 45,366 
Intuit, Inc. 34,000 9,039 
Manhattan Associates, Inc. (a) 123,400 8,312 
Paycom Software, Inc. (a) 96,400 27,247 
RingCentral, Inc. (a) 189,600 44,698 
Slack Technologies, Inc. Class A (a)(b) 400,000 10,808 
Synopsys, Inc. (a) 200,000 27,586 
The Trade Desk, Inc. (a)(b) 70,000 20,108 
  264,988 
TOTAL INFORMATION TECHNOLOGY  1,188,731 
MATERIALS - 0.3%   
Chemicals - 0.3%   
Sherwin-Williams Co. 19,012 9,824 
REAL ESTATE - 4.1%   
Equity Real Estate Investment Trusts (REITs) - 4.1%   
Equity Lifestyle Properties, Inc. 636,200 43,472 
Public Storage 19,800 4,141 
SBA Communications Corp. Class A 222,664 59,026 
Sun Communities, Inc. 92,700 14,172 
  120,811 
TOTAL COMMON STOCKS   
(Cost $2,139,060)  2,922,366 
Money Market Funds - 2.0%   
Fidelity Cash Central Fund 1.60% (d) 25,621,748 25,627 
Fidelity Securities Lending Cash Central Fund 1.60% (d)(e) 33,614,640 33,618 
TOTAL MONEY MARKET FUNDS   
(Cost $59,243)  59,245 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $2,198,303)  2,981,611 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (15,733) 
NET ASSETS - 100%  $2,965,878 

Legend

 (a) Non-income producing

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

 (c) 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 $1,227,000 or 0.0% of net assets.

 (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.

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

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 $236 
Fidelity Securities Lending Cash Central Fund 10 
Total $246 

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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