NPORT-EX 2 QTLY_1388_20191031.htm

Quarterly Holdings Report
for

Fidelity® Small Cap Growth Fund

October 31, 2019







SCP-QTLY-1219
1.823237.115





Schedule of Investments October 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%   
 Shares Value 
COMMUNICATION SERVICES - 4.9%   
Diversified Telecommunication Services - 0.3%   
Iridium Communications, Inc. (a) 534,231 $13,072,633 
Entertainment - 0.6%   
Gaia, Inc. Class A (a)(b) 1,188,217 8,234,344 
World Wrestling Entertainment, Inc. Class A (b) 279,723 15,675,677 
  23,910,021 
Interactive Media & Services - 1.9%   
CarGurus, Inc. Class A (a)(b) 1,758,286 59,060,827 
Eventbrite, Inc. (a)(b) 723,200 13,003,136 
  72,063,963 
Media - 2.1%   
Cardlytics, Inc. (a)(b)(c) 1,649,970 69,150,243 
Gray Television, Inc. (a) 654,692 10,743,496 
  79,893,739 
TOTAL COMMUNICATION SERVICES  188,940,356 
CONSUMER DISCRETIONARY - 13.5%   
Auto Components - 0.5%   
Fox Factory Holding Corp. (a) 297,600 18,135,744 
Diversified Consumer Services - 4.9%   
Afya Ltd. 805,200 21,740,400 
Arco Platform Ltd. Class A (a) 976,427 40,521,721 
Bright Horizons Family Solutions, Inc. (a) 145,126 21,554,114 
Grand Canyon Education, Inc. (a) 480,205 44,159,652 
Laureate Education, Inc. Class A (a) 1,983,841 30,660,263 
OneSpaWorld Holdings Ltd. (a)(b) 779,295 12,118,037 
ServiceMaster Global Holdings, Inc. (a) 63,716 2,572,852 
Strategic Education, Inc. 109,283 13,445,087 
  186,772,126 
Hotels, Restaurants & Leisure - 2.2%   
Churchill Downs, Inc. 398,929 51,856,781 
Planet Fitness, Inc. (a) 361,856 23,035,753 
SeaWorld Entertainment, Inc. (a) 382,442 10,104,118 
  84,996,652 
Household Durables - 1.9%   
Helen of Troy Ltd. (a) 324,373 48,578,100 
Skyline Champion Corp. (a) 885,418 24,995,350 
  73,573,450 
Internet & Direct Marketing Retail - 0.4%   
Revolve Group, Inc. (b) 718,731 14,920,856 
The RealReal, Inc. (b) 8,483 196,042 
  15,116,898 
Multiline Retail - 0.5%   
Ollie's Bargain Outlet Holdings, Inc. (a)(b) 322,928 20,628,641 
Specialty Retail - 2.2%   
Aaron's, Inc. Class A 547,400 41,016,682 
Five Below, Inc. (a) 137,431 17,193,992 
The Children's Place Retail Stores, Inc. 315,489 25,841,704 
  84,052,378 
Textiles, Apparel & Luxury Goods - 0.9%   
Deckers Outdoor Corp. (a) 163,851 25,052,818 
Steven Madden Ltd. 235,857 9,712,591 
  34,765,409 
TOTAL CONSUMER DISCRETIONARY  518,041,298 
CONSUMER STAPLES - 4.3%   
Beverages - 0.2%   
Boston Beer Co., Inc. Class A (a) 20,400 7,638,984 
Food & Staples Retailing - 2.4%   
BJ's Wholesale Club Holdings, Inc. (a) 1,508,093 40,266,083 
Grocery Outlet Holding Corp. 419,702 13,388,494 
Performance Food Group Co. (a) 860,476 36,664,882 
  90,319,459 
Food Products - 1.4%   
Freshpet, Inc. (a) 243,300 12,714,858 
Nomad Foods Ltd. (a) 773,423 15,089,483 
Post Holdings, Inc. (a) 243,139 25,019,003 
  52,823,344 
Personal Products - 0.3%   
BellRing Brands, Inc. Class A (a) 754,900 13,188,103 
TOTAL CONSUMER STAPLES  163,969,890 
ENERGY - 0.7%   
Oil, Gas & Consumable Fuels - 0.7%   
Encana Corp. (Toronto) 1,801,100 7,056,166 
Kosmos Energy Ltd. 1,572,240 9,747,888 
PDC Energy, Inc. (a) 528,907 10,551,695 
  27,355,749 
FINANCIALS - 8.7%   
Banks - 1.3%   
First Citizens Bancshares, Inc. 73,161 35,989,359 
Popular, Inc. 268,823 14,640,101 
  50,629,460 
Capital Markets - 2.6%   
Apollo Global Management LLC Class A 374,166 15,400,673 
Hamilton Lane, Inc. Class A 219,137 13,064,948 
LPL Financial 377,127 30,486,947 
Morningstar, Inc. 264,566 42,817,361 
  101,769,929 
Consumer Finance - 0.8%   
First Cash Financial Services, Inc. 361,025 30,466,900 
Diversified Financial Services - 1.2%   
Cannae Holdings, Inc. (a) 723,821 21,135,573 
StepStone Group Holdings LLC (d)(e)(f) 31,066 24,852,800 
  45,988,373 
Insurance - 1.7%   
BRP Group, Inc. (a)(b) 220,786 3,576,733 
eHealth, Inc. (a) 165,237 11,407,962 
Enstar Group Ltd. (a) 83,338 16,742,604 
Primerica, Inc. 252,363 31,843,163 
  63,570,462 
Thrifts & Mortgage Finance - 1.1%   
Essent Group Ltd. 594,966 30,991,779 
LendingTree, Inc. (a)(b) 31,131 11,202,490 
  42,194,269 
TOTAL FINANCIALS  334,619,393 
HEALTH CARE - 24.4%   
Biotechnology - 8.7%   
Acceleron Pharma, Inc. (a) 452,883 20,320,860 
Allakos, Inc. (a)(b) 245,896 16,868,466 
AnaptysBio, Inc. (a) 258,661 9,756,693 
Arena Pharmaceuticals, Inc. (a) 265,190 12,918,731 
Argenx SE ADR (a) 224,236 27,459,941 
Ascendis Pharma A/S sponsored ADR (a) 322,267 35,636,285 
Audentes Therapeutics, Inc. (a) 341,611 9,189,336 
Blueprint Medicines Corp. (a) 386,074 26,577,334 
Deciphera Pharmaceuticals, Inc. (a) 11,798 523,123 
FibroGen, Inc. (a) 566,883 22,193,469 
G1 Therapeutics, Inc. (a) 511,362 10,851,102 
Global Blood Therapeutics, Inc. (a) 482,517 23,136,690 
Gritstone Oncology, Inc. (a) 584,066 4,736,775 
Heron Therapeutics, Inc. (a) 581,482 12,356,493 
Iovance Biotherapeutics, Inc. (a) 578,994 12,234,143 
Kura Oncology, Inc. (a) 458,631 6,870,292 
Mirati Therapeutics, Inc. (a)(b) 48,309 4,549,742 
Morphic Holding, Inc. (b) 325,783 4,560,962 
Morphosys AG (a) 111,972 12,194,764 
Neurocrine Biosciences, Inc. (a) 181,540 18,061,415 
Sarepta Therapeutics, Inc. (a) 217,059 18,028,921 
The Medicines Company (a) 254,498 13,358,600 
Turning Point Therapeutics, Inc. 259,111 9,939,498 
  332,323,635 
Health Care Equipment & Supplies - 7.5%   
Axonics Modulation Technologies, Inc. (a)(b) 275,419 6,808,358 
Cerus Corp. (a) 547,265 2,380,603 
CONMED Corp. 245,679 27,029,604 
Haemonetics Corp. (a) 198,506 23,965,629 
Hill-Rom Holdings, Inc. 311,470 32,607,794 
Insulet Corp. (a) 557,016 80,945,556 
Integer Holdings Corp. (a) 271,715 21,041,610 
Masimo Corp. (a) 262,896 38,327,608 
Novocure Ltd. (a) 364,951 26,145,090 
Tandem Diabetes Care, Inc. (a) 250,000 15,395,000 
TransMedics Group, Inc. (b) 759,957 13,633,629 
  288,280,481 
Health Care Providers & Services - 2.6%   
Chemed Corp. 58,400 23,004,344 
LHC Group, Inc. (a) 270,135 29,976,881 
Molina Healthcare, Inc. (a) 237,006 27,881,386 
Progyny, Inc. (a) 1,026,251 16,861,304 
  97,723,915 
Health Care Technology - 2.7%   
Health Catalyst, Inc. (b) 346,567 11,145,595 
HMS Holdings Corp. (a) 908,962 29,713,968 
Inovalon Holdings, Inc. Class A (a) 1,566,890 24,490,491 
Phreesia, Inc. (b) 896,766 26,571,177 
Teladoc Health, Inc. (a) 156,500 11,987,900 
  103,909,131 
Life Sciences Tools & Services - 1.7%   
10X Genomics, Inc. (a) 36,400 2,111,200 
Bruker Corp. 341,500 15,196,750 
ICON PLC (a) 260,684 38,294,480 
Quanterix Corp. (a) 379,439 7,911,303 
  63,513,733 
Pharmaceuticals - 1.2%   
Horizon Pharma PLC (a) 937,554 27,104,686 
SCYNEXIS, Inc. warrants 6/21/21 (a) 168,750 6,615 
Theravance Biopharma, Inc. (a) 393,893 6,349,555 
Xeris Pharmaceuticals, Inc. (a) 382,146 3,125,954 
Zogenix, Inc. (a) 255,092 11,389,858 
  47,976,668 
TOTAL HEALTH CARE  933,727,563 
INDUSTRIALS - 16.4%   
Aerospace & Defense - 2.3%   
HEICO Corp. Class A 162,920 15,521,388 
Moog, Inc. Class A 339,555 28,424,149 
Teledyne Technologies, Inc. (a) 130,845 43,126,512 
  87,072,049 
Airlines - 0.7%   
SkyWest, Inc. 476,469 28,373,729 
Building Products - 0.6%   
Armstrong World Industries, Inc. 259,863 24,304,986 
Commercial Services & Supplies - 0.5%   
Copart, Inc. (a) 211,773 17,500,921 
Construction & Engineering - 2.6%   
Argan, Inc. 298,915 11,313,933 
Dycom Industries, Inc. (a) 456,393 20,806,957 
Jacobs Engineering Group, Inc. 245,217 22,947,407 
MasTec, Inc. (a) 690,195 43,440,873 
  98,509,170 
Electrical Equipment - 2.5%   
Atkore International Group, Inc. (a) 483,658 16,782,933 
Generac Holdings, Inc. (a) 796,118 76,889,076 
  93,672,009 
Machinery - 3.9%   
Allison Transmission Holdings, Inc. 577,058 25,165,499 
ITT, Inc. 500,657 29,764,059 
Luxfer Holdings PLC sponsored 751,039 12,662,518 
Rational AG 26,700 20,323,833 
Toro Co. 216,013 16,661,083 
Woodward, Inc. 426,650 45,506,489 
  150,083,481 
Marine - 0.3%   
SITC International Holdings Co. Ltd. 10,567,000 11,635,310 
Professional Services - 2.6%   
Asgn, Inc. (a) 236,033 15,009,338 
Exponent, Inc. 380,241 24,156,711 
FTI Consulting, Inc. (a) 440,326 47,938,292 
Insperity, Inc. 114,436 12,087,875 
  99,192,216 
Road & Rail - 0.4%   
Genesee & Wyoming, Inc. Class A (a) 136,632 15,170,251 
TOTAL INDUSTRIALS  625,514,122 
INFORMATION TECHNOLOGY - 18.4%   
Communications Equipment - 0.2%   
ViaSat, Inc. (a) 128,910 8,874,164 
Electronic Equipment & Components - 1.3%   
Itron, Inc. (a) 330,200 25,181,052 
SYNNEX Corp. 203,732 23,987,406 
  49,168,458 
IT Services - 7.9%   
Black Knight, Inc. (a) 419,384 26,924,453 
Booz Allen Hamilton Holding Corp. Class A 344,608 24,250,065 
CACI International, Inc. Class A (a) 131,000 29,311,250 
EPAM Systems, Inc. (a) 104,909 18,459,788 
Euronet Worldwide, Inc. (a) 88,129 12,344,229 
Genpact Ltd. 688,300 26,960,711 
International Money Express, Inc. (a) 257,000 3,937,240 
Interxion Holding N.V. (a) 191,398 16,885,132 
KBR, Inc. 941,678 26,517,652 
Maximus, Inc. 348,700 26,759,238 
MongoDB, Inc. Class A (a) 174,221 22,260,217 
Verra Mobility Corp. (a)(b) 4,714,893 67,658,715 
  302,268,690 
Semiconductors & Semiconductor Equipment - 2.6%   
Advanced Energy Industries, Inc. (a) 398,378 23,544,140 
Cabot Microelectronics Corp. 136,500 20,627,880 
Cirrus Logic, Inc. (a) 560,900 38,118,764 
Entegris, Inc. 326,589 15,676,272 
  97,967,056 
Software - 6.4%   
Alteryx, Inc. Class A (a) 156,192 14,291,568 
Ceridian HCM Holding, Inc. (a) 504,700 24,351,775 
DocuSign, Inc. (a) 355,982 23,562,449 
Elastic NV 277,313 19,969,309 
Everbridge, Inc. (a) 363,297 25,252,774 
HubSpot, Inc. (a) 145,961 22,638,551 
Lightspeed POS, Inc. (a)(b) 531,200 13,857,742 
LivePerson, Inc. (a)(b) 720,801 29,588,881 
Pluralsight, Inc. (a) 626,578 11,328,530 
PROS Holdings, Inc. (a) 391,998 20,085,978 
ShotSpotter, Inc. (a)(b) 189,139 3,820,608 
SurveyMonkey (a) 933,440 17,175,296 
Workiva, Inc. (a) 445,874 18,579,570 
  244,503,031 
TOTAL INFORMATION TECHNOLOGY  702,781,399 
MATERIALS - 2.0%   
Chemicals - 0.6%   
Olin Corp. 767,213 14,070,686 
Orion Engineered Carbons SA 560,389 9,280,042 
  23,350,728 
Containers & Packaging - 1.4%   
Aptargroup, Inc. 202,509 23,926,438 
Avery Dennison Corp. 88,567 11,324,177 
Crown Holdings, Inc. (a) 220,900 16,090,356 
  51,340,971 
Paper & Forest Products - 0.0%   
Quintis Ltd. (a)(b)(f) 10,830,535 75 
TOTAL MATERIALS  74,691,774 
REAL ESTATE - 2.9%   
Equity Real Estate Investment Trusts (REITs) - 2.9%   
Americold Realty Trust 945,824 37,918,084 
Essential Properties Realty Trust, Inc. 834,000 21,400,440 
Store Capital Corp. 565,796 22,914,738 
Terreno Realty Corp. 503,092 28,379,420 
  110,612,682 
TOTAL COMMON STOCKS   
(Cost $3,048,995,545)  3,680,254,226 
Convertible Preferred Stocks - 1.9%   
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
REVOLUTION Medicines, Inc. Series C (e)(f) 1,919,534 3,954,240 
INDUSTRIALS - 0.3%   
Road & Rail - 0.3%   
Convoy, Inc. Series D (e)(f) 913,444 12,368,032 
INFORMATION TECHNOLOGY - 1.5%   
Software - 1.5%   
Compass, Inc. Series E (a)(e)(f) 353,803 55,905,792 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $40,196,262)  72,228,064 
Investment Companies - 1.0%   
iShares Russell 2000 Growth Index ETF (b)   
(Cost $36,469,052) 187,300 37,180,923 
Money Market Funds - 4.8%   
Fidelity Cash Central Fund 1.83% (g) 18,054,024 18,057,635 
Fidelity Securities Lending Cash Central Fund 1.84% (g)(h) 163,672,491 163,688,858 
TOTAL MONEY MARKET FUNDS   
(Cost $181,746,493)  181,746,493 
TOTAL INVESTMENT IN SECURITIES - 103.9%   
(Cost $3,307,407,352)  3,971,409,706 
NET OTHER ASSETS (LIABILITIES) - (3.9)%  (147,258,265) 
NET ASSETS - 100%  $3,824,151,441 

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (e) Restricted securities - 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 $97,080,864 or 2.5% of net assets.

 (f) Level 3 security

 (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 
Compass, Inc. Series E 11/3/17 $23,873,990 
Convoy, Inc. Series D 10/30/19 $12,368,032 
REVOLUTION Medicines, Inc. Series C 6/3/19 $3,954,240 
StepStone Group Holdings LLC 8/19/19 $24,852,800 

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 
Fidelity Cash Central Fund $230,856 
Fidelity Securities Lending Cash Central Fund 259,975 
Total $490,831 

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.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Cardlytics, Inc. $50,647,708 $2,970,237 $8,178,681 $-- $3,779,440 $19,931,539 $69,150,243 
Total $50,647,708 $2,970,237 $8,178,681 $-- $3,779,440 $19,931,539 $69,150,243 

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.

Exchange-Traded Funds (ETFs) are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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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