NPORT-EX 2 QTLY_384_20210731.htm

Quarterly Holdings Report
for

Fidelity® Small Cap Discovery Fund

July 31, 2021







SMR-QTLY-0921
1.804843.117





Schedule of Investments July 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%   
 Shares Value 
COMMUNICATION SERVICES - 2.1%   
Interactive Media & Services - 0.9%   
Dip Corp. 1,000,000 $29,123,559 
Media - 1.2%   
Cogeco Communications, Inc. 250,000 23,671,449 
Emerald Holding, Inc. (a)(b) 3,750,000 14,812,500 
  38,483,949 
TOTAL COMMUNICATION SERVICES  67,607,508 
CONSUMER DISCRETIONARY - 10.1%   
Auto Components - 2.3%   
Adient PLC (a) 650,000 27,384,500 
Linamar Corp. 400,000 23,667,842 
Patrick Industries, Inc. 281,694 23,276,375 
  74,328,717 
Diversified Consumer Services - 2.1%   
Adtalem Global Education, Inc. (a) 944,771 34,332,978 
OneSpaWorld Holdings Ltd. (a)(c) 1,500,000 14,820,000 
Perdoceo Education Corp. (a) 1,500,000 17,790,000 
  66,942,978 
Hotels, Restaurants & Leisure - 1.3%   
Hilton Grand Vacations, Inc. (a) 1,000,000 40,670,000 
Household Durables - 2.3%   
Helen of Troy Ltd. (a)(c) 200,000 44,678,000 
LGI Homes, Inc. (a)(c) 175,000 29,907,500 
  74,585,500 
Multiline Retail - 1.4%   
Ollie's Bargain Outlet Holdings, Inc. (a)(c) 500,000 46,550,000 
Specialty Retail - 0.6%   
America's Car Mart, Inc. (a) 41,965 6,672,435 
Rent-A-Center, Inc. 66,353 3,796,719 
Winmark Corp. 50,000 10,541,000 
  21,010,154 
Textiles, Apparel & Luxury Goods - 0.1%   
Tapestry, Inc. (a) 100,000 4,230,000 
TOTAL CONSUMER DISCRETIONARY  328,317,349 
CONSUMER STAPLES - 0.9%   
Food & Staples Retailing - 0.9%   
BJ's Wholesale Club Holdings, Inc. (a) 582,338 29,489,596 
ENERGY - 1.8%   
Energy Equipment & Services - 0.5%   
Championx Corp. (a) 250,000 5,810,000 
ShawCor Ltd. Class A (a) 2,500,000 9,919,045 
  15,729,045 
Oil, Gas & Consumable Fuels - 1.3%   
Brigham Minerals, Inc. Class A 2,200,000 43,208,000 
TOTAL ENERGY  58,937,045 
FINANCIALS - 18.1%   
Banks - 6.7%   
BOK Financial Corp. 750,000 63,007,500 
Cullen/Frost Bankers, Inc. 700,000 75,124,000 
First Citizens Bancshares, Inc. (c) 15,000 11,738,850 
First Hawaiian, Inc. 1,500,000 41,295,000 
Wintrust Financial Corp. 350,000 24,990,000 
  216,155,350 
Capital Markets - 1.5%   
BrightSphere Investment Group, Inc. 2,000,000 49,980,000 
Consumer Finance - 2.1%   
Encore Capital Group, Inc. (a) 300,000 14,202,000 
First Cash Financial Services, Inc. 700,000 55,440,000 
  69,642,000 
Diversified Financial Services - 0.8%   
Cannae Holdings, Inc. (a) 750,000 24,937,500 
Insurance - 7.0%   
Assurant, Inc. 175,000 27,616,750 
BRP Group, Inc. (a) 250,000 6,815,000 
Enstar Group Ltd. (a) 350,000 89,957,000 
First American Financial Corp. 1,300,000 87,503,000 
Primerica, Inc. 100,000 14,622,000 
  226,513,750 
TOTAL FINANCIALS  587,228,600 
HEALTH CARE - 13.3%   
Biotechnology - 0.5%   
Emergent BioSolutions, Inc. (a)(c) 250,000 16,475,000 
Health Care Equipment & Supplies - 4.0%   
Envista Holdings Corp. (a) 2,000,000 86,160,000 
Hill-Rom Holdings, Inc. 300,000 41,538,000 
Utah Medical Products, Inc. 50,000 4,470,000 
  132,168,000 
Health Care Providers & Services - 2.0%   
Premier, Inc. 1,350,000 48,114,000 
R1 RCM, Inc. (a) 750,000 16,057,500 
  64,171,500 
Life Sciences Tools & Services - 5.6%   
Charles River Laboratories International, Inc. (a) 225,000 91,557,000 
Syneos Health, Inc. (a) 1,000,000 89,670,000 
  181,227,000 
Pharmaceuticals - 1.2%   
Prestige Brands Holdings, Inc. (a) 750,000 39,412,500 
TOTAL HEALTH CARE  433,454,000 
INDUSTRIALS - 19.0%   
Aerospace & Defense - 1.4%   
Ultra Electronics Holdings PLC 1,000,000 44,063,000 
Commercial Services & Supplies - 2.6%   
Cimpress PLC (a) 500,000 51,125,000 
The Brink's Co. 450,000 34,632,000 
  85,757,000 
Industrial Conglomerates - 0.4%   
Rheinmetall AG 150,000 14,405,820 
Marine - 0.3%   
MPC Container Ships ASA (a) 3,500,000 9,072,130 
Professional Services - 8.3%   
ASGN, Inc. (a) 1,000,000 101,130,000 
BGSF, Inc. 6,216 78,446 
Insperity, Inc. 500,000 49,525,000 
Intertrust NV (a)(d) 2,500,000 41,281,500 
Kforce, Inc. 750,000 46,822,500 
Persol Holdings Co. Ltd. 1,500,000 30,012,306 
  268,849,752 
Road & Rail - 4.1%   
TFI International, Inc. 700,000 78,414,000 
TFI International, Inc. (Canada) 475,000 53,172,892 
  131,586,892 
Trading Companies & Distributors - 1.9%   
Beacon Roofing Supply, Inc. (a) 1,000,000 53,480,000 
MRC Global, Inc. (a) 1,000,000 9,170,000 
  62,650,000 
TOTAL INDUSTRIALS  616,384,594 
INFORMATION TECHNOLOGY - 15.3%   
Electronic Equipment & Components - 6.8%   
Insight Enterprises, Inc. (a) 1,250,000 125,475,001 
Methode Electronics, Inc. Class A 346,105 16,554,202 
SYNNEX Corp. 333,000 39,806,820 
TTM Technologies, Inc. (a)(c) 2,750,000 38,472,500 
  220,308,523 
IT Services - 4.8%   
Computer Services, Inc. 250,000 14,515,000 
Concentrix Corp. (a) 444,000 72,696,120 
Genpact Ltd. 1,000,000 49,810,000 
Poletowin Pitcrew Holdings, Inc. 228,100 2,149,906 
Tucows, Inc. (a)(c) 200,000 15,552,000 
  154,723,026 
Semiconductors & Semiconductor Equipment - 1.9%   
Cirrus Logic, Inc. (a) 248,300 20,507,097 
CMC Materials, Inc. 175,000 25,312,000 
Ichor Holdings Ltd. (a) 300,000 15,471,000 
  61,290,097 
Software - 1.3%   
j2 Global, Inc. (a)(c) 300,000 42,381,000 
Technology Hardware, Storage & Peripherals - 0.5%   
Elecom Co. Ltd. 1,000,000 17,547,058 
TOTAL INFORMATION TECHNOLOGY  496,249,704 
MATERIALS - 6.0%   
Chemicals - 2.8%   
Valvoline, Inc. 3,000,000 92,040,000 
Construction Materials - 2.7%   
Eagle Materials, Inc. 175,000 24,731,000 
RHI Magnesita NV 600,000 31,558,560 
Wienerberger AG 750,000 30,658,631 
  86,948,191 
Metals & Mining - 0.5%   
ERO Copper Corp. (a) 750,000 15,094,982 
TOTAL MATERIALS  194,083,173 
REAL ESTATE - 10.1%   
Equity Real Estate Investment Trusts (REITs) - 4.4%   
CareTrust (REIT), Inc. 1,000,000 24,120,000 
Corporate Office Properties Trust (SBI) 1,000,000 29,440,000 
Douglas Emmett, Inc. 2,000,000 66,800,000 
iStar Financial, Inc. 1,000,000 24,230,000 
  144,590,000 
Real Estate Management & Development - 5.7%   
Cushman & Wakefield PLC (a) 3,900,000 72,813,000 
Jones Lang LaSalle, Inc. (a) 500,000 111,285,000 
  184,098,000 
TOTAL REAL ESTATE  328,688,000 
UTILITIES - 1.4%   
Electric Utilities - 0.1%   
Portland General Electric Co. 100,000 4,890,000 
Gas Utilities - 1.3%   
Brookfield Infrastructure Corp. A Shares (c) 650,000 42,094,000 
TOTAL UTILITIES  46,984,000 
TOTAL COMMON STOCKS   
(Cost $2,186,806,269)  3,187,423,569 
Money Market Funds - 5.5%   
Fidelity Cash Central Fund 0.06% (e) 66,654,683 66,668,013 
Fidelity Securities Lending Cash Central Fund 0.06% (e)(f) 113,584,381 113,595,739 
TOTAL MONEY MARKET FUNDS   
(Cost $180,263,752)  180,263,752 
TOTAL INVESTMENT IN SECURITIES - 103.6%   
(Cost $2,367,070,021)  3,367,687,321 
NET OTHER ASSETS (LIABILITIES) - (3.6)%  (118,275,482) 
NET ASSETS - 100%  $3,249,411,839 

Legend

 (a) Non-income producing

 (b) Affiliated company

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

 (d) 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 $41,281,500 or 1.3% of net assets.

 (e) 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.

 (f) 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 
Fidelity Cash Central Fund $3,236 
Fidelity Securities Lending Cash Central Fund 23,526 
Total $26,762 

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.

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $28,804,687 $139,939,491 $102,076,165 $-- $-- $66,668,013 0.1% 
Fidelity Securities Lending Cash Central Fund 0.06% 90,852,362 139,703,580 116,960,203 -- -- 113,595,739 0.4% 
Total $119,657,049 $279,643,071 $219,036,368 $-- $-- $180,263,752  

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 
Emerald Holding, Inc. $23,281,500 $-- $2,257,177 $-- $(6,202,540) $(9,283) $14,812,500 
Total $23,281,500 $-- $2,257,177 $-- $(6,202,540) $(9,283) $14,812,500 

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 any open-end mutual 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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