Quarterly Holdings Report
for
Fidelity® Growth Discovery Fund
September 30, 2025
CII-NPRT1-1125
1.808775.121
Common Stocks - 99.5%
 
  
Shares
Value ($)
 
BELGIUM - 0.9%
 
  
  
Health Care - 0.9%
  
  
  
Pharmaceuticals - 0.9%
  
  
  
UCB SA
 
210,100
57,966,958
BRAZIL - 0.9%
 
  
  
Consumer Discretionary - 0.7%
  
  
  
Broadline Retail - 0.7%
  
  
  
MercadoLibre Inc (b)
  
19,841
46,367,227
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Vale SA ADR
 
963,300
10,461,438
TOTAL BRAZIL
  
  
56,828,665
CANADA - 1.5%
 
  
  
Information Technology - 0.5%
  
  
  
IT Services - 0.5%
  
  
  
Shopify Inc Class A (United States) (b)
  
216,200
32,129,482
Materials - 1.0%
  
  
  
Metals & Mining - 1.0%
  
  
  
Agnico Eagle Mines Ltd/CA (United States) (c)
  
190,200
32,060,112
Franco-Nevada Corp
 
150,400
33,476,617
 
  
  
65,536,729
TOTAL CANADA
  
  
97,666,211
CHINA - 1.8%
 
  
  
Communication Services - 1.4%
  
  
  
Interactive Media & Services - 1.4%
  
  
  
Tencent Holdings Ltd
 
1,095,400
93,338,598
Consumer Discretionary - 0.4%
  
  
  
Automobiles - 0.2%
  
  
  
BYD Co Ltd H Shares
 
725,315
10,252,094
Broadline Retail - 0.2%
  
  
  
Alibaba Group Holding Ltd ADR
 
92,500
16,532,525
TOTAL CONSUMER DISCRETIONARY
  
  
26,784,619
 
  
  
  
TOTAL CHINA
  
  
120,123,217
GERMANY - 0.4%
 
  
  
Consumer Discretionary - 0.4%
  
  
  
Specialty Retail - 0.4%
  
  
  
Auto1 Group SE (b)
  
866,200
29,491,901
GRAND CAYMAN (UK OVERSEAS TER) - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Bullish (c)
  
11,200
712,432
ISRAEL - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Gamida Cell Ltd rights (b)(d)
  
993,684
10
KOREA (SOUTH) - 0.7%
 
  
  
Information Technology - 0.7%
  
  
  
Semiconductors & Semiconductor Equipment - 0.7%
  
  
  
SK Hynix Inc
 
175,130
43,332,651
NETHERLANDS - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Argenx SE ADR (b)
  
3,200
2,360,192
TAIWAN - 2.6%
 
  
  
Information Technology - 2.6%
  
  
  
Semiconductors & Semiconductor Equipment - 2.6%
  
  
  
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
613,601
171,372,623
UNITED KINGDOM - 0.6%
 
  
  
Consumer Discretionary - 0.6%
  
  
  
Hotels, Restaurants & Leisure - 0.6%
  
  
  
Flutter Entertainment PLC (b)(c)
  
169,100
42,951,400
UNITED STATES - 90.1%
 
  
  
Communication Services - 14.1%
  
  
  
Entertainment - 4.2%
  
  
  
Live Nation Entertainment Inc (b)(c)
  
185,134
30,250,896
Netflix Inc (b)
  
134,440
161,182,805
ROBLOX Corp Class A (b)
  
215,000
29,781,799
Spotify Technology SA (b)
  
81,700
57,026,600
 
  
  
278,242,100
Interactive Media & Services - 9.9%
  
  
  
Alphabet Inc Class A
 
1,338,868
325,478,811
Epic Games Inc (b)(d)(e)
  
2,244
1,641,553
Meta Platforms Inc Class A
 
422,736
310,448,864
Reddit Inc Class A (b)
  
91,200
20,975,088
 
  
  
658,544,316
TOTAL COMMUNICATION SERVICES
  
  
936,786,416
 
  
  
  
Consumer Discretionary - 10.7%
  
  
  
Automobiles - 1.7%
  
  
  
Tesla Inc (b)
  
250,506
111,405,028
Broadline Retail - 4.6%
  
  
  
Amazon.com Inc (b)
  
1,402,012
307,839,776
Diversified Consumer Services - 0.2%
  
  
  
Duolingo Inc Class A (b)
  
39,111
12,587,484
Hotels, Restaurants & Leisure - 2.1%
  
  
  
Airbnb Inc Class A (b)
  
87,877
10,670,025
Booking Holdings Inc
 
9,500
51,293,065
Hilton Worldwide Holdings Inc
 
165,121
42,838,992
Viking Holdings Ltd (b)
  
524,435
32,598,880
 
  
  
137,400,962
Household Durables - 0.9%
  
  
  
Blu Homes Inc (b)(d)(e)
  
3,320,224
1,029
DR Horton Inc
 
201,204
34,098,042
SharkNinja Inc (b)
  
232,000
23,930,800
 
  
  
58,029,871
Specialty Retail - 1.2%
  
  
  
AutoZone Inc (b)
  
5,300
22,738,272
Lowe's Cos Inc
 
28,607
7,189,225
Ross Stores Inc
 
133,100
20,283,109
Williams-Sonoma Inc
 
153,817
30,063,533
 
  
  
80,274,139
TOTAL CONSUMER DISCRETIONARY
  
  
707,537,260
 
  
  
  
Consumer Staples - 1.8%
  
  
  
Consumer Staples Distribution & Retail - 0.8%
  
  
  
Costco Wholesale Corp
 
52,600
48,688,138
Personal Care Products - 0.3%
  
  
  
Estee Lauder Cos Inc/The Class A
 
250,850
22,104,902
Tobacco - 0.7%
  
  
  
Philip Morris International Inc
 
286,700
46,502,740
TOTAL CONSUMER STAPLES
  
  
117,295,780
 
  
  
  
Energy - 0.8%
  
  
  
Oil, Gas & Consumable Fuels - 0.8%
  
  
  
Cheniere Energy Inc
 
186,079
43,724,843
EQT Corp
 
125,300
6,820,079
 
  
  
50,544,922
Financials - 8.2%
  
  
  
Banks - 0.6%
  
  
  
Bank of America Corp
 
793,900
40,957,301
Capital Markets - 2.4%
  
  
  
Cboe Global Markets Inc
 
118,100
28,964,025
Charles Schwab Corp/The
 
325,900
31,113,673
Coinbase Global Inc Class A (b)
  
83,500
28,180,415
Gemini Space Station Inc Class A (c)
  
5,300
126,988
Morgan Stanley
 
431,710
68,624,622
 
  
  
157,009,723
Consumer Finance - 0.5%
  
  
  
Capital One Financial Corp
 
166,336
35,359,707
Financial Services - 4.7%
  
  
  
Apollo Global Management Inc
 
334,900
44,632,123
Mastercard Inc Class A
 
463,438
263,608,169
Visa Inc Class A
 
4,980
1,700,072
 
  
  
309,940,364
TOTAL FINANCIALS
  
  
543,267,095
 
  
  
  
Health Care - 5.8%
  
  
  
Biotechnology - 1.8%
  
  
  
Adamas Pharmaceuticals Inc rights (b)(d)
  
678,800
6,788
Adamas Pharmaceuticals Inc rights (b)(d)
  
678,800
6
Alnylam Pharmaceuticals Inc (b)
  
205,249
93,593,544
Blueprint Medicines Corp rights (b)(d)
  
20,114
0
Insmed Inc (b)
  
127,276
18,329,017
Legend Biotech Corp ADR (b)
  
240,413
7,839,868
Soleno Therapeutics Inc (b)
  
32,873
2,222,215
 
  
  
121,991,438
Health Care Equipment & Supplies - 1.6%
  
  
  
Boston Scientific Corp (b)
  
197,478
19,279,777
Edwards Lifesciences Corp (b)
  
434,000
33,752,181
Insulet Corp (b)
  
105,400
32,540,142
Penumbra Inc (b)
  
71,392
18,085,021
 
  
  
103,657,121
Health Care Providers & Services - 0.3%
  
  
  
CVS Health Corp
 
252,700
19,051,053
Health Care Technology - 0.3%
  
  
  
Veeva Systems Inc Class A (b)
  
68,800
20,496,208
Pharmaceuticals - 1.8%
  
  
  
Eli Lilly & Co
 
153,556
117,163,228
TOTAL HEALTH CARE
  
  
382,359,048
 
  
  
  
Industrials - 5.9%
  
  
  
Aerospace & Defense - 1.2%
  
  
  
Anduril Industries Inc Class B (d)(e)
  
800
32,704
Boeing Co (b)
  
215,100
46,425,033
GE Aerospace
 
117,877
35,459,759
 
  
  
81,917,496
Building Products - 0.9%
  
  
  
Trane Technologies PLC
 
143,952
60,741,986
Construction & Engineering - 0.5%
  
  
  
Dycom Industries Inc (b)
  
58,100
16,951,256
EMCOR Group Inc
 
20,900
13,575,386
 
  
  
30,526,642
Electrical Equipment - 1.0%
  
  
  
GE Vernova Inc
 
108,707
66,843,934
Ground Transportation - 0.0%
  
  
  
Uber Technologies Inc (b)
  
6,890
675,013
Machinery - 1.5%
  
  
  
Deere & Co
 
71,679
32,775,940
Parker-Hannifin Corp
 
26,600
20,166,790
Westinghouse Air Brake Technologies Corp
 
187,961
37,680,542
 
  
  
90,623,272
Professional Services - 0.1%
  
  
  
Equifax Inc (c)
  
37,707
9,672,977
Trading Companies & Distributors - 0.7%
  
  
  
Ferguson Enterprises Inc (United Kingdom)
 
95,118
21,286,586
United Rentals Inc
 
26,500
25,298,490
 
  
  
46,585,076
TOTAL INDUSTRIALS
  
  
387,586,396
 
  
  
  
Information Technology - 40.2%
  
  
  
Electronic Equipment, Instruments & Components - 1.0%
  
  
  
Amphenol Corp Class A
 
509,774
63,084,533
Semiconductors & Semiconductor Equipment - 18.7%
  
  
  
Broadcom Inc
 
890,993
293,947,501
Marvell Technology Inc
 
425,300
35,754,970
NVIDIA Corp
 
4,873,694
909,333,827
 
  
  
1,239,036,298
Software - 15.6%
  
  
  
Asapp Inc warrants 8/28/2028 (b)(d)(e)
  
1,014,955
984,506
Cadence Design Systems Inc (b)
  
72,600
25,501,476
Circle Internet Group Inc Class A (c)
  
10,000
1,325,800
Datadog Inc Class A (b)
  
162,700
23,168,480
Microsoft Corp
 
1,465,700
759,159,315
OpenAI Global LLC rights (b)(d)(e)
  
3,433,000
7,106,310
Oracle Corp
 
520,349
146,342,953
Palantir Technologies Inc Class A (b)
  
207,600
37,870,392
Synopsys Inc (b)
  
66,100
32,613,079
Via Transportation Inc (b)(c)
  
6,300
302,904
 
  
  
1,034,375,215
Technology Hardware, Storage & Peripherals - 4.9%
  
  
  
Apple Inc
 
1,282,644
326,599,642
TOTAL INFORMATION TECHNOLOGY
  
  
2,663,095,688
 
  
  
  
Materials - 1.0%
  
  
  
Chemicals - 1.0%
  
  
  
Corteva Inc
 
549,300
37,149,159
Sherwin-Williams Co/The
 
86,800
30,055,368
 
  
  
67,204,527
Real Estate - 0.6%
  
  
  
Health Care REITs - 0.2%
  
  
  
Ventas Inc
 
235,200
16,461,648
Real Estate Management & Development - 0.4%
  
  
  
Zillow Group Inc Class C (b)
  
386,660
29,792,153
TOTAL REAL ESTATE
  
  
46,253,801
 
  
  
  
Utilities - 1.0%
  
  
  
Electric Utilities - 0.8%
  
  
  
Constellation Energy Corp
 
38,300
12,603,381
NRG Energy Inc
 
233,800
37,863,910
 
  
  
50,467,291
Independent Power and Renewable Electricity Producers - 0.2%
  
  
  
Vistra Corp
 
85,300
16,711,976
TOTAL UTILITIES
  
  
67,179,267
 
  
  
  
TOTAL UNITED STATES
  
  
5,969,110,200
 
TOTAL COMMON STOCKS
 (Cost $4,540,363,829)
  
  
  
6,591,916,460
 
  
  
  
Convertible Corporate Bonds - 0.0%
 
  
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Illuminated Holdings Inc 15% (d)(e)(f)
  (Cost $809,600)
  
809,600
791,788
 
  
  
  
Convertible Preferred Stocks - 0.4%
 
  
Shares
Value ($)
 
AUSTRALIA - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Canva Australia Holdings Pty Ltd Series A (b)(d)(e)
  
423
696,317
Canva Australia Holdings Pty Ltd Series A2 (b)(d)(e)
  
77
126,753
 
  
  
  
TOTAL AUSTRALIA
  
  
823,070
UNITED STATES - 0.4%
 
  
  
Financials - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
Akeana Series C (b)(d)(e)
  
30,000
396,000
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
ElevateBio LLC Series C (b)(d)(e)
  
75,700
158,213
Industrials - 0.1%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
Anduril Industries Inc Series F (b)(d)(e)
  
114,642
4,686,565
Anduril Industries Inc Series G (d)(e)
  
7,400
302,512
 
  
  
4,989,077
Information Technology - 0.3%
  
  
  
IT Services - 0.1%
  
  
  
X.Ai Holdings Corp Series C (d)(e)
  
204,100
7,461,896
Software - 0.2%
  
  
  
Anthropic PBC Series F (d)(e)
  
25,300
3,566,541
Asapp Inc Series C (b)(d)(e)
  
250,763
391,190
Asapp Inc Series D (b)(d)(e)
  
1,768,998
2,282,008
Databricks Inc Series K (d)(e)
  
23,900
3,585,000
 
  
  
9,824,739
TOTAL INFORMATION TECHNOLOGY
  
  
17,286,635
 
  
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Illuminated Holdings Inc Series C2 (b)(d)(e)
  
50,974
592,318
Illuminated Holdings Inc Series C3 (b)(d)(e)
  
63,718
740,403
Illuminated Holdings Inc Series C4 (b)(d)(e)
  
18,303
212,681
Illuminated Holdings Inc Series C5 (b)(d)(e)
  
36,887
428,627
 
  
  
1,974,029
TOTAL UNITED STATES
  
  
24,803,954
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $29,522,032)
  
  
  
25,627,024
 
  
  
  
Preferred Securities - 0.0%
 
  
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Illuminated Holdings Inc 15% (d)(e)(f)
  (Cost $1,098,800)
  
1,098,800
1,355,150
 
  
  
  
Money Market Funds - 1.0%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Securities Lending Cash Central Fund (g)(h)
 (Cost $65,345,540)
  
4.19
65,339,006
65,345,540
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.9%
 (Cost $4,637,139,801)
 
  
 
6,685,035,962
NET OTHER ASSETS (LIABILITIES) - (0.9)%  
(62,491,205)
NET ASSETS - 100.0%
6,622,544,757
 
  
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Level 3 security.
 
(e)
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 $37,540,064 or 0.6% of net assets.
 
(f)
Security is perpetual in nature with no stated maturity date.
 
(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.
 
At period end, the value of non-cash collateral for securities on loan amounted to $234,632.
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Akeana Series C
1/23/2024
382,824
 
  
  
Anduril Industries Inc Class B
6/16/2025
32,706
 
  
  
Anduril Industries Inc Series F
8/7/2024
2,491,927
 
  
  
Anduril Industries Inc Series G
4/17/2025
302,533
 
  
  
Anthropic PBC Series F
8/18/2025
3,566,480
 
  
  
Asapp Inc Series C
4/30/2021
1,654,309
 
  
  
Asapp Inc Series D
8/29/2023
6,830,986
 
  
  
Asapp Inc warrants 8/28/2028
8/29/2023
0
 
  
  
Blu Homes Inc
5/21/2020
5,742
 
  
  
Canva Australia Holdings Pty Ltd Series A
9/22/2023
451,198
 
  
  
Canva Australia Holdings Pty Ltd Series A2
9/22/2023
82,132
 
  
  
Databricks Inc Series K
9/8/2025
3,585,000
 
  
  
ElevateBio LLC Series C
3/9/2021
317,562
 
  
  
Epic Games Inc
3/29/2021
1,985,940
 
  
  
Illuminated Holdings Inc 15%
6/14/2023
809,600
 
  
  
Illuminated Holdings Inc 15%
9/27/2023
1,098,800
 
  
  
Illuminated Holdings Inc Series C2
7/7/2020
1,274,350
 
  
  
Illuminated Holdings Inc Series C3
7/7/2020
1,911,540
 
  
  
Illuminated Holdings Inc Series C4
1/8/2021
658,908
 
  
  
Illuminated Holdings Inc Series C5
6/16/2021
1,593,518
 
  
  
OpenAI Global LLC rights
9/30/2024
3,433,000
 
  
  
X.Ai Holdings Corp Series C
11/22/2024
4,418,765
 
  
  
 
 
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
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
63,622,227
496,292,604
559,914,972
390,263
141
-
-
-
0.0%
Fidelity Securities Lending Cash Central Fund
186,613,316
153,919,701
275,187,477
284,287
-
-
65,345,540
65,339,006
0.2%
Total
250,235,543
650,212,305
835,102,449
674,550
141
-
65,345,540
  
  
 
  
  
  
  
  
  
  
  
  
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 income 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 Corporate 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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