Quarterly Holdings Report
for
Fidelity® Small Cap Discovery Fund
January 31, 2026
SMR-NPRT3-0426
1.813037.121
Common Stocks - 99.2%
 
  
Shares
Value ($)
 
BAILIWICK OF GUERNSEY - 0.1%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Super Group SGHC Ltd (b)
  
339,800
3,217,906
BRAZIL - 0.3%
 
  
  
Financials - 0.3%
  
  
  
Financial Services - 0.3%
  
  
  
StoneCo Ltd Class A (a)
  
354,600
5,723,244
CANADA - 0.2%
 
  
  
Industrials - 0.0%
  
  
  
Electrical Equipment - 0.0%
  
  
  
Electrovaya Inc (United States) (a)
  
82,127
889,435
Utilities - 0.2%
  
  
  
Gas Utilities - 0.2%
  
  
  
Brookfield Infrastructure Corp (United States)
 
51,363
2,457,720
TOTAL CANADA
  
  
3,347,155
GRAND CAYMAN (UK OVERSEAS TER) - 0.2%
 
  
  
Financials - 0.2%
  
  
  
Capital Markets - 0.2%
  
  
  
Patria Investments Ltd Class A
 
376,820
5,505,340
PUERTO RICO - 1.3%
 
  
  
Financials - 1.3%
  
  
  
Financial Services - 1.3%
  
  
  
EVERTEC Inc
 
937,013
28,119,760
THAILAND - 2.1%
 
  
  
Information Technology - 2.1%
  
  
  
Electronic Equipment, Instruments & Components - 2.1%
  
  
  
Fabrinet (a)
  
93,400
45,713,696
UNITED STATES - 95.0%
 
  
  
Communication Services - 0.5%
  
  
  
Media - 0.5%
  
  
  
EchoStar Corp Class A (a)
  
97,800
11,072,916
Consumer Discretionary - 12.7%
  
  
  
Distributors - 0.8%
  
  
  
GigaCloud Technology Inc Class A (a)
  
418,645
16,716,495
Diversified Consumer Services - 5.1%
  
  
  
Adtalem Global Education Inc (a)
  
158,697
16,433,074
Carriage Services Inc
 
383,269
16,446,073
Grand Canyon Education Inc (a)
  
44,362
7,711,890
Laureate Education Inc (a)
  
1,746,999
59,922,066
Stride Inc (a)(b)
  
142,200
12,030,120
 
  
  
112,543,223
Hotels, Restaurants & Leisure - 0.9%
  
  
  
Cheesecake Factory Inc/The (b)
  
351,600
20,378,736
Household Durables - 1.3%
  
  
  
KB Home
 
198,600
11,427,444
Tri Pointe Homes Inc (a)
  
533,100
17,778,885
 
  
  
29,206,329
Specialty Retail - 4.2%
  
  
  
Academy Sports & Outdoors Inc (b)
  
890,396
48,980,684
Caleres Inc
 
404,600
4,944,212
Lithia Motors Inc Class A
 
43,900
14,199,016
Signet Jewelers Ltd
 
122,700
11,321,529
Urban Outfitters Inc (a)
  
193,400
13,702,390
 
  
  
93,147,831
Textiles, Apparel & Luxury Goods - 0.4%
  
  
  
Crocs Inc (a)
  
54,056
4,536,380
Oxford Industries Inc (b)
  
79,200
2,918,520
Steven Madden Ltd
 
52,730
2,313,792
 
  
  
9,768,692
TOTAL CONSUMER DISCRETIONARY
  
  
281,761,306
Consumer Staples - 1.1%
  
  
  
Beverages - 0.4%
  
  
  
Primo Brands Corp Class A
 
524,112
9,926,681
Consumer Staples Distribution & Retail - 0.6%
  
  
  
Grocery Outlet Holding Corp (a)(b)
  
1,194,365
11,382,299
Village Super Market Inc Class A
 
21,200
755,992
 
  
  
12,138,291
Food Products - 0.1%
  
  
  
Simply Good Foods Co/The (a)
  
149,200
2,800,484
TOTAL CONSUMER STAPLES
  
  
24,865,456
Energy - 3.5%
  
  
  
Energy Equipment & Services - 1.2%
  
  
  
Cactus Inc Class A
 
152,359
8,567,147
Flowco Holdings Inc Class A
 
460,300
9,620,270
Solaris Energy Infrastructure Inc Class A (b)
  
131,200
7,240,928
WaterBridge Infrastructure LLC Class A
 
23,200
509,008
 
  
  
25,937,353
Oil, Gas & Consumable Fuels - 2.3%
  
  
  
Chord Energy Corp
 
186,300
18,674,712
Gulfport Energy Corp (a)
  
12,800
2,613,376
Ovintiv Inc
 
687,100
29,868,237
 
  
  
51,156,325
TOTAL ENERGY
  
  
77,093,678
Financials - 15.4%
  
  
  
Banks - 6.4%
  
  
  
Axos Financial Inc (a)
  
140,400
13,898,196
Eastern Bankshares Inc
 
178,551
3,657,617
FNB Corp/PA
 
455,478
7,993,639
Hancock Whitney Corp
 
164,600
11,324,480
Hanmi Financial Corp
 
139,150
3,697,216
Old National Bancorp/IN
 
2,634,600
64,363,278
Pathward Financial Inc
 
43,300
3,909,557
UMB Financial Corp
 
96,430
12,260,110
Webster Financial Corp
 
310,273
20,406,655
 
  
  
141,510,748
Capital Markets - 0.7%
  
  
  
Victory Capital Holdings Inc Class A
 
33,700
2,376,860
WisdomTree Inc (b)
  
800,300
12,964,860
 
  
  
15,341,720
Consumer Finance - 2.8%
  
  
  
EZCORP Inc Class A (a)(b)
  
671,707
14,408,115
FirstCash Holdings Inc
 
135,947
23,178,964
SLM Corp
 
924,200
25,092,030
 
  
  
62,679,109
Financial Services - 1.8%
  
  
  
Voya Financial Inc
 
293,600
22,507,376
WEX Inc (a)
  
116,850
17,983,215
 
  
  
40,490,591
Insurance - 3.7%
  
  
  
Baldwin Insurance Group Inc/The Class A (a)
  
602,383
13,204,235
First American Financial Corp
 
280,972
17,751,811
Primerica Inc
 
43,205
11,364,643
Reinsurance Group of America Inc
 
88,700
17,983,925
Selective Insurance Group Inc
 
248,963
20,932,810
 
  
  
81,237,424
TOTAL FINANCIALS
  
  
341,259,592
Health Care - 13.5%
  
  
  
Biotechnology - 3.6%
  
  
  
Annexon Inc (a)
  
420,400
2,623,296
Apogee Therapeutics Inc (a)
  
3,400
222,734
Celldex Therapeutics Inc (a)
  
408,384
10,046,246
CG oncology Inc (a)
  
128,600
6,693,630
Cogent Biosciences Inc (a)
  
130,069
4,670,778
Cytokinetics Inc (a)(b)
  
124,500
7,867,155
Day One Biopharmaceuticals Inc (a)
  
218,000
2,432,880
Disc Medicine Inc (a)
  
35,100
2,713,932
Janux Therapeutics Inc (a)
  
31,600
433,236
Kiniksa Pharmaceuticals International Plc Class A (a)
  
22,200
975,024
Nurix Therapeutics Inc (a)
  
171,800
2,838,136
Olema Pharmaceuticals Inc (a)
  
210,800
5,421,776
Praxis Precision Medicines Inc (a)
  
17,200
5,400,800
Soleno Therapeutics Inc (a)
  
105,775
4,078,684
Travere Therapeutics Inc (a)
  
195,300
6,071,877
Upstream Bio Inc (a)
  
75,300
2,340,324
Vaxcyte Inc (a)
  
237,500
12,722,875
Viridian Therapeutics Inc (a)
  
77,000
2,541,000
Zenas Biopharma Inc (a)
  
7,000
128,590
 
  
  
80,222,973
Health Care Equipment & Supplies - 2.7%
  
  
  
Haemonetics Corp (a)
  
228,201
15,211,879
Lantheus Holdings Inc (a)
  
680,982
45,571,315
 
  
  
60,783,194
Health Care Providers & Services - 4.3%
  
  
  
Addus HomeCare Corp (a)
  
81,300
8,412,924
BrightSpring Health Services Inc (a)
  
473,032
18,575,967
Ensign Group Inc/The
 
67,776
11,634,428
Option Care Health Inc (a)
  
669,793
22,772,963
PACS Group Inc (a)
  
364,000
12,288,640
Park Dental Partners Inc (b)
  
2,800
45,668
Pennant Group Inc/The (a)
  
305,374
8,434,430
Progyny Inc (a)
  
557,620
13,310,389
 
  
  
95,475,409
Life Sciences Tools & Services - 1.9%
  
  
  
ICON PLC (a)
  
233,800
42,142,450
Pharmaceuticals - 1.0%
  
  
  
Amylyx Pharmaceuticals Inc (a)
  
172,077
2,458,980
Elanco Animal Health Inc (a)
  
510,181
12,285,158
Enliven Therapeutics Inc (a)
  
4,200
111,090
Phibro Animal Health Corp Class A
 
159,071
6,386,701
 
  
  
21,241,929
TOTAL HEALTH CARE
  
  
299,865,955
Industrials - 28.7%
  
  
  
Aerospace & Defense - 1.5%
  
  
  
V2X Inc (a)
  
471,628
32,462,155
Building Products - 1.7%
  
  
  
AZZ Inc
 
22,302
2,771,916
Gibraltar Industries Inc (a)
  
336,688
17,258,627
Tecnoglass Inc
 
337,886
16,526,004
 
  
  
36,556,547
Commercial Services & Supplies - 4.1%
  
  
  
Brady Corp Class A
 
610,201
52,764,080
Brink's Co/The
 
307,297
39,039,011
 
  
  
91,803,091
Construction & Engineering - 3.0%
  
  
  
Cardinal Infrastructure Group Inc Class A
 
150,744
3,797,241
Granite Construction Inc
 
159,100
19,209,734
IES Holdings Inc (a)(b)
  
115,315
43,853,142
 
  
  
66,860,117
Electrical Equipment - 0.9%
  
  
  
Nextpower Inc Class A (a)
  
170,370
19,948,623
Ground Transportation - 0.5%
  
  
  
ArcBest Corp
 
93,869
8,468,861
Proficient Auto Logistics Inc (a)
  
102,616
1,034,369
Universal Logistics Holdings Inc
 
43,701
699,653
 
  
  
10,202,883
Machinery - 2.7%
  
  
  
Blue Bird Corp (a)
  
63,651
3,202,282
Energy Recovery Inc (a)
  
77,000
1,123,430
Enpro Inc
 
34,700
8,285,666
Hillman Solutions Corp (a)
  
839,869
7,869,573
JBT Marel Corp
 
65,300
10,272,343
Miller Industries Inc/TN
 
13,200
540,803
Mueller Industries Inc
 
105,762
14,398,439
Mueller Water Products Inc Class A1
 
190,996
5,170,262
REV Group Inc
 
146,021
9,330,742
 
  
  
60,193,540
Professional Services - 11.6%
  
  
  
Cbiz Inc (a)(b)
  
944,797
37,177,762
CRA International Inc
 
7,000
1,322,579
ExlService Holdings Inc (a)
  
659,700
25,827,255
Genpact Ltd
 
2,249,257
99,192,234
ICF International Inc
 
54,852
5,114,949
KBR Inc
 
880,325
37,686,713
Maximus Inc
 
546,608
51,621,660
 
  
  
257,943,152
Trading Companies & Distributors - 2.7%
  
  
  
Core & Main Inc Class A (a)
  
282,400
15,068,864
DXP Enterprises Inc/TX (a)
  
285,047
37,070,363
Rush Enterprises Inc Class A
 
111,596
7,163,347
 
  
  
59,302,574
TOTAL INDUSTRIALS
  
  
635,272,682
Information Technology - 12.9%
  
  
  
Electronic Equipment, Instruments & Components - 7.1%
  
  
  
Bel Fuse Inc Class B
 
16,182
3,255,657
Belden Inc
 
151,042
17,748,945
ePlus Inc
 
72,101
6,186,987
Insight Enterprises Inc (a)
  
470,194
39,505,700
Itron Inc (a)
  
36,300
3,596,604
Sanmina Corp (a)
  
429,609
60,867,003
TD SYNNEX Corp
 
38,500
6,108,795
TTM Technologies Inc (a)
  
189,500
18,608,900
 
  
  
155,878,591
IT Services - 2.0%
  
  
  
Kyndryl Holdings Inc (a)
  
1,894,434
43,571,982
Semiconductors & Semiconductor Equipment - 2.0%
  
  
  
Diodes Inc (a)
  
309,098
18,295,511
MKS Inc
 
43,772
10,304,367
Penguin Solutions Inc (a)
  
648,519
12,458,050
Veeco Instruments Inc (a)
  
130,800
4,084,883
 
  
  
45,142,811
Software - 1.8%
  
  
  
ACI Worldwide Inc (a)
  
246,608
10,692,923
Bitdeer Technologies Group Class A (a)(b)
  
189,400
2,469,776
Intapp Inc (a)
  
53,267
1,808,415
PAR Technology Corp (a)
  
47,000
1,231,870
Riot Platforms Inc (a)
  
416,300
6,440,161
SPS Commerce Inc (a)
  
43,051
3,842,732
Varonis Systems Inc (a)
  
90,300
2,694,552
Weave Communications Inc (a)
  
1,097,698
7,135,037
Workiva Inc Class A (a)
  
58,700
4,521,074
 
  
  
40,836,540
TOTAL INFORMATION TECHNOLOGY
  
  
285,429,924
Materials - 5.2%
  
  
  
Chemicals - 2.4%
  
  
  
Element Solutions Inc
 
261,400
7,606,740
HB Fuller Co
 
90,400
5,433,040
Minerals Technologies Inc
 
487,500
32,058,000
Perimeter Solutions Inc (a)
  
276,775
7,237,666
 
  
  
52,335,446
Construction Materials - 0.9%
  
  
  
Eagle Materials Inc
 
93,800
19,117,378
Containers & Packaging - 0.7%
  
  
  
Silgan Holdings Inc
 
390,600
16,854,390
Metals & Mining - 1.2%
  
  
  
Coeur Mining Inc (a)
  
1,088,200
22,242,808
Constellium SE (a)
  
215,212
4,835,814
 
  
  
27,078,622
TOTAL MATERIALS
  
  
115,385,836
Real Estate - 0.7%
  
  
  
Real Estate Management & Development - 0.6%
  
  
  
Compass Inc Class A (a)
  
1,009,000
12,632,680
Specialized REITs - 0.1%
  
  
  
Outfront Media Inc
 
88,691
2,156,965
TOTAL REAL ESTATE
  
  
14,789,645
Utilities - 0.8%
  
  
  
Gas Utilities - 0.8%
  
  
  
UGI Corp
 
422,344
16,940,218
TOTAL UNITED STATES
  
  
2,103,737,208
 
TOTAL COMMON STOCKS
 (Cost $1,942,497,360)
  
  
  
2,195,364,309
 
  
  
  
Money Market Funds - 4.1%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (c)
  
3.70
26,913,268
26,918,650
Fidelity Securities Lending Cash Central Fund (c)(d)
  
3.70
64,430,018
64,436,461
 
TOTAL MONEY MARKET FUNDS
 (Cost $91,355,111)
  
  
  
91,355,111
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 103.3%
 (Cost $2,033,852,471)
 
  
 
2,286,719,420
NET OTHER ASSETS (LIABILITIES) - (3.3)%  
(72,030,639)
NET ASSETS - 100.0%
2,214,688,781
 
  
Legend
 
(a)
Non-income producing.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
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.
 
(d)
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 $22,903,278.
 
 
 
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
93,271,874
591,064,178
657,416,162
2,183,700
(1,240)
-
26,918,650
26,913,268
0.0%
Fidelity Securities Lending Cash Central Fund
60,632,698
335,203,251
331,398,911
88,703
(577)
-
64,436,461
64,430,018
0.2%
Total
153,904,572
926,267,429
988,815,073
2,272,403
(1,817)
-
91,355,111
  
  
 
  
  
  
  
  
  
  
  
  
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.
 
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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