Quarterly Holdings Report
for
Fidelity® Small Cap Discovery Fund
July 31, 2026
SMR-NPRT1-0926
1.804843.122
Common Stocks - 98.7%
 
  
Shares
Value ($)
 
BAILIWICK OF GUERNSEY - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Super Group SGHC Ltd (b)
  
114,793
1,607,102
BERMUDA - 0.7%
 
  
  
Financials - 0.7%
  
  
  
Capital Markets - 0.7%
  
  
  
Marex Group Ltd
 
239,553
15,551,781
BRAZIL - 0.2%
 
  
  
Financials - 0.2%
  
  
  
Financial Services - 0.2%
  
  
  
StoneCo Ltd Class A (b)
  
453,900
5,163,113
CANADA - 0.3%
 
  
  
Industrials - 0.0%
  
  
  
Electrical Equipment - 0.0%
  
  
  
Electrovaya Inc (United States) (a)
  
55,526
456,424
Materials - 0.3%
  
  
  
Metals & Mining - 0.3%
  
  
  
Ssr Mining Inc (United States) (a)(b)
  
208,600
5,344,332
TOTAL CANADA
  
  
5,800,756
GRAND CAYMAN (UK OVERSEAS TER) - 0.2%
 
  
  
Financials - 0.2%
  
  
  
Capital Markets - 0.2%
  
  
  
Patria Investments Ltd Class A (b)
  
398,420
4,310,904
NETHERLANDS - 0.2%
 
  
  
Health Care - 0.2%
  
  
  
Biotechnology - 0.2%
  
  
  
Newamsterdam Pharma Co NV (a)(b)
  
183,400
5,096,686
PUERTO RICO - 0.8%
 
  
  
Financials - 0.8%
  
  
  
Financial Services - 0.8%
  
  
  
EVERTEC Inc (b)
  
579,513
17,640,376
SWITZERLAND - 0.8%
 
  
  
Consumer Discretionary - 0.8%
  
  
  
Automobile Components - 0.8%
  
  
  
Garrett Motion Inc
 
549,600
17,120,040
TAIWAN - 0.5%
 
  
  
Information Technology - 0.5%
  
  
  
Semiconductors & Semiconductor Equipment - 0.5%
  
  
  
Silicon Motion Technology Corp ADR
 
46,600
11,817,760
THAILAND - 2.0%
 
  
  
Information Technology - 2.0%
  
  
  
Electronic Equipment, Instruments & Components - 2.0%
  
  
  
Fabrinet (a)
  
103,400
45,021,394
UNITED STATES - 93.0%
 
  
  
Consumer Discretionary - 11.1%
  
  
  
Automobile Components - 0.2%
  
  
  
Dorman Products Inc (a)(b)
  
42,500
5,659,300
Distributors - 0.8%
  
  
  
GigaCloud Technology Inc Class A (a)(b)
  
437,292
19,127,152
Diversified Consumer Services - 4.9%
  
  
  
Carriage Services Inc
 
383,269
15,472,570
Covista Inc (a)
  
238,833
29,818,300
Grand Canyon Education Inc (a)
  
50,962
7,406,817
Laureate Education Inc (a)
  
1,545,857
59,221,782
 
  
  
111,919,469
Hotels, Restaurants & Leisure - 0.2%
  
  
  
Cheesecake Factory Inc/The (b)
  
33,963
3,444,527
Household Durables - 0.3%
  
  
  
KB Home
 
112,109
6,162,632
Specialty Retail - 4.6%
  
  
  
Abercrombie & Fitch Co Class A (a)
  
90,472
9,005,583
Academy Sports & Outdoors Inc
 
855,696
40,602,775
Bob's Discount Furniture Inc (b)
  
379,100
6,319,597
Boot Barn Holdings Inc (a)
  
24,500
3,650,255
Caleres Inc
 
400,900
5,147,556
National Vision Holdings Inc (a)
  
532,785
11,742,581
Signet Jewelers Ltd
 
117,400
10,906,460
Urban Outfitters Inc (a)
  
222,500
16,505,050
 
  
  
103,879,857
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Steven Madden Ltd
 
58,130
2,678,630
TOTAL CONSUMER DISCRETIONARY
  
  
252,871,567
Consumer Staples - 1.0%
  
  
  
Consumer Staples Distribution & Retail - 1.0%
  
  
  
Sprouts Farmers Market Inc (a)
  
257,000
22,400,120
Village Super Market Inc Class A (b)
  
26,300
1,155,622
TOTAL CONSUMER STAPLES
  
  
23,555,742
Energy - 4.3%
  
  
  
Energy Equipment & Services - 1.3%
  
  
  
Flowco Holdings Inc Class A
 
612,706
12,529,838
National Energy Services Reunited Corp (a)
  
302,600
8,158,096
Solaris Energy Infrastructure Inc Class A
 
151,000
7,762,910
 
  
  
28,450,844
Oil, Gas & Consumable Fuels - 3.0%
  
  
  
Chord Energy Corp
 
194,500
27,303,910
Gulfport Energy Corp (a)
  
14,300
2,307,591
Ovintiv Inc
 
625,500
39,068,730
 
  
  
68,680,231
TOTAL ENERGY
  
  
97,131,075
Financials - 14.0%
  
  
  
Banks - 5.8%
  
  
  
Axos Financial Inc (a)
  
177,400
17,990,134
Eastern Bankshares Inc
 
208,451
4,786,035
FNB Corp/PA
 
356,778
6,743,104
Hancock Whitney Corp
 
180,900
13,929,300
Old National Bancorp/IN
 
2,604,800
69,391,872
Pathward Financial Inc
 
49,700
4,385,528
UMB Financial Corp
 
105,630
15,393,460
 
  
  
132,619,433
Capital Markets - 0.7%
  
  
  
WisdomTree Inc (b)
  
881,800
17,080,466
Consumer Finance - 3.3%
  
  
  
EZCORP Inc Class A (a)(b)
  
933,200
27,781,364
FirstCash Holdings Inc
 
118,047
24,082,768
SLM Corp
 
858,500
22,316,708
 
  
  
74,180,840
Financial Services - 1.4%
  
  
  
Remitly Global Inc (a)
  
284,143
6,469,936
WEX Inc (a)
  
134,350
25,118,076
 
  
  
31,588,012
Insurance - 2.8%
  
  
  
Baldwin Insurance Group Inc/The Class A (a)(b)
  
737,544
20,459,471
First American Financial Corp
 
279,872
20,987,601
Reinsurance Group of America Inc
 
88,700
21,008,595
 
  
  
62,455,667
TOTAL FINANCIALS
  
  
317,924,418
Health Care - 18.8%
  
  
  
Biotechnology - 6.9%
  
  
  
Annexon Inc (a)
  
1,052,300
5,361,469
Avalo Therapeutics Inc (a)
  
406,200
7,413,150
Celldex Therapeutics Inc (a)(b)
  
449,408
17,104,468
CG oncology Inc (a)
  
147,900
10,529,001
Cogent Biosciences Inc (a)
  
444,569
17,307,072
Dianthus Therapeutics Inc (a)
  
35,800
3,827,736
Disc Medicine Inc (a)
  
38,700
2,979,900
Jade Biosciences Inc (a)
  
57,800
1,141,550
Janux Therapeutics Inc (a)
  
31,600
479,372
Kiniksa Pharmaceuticals International Plc Class A (a)
  
102,308
7,605,577
Legend Biotech Corp ADR (a)
  
297,800
5,524,190
Nurix Therapeutics Inc (a)(b)
  
200,000
4,642,000
Olema Pharmaceuticals Inc (a)
  
498,900
5,712,405
Oruka Therapeutics Inc (a)
  
4,500
434,295
Praxis Precision Medicines Inc (a)
  
36,600
11,266,578
Relay Therapeutics Inc (a)
  
485,900
9,149,497
Solid Biosciences Inc (a)(b)
  
361,100
2,910,466
Tenax Therapeutics Inc (a)
  
335,016
4,589,719
Travere Therapeutics Inc (a)
  
25,700
1,436,373
Tyra Biosciences Inc (a)
  
4,900
156,212
Upstream Bio Inc (a)
  
75,300
475,143
Vaxcyte Inc (a)
  
237,500
12,844,000
Viridian Therapeutics Inc (a)
  
355,198
6,720,346
Vor BioPharma Inc (a)
  
358,900
7,590,735
Zenas Biopharma Inc (a)
  
283,085
8,900,192
 
  
  
156,101,446
Health Care Equipment & Supplies - 2.2%
  
  
  
Anteris Technologies Global Corp (a)
  
209,600
1,643,263
Haemonetics Corp (a)
  
52,001
4,448,166
Lantheus Holdings Inc (a)(b)
  
221,947
22,114,799
LivaNova PLC (a)
  
156,300
12,525,882
Merit Medical Systems Inc (a)
  
126,100
10,719,761
 
  
  
51,451,871
Health Care Providers & Services - 4.1%
  
  
  
Addus HomeCare Corp (a)
  
135,800
15,682,184
BrightSpring Health Services Inc (a)
  
80,432
4,802,594
Ensign Group Inc/The
 
77,976
13,892,204
PACS Group Inc (a)
  
418,700
19,264,387
Pennant Group Inc/The (a)
  
268,668
10,832,694
Progyny Inc (a)
  
557,620
17,358,711
Universal Health Services Inc Class B
 
69,000
11,622,360
 
  
  
93,455,134
Life Sciences Tools & Services - 2.5%
  
  
  
ICON PLC (a)
  
343,700
56,217,291
Pharmaceuticals - 3.1%
  
  
  
Alumis Inc (a)
  
223,400
6,311,050
Amylyx Pharmaceuticals Inc (a)
  
172,077
3,494,884
Elanco Animal Health Inc (a)
  
489,581
12,910,251
Enliven Therapeutics Inc (a)
  
74,700
4,094,307
Jazz Pharmaceuticals PLC (a)
  
59,600
15,070,456
MBX Biosciences Inc (a)
  
190,200
12,539,886
Phibro Animal Health Corp Class A
 
159,071
5,779,049
Tarsus Pharmaceuticals Inc (a)
  
75,200
4,439,808
Trevi Therapeutics Inc (a)
  
330,400
6,029,800
 
  
  
70,669,491
TOTAL HEALTH CARE
  
  
427,895,233
Industrials - 22.7%
  
  
  
Aerospace & Defense - 0.3%
  
  
  
Park Aerospace Corp
 
20,000
678,000
V2X Inc (a)
  
59,613
5,379,477
 
  
  
6,057,477
Building Products - 2.2%
  
  
  
AZZ Inc
 
26,302
3,806,425
Gibraltar Industries Inc (a)
  
336,688
14,228,435
Griffon Corp
 
28,300
2,438,611
Resideo Technologies Inc (a)
  
472,903
16,220,573
Tecnoglass Holdings Inc (b)
  
330,586
14,360,656
 
  
  
51,054,700
Commercial Services & Supplies - 3.8%
  
  
  
Brady Corp Class A
 
610,001
57,504,794
Brink's Co/The
 
246,228
29,165,707
 
  
  
86,670,501
Construction & Engineering - 5.6%
  
  
  
Cardinal Infrastructure Group Inc Class A (b)
  
186,229
11,525,713
Granite Construction Inc
 
183,000
22,137,510
IES Holdings Inc (a)
  
107,545
80,071,554
Limbach Holdings Inc (a)
  
76,200
5,463,540
Valmont Industries Inc
 
13,200
6,358,440
 
  
  
125,556,757
Electrical Equipment - 2.2%
  
  
  
LSI Industries Inc
 
29,700
694,683
Nextpower Inc Class A (a)
  
106,670
9,586,433
Sensata Technologies Holding PLC
 
868,400
40,198,236
 
  
  
50,479,352
Ground Transportation - 0.1%
  
  
  
Proficient Auto Logistics Inc (a)
  
102,316
699,842
Universal Logistics Holdings Inc
 
43,701
584,719
 
  
  
1,284,561
Machinery - 4.3%
  
  
  
Blue Bird Corp (a)
  
63,951
4,757,315
Enpro Inc
 
31,000
9,731,520
Hillman Solutions Corp (a)
  
671,013
5,280,872
JBT Marel Corp
 
62,300
8,626,681
Kennametal Inc
 
243,342
8,266,328
Miller Industries Inc/TN
 
13,200
663,960
Mueller Industries Inc
 
243,224
16,152,506
Mueller Water Products Inc Class A1
 
220,596
5,567,843
Oshkosh Corp
 
56,200
8,003,442
SPX Technologies Inc (a)
  
82,700
18,162,574
Terex Corp
 
174,831
10,986,380
 
  
  
96,199,421
Marine Transportation - 0.3%
  
  
  
Matson Inc
 
36,400
7,374,276
Trading Companies & Distributors - 3.9%
  
  
  
Core & Main Inc Class A (a)
  
545,800
23,998,826
DXP Enterprises Inc/TX (a)
  
293,947
46,155,558
Herc Holdings Inc
 
99,700
14,968,958
Rush Enterprises Inc Class A
 
44,258
3,531,346
 
  
  
88,654,688
TOTAL INDUSTRIALS
  
  
513,331,733
Information Technology - 14.8%
  
  
  
Electronic Equipment, Instruments & Components - 6.7%
  
  
  
Bel Fuse Inc Class B
 
18,682
5,080,944
Belden Inc
 
173,742
21,552,695
ePlus Inc
 
62,901
5,812,681
Itron Inc (a)
  
43,100
4,295,346
Sanmina Corp (a)
  
473,409
87,845,774
TD SYNNEX Corp
 
73,500
18,793,950
TTM Technologies Inc (a)
  
69,200
7,988,448
 
  
  
151,369,838
IT Services - 0.2%
  
  
  
Boost Run Inc Class A
 
293,476
5,881,259
Semiconductors & Semiconductor Equipment - 5.5%
  
  
  
Axcelis Technologies Inc (a)
  
298,600
38,931,468
Diodes Inc (a)
  
340,598
28,038,027
Penguin Solutions Inc (a)
  
833,908
43,888,578
Synaptics Inc (a)
  
28,300
3,037,156
Veeco Instruments Inc (a)
  
238,913
11,945,650
 
  
  
125,840,879
Software - 2.4%
  
  
  
ACI Worldwide Inc (a)
  
312,908
17,939,016
Adeia Inc (b)
  
541,880
14,441,102
Bitdeer Technologies Group Class A (a)(b)
  
82,400
866,848
Riot Platforms Inc (a)
  
448,000
9,036,160
Terawulf Inc (a)(b)
  
642,200
11,341,252
 
  
  
53,624,378
TOTAL INFORMATION TECHNOLOGY
  
  
336,716,354
Materials - 5.1%
  
  
  
Chemicals - 2.4%
  
  
  
HB Fuller Co
 
104,000
5,751,200
Minerals Technologies Inc
 
488,100
37,212,745
Perimeter Solutions Inc (a)
  
410,092
12,552,916
 
  
  
55,516,861
Construction Materials - 1.2%
  
  
  
Eagle Materials Inc
 
107,900
22,113,026
Suncrete Inc Class A
 
252,100
4,257,969
 
  
  
26,370,995
Containers & Packaging - 0.2%
  
  
  
Silgan Holdings Inc
 
95,878
3,833,202
Metals & Mining - 1.3%
  
  
  
Coeur Mining Inc
 
785,696
11,714,727
Commercial Metals Co
 
271,800
18,678,096
 
  
  
30,392,823
TOTAL MATERIALS
  
  
116,113,881
Real Estate - 0.8%
  
  
  
Real Estate Management & Development - 0.8%
  
  
  
Compass Inc Class A (a)
  
1,590,000
18,110,100
Utilities - 0.4%
  
  
  
Gas Utilities - 0.4%
  
  
  
UGI Corp
 
244,304
8,824,260
TOTAL UNITED STATES
  
  
2,112,474,363
 
TOTAL COMMON STOCKS
 (Cost $1,786,130,359)
  
  
  
2,241,604,275
 
  
  
  
Money Market Funds - 3.2%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (c)
  
3.69
29,115,314
29,121,137
Fidelity Securities Lending Cash Central Fund (c)(d)
  
3.72
43,108,408
43,112,719
 
TOTAL MONEY MARKET FUNDS
 (Cost $72,232,311)
  
  
  
72,233,856
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.9%
 (Cost $1,858,362,670)
 
  
 
2,313,838,131
NET OTHER ASSETS (LIABILITIES) - (1.9)%  
(43,166,493)
NET ASSETS - 100.0%
2,270,671,638
 
  
 
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 $83,528,093.
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
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
Fidelity Cash Central Fund
37,431,152
226,698,692
235,009,635
680,227
(617)
1,545
29,121,137
29,115,314
Fidelity Securities Lending Cash Central Fund
47,738,026
200,635,428
205,260,735
76,737
-
-
43,112,719
43,108,408
 
85,169,178
427,334,120
440,270,370
756,964
(617)
1,545
72,233,856
  
 
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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