-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, W0gkloWk74Lp8XsCfTYbxtny1WLr8O+TlxcEccVvxULsVPlG0X1YElSqVmYBzMnR 3JoeIbb/cNfLfwiDw0En+A== 0000722574-09-000242.txt : 20091030 0000722574-09-000242.hdr.sgml : 20091030 20091030112118 ACCESSION NUMBER: 0000722574-09-000242 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090831 FILED AS OF DATE: 20091030 DATE AS OF CHANGE: 20091030 EFFECTIVENESS DATE: 20091030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY MT VERNON STREET TRUST CENTRAL INDEX KEY: 0000707823 IRS NUMBER: 042778701 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03583 FILM NUMBER: 091146699 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391706 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTOM STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY GROWTH COMPANY FUND DATE OF NAME CHANGE: 19910110 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY MERCURY FUND DATE OF NAME CHANGE: 19861216

0000707823 S000007118 Fidelity Growth Strategies Fund

C000019447 Fidelity Growth Strategies Fund FDEGX

C000064241 Class K

0000707823 S000007119 Fidelity Growth Company Fund

C000019448 Fidelity Growth Company Fund FDGRX

C000064242 Class K

C000076772 Class F

0000707823 S000007120 Fidelity New Millennium Fund

C000019449 Fidelity New Millennium Fund FMILX

0000707823 S000020981 Fidelity 130/30 Large Cap Fund

C000059581 Fidelity 130/30 Large Cap Fund

C000059582 Fidelity Advisor 130/30 Large Cap Fund: Class A

C000059583 Fidelity Advisor 130/30 Large Cap Fund: Class B

C000059584 Fidelity Advisor 130/30 Large Cap Fund: Class C

C000059585 Fidelity Advisor 130/30 Large Cap Fund: Class T

C000059586 Fidelity Advisor 130/30 Large Cap Fund: Institutional Class

N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3583

Fidelity Mt. Vernon Street Trust
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	November 30

Date of reporting period:	August 31, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® 130/30
Large Cap Fund

August 31, 2009

1.859201.101

FLC-QTLY-1009

Investments August 31, 2009 (Unaudited)

Showing Percentage of Net Assets

LONG STOCK POSITIONS (d) - 126.6%
	Shares		Value
COMMON STOCKS - 126.6%
CONSUMER DISCRETIONARY - 14.8%
Auto Components - 0.2%
TRW Automotive Holdings Corp. (a)	4,300		$ 75,895
Hotels, Restaurants & Leisure - 2.0%
P.F. Chang's China Bistro, Inc. (a)	7,000		223,370
Wyndham Worldwide Corp.	26,400		399,960
			623,330
Household Durables - 1.1%
La-Z-Boy, Inc.	26,800		226,996
Whirlpool Corp.	1,600		102,736
			329,732
Internet & Catalog Retail - 1.4%
Priceline.com, Inc. (a)	2,900		446,542
Media - 1.9%
CBS Corp. Class B	15,600		161,460
Comcast Corp. Class A	5,200		79,664
Time Warner Cable, Inc.	4,500		166,140
Virgin Media, Inc.	14,400		164,592
			571,856
Specialty Retail - 2.3%
Advance Auto Parts, Inc.	4,100		173,430
Genesco, Inc. (a)	13,300		291,270
Jos. A. Bank Clothiers, Inc. (a)	3,500		154,035
RadioShack Corp.	5,100		77,163
			695,898
Textiles, Apparel & Luxury Goods - 5.9%
G-III Apparel Group Ltd. (a)	21,100		315,445
Hanesbrands, Inc. (a)	15,600		328,536
Phillips-Van Heusen Corp.	8,200		309,796
Polo Ralph Lauren Corp. Class A	4,400		292,072
VF Corp.	8,300		577,348
			1,823,197
TOTAL CONSUMER DISCRETIONARY			4,566,450
CONSUMER STAPLES - 12.2%
Beverages - 6.4%
Coca-Cola Enterprises, Inc.	38,000		767,980
Constellation Brands, Inc. Class A (sub. vtg.) (a)	24,600		363,834
LONG STOCK POSITIONS (d) - CONTINUED
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
Dr Pepper Snapple Group, Inc. (a)	5,900		$ 155,996
Molson Coors Brewing Co. Class B	14,700		696,486
			1,984,296
Food Products - 2.8%
Bunge Ltd.	6,200		415,462
TreeHouse Foods, Inc. (a)	4,100		151,905
Tyson Foods, Inc. Class A	25,700		308,143
			875,510
Household Products - 1.4%
Energizer Holdings, Inc. (a)	1,700		111,231
Kimberly-Clark Corp.	5,300		320,438
			431,669
Personal Products - 0.5%
Nu Skin Enterprises, Inc. Class A	8,600		148,350
Tobacco - 1.1%
Lorillard, Inc.	4,500		327,465
TOTAL CONSUMER STAPLES			3,767,290
ENERGY - 13.9%
Energy Equipment & Services - 5.9%
ENSCO International, Inc.	4,100		151,290
National Oilwell Varco, Inc. (a)	8,400		305,340
Noble Corp.	21,000		735,630
Transocean Ltd. (a)	8,400		637,056
			1,829,316
Oil, Gas & Consumable Fuels - 8.0%
Berry Petroleum Co. Class A	3,400		76,738
Chesapeake Energy Corp.	3,300		75,372
Chevron Corp.	19,100		1,335,855
Marathon Oil Corp.	29,100		898,317
Massey Energy Co.	2,800		75,824
			2,462,106
TOTAL ENERGY			4,291,422
FINANCIALS - 15.6%
Capital Markets - 5.0%
BlackRock, Inc. Class A	3,000		598,710
LONG STOCK POSITIONS (d) - CONTINUED
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Morgan Stanley	22,500		$ 651,600
Waddell & Reed Financial, Inc. Class A	11,500		305,095
			1,555,405
Diversified Financial Services - 3.3%
Fifth Street Finance Corp.	4,300		44,247
JPMorgan Chase & Co.	22,300		969,158
			1,013,405
Insurance - 6.8%
Endurance Specialty Holdings Ltd.	9,000		310,230
Genworth Financial, Inc. Class A	19,700		208,032
Lincoln National Corp.	6,700		169,108
Loews Corp.	2,400		81,960
MetLife, Inc.	8,700		328,512
The Travelers Companies, Inc.	19,700		993,274
			2,091,116
Real Estate Investment Trusts - 0.0%
ProLogis Trust	600		6,672
Real Estate Management & Development - 0.5%
Forestar Group, Inc. (a)	11,800		170,392
TOTAL FINANCIALS			4,836,990
HEALTH CARE - 18.6%
Biotechnology - 1.1%
PDL BioPharma, Inc.	38,200		345,710
Health Care Equipment & Supplies - 2.5%
Cooper Companies, Inc.	16,500		450,780
Hospira, Inc. (a)	8,200		320,538
			771,318
Health Care Providers & Services - 8.4%
AmerisourceBergen Corp.	35,200		750,112
CIGNA Corp.	2,800		82,404
Community Health Systems, Inc. (a)	6,200		190,774
Health Management Associates, Inc. Class A (a)	30,300		209,373
Humana, Inc. (a)	19,400		692,580
McKesson Corp.	5,700		324,102
Tenet Healthcare Corp. (a)	75,200		350,432
			2,599,777
LONG STOCK POSITIONS (d) - CONTINUED
	Shares		Value
HEALTH CARE - continued
Life Sciences Tools & Services - 1.0%
Thermo Fisher Scientific, Inc. (a)	6,800		$ 307,428
Pharmaceuticals - 5.6%
Endo Pharmaceuticals Holdings, Inc. (a)	4,400		99,308
King Pharmaceuticals, Inc. (a)	64,800		672,624
Mylan, Inc. (a)	6,100		89,487
Pfizer, Inc.	38,300		639,610
Sepracor, Inc. (a)	8,800		159,720
Watson Pharmaceuticals, Inc. (a)	2,300		81,167
			1,741,916
TOTAL HEALTH CARE			5,766,149
INDUSTRIALS - 16.0%
Aerospace & Defense - 1.4%
Alliant Techsystems, Inc. (a)	2,000		154,560
Goodrich Corp.	4,100		226,156
Precision Castparts Corp.	600		54,768
			435,484
Air Freight & Logistics - 0.5%
Dynamex, Inc. (a)	9,700		159,177
Airlines - 0.5%
Allegiant Travel Co. (a)	3,900		152,841
Commercial Services & Supplies - 1.1%
R.R. Donnelley & Sons Co.	9,400		167,696
The Brink's Co.	5,900		155,465
			323,161
Electrical Equipment - 1.2%
A.O. Smith Corp.	4,000		152,200
Thomas & Betts Corp. (a)	8,300		229,827
			382,027
Industrial Conglomerates - 4.0%
Carlisle Companies, Inc.	9,600		316,704
Tyco International Ltd.	28,500		903,165
			1,219,869
Machinery - 5.5%
Crane Co.	6,900		161,943
Cummins, Inc.	3,500		158,620
Ingersoll-Rand Co. Ltd.	10,700		330,523
LONG STOCK POSITIONS (d) - CONTINUED
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Navistar International Corp. (a)	17,300		$ 748,052
Oshkosh Co.	9,200		309,120
			1,708,258
Professional Services - 0.9%
Manpower, Inc.	5,200		268,840
Road & Rail - 0.9%
Con-way, Inc.	3,400		141,984
Landstar System, Inc.	4,300		149,941
			291,925
TOTAL INDUSTRIALS			4,941,582
INFORMATION TECHNOLOGY - 22.3%
Communications Equipment - 4.9%
3Com Corp. (a)	15,000		65,250
ADC Telecommunications, Inc. (a)	14,538		123,718
CommScope, Inc. (a)	3,100		83,576
Plantronics, Inc.	3,300		78,837
Starent Networks Corp. (a)	13,800		279,312
Tellabs, Inc. (a)	140,400		890,136
			1,520,829
Computers & Peripherals - 7.8%
Hewlett-Packard Co.	22,500		1,010,025
Seagate Technology	29,900		414,115
Western Digital Corp. (a)	28,700		983,836
			2,407,976
Electronic Equipment & Components - 2.8%
Flextronics International Ltd. (a)	38,000		225,340
Ingram Micro, Inc. Class A (a)	8,900		149,164
Jabil Circuit, Inc.	21,000		229,950
SYNNEX Corp. (a)	2,700		80,055
Tyco Electronics Ltd.	7,100		162,022
			846,531
IT Services - 3.2%
Fidelity National Information Services, Inc.	24,700		606,632
Metavante Technologies, Inc. (a)	11,800		371,818
			978,450
Semiconductors & Semiconductor Equipment - 0.3%
Fairchild Semiconductor International, Inc. (a)	10,000		100,600
LONG STOCK POSITIONS (d) - CONTINUED
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 3.3%
Quest Software, Inc. (a)	16,500		$ 272,085
Sybase, Inc. (a)	9,100		317,135
Synopsys, Inc. (a)	20,600		437,338
			1,026,558
TOTAL INFORMATION TECHNOLOGY			6,880,944
MATERIALS - 3.3%
Chemicals - 1.6%
Terra Industries, Inc.	16,500		513,315
Containers & Packaging - 1.7%
Ball Corp.	3,500		169,610
Crown Holdings, Inc. (a)	6,500		161,395
Owens-Illinois, Inc. (a)	5,600		190,064
			521,069
TOTAL MATERIALS			1,034,384
TELECOMMUNICATION SERVICES - 1.9%
Diversified Telecommunication Services - 0.9%
Qwest Communications International, Inc.	75,200		269,968
Wireless Telecommunication Services - 1.0%
Sprint Nextel Corp. (a)	87,600		320,616
TOTAL TELECOMMUNICATION SERVICES			590,584
UTILITIES - 8.0%
Gas Utilities - 0.3%
Energen Corp.	2,000		83,980
Independent Power Producers & Energy Traders - 4.7%
AES Corp.	33,700		460,679
Constellation Energy Group, Inc.	10,700		338,655
NRG Energy, Inc. (a)	24,900		668,565
			1,467,899
LONG STOCK POSITIONS (d) - CONTINUED
	Shares		Value
UTILITIES - continued
Multi-Utilities - 3.0%
CMS Energy Corp.	34,900		$ 468,009
Sempra Energy	9,100		456,547
			924,556
TOTAL UTILITIES			2,476,435
TOTAL COMMON STOCKS (Cost $35,786,770)		39,152,230
TOTAL LONG STOCK POSITIONS - 126.6% (Cost $35,786,770)		39,152,230

U.S. Treasury Obligations - 0.1%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.12% 9/24/09 (b) (Cost $24,998)	$ 25,000	24,998

Money Market Funds - 0.3%
	Shares
Fidelity Cash Central Fund, 0.33% (c) (Cost $97,037)	97,037		97,037
TOTAL INVESTMENT PORTFOLIO - 127.0% (Cost $35,908,805)			39,274,265
TOTAL SECURITIES SOLD SHORT - (26.9)% (Proceeds $7,519,794)		(8,309,588)
NET OTHER ASSETS - (0.1)%			(36,297)
NET ASSETS - 100%		$ 30,928,380

SHORT STOCK POSITIONS - (26.9)%
			Shares		Value

COMMON STOCKS - (26.9)%

CONSUMER DISCRETIONARY - (2.9)%
Hotels, Restaurants & Leisure - (0.8)%
Morgans Hotel Group Co.	(51,800)	$ (255,374)
Textiles, Apparel & Luxury Goods - (2.1)%
K-Swiss, Inc. Class A	(30,800)	(296,912)
Kenneth Cole Productions, Inc. Class A (sub. vtg.)	(35,000)	(351,750)
		(648,662)

TOTAL CONSUMER DISCRETIONARY

(904,036)

FINANCIALS - (2.1)%
Real Estate Investment Trusts - (1.1)%
Boston Properties, Inc.	(5,300)	(321,074)
Real Estate Management & Development - (1.0)%
The St. Joe Co.	(9,500)	(311,600)

TOTAL FINANCIALS			(632,674)
HEALTH CARE - (5.4)%
Biotechnology - (0.8)%
Arena Pharmaceuticals, Inc.	(50,000)		(232,500)
Health Care Equipment & Supplies - (2.3)%
Becton, Dickinson & Co.	(2,400)		(167,088)
Gen-Probe, Inc.	(7,100)		(273,705)
Masimo Corp.	(10,500)		(263,760)
			(704,553)
Health Care Providers & Services - (0.5)%
Cardinal Health, Inc.	(4,500)		(155,610)
Health Care Technology - (0.8)%
Eclipsys Corp.	(15,000)		(251,400)
SHORT STOCK POSITIONS - CONTINUED
	Shares		Value
HEALTH CARE - continued
Life Sciences Tools & Services - (1.0)%
Covance, Inc.	(3,200)		$ (169,920)
Pharmaceutical Product Development, Inc.	(7,500)		(150,825)
			(320,745)
TOTAL HEALTH CARE			(1,664,808)
INDUSTRIALS - (6.5)%
Airlines - (2.7)%
Continental Airlines, Inc. Class B	(21,900)		(290,613)
Delta Air Lines, Inc.	(36,400)		(262,808)
Southwest Airlines Co.	(34,200)		(279,756)
			(833,177)
Machinery - (3.0)%
Cascade Corp.	(12,400)		(315,952)
Kaydon Corp.	(9,600)		(320,448)
RBC Bearings, Inc.	(14,000)		(308,000)
			(944,400)
Trading Companies & Distributors - (0.8)%
Applied Industrial Technologies, Inc.	(12,000)		(247,560)
TOTAL INDUSTRIALS			(2,025,137)
INFORMATION TECHNOLOGY - (3.6)%
Electronic Equipment & Components - (1.9)%
Cogent, Inc.	(29,300)		(307,650)
FARO Technologies, Inc.	(15,900)		(270,459)
			(578,109)
Internet Software & Services - (0.9)%
comScore, Inc.	(20,000)		(278,200)
IT Services - (0.8)%
Paychex, Inc.	(9,200)		(260,268)
TOTAL INFORMATION TECHNOLOGY			(1,116,577)
SHORT STOCK POSITIONS - CONTINUED
	Shares		Value
MATERIALS - (0.6)%
Chemicals - (0.6)%
Monsanto Co.	(2,100)		$ (176,148)
TELECOMMUNICATION SERVICES - (1.4)%
Wireless Telecommunication Services - (1.4)%
Leap Wireless International, Inc.	(9,600)		(158,304)
MetroPCS Communications, Inc.	(35,400)		(281,784)
			(440,088)
UTILITIES - (4.4)%
Electric Utilities - (3.0)%
Allete, Inc.	(9,000)		(304,290)
Duke Energy Corp.	(12,500)		(193,625)
Pepco Holdings, Inc.	(18,500)		(265,105)
Southern Co.	(4,900)		(152,880)
			(915,900)
Independent Power Producers & Energy Traders - (0.9)%
Dynegy, Inc. Class A	(146,400)		(278,160)
Multi-Utilities - (0.5)%
SCANA Corp.	(4,500)		(156,060)
TOTAL UTILITIES			(1,350,120)
TOTAL SHORT STOCK POSITIONS - (26.9)% (Proceeds $7,519,794)		$ (8,309,588)

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts

3 CME E-mini S&P 500 Index Contracts

Sept. 2009

$ 152,956

$ (1,264)

The face value of futures purchased as a percentage of net assets - 0.5%

Legend

(a) Non-income producing

(b) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $24,998.

(c) Affiliated fund that is 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.

(d) Securities are pledged with broker as collateral for securities sold short.

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	$ 13,202

Other Information

The following is a summary of the inputs used, as of August 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 4,566,450	$ 4,566,450	$ -	$ -
Consumer Staples	3,767,290	3,767,290	-	-
Energy	4,291,422	4,291,422	-	-
Financials	4,836,990	4,836,990	-	-
Health Care	5,766,149	5,766,149	-	-
Industrials	4,941,582	4,941,582	-	-
Information Technology	6,880,944	6,880,944	-	-
Materials	1,034,384	1,034,384	-	-
Telecommunication Services	590,584	590,584	-	-
Utilities	2,476,435	2,476,435	-	-
Money Market Funds	97,037	97,037	-	-
Short Positions	(8,309,588)	(8,309,588)	-	-
U.S. Government and Government Agency Obligations	24,998	-	24,998	-
Total Investments in Securities:	$ 30,964,677	$ 30,939,679	$ 24,998	$ -
Derivative Instruments:
Liabilities
Futures Contracts	$ (1,264)	$ (1,264)	$ -	$ -

Income Tax Information

At August 31, 2009, the aggregate cost of investment securities for income tax purposes was $36,443,604. Net unrealized appreciation aggregated $2,830,661, of which $4,183,069 related to appreciated investment securities and $1,352,408 related to depreciated investment securities.

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 Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Long and short positions in 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 an independent pricing service on the primary market or exchange on which they are traded. 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 (last ask price to value short positions). Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

Quarterly 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.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor 130/30
Large Cap Fund
Class A
Class T
Class B
Class C
Institutional Class

August 31, 2009

Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity® 130/30
Large Cap Fund

1.859223.101

AFLC-QTLY-1009

Investments August 31, 2009 (Unaudited)

Showing Percentage of Net Assets

LONG STOCK POSITIONS (d) - 126.6%
	Shares		Value
COMMON STOCKS - 126.6%
CONSUMER DISCRETIONARY - 14.8%
Auto Components - 0.2%
TRW Automotive Holdings Corp. (a)	4,300		$ 75,895
Hotels, Restaurants & Leisure - 2.0%
P.F. Chang's China Bistro, Inc. (a)	7,000		223,370
Wyndham Worldwide Corp.	26,400		399,960
			623,330
Household Durables - 1.1%
La-Z-Boy, Inc.	26,800		226,996
Whirlpool Corp.	1,600		102,736
			329,732
Internet & Catalog Retail - 1.4%
Priceline.com, Inc. (a)	2,900		446,542
Media - 1.9%
CBS Corp. Class B	15,600		161,460
Comcast Corp. Class A	5,200		79,664
Time Warner Cable, Inc.	4,500		166,140
Virgin Media, Inc.	14,400		164,592
			571,856
Specialty Retail - 2.3%
Advance Auto Parts, Inc.	4,100		173,430
Genesco, Inc. (a)	13,300		291,270
Jos. A. Bank Clothiers, Inc. (a)	3,500		154,035
RadioShack Corp.	5,100		77,163
			695,898
Textiles, Apparel & Luxury Goods - 5.9%
G-III Apparel Group Ltd. (a)	21,100		315,445
Hanesbrands, Inc. (a)	15,600		328,536
Phillips-Van Heusen Corp.	8,200		309,796
Polo Ralph Lauren Corp. Class A	4,400		292,072
VF Corp.	8,300		577,348
			1,823,197
TOTAL CONSUMER DISCRETIONARY			4,566,450
CONSUMER STAPLES - 12.2%
Beverages - 6.4%
Coca-Cola Enterprises, Inc.	38,000		767,980
Constellation Brands, Inc. Class A (sub. vtg.) (a)	24,600		363,834
LONG STOCK POSITIONS (d) - CONTINUED
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
Dr Pepper Snapple Group, Inc. (a)	5,900		$ 155,996
Molson Coors Brewing Co. Class B	14,700		696,486
			1,984,296
Food Products - 2.8%
Bunge Ltd.	6,200		415,462
TreeHouse Foods, Inc. (a)	4,100		151,905
Tyson Foods, Inc. Class A	25,700		308,143
			875,510
Household Products - 1.4%
Energizer Holdings, Inc. (a)	1,700		111,231
Kimberly-Clark Corp.	5,300		320,438
			431,669
Personal Products - 0.5%
Nu Skin Enterprises, Inc. Class A	8,600		148,350
Tobacco - 1.1%
Lorillard, Inc.	4,500		327,465
TOTAL CONSUMER STAPLES			3,767,290
ENERGY - 13.9%
Energy Equipment & Services - 5.9%
ENSCO International, Inc.	4,100		151,290
National Oilwell Varco, Inc. (a)	8,400		305,340
Noble Corp.	21,000		735,630
Transocean Ltd. (a)	8,400		637,056
			1,829,316
Oil, Gas & Consumable Fuels - 8.0%
Berry Petroleum Co. Class A	3,400		76,738
Chesapeake Energy Corp.	3,300		75,372
Chevron Corp.	19,100		1,335,855
Marathon Oil Corp.	29,100		898,317
Massey Energy Co.	2,800		75,824
			2,462,106
TOTAL ENERGY			4,291,422
FINANCIALS - 15.6%
Capital Markets - 5.0%
BlackRock, Inc. Class A	3,000		598,710
LONG STOCK POSITIONS (d) - CONTINUED
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Morgan Stanley	22,500		$ 651,600
Waddell & Reed Financial, Inc. Class A	11,500		305,095
			1,555,405
Diversified Financial Services - 3.3%
Fifth Street Finance Corp.	4,300		44,247
JPMorgan Chase & Co.	22,300		969,158
			1,013,405
Insurance - 6.8%
Endurance Specialty Holdings Ltd.	9,000		310,230
Genworth Financial, Inc. Class A	19,700		208,032
Lincoln National Corp.	6,700		169,108
Loews Corp.	2,400		81,960
MetLife, Inc.	8,700		328,512
The Travelers Companies, Inc.	19,700		993,274
			2,091,116
Real Estate Investment Trusts - 0.0%
ProLogis Trust	600		6,672
Real Estate Management & Development - 0.5%
Forestar Group, Inc. (a)	11,800		170,392
TOTAL FINANCIALS			4,836,990
HEALTH CARE - 18.6%
Biotechnology - 1.1%
PDL BioPharma, Inc.	38,200		345,710
Health Care Equipment & Supplies - 2.5%
Cooper Companies, Inc.	16,500		450,780
Hospira, Inc. (a)	8,200		320,538
			771,318
Health Care Providers & Services - 8.4%
AmerisourceBergen Corp.	35,200		750,112
CIGNA Corp.	2,800		82,404
Community Health Systems, Inc. (a)	6,200		190,774
Health Management Associates, Inc. Class A (a)	30,300		209,373
Humana, Inc. (a)	19,400		692,580
McKesson Corp.	5,700		324,102
Tenet Healthcare Corp. (a)	75,200		350,432
			2,599,777
LONG STOCK POSITIONS (d) - CONTINUED
	Shares		Value
HEALTH CARE - continued
Life Sciences Tools & Services - 1.0%
Thermo Fisher Scientific, Inc. (a)	6,800		$ 307,428
Pharmaceuticals - 5.6%
Endo Pharmaceuticals Holdings, Inc. (a)	4,400		99,308
King Pharmaceuticals, Inc. (a)	64,800		672,624
Mylan, Inc. (a)	6,100		89,487
Pfizer, Inc.	38,300		639,610
Sepracor, Inc. (a)	8,800		159,720
Watson Pharmaceuticals, Inc. (a)	2,300		81,167
			1,741,916
TOTAL HEALTH CARE			5,766,149
INDUSTRIALS - 16.0%
Aerospace & Defense - 1.4%
Alliant Techsystems, Inc. (a)	2,000		154,560
Goodrich Corp.	4,100		226,156
Precision Castparts Corp.	600		54,768
			435,484
Air Freight & Logistics - 0.5%
Dynamex, Inc. (a)	9,700		159,177
Airlines - 0.5%
Allegiant Travel Co. (a)	3,900		152,841
Commercial Services & Supplies - 1.1%
R.R. Donnelley & Sons Co.	9,400		167,696
The Brink's Co.	5,900		155,465
			323,161
Electrical Equipment - 1.2%
A.O. Smith Corp.	4,000		152,200
Thomas & Betts Corp. (a)	8,300		229,827
			382,027
Industrial Conglomerates - 4.0%
Carlisle Companies, Inc.	9,600		316,704
Tyco International Ltd.	28,500		903,165
			1,219,869
Machinery - 5.5%
Crane Co.	6,900		161,943
Cummins, Inc.	3,500		158,620
Ingersoll-Rand Co. Ltd.	10,700		330,523
LONG STOCK POSITIONS (d) - CONTINUED
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Navistar International Corp. (a)	17,300		$ 748,052
Oshkosh Co.	9,200		309,120
			1,708,258
Professional Services - 0.9%
Manpower, Inc.	5,200		268,840
Road & Rail - 0.9%
Con-way, Inc.	3,400		141,984
Landstar System, Inc.	4,300		149,941
			291,925
TOTAL INDUSTRIALS			4,941,582
INFORMATION TECHNOLOGY - 22.3%
Communications Equipment - 4.9%
3Com Corp. (a)	15,000		65,250
ADC Telecommunications, Inc. (a)	14,538		123,718
CommScope, Inc. (a)	3,100		83,576
Plantronics, Inc.	3,300		78,837
Starent Networks Corp. (a)	13,800		279,312
Tellabs, Inc. (a)	140,400		890,136
			1,520,829
Computers & Peripherals - 7.8%
Hewlett-Packard Co.	22,500		1,010,025
Seagate Technology	29,900		414,115
Western Digital Corp. (a)	28,700		983,836
			2,407,976
Electronic Equipment & Components - 2.8%
Flextronics International Ltd. (a)	38,000		225,340
Ingram Micro, Inc. Class A (a)	8,900		149,164
Jabil Circuit, Inc.	21,000		229,950
SYNNEX Corp. (a)	2,700		80,055
Tyco Electronics Ltd.	7,100		162,022
			846,531
IT Services - 3.2%
Fidelity National Information Services, Inc.	24,700		606,632
Metavante Technologies, Inc. (a)	11,800		371,818
			978,450
Semiconductors & Semiconductor Equipment - 0.3%
Fairchild Semiconductor International, Inc. (a)	10,000		100,600
LONG STOCK POSITIONS (d) - CONTINUED
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 3.3%
Quest Software, Inc. (a)	16,500		$ 272,085
Sybase, Inc. (a)	9,100		317,135
Synopsys, Inc. (a)	20,600		437,338
			1,026,558
TOTAL INFORMATION TECHNOLOGY			6,880,944
MATERIALS - 3.3%
Chemicals - 1.6%
Terra Industries, Inc.	16,500		513,315
Containers & Packaging - 1.7%
Ball Corp.	3,500		169,610
Crown Holdings, Inc. (a)	6,500		161,395
Owens-Illinois, Inc. (a)	5,600		190,064
			521,069
TOTAL MATERIALS			1,034,384
TELECOMMUNICATION SERVICES - 1.9%
Diversified Telecommunication Services - 0.9%
Qwest Communications International, Inc.	75,200		269,968
Wireless Telecommunication Services - 1.0%
Sprint Nextel Corp. (a)	87,600		320,616
TOTAL TELECOMMUNICATION SERVICES			590,584
UTILITIES - 8.0%
Gas Utilities - 0.3%
Energen Corp.	2,000		83,980
Independent Power Producers & Energy Traders - 4.7%
AES Corp.	33,700		460,679
Constellation Energy Group, Inc.	10,700		338,655
NRG Energy, Inc. (a)	24,900		668,565
			1,467,899
LONG STOCK POSITIONS (d) - CONTINUED
	Shares		Value
UTILITIES - continued
Multi-Utilities - 3.0%
CMS Energy Corp.	34,900		$ 468,009
Sempra Energy	9,100		456,547
			924,556
TOTAL UTILITIES			2,476,435
TOTAL COMMON STOCKS (Cost $35,786,770)		39,152,230
TOTAL LONG STOCK POSITIONS - 126.6% (Cost $35,786,770)		39,152,230

U.S. Treasury Obligations - 0.1%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.12% 9/24/09 (b) (Cost $24,998)	$ 25,000	24,998

Money Market Funds - 0.3%
	Shares
Fidelity Cash Central Fund, 0.33% (c) (Cost $97,037)	97,037		97,037
TOTAL INVESTMENT PORTFOLIO - 127.0% (Cost $35,908,805)			39,274,265
TOTAL SECURITIES SOLD SHORT - (26.9)% (Proceeds $7,519,794)		(8,309,588)
NET OTHER ASSETS - (0.1)%			(36,297)
NET ASSETS - 100%		$ 30,928,380

SHORT STOCK POSITIONS - (26.9)%
			Shares		Value

COMMON STOCKS - (26.9)%

CONSUMER DISCRETIONARY - (2.9)%
Hotels, Restaurants & Leisure - (0.8)%
Morgans Hotel Group Co.	(51,800)	$ (255,374)
Textiles, Apparel & Luxury Goods - (2.1)%
K-Swiss, Inc. Class A	(30,800)	(296,912)
Kenneth Cole Productions, Inc. Class A (sub. vtg.)	(35,000)	(351,750)
		(648,662)

TOTAL CONSUMER DISCRETIONARY

(904,036)

FINANCIALS - (2.1)%
Real Estate Investment Trusts - (1.1)%
Boston Properties, Inc.	(5,300)	(321,074)
Real Estate Management & Development - (1.0)%
The St. Joe Co.	(9,500)	(311,600)

TOTAL FINANCIALS			(632,674)
HEALTH CARE - (5.4)%
Biotechnology - (0.8)%
Arena Pharmaceuticals, Inc.	(50,000)		(232,500)
Health Care Equipment & Supplies - (2.3)%
Becton, Dickinson & Co.	(2,400)		(167,088)
Gen-Probe, Inc.	(7,100)		(273,705)
Masimo Corp.	(10,500)		(263,760)
			(704,553)
Health Care Providers & Services - (0.5)%
Cardinal Health, Inc.	(4,500)		(155,610)
Health Care Technology - (0.8)%
Eclipsys Corp.	(15,000)		(251,400)
SHORT STOCK POSITIONS - CONTINUED
	Shares		Value
HEALTH CARE - continued
Life Sciences Tools & Services - (1.0)%
Covance, Inc.	(3,200)		$ (169,920)
Pharmaceutical Product Development, Inc.	(7,500)		(150,825)
			(320,745)
TOTAL HEALTH CARE			(1,664,808)
INDUSTRIALS - (6.5)%
Airlines - (2.7)%
Continental Airlines, Inc. Class B	(21,900)		(290,613)
Delta Air Lines, Inc.	(36,400)		(262,808)
Southwest Airlines Co.	(34,200)		(279,756)
			(833,177)
Machinery - (3.0)%
Cascade Corp.	(12,400)		(315,952)
Kaydon Corp.	(9,600)		(320,448)
RBC Bearings, Inc.	(14,000)		(308,000)
			(944,400)
Trading Companies & Distributors - (0.8)%
Applied Industrial Technologies, Inc.	(12,000)		(247,560)
TOTAL INDUSTRIALS			(2,025,137)
INFORMATION TECHNOLOGY - (3.6)%
Electronic Equipment & Components - (1.9)%
Cogent, Inc.	(29,300)		(307,650)
FARO Technologies, Inc.	(15,900)		(270,459)
			(578,109)
Internet Software & Services - (0.9)%
comScore, Inc.	(20,000)		(278,200)
IT Services - (0.8)%
Paychex, Inc.	(9,200)		(260,268)
TOTAL INFORMATION TECHNOLOGY			(1,116,577)
SHORT STOCK POSITIONS - CONTINUED
	Shares		Value
MATERIALS - (0.6)%
Chemicals - (0.6)%
Monsanto Co.	(2,100)		$ (176,148)
TELECOMMUNICATION SERVICES - (1.4)%
Wireless Telecommunication Services - (1.4)%
Leap Wireless International, Inc.	(9,600)		(158,304)
MetroPCS Communications, Inc.	(35,400)		(281,784)
			(440,088)
UTILITIES - (4.4)%
Electric Utilities - (3.0)%
Allete, Inc.	(9,000)		(304,290)
Duke Energy Corp.	(12,500)		(193,625)
Pepco Holdings, Inc.	(18,500)		(265,105)
Southern Co.	(4,900)		(152,880)
			(915,900)
Independent Power Producers & Energy Traders - (0.9)%
Dynegy, Inc. Class A	(146,400)		(278,160)
Multi-Utilities - (0.5)%
SCANA Corp.	(4,500)		(156,060)
TOTAL UTILITIES			(1,350,120)
TOTAL SHORT STOCK POSITIONS - (26.9)% (Proceeds $7,519,794)		$ (8,309,588)

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts

3 CME E-mini S&P 500 Index Contracts

Sept. 2009

$ 152,956

$ (1,264)

The face value of futures purchased as a percentage of net assets - 0.5%

Legend

(a) Non-income producing

(b) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $24,998.

(d) Securities are pledged with broker as collateral for securities sold short.

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	$ 13,202

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 4,566,450	$ 4,566,450	$ -	$ -
Consumer Staples	3,767,290	3,767,290	-	-
Energy	4,291,422	4,291,422	-	-
Financials	4,836,990	4,836,990	-	-
Health Care	5,766,149	5,766,149	-	-
Industrials	4,941,582	4,941,582	-	-
Information Technology	6,880,944	6,880,944	-	-
Materials	1,034,384	1,034,384	-	-
Telecommunication Services	590,584	590,584	-	-
Utilities	2,476,435	2,476,435	-	-
Money Market Funds	97,037	97,037	-	-
Short Positions	(8,309,588)	(8,309,588)	-	-
U.S. Government and Government Agency Obligations	24,998	-	24,998	-
Total Investments in Securities:	$ 30,964,677	$ 30,939,679	$ 24,998	$ -
Derivative Instruments:
Liabilities
Futures Contracts	$ (1,264)	$ (1,264)	$ -	$ -

Income Tax Information

Investment Valuation

Quarterly 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 visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Growth Company Fund
Growth Company
Class K
Class F

August 31, 2009

1.805820.105

GCF-QTLY-1009

Investments August 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.7%
Auto Components - 0.3%
Johnson Controls, Inc.	3,500,000		$ 86,695
Diversified Consumer Services - 0.2%
Coinstar, Inc. (a)(d)	1,816,748		59,971
Hotels, Restaurants & Leisure - 4.0%
Buffalo Wild Wings, Inc. (a)(c)(d)	1,797,200		74,099
Las Vegas Sands Corp. (a)(c)	1,000,000		14,260
McDonald's Corp.	4,900,000		275,576
Panera Bread Co. Class A (a)(c)	1,445,000		75,443
Starbucks Corp. (a)	31,488,400		597,965
Starwood Hotels & Resorts Worldwide, Inc.	2,340,000		69,685
The Cheesecake Factory, Inc. (a)	2,490,000		45,741
Yum! Brands, Inc.	425,000		14,556
			1,167,325
Household Durables - 0.4%
Pulte Homes, Inc.	457,957		5,853
Tupperware Brands Corp.	1,990,000		73,610
Whirlpool Corp.	644,533		41,385
			120,848
Internet & Catalog Retail - 1.0%
Amazon.com, Inc. (a)	3,496,000		283,840
Media - 1.0%
Comcast Corp. Class A	4,197,500		64,306
DreamWorks Animation SKG, Inc. Class A (a)	3,000,000		101,280
Marvel Entertainment, Inc. (a)	1,665,000		80,536
News Corp. Class A	1,330,000		14,258
The Walt Disney Co.	84,500		2,200
Time Warner, Inc.	900,650		25,137
			287,717
Multiline Retail - 1.5%
Dollar Tree, Inc. (a)	375,000		18,728
Kohl's Corp. (a)	1,340,000		69,131
Nordstrom, Inc. (c)	2,700,000		75,708
Target Corp.	5,995,000		281,765
			445,332
Specialty Retail - 1.6%
Bed Bath & Beyond, Inc. (a)	1,850,000		67,488
Best Buy Co., Inc.	1,992,500		72,288
CarMax, Inc. (a)	1,550,000		26,831
Gamestop Corp. Class A (a)	340,000		8,092
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Home Depot, Inc.	1,485,000		$ 40,526
Lowe's Companies, Inc.	3,745,800		80,535
Lumber Liquidators, Inc. (a)	1,003,552		22,078
Staples, Inc.	4,425,602		95,637
Tiffany & Co., Inc.	575,000		20,919
Urban Outfitters, Inc. (a)	1,015,000		28,856
			463,250
Textiles, Apparel & Luxury Goods - 0.7%
Coach, Inc.	187,200		5,296
Lululemon Athletica, Inc. (a)(c)(d)	6,644,425		133,287
NIKE, Inc. Class B	1,454,000		80,537
			219,120
TOTAL CONSUMER DISCRETIONARY			3,134,098
CONSUMER STAPLES - 11.5%
Beverages - 2.6%
Dr Pepper Snapple Group, Inc. (a)	6,085,000		160,887
PepsiCo, Inc.	4,641,640		263,042
The Coca-Cola Co.	7,067,500		344,682
			768,611
Food & Staples Retailing - 2.9%
Costco Wholesale Corp.	2,025,800		103,275
CVS Caremark Corp.	3,012,780		113,040
Kroger Co.	390,000		8,420
Sysco Corp.	1,148,200		29,268
Wal-Mart Stores, Inc.	8,560,300		435,462
Walgreen Co.	3,290,000		111,465
Whole Foods Market, Inc. (a)(c)	1,275,000		37,077
			838,007
Food Products - 2.6%
Archer Daniels Midland Co.	1,700,000		49,011
Cadbury PLC	6,400,000		60,537
Campbell Soup Co.	920,000		28,851
Cosan Ltd. Class A (a)	8,683,455		70,944
General Mills, Inc.	682,800		40,784
Green Mountain Coffee Roasters, Inc. (a)(c)(d)	3,719,326		223,866
Hershey Co.	685,000		26,873
Kellogg Co.	1,230,000		57,921
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - continued
Smithfield Foods, Inc. (a)(c)	5,825,000		$ 71,473
Tyson Foods, Inc. Class A	10,780,000		129,252
			759,512
Household Products - 1.0%
Clorox Co.	570,000		33,681
Colgate-Palmolive Co.	1,395,000		101,417
Procter & Gamble Co.	3,079,483		166,631
			301,729
Personal Products - 0.8%
Avon Products, Inc.	6,020,000		191,857
Mead Johnson Nutrition Co. Class A	751,800		29,816
			221,673
Tobacco - 1.6%
Altria Group, Inc.	5,780,380		105,665
Philip Morris International, Inc.	8,080,380		369,354
			475,019
TOTAL CONSUMER STAPLES			3,364,551
ENERGY - 6.5%
Energy Equipment & Services - 1.0%
Diamond Offshore Drilling, Inc. (c)	627,900		56,147
FMC Technologies, Inc. (a)	925,000		44,123
Schlumberger Ltd.	2,789,000		156,742
Weatherford International Ltd. (a)	2,510,480		50,084
			307,096
Oil, Gas & Consumable Fuels - 5.5%
Anadarko Petroleum Corp.	1,255,000		66,352
Apache Corp.	630,000		53,519
Cameco Corp.	800,000		21,290
Chesapeake Energy Corp.	15,000,000		342,600
Devon Energy Corp.	465,000		28,542
EnCana Corp.	235,000		12,250
Exxon Mobil Corp.	1,515,000		104,762
Noble Energy, Inc.	850,000		51,391
Peabody Energy Corp.	995,000		32,517
Petrohawk Energy Corp. (a)	4,501,100		96,909
Petroleo Brasileiro SA - Petrobras sponsored ADR	3,420,000		135,569
Range Resources Corp.	3,448,689		166,813
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
SandRidge Energy, Inc. (a)	8,664,000		$ 105,701
Southwestern Energy Co. (a)	10,482,461		386,384
			1,604,599
TOTAL ENERGY			1,911,695
FINANCIALS - 6.2%
Capital Markets - 1.2%
Charles Schwab Corp.	4,739,975		85,604
Franklin Resources, Inc.	520,000		48,532
Goldman Sachs Group, Inc.	190,000		31,437
Jefferies Group, Inc. (a)	380,000		8,991
Knight Capital Group, Inc. Class A (a)	1,695,000		34,103
Morgan Stanley	2,300,000		66,608
Northern Trust Corp.	745,000		43,553
The Blackstone Group LP	1,700,000		21,913
			340,741
Commercial Banks - 1.9%
HDFC Bank Ltd. sponsored ADR (c)	530,000		52,210
PNC Financial Services Group, Inc.	700,000		29,813
PrivateBancorp, Inc. (c)(d)	2,385,000		57,502
Signature Bank, New York (a)	2,019,284		61,305
TCF Financial Corp. (c)	1,900,000		26,144
U.S. Bancorp, Delaware	6,570,000		148,613
Wells Fargo & Co.	6,427,300		176,879
			552,466
Consumer Finance - 1.5%
American Express Co.	2,392,548		80,916
Discover Financial Services	25,918,800		356,384
			437,300
Diversified Financial Services - 1.6%
Bank of America Corp.	4,500,000		79,155
BM&F BOVESPA SA	28,929,772		178,615
CME Group, Inc.	20,000		5,821
JPMorgan Chase & Co.	5,075,000		220,560
			484,151
TOTAL FINANCIALS			1,814,658
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - 18.5%
Biotechnology - 10.1%
Acadia Pharmaceuticals, Inc. (a)(d)	2,939,844		$ 17,169
Acorda Therapeutics, Inc. (a)(d)	3,484,906		78,829
Affymax, Inc. (a)(d)	1,255,000		28,589
Alexion Pharmaceuticals, Inc. (a)(d)	7,437,030		335,708
Alkermes, Inc. (a)(d)	10,182,261		92,149
Alnylam Pharmaceuticals, Inc. (a)(c)(d)	4,157,510		92,796
Amgen, Inc. (a)	1,975,000		117,987
Amylin Pharmaceuticals, Inc. (a)(c)(d)	13,845,092		174,448
Array Biopharma, Inc. (a)(d)	4,758,770		19,606
Biogen Idec, Inc. (a)	1,199,164		60,210
Celera Corp. (a)(d)	9,289,848		60,756
Celgene Corp. (a)	4,146,744		216,336
Cepheid, Inc. (a)(d)	5,793,275		69,461
Crucell NV sponsored ADR (a)	2,055,000		45,128
Dendreon Corp. (a)(c)(d)	8,355,581		195,270
Genzyme Corp. (a)	520,000		28,969
Gilead Sciences, Inc. (a)	1,700,000		76,602
Human Genome Sciences, Inc. (a)(c)(d)	11,155,948		220,665
ImmunoGen, Inc. (a)(d)	3,876,709		28,261
Immunomedics, Inc. (a)(c)(d)	7,513,700		41,400
InterMune, Inc. (c)(d)	4,283,017		65,016
Isis Pharmaceuticals, Inc. (a)(d)	9,812,981		158,382
Micromet, Inc. (a)	2,820,725		17,883
Myriad Genetics, Inc. (a)	2,743,496		83,869
Myriad Pharmaceuticals, Inc. (a)(d)	1,762,823		7,933
ONYX Pharmaceuticals, Inc. (a)	1,000,000		32,070
OREXIGEN Therapeutics, Inc. (a)(c)	2,357		19
Pharmasset, Inc. (a)(d)	2,020,436		37,297
Regeneron Pharmaceuticals, Inc. (a)	1,538,948		34,980
Rigel Pharmaceuticals, Inc. (a)(d)	3,658,256		25,791
Seattle Genetics, Inc. (a)(d)	9,166,667		112,292
Transition Therapeutics, Inc. (a)(d)	2,332,446		12,380
Trubion Pharmaceuticals, Inc. (a)(c)(d)	1,545,000		9,656
Vertex Pharmaceuticals, Inc. (a)(d)	9,908,067		370,661
			2,968,568
Health Care Equipment & Supplies - 1.6%
Alcon, Inc.	40,000		5,179
Baxter International, Inc.	2,755,000		156,815
Edwards Lifesciences Corp. (a)	450,000		27,846
Insulet Corp. (a)(c)(d)	2,416,400		22,255
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Medtronic, Inc.	1,729,964		$ 66,258
NuVasive, Inc. (a)	365,424		14,643
St. Jude Medical, Inc. (a)	834,200		32,150
Thoratec Corp. (a)(d)	5,082,265		133,359
			458,505
Health Care Providers & Services - 1.2%
Aetna, Inc.	550,000		15,675
Cardinal Health, Inc.	1,235,000		42,706
CIGNA Corp.	550,000		16,187
McKesson Corp.	1,885,000		107,181
Medco Health Solutions, Inc. (a)	1,412,720		78,010
UnitedHealth Group, Inc.	3,621,400		101,399
			361,158
Health Care Technology - 0.2%
athenahealth, Inc. (a)(c)	569,485		22,910
Cerner Corp. (a)(c)	510,000		31,472
			54,382
Life Sciences Tools & Services - 0.8%
Bruker BioSciences Corp. (a)	2,215,000		22,482
Exelixis, Inc. (a)(d)	10,555,134		60,059
Illumina, Inc. (a)	3,278,130		115,620
Life Technologies Corp. (a)	975,000		43,417
			241,578
Pharmaceuticals - 4.6%
Abbott Laboratories	2,111,500		95,503
Allergan, Inc.	1,425,000		79,686
Auxilium Pharmaceuticals, Inc. (a)(c)(d)	4,182,311		120,409
Bristol-Myers Squibb Co.	2,489,700		55,097
Concert Pharmaceuticals, Inc. (a)(f)	186,198		151
Elan Corp. PLC sponsored ADR (a)	47,599,212		344,142
Eli Lilly & Co.	155,000		5,186
Johnson & Johnson	4,663,300		281,850
MAP Pharmaceuticals, Inc. (a)(c)(d)	2,440,914		21,578
Merck & Co., Inc.	1,300,100		42,162
Schering-Plough Corp.	1,587,600		44,739
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Sepracor, Inc. (a)(d)	7,355,129		$ 133,496
Teva Pharmaceutical Industries Ltd. sponsored ADR	2,060,000		106,090
			1,330,089
TOTAL HEALTH CARE			5,414,280
INDUSTRIALS - 6.4%
Aerospace & Defense - 0.7%
Honeywell International, Inc.	1,405,000		51,648
Lockheed Martin Corp.	1,140,100		85,485
Raytheon Co.	665,000		31,375
The Boeing Co.	520,000		25,828
			194,336
Air Freight & Logistics - 0.6%
United Parcel Service, Inc. Class B	3,419,000		182,780
Airlines - 0.9%
Delta Air Lines, Inc. (a)	2,309,146		16,672
JetBlue Airways Corp. (a)(d)	29,354,243		170,548
Ryanair Holdings PLC sponsored ADR (a)	20,000		548
Ryanair Holdings PLC warrants (UBS Warrant Programme) 2/25/10 (a)	3,230,000		28,897
Southwest Airlines Co.	6,058,515		49,559
			266,224
Commercial Services & Supplies - 0.0%
Cintas Corp.	320,000		8,781
Construction & Engineering - 0.3%
Fluor Corp.	1,435,000		75,912
Electrical Equipment - 0.4%
American Superconductor Corp. (a)(c)	705,000		22,779
First Solar, Inc. (a)(c)	512,090		62,260
SunPower Corp. Class A (a)(c)	1,431,400		36,286
			121,325
Industrial Conglomerates - 0.9%
3M Co.	3,220,000		232,162
General Electric Co.	1,000,000		13,900
McDermott International, Inc. (a)	875,000		20,790
			266,852
Machinery - 1.2%
Caterpillar, Inc.	4,260,000		193,021
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Cummins, Inc.	1,655,000		$ 75,005
Danaher Corp.	985,000		59,799
Deere & Co.	655,000		28,558
			356,383
Professional Services - 0.1%
Manpower, Inc.	900,000		46,530
Road & Rail - 1.3%
Burlington Northern Santa Fe Corp.	1,015,000		84,265
CSX Corp.	2,015,000		85,638
Hertz Global Holdings, Inc. (a)(c)	6,300,000		62,496
Norfolk Southern Corp.	1,065,000		48,852
Union Pacific Corp.	1,560,000		93,304
			374,555
TOTAL INDUSTRIALS			1,893,678
INFORMATION TECHNOLOGY - 35.6%
Communications Equipment - 4.8%
Cisco Systems, Inc. (a)	17,577,600		379,676
Infinera Corp. (a)(c)(d)	9,430,000		66,010
Juniper Networks, Inc. (a)	1,410,000		32,529
Motorola, Inc.	8,150,000		58,517
Palm, Inc. (a)(c)(d)	14,018,195		186,863
QUALCOMM, Inc.	13,873,400		644,003
Research In Motion Ltd. (a)	52,800		3,858
Riverbed Technology, Inc. (a)	1,275,000		24,582
			1,396,038
Computers & Peripherals - 6.5%
Apple, Inc. (a)	6,425,959		1,080,898
Hewlett-Packard Co.	7,835,000		351,713
International Business Machines Corp.	2,939,800		347,043
NetApp, Inc. (a)	2,727,208		62,044
SanDisk Corp. (a)	105,000		1,859
Synaptics, Inc. (a)(c)(d)	2,902,623		74,830
			1,918,387
Electronic Equipment & Components - 0.4%
Corning, Inc.	4,708,000		70,997
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Trimble Navigation Ltd. (a)	140,000		$ 3,564
Universal Display Corp. (a)(c)(d)	3,595,445		39,190
			113,751
Internet Software & Services - 5.2%
Akamai Technologies, Inc. (a)	445,000		7,850
eBay, Inc. (a)	7,217,200		159,789
Google, Inc. Class A (a)	2,337,448		1,079,130
Internet Capital Group, Inc. (a)(d)	3,850,000		25,564
Mercadolibre, Inc. (a)(c)	975,000		30,683
OpenTable, Inc.	293,800		8,118
VeriSign, Inc. (a)	1,290,000		27,335
VistaPrint Ltd. (a)(c)(d)	2,655,000		110,023
Yahoo!, Inc. (a)	6,186,340		90,382
			1,538,874
IT Services - 2.9%
Cognizant Technology Solutions Corp. Class A (a)	1,734,716		60,507
MasterCard, Inc. Class A	415,000		84,091
The Western Union Co.	1,360,000		24,534
Total System Services, Inc.	2,890,659		44,111
VeriFone Holdings, Inc. (a)(d)	8,445,500		97,461
Visa, Inc. Class A	7,719,100		548,828
			859,532
Semiconductors & Semiconductor Equipment - 7.3%
Applied Materials, Inc.	5,725,400		75,461
ASML Holding NV (NY Shares)	648,888		17,825
Atheros Communications, Inc. (a)(d)	6,173,701		170,641
Atheros Communications, Inc. (a)(d)(f)	1,741,486		48,135
Broadcom Corp. Class A (a)	3,745,000		106,545
Cree, Inc. (a)(c)(d)	8,966,131		330,312
Cypress Semiconductor Corp. (a)(d)	15,976,000		161,677
FEI Co. (a)(c)	1,763,100		41,715
Intel Corp.	18,600,800		377,968
International Rectifier Corp. (a)(d)	4,210,000		79,022
KLA-Tencor Corp.	510,000		15,912
Linear Technology Corp.	625,800		16,628
Marvell Technology Group Ltd. (a)	2,718,310		41,454
Mellanox Technologies Ltd. (a)(d)	3,023,300		41,268
NVIDIA Corp. (a)	12,255,000		177,943
Power Integrations, Inc. (d)	2,961,308		96,983
Rambus, Inc. (a)(c)(d)	9,083,000		173,485
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Rubicon Technology, Inc. (a)(c)(d)	2,061,630		$ 25,234
Samsung Electronics Co. Ltd.	50,000		30,865
Silicon Laboratories, Inc. (a)	300,000		13,512
Texas Instruments, Inc.	2,236,000		54,983
Volterra Semiconductor Corp. (a)(d)	1,588,477		28,132
			2,125,700
Software - 8.5%
Activision Blizzard, Inc. (a)	2,550,000		29,606
Adobe Systems, Inc. (a)	843,236		26,494
ArcSight, Inc. (a)(d)	3,151,019		60,972
Citrix Systems, Inc. (a)	1,771,377		63,203
Electronic Arts, Inc. (a)	560,000		10,203
Microsoft Corp.	27,320,000		673,438
Nintendo Co. Ltd.	99,402		26,937
Oracle Corp.	7,795,000		170,477
Red Hat, Inc. (a)(d)	18,247,391		418,960
Salesforce.com, Inc. (a)(d)	12,199,994		632,814
Solera Holdings, Inc.	500,000		13,170
SuccessFactors, Inc. (a)(d)	5,667,919		67,278
Sybase, Inc. (a)(d)	4,357,028		151,842
TiVo, Inc. (a)(d)	10,513,329		103,136
VMware, Inc. Class A (a)	1,652,533		58,549
			2,507,079
TOTAL INFORMATION TECHNOLOGY			10,459,361
MATERIALS - 3.3%
Chemicals - 1.8%
Dow Chemical Co.	3,250,000		69,193
Minerals Technologies, Inc. (d)	1,927,580		86,433
Monsanto Co.	2,744,978		230,249
OM Group, Inc. (a)(d)	2,360,000		64,216
Potash Corp. of Saskatchewan, Inc.	226,200		20,082
PPG Industries, Inc.	475,000		26,315
The Mosaic Co.	870,000		42,169
			538,657
Metals & Mining - 1.5%
Alcoa, Inc.	5,650,000		68,083
Barrick Gold Corp.	2,479,000		85,562
Brush Engineered Materials, Inc. (a)(d)	1,200,000		26,616
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - continued
Freeport-McMoRan Copper & Gold, Inc.	1,025,000		$ 64,555
Nucor Corp.	3,350,000		149,209
Vale SA sponsored ADR	1,436,000		27,586
			421,611
TOTAL MATERIALS			960,268
TELECOMMUNICATION SERVICES - 0.8%
Wireless Telecommunication Services - 0.8%
MetroPCS Communications, Inc. (a)	275,000		2,189
Sprint Nextel Corp. (a)	62,250,000		227,835
			230,024
UTILITIES - 0.2%
Electric Utilities - 0.1%
Exelon Corp.	565,000		28,261
Independent Power Producers & Energy Traders - 0.1%
Ormat Technologies, Inc. (c)	1,191,996		42,983
TOTAL UTILITIES			71,244
TOTAL COMMON STOCKS (Cost $27,878,987)		29,253,857
Convertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%
Biotechnology - 0.0%
Pacific Biosciences of California, Inc. 8.00% (f)	714,286		4,286
Perlegen Sciences, Inc. Series D, 8.00% (a)(f)	12,820,512		3,205
			7,491
Pharmaceuticals - 0.0%
Concert Pharmaceuticals, Inc. Series C, 6.00% (a)(f)	4,000,000		7,160
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $35,000)		14,651
Money Market Funds - 3.0%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.33% (e)	36,021,390		$ 36,021
Fidelity Securities Lending Cash Central Fund, 0.23% (b)(e)	837,806,610		837,807
TOTAL MONEY MARKET FUNDS (Cost $873,828)		873,828
TOTAL INVESTMENT PORTFOLIO - 102.7% (Cost $28,787,815)			30,142,336
NET OTHER ASSETS - (2.7)%			(805,122)
NET ASSETS - 100%		$ 29,337,214

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(d) Affiliated company

(e) Affiliated fund that is 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.

(f) 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 $62,937,000 or 0.2% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Atheros Communications, Inc.	4/18/01	$ 15,000
Concert Pharmaceuticals, Inc.	2/9/09	$ 151
Concert Pharmaceuticals, Inc. Series C, 6.00%	4/25/08	$ 10,000
Pacific Biosciences of California, Inc. 8.00%	7/11/08	$ 5,000
Perlegen Sciences, Inc. Series D, 8.00%	2/23/05	$ 20,000

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 (Amounts in thousands)
Fidelity Cash Central Fund	$ 297
Fidelity Securities Lending Cash Central Fund	9,343
Total	$ 9,640

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:

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Acadia Pharmaceuticals, Inc.	$ 4,747	$ -	$ 772	$ -	$ 17,169
Acorda Therapeutics, Inc.	55,053	9,610	-	-	78,829
Affymax, Inc.	14,621	-	-	-	28,589
Alexion Pharmaceuticals, Inc.	261,486	22,348	32,741	-	335,708
Alkermes, Inc.	75,145	-	-	-	92,149
Alnylam Pharmaceuticals, Inc.	70,461	6,611	-	-	92,796
Amylin Pharmaceuticals, Inc.	101,692	1,597	-	-	174,448
ArcSight, Inc.	-	48,078	8	-	60,972
Array Biopharma, Inc.	17,967	23	-	-	19,606
Atheros Communications, Inc.	87,347	3,462	-	-	170,641
Atheros Communications, Inc. (restricted)	25,426	-	-	-	48,135
Auxilium Pharmaceuticals, Inc.	87,881	4,497	-	-	120,409
Brush Engineered Materials, Inc.	-	17,382	-	-	26,616
Buffalo Wild Wings, Inc.	40,919	511	-	-	74,099
Celera Corp.	93,308	-	1,955	-	60,756
Cepheid, Inc.	38,542	26,438	-	-	69,461
Coinstar, Inc.	46,247	22,492	35,853	-	59,971
Cree, Inc.	142,382	-	-	-	330,312
CV Therapeutics, Inc.	55,185	5,181	126,186	-	-
Cypress Semiconductor Corp.	59,590	-	-	-	161,677
Dendreon Corp.	-	206,926	-	-	195,270
Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Exelixis, Inc.	$ 32,615	$ -	$ -	$ -	$ 60,059
Gen-Probe, Inc.	116,058	-	131,657	-	-
Green Mountain Coffee Roasters, Inc.	-	140,727	-	-	223,866
GTx, Inc.	37,462	-	24,568	-	-
Human Genome Sciences, Inc.	15,352	83,162	5,248	-	220,665
Illumina, Inc.	215,767	-	217,228	-	-
ImmunoGen, Inc.	-	30,585	-	-	28,261
Immunomedics, Inc.	10,863	9,523	-	-	41,400
Infinera Corp.	89,582	1,986	-	-	66,010
Insulet Corp.	6,315	8,540	-	-	22,255
InterMune, Inc.	45,007	6,010	-	-	65,016
International Rectifier Corp.	28,699	26,175	-	-	79,022
Internet Capital Group, Inc.	14,168	-	-	-	25,564
Isis Pharmaceuticals, Inc.	111,261	1,482	-	-	158,382
JetBlue Airways Corp.	140,604	11,613	-	-	170,548
Lululemon Athletica, Inc.	54,299	8,259	-	-	133,287
MAP Pharmaceuticals, Inc.	4,255	14,604	137	-	21,578
Mellanox Technologies Ltd.	22,372	-	-	-	41,268
Minerals Technologies, Inc.	90,500	-	-	289	86,433
Myriad Pharmaceuticals, Inc.	-	7,083	-	-	7,933
NuVasive, Inc.	60,788	12,059	50,873	-	-
OM Group, Inc.	46,563	-	-	-	64,216
OREXIGEN Therapeutics, Inc.	19,029	602	9,788	-	-
Palm, Inc.	26,220	23,627	-	-	186,863
Pharmasset, Inc.	28,823	4,552	1,734	-	37,297
Power Integrations, Inc.	54,192	-	-	222	96,983
PrivateBancorp, Inc.	-	50,098	-	20	57,502
Rambus, Inc.	108,595	32,055	27,477	-	173,485
Red Hat, Inc.	166,476	4,563	-	-	418,960
Regeneron Pharmaceuticals, Inc.	87,951	-	63,151	-	-
Rigel Pharmaceuticals, Inc.	27,063	82	-	-	25,791
Rubicon Technology, Inc.	9,401	-	-	-	25,234
Salesforce.com, Inc.	346,302	2,788	-	-	632,814
Seattle Genetics, Inc.	68,972	12,472	-	-	112,292
Sepracor, Inc.	131,361	-	56,933	-	133,496
Signature Bank, New York	70,009	5,200	15,688	-	-
Sonus Networks, Inc.	29,660	-	30,583	-	-
SuccessFactors, Inc.	34,586	789	-	-	67,278
Sunesis Pharmaceuticals, Inc.	1,988	-	977	-	-
Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Sybase, Inc.	$ -	$ 142,375	$ -	$ -	$ 151,842
Synaptics, Inc.	101,669	-	44,066	-	74,830
Thoratec Corp.	136,723	4,226	14,137	-	133,359
TiVo, Inc.	51,298	3,265	-	-	103,136
Transition Therapeutics, Inc.	5,850	-	-	-	12,380
Trubion Pharmaceuticals, Inc.	2,361	-	341	-	9,656
Universal Display Corp.	26,211	-	-	-	39,190
VeriFone Holdings, Inc.	19,769	20,216	-	-	97,461
Vertex Pharmaceuticals, Inc.	335,606	35,485	141,128	-	370,661
VistaPrint Ltd.	-	103,974	-	-	110,023
Volterra Semiconductor Corp.	9,911	4,389	-	-	28,132
Total	$ 4,320,555	$ 1,187,722	$ 1,033,229	$ 531	$ 6,832,041

Other Information

The following is a summary of the inputs used, as of August 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,134,098	$ 3,134,098	$ -	$ -
Consumer Staples	3,364,551	3,364,551	-	-
Energy	1,911,695	1,911,695	-	-
Financials	1,814,658	1,814,658	-	-
Health Care	5,428,931	5,414,129	-	14,802
Industrials	1,893,678	1,864,781	28,897	-
Information Technology	10,459,361	10,432,424	26,937	-
Materials	960,268	960,268	-	-
Telecommunication Services	230,024	230,024	-	-
Utilities	71,244	71,244	-	-
Money Market Funds	873,828	873,828	-	-
Total Investments in Securities	$ 30,142,336	$ 30,071,700	$ 55,834	$ 14,802

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities (Amounts in thousands)
Beginning Balance	$ 40,641
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(25,990)
Cost of Purchases	151
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 14,802
The change in unrealized gain (loss) attributable to Level 3 securities at August 31, 2009	$ (25,990)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At August 31, 2009, the aggregate cost of investment securities for income tax purposes was $29,092,513,000. Net unrealized appreciation aggregated $1,049,823,000, of which $5,078,510,000 related to appreciated investment securities and $4,028,687,000 related to depreciated investment securities.

Investment Valuation

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 an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Growth Strategies Fund -
Growth Strategies
Class K

(formerly known as Fidelity Aggressive Growth Fund -
Aggressive Growth
Class K)

August 31, 2009

1.805759.105

FEG-QTLY-1009

Investments August 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 16.8%
Auto Components - 1.6%
Johnson Controls, Inc.	1,204,800		$ 29,843
Automobiles - 1.0%
Ford Motor Co. (a)	2,584,250		19,640
Hotels, Restaurants & Leisure - 4.0%
Starbucks Corp. (a)	2,049,648		38,923
Starwood Hotels & Resorts Worldwide, Inc.	1,268,000		37,761
			76,684
Household Durables - 1.8%
Black & Decker Corp.	217,100		9,578
Harman International Industries, Inc.	829,263		24,870
			34,448
Internet & Catalog Retail - 1.0%
Amazon.com, Inc. (a)	219,500		17,821
Specialty Retail - 4.9%
Ross Stores, Inc.	412,369		19,233
TJX Companies, Inc.	1,069,413		38,445
Urban Outfitters, Inc. (a)	669,799		19,042
Zumiez, Inc. (a)(c)	1,338,726		16,921
			93,641
Textiles, Apparel & Luxury Goods - 2.5%
Hanesbrands, Inc. (a)	1,240,900		26,133
Polo Ralph Lauren Corp. Class A	322,025		21,376
			47,509
TOTAL CONSUMER DISCRETIONARY			319,586
CONSUMER STAPLES - 8.1%
Beverages - 2.0%
Heckmann Corp. (a)(c)(d)	9,081,300		37,778
Food Products - 6.1%
Bunge Ltd.	581,211		38,947
Corn Products International, Inc.	1,299,049		38,530
Ralcorp Holdings, Inc. (a)	608,068		38,144
			115,621
TOTAL CONSUMER STAPLES			153,399
Common Stocks - continued
	Shares		Value (000s)
ENERGY - 2.0%
Energy Equipment & Services - 1.1%
Weatherford International Ltd. (a)	1,024,200		$ 20,433
Oil, Gas & Consumable Fuels - 0.9%
Denbury Resources, Inc. (a)	1,182,837		18,003
TOTAL ENERGY			38,436
FINANCIALS - 9.5%
Capital Markets - 3.2%
Greenhill & Co., Inc. (c)	538,467		42,647
The Blackstone Group LP	1,362,200		17,559
			60,206
Commercial Banks - 3.1%
Regions Financial Corp.	5,203,341		30,492
Zions Bancorp (c)	1,619,100		28,609
			59,101
Diversified Financial Services - 2.7%
BM&F BOVESPA SA	1,471,600		9,086
MSCI, Inc. Class A (a)	1,438,902		42,332
			51,418
Real Estate Management & Development - 0.5%
Indiabulls Real Estate Ltd.	1,651,315		9,323
TOTAL FINANCIALS			180,048
HEALTH CARE - 16.4%
Biotechnology - 5.0%
Alexion Pharmaceuticals, Inc. (a)	243,985		11,013
Alnylam Pharmaceuticals, Inc. (a)(c)	331,641		7,402
Dendreon Corp. (a)(c)	1,034,400		24,174
Human Genome Sciences, Inc. (a)	512,200		10,131
Isis Pharmaceuticals, Inc. (a)	645,083		10,412
RXi Pharmaceuticals Corp. (a)(c)(d)	894,669		2,603
Vertex Pharmaceuticals, Inc. (a)	809,887		30,298
			96,033
Health Care Equipment & Supplies - 9.2%
ArthroCare Corp. (a)(d)	2,658,403		46,788
Cyberonics, Inc. (a)(d)	1,978,673		29,759
Edwards Lifesciences Corp. (a)	343,451		21,253
Masimo Corp. (a)	729,133		18,316
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
NuVasive, Inc. (a)(c)	439,219		$ 17,600
St. Jude Medical, Inc. (a)	533,870		20,575
Stryker Corp.	243,805		10,108
Wright Medical Group, Inc. (a)	634,067		10,297
			174,696
Life Sciences Tools & Services - 2.2%
AMAG Pharmaceuticals, Inc. (a)(c)	351,936		14,443
Illumina, Inc. (a)	480,772		16,957
QIAGEN NV (a)	465,091		9,558
			40,958
TOTAL HEALTH CARE			311,687
INDUSTRIALS - 14.8%
Aerospace & Defense - 2.7%
Precision Castparts Corp.	575,729		52,553
Air Freight & Logistics - 2.1%
C.H. Robinson Worldwide, Inc.	346,300		19,483
Expeditors International of Washington, Inc.	609,600		19,910
			39,393
Building Products - 0.5%
Lennox International, Inc.	248,600		8,920
Construction & Engineering - 0.5%
China Railway Construction Corp. Ltd. (H Shares)	6,343,000		9,379
Electrical Equipment - 2.1%
Cooper Industries Ltd. Class A	585,200		18,873
Ocean Power Technologies, Inc. (a)(c)	332,461		1,413
Rockwell Automation, Inc.	458,700		19,197
			39,483
Machinery - 4.1%
AGCO Corp. (a)	950,900		29,706
Cummins, Inc.	644,700		29,218
Toro Co. (c)	503,500		19,098
			78,022
Marine - 0.7%
Ultrapetrol (Bahamas) Ltd. (a)(d)	2,953,982		14,238
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Road & Rail - 2.1%
CSX Corp.	517,100		$ 21,977
Knight Transportation, Inc.	1,121,800		18,498
			40,475
TOTAL INDUSTRIALS			282,463
INFORMATION TECHNOLOGY - 22.7%
Communications Equipment - 2.0%
Juniper Networks, Inc. (a)	1,644,500		37,939
Computers & Peripherals - 1.6%
Western Digital Corp. (a)	902,500		30,938
Electronic Equipment & Components - 2.1%
Avnet, Inc. (a)	780,500		20,800
BYD Co. Ltd. (H Shares) (a)	3,185,500		19,975
			40,775
Internet Software & Services - 2.0%
NetEase.com, Inc. sponsored ADR (a)(c)	428,800		18,005
Tencent Holdings Ltd.	1,409,000		20,961
			38,966
Semiconductors & Semiconductor Equipment - 9.8%
Altera Corp.	1,487,780		28,580
ASML Holding NV (NY Shares)	1,463,300		40,197
Broadcom Corp. Class A (a)	718,800		20,450
Marvell Technology Group Ltd. (a)	2,103,935		32,085
MEMC Electronic Materials, Inc. (a)	1,402,032		22,362
National Semiconductor Corp.	1,463,200		22,197
Xilinx, Inc.	878,287		19,533
			185,404
Software - 5.2%
Activision Blizzard, Inc. (a)	1,511,917		17,553
ANSYS, Inc. (a)	634,009		22,279
BMC Software, Inc. (a)	822,700		29,329
Citrix Systems, Inc. (a)	819,500		29,240
			98,401
TOTAL INFORMATION TECHNOLOGY			432,423
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 8.3%
Chemicals - 7.3%
Intrepid Potash, Inc. (a)(c)	1,677,700		$ 39,409
Rockwood Holdings, Inc. (a)	1,105,878		22,527
Terra Industries, Inc.	628,831		19,563
The Mosaic Co.	1,165,502		56,492
			137,991
Metals & Mining - 1.0%
First Quantum Minerals Ltd.	331,600		19,640
TOTAL MATERIALS			157,631
TOTAL COMMON STOCKS (Cost $1,829,924)		1,875,673
Money Market Funds - 8.2%

Fidelity Cash Central Fund, 0.33% (e)	40,301,340		40,301
Fidelity Securities Lending Cash Central Fund, 0.23% (b)(e)	115,531,575		115,532
TOTAL MONEY MARKET FUNDS (Cost $155,833)		155,833
TOTAL INVESTMENT PORTFOLIO - 106.8% (Cost $1,985,757)			2,031,506
NET OTHER ASSETS - (6.8)%			(129,768)
NET ASSETS - 100%		$ 1,901,738

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(d) Affiliated company

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 (Amounts in thousands)
Fidelity Cash Central Fund	$ 112
Fidelity Securities Lending Cash Central Fund	1,071
Total	$ 1,183

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
AMAG Pharmaceuticals, Inc.	$ 57,260	$ 14,463	$ 81,800	$ -	$ -
ArthroCare Corp.	34,772	-	-	-	46,788
athenahealth, Inc.	45,484	2,795	55,757	-	-
Cavium Networks, Inc.	26,841	-	24,855	-	-
Cyberonics, Inc.	37,258	18,821	27,276	-	29,759
Heckmann Corp.	32,320	17,058	-	-	37,778
Ocean Power Technologies, Inc.	6,107	-	3,033	-	-
Omniture, Inc.	54,410	11,244	67,584	-	-
RXi Pharmaceuticals Corp.	3,299	-	763	-	2,603
TranS1, Inc.	14,770	-	11,678	-	-
Ultrapetrol (Bahamas) Ltd.	11,786	-	-	-	14,238
Zumiez, Inc.	-	17,394	2,361	-	-
Total	$ 324,307	$ 81,775	$ 275,107	$ -	$ 131,166

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At August 31, 2009, the aggregate cost of investment securities for income tax purposes was $1,996,732,000. Net unrealized appreciation aggregated $34,774,000, of which $263,757,000 related to appreciated investment securities and $228,983,000 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® New Millennium Fund®

August 31, 2009

1.805750.105

NMF-QTLY-1009

Investments August 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 15.4%
Auto Components - 1.1%
BorgWarner, Inc.	62,300		$ 1,848
Johnson Controls, Inc.	315,500		7,815
Tenneco, Inc. (a)	217,600		3,416
TRW Automotive Holdings Corp. (a)	231,500		4,086
			17,165
Distributors - 1.6%
Li & Fung Ltd.	7,351,600		24,425
Hotels, Restaurants & Leisure - 1.6%
Greene King PLC	300,000		2,335
Punch Taverns PLC (a)	1,608,719		3,441
Red Robin Gourmet Burgers, Inc. (a)	144,268		2,781
Royal Caribbean Cruises Ltd.	367,400		7,010
Starwood Hotels & Resorts Worldwide, Inc.	150,000		4,467
Wendy's/Arby's Group, Inc.	738,500		3,722
			23,756
Household Durables - 1.2%
Newell Rubbermaid, Inc.	397,200		5,529
Toll Brothers, Inc. (a)	285,700		6,497
Whirlpool Corp.	97,900		6,286
			18,312
Internet & Catalog Retail - 1.3%
Amazon.com, Inc. (a)	126,800		10,295
Expedia, Inc. (a)	225,600		5,200
Priceline.com, Inc. (a)(c)	31,500		4,850
			20,345
Leisure Equipment & Products - 0.8%
Brunswick Corp.	818,442		7,603
Pool Corp. (c)	172,300		4,104
			11,707
Media - 3.1%
Central European Media Enterprises Ltd. Class A (a)(c)	291,200		8,366
Discovery Communications, Inc. (a)	169,000		4,380
DISH Network Corp. Class A (a)	428,400		6,987
DreamWorks Animation SKG, Inc. Class A (a)	57,995		1,958
Martha Stewart Living Omnimedia, Inc. Class A (a)	26,045		187
The DIRECTV Group, Inc. (a)(c)	380,600		9,424
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
The Walt Disney Co.	410,100		$ 10,679
Viacom, Inc. Class B (non-vtg.) (a)	187,100		4,685
			46,666
Multiline Retail - 0.7%
Target Corp.	242,900		11,416
Specialty Retail - 3.2%
Home Depot, Inc.	436,000		11,898
Lowe's Companies, Inc.	596,700		12,829
MarineMax, Inc. (a)	489,202		3,449
Ross Stores, Inc.	80,400		3,750
Sally Beauty Holdings, Inc. (a)	362,800		2,580
Staples, Inc.	240,800		5,204
TJX Companies, Inc.	143,600		5,162
Urban Outfitters, Inc. (a)	126,500		3,596
			48,468
Textiles, Apparel & Luxury Goods - 0.8%
Hanesbrands, Inc. (a)	200,000		4,212
LVMH Moet Hennessy - Louis Vuitton	42,490		4,063
Ports Design Ltd.	1,442,600		3,302
			11,577
TOTAL CONSUMER DISCRETIONARY			233,837
CONSUMER STAPLES - 6.0%
Beverages - 0.3%
Molson Coors Brewing Co. Class B	95,100		4,506
Food & Staples Retailing - 2.6%
Diedrich Coffee, Inc. (a)(c)	95,900		2,061
Safeway, Inc.	305,000		5,810
United Natural Foods, Inc. (a)	267,200		7,220
Wal-Mart Stores, Inc.	500,000		25,435
			40,526
Food Products - 2.5%
Archer Daniels Midland Co.	100,000		2,883
Bunge Ltd.	81,900		5,488
Green Mountain Coffee Roasters, Inc. (a)(c)	380,575		22,907
Hain Celestial Group, Inc. (a)	216,100		3,458
Ralcorp Holdings, Inc. (a)	52,500		3,293
			38,029
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Household Products - 0.4%
Energizer Holdings, Inc. (a)	86,900		$ 5,686
Personal Products - 0.2%
Nu Skin Enterprises, Inc. Class A	150,000		2,588
TOTAL CONSUMER STAPLES			91,335
ENERGY - 5.3%
Energy Equipment & Services - 0.2%
Weatherford International Ltd. (a)	150,000		2,993
Oil, Gas & Consumable Fuels - 5.1%
Alpha Natural Resources, Inc. (a)	108,400		3,502
Chesapeake Energy Corp.	146,200		3,339
Denbury Resources, Inc. (a)	341,900		5,204
Lukoil Oil Co. sponsored ADR	50,000		2,463
Marathon Oil Corp.	618,400		19,090
Niko Resources Ltd.	100,000		6,486
Occidental Petroleum Corp.	261,500		19,116
Petrohawk Energy Corp. (a)	247,100		5,320
Quicksilver Resources, Inc. (a)	250,000		2,705
Range Resources Corp.	73,400		3,550
SouthGobi Energy Resources Ltd. (a)	207,300		2,348
Southwestern Energy Co. (a)	104,200		3,841
			76,964
TOTAL ENERGY			79,957
FINANCIALS - 21.7%
Capital Markets - 2.0%
Charles Schwab Corp.	214,400		3,872
Credit Suisse Group sponsored ADR	120,900		6,153
Legg Mason, Inc.	120,400		3,463
Morgan Stanley	396,000		11,468
T. Rowe Price Group, Inc.	108,000		4,895
			29,851
Commercial Banks - 5.6%
Alliance Financial Corp.	50,000		1,370
BOK Financial Corp. (c)	58,100		2,628
City Holding Co.	80,700		2,569
Comerica, Inc.	157,800		4,209
Fifth Third Bancorp	400,000		4,376
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - continued
First Horizon National Corp.	76,183		$ 1,019
HSBC Holdings PLC sponsored ADR	86,775		4,679
KeyCorp	1,087,600		7,243
PNC Financial Services Group, Inc.	192,400		8,194
Regions Financial Corp.	1,000,000		5,860
Standard Chartered PLC (United Kingdom)	245,900		5,589
SunTrust Banks, Inc.	269,500		6,298
UMB Financial Corp.	54,200		2,170
Webster Financial Corp.	100,000		1,307
Wells Fargo & Co.	1,033,200		28,434
			85,945
Consumer Finance - 0.5%
Capital One Financial Corp.	190,200		7,093
Diversified Financial Services - 7.9%
Bank of America Corp.	1,948,400		34,272
Climate Exchange PLC (a)(c)	200,800		3,006
CME Group, Inc.	36,573		10,644
Hong Kong Exchange & Clearing Ltd.	337,900		5,886
IntercontinentalExchange, Inc. (a)	59,800		5,609
JPMorgan Chase & Co.	915,100		39,773
KKR Financial Holdings LLC	4,500,000		17,370
PHH Corp. (a)	166,000		3,529
			120,089
Insurance - 3.2%
ACE Ltd.	127,300		6,643
Arch Capital Group Ltd. (a)	53,600		3,482
Everest Re Group Ltd.	46,200		3,895
Fidelity National Financial, Inc. Class A	200,000		3,004
Hartford Financial Services Group, Inc.	150,000		3,558
IPC Holdings Ltd.	144,200		4,675
Lincoln National Corp.	218,400		5,512
MetLife, Inc.	100,000		3,776
PartnerRe Ltd.	41,100		3,038
RenaissanceRe Holdings Ltd.	100,000		5,445
The Chubb Corp.	107,400		5,304
			48,332
Thrifts & Mortgage Finance - 2.5%
Bank Mutual Corp.	268,400		2,359
First Niagara Financial Group, Inc.	163,800		2,143
MGIC Investment Corp. (c)	1,454,100		11,822
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
Ocwen Financial Corp. (a)	242,800		$ 2,513
People's United Financial, Inc.	131,800		2,117
Radian Group, Inc. (c)	1,904,723		17,466
			38,420
TOTAL FINANCIALS			329,730
HEALTH CARE - 13.1%
Biotechnology - 2.0%
Alexion Pharmaceuticals, Inc. (a)	99,600		4,496
Alnylam Pharmaceuticals, Inc. (a)(c)	152,500		3,404
Biogen Idec, Inc. (a)	110,000		5,523
Dendreon Corp. (a)(c)	100,000		2,337
Genomic Health, Inc. (a)(c)	177,100		3,544
GTx, Inc. (a)(c)	193,768		1,823
Isis Pharmaceuticals, Inc. (a)	234,400		3,783
Myriad Genetics, Inc. (a)	124,400		3,803
RXi Pharmaceuticals Corp. (a)(c)	465,617		1,355
			30,068
Health Care Equipment & Supplies - 2.8%
Align Technology, Inc. (a)	200,000		2,680
Covidien PLC	159,200		6,300
Gen-Probe, Inc. (a)	47,500		1,831
HeartWare International, Inc. unit (a)	15,457,877		11,241
Hologic, Inc. (a)	184,704		3,038
Meridian Bioscience, Inc.	211,295		5,092
Quidel Corp. (a)	146,700		2,265
St. Jude Medical, Inc. (a)	133,600		5,149
ThermoGenesis Corp. (a)(d)	3,357,812		2,099
Varian Medical Systems, Inc. (a)	75,000		3,230
			42,925
Health Care Providers & Services - 2.3%
Brookdale Senior Living, Inc.	194,300		3,087
Capital Senior Living Corp. (a)	611,000		3,293
Emeritus Corp. (a)	175,208		3,159
Express Scripts, Inc. (a)	86,200		6,225
Genoptix, Inc. (a)	75,000		2,152
Henry Schein, Inc. (a)	81,200		4,302
Humana, Inc. (a)	124,700		4,452
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
LHC Group, Inc. (a)	143,333		$ 3,504
Medco Health Solutions, Inc. (a)	76,900		4,246
			34,420
Health Care Technology - 0.2%
Quality Systems, Inc.	47,200		2,541
Life Sciences Tools & Services - 1.5%
AMAG Pharmaceuticals, Inc. (a)	69,100		2,836
Bruker BioSciences Corp. (a)	425,000		4,314
Illumina, Inc. (a)	100,200		3,534
Life Technologies Corp. (a)	70,400		3,135
QIAGEN NV (a)(c)	316,700		6,508
Techne Corp.	52,000		3,207
			23,534
Pharmaceuticals - 4.3%
Cadence Pharmaceuticals, Inc. (a)(c)	388,000		4,233
Cardiome Pharma Corp. (a)	300,000		1,357
Merck & Co., Inc.	662,700		21,491
Optimer Pharmaceuticals, Inc. (a)	125,000		1,629
Pfizer, Inc.	1,415,100		23,632
Roche Holding AG (participation certificate)	28,462		4,523
Teva Pharmaceutical Industries Ltd. sponsored ADR	55,000		2,833
ViroPharma, Inc. (a)	425,600		3,405
Vivus, Inc. (a)	288,600		1,786
XenoPort, Inc. (a)	72,300		1,318
			66,207
TOTAL HEALTH CARE			199,695
INDUSTRIALS - 12.2%
Aerospace & Defense - 0.8%
Precision Castparts Corp.	44,100		4,025
Raytheon Co.	127,600		6,020
Stanley, Inc. (a)	99,200		2,544
			12,589
Air Freight & Logistics - 1.3%
C.H. Robinson Worldwide, Inc.	92,300		5,193
Dynamex, Inc. (a)	175,000		2,872
Forward Air Corp.	182,700		4,217
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Air Freight & Logistics - continued
Hub Group, Inc. Class A (a)	194,616		$ 4,268
UTI Worldwide, Inc. (a)	268,000		3,444
			19,994
Building Products - 0.5%
Masco Corp.	358,900		5,197
USG Corp. (a)(c)	147,000		2,184
			7,381
Commercial Services & Supplies - 1.4%
Casella Waste Systems, Inc. Class A (a)	874,800		2,344
Clean Harbors, Inc. (a)	190,600		11,249
Healthcare Services Group, Inc.	171,700		3,036
Tetra Tech, Inc. (a)	131,700		3,890
			20,519
Construction & Engineering - 0.1%
Orion Marine Group, Inc. (a)	77,200		1,579
Electrical Equipment - 3.6%
AMETEK, Inc.	100,000		3,148
Ener1, Inc. (a)(c)	487,900		3,113
Evergreen Solar, Inc. (a)(c)	782,059		1,322
First Solar, Inc. (a)(c)	67,100		8,158
Gintech Energy Corp. (a)	1,864,742		2,329
JA Solar Holdings Co. Ltd. ADR (a)(c)	1,724,600		6,140
Motech Industries, Inc.	1,264,612		3,162
Q-Cells SE (a)(c)	242,000		3,699
Regal-Beloit Corp.	100,000		4,546
Renewable Energy Corp. AS (a)(c)	1,374,941		9,311
Saft Groupe SA	72,900		3,228
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(c)	152,100		2,161
Trina Solar Ltd. ADR (a)(c)	150,000		4,007
			54,324
Machinery - 1.5%
Blount International, Inc. (a)	360,200		3,303
Briggs & Stratton Corp. (c)	225,000		3,969
Cummins, Inc.	236,100		10,700
PACCAR, Inc.	100,000		3,617
Twin Disc, Inc.	150,000		1,904
			23,493
Professional Services - 1.4%
IHS, Inc. Class A (a)	68,700		3,325
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Professional Services - continued
Michael Page International PLC	1,085,738		$ 6,021
Monster Worldwide, Inc. (a)	399,300		6,477
Robert Half International, Inc.	207,400		5,453
			21,276
Road & Rail - 1.3%
CSX Corp.	185,800		7,897
Landstar System, Inc.	91,300		3,184
Union Pacific Corp.	147,600		8,828
			19,909
Trading Companies & Distributors - 0.3%
Rush Enterprises, Inc. Class A (a)	140,000		1,961
W.W. Grainger, Inc.	33,600		2,939
			4,900
TOTAL INDUSTRIALS			185,964
INFORMATION TECHNOLOGY - 18.2%
Communications Equipment - 3.5%
Adtran, Inc.	229,800		5,226
Ciena Corp. (a)	260,100		3,485
Cisco Systems, Inc. (a)	1,285,400		27,765
F5 Networks, Inc. (a)	98,000		3,380
Juniper Networks, Inc. (a)	218,200		5,034
Riverbed Technology, Inc. (a)	170,700		3,291
Starent Networks Corp. (a)	106,600		2,158
Tellabs, Inc. (a)	350,000		2,219
			52,558
Computers & Peripherals - 3.8%
Apple, Inc. (a)	201,100		33,827
Hewlett-Packard Co.	476,400		21,386
NetApp, Inc. (a)	133,100		3,028
			58,241
Electronic Equipment & Components - 2.0%
Acacia Research Corp. - Acacia Technologies (a)	612,800		5,503
Arrow Electronics, Inc. (a)	156,500		4,326
BYD Co. Ltd. (H Shares) (a)	1,162,000		7,286
Corning, Inc.	512,400		7,727
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Everlight Electronics Co. Ltd.	932,077		$ 2,577
Universal Display Corp. (a)(c)	280,700		3,060
			30,479
Internet Software & Services - 1.4%
eBay, Inc. (a)	344,100		7,618
Equinix, Inc. (a)(c)	50,900		4,289
Open Text Corp. (a)	73,900		2,603
Sohu.com, Inc. (a)	30,000		1,833
Terremark Worldwide, Inc. (a)	779,900		4,110
			20,453
IT Services - 0.5%
MasterCard, Inc. Class A	30,800		6,241
NCI, Inc. Class A (a)	63,700		1,870
			8,111
Semiconductors & Semiconductor Equipment - 3.7%
Applied Materials, Inc.	434,300		5,724
ARM Holdings PLC sponsored ADR	729,200		4,630
ASML Holding NV (NY Shares)	288,066		7,913
Epistar Corp.	969,317		2,848
Infineon Technologies AG (a)	902,808		4,714
Lam Research Corp. (a)	128,700		3,951
MEMC Electronic Materials, Inc. (a)	797,700		12,723
National Semiconductor Corp.	213,800		3,243
Richtek Technology Corp.	591,417		4,690
Taiwan Semiconductor Manufacturing Co. Ltd.	2,099,444		3,777
Tessera Technologies, Inc. (a)	100,300		2,521
			56,734
Software - 3.3%
Adobe Systems, Inc. (a)	264,600		8,314
AsiaInfo Holdings, Inc. (a)	100,000		1,722
Autonomy Corp. PLC (a)	659,953		13,978
Citrix Systems, Inc. (a)	97,500		3,479
CommVault Systems, Inc. (a)	100,000		1,829
Nice Systems Ltd. sponsored ADR (a)	176,000		4,932
Nuance Communications, Inc. (a)	274,700		3,387
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Salesforce.com, Inc. (a)	156,800		$ 8,133
VMware, Inc. Class A (a)	131,200		4,648
			50,422
TOTAL INFORMATION TECHNOLOGY			276,998
MATERIALS - 4.4%
Chemicals - 0.8%
Calgon Carbon Corp. (a)	153,300		2,192
Cytec Industries, Inc.	100,000		2,889
E.I. du Pont de Nemours & Co.	150,900		4,818
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (c)	72,200		2,515
			12,414
Containers & Packaging - 0.2%
Greif, Inc. Class A	53,700		2,660
Metals & Mining - 3.2%
Agnico-Eagle Mines Ltd. (Canada)	103,600		5,943
ArcelorMittal SA (NY Shares) Class A	128,800		4,589
Barrick Gold Corp.	80,600		2,782
Freeport-McMoRan Copper & Gold, Inc.	142,100		8,949
Globe Specialty Metals, Inc. (Reg. S) (a)	150,000		1,200
Goldcorp, Inc.	86,500		3,152
Harmony Gold Mining Co. Ltd. sponsored ADR	489,700		4,603
Ivanhoe Mines Ltd. (a)	481,800		5,335
Lihir Gold Ltd. (a)	1,489,129		3,488
Newcrest Mining Ltd.	121,610		3,086
Newmont Mining Corp.	134,800		5,418
			48,545
Paper & Forest Products - 0.2%
Weyerhaeuser Co.	100,200		3,746
TOTAL MATERIALS			67,365
TELECOMMUNICATION SERVICES - 1.4%
Diversified Telecommunication Services - 0.7%
China Unicom (Hong Kong) Ltd. sponsored ADR	257,000		3,598
Iliad Group SA	25,000		2,561
tw telecom, inc. (a)	429,800		4,921
			11,080
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - 0.7%
Bharti Airtel Ltd.	420,000		$ 3,663
MTN Group Ltd.	200,000		3,278
Sprint Nextel Corp. (a)	1,082,100		3,960
			10,901
TOTAL TELECOMMUNICATION SERVICES			21,981
UTILITIES - 1.5%
Electric Utilities - 0.3%
FirstEnergy Corp.	85,000		3,836
Independent Power Producers & Energy Traders - 0.6%
AES Corp.	661,900		9,048
Multi-Utilities - 0.6%
CenterPoint Energy, Inc.	275,000		3,410
TECO Energy, Inc.	275,000		3,663
YTL Corp. Bhd	1,236,400		2,584
			9,657
TOTAL UTILITIES			22,541
TOTAL COMMON STOCKS (Cost $1,340,098)		1,509,403
Convertible Preferred Stocks - 0.5%

FINANCIALS - 0.2%
Diversified Financial Services - 0.2%
Ning, Inc. Series D 8.00% (a)(f)	419,580		2,473
INFORMATION TECHNOLOGY - 0.3%
Software - 0.3%
Trion World Network, Inc. 8.00% (a)(f)	910,747		5,001
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $8,001)		7,474
Money Market Funds - 5.7%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.33% (e)	4,970,275		$ 4,970
Fidelity Securities Lending Cash Central Fund, 0.23% (b)(e)	81,904,835		81,905
TOTAL MONEY MARKET FUNDS (Cost $86,875)		86,875
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $1,434,974)			1,603,752
NET OTHER ASSETS - (5.4)%			(82,343)
NET ASSETS - 100%		$ 1,521,409

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(d) Affiliated company

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Ning, Inc. Series D 8.00%	3/19/08	$ 3,000
Trion World Network, Inc. 8.00%	8/22/08	$ 5,001

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 (Amounts in thousands)
Fidelity Cash Central Fund	$ 154
Fidelity Securities Lending Cash Central Fund	2,303
Total	$ 2,457

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
ThermoGenesis Corp.	$ 1,310	$ -	$ -	$ -	$ 2,099
Total	$ 1,310	$ -	$ -	$ -	$ 2,099

Other Information

The following is a summary of the inputs used, as of August 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 233,837	$ 233,837	$ -	$ -
Consumer Staples	91,335	91,335	-	-
Energy	79,957	79,957	-	-
Financials	332,203	329,730	-	2,473
Health Care	199,695	199,695	-	-
Industrials	185,964	185,964	-	-
Information Technology	281,999	272,284	4,714	5,001
Materials	67,365	67,365	-	-
Telecommunication Services	21,981	21,981	-	-
Utilities	22,541	22,541	-	-
Money Market Funds	86,875	86,875	-	-
Total Investments in Securities:	$ 1,603,752	$ 1,591,564	$ 4,714	$ 7,474

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities (Amounts in thousands)
Beginning Balance	$ 6,650
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	824
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ 7,474
The change in unrealized gain (loss) attributable to Level 3 securities at August 31, 2009	$ 824

Income Tax Information

At August 31, 2009, the aggregate cost of investment securities for income tax purposes was $1,450,798,000. Net unrealized appreciation aggregated $152,954,000, of which $294,029,000 related to appreciated investment securities and $141,075,000 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Mt. Vernon Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Mt. Vernon Street Trust

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	October 30, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	October 30, 2009

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	October 30, 2009

EX-99.CERT 2 mtvern99cert.htm

Exhibit EX-99.CERT

I, Kenneth B. Robins, certify that:

1. I have reviewed this report on Form N-Q of Fidelity Mt. Vernon Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 30, 2009

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

I, Christine Reynolds, certify that:

1. I have reviewed this report on Form N-Q of Fidelity Mt. Vernon Street Trust;

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 30, 2009

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer

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