N-CSRS 1 main.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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:	May 31, 2012

Item 1. Reports to Stockholders

Fidelity®
130/30 Large Cap
Fund

Semiannual Report

May 31, 2012

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, changes in net assets and cash flows as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2011 to May 31, 2012).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value December 1, 2011	Ending Account Value May 31, 2012	Expenses Paid During Period* December 1, 2011 to May 31, 2012
Class A	2.19%
Actual		$ 1,000.00	$ 984.20	$ 10.86
Hypothetical^A		$ 1,000.00	$ 1,014.05	$ 11.03
Class T	2.44%
Actual		$ 1,000.00	$ 982.70	$ 12.09
Hypothetical^A		$ 1,000.00	$ 1,012.80	$ 12.28
Class B	2.94%
Actual		$ 1,000.00	$ 979.50	$ 14.55
Hypothetical^A		$ 1,000.00	$ 1,010.30	$ 14.78
Class C	2.94%
Actual		$ 1,000.00	$ 981.00	$ 14.56
Hypothetical^A		$ 1,000.00	$ 1,010.30	$ 14.78
130/30 Large Cap	1.94%
Actual		$ 1,000.00	$ 985.30	$ 9.63
Hypothetical^A		$ 1,000.00	$ 1,015.30	$ 9.77
Institutional Class	1.94%
Actual		$ 1,000.00	$ 984.60	$ 9.63
Hypothetical^A		$ 1,000.00	$ 1,015.30	$ 9.77

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Long Stocks as of May 31, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
Wells Fargo & Co.	4.4	3.4
Amgen, Inc.	3.4	3.1
Community Health Systems, Inc.	3.0	0.5
Hewlett-Packard Co.	3.0	3.7
Visa, Inc. Class A	3.0	0.0
Cisco Systems, Inc.	3.0	1.5
Chevron Corp.	2.8	0.0*
Microsoft Corp.	2.7	1.9
Anheuser-Busch InBev SA NV	2.5	2.9
JPMorgan Chase & Co.	2.5	3.7
	30.3
Top Ten Short Stocks as of May 31, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
Astoria Financial Corp.	(1.3)	0.0
IPC The Hospitalist Co., Inc.	(1.0)	0.0
Tiffany & Co., Inc.	(1.0)	0.0
Ultra Petroleum Corp.	(1.0)	0.0
Atmel Corp.	(1.0)	0.0
Netflix, Inc.	(0.9)	0.0
FormFactor, Inc.	(0.9)	(0.7)
Sysco Corp.	(0.9)	(1.0)
Annaly Capital Management, Inc.	(0.9)	0.0
Quality Systems, Inc.	(0.9)	0.0
	(9.8)
Market Sectors as of May 31, 2012

As a % of fund's net assets	Long	Short	Net
Information Technology	23.2	(6.0)	17.2
Financials	18.4	(5.0)	13.4
Consumer Discretionary	16.7	(4.3)	12.4
Consumer Staples	12.3	(0.9)	11.4
Energy	17.7	(6.5)	11.2
Industrials	10.6	(0.4)	10.2
Health Care	14.8	(4.9)	9.9
Materials	4.4	0.0	4.4
Utilities	4.9	(1.5)	3.4
Telecommunication Services	4.1	(1.0)	3.1

Market Sectors as of November 30, 2011

As a % of fund's net assets	Long	Short	Net
Information Technology	25.9	(8.2)	17.7
Financials	19.1	(4.3)	14.8
Consumer Staples	14.2	(1.0)	13.2
Health Care	14.0	(1.1)	12.9
Consumer Discretionary	16.4	(5.9)	10.5
Energy	13.0	(3.3)	9.7
Industrials	13.6	(5.0)	8.6
Utilities	5.6	0.0	5.6
Materials	6.3	(2.4)	3.9
Telecommunication Services	4.2	(0.5)	3.7

Equity Exposure (% of fund's net assets)

As of May 31, 2012^†	As of November 30, 2011^††
Long equity positions** 127.1%	Long equity positions** 132.3%
Short equity positions (30.5)%	Short equity positions (31.7)%
Net equity positions 96.6%	Net equity positions 100.6%
^† Foreign investments 16.6%	^†† Foreign investments 16.0%

* Amount represents less than 0.1%.

** Long equity positions are adjusted to reflect the effect of future contracts, if applicable.

Semiannual Report

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

LONG STOCK POSITIONS (c) - 127.1%
	Shares		Value
COMMON STOCKS - 125.3%
CONSUMER DISCRETIONARY - 14.9%
Auto Components - 1.6%
Delphi Automotive PLC	3,300		$ 95,799
Lear Corp.	5,300		211,205
			307,004
Automobiles - 1.0%
General Motors Co. (a)	8,200		182,040
Hotels, Restaurants & Leisure - 3.4%
Brinker International, Inc.	3,100		100,161
Cracker Barrel Old Country Store, Inc.	1,600		98,032
Icahn Enterprises LP rights (a)	10,900		0
Texas Roadhouse, Inc. Class A	5,400		98,172
Wyndham Worldwide Corp.	7,100		353,580
			649,945
Internet & Catalog Retail - 0.8%
Expedia, Inc.	3,200		146,848
Media - 2.5%
Carmike Cinemas, Inc. (a)	6,400		90,496
CBS Corp. Class B	6,000		191,520
The Walt Disney Co.	4,300		196,553
			478,569
Specialty Retail - 3.1%
Dick's Sporting Goods, Inc.	2,100		97,650
Foot Locker, Inc.	3,100		98,394
Home Depot, Inc.	8,000		394,720
			590,764
Textiles, Apparel & Luxury Goods - 2.5%
Iconix Brand Group, Inc. (a)	6,200		92,876
PVH Corp.	4,700		380,700
			473,576
TOTAL CONSUMER DISCRETIONARY			2,828,746
CONSUMER STAPLES - 12.3%
Beverages - 3.5%
Anheuser-Busch InBev SA NV	7,100		480,384
SABMiller PLC	4,900		181,095
			661,479
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
CONSUMER STAPLES - continued
Food & Staples Retailing - 3.0%
CVS Caremark Corp.	8,600		$ 386,484
Safeway, Inc.	10,000		190,200
			576,684
Food Products - 1.1%
Kraft Foods, Inc. Class A	5,600		214,312
Household Products - 2.0%
Kimberly-Clark Corp.	4,900		388,815
Personal Products - 1.6%
Elizabeth Arden, Inc. (a)	6,000		206,760
Prestige Brands Holdings, Inc. (a)	6,370		87,460
			294,220
Tobacco - 1.1%
Imperial Tobacco Group PLC	5,605		202,768
TOTAL CONSUMER STAPLES			2,338,278
ENERGY - 17.7%
Energy Equipment & Services - 3.5%
Helix Energy Solutions Group, Inc. (a)	13,400		229,542
National Oilwell Varco, Inc.	5,300		353,775
Oil States International, Inc. (a)	1,300		86,541
			669,858
Oil, Gas & Consumable Fuels - 14.2%
Alon USA Energy, Inc.	12,000		101,640
Chevron Corp.	5,300		521,043
Delek US Holdings, Inc.	8,400		135,324
HollyFrontier Corp.	10,584		312,016
Marathon Oil Corp.	18,400		458,344
Marathon Petroleum Corp.	6,300		227,241
Murphy Oil Corp.	2,000		93,240
Tesoro Corp. (a)	12,200		269,864
Valero Energy Corp.	7,700		162,470
Western Refining, Inc.	11,500		222,410
Williams Companies, Inc.	6,100		186,233
			2,689,825
TOTAL ENERGY			3,359,683
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
FINANCIALS - 18.4%
Commercial Banks - 6.6%
U.S. Bancorp	13,300		$ 413,763
Wells Fargo & Co.	26,200		839,711
			1,253,474
Consumer Finance - 2.5%
Capital One Financial Corp.	7,600		390,412
Discover Financial Services	2,800		92,708
			483,120
Diversified Financial Services - 3.3%
JPMorgan Chase & Co.	14,400		477,360
KKR Financial Holdings LLC	18,100		151,859
			629,219
Insurance - 4.3%
AFLAC, Inc.	2,400		96,192
Allied World Assurance Co. Holdings Ltd.	3,200		246,080
MetLife, Inc.	12,900		376,809
Montpelier Re Holdings Ltd.	4,700		98,136
			817,217
Real Estate Investment Trusts - 1.0%
Coresite Realty Corp.	3,900		93,015
LaSalle Hotel Properties (SBI)	3,400		93,772
			186,787
Real Estate Management & Development - 0.7%
Altisource Portfolio Solutions SA (a)	2,300		133,078
TOTAL FINANCIALS			3,502,895
HEALTH CARE - 14.8%
Biotechnology - 6.2%
Amgen, Inc.	9,400		653,488
PDL BioPharma, Inc.	33,400		216,766
Spectrum Pharmaceuticals, Inc. (a)	17,500		202,825
United Therapeutics Corp. (a)	2,200		97,328
			1,170,407
Health Care Equipment & Supplies - 3.6%
Boston Scientific Corp. (a)	34,800		199,752
Covidien PLC	7,400		383,172
Integra LifeSciences Holdings Corp. (a)	2,800		99,428
			682,352
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
HEALTH CARE - continued
Health Care Providers & Services - 3.5%
Community Health Systems, Inc. (a)	25,900		$ 570,059
Omnicare, Inc.	2,900		91,408
			661,467
Pharmaceuticals - 1.5%
Eli Lilly & Co.	5,100		208,845
Jazz Pharmaceuticals PLC (a)	2,000		86,400
			295,245
TOTAL HEALTH CARE			2,809,471
INDUSTRIALS - 10.6%
Aerospace & Defense - 1.9%
Textron, Inc.	14,900		352,087
Building Products - 0.5%
Owens Corning (a)	3,100		95,666
Construction & Engineering - 0.5%
AECOM Technology Corp. (a)	5,300		86,337
Machinery - 5.8%
Actuant Corp. Class A	4,000		104,680
AGCO Corp. (a)	2,400		96,504
Cummins, Inc.	1,800		174,510
Ingersoll-Rand PLC	2,500		103,275
Parker Hannifin Corp.	4,500		367,830
Terex Corp. (a)	5,100		84,813
Timken Co.	3,700		176,490
			1,108,102
Professional Services - 0.5%
Equifax, Inc.	2,200		99,374
Road & Rail - 1.4%
Con-way, Inc.	4,982		176,114
Hertz Global Holdings, Inc. (a)	7,200		97,992
			274,106
TOTAL INDUSTRIALS			2,015,672
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
INFORMATION TECHNOLOGY - 23.2%
Communications Equipment - 3.9%
Brocade Communications Systems, Inc. (a)	37,700		$ 175,305
Cisco Systems, Inc.	34,100		556,853
			732,158
Computers & Peripherals - 5.1%
Apple, Inc. (a)	700		404,411
Hewlett-Packard Co.	25,000		567,000
			971,411
Electronic Equipment & Components - 3.7%
Flextronics International Ltd. (a)	36,800		236,256
Jabil Circuit, Inc.	18,400		351,992
Vishay Intertechnology, Inc. (a)	9,800		104,076
			692,324
Internet Software & Services - 0.3%
Facebook, Inc.:
Class A	700		20,741
Class B (a)(d)	1,558		41,547
			62,288
IT Services - 7.5%
Fidelity National Information Services, Inc.	3,000		98,340
Fiserv, Inc. (a)	1,400		94,402
MasterCard, Inc. Class A	900		365,859
Teradata Corp. (a)	1,400		93,072
TNS, Inc. (a)	6,300		112,644
Total System Services, Inc.	4,300		100,061
Visa, Inc. Class A	4,900		564,480
			1,428,858
Software - 2.7%
Microsoft Corp.	17,600		513,744
TOTAL INFORMATION TECHNOLOGY			4,400,783
MATERIALS - 4.4%
Chemicals - 3.0%
Ashland, Inc.	1,500		95,895
CF Industries Holdings, Inc.	2,200		376,112
W.R. Grace & Co. (a)	1,700		89,250
			561,257
Metals & Mining - 1.4%
Commercial Metals Co.	7,000		81,760
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
MATERIALS - continued
Metals & Mining - continued
Nucor Corp.	2,700		$ 96,552
Steel Dynamics, Inc.	8,300		87,482
			265,794
TOTAL MATERIALS			827,051
TELECOMMUNICATION SERVICES - 4.1%
Diversified Telecommunication Services - 4.1%
BT Group PLC	125,900		400,536
CenturyLink, Inc.	4,900		192,178
Nippon Telegraph & Telephone Corp. sponsored ADR	8,900		190,460
			783,174
UTILITIES - 4.9%
Electric Utilities - 2.7%
Edison International	4,300		193,328
NextEra Energy, Inc.	1,500		98,010
PNM Resources, Inc.	11,700		218,205
			509,543
Independent Power Producers & Energy Traders - 1.0%
The AES Corp. (a)	16,400		198,276
Multi-Utilities - 1.2%
CMS Energy Corp.	9,900		230,670
TOTAL UTILITIES			938,489
TOTAL COMMON STOCKS (Cost $24,348,715)		23,804,242
NONCONVERTIBLE PREFERRED STOCKS - 1.8%
CONSUMER DISCRETIONARY - 1.8%
Automobiles - 1.8%
Volkswagen AG (Cost $370,790)	2,100		336,942
TOTAL LONG STOCK POSITIONS - 127.1% (Cost $24,719,505)		24,141,184
Money Market Funds - 3.3%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b) (Cost $637,395)	637,395		$ 637,395
TOTAL INVESTMENT PORTFOLIO - 130.4% (Cost $25,356,900)			24,778,579
TOTAL SHORT STOCK POSITIONS - (30.5)% (Proceeds $6,405,041)			(5,796,422)
NET OTHER ASSETS (LIABILITIES) - 0.1%			17,337
NET ASSETS - 100%		$ 18,999,494
SHORT STOCK POSITIONS - (30.5)%
COMMON STOCKS - (30.5)%

CONSUMER DISCRETIONARY - (4.3)%
Auto Components - (0.5)%
Johnson Controls, Inc.	(3,200)		(96,448)
Hotels, Restaurants & Leisure - (0.5)%
MGM Mirage, Inc.	(8,500)		(92,055)
Morgans Hotel Group Co.	(2,000)		(8,980)
			(101,035)
Internet & Catalog Retail - (1.0)%
Netflix, Inc.	(2,800)		(177,632)
Specialty Retail - (1.5)%
Tiffany & Co., Inc.	(3,400)		(188,326)
Williams-Sonoma, Inc.	(2,900)		(101,239)
			(289,565)
Textiles, Apparel & Luxury Goods - (0.8)%
K-Swiss, Inc. Class A	(52,200)		(156,078)
TOTAL CONSUMER DISCRETIONARY		(820,758)
SHORT STOCK POSITIONS - continued
	Shares		Value

COMMON STOCKS - continued

CONSUMER STAPLES - (0.9)%
Food & Staples Retailing - (0.9)%
Sysco Corp.	(6,100)		$ (170,251)
ENERGY - (6.5)%
Energy Equipment & Services - (0.5)%
Tidewater, Inc.	(2,100)		(94,668)
Oil, Gas & Consumable Fuels - (6.0)%
Arch Coal, Inc.	(19,900)		(126,166)
Carrizo Oil & Gas, Inc.	(5,800)		(128,238)
Comstock Resources, Inc.	(9,900)		(148,005)
CONSOL Energy, Inc.	(5,000)		(140,400)
FX Energy, Inc.	(23,100)		(112,497)
Northern Oil & Gas, Inc.	(5,500)		(98,615)
Penn Virginia Corp.	(17,000)		(95,540)
Rex Energy Corp.	(10,800)		(108,648)
Ultra Petroleum Corp.	(9,900)		(183,348)
			(1,141,457)
TOTAL ENERGY		(1,236,125)
FINANCIALS - (5.0)%
Capital Markets - (0.5)%
Eaton Vance Corp. (non-vtg.)	(4,000)		(97,360)
Commercial Banks - (1.3)%
Valley National Bancorp	(13,060)		(146,141)
Westamerica Bancorp.	(2,100)		(93,891)
			(240,032)
Real Estate Investment Trusts - (1.4)%
Annaly Capital Management, Inc.	(10,200)		(169,524)
Plum Creek Timber Co., Inc.	(2,800)		(102,200)
			(271,724)
SHORT STOCK POSITIONS - continued
	Shares		Value

COMMON STOCKS - continued

FINANCIALS - continued
Thrifts & Mortgage Finance - (1.8)%
Astoria Financial Corp.	(28,100)		$ (252,619)
New York Community Bancorp, Inc.	(7,800)		(96,330)
			(348,949)
TOTAL FINANCIALS		(958,065)
HEALTH CARE - (4.9)%
Biotechnology - (1.4)%
Dendreon Corp.	(6,800)		(47,600)
Sangamo Biosciences, Inc.	(27,600)		(122,544)
Verastem, Inc.	(10,000)		(100,400)
			(270,544)
Health Care Providers & Services - (1.0)%
IPC The Hospitalist Co., Inc.	(5,500)		(192,445)
Health Care Technology - (2.1)%
Cerner Corp.	(1,200)		(93,552)
Computer Programs & Systems, Inc.	(2,500)		(136,000)
Quality Systems, Inc.	(5,700)		(163,077)
			(392,629)
Life Sciences Tools & Services - (0.4)%
Sequenom, Inc.	(20,200)		(77,366)
TOTAL HEALTH CARE		(932,984)
SHORT STOCK POSITIONS - continued
	Shares		Value

COMMON STOCKS - continued

INDUSTRIALS - (0.4)%
Air Freight & Logistics - (0.4)%
Expeditors International of Washington, Inc.	(2,200)		$ (84,150)
INFORMATION TECHNOLOGY - (6.0)%
Communications Equipment - (0.8)%
JDS Uniphase Corp.	(15,100)		(153,265)
Electronic Equipment & Components - (0.8)%
IPG Photonics Corp.	(3,600)		(154,080)
Internet Software & Services - (0.5)%
WebMD Health Corp.	(3,900)		(89,817)
Semiconductors & Semiconductor Equipment - (3.4)%
Atmel Corp.	(26,100)		(182,700)
FormFactor, Inc.	(28,700)		(171,913)
Microchip Technology, Inc.	(2,900)		(89,958)
Omnivision Technologies, Inc.	(6,200)		(100,316)
Rubicon Technology, Inc.	(10,700)		(94,374)
			(639,261)
Software - (0.5)%
Rovi Corp.	(3,700)		(90,391)
TOTAL INFORMATION TECHNOLOGY		(1,126,814)
TELECOMMUNICATION SERVICES - (1.0)%
Diversified Telecommunication Services - (0.5)%
Level 3 Communications, Inc.	(4,100)		(87,043)
Wireless Telecommunication Services - (0.5)%
Crown Castle International Corp.	(1,800)		(98,280)
TOTAL TELECOMMUNICATION SERVICES		(185,323)
SHORT STOCK POSITIONS - continued
	Shares		Value

COMMON STOCKS - continued

UTILITIES - (1.5)%
Electric Utilities - (0.5)%
Exelon Corp.	(2,600)		$ (96,148)
Gas Utilities - (0.5)%
UGI Corp.	(3,300)		(94,644)
Independent Power Producers & Energy Traders - (0.5)%
GenOn Energy, Inc.	(53,000)		(91,160)
TOTAL UTILITIES		(281,952)
TOTAL SHORT STOCK POSITIONS - (30.5)% (Proceeds $6,405,041)		$ (5,796,422)

Legend

(a) Non-income producing

(b) 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(d) 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 $41,547 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 38,961

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	$ 272

Other Information

The following is a summary of the inputs used, as of May 31, 2012, involving the Fund's assets and liabilities carried at fair 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 Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,165,688	$ 2,828,746	$ 336,942	$ -
Consumer Staples	2,338,278	1,474,031	864,247	-
Energy	3,359,683	3,359,683	-	-
Financials	3,502,895	3,502,895	-	-
Health Care	2,809,471	2,809,471	-	-
Industrials	2,015,672	2,015,672	-	-
Information Technology	4,400,783	4,359,236	41,547	-
Materials	827,051	827,051	-	-
Telecommunication Services	783,174	382,638	400,536	-
Utilities	938,489	938,489	-	-
Money Market Funds	637,395	637,395	-	-
Short Positions	(5,796,422)	(5,796,422)	-	-
Total Investments in Securities:	$ 18,982,157	$ 17,338,885	$ 1,643,272	$ -

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

Investments in Securities:
Beginning Balance	$ 38,950
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(38,950)
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

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 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	83.4%
United Kingdom	4.2%
Ireland	2.9%
Belgium	2.5%
Germany	1.8%
Switzerland	1.3%
Singapore	1.2%
Japan	1.0%
Others (Individually Less Than 1%)	1.7%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	May 31, 2012 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $24,719,505)	$ 24,141,184
Fidelity Central Funds (cost $637,395)	637,395
Total Investments (cost $25,356,900)		$ 24,778,579
Cash		3,242
Receivable for investments sold		1,277,985
Receivable for fund shares sold		36,903
Dividends receivable		55,600
Distributions receivable from Fidelity Central Funds		74
Prepaid expenses		12
Receivable from investment adviser for expense reductions		3,725
Total assets		26,156,120

Liabilities
Payable for investments purchased	$ 1,223,274
Securities sold short at value (proceeds $6,405,041)	5,796,422
Dividend expense payable on securities sold short	5,373
Payable for fund shares redeemed	74,660
Accrued management fee	9,073
Distribution and service plan fees payable	1,678
Other affiliated payables	6,006
Other payables and accrued expenses	40,140
Total liabilities		7,156,626

Net Assets		$ 18,999,494
Net Assets consist of:
Paid in capital		$ 87,584,346
Undistributed net investment income		81,392
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(68,695,804)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		29,560
Net Assets		$ 18,999,494

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Assets and Liabilities - continued

	May 31, 2012 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($1,522,522 ÷ 222,386 shares)		$ 6.85

Maximum offering price per share (100/94.25 of $6.85)		$ 7.27
Class T: Net Asset Value and redemption price per share ($852,910 ÷ 125,455 shares)		$ 6.80

Maximum offering price per share (100/96.50 of $6.80)		$ 7.05
Class B: Net Asset Value and offering price per share ($227,707 ÷ 33,994 shares)^A		$ 6.70

Class C: Net Asset Value and offering price per share ($931,971 ÷ 139,175 shares)^A		$ 6.70

130/30 Large Cap: Net Asset Value, offering price and redemption price per share ($15,405,933 ÷ 2,242,393 shares)		$ 6.87

Institutional Class: Net Asset Value, offering price and redemption price per share ($58,451 ÷ 8,528 shares)		$ 6.85

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

Six months ended May 31, 2012 (Unaudited)

Investment Income
Dividends		$ 297,732
Income from Fidelity Central Funds		272
Total income		298,004

Expenses
Management fee Basic fee	$ 92,240
Performance adjustment	(33,450)
Transfer agent fees	32,940
Distribution and service plan fees	10,480
Accounting fees and expenses	5,291
Custodian fees and expenses	16,477
Independent trustees' compensation	69
Registration fees	68,940
Audit	34,254
Legal	29
Interest	21,024
Dividend expenses for securities sold short	47,387
Miscellaneous	117
Total expenses before reductions	295,798
Expense reductions	(79,186)	216,612
Net investment income (loss)		81,392
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	851,523
Foreign currency transactions	(1,078)
Securities Sold Short	(680,001)
Total net realized gain (loss)		170,444
Change in net unrealized appreciation (depreciation) on: Investment securities	(389,552)
Assets and liabilities in foreign currencies	(430)
Total change in net unrealized appreciation (depreciation)		(389,982)
Net gain (loss)		(219,538)
Net increase (decrease) in net assets resulting from operations		$ (138,146)

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

	Six months ended May 31, 2012 (Unaudited)	Year ended November 30, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 81,392	$ (48,037)
Net realized gain (loss)	170,444	3,057,111
Change in net unrealized appreciation (depreciation)	(389,982)	(2,429,279)
Net increase (decrease) in net assets resulting from operations	(138,146)	579,795
Distributions to shareholders from net realized gain	(19,061)	-
Share transactions - net increase (decrease)	(3,758,880)	(4,332,753)
Total increase (decrease) in net assets	(3,916,087)	(3,752,958)

Net Assets
Beginning of period	22,915,581	26,668,539
End of period (including undistributed net investment income of $81,392 and undistributed net investment income of $0, respectively)	$ 18,999,494	$ 22,915,581

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Cash Flows

Six months ended May 31, 2012 (Unaudited)

Cash flows from operating activities:
Net decrease in net assets resulting from operations	$ (138,146)
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:

Changes in assets and liabilities related to operations:
Change in receivable for investments sold	386,142
Change in dividends receivable and distributions receivable from Fidelity Central Funds	7,224
Change in prepaid expenses	75
Change in receivable from investment advisor for expense reductions	(3,725)
Change in payable for investments purchased	(946,668)
Change in dividend expense payable on securities sold short	2,428
Change in other payables and accrued expenses	(21,847)
Purchases of long term investments	(35,484,071)
Proceeds from sale of long term investments	42,037,916
Purchases of and proceeds from short term investments - net	(247,629)
Net cash from return of capital distributions	7,090
Purchases of covers for securities sold short	(11,148,400)
Proceeds from securities sold short	9,090,822
Net realized gain on investments, foreign currency transactions and securities sold short	(170,444)
Change in net unrealized (appreciation) depreciation on investments, foreign currency transactions and securities sold short	389,982

Net cash provided by operating activities	3,760,749
Cash flows from financing activities:
Proceeds from sales of shares	2,743,112
Distributions to shareholders net of reinvestments	(972)
Cost of shares redeemed	(6,502,463)
Change in accrued broker fees on securities borrowed	590
Net cash used in financing activities	(3,759,733)

Net increase in cash and cash equivalents	1,016
Cash and foreign currency, beginning of period	2,226
Cash and foreign currency, end of period	$ 3,242
(Cash paid during the period for interest $20,434)

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.96	$ 6.82	$ 6.48	$ 6.38	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	(.02)	(.03)	.03	- ^J
Net realized and unrealized gain (loss)	(.13)	.16	.40	.10	(3.62)
Total from investment operations	(.11)	.14	.37	.13	(3.62)
Distributions from net investment income	-	-	(.02)	(.03)	-
Distributions from net realized gain	-	-	(.01)	-	-
Total distributions	-	-	(.03)	(.03)	-
Net asset value, end of period	$ 6.85	$ 6.96	$ 6.82	$ 6.48	$ 6.38
Total Return ^B,C,D	(1.58)%	2.05%	5.75%	2.04%	(36.20)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.91% ^A	2.23%	2.25%	2.26%	2.63% ^A
Expenses net of fee waivers, if any	2.19% ^A	2.12%	2.19%	2.19%	2.50% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	2.27% ^A	1.67%	1.61%	1.62%	1.68% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	1.53% ^A	1.54%	1.51%	1.53%	1.55% ^A
Net investment income (loss)	.61% ^A	(.34)%	(.49)%	.47%	.07% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,523	$ 1,639	$ 1,440	$ 1,898	$ 7,648
Portfolio turnover rate ^G	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period March 31, 2008 (commencement of operations) to November 30, 2008.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements and include interest and dividend expenses for securities sold short.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.92	$ 6.80	$ 6.47	$ 6.37	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.01	(.04)	(.05)	.01	(.01)
Net realized and unrealized gain (loss)	(.13)	.16	.41	.10	(3.62)
Total from investment operations	(.12)	.12	.36	.11	(3.63)
Distributions from net investment income	-	-	(.02)	(.01)	-
Distributions from net realized gain	-	-	(.01)	-	-
Total distributions	-	-	(.03)	(.01)	-
Net asset value, end of period	$ 6.80	$ 6.92	$ 6.80	$ 6.47	$ 6.37
Total Return ^B,C,D	(1.73)%	1.76%	5.54%	1.75%	(36.30)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	3.16% ^A	2.47%	2.49%	2.43%	2.96% ^A
Expenses net of fee waivers, if any	2.44% ^A	2.35%	2.44%	2.43%	2.75% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	2.52% ^A	1.91%	1.85%	1.79%	2.01% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	1.78% ^A	1.77%	1.76%	1.77%	1.80% ^A
Net investment income (loss)	.36% ^A	(.57)%	(.74)%	.23%	(.20)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 853	$ 1,162	$ 825	$ 973	$ 1,703
Portfolio turnover rate ^G	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period March 31, 2008 (commencement of operations) to November 30, 2008.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.84	$ 6.75	$ 6.43	$ 6.35	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	(.01)	(.08)	(.08)	(.02)	(.04)
Net realized and unrealized gain (loss)	(.13)	.17	.40	.10	(3.61)
Total from investment operations	(.14)	.09	.32	.08	(3.65)
Net asset value, end of period	$ 6.70	$ 6.84	$ 6.75	$ 6.43	$ 6.35
Total Return ^B,C,D	(2.05)%	1.33%	4.98%	1.26%	(36.50)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	3.67% ^A	3.01%	3.02%	2.92%	3.45% ^A
Expenses net of fee waivers, if any	2.94% ^A	2.87%	2.94%	2.92%	3.25% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	3.03% ^A	2.45%	2.38%	2.28%	2.50% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	2.29% ^A	2.29%	2.26%	2.25%	2.30% ^A
Net investment income (loss)	(.15)% ^A	(1.08)%	(1.24)%	(.26)%	(.69)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 228	$ 278	$ 410	$ 593	$ 912
Portfolio turnover rate ^G	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period March 31, 2008 (commencement of operations) to November 30, 2008.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.83	$ 6.74	$ 6.42	$ 6.35	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	(.01)	(.08)	(.08)	(.02)	(.04)
Net realized and unrealized gain (loss)	(.12)	.17	.40	.09	(3.61)
Total from investment operations	(.13)	.09	.32	.07	(3.65)
Net asset value, end of period	$ 6.70	$ 6.83	$ 6.74	$ 6.42	$ 6.35
Total Return ^B,C,D	(1.90)%	1.34%	4.98%	1.10%	(36.50)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	3.64% ^A	2.96%	3.00%	2.96%	3.43% ^A
Expenses net of fee waivers, if any	2.94% ^A	2.86%	2.94%	2.94%	3.25% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	3.00% ^A	2.40%	2.36%	2.32%	2.48% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	2.28% ^A	2.28%	2.26%	2.28%	2.30% ^A
Net investment income (loss)	(.14)% ^A	(1.08)%	(1.24)%	(.28)%	(.69)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 932	$ 860	$ 641	$ 867	$ 1,925
Portfolio turnover rate ^G	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period March 31, 2008 (commencement of operations) to November 30, 2008.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - 130/30 Large Cap

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 6.98	$ 6.82	$ 6.50	$ 6.40	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.03	(.01)	(.02)	.04	.02
Net realized and unrealized gain (loss)	(.13)	.17	.40	.10	(3.62)
Total from investment operations	(.10)	.16	.38	.14	(3.60)
Distributions from net investment income	-	-	(.05)	(.04)	-
Distributions from net realized gain	(.01)	-	(.01)	-	-
Total distributions	(.01)	-	(.06)	(.04)	-
Net asset value, end of period	$ 6.87	$ 6.98	$ 6.82	$ 6.50	$ 6.40
Total Return ^B,C	(1.47)%	2.35%	5.94%	2.15%	(36.00)%
Ratios to Average Net Assets ^E,H
Expenses before reductions	2.66% ^A	1.97%	1.99%	1.96%	2.32% ^A
Expenses net of fee waivers, if any	1.94% ^A	1.86%	1.94%	1.94%	2.25% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	2.02% ^A	1.41%	1.35%	1.32%	1.37% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	1.28% ^A	1.28%	1.26%	1.28%	1.30% ^A
Net investment income (loss)	.86% ^A	(.08)%	(.25)%	.72%	.31% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 15,406	$ 18,867	$ 17,690	$ 21,850	$ 101,323
Portfolio turnover rate ^F	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period March 31, 2008 (commencement of operations) to November 30, 2008.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements and include interest and dividend expenses for securities sold short.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 6.98	$ 6.81	$ 6.50	$ 6.40	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.03	(.01)	(.01)	.05	.02
Net realized and unrealized gain (loss)	(.14)	.18	.41	.09	(3.62)
Total from investment operations	(.11)	.17	.40	.14	(3.60)
Distributions from net investment income	-	-	(.08)	(.04)	-
Distributions from net realized gain	(.02)	-	(.01)	-	-
Total distributions	(.02)	-	(.09)	(.04)	-
Net asset value, end of period	$ 6.85	$ 6.98	$ 6.81	$ 6.50	$ 6.40
Total Return ^B,C	(1.54)%	2.50%	6.22%	2.15%	(36.00)%
Ratios to Average Net Assets ^E,H
Expenses before reductions	2.64% ^A	2.08%	1.87%	1.79%	2.39% ^A
Expenses net of fee waivers, if any	1.94% ^A	1.87%	1.87%	1.79%	2.25% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	2.00% ^A	1.52%	1.23%	1.15%	1.44% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	1.28% ^A	1.29%	1.19%	1.12%	1.30% ^A
Net investment income (loss)	.85% ^A	(.09)%	(.17)%	.87%	.31% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 58	$ 109	$ 5,662	$ 4,073	$ 2,954
Portfolio turnover rate ^F	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period March 31, 2008 (commencement of operations) to November 30, 2008.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2012 (Unaudited)

1. Organization.

Fidelity® 130/30 Large Cap Fund (the Fund) is a fund of Fidelity Mt. Vernon Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, 130/30 Large Cap and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2012, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category 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 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 (last ask price to value short positions) or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.

In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income and dividend expense on securities sold short, are recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, partnerships, certain payments in-lieu of dividends on short sales, net operating losses, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 990,371
Gross unrealized depreciation	(1,678,590)
Net unrealized appreciation (depreciation) on securities and other investments	$ (688,219)
Tax cost	$ 25,466,798

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. At November 30, 2011 capital loss carryforwards were as follows:

Fiscal year of expiration
2016	$ (13,938,461)
2017	(54,796,489)
Total capital loss carryforward	$ (68,734,950)

4. Operating Policies.

Short Sales. Consistent with its investment objective, the Fund holds long securities that it expects to outperform the market and sells securities short in issuers expected to underperform the market. The Fund intends to maintain a net long exposure (the market value of long positions less the market value of short positions) of 100%, normally targeting long and short positions of approximately 130% and 30% of the Fund's net assets, respectively. In a short sale transaction, the Fund sells securities it does not own, but has borrowed from a broker, in anticipation of a decline in the market value of the securities. To complete or "close out" a short sale, the Fund must purchase the same securities at the current market price and deliver them to the broker. Until the Fund closes out a short position, it is obligated to pay the broker fees incurred on borrowing the securities. The fees, which are net of rebates, are recorded as interest expense in the

Semiannual Report

4. Operating Policies - continued

Short Sales - continued

accompanying Statement of Operations. The Fund is required to maintain a margin account with the broker and to pledge a portion of its assets to the broker as collateral for the borrowed securities. The collateral is marked-to-market daily to reflect the current value of the short positions. The Fund is subject to risk of loss if the broker were to fail to perform its obligations under the contract. Short positions are reported at value in the accompanying Schedule of Investments under the caption "Short Stock Positions" and in the accompanying Statement of Assets & Liabilities. Dividends declared on short positions are recorded as dividend expense in the accompanying Statement of Operations and the Fund is obligated to pay the broker any dividends due on securities sold short. In the event the price of a security sold short increases between the short sale and when the Fund closes out the short sale, the Fund will incur a loss. The Fund will realize a gain if the security declines in value between those dates. Gains are limited to the price at which the Fund sold the security short, while losses are theoretically unlimited because the short position loses value as the securities' price increases. The Fund's ultimate obligation to satisfy the short sale may exceed the amount shown in the accompanying Statement of Assets & Liabilities.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short sales and short-term securities, aggregated $35,484,071 and $42,037,916, respectively. Securities sold short and purchases to cover securities sold short aggregated $9,090,822 and $11,148,400 respectively.

6. Fees and Other Transactions with Affiliates.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of 130/30 Large Cap as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .55% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 2,058	$ 9
Class T	.25%	.25%	2,575	10
Class B	.75%	.25%	1,315	987
Class C	.75%	.25%	4,532	1,115
			$ 10,480	$ 2,121

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 642
Class T	251
Class B*	1,560
Class C*	106
	$ 2,559

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 2,496	.30
Class T	1,719	.34
Class B	394	.30
Class C	1,367	.30
130/30 Large Cap	26,849	.31
Institutional Class	115	.30
	$ 32,940

* Annualized

Accounting Fees. Fidelity Service Company, Inc.(FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $2,196 for the period.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $34 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Expense Reductions.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense and dividend expense on securities sold short, including commitment fees, are excluded from this reimbursement. As a result, actual expenses paid by a shareholder may be higher than the limitations listed in the table below.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.55%	$ 5,891
Class T	1.80%	3,707
Class B	2.30%	949
Class C	2.30%	3,178
130/30 Large Cap	1.30%	63,143
Institutional Class	1.30%	267
		$ 77,135

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $2,051 for the period.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2012	Year ended November 30, 2011
From net realized gain
130/30 Large Cap	18,728	-
Institutional Class	333	-
Total	$ 19,061	$ -

Semiannual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2012	Year ended November 30, 2011	Six months ended May 31, 2012	Year ended November 30, 2011
Class A
Shares sold	24,700	199,158	$ 180,971	$ 1,534,399
Shares redeemed	(37,783)	(174,924)	(275,063)	(1,292,685)
Net increase (decrease)	(13,083)	24,234	$ (94,092)	$ 241,714
Class T
Shares sold	15,195	142,627	$ 109,297	$ 1,085,983
Shares redeemed	(57,593)	(96,147)	(425,849)	(665,488)
Net increase (decrease)	(42,398)	46,480	$ (316,552)	$ 420,495
Class B
Shares sold	2,883	4,146	$ 20,636	$ 28,364
Shares redeemed	(9,582)	(24,304)	(69,375)	(168,493)
Net increase (decrease)	(6,699)	(20,158)	$ (48,739)	$ (140,129)
Class C
Shares sold	25,232	112,916	$ 180,414	$ 850,566
Shares redeemed	(11,967)	(81,994)	(83,882)	(568,719)
Net increase (decrease)	13,265	30,922	$ 96,532	$ 281,847
130/30 Large Cap
Shares sold	312,063	2,062,899	$ 2,258,301	$ 15,809,116
Reinvestment of distributions	2,618	-	17,777	-
Shares redeemed	(773,834)	(1,954,365)	(5,620,580)	(14,497,661)
Net increase (decrease)	(459,153)	108,534	$ (3,344,502)	$ 1,311,455
Institutional Class
Shares sold	1,084	8,011	$ 7,822	$ 62,450
Reinvestment of distributions	46	-	312	-
Shares redeemed	(8,246)	(824,313)	(59,661)	(6,510,585)
Net increase (decrease)	(7,116)	(816,302)	$ (51,527)	$ (6,448,135)

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management &
Research Company (U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) mtv22
1-800-544-5555

Automated line for quickest service

FLC-USAN-0712
1.859197.104

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
130/30 Large Cap
Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2012

(Fidelity Cover Art)

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

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, changes in net assets and cash flows as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2011 to May 31, 2012).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value December 1, 2011	Ending Account Value May 31, 2012	Expenses Paid During Period* December 1, 2011 to May 31, 2012
Class A	2.19%
Actual		$ 1,000.00	$ 984.20	$ 10.86
Hypothetical^A		$ 1,000.00	$ 1,014.05	$ 11.03
Class T	2.44%
Actual		$ 1,000.00	$ 982.70	$ 12.09
Hypothetical^A		$ 1,000.00	$ 1,012.80	$ 12.28
Class B	2.94%
Actual		$ 1,000.00	$ 979.50	$ 14.55
Hypothetical^A		$ 1,000.00	$ 1,010.30	$ 14.78
Class C	2.94%
Actual		$ 1,000.00	$ 981.00	$ 14.56
Hypothetical^A		$ 1,000.00	$ 1,010.30	$ 14.78
130/30 Large Cap	1.94%
Actual		$ 1,000.00	$ 985.30	$ 9.63
Hypothetical^A		$ 1,000.00	$ 1,015.30	$ 9.77
Institutional Class	1.94%
Actual		$ 1,000.00	$ 984.60	$ 9.63
Hypothetical^A		$ 1,000.00	$ 1,015.30	$ 9.77

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Long Stocks as of May 31, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
Wells Fargo & Co.	4.4	3.4
Amgen, Inc.	3.4	3.1
Community Health Systems, Inc.	3.0	0.5
Hewlett-Packard Co.	3.0	3.7
Visa, Inc. Class A	3.0	0.0
Cisco Systems, Inc.	3.0	1.5
Chevron Corp.	2.8	0.0*
Microsoft Corp.	2.7	1.9
Anheuser-Busch InBev SA NV	2.5	2.9
JPMorgan Chase & Co.	2.5	3.7
	30.3
Top Ten Short Stocks as of May 31, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
Astoria Financial Corp.	(1.3)	0.0
IPC The Hospitalist Co., Inc.	(1.0)	0.0
Tiffany & Co., Inc.	(1.0)	0.0
Ultra Petroleum Corp.	(1.0)	0.0
Atmel Corp.	(1.0)	0.0
Netflix, Inc.	(0.9)	0.0
FormFactor, Inc.	(0.9)	(0.7)
Sysco Corp.	(0.9)	(1.0)
Annaly Capital Management, Inc.	(0.9)	0.0
Quality Systems, Inc.	(0.9)	0.0
	(9.8)
Market Sectors as of May 31, 2012

As a % of fund's net assets	Long	Short	Net
Information Technology	23.2	(6.0)	17.2
Financials	18.4	(5.0)	13.4
Consumer Discretionary	16.7	(4.3)	12.4
Consumer Staples	12.3	(0.9)	11.4
Energy	17.7	(6.5)	11.2
Industrials	10.6	(0.4)	10.2
Health Care	14.8	(4.9)	9.9
Materials	4.4	0.0	4.4
Utilities	4.9	(1.5)	3.4
Telecommunication Services	4.1	(1.0)	3.1

Market Sectors as of November 30, 2011

As a % of fund's net assets	Long	Short	Net
Information Technology	25.9	(8.2)	17.7
Financials	19.1	(4.3)	14.8
Consumer Staples	14.2	(1.0)	13.2
Health Care	14.0	(1.1)	12.9
Consumer Discretionary	16.4	(5.9)	10.5
Energy	13.0	(3.3)	9.7
Industrials	13.6	(5.0)	8.6
Utilities	5.6	0.0	5.6
Materials	6.3	(2.4)	3.9
Telecommunication Services	4.2	(0.5)	3.7

Equity Exposure (% of fund's net assets)

As of May 31, 2012^†	As of November 30, 2011^††
Long equity positions** 127.1%	Long equity positions** 132.3%
Short equity positions (30.5)%	Short equity positions (31.7)%
Net equity positions 96.6%	Net equity positions 100.6%
^† Foreign investments 16.6%	^†† Foreign investments 16.0%

* Amount represents less than 0.1%.

** Long equity positions are adjusted to reflect the effect of future contracts, if applicable.

Semiannual Report

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

LONG STOCK POSITIONS (c) - 127.1%
	Shares		Value
COMMON STOCKS - 125.3%
CONSUMER DISCRETIONARY - 14.9%
Auto Components - 1.6%
Delphi Automotive PLC	3,300		$ 95,799
Lear Corp.	5,300		211,205
			307,004
Automobiles - 1.0%
General Motors Co. (a)	8,200		182,040
Hotels, Restaurants & Leisure - 3.4%
Brinker International, Inc.	3,100		100,161
Cracker Barrel Old Country Store, Inc.	1,600		98,032
Icahn Enterprises LP rights (a)	10,900		0
Texas Roadhouse, Inc. Class A	5,400		98,172
Wyndham Worldwide Corp.	7,100		353,580
			649,945
Internet & Catalog Retail - 0.8%
Expedia, Inc.	3,200		146,848
Media - 2.5%
Carmike Cinemas, Inc. (a)	6,400		90,496
CBS Corp. Class B	6,000		191,520
The Walt Disney Co.	4,300		196,553
			478,569
Specialty Retail - 3.1%
Dick's Sporting Goods, Inc.	2,100		97,650
Foot Locker, Inc.	3,100		98,394
Home Depot, Inc.	8,000		394,720
			590,764
Textiles, Apparel & Luxury Goods - 2.5%
Iconix Brand Group, Inc. (a)	6,200		92,876
PVH Corp.	4,700		380,700
			473,576
TOTAL CONSUMER DISCRETIONARY			2,828,746
CONSUMER STAPLES - 12.3%
Beverages - 3.5%
Anheuser-Busch InBev SA NV	7,100		480,384
SABMiller PLC	4,900		181,095
			661,479
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
CONSUMER STAPLES - continued
Food & Staples Retailing - 3.0%
CVS Caremark Corp.	8,600		$ 386,484
Safeway, Inc.	10,000		190,200
			576,684
Food Products - 1.1%
Kraft Foods, Inc. Class A	5,600		214,312
Household Products - 2.0%
Kimberly-Clark Corp.	4,900		388,815
Personal Products - 1.6%
Elizabeth Arden, Inc. (a)	6,000		206,760
Prestige Brands Holdings, Inc. (a)	6,370		87,460
			294,220
Tobacco - 1.1%
Imperial Tobacco Group PLC	5,605		202,768
TOTAL CONSUMER STAPLES			2,338,278
ENERGY - 17.7%
Energy Equipment & Services - 3.5%
Helix Energy Solutions Group, Inc. (a)	13,400		229,542
National Oilwell Varco, Inc.	5,300		353,775
Oil States International, Inc. (a)	1,300		86,541
			669,858
Oil, Gas & Consumable Fuels - 14.2%
Alon USA Energy, Inc.	12,000		101,640
Chevron Corp.	5,300		521,043
Delek US Holdings, Inc.	8,400		135,324
HollyFrontier Corp.	10,584		312,016
Marathon Oil Corp.	18,400		458,344
Marathon Petroleum Corp.	6,300		227,241
Murphy Oil Corp.	2,000		93,240
Tesoro Corp. (a)	12,200		269,864
Valero Energy Corp.	7,700		162,470
Western Refining, Inc.	11,500		222,410
Williams Companies, Inc.	6,100		186,233
			2,689,825
TOTAL ENERGY			3,359,683
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
FINANCIALS - 18.4%
Commercial Banks - 6.6%
U.S. Bancorp	13,300		$ 413,763
Wells Fargo & Co.	26,200		839,711
			1,253,474
Consumer Finance - 2.5%
Capital One Financial Corp.	7,600		390,412
Discover Financial Services	2,800		92,708
			483,120
Diversified Financial Services - 3.3%
JPMorgan Chase & Co.	14,400		477,360
KKR Financial Holdings LLC	18,100		151,859
			629,219
Insurance - 4.3%
AFLAC, Inc.	2,400		96,192
Allied World Assurance Co. Holdings Ltd.	3,200		246,080
MetLife, Inc.	12,900		376,809
Montpelier Re Holdings Ltd.	4,700		98,136
			817,217
Real Estate Investment Trusts - 1.0%
Coresite Realty Corp.	3,900		93,015
LaSalle Hotel Properties (SBI)	3,400		93,772
			186,787
Real Estate Management & Development - 0.7%
Altisource Portfolio Solutions SA (a)	2,300		133,078
TOTAL FINANCIALS			3,502,895
HEALTH CARE - 14.8%
Biotechnology - 6.2%
Amgen, Inc.	9,400		653,488
PDL BioPharma, Inc.	33,400		216,766
Spectrum Pharmaceuticals, Inc. (a)	17,500		202,825
United Therapeutics Corp. (a)	2,200		97,328
			1,170,407
Health Care Equipment & Supplies - 3.6%
Boston Scientific Corp. (a)	34,800		199,752
Covidien PLC	7,400		383,172
Integra LifeSciences Holdings Corp. (a)	2,800		99,428
			682,352
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
HEALTH CARE - continued
Health Care Providers & Services - 3.5%
Community Health Systems, Inc. (a)	25,900		$ 570,059
Omnicare, Inc.	2,900		91,408
			661,467
Pharmaceuticals - 1.5%
Eli Lilly & Co.	5,100		208,845
Jazz Pharmaceuticals PLC (a)	2,000		86,400
			295,245
TOTAL HEALTH CARE			2,809,471
INDUSTRIALS - 10.6%
Aerospace & Defense - 1.9%
Textron, Inc.	14,900		352,087
Building Products - 0.5%
Owens Corning (a)	3,100		95,666
Construction & Engineering - 0.5%
AECOM Technology Corp. (a)	5,300		86,337
Machinery - 5.8%
Actuant Corp. Class A	4,000		104,680
AGCO Corp. (a)	2,400		96,504
Cummins, Inc.	1,800		174,510
Ingersoll-Rand PLC	2,500		103,275
Parker Hannifin Corp.	4,500		367,830
Terex Corp. (a)	5,100		84,813
Timken Co.	3,700		176,490
			1,108,102
Professional Services - 0.5%
Equifax, Inc.	2,200		99,374
Road & Rail - 1.4%
Con-way, Inc.	4,982		176,114
Hertz Global Holdings, Inc. (a)	7,200		97,992
			274,106
TOTAL INDUSTRIALS			2,015,672
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
INFORMATION TECHNOLOGY - 23.2%
Communications Equipment - 3.9%
Brocade Communications Systems, Inc. (a)	37,700		$ 175,305
Cisco Systems, Inc.	34,100		556,853
			732,158
Computers & Peripherals - 5.1%
Apple, Inc. (a)	700		404,411
Hewlett-Packard Co.	25,000		567,000
			971,411
Electronic Equipment & Components - 3.7%
Flextronics International Ltd. (a)	36,800		236,256
Jabil Circuit, Inc.	18,400		351,992
Vishay Intertechnology, Inc. (a)	9,800		104,076
			692,324
Internet Software & Services - 0.3%
Facebook, Inc.:
Class A	700		20,741
Class B (a)(d)	1,558		41,547
			62,288
IT Services - 7.5%
Fidelity National Information Services, Inc.	3,000		98,340
Fiserv, Inc. (a)	1,400		94,402
MasterCard, Inc. Class A	900		365,859
Teradata Corp. (a)	1,400		93,072
TNS, Inc. (a)	6,300		112,644
Total System Services, Inc.	4,300		100,061
Visa, Inc. Class A	4,900		564,480
			1,428,858
Software - 2.7%
Microsoft Corp.	17,600		513,744
TOTAL INFORMATION TECHNOLOGY			4,400,783
MATERIALS - 4.4%
Chemicals - 3.0%
Ashland, Inc.	1,500		95,895
CF Industries Holdings, Inc.	2,200		376,112
W.R. Grace & Co. (a)	1,700		89,250
			561,257
Metals & Mining - 1.4%
Commercial Metals Co.	7,000		81,760
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
MATERIALS - continued
Metals & Mining - continued
Nucor Corp.	2,700		$ 96,552
Steel Dynamics, Inc.	8,300		87,482
			265,794
TOTAL MATERIALS			827,051
TELECOMMUNICATION SERVICES - 4.1%
Diversified Telecommunication Services - 4.1%
BT Group PLC	125,900		400,536
CenturyLink, Inc.	4,900		192,178
Nippon Telegraph & Telephone Corp. sponsored ADR	8,900		190,460
			783,174
UTILITIES - 4.9%
Electric Utilities - 2.7%
Edison International	4,300		193,328
NextEra Energy, Inc.	1,500		98,010
PNM Resources, Inc.	11,700		218,205
			509,543
Independent Power Producers & Energy Traders - 1.0%
The AES Corp. (a)	16,400		198,276
Multi-Utilities - 1.2%
CMS Energy Corp.	9,900		230,670
TOTAL UTILITIES			938,489
TOTAL COMMON STOCKS (Cost $24,348,715)		23,804,242
NONCONVERTIBLE PREFERRED STOCKS - 1.8%
CONSUMER DISCRETIONARY - 1.8%
Automobiles - 1.8%
Volkswagen AG (Cost $370,790)	2,100		336,942
TOTAL LONG STOCK POSITIONS - 127.1% (Cost $24,719,505)		24,141,184
Money Market Funds - 3.3%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b) (Cost $637,395)	637,395		$ 637,395
TOTAL INVESTMENT PORTFOLIO - 130.4% (Cost $25,356,900)			24,778,579
TOTAL SHORT STOCK POSITIONS - (30.5)% (Proceeds $6,405,041)			(5,796,422)
NET OTHER ASSETS (LIABILITIES) - 0.1%			17,337
NET ASSETS - 100%		$ 18,999,494
SHORT STOCK POSITIONS - (30.5)%
COMMON STOCKS - (30.5)%

CONSUMER DISCRETIONARY - (4.3)%
Auto Components - (0.5)%
Johnson Controls, Inc.	(3,200)		(96,448)
Hotels, Restaurants & Leisure - (0.5)%
MGM Mirage, Inc.	(8,500)		(92,055)
Morgans Hotel Group Co.	(2,000)		(8,980)
			(101,035)
Internet & Catalog Retail - (1.0)%
Netflix, Inc.	(2,800)		(177,632)
Specialty Retail - (1.5)%
Tiffany & Co., Inc.	(3,400)		(188,326)
Williams-Sonoma, Inc.	(2,900)		(101,239)
			(289,565)
Textiles, Apparel & Luxury Goods - (0.8)%
K-Swiss, Inc. Class A	(52,200)		(156,078)
TOTAL CONSUMER DISCRETIONARY		(820,758)
SHORT STOCK POSITIONS - continued
	Shares		Value

COMMON STOCKS - continued

CONSUMER STAPLES - (0.9)%
Food & Staples Retailing - (0.9)%
Sysco Corp.	(6,100)		$ (170,251)
ENERGY - (6.5)%
Energy Equipment & Services - (0.5)%
Tidewater, Inc.	(2,100)		(94,668)
Oil, Gas & Consumable Fuels - (6.0)%
Arch Coal, Inc.	(19,900)		(126,166)
Carrizo Oil & Gas, Inc.	(5,800)		(128,238)
Comstock Resources, Inc.	(9,900)		(148,005)
CONSOL Energy, Inc.	(5,000)		(140,400)
FX Energy, Inc.	(23,100)		(112,497)
Northern Oil & Gas, Inc.	(5,500)		(98,615)
Penn Virginia Corp.	(17,000)		(95,540)
Rex Energy Corp.	(10,800)		(108,648)
Ultra Petroleum Corp.	(9,900)		(183,348)
			(1,141,457)
TOTAL ENERGY		(1,236,125)
FINANCIALS - (5.0)%
Capital Markets - (0.5)%
Eaton Vance Corp. (non-vtg.)	(4,000)		(97,360)
Commercial Banks - (1.3)%
Valley National Bancorp	(13,060)		(146,141)
Westamerica Bancorp.	(2,100)		(93,891)
			(240,032)
Real Estate Investment Trusts - (1.4)%
Annaly Capital Management, Inc.	(10,200)		(169,524)
Plum Creek Timber Co., Inc.	(2,800)		(102,200)
			(271,724)
SHORT STOCK POSITIONS - continued
	Shares		Value

COMMON STOCKS - continued

FINANCIALS - continued
Thrifts & Mortgage Finance - (1.8)%
Astoria Financial Corp.	(28,100)		$ (252,619)
New York Community Bancorp, Inc.	(7,800)		(96,330)
			(348,949)
TOTAL FINANCIALS		(958,065)
HEALTH CARE - (4.9)%
Biotechnology - (1.4)%
Dendreon Corp.	(6,800)		(47,600)
Sangamo Biosciences, Inc.	(27,600)		(122,544)
Verastem, Inc.	(10,000)		(100,400)
			(270,544)
Health Care Providers & Services - (1.0)%
IPC The Hospitalist Co., Inc.	(5,500)		(192,445)
Health Care Technology - (2.1)%
Cerner Corp.	(1,200)		(93,552)
Computer Programs & Systems, Inc.	(2,500)		(136,000)
Quality Systems, Inc.	(5,700)		(163,077)
			(392,629)
Life Sciences Tools & Services - (0.4)%
Sequenom, Inc.	(20,200)		(77,366)
TOTAL HEALTH CARE		(932,984)
SHORT STOCK POSITIONS - continued
	Shares		Value

COMMON STOCKS - continued

INDUSTRIALS - (0.4)%
Air Freight & Logistics - (0.4)%
Expeditors International of Washington, Inc.	(2,200)		$ (84,150)
INFORMATION TECHNOLOGY - (6.0)%
Communications Equipment - (0.8)%
JDS Uniphase Corp.	(15,100)		(153,265)
Electronic Equipment & Components - (0.8)%
IPG Photonics Corp.	(3,600)		(154,080)
Internet Software & Services - (0.5)%
WebMD Health Corp.	(3,900)		(89,817)
Semiconductors & Semiconductor Equipment - (3.4)%
Atmel Corp.	(26,100)		(182,700)
FormFactor, Inc.	(28,700)		(171,913)
Microchip Technology, Inc.	(2,900)		(89,958)
Omnivision Technologies, Inc.	(6,200)		(100,316)
Rubicon Technology, Inc.	(10,700)		(94,374)
			(639,261)
Software - (0.5)%
Rovi Corp.	(3,700)		(90,391)
TOTAL INFORMATION TECHNOLOGY		(1,126,814)
TELECOMMUNICATION SERVICES - (1.0)%
Diversified Telecommunication Services - (0.5)%
Level 3 Communications, Inc.	(4,100)		(87,043)
Wireless Telecommunication Services - (0.5)%
Crown Castle International Corp.	(1,800)		(98,280)
TOTAL TELECOMMUNICATION SERVICES		(185,323)
SHORT STOCK POSITIONS - continued
	Shares		Value

COMMON STOCKS - continued

UTILITIES - (1.5)%
Electric Utilities - (0.5)%
Exelon Corp.	(2,600)		$ (96,148)
Gas Utilities - (0.5)%
UGI Corp.	(3,300)		(94,644)
Independent Power Producers & Energy Traders - (0.5)%
GenOn Energy, Inc.	(53,000)		(91,160)
TOTAL UTILITIES		(281,952)
TOTAL SHORT STOCK POSITIONS - (30.5)% (Proceeds $6,405,041)		$ (5,796,422)

Legend

(a) Non-income producing

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 38,961

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	$ 272

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,165,688	$ 2,828,746	$ 336,942	$ -
Consumer Staples	2,338,278	1,474,031	864,247	-
Energy	3,359,683	3,359,683	-	-
Financials	3,502,895	3,502,895	-	-
Health Care	2,809,471	2,809,471	-	-
Industrials	2,015,672	2,015,672	-	-
Information Technology	4,400,783	4,359,236	41,547	-
Materials	827,051	827,051	-	-
Telecommunication Services	783,174	382,638	400,536	-
Utilities	938,489	938,489	-	-
Money Market Funds	637,395	637,395	-	-
Short Positions	(5,796,422)	(5,796,422)	-	-
Total Investments in Securities:	$ 18,982,157	$ 17,338,885	$ 1,643,272	$ -

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

Investments in Securities:
Beginning Balance	$ 38,950
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(38,950)
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	83.4%
United Kingdom	4.2%
Ireland	2.9%
Belgium	2.5%
Germany	1.8%
Switzerland	1.3%
Singapore	1.2%
Japan	1.0%
Others (Individually Less Than 1%)	1.7%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	May 31, 2012 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $24,719,505)	$ 24,141,184
Fidelity Central Funds (cost $637,395)	637,395
Total Investments (cost $25,356,900)		$ 24,778,579
Cash		3,242
Receivable for investments sold		1,277,985
Receivable for fund shares sold		36,903
Dividends receivable		55,600
Distributions receivable from Fidelity Central Funds		74
Prepaid expenses		12
Receivable from investment adviser for expense reductions		3,725
Total assets		26,156,120

Liabilities
Payable for investments purchased	$ 1,223,274
Securities sold short at value (proceeds $6,405,041)	5,796,422
Dividend expense payable on securities sold short	5,373
Payable for fund shares redeemed	74,660
Accrued management fee	9,073
Distribution and service plan fees payable	1,678
Other affiliated payables	6,006
Other payables and accrued expenses	40,140
Total liabilities		7,156,626

Net Assets		$ 18,999,494
Net Assets consist of:
Paid in capital		$ 87,584,346
Undistributed net investment income		81,392
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(68,695,804)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		29,560
Net Assets		$ 18,999,494

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Assets and Liabilities - continued

	May 31, 2012 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($1,522,522 ÷ 222,386 shares)		$ 6.85

Maximum offering price per share (100/94.25 of $6.85)		$ 7.27
Class T: Net Asset Value and redemption price per share ($852,910 ÷ 125,455 shares)		$ 6.80

Maximum offering price per share (100/96.50 of $6.80)		$ 7.05
Class B: Net Asset Value and offering price per share ($227,707 ÷ 33,994 shares)^A		$ 6.70

Class C: Net Asset Value and offering price per share ($931,971 ÷ 139,175 shares)^A		$ 6.70

130/30 Large Cap: Net Asset Value, offering price and redemption price per share ($15,405,933 ÷ 2,242,393 shares)		$ 6.87

Institutional Class: Net Asset Value, offering price and redemption price per share ($58,451 ÷ 8,528 shares)		$ 6.85

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

Six months ended May 31, 2012 (Unaudited)

Investment Income
Dividends		$ 297,732
Income from Fidelity Central Funds		272
Total income		298,004

Expenses
Management fee Basic fee	$ 92,240
Performance adjustment	(33,450)
Transfer agent fees	32,940
Distribution and service plan fees	10,480
Accounting fees and expenses	5,291
Custodian fees and expenses	16,477
Independent trustees' compensation	69
Registration fees	68,940
Audit	34,254
Legal	29
Interest	21,024
Dividend expenses for securities sold short	47,387
Miscellaneous	117
Total expenses before reductions	295,798
Expense reductions	(79,186)	216,612
Net investment income (loss)		81,392
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	851,523
Foreign currency transactions	(1,078)
Securities Sold Short	(680,001)
Total net realized gain (loss)		170,444
Change in net unrealized appreciation (depreciation) on: Investment securities	(389,552)
Assets and liabilities in foreign currencies	(430)
Total change in net unrealized appreciation (depreciation)		(389,982)
Net gain (loss)		(219,538)
Net increase (decrease) in net assets resulting from operations		$ (138,146)

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

	Six months ended May 31, 2012 (Unaudited)	Year ended November 30, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 81,392	$ (48,037)
Net realized gain (loss)	170,444	3,057,111
Change in net unrealized appreciation (depreciation)	(389,982)	(2,429,279)
Net increase (decrease) in net assets resulting from operations	(138,146)	579,795
Distributions to shareholders from net realized gain	(19,061)	-
Share transactions - net increase (decrease)	(3,758,880)	(4,332,753)
Total increase (decrease) in net assets	(3,916,087)	(3,752,958)

Net Assets
Beginning of period	22,915,581	26,668,539
End of period (including undistributed net investment income of $81,392 and undistributed net investment income of $0, respectively)	$ 18,999,494	$ 22,915,581

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Cash Flows

Six months ended May 31, 2012 (Unaudited)

Cash flows from operating activities:
Net decrease in net assets resulting from operations	$ (138,146)
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:

Changes in assets and liabilities related to operations:
Change in receivable for investments sold	386,142
Change in dividends receivable and distributions receivable from Fidelity Central Funds	7,224
Change in prepaid expenses	75
Change in receivable from investment advisor for expense reductions	(3,725)
Change in payable for investments purchased	(946,668)
Change in dividend expense payable on securities sold short	2,428
Change in other payables and accrued expenses	(21,847)
Purchases of long term investments	(35,484,071)
Proceeds from sale of long term investments	42,037,916
Purchases of and proceeds from short term investments - net	(247,629)
Net cash from return of capital distributions	7,090
Purchases of covers for securities sold short	(11,148,400)
Proceeds from securities sold short	9,090,822
Net realized gain on investments, foreign currency transactions and securities sold short	(170,444)
Change in net unrealized (appreciation) depreciation on investments, foreign currency transactions and securities sold short	389,982

Net cash provided by operating activities	3,760,749
Cash flows from financing activities:
Proceeds from sales of shares	2,743,112
Distributions to shareholders net of reinvestments	(972)
Cost of shares redeemed	(6,502,463)
Change in accrued broker fees on securities borrowed	590
Net cash used in financing activities	(3,759,733)

Net increase in cash and cash equivalents	1,016
Cash and foreign currency, beginning of period	2,226
Cash and foreign currency, end of period	$ 3,242
(Cash paid during the period for interest $20,434)

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.96	$ 6.82	$ 6.48	$ 6.38	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	(.02)	(.03)	.03	- ^J
Net realized and unrealized gain (loss)	(.13)	.16	.40	.10	(3.62)
Total from investment operations	(.11)	.14	.37	.13	(3.62)
Distributions from net investment income	-	-	(.02)	(.03)	-
Distributions from net realized gain	-	-	(.01)	-	-
Total distributions	-	-	(.03)	(.03)	-
Net asset value, end of period	$ 6.85	$ 6.96	$ 6.82	$ 6.48	$ 6.38
Total Return ^B,C,D	(1.58)%	2.05%	5.75%	2.04%	(36.20)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.91% ^A	2.23%	2.25%	2.26%	2.63% ^A
Expenses net of fee waivers, if any	2.19% ^A	2.12%	2.19%	2.19%	2.50% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	2.27% ^A	1.67%	1.61%	1.62%	1.68% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	1.53% ^A	1.54%	1.51%	1.53%	1.55% ^A
Net investment income (loss)	.61% ^A	(.34)%	(.49)%	.47%	.07% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,523	$ 1,639	$ 1,440	$ 1,898	$ 7,648
Portfolio turnover rate ^G	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period March 31, 2008 (commencement of operations) to November 30, 2008.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.92	$ 6.80	$ 6.47	$ 6.37	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.01	(.04)	(.05)	.01	(.01)
Net realized and unrealized gain (loss)	(.13)	.16	.41	.10	(3.62)
Total from investment operations	(.12)	.12	.36	.11	(3.63)
Distributions from net investment income	-	-	(.02)	(.01)	-
Distributions from net realized gain	-	-	(.01)	-	-
Total distributions	-	-	(.03)	(.01)	-
Net asset value, end of period	$ 6.80	$ 6.92	$ 6.80	$ 6.47	$ 6.37
Total Return ^B,C,D	(1.73)%	1.76%	5.54%	1.75%	(36.30)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	3.16% ^A	2.47%	2.49%	2.43%	2.96% ^A
Expenses net of fee waivers, if any	2.44% ^A	2.35%	2.44%	2.43%	2.75% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	2.52% ^A	1.91%	1.85%	1.79%	2.01% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	1.78% ^A	1.77%	1.76%	1.77%	1.80% ^A
Net investment income (loss)	.36% ^A	(.57)%	(.74)%	.23%	(.20)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 853	$ 1,162	$ 825	$ 973	$ 1,703
Portfolio turnover rate ^G	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period March 31, 2008 (commencement of operations) to November 30, 2008.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.84	$ 6.75	$ 6.43	$ 6.35	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	(.01)	(.08)	(.08)	(.02)	(.04)
Net realized and unrealized gain (loss)	(.13)	.17	.40	.10	(3.61)
Total from investment operations	(.14)	.09	.32	.08	(3.65)
Net asset value, end of period	$ 6.70	$ 6.84	$ 6.75	$ 6.43	$ 6.35
Total Return ^B,C,D	(2.05)%	1.33%	4.98%	1.26%	(36.50)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	3.67% ^A	3.01%	3.02%	2.92%	3.45% ^A
Expenses net of fee waivers, if any	2.94% ^A	2.87%	2.94%	2.92%	3.25% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	3.03% ^A	2.45%	2.38%	2.28%	2.50% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	2.29% ^A	2.29%	2.26%	2.25%	2.30% ^A
Net investment income (loss)	(.15)% ^A	(1.08)%	(1.24)%	(.26)%	(.69)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 228	$ 278	$ 410	$ 593	$ 912
Portfolio turnover rate ^G	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period March 31, 2008 (commencement of operations) to November 30, 2008.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.83	$ 6.74	$ 6.42	$ 6.35	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	(.01)	(.08)	(.08)	(.02)	(.04)
Net realized and unrealized gain (loss)	(.12)	.17	.40	.09	(3.61)
Total from investment operations	(.13)	.09	.32	.07	(3.65)
Net asset value, end of period	$ 6.70	$ 6.83	$ 6.74	$ 6.42	$ 6.35
Total Return ^B,C,D	(1.90)%	1.34%	4.98%	1.10%	(36.50)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	3.64% ^A	2.96%	3.00%	2.96%	3.43% ^A
Expenses net of fee waivers, if any	2.94% ^A	2.86%	2.94%	2.94%	3.25% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	3.00% ^A	2.40%	2.36%	2.32%	2.48% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	2.28% ^A	2.28%	2.26%	2.28%	2.30% ^A
Net investment income (loss)	(.14)% ^A	(1.08)%	(1.24)%	(.28)%	(.69)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 932	$ 860	$ 641	$ 867	$ 1,925
Portfolio turnover rate ^G	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period March 31, 2008 (commencement of operations) to November 30, 2008.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - 130/30 Large Cap

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 6.98	$ 6.82	$ 6.50	$ 6.40	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.03	(.01)	(.02)	.04	.02
Net realized and unrealized gain (loss)	(.13)	.17	.40	.10	(3.62)
Total from investment operations	(.10)	.16	.38	.14	(3.60)
Distributions from net investment income	-	-	(.05)	(.04)	-
Distributions from net realized gain	(.01)	-	(.01)	-	-
Total distributions	(.01)	-	(.06)	(.04)	-
Net asset value, end of period	$ 6.87	$ 6.98	$ 6.82	$ 6.50	$ 6.40
Total Return ^B,C	(1.47)%	2.35%	5.94%	2.15%	(36.00)%
Ratios to Average Net Assets ^E,H
Expenses before reductions	2.66% ^A	1.97%	1.99%	1.96%	2.32% ^A
Expenses net of fee waivers, if any	1.94% ^A	1.86%	1.94%	1.94%	2.25% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	2.02% ^A	1.41%	1.35%	1.32%	1.37% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	1.28% ^A	1.28%	1.26%	1.28%	1.30% ^A
Net investment income (loss)	.86% ^A	(.08)%	(.25)%	.72%	.31% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 15,406	$ 18,867	$ 17,690	$ 21,850	$ 101,323
Portfolio turnover rate ^F	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period March 31, 2008 (commencement of operations) to November 30, 2008.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 6.98	$ 6.81	$ 6.50	$ 6.40	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.03	(.01)	(.01)	.05	.02
Net realized and unrealized gain (loss)	(.14)	.18	.41	.09	(3.62)
Total from investment operations	(.11)	.17	.40	.14	(3.60)
Distributions from net investment income	-	-	(.08)	(.04)	-
Distributions from net realized gain	(.02)	-	(.01)	-	-
Total distributions	(.02)	-	(.09)	(.04)	-
Net asset value, end of period	$ 6.85	$ 6.98	$ 6.81	$ 6.50	$ 6.40
Total Return ^B,C	(1.54)%	2.50%	6.22%	2.15%	(36.00)%
Ratios to Average Net Assets ^E,H
Expenses before reductions	2.64% ^A	2.08%	1.87%	1.79%	2.39% ^A
Expenses net of fee waivers, if any	1.94% ^A	1.87%	1.87%	1.79%	2.25% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	2.00% ^A	1.52%	1.23%	1.15%	1.44% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	1.28% ^A	1.29%	1.19%	1.12%	1.30% ^A
Net investment income (loss)	.85% ^A	(.09)%	(.17)%	.87%	.31% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 58	$ 109	$ 5,662	$ 4,073	$ 2,954
Portfolio turnover rate ^F	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period March 31, 2008 (commencement of operations) to November 30, 2008.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2012 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Semiannual Report

3. Significant Accounting Policies - continued

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 990,371
Gross unrealized depreciation	(1,678,590)
Net unrealized appreciation (depreciation) on securities and other investments	$ (688,219)
Tax cost	$ 25,466,798

Fiscal year of expiration
2016	$ (13,938,461)
2017	(54,796,489)
Total capital loss carryforward	$ (68,734,950)

4. Operating Policies.

Semiannual Report

4. Operating Policies - continued

Short Sales - continued

5. Purchases and Sales of Investments.

6. Fees and Other Transactions with Affiliates.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 2,058	$ 9
Class T	.25%	.25%	2,575	10
Class B	.75%	.25%	1,315	987
Class C	.75%	.25%	4,532	1,115
			$ 10,480	$ 2,121

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 642
Class T	251
Class B*	1,560
Class C*	106
	$ 2,559

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

	Amount	% of Average Net Assets*
Class A	$ 2,496	.30
Class T	1,719	.34
Class B	394	.30
Class C	1,367	.30
130/30 Large Cap	26,849	.31
Institutional Class	115	.30
	$ 32,940

* Annualized

Accounting Fees. Fidelity Service Company, Inc.(FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

7. Committed Line of Credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.55%	$ 5,891
Class T	1.80%	3,707
Class B	2.30%	949
Class C	2.30%	3,178
130/30 Large Cap	1.30%	63,143
Institutional Class	1.30%	267
		$ 77,135

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2012	Year ended November 30, 2011
From net realized gain
130/30 Large Cap	18,728	-
Institutional Class	333	-
Total	$ 19,061	$ -

Semiannual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2012	Year ended November 30, 2011	Six months ended May 31, 2012	Year ended November 30, 2011
Class A
Shares sold	24,700	199,158	$ 180,971	$ 1,534,399
Shares redeemed	(37,783)	(174,924)	(275,063)	(1,292,685)
Net increase (decrease)	(13,083)	24,234	$ (94,092)	$ 241,714
Class T
Shares sold	15,195	142,627	$ 109,297	$ 1,085,983
Shares redeemed	(57,593)	(96,147)	(425,849)	(665,488)
Net increase (decrease)	(42,398)	46,480	$ (316,552)	$ 420,495
Class B
Shares sold	2,883	4,146	$ 20,636	$ 28,364
Shares redeemed	(9,582)	(24,304)	(69,375)	(168,493)
Net increase (decrease)	(6,699)	(20,158)	$ (48,739)	$ (140,129)
Class C
Shares sold	25,232	112,916	$ 180,414	$ 850,566
Shares redeemed	(11,967)	(81,994)	(83,882)	(568,719)
Net increase (decrease)	13,265	30,922	$ 96,532	$ 281,847
130/30 Large Cap
Shares sold	312,063	2,062,899	$ 2,258,301	$ 15,809,116
Reinvestment of distributions	2,618	-	17,777	-
Shares redeemed	(773,834)	(1,954,365)	(5,620,580)	(14,497,661)
Net increase (decrease)	(459,153)	108,534	$ (3,344,502)	$ 1,311,455
Institutional Class
Shares sold	1,084	8,011	$ 7,822	$ 62,450
Reinvestment of distributions	46	-	312	-
Shares redeemed	(8,246)	(824,313)	(59,661)	(6,510,585)
Net increase (decrease)	(7,116)	(816,302)	$ (51,527)	$ (6,448,135)

11. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon
New York, NY

AFLC-USAN-0712
1.859219.104

(Fidelity Investment logo)(registered trademark)

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
130/30 Large Cap
Fund - Institutional Class

Semiannual Report

May 31, 2012

(Fidelity Cover Art)

Institutional Class is a
class of Fidelity® 130/30
Large Cap Fund

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, changes in net assets and cash flows as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2011 to May 31, 2012).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value December 1, 2011	Ending Account Value May 31, 2012	Expenses Paid During Period* December 1, 2011 to May 31, 2012
Class A	2.19%
Actual		$ 1,000.00	$ 984.20	$ 10.86
Hypothetical^A		$ 1,000.00	$ 1,014.05	$ 11.03
Class T	2.44%
Actual		$ 1,000.00	$ 982.70	$ 12.09
Hypothetical^A		$ 1,000.00	$ 1,012.80	$ 12.28
Class B	2.94%
Actual		$ 1,000.00	$ 979.50	$ 14.55
Hypothetical^A		$ 1,000.00	$ 1,010.30	$ 14.78
Class C	2.94%
Actual		$ 1,000.00	$ 981.00	$ 14.56
Hypothetical^A		$ 1,000.00	$ 1,010.30	$ 14.78
130/30 Large Cap	1.94%
Actual		$ 1,000.00	$ 985.30	$ 9.63
Hypothetical^A		$ 1,000.00	$ 1,015.30	$ 9.77
Institutional Class	1.94%
Actual		$ 1,000.00	$ 984.60	$ 9.63
Hypothetical^A		$ 1,000.00	$ 1,015.30	$ 9.77

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Long Stocks as of May 31, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
Wells Fargo & Co.	4.4	3.4
Amgen, Inc.	3.4	3.1
Community Health Systems, Inc.	3.0	0.5
Hewlett-Packard Co.	3.0	3.7
Visa, Inc. Class A	3.0	0.0
Cisco Systems, Inc.	3.0	1.5
Chevron Corp.	2.8	0.0*
Microsoft Corp.	2.7	1.9
Anheuser-Busch InBev SA NV	2.5	2.9
JPMorgan Chase & Co.	2.5	3.7
	30.3
Top Ten Short Stocks as of May 31, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
Astoria Financial Corp.	(1.3)	0.0
IPC The Hospitalist Co., Inc.	(1.0)	0.0
Tiffany & Co., Inc.	(1.0)	0.0
Ultra Petroleum Corp.	(1.0)	0.0
Atmel Corp.	(1.0)	0.0
Netflix, Inc.	(0.9)	0.0
FormFactor, Inc.	(0.9)	(0.7)
Sysco Corp.	(0.9)	(1.0)
Annaly Capital Management, Inc.	(0.9)	0.0
Quality Systems, Inc.	(0.9)	0.0
	(9.8)
Market Sectors as of May 31, 2012

As a % of fund's net assets	Long	Short	Net
Information Technology	23.2	(6.0)	17.2
Financials	18.4	(5.0)	13.4
Consumer Discretionary	16.7	(4.3)	12.4
Consumer Staples	12.3	(0.9)	11.4
Energy	17.7	(6.5)	11.2
Industrials	10.6	(0.4)	10.2
Health Care	14.8	(4.9)	9.9
Materials	4.4	0.0	4.4
Utilities	4.9	(1.5)	3.4
Telecommunication Services	4.1	(1.0)	3.1

Market Sectors as of November 30, 2011

As a % of fund's net assets	Long	Short	Net
Information Technology	25.9	(8.2)	17.7
Financials	19.1	(4.3)	14.8
Consumer Staples	14.2	(1.0)	13.2
Health Care	14.0	(1.1)	12.9
Consumer Discretionary	16.4	(5.9)	10.5
Energy	13.0	(3.3)	9.7
Industrials	13.6	(5.0)	8.6
Utilities	5.6	0.0	5.6
Materials	6.3	(2.4)	3.9
Telecommunication Services	4.2	(0.5)	3.7

Equity Exposure (% of fund's net assets)

As of May 31, 2012^†	As of November 30, 2011^††
Long equity positions** 127.1%	Long equity positions** 132.3%
Short equity positions (30.5)%	Short equity positions (31.7)%
Net equity positions 96.6%	Net equity positions 100.6%
^† Foreign investments 16.6%	^†† Foreign investments 16.0%

* Amount represents less than 0.1%.

** Long equity positions are adjusted to reflect the effect of future contracts, if applicable.

Semiannual Report

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

LONG STOCK POSITIONS (c) - 127.1%
	Shares		Value
COMMON STOCKS - 125.3%
CONSUMER DISCRETIONARY - 14.9%
Auto Components - 1.6%
Delphi Automotive PLC	3,300		$ 95,799
Lear Corp.	5,300		211,205
			307,004
Automobiles - 1.0%
General Motors Co. (a)	8,200		182,040
Hotels, Restaurants & Leisure - 3.4%
Brinker International, Inc.	3,100		100,161
Cracker Barrel Old Country Store, Inc.	1,600		98,032
Icahn Enterprises LP rights (a)	10,900		0
Texas Roadhouse, Inc. Class A	5,400		98,172
Wyndham Worldwide Corp.	7,100		353,580
			649,945
Internet & Catalog Retail - 0.8%
Expedia, Inc.	3,200		146,848
Media - 2.5%
Carmike Cinemas, Inc. (a)	6,400		90,496
CBS Corp. Class B	6,000		191,520
The Walt Disney Co.	4,300		196,553
			478,569
Specialty Retail - 3.1%
Dick's Sporting Goods, Inc.	2,100		97,650
Foot Locker, Inc.	3,100		98,394
Home Depot, Inc.	8,000		394,720
			590,764
Textiles, Apparel & Luxury Goods - 2.5%
Iconix Brand Group, Inc. (a)	6,200		92,876
PVH Corp.	4,700		380,700
			473,576
TOTAL CONSUMER DISCRETIONARY			2,828,746
CONSUMER STAPLES - 12.3%
Beverages - 3.5%
Anheuser-Busch InBev SA NV	7,100		480,384
SABMiller PLC	4,900		181,095
			661,479
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
CONSUMER STAPLES - continued
Food & Staples Retailing - 3.0%
CVS Caremark Corp.	8,600		$ 386,484
Safeway, Inc.	10,000		190,200
			576,684
Food Products - 1.1%
Kraft Foods, Inc. Class A	5,600		214,312
Household Products - 2.0%
Kimberly-Clark Corp.	4,900		388,815
Personal Products - 1.6%
Elizabeth Arden, Inc. (a)	6,000		206,760
Prestige Brands Holdings, Inc. (a)	6,370		87,460
			294,220
Tobacco - 1.1%
Imperial Tobacco Group PLC	5,605		202,768
TOTAL CONSUMER STAPLES			2,338,278
ENERGY - 17.7%
Energy Equipment & Services - 3.5%
Helix Energy Solutions Group, Inc. (a)	13,400		229,542
National Oilwell Varco, Inc.	5,300		353,775
Oil States International, Inc. (a)	1,300		86,541
			669,858
Oil, Gas & Consumable Fuels - 14.2%
Alon USA Energy, Inc.	12,000		101,640
Chevron Corp.	5,300		521,043
Delek US Holdings, Inc.	8,400		135,324
HollyFrontier Corp.	10,584		312,016
Marathon Oil Corp.	18,400		458,344
Marathon Petroleum Corp.	6,300		227,241
Murphy Oil Corp.	2,000		93,240
Tesoro Corp. (a)	12,200		269,864
Valero Energy Corp.	7,700		162,470
Western Refining, Inc.	11,500		222,410
Williams Companies, Inc.	6,100		186,233
			2,689,825
TOTAL ENERGY			3,359,683
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
FINANCIALS - 18.4%
Commercial Banks - 6.6%
U.S. Bancorp	13,300		$ 413,763
Wells Fargo & Co.	26,200		839,711
			1,253,474
Consumer Finance - 2.5%
Capital One Financial Corp.	7,600		390,412
Discover Financial Services	2,800		92,708
			483,120
Diversified Financial Services - 3.3%
JPMorgan Chase & Co.	14,400		477,360
KKR Financial Holdings LLC	18,100		151,859
			629,219
Insurance - 4.3%
AFLAC, Inc.	2,400		96,192
Allied World Assurance Co. Holdings Ltd.	3,200		246,080
MetLife, Inc.	12,900		376,809
Montpelier Re Holdings Ltd.	4,700		98,136
			817,217
Real Estate Investment Trusts - 1.0%
Coresite Realty Corp.	3,900		93,015
LaSalle Hotel Properties (SBI)	3,400		93,772
			186,787
Real Estate Management & Development - 0.7%
Altisource Portfolio Solutions SA (a)	2,300		133,078
TOTAL FINANCIALS			3,502,895
HEALTH CARE - 14.8%
Biotechnology - 6.2%
Amgen, Inc.	9,400		653,488
PDL BioPharma, Inc.	33,400		216,766
Spectrum Pharmaceuticals, Inc. (a)	17,500		202,825
United Therapeutics Corp. (a)	2,200		97,328
			1,170,407
Health Care Equipment & Supplies - 3.6%
Boston Scientific Corp. (a)	34,800		199,752
Covidien PLC	7,400		383,172
Integra LifeSciences Holdings Corp. (a)	2,800		99,428
			682,352
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
HEALTH CARE - continued
Health Care Providers & Services - 3.5%
Community Health Systems, Inc. (a)	25,900		$ 570,059
Omnicare, Inc.	2,900		91,408
			661,467
Pharmaceuticals - 1.5%
Eli Lilly & Co.	5,100		208,845
Jazz Pharmaceuticals PLC (a)	2,000		86,400
			295,245
TOTAL HEALTH CARE			2,809,471
INDUSTRIALS - 10.6%
Aerospace & Defense - 1.9%
Textron, Inc.	14,900		352,087
Building Products - 0.5%
Owens Corning (a)	3,100		95,666
Construction & Engineering - 0.5%
AECOM Technology Corp. (a)	5,300		86,337
Machinery - 5.8%
Actuant Corp. Class A	4,000		104,680
AGCO Corp. (a)	2,400		96,504
Cummins, Inc.	1,800		174,510
Ingersoll-Rand PLC	2,500		103,275
Parker Hannifin Corp.	4,500		367,830
Terex Corp. (a)	5,100		84,813
Timken Co.	3,700		176,490
			1,108,102
Professional Services - 0.5%
Equifax, Inc.	2,200		99,374
Road & Rail - 1.4%
Con-way, Inc.	4,982		176,114
Hertz Global Holdings, Inc. (a)	7,200		97,992
			274,106
TOTAL INDUSTRIALS			2,015,672
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
INFORMATION TECHNOLOGY - 23.2%
Communications Equipment - 3.9%
Brocade Communications Systems, Inc. (a)	37,700		$ 175,305
Cisco Systems, Inc.	34,100		556,853
			732,158
Computers & Peripherals - 5.1%
Apple, Inc. (a)	700		404,411
Hewlett-Packard Co.	25,000		567,000
			971,411
Electronic Equipment & Components - 3.7%
Flextronics International Ltd. (a)	36,800		236,256
Jabil Circuit, Inc.	18,400		351,992
Vishay Intertechnology, Inc. (a)	9,800		104,076
			692,324
Internet Software & Services - 0.3%
Facebook, Inc.:
Class A	700		20,741
Class B (a)(d)	1,558		41,547
			62,288
IT Services - 7.5%
Fidelity National Information Services, Inc.	3,000		98,340
Fiserv, Inc. (a)	1,400		94,402
MasterCard, Inc. Class A	900		365,859
Teradata Corp. (a)	1,400		93,072
TNS, Inc. (a)	6,300		112,644
Total System Services, Inc.	4,300		100,061
Visa, Inc. Class A	4,900		564,480
			1,428,858
Software - 2.7%
Microsoft Corp.	17,600		513,744
TOTAL INFORMATION TECHNOLOGY			4,400,783
MATERIALS - 4.4%
Chemicals - 3.0%
Ashland, Inc.	1,500		95,895
CF Industries Holdings, Inc.	2,200		376,112
W.R. Grace & Co. (a)	1,700		89,250
			561,257
Metals & Mining - 1.4%
Commercial Metals Co.	7,000		81,760
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
MATERIALS - continued
Metals & Mining - continued
Nucor Corp.	2,700		$ 96,552
Steel Dynamics, Inc.	8,300		87,482
			265,794
TOTAL MATERIALS			827,051
TELECOMMUNICATION SERVICES - 4.1%
Diversified Telecommunication Services - 4.1%
BT Group PLC	125,900		400,536
CenturyLink, Inc.	4,900		192,178
Nippon Telegraph & Telephone Corp. sponsored ADR	8,900		190,460
			783,174
UTILITIES - 4.9%
Electric Utilities - 2.7%
Edison International	4,300		193,328
NextEra Energy, Inc.	1,500		98,010
PNM Resources, Inc.	11,700		218,205
			509,543
Independent Power Producers & Energy Traders - 1.0%
The AES Corp. (a)	16,400		198,276
Multi-Utilities - 1.2%
CMS Energy Corp.	9,900		230,670
TOTAL UTILITIES			938,489
TOTAL COMMON STOCKS (Cost $24,348,715)		23,804,242
NONCONVERTIBLE PREFERRED STOCKS - 1.8%
CONSUMER DISCRETIONARY - 1.8%
Automobiles - 1.8%
Volkswagen AG (Cost $370,790)	2,100		336,942
TOTAL LONG STOCK POSITIONS - 127.1% (Cost $24,719,505)		24,141,184
Money Market Funds - 3.3%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b) (Cost $637,395)	637,395		$ 637,395
TOTAL INVESTMENT PORTFOLIO - 130.4% (Cost $25,356,900)			24,778,579
TOTAL SHORT STOCK POSITIONS - (30.5)% (Proceeds $6,405,041)			(5,796,422)
NET OTHER ASSETS (LIABILITIES) - 0.1%			17,337
NET ASSETS - 100%		$ 18,999,494
SHORT STOCK POSITIONS - (30.5)%
COMMON STOCKS - (30.5)%

CONSUMER DISCRETIONARY - (4.3)%
Auto Components - (0.5)%
Johnson Controls, Inc.	(3,200)		(96,448)
Hotels, Restaurants & Leisure - (0.5)%
MGM Mirage, Inc.	(8,500)		(92,055)
Morgans Hotel Group Co.	(2,000)		(8,980)
			(101,035)
Internet & Catalog Retail - (1.0)%
Netflix, Inc.	(2,800)		(177,632)
Specialty Retail - (1.5)%
Tiffany & Co., Inc.	(3,400)		(188,326)
Williams-Sonoma, Inc.	(2,900)		(101,239)
			(289,565)
Textiles, Apparel & Luxury Goods - (0.8)%
K-Swiss, Inc. Class A	(52,200)		(156,078)
TOTAL CONSUMER DISCRETIONARY		(820,758)
SHORT STOCK POSITIONS - continued
	Shares		Value

COMMON STOCKS - continued

CONSUMER STAPLES - (0.9)%
Food & Staples Retailing - (0.9)%
Sysco Corp.	(6,100)		$ (170,251)
ENERGY - (6.5)%
Energy Equipment & Services - (0.5)%
Tidewater, Inc.	(2,100)		(94,668)
Oil, Gas & Consumable Fuels - (6.0)%
Arch Coal, Inc.	(19,900)		(126,166)
Carrizo Oil & Gas, Inc.	(5,800)		(128,238)
Comstock Resources, Inc.	(9,900)		(148,005)
CONSOL Energy, Inc.	(5,000)		(140,400)
FX Energy, Inc.	(23,100)		(112,497)
Northern Oil & Gas, Inc.	(5,500)		(98,615)
Penn Virginia Corp.	(17,000)		(95,540)
Rex Energy Corp.	(10,800)		(108,648)
Ultra Petroleum Corp.	(9,900)		(183,348)
			(1,141,457)
TOTAL ENERGY		(1,236,125)
FINANCIALS - (5.0)%
Capital Markets - (0.5)%
Eaton Vance Corp. (non-vtg.)	(4,000)		(97,360)
Commercial Banks - (1.3)%
Valley National Bancorp	(13,060)		(146,141)
Westamerica Bancorp.	(2,100)		(93,891)
			(240,032)
Real Estate Investment Trusts - (1.4)%
Annaly Capital Management, Inc.	(10,200)		(169,524)
Plum Creek Timber Co., Inc.	(2,800)		(102,200)
			(271,724)
SHORT STOCK POSITIONS - continued
	Shares		Value

COMMON STOCKS - continued

FINANCIALS - continued
Thrifts & Mortgage Finance - (1.8)%
Astoria Financial Corp.	(28,100)		$ (252,619)
New York Community Bancorp, Inc.	(7,800)		(96,330)
			(348,949)
TOTAL FINANCIALS		(958,065)
HEALTH CARE - (4.9)%
Biotechnology - (1.4)%
Dendreon Corp.	(6,800)		(47,600)
Sangamo Biosciences, Inc.	(27,600)		(122,544)
Verastem, Inc.	(10,000)		(100,400)
			(270,544)
Health Care Providers & Services - (1.0)%
IPC The Hospitalist Co., Inc.	(5,500)		(192,445)
Health Care Technology - (2.1)%
Cerner Corp.	(1,200)		(93,552)
Computer Programs & Systems, Inc.	(2,500)		(136,000)
Quality Systems, Inc.	(5,700)		(163,077)
			(392,629)
Life Sciences Tools & Services - (0.4)%
Sequenom, Inc.	(20,200)		(77,366)
TOTAL HEALTH CARE		(932,984)
SHORT STOCK POSITIONS - continued
	Shares		Value

COMMON STOCKS - continued

INDUSTRIALS - (0.4)%
Air Freight & Logistics - (0.4)%
Expeditors International of Washington, Inc.	(2,200)		$ (84,150)
INFORMATION TECHNOLOGY - (6.0)%
Communications Equipment - (0.8)%
JDS Uniphase Corp.	(15,100)		(153,265)
Electronic Equipment & Components - (0.8)%
IPG Photonics Corp.	(3,600)		(154,080)
Internet Software & Services - (0.5)%
WebMD Health Corp.	(3,900)		(89,817)
Semiconductors & Semiconductor Equipment - (3.4)%
Atmel Corp.	(26,100)		(182,700)
FormFactor, Inc.	(28,700)		(171,913)
Microchip Technology, Inc.	(2,900)		(89,958)
Omnivision Technologies, Inc.	(6,200)		(100,316)
Rubicon Technology, Inc.	(10,700)		(94,374)
			(639,261)
Software - (0.5)%
Rovi Corp.	(3,700)		(90,391)
TOTAL INFORMATION TECHNOLOGY		(1,126,814)
TELECOMMUNICATION SERVICES - (1.0)%
Diversified Telecommunication Services - (0.5)%
Level 3 Communications, Inc.	(4,100)		(87,043)
Wireless Telecommunication Services - (0.5)%
Crown Castle International Corp.	(1,800)		(98,280)
TOTAL TELECOMMUNICATION SERVICES		(185,323)
SHORT STOCK POSITIONS - continued
	Shares		Value

COMMON STOCKS - continued

UTILITIES - (1.5)%
Electric Utilities - (0.5)%
Exelon Corp.	(2,600)		$ (96,148)
Gas Utilities - (0.5)%
UGI Corp.	(3,300)		(94,644)
Independent Power Producers & Energy Traders - (0.5)%
GenOn Energy, Inc.	(53,000)		(91,160)
TOTAL UTILITIES		(281,952)
TOTAL SHORT STOCK POSITIONS - (30.5)% (Proceeds $6,405,041)		$ (5,796,422)

Legend

(a) Non-income producing

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 38,961

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	$ 272

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,165,688	$ 2,828,746	$ 336,942	$ -
Consumer Staples	2,338,278	1,474,031	864,247	-
Energy	3,359,683	3,359,683	-	-
Financials	3,502,895	3,502,895	-	-
Health Care	2,809,471	2,809,471	-	-
Industrials	2,015,672	2,015,672	-	-
Information Technology	4,400,783	4,359,236	41,547	-
Materials	827,051	827,051	-	-
Telecommunication Services	783,174	382,638	400,536	-
Utilities	938,489	938,489	-	-
Money Market Funds	637,395	637,395	-	-
Short Positions	(5,796,422)	(5,796,422)	-	-
Total Investments in Securities:	$ 18,982,157	$ 17,338,885	$ 1,643,272	$ -

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

Investments in Securities:
Beginning Balance	$ 38,950
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(38,950)
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	83.4%
United Kingdom	4.2%
Ireland	2.9%
Belgium	2.5%
Germany	1.8%
Switzerland	1.3%
Singapore	1.2%
Japan	1.0%
Others (Individually Less Than 1%)	1.7%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	May 31, 2012 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $24,719,505)	$ 24,141,184
Fidelity Central Funds (cost $637,395)	637,395
Total Investments (cost $25,356,900)		$ 24,778,579
Cash		3,242
Receivable for investments sold		1,277,985
Receivable for fund shares sold		36,903
Dividends receivable		55,600
Distributions receivable from Fidelity Central Funds		74
Prepaid expenses		12
Receivable from investment adviser for expense reductions		3,725
Total assets		26,156,120

Liabilities
Payable for investments purchased	$ 1,223,274
Securities sold short at value (proceeds $6,405,041)	5,796,422
Dividend expense payable on securities sold short	5,373
Payable for fund shares redeemed	74,660
Accrued management fee	9,073
Distribution and service plan fees payable	1,678
Other affiliated payables	6,006
Other payables and accrued expenses	40,140
Total liabilities		7,156,626

Net Assets		$ 18,999,494
Net Assets consist of:
Paid in capital		$ 87,584,346
Undistributed net investment income		81,392
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(68,695,804)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		29,560
Net Assets		$ 18,999,494

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Assets and Liabilities - continued

	May 31, 2012 (Unaudited)
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($1,522,522 ÷ 222,386 shares)		$ 6.85

Maximum offering price per share (100/94.25 of $6.85)		$ 7.27
Class T: Net Asset Value and redemption price per share ($852,910 ÷ 125,455 shares)		$ 6.80

Maximum offering price per share (100/96.50 of $6.80)		$ 7.05
Class B: Net Asset Value and offering price per share ($227,707 ÷ 33,994 shares)^A		$ 6.70

Class C: Net Asset Value and offering price per share ($931,971 ÷ 139,175 shares)^A		$ 6.70

130/30 Large Cap: Net Asset Value, offering price and redemption price per share ($15,405,933 ÷ 2,242,393 shares)		$ 6.87

Institutional Class: Net Asset Value, offering price and redemption price per share ($58,451 ÷ 8,528 shares)		$ 6.85

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

Six months ended May 31, 2012 (Unaudited)

Investment Income
Dividends		$ 297,732
Income from Fidelity Central Funds		272
Total income		298,004

Expenses
Management fee Basic fee	$ 92,240
Performance adjustment	(33,450)
Transfer agent fees	32,940
Distribution and service plan fees	10,480
Accounting fees and expenses	5,291
Custodian fees and expenses	16,477
Independent trustees' compensation	69
Registration fees	68,940
Audit	34,254
Legal	29
Interest	21,024
Dividend expenses for securities sold short	47,387
Miscellaneous	117
Total expenses before reductions	295,798
Expense reductions	(79,186)	216,612
Net investment income (loss)		81,392
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	851,523
Foreign currency transactions	(1,078)
Securities Sold Short	(680,001)
Total net realized gain (loss)		170,444
Change in net unrealized appreciation (depreciation) on: Investment securities	(389,552)
Assets and liabilities in foreign currencies	(430)
Total change in net unrealized appreciation (depreciation)		(389,982)
Net gain (loss)		(219,538)
Net increase (decrease) in net assets resulting from operations		$ (138,146)

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

	Six months ended May 31, 2012 (Unaudited)	Year ended November 30, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 81,392	$ (48,037)
Net realized gain (loss)	170,444	3,057,111
Change in net unrealized appreciation (depreciation)	(389,982)	(2,429,279)
Net increase (decrease) in net assets resulting from operations	(138,146)	579,795
Distributions to shareholders from net realized gain	(19,061)	-
Share transactions - net increase (decrease)	(3,758,880)	(4,332,753)
Total increase (decrease) in net assets	(3,916,087)	(3,752,958)

Net Assets
Beginning of period	22,915,581	26,668,539
End of period (including undistributed net investment income of $81,392 and undistributed net investment income of $0, respectively)	$ 18,999,494	$ 22,915,581

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Cash Flows

Six months ended May 31, 2012 (Unaudited)

Cash flows from operating activities:
Net decrease in net assets resulting from operations	$ (138,146)
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:

Changes in assets and liabilities related to operations:
Change in receivable for investments sold	386,142
Change in dividends receivable and distributions receivable from Fidelity Central Funds	7,224
Change in prepaid expenses	75
Change in receivable from investment advisor for expense reductions	(3,725)
Change in payable for investments purchased	(946,668)
Change in dividend expense payable on securities sold short	2,428
Change in other payables and accrued expenses	(21,847)
Purchases of long term investments	(35,484,071)
Proceeds from sale of long term investments	42,037,916
Purchases of and proceeds from short term investments - net	(247,629)
Net cash from return of capital distributions	7,090
Purchases of covers for securities sold short	(11,148,400)
Proceeds from securities sold short	9,090,822
Net realized gain on investments, foreign currency transactions and securities sold short	(170,444)
Change in net unrealized (appreciation) depreciation on investments, foreign currency transactions and securities sold short	389,982

Net cash provided by operating activities	3,760,749
Cash flows from financing activities:
Proceeds from sales of shares	2,743,112
Distributions to shareholders net of reinvestments	(972)
Cost of shares redeemed	(6,502,463)
Change in accrued broker fees on securities borrowed	590
Net cash used in financing activities	(3,759,733)

Net increase in cash and cash equivalents	1,016
Cash and foreign currency, beginning of period	2,226
Cash and foreign currency, end of period	$ 3,242
(Cash paid during the period for interest $20,434)

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.96	$ 6.82	$ 6.48	$ 6.38	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.02	(.02)	(.03)	.03	- ^J
Net realized and unrealized gain (loss)	(.13)	.16	.40	.10	(3.62)
Total from investment operations	(.11)	.14	.37	.13	(3.62)
Distributions from net investment income	-	-	(.02)	(.03)	-
Distributions from net realized gain	-	-	(.01)	-	-
Total distributions	-	-	(.03)	(.03)	-
Net asset value, end of period	$ 6.85	$ 6.96	$ 6.82	$ 6.48	$ 6.38
Total Return ^B,C,D	(1.58)%	2.05%	5.75%	2.04%	(36.20)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	2.91% ^A	2.23%	2.25%	2.26%	2.63% ^A
Expenses net of fee waivers, if any	2.19% ^A	2.12%	2.19%	2.19%	2.50% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	2.27% ^A	1.67%	1.61%	1.62%	1.68% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	1.53% ^A	1.54%	1.51%	1.53%	1.55% ^A
Net investment income (loss)	.61% ^A	(.34)%	(.49)%	.47%	.07% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,523	$ 1,639	$ 1,440	$ 1,898	$ 7,648
Portfolio turnover rate ^G	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period March 31, 2008 (commencement of operations) to November 30, 2008.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.92	$ 6.80	$ 6.47	$ 6.37	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.01	(.04)	(.05)	.01	(.01)
Net realized and unrealized gain (loss)	(.13)	.16	.41	.10	(3.62)
Total from investment operations	(.12)	.12	.36	.11	(3.63)
Distributions from net investment income	-	-	(.02)	(.01)	-
Distributions from net realized gain	-	-	(.01)	-	-
Total distributions	-	-	(.03)	(.01)	-
Net asset value, end of period	$ 6.80	$ 6.92	$ 6.80	$ 6.47	$ 6.37
Total Return ^B,C,D	(1.73)%	1.76%	5.54%	1.75%	(36.30)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	3.16% ^A	2.47%	2.49%	2.43%	2.96% ^A
Expenses net of fee waivers, if any	2.44% ^A	2.35%	2.44%	2.43%	2.75% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	2.52% ^A	1.91%	1.85%	1.79%	2.01% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	1.78% ^A	1.77%	1.76%	1.77%	1.80% ^A
Net investment income (loss)	.36% ^A	(.57)%	(.74)%	.23%	(.20)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 853	$ 1,162	$ 825	$ 973	$ 1,703
Portfolio turnover rate ^G	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period March 31, 2008 (commencement of operations) to November 30, 2008.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.84	$ 6.75	$ 6.43	$ 6.35	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	(.01)	(.08)	(.08)	(.02)	(.04)
Net realized and unrealized gain (loss)	(.13)	.17	.40	.10	(3.61)
Total from investment operations	(.14)	.09	.32	.08	(3.65)
Net asset value, end of period	$ 6.70	$ 6.84	$ 6.75	$ 6.43	$ 6.35
Total Return ^B,C,D	(2.05)%	1.33%	4.98%	1.26%	(36.50)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	3.67% ^A	3.01%	3.02%	2.92%	3.45% ^A
Expenses net of fee waivers, if any	2.94% ^A	2.87%	2.94%	2.92%	3.25% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	3.03% ^A	2.45%	2.38%	2.28%	2.50% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	2.29% ^A	2.29%	2.26%	2.25%	2.30% ^A
Net investment income (loss)	(.15)% ^A	(1.08)%	(1.24)%	(.26)%	(.69)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 228	$ 278	$ 410	$ 593	$ 912
Portfolio turnover rate ^G	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period March 31, 2008 (commencement of operations) to November 30, 2008.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 6.83	$ 6.74	$ 6.42	$ 6.35	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	(.01)	(.08)	(.08)	(.02)	(.04)
Net realized and unrealized gain (loss)	(.12)	.17	.40	.09	(3.61)
Total from investment operations	(.13)	.09	.32	.07	(3.65)
Net asset value, end of period	$ 6.70	$ 6.83	$ 6.74	$ 6.42	$ 6.35
Total Return ^B,C,D	(1.90)%	1.34%	4.98%	1.10%	(36.50)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	3.64% ^A	2.96%	3.00%	2.96%	3.43% ^A
Expenses net of fee waivers, if any	2.94% ^A	2.86%	2.94%	2.94%	3.25% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	3.00% ^A	2.40%	2.36%	2.32%	2.48% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	2.28% ^A	2.28%	2.26%	2.28%	2.30% ^A
Net investment income (loss)	(.14)% ^A	(1.08)%	(1.24)%	(.28)%	(.69)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 932	$ 860	$ 641	$ 867	$ 1,925
Portfolio turnover rate ^G	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period March 31, 2008 (commencement of operations) to November 30, 2008.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - 130/30 Large Cap

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 6.98	$ 6.82	$ 6.50	$ 6.40	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.03	(.01)	(.02)	.04	.02
Net realized and unrealized gain (loss)	(.13)	.17	.40	.10	(3.62)
Total from investment operations	(.10)	.16	.38	.14	(3.60)
Distributions from net investment income	-	-	(.05)	(.04)	-
Distributions from net realized gain	(.01)	-	(.01)	-	-
Total distributions	(.01)	-	(.06)	(.04)	-
Net asset value, end of period	$ 6.87	$ 6.98	$ 6.82	$ 6.50	$ 6.40
Total Return ^B,C	(1.47)%	2.35%	5.94%	2.15%	(36.00)%
Ratios to Average Net Assets ^E,H
Expenses before reductions	2.66% ^A	1.97%	1.99%	1.96%	2.32% ^A
Expenses net of fee waivers, if any	1.94% ^A	1.86%	1.94%	1.94%	2.25% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	2.02% ^A	1.41%	1.35%	1.32%	1.37% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	1.28% ^A	1.28%	1.26%	1.28%	1.30% ^A
Net investment income (loss)	.86% ^A	(.08)%	(.25)%	.72%	.31% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 15,406	$ 18,867	$ 17,690	$ 21,850	$ 101,323
Portfolio turnover rate ^F	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period March 31, 2008 (commencement of operations) to November 30, 2008.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 6.98	$ 6.81	$ 6.50	$ 6.40	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.03	(.01)	(.01)	.05	.02
Net realized and unrealized gain (loss)	(.14)	.18	.41	.09	(3.62)
Total from investment operations	(.11)	.17	.40	.14	(3.60)
Distributions from net investment income	-	-	(.08)	(.04)	-
Distributions from net realized gain	(.02)	-	(.01)	-	-
Total distributions	(.02)	-	(.09)	(.04)	-
Net asset value, end of period	$ 6.85	$ 6.98	$ 6.81	$ 6.50	$ 6.40
Total Return ^B,C	(1.54)%	2.50%	6.22%	2.15%	(36.00)%
Ratios to Average Net Assets ^E,H
Expenses before reductions	2.64% ^A	2.08%	1.87%	1.79%	2.39% ^A
Expenses net of fee waivers, if any	1.94% ^A	1.87%	1.87%	1.79%	2.25% ^A
Expenses before reductions (excluding interest and dividend expenses for securities sold short)	2.00% ^A	1.52%	1.23%	1.15%	1.44% ^A
Expenses net of all reductions (excluding interest and dividend expenses for securities sold short)	1.28% ^A	1.29%	1.19%	1.12%	1.30% ^A
Net investment income (loss)	.85% ^A	(.09)%	(.17)%	.87%	.31% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 58	$ 109	$ 5,662	$ 4,073	$ 2,954
Portfolio turnover rate ^F	272% ^A	310%	281%	329%	288%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period March 31, 2008 (commencement of operations) to November 30, 2008.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2012 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Semiannual Report

3. Significant Accounting Policies - continued

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 990,371
Gross unrealized depreciation	(1,678,590)
Net unrealized appreciation (depreciation) on securities and other investments	$ (688,219)
Tax cost	$ 25,466,798

Fiscal year of expiration
2016	$ (13,938,461)
2017	(54,796,489)
Total capital loss carryforward	$ (68,734,950)

4. Operating Policies.

Semiannual Report

4. Operating Policies - continued

Short Sales - continued

5. Purchases and Sales of Investments.

6. Fees and Other Transactions with Affiliates.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 2,058	$ 9
Class T	.25%	.25%	2,575	10
Class B	.75%	.25%	1,315	987
Class C	.75%	.25%	4,532	1,115
			$ 10,480	$ 2,121

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 642
Class T	251
Class B*	1,560
Class C*	106
	$ 2,559

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

	Amount	% of Average Net Assets*
Class A	$ 2,496	.30
Class T	1,719	.34
Class B	394	.30
Class C	1,367	.30
130/30 Large Cap	26,849	.31
Institutional Class	115	.30
	$ 32,940

* Annualized

Accounting Fees. Fidelity Service Company, Inc.(FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

7. Committed Line of Credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.55%	$ 5,891
Class T	1.80%	3,707
Class B	2.30%	949
Class C	2.30%	3,178
130/30 Large Cap	1.30%	63,143
Institutional Class	1.30%	267
		$ 77,135

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2012	Year ended November 30, 2011
From net realized gain
130/30 Large Cap	18,728	-
Institutional Class	333	-
Total	$ 19,061	$ -

Semiannual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2012	Year ended November 30, 2011	Six months ended May 31, 2012	Year ended November 30, 2011
Class A
Shares sold	24,700	199,158	$ 180,971	$ 1,534,399
Shares redeemed	(37,783)	(174,924)	(275,063)	(1,292,685)
Net increase (decrease)	(13,083)	24,234	$ (94,092)	$ 241,714
Class T
Shares sold	15,195	142,627	$ 109,297	$ 1,085,983
Shares redeemed	(57,593)	(96,147)	(425,849)	(665,488)
Net increase (decrease)	(42,398)	46,480	$ (316,552)	$ 420,495
Class B
Shares sold	2,883	4,146	$ 20,636	$ 28,364
Shares redeemed	(9,582)	(24,304)	(69,375)	(168,493)
Net increase (decrease)	(6,699)	(20,158)	$ (48,739)	$ (140,129)
Class C
Shares sold	25,232	112,916	$ 180,414	$ 850,566
Shares redeemed	(11,967)	(81,994)	(83,882)	(568,719)
Net increase (decrease)	13,265	30,922	$ 96,532	$ 281,847
130/30 Large Cap
Shares sold	312,063	2,062,899	$ 2,258,301	$ 15,809,116
Reinvestment of distributions	2,618	-	17,777	-
Shares redeemed	(773,834)	(1,954,365)	(5,620,580)	(14,497,661)
Net increase (decrease)	(459,153)	108,534	$ (3,344,502)	$ 1,311,455
Institutional Class
Shares sold	1,084	8,011	$ 7,822	$ 62,450
Reinvestment of distributions	46	-	312	-
Shares redeemed	(8,246)	(824,313)	(59,661)	(6,510,585)
Net increase (decrease)	(7,116)	(816,302)	$ (51,527)	$ (6,448,135)

11. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon
New York, NY

AFLCI-USAN-0712
1.859209.104

(Fidelity Investment logo)(registered trademark)

Fidelity®
Growth Strategies
Fund

Semiannual Report

May 31, 2012

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) website at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2011 to May 31, 2012).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value December 1, 2011	Ending Account Value May 31, 2012	Expenses Paid During Period* December 1, 2011 to May 31, 2012
Growth Strategies	.74%
Actual		$ 1,000.00	$ 1,001.60	$ 3.70
Hypothetical^A		$ 1,000.00	$ 1,021.30	$ 3.74
Class K	.49%
Actual		$ 1,000.00	$ 1,002.60	$ 2.45
Hypothetical^A		$ 1,000.00	$ 1,022.55	$ 2.48

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Semiannual Report

Fidelity Growth Strategies Fund

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
Intuit, Inc.	1.4	1.3
Alexion Pharmaceuticals, Inc.	1.4	1.0
Ross Stores, Inc.	1.3	0.0
Bed Bath & Beyond, Inc.	1.3	0.0
VeriSign, Inc.	1.3	1.1
Discovery Communications, Inc.	1.2	1.0
Citrix Systems, Inc.	1.2	1.8
Dollar Tree, Inc.	1.2	1.1
Fluor Corp.	1.2	1.0
Monster Beverage Corp.	1.2	0.5
	12.7
Top Five Market Sectors as of May 31, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	22.5	17.5
Information Technology	18.7	22.1
Health Care	15.5	15.1
Industrials	13.0	12.7
Materials	8.4	8.6

Asset Allocation (% of fund's net assets)
As of May 31, 2012*			As of November 30, 2011**
	Stocks 95.6%			Stocks 97.9%
	Short-Term Investments and Net Other Assets (Liabilities) 4.4%			Short-Term Investments and Net Other Assets (Liabilities) 2.1%
* Foreign investments		6.8%	** Foreign investments		11.0%

mtv46

Semiannual Report

Fidelity Growth Strategies Fund

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 22.5%
Auto Components - 0.5%
WABCO Holdings, Inc. (a)	157,501		$ 8,152
Automobiles - 1.3%
Harley-Davidson, Inc.	300,020		14,455
Tesla Motors, Inc. (a)	250,000		7,375
			21,830
Diversified Consumer Services - 0.1%
Weight Watchers International, Inc.	40,616		2,305
Hotels, Restaurants & Leisure - 2.2%
BJ's Restaurants, Inc. (a)	143,509		6,284
Brinker International, Inc.	250,300		8,087
Chipotle Mexican Grill, Inc. (a)	25,760		10,641
Panera Bread Co. Class A (a)	16,417		2,412
Texas Roadhouse, Inc. Class A	490,800		8,923
			36,347
Household Durables - 0.5%
Jarden Corp.	11,406		464
Tempur-Pedic International, Inc. (a)	127,161		5,876
Tupperware Brands Corp.	25,426		1,374
			7,714
Internet & Catalog Retail - 0.7%
Expedia, Inc. (d)	264,546		12,140
Leisure Equipment & Products - 0.6%
Polaris Industries, Inc.	126,542		9,613
Media - 1.5%
Discovery Communications, Inc. (a)	405,168		20,299
DISH Network Corp. Class A	191,011		5,356
Virgin Media, Inc.	20,110		443
			26,098
Multiline Retail - 2.1%
Dollar General Corp. (a)	279,200		13,656
Dollar Tree, Inc. (a)	191,643		19,774
Macy's, Inc.	63,337		2,410
			35,840
Specialty Retail - 9.1%
Abercrombie & Fitch Co. Class A	57,989		1,945
Advance Auto Parts, Inc.	166,627		12,154
AutoZone, Inc. (a)	45,900		17,454
Bed Bath & Beyond, Inc. (a)	310,100		22,405
Body Central Corp. (a)	279,688		4,097
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
CarMax, Inc. (a)	200,007		$ 5,642
DSW, Inc. Class A	5,810		347
Limited Brands, Inc.	408,850		18,137
PetSmart, Inc.	150,000		9,666
Ross Stores, Inc.	354,400		22,409
Sally Beauty Holdings, Inc. (a)	388,500		10,268
Tractor Supply Co.	158,142		14,446
Ulta Salon, Cosmetics & Fragrance, Inc.	143,110		12,790
			151,760
Textiles, Apparel & Luxury Goods - 3.9%
Fifth & Pacific Companies, Inc. (a)	532,902		6,379
Michael Kors Holdings Ltd.	35,127		1,383
PVH Corp.	200,000		16,200
Ralph Lauren Corp.	115,000		17,112
Under Armour, Inc. Class A (sub. vtg.) (a)	118,300		11,916
Warnaco Group, Inc. (a)	263,629		11,734
			64,724
TOTAL CONSUMER DISCRETIONARY			376,523
CONSUMER STAPLES - 5.0%
Beverages - 2.3%
Brown-Forman Corp. Class B (non-vtg.)	41,087		3,582
Dr Pepper Snapple Group, Inc.	360,245		14,864
Embotelladora Andina SA sponsored ADR	27,041		846
Monster Beverage Corp. (a)	266,620		19,357
			38,649
Food & Staples Retailing - 0.4%
Whole Foods Market, Inc.	85,146		7,545
Food Products - 1.4%
Bunge Ltd.	174,700		10,395
Green Mountain Coffee Roasters, Inc. (a)	182,088		4,297
Mead Johnson Nutrition Co. Class A	5,580		451
The Hershey Co.	115,302		7,709
			22,852
Personal Products - 0.4%
Herbalife Ltd.	107,450		4,813
Nu Skin Enterprises, Inc. Class A	26,781		1,148
			5,961
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - 0.5%
Lorillard, Inc.	69,769		$ 8,623
TOTAL CONSUMER STAPLES			83,630
ENERGY - 7.5%
Energy Equipment & Services - 3.2%
Cameron International Corp. (a)	331,965		15,167
Dresser-Rand Group, Inc. (a)	82,321		3,612
FMC Technologies, Inc. (a)	191,935		7,723
Heckmann Corp. (a)	2,796,252		9,451
Helmerich & Payne, Inc.	240,235		10,883
Rowan Companies PLC (a)	254,100		7,623
			54,459
Oil, Gas & Consumable Fuels - 4.3%
Alpha Natural Resources, Inc. (a)	270,335		2,833
Cabot Oil & Gas Corp.	434,084		14,125
EXCO Resources, Inc. (d)	729,767		5,254
HollyFrontier Corp.	457,007		13,473
Murphy Oil Corp.	150,989		7,039
Pioneer Natural Resources Co.	167,269		16,175
QEP Resources, Inc.	295,418		7,775
SM Energy Co.	93,992		5,084
			71,758
TOTAL ENERGY			126,217
FINANCIALS - 4.8%
Capital Markets - 1.1%
Affiliated Managers Group, Inc. (a)	6,094		628
FXCM, Inc. Class A	67,300		692
KKR & Co. LP	873,092		10,259
Waddell & Reed Financial, Inc. Class A	259,943		7,463
			19,042
Diversified Financial Services - 0.3%
MSCI, Inc. Class A (a)	168,461		5,696
Insurance - 0.1%
Allied World Assurance Co. Holdings Ltd.	12,236		941
Real Estate Investment Trusts - 1.8%
Boston Properties, Inc.	113,700		11,703
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - continued
Camden Property Trust (SBI)	23,789		$ 1,549
Ventas, Inc.	284,280		16,721
			29,973
Real Estate Management & Development - 1.0%
Altisource Portfolio Solutions SA (a)	197,063		11,402
Jones Lang LaSalle, Inc.	77,057		5,587
			16,989
Thrifts & Mortgage Finance - 0.5%
Ocwen Financial Corp. (a)	491,000		7,871
TOTAL FINANCIALS			80,512
HEALTH CARE - 15.5%
Biotechnology - 4.5%
Alexion Pharmaceuticals, Inc. (a)	260,447		23,589
ARIAD Pharmaceuticals, Inc. (a)	15,870		263
BioMarin Pharmaceutical, Inc. (a)	200,000		7,128
InterMune, Inc. (a)	619,679		6,463
Regeneron Pharmaceuticals, Inc. (a)	2,303		312
Seattle Genetics, Inc. (a)	502		10
Theravance, Inc. (a)(d)	341,372		7,063
Threshold Pharmaceuticals, Inc. (a)(d)	389,894		2,858
United Therapeutics Corp. (a)	228,180		10,095
Vertex Pharmaceuticals, Inc. (a)	299,300		17,970
			75,751
Health Care Equipment & Supplies - 4.5%
C.R. Bard, Inc.	168,200		16,347
CareFusion Corp. (a)	107,808		2,613
Cyberonics, Inc. (a)	153,944		5,935
DENTSPLY International, Inc.	164,564		6,089
Edwards Lifesciences Corp. (a)	176,599		15,076
Insulet Corp. (a)	328,154		6,045
NuVasive, Inc. (a)	238,680		4,716
Sirona Dental Systems, Inc. (a)	184,517		7,894
The Cooper Companies, Inc.	115,798		9,864
			74,579
Health Care Providers & Services - 3.4%
AmerisourceBergen Corp.	475,500		17,589
Catalyst Health Solutions, Inc. (a)	150,082		13,038
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
DaVita, Inc. (a)	82,539		$ 6,706
Henry Schein, Inc. (a)	19,971		1,484
Laboratory Corp. of America Holdings (a)	85,541		7,124
Universal Health Services, Inc. Class B	281,976		10,927
Wellcare Health Plans, Inc. (a)	3,833		216
			57,084
Health Care Technology - 0.4%
Cerner Corp. (a)	84,864		6,616
Merge Healthcare, Inc. (a)(d)	371,357		873
			7,489
Life Sciences Tools & Services - 1.3%
Illumina, Inc. (a)(d)	155,930		6,714
Waters Corp. (a)	189,455		15,115
			21,829
Pharmaceuticals - 1.4%
Endo Pharmaceuticals Holdings, Inc. (a)	105,872		3,443
Salix Pharmaceuticals Ltd. (a)	19,533		1,012
Shire PLC sponsored ADR	48,300		4,077
ViroPharma, Inc. (a)	87,920		1,771
Warner Chilcott PLC (a)	394,802		7,446
Watson Pharmaceuticals, Inc. (a)	72,419		5,163
			22,912
TOTAL HEALTH CARE			259,644
INDUSTRIALS - 13.0%
Aerospace & Defense - 1.8%
Alliant Techsystems, Inc.	132,880		6,504
BE Aerospace, Inc. (a)	315,006		13,646
Esterline Technologies Corp. (a)	100,000		6,459
TransDigm Group, Inc. (a)	27,230		3,349
			29,958
Building Products - 1.7%
Lennox International, Inc.	376,764		16,159
Owens Corning (a)	384,975		11,880
			28,039
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - 0.4%
Copart, Inc. (a)	92,372		$ 2,504
Stericycle, Inc. (a)	61,693		5,383
			7,887
Construction & Engineering - 1.2%
Fluor Corp.	414,565		19,435
Electrical Equipment - 3.1%
AMETEK, Inc.	300,084		15,217
Cooper Industries PLC Class A	200,000		14,100
Hubbell, Inc. Class B	54,922		4,334
Roper Industries, Inc.	175,450		17,759
			51,410
Machinery - 3.2%
Donaldson Co., Inc.	36,268		1,297
Graco, Inc.	119,264		5,745
Ingersoll-Rand PLC	456,125		18,843
Pall Corp.	13,105		729
Parker Hannifin Corp.	158,787		12,979
Stanley Black & Decker, Inc.	92,348		6,118
Timken Co.	154,134		7,352
			53,063
Professional Services - 0.9%
IHS, Inc. Class A (a)	105,046		10,399
Qualicorp SA	608,000		5,185
			15,584
Road & Rail - 0.2%
Con-way, Inc.	63,900		2,259
J.B. Hunt Transport Services, Inc.	26,305		1,503
			3,762
Trading Companies & Distributors - 0.5%
W.W. Grainger, Inc.	40,528		7,848
WESCO International, Inc. (a)	3,621		215
			8,063
TOTAL INDUSTRIALS			217,201
INFORMATION TECHNOLOGY - 18.7%
Communications Equipment - 2.0%
Acme Packet, Inc. (a)(d)	300,000		6,864
Comverse Technology, Inc. (a)	185,943		1,136
F5 Networks, Inc. (a)	141,800		14,673
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Polycom, Inc. (a)	704,617		$ 8,061
Riverbed Technology, Inc. (a)	215,696		3,537
			34,271
Computers & Peripherals - 0.2%
NetApp, Inc. (a)	100,000		2,976
Electronic Equipment & Components - 1.0%
Amphenol Corp. Class A	306,822		16,320
Internet Software & Services - 1.4%
Active Network, Inc.	72,187		1,014
Akamai Technologies, Inc. (a)	29,462		864
VeriSign, Inc.	573,395		21,921
			23,799
IT Services - 3.4%
Cognizant Technology Solutions Corp. Class A (a)	189,150		11,018
Fidelity National Information Services, Inc.	59,862		1,962
Fiserv, Inc. (a)	231,300		15,597
Global Payments, Inc.	61,613		2,617
Teradata Corp. (a)	282,500		18,781
VeriFone Systems, Inc. (a)	172,603		6,233
			56,208
Semiconductors & Semiconductor Equipment - 3.5%
ASML Holding NV	182,275		8,350
Cree, Inc. (a)	250,000		6,268
Cypress Semiconductor Corp.	467,612		6,168
Freescale Semiconductor Holdings I Ltd. (d)	610,083		5,613
KLA-Tencor Corp.	293,644		13,458
NVIDIA Corp. (a)	500,000		6,215
NXP Semiconductors NV (a)	358,880		7,576
ON Semiconductor Corp. (a)	737,970		4,974
			58,622
Software - 7.2%
Aspen Technology, Inc. (a)	20,223		447
Autodesk, Inc. (a)	378,212		12,110
BMC Software, Inc. (a)	301,961		12,779
Check Point Software Technologies Ltd. (a)	201,495		10,325
Citrix Systems, Inc. (a)	271,765		19,861
FactSet Research Systems, Inc.	25,128		2,649
Informatica Corp. (a)	288,094		11,936
Intuit, Inc.	423,157		23,795
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
MICROS Systems, Inc. (a)	79,403		$ 4,189
Nuance Communications, Inc. (a)	380,822		7,879
Red Hat, Inc. (a)	101,464		5,213
Synopsys, Inc. (a)	302,470		8,938
			120,121
TOTAL INFORMATION TECHNOLOGY			312,317
MATERIALS - 8.4%
Chemicals - 7.6%
Airgas, Inc.	66,667		5,787
Albemarle Corp.	217,961		13,230
CF Industries Holdings, Inc.	96,311		16,465
Eastman Chemical Co.	286,624		13,345
FMC Corp.	298,400		15,209
Monsanto Co.	243,400		18,790
Rockwood Holdings, Inc. (a)	144,342		6,986
Sherwin-Williams Co.	139,656		18,105
Sigma Aldrich Corp.	119,282		8,275
W.R. Grace & Co. (a)	211,600		11,109
			127,301
Containers & Packaging - 0.4%
Rock-Tenn Co. Class A	1,103		57
Silgan Holdings, Inc.	167,224		6,990
			7,047
Metals & Mining - 0.4%
Compass Minerals International, Inc.	97,442		6,934
TOTAL MATERIALS			141,282
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
SBA Communications Corp. Class A (a)	49,560		2,575
TOTAL COMMON STOCKS (Cost $1,659,571)		1,599,901
Money Market Funds - 6.4%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.17% (b)	80,115,725		$ 80,116
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	26,846,013		26,846
TOTAL MONEY MARKET FUNDS (Cost $106,962)		106,962
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $1,766,533)			1,706,863
NET OTHER ASSETS (LIABILITIES) - (2.0)%			(33,247)
NET ASSETS - 100%		$ 1,673,616

Legend

(a) Non-income producing

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

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	$ 31
Fidelity Securities Lending Cash Central Fund	360
Total	$ 391

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Heckmann Corp.	$ 35,998	$ 21,862	$ 29,384	$ -	$ -
Magma Design Automation, Inc.	25,662	-	31,859	-	-
Origin Agritech Ltd.	6,489	-	6,442	-	-
Ultrapetrol (Bahamas) Ltd.	8,005	-	5,613	-	-
Total	$ 76,154	$ 21,862	$ 73,298	$ -	$ -

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 Security Valuation section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	May 31, 2012 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $26,057) - See accompanying schedule: Unaffiliated issuers (cost $1,659,571)	$ 1,599,901
Fidelity Central Funds (cost $106,962)	106,962
Total Investments (cost $1,766,533)		$ 1,706,863
Receivable for investments sold		141,951
Receivable for fund shares sold		479
Dividends receivable		1,257
Distributions receivable from Fidelity Central Funds		58
Prepaid expenses		1
Other receivables		92
Total assets		1,850,701

Liabilities
Payable to custodian bank	$ 923
Payable for investments purchased	146,362
Payable for fund shares redeemed	1,851
Accrued management fee	544
Other affiliated payables	444
Other payables and accrued expenses	115
Collateral on securities loaned, at value	26,846
Total liabilities		177,085

Net Assets		$ 1,673,616
Net Assets consist of:
Paid in capital		$ 2,837,920
Accumulated net investment loss		(485)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,104,157)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(59,662)
Net Assets		$ 1,673,616

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	May 31, 2012 (Unaudited)

Growth Strategies: Net Asset Value, offering price and redemption price per share ($1,411,110 ÷ 73,964 shares)		$ 19.08

Class K: Net Asset Value, offering price and redemption price per share ($262,506 ÷ 13,657 shares)		$ 19.22

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands	Six months ended May 31, 2012 (Unaudited)

Investment Income
Dividends		$ 4,527
Special dividends		1,078
Interest		1
Income from Fidelity Central Funds		391
Total income		5,997

Expenses
Management fee Basic fee	$ 5,582
Performance adjustment	(1,976)
Transfer agent fees	2,449
Accounting and security lending fees	290
Custodian fees and expenses	17
Independent trustees' compensation	6
Registration fees	35
Audit	36
Legal	12
Miscellaneous	11
Total expenses before reductions	6,462
Expense reductions	(56)	6,406
Net investment income (loss)		(409)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,523
Other affiliated issuers	(60,387)
Foreign currency transactions	(15)
Total net realized gain (loss)		(58,879)
Change in net unrealized appreciation (depreciation) on: Investment securities	69,992
Assets and liabilities in foreign currencies	9
Total change in net unrealized appreciation (depreciation)		70,001
Net gain (loss)		11,122
Net increase (decrease) in net assets resulting from operations		$ 10,713

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Six months ended May 31, 2012 (Unaudited)	Year ended November 30, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (409)	$ (3,911)
Net realized gain (loss)	(58,879)	316,893
Change in net unrealized appreciation (depreciation)	70,001	(282,621)
Net increase (decrease) in net assets resulting from operations	10,713	30,361
Share transactions - net increase (decrease)	(154,074)	(317,470)
Redemption fees	58	139
Total increase (decrease) in net assets	(143,303)	(286,970)

Net Assets
Beginning of period	1,816,919	2,103,889
End of period (including accumulated net investment loss of $485 and accumulated net investment loss of $76, respectively)	$ 1,673,616	$ 1,816,919

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Growth Strategies

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 19.05	$ 18.99	$ 15.28	$ 11.28	$ 22.75	$ 19.68
Income from Investment Operations
Net investment income (loss) ^D	(.01) ^L	(.04)	(.04)	(.02) ^G	.02 ^H	(.07) ^I
Net realized and unrealized gain (loss)	.04	.10	3.75	4.05	(11.49)	3.15
Total from investment operations	.03	.06	3.71	4.03	(11.47)	3.08
Distributions from net investment income	-	-	-	(.03)	-	-
Distributions from net realized gain	-	-	-	-	-	(.01)
Total distributions	-	-	-	(.03)	-	(.01)
Redemption fees added to paid in capital ^{D, K}	-	-	-	-	-	-
Net asset value, end of period	$ 19.08	$ 19.05	$ 18.99	$ 15.28	$ 11.28	$ 22.75
Total Return ^{B, C}	.16%	.32%	24.28%	35.79%	(50.42)%	15.66%
Ratios to Average Net Assets ^{E, J}
Expenses before reductions	.74% ^A	.79%	.78%	.88%	.83%	.79%
Expenses net of fee waivers, if any	.74% ^A	.79%	.78%	.87%	.83%	.79%
Expenses net of all reductions	.73% ^A	.77%	.77%	.85%	.81%	.78%
Net investment income (loss)	(.08)% ^A, ^L	(.21)%	(.26)%	(.15)% ^G	.11% ^H	(.35)% ^I
Supplemental Data
Net assets, end of period (in millions)	$ 1,411	$ 1,597	$ 1,925	$ 1,808	$ 1,489	$ 3,599
Portfolio turnover rate ^F	168% ^A	165%	116%	285%	268%	154%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^DCalculated based on average shares outstanding during the period. ^EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^GInvestment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.24)%. ^HInvestment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.02)%. ^IInvestment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.41%). ^JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^KAmount represents less than $.01 per share.^LInvestment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income(loss) to average net assets would have been (.20%).

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class K

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^J
Selected Per-Share Data
Net asset value, beginning of period	$ 19.17	$ 19.06	$ 15.29	$ 11.29	$ 20.20
Income from Investment Operations
Net investment income (loss) ^D	.02 ^M	.01	- ^L	.02 ^H	.05 ^I
Net realized and unrealized gain (loss)	.03	.10	3.77	4.04	(8.96)
Total from investment operations	.05	.11	3.77	4.06	(8.91)
Distributions from net investment income	-	-	-	(.06)	-
Redemption fees added to paid in capital ^{D, L}	-	-	-	-	-
Net asset value, end of period	$ 19.22	$ 19.17	$ 19.06	$ 15.29	$ 11.29
Total Return ^{B, C}	.26%	.58%	24.66%	36.14%	(44.11)%
Ratios to Average Net Assets ^{E, K}
Expenses before reductions	.49% ^A	.54%	.52%	.60%	.59% ^A
Expenses net of fee waivers, if any	.49% ^A	.54%	.52%	.60%	.59% ^A
Expenses net of all reductions	.48% ^A	.53%	.51%	.58%	.57% ^A
Net investment income (loss)	.17% ^{A, M}	.03%	-% ^G	.12% ^H	.67% ^{A, I}
Supplemental Data
Net assets, end of period (in millions)	$ 263	$ 220	$ 179	$ 120	$ 53
Portfolio turnover rate ^F	168% ^A	165%	116%	285%	268%

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^DCalculated based on average shares outstanding during the period. ^EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^GAmount represents less than .01%. ^HInvestment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .03%. ^IInvestment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .53%. ^JFor the period May 9, 2008 (commencement of sale of shares) to November 30, 2008. ^KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^LAmount represents less than $.01 per share.^MInvestment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income(loss) to average net assets would have been .05%.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2012 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity® Growth Strategies Fund (the Fund) is a fund of Fidelity Mt. Vernon Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Growth Strategies and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent 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 foreign equity securities, when significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation, net operating losses, capital loss carryforwards, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 90,021
Gross unrealized depreciation	(156,978)
Net unrealized appreciation (depreciation) on securities and other investments	$ (66,957)

Tax cost	$ 1,773,820

Fiscal year of expiration
2016	$ (914,123)
2017	(129,992)
Total capital loss carryforward	$ (1,044,115)

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

Semiannual Report

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,499,219 and $1,685,834, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Strategies as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .39% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Growth Strategies. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets*
Growth Strategies	2,383	.30
Class K	66	.05
	$ 2,449

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $469. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $360 including $27 from securities loaned to FCM.

8. Expense Reductions.

Semiannual Report

8. Expense Reductions - continued

arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by eight dollars.

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2012	Year ended November 30, 2011	Six months ended May 31, 2012	Year ended November 30, 2011
Growth Strategies
Shares sold	2,204	6,957	$ 44,356	$ 142,167
Shares redeemed	(12,098)	(24,462)	(243,602)	(499,675)
Net increase (decrease)	(9,894)	(17,505)	$ (199,246)	$ (357,508)
Class K
Shares sold	3,758	3,859	$ 76,906	$ 76,829
Shares redeemed	(1,567)	(1,789)	(31,734)	(36,791)
Net increase (decrease)	2,191	2,070	$ 45,172	$ 40,038

10. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company

Chicago, Illinois

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) mtv22
1-800-544-5555

Automated line for quickest service

FEG-USAN-0712
1.786808.109

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

Fidelity®
Growth Strategies
Fund -
Class K

Semiannual Report

May 31, 2012

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) website at http://www.sec.gov. You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2011 to May 31, 2012).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value December 1, 2011	Ending Account Value May 31, 2012	Expenses Paid During Period* December 1, 2011 to May 31, 2012
Growth Strategies	.74%
Actual		$ 1,000.00	$ 1,001.60	$ 3.70
Hypothetical^A		$ 1,000.00	$ 1,021.30	$ 3.74
Class K	.49%
Actual		$ 1,000.00	$ 1,002.60	$ 2.45
Hypothetical^A		$ 1,000.00	$ 1,022.55	$ 2.48

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Semiannual Report

Fidelity Growth Strategies Fund

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
Intuit, Inc.	1.4	1.3
Alexion Pharmaceuticals, Inc.	1.4	1.0
Ross Stores, Inc.	1.3	0.0
Bed Bath & Beyond, Inc.	1.3	0.0
VeriSign, Inc.	1.3	1.1
Discovery Communications, Inc.	1.2	1.0
Citrix Systems, Inc.	1.2	1.8
Dollar Tree, Inc.	1.2	1.1
Fluor Corp.	1.2	1.0
Monster Beverage Corp.	1.2	0.5
	12.7
Top Five Market Sectors as of May 31, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	22.5	17.5
Information Technology	18.7	22.1
Health Care	15.5	15.1
Industrials	13.0	12.7
Materials	8.4	8.6

Asset Allocation (% of fund's net assets)
As of May 31, 2012*			As of November 30, 2011**
	Stocks 95.6%			Stocks 97.9%
	Short-Term Investments and Net Other Assets (Liabilities) 4.4%			Short-Term Investments and Net Other Assets (Liabilities) 2.1%
* Foreign investments		6.8%	** Foreign investments		11.0%

mtv59

Semiannual Report

Fidelity Growth Strategies Fund

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 22.5%
Auto Components - 0.5%
WABCO Holdings, Inc. (a)	157,501		$ 8,152
Automobiles - 1.3%
Harley-Davidson, Inc.	300,020		14,455
Tesla Motors, Inc. (a)	250,000		7,375
			21,830
Diversified Consumer Services - 0.1%
Weight Watchers International, Inc.	40,616		2,305
Hotels, Restaurants & Leisure - 2.2%
BJ's Restaurants, Inc. (a)	143,509		6,284
Brinker International, Inc.	250,300		8,087
Chipotle Mexican Grill, Inc. (a)	25,760		10,641
Panera Bread Co. Class A (a)	16,417		2,412
Texas Roadhouse, Inc. Class A	490,800		8,923
			36,347
Household Durables - 0.5%
Jarden Corp.	11,406		464
Tempur-Pedic International, Inc. (a)	127,161		5,876
Tupperware Brands Corp.	25,426		1,374
			7,714
Internet & Catalog Retail - 0.7%
Expedia, Inc. (d)	264,546		12,140
Leisure Equipment & Products - 0.6%
Polaris Industries, Inc.	126,542		9,613
Media - 1.5%
Discovery Communications, Inc. (a)	405,168		20,299
DISH Network Corp. Class A	191,011		5,356
Virgin Media, Inc.	20,110		443
			26,098
Multiline Retail - 2.1%
Dollar General Corp. (a)	279,200		13,656
Dollar Tree, Inc. (a)	191,643		19,774
Macy's, Inc.	63,337		2,410
			35,840
Specialty Retail - 9.1%
Abercrombie & Fitch Co. Class A	57,989		1,945
Advance Auto Parts, Inc.	166,627		12,154
AutoZone, Inc. (a)	45,900		17,454
Bed Bath & Beyond, Inc. (a)	310,100		22,405
Body Central Corp. (a)	279,688		4,097
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
CarMax, Inc. (a)	200,007		$ 5,642
DSW, Inc. Class A	5,810		347
Limited Brands, Inc.	408,850		18,137
PetSmart, Inc.	150,000		9,666
Ross Stores, Inc.	354,400		22,409
Sally Beauty Holdings, Inc. (a)	388,500		10,268
Tractor Supply Co.	158,142		14,446
Ulta Salon, Cosmetics & Fragrance, Inc.	143,110		12,790
			151,760
Textiles, Apparel & Luxury Goods - 3.9%
Fifth & Pacific Companies, Inc. (a)	532,902		6,379
Michael Kors Holdings Ltd.	35,127		1,383
PVH Corp.	200,000		16,200
Ralph Lauren Corp.	115,000		17,112
Under Armour, Inc. Class A (sub. vtg.) (a)	118,300		11,916
Warnaco Group, Inc. (a)	263,629		11,734
			64,724
TOTAL CONSUMER DISCRETIONARY			376,523
CONSUMER STAPLES - 5.0%
Beverages - 2.3%
Brown-Forman Corp. Class B (non-vtg.)	41,087		3,582
Dr Pepper Snapple Group, Inc.	360,245		14,864
Embotelladora Andina SA sponsored ADR	27,041		846
Monster Beverage Corp. (a)	266,620		19,357
			38,649
Food & Staples Retailing - 0.4%
Whole Foods Market, Inc.	85,146		7,545
Food Products - 1.4%
Bunge Ltd.	174,700		10,395
Green Mountain Coffee Roasters, Inc. (a)	182,088		4,297
Mead Johnson Nutrition Co. Class A	5,580		451
The Hershey Co.	115,302		7,709
			22,852
Personal Products - 0.4%
Herbalife Ltd.	107,450		4,813
Nu Skin Enterprises, Inc. Class A	26,781		1,148
			5,961
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - 0.5%
Lorillard, Inc.	69,769		$ 8,623
TOTAL CONSUMER STAPLES			83,630
ENERGY - 7.5%
Energy Equipment & Services - 3.2%
Cameron International Corp. (a)	331,965		15,167
Dresser-Rand Group, Inc. (a)	82,321		3,612
FMC Technologies, Inc. (a)	191,935		7,723
Heckmann Corp. (a)	2,796,252		9,451
Helmerich & Payne, Inc.	240,235		10,883
Rowan Companies PLC (a)	254,100		7,623
			54,459
Oil, Gas & Consumable Fuels - 4.3%
Alpha Natural Resources, Inc. (a)	270,335		2,833
Cabot Oil & Gas Corp.	434,084		14,125
EXCO Resources, Inc. (d)	729,767		5,254
HollyFrontier Corp.	457,007		13,473
Murphy Oil Corp.	150,989		7,039
Pioneer Natural Resources Co.	167,269		16,175
QEP Resources, Inc.	295,418		7,775
SM Energy Co.	93,992		5,084
			71,758
TOTAL ENERGY			126,217
FINANCIALS - 4.8%
Capital Markets - 1.1%
Affiliated Managers Group, Inc. (a)	6,094		628
FXCM, Inc. Class A	67,300		692
KKR & Co. LP	873,092		10,259
Waddell & Reed Financial, Inc. Class A	259,943		7,463
			19,042
Diversified Financial Services - 0.3%
MSCI, Inc. Class A (a)	168,461		5,696
Insurance - 0.1%
Allied World Assurance Co. Holdings Ltd.	12,236		941
Real Estate Investment Trusts - 1.8%
Boston Properties, Inc.	113,700		11,703
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - continued
Camden Property Trust (SBI)	23,789		$ 1,549
Ventas, Inc.	284,280		16,721
			29,973
Real Estate Management & Development - 1.0%
Altisource Portfolio Solutions SA (a)	197,063		11,402
Jones Lang LaSalle, Inc.	77,057		5,587
			16,989
Thrifts & Mortgage Finance - 0.5%
Ocwen Financial Corp. (a)	491,000		7,871
TOTAL FINANCIALS			80,512
HEALTH CARE - 15.5%
Biotechnology - 4.5%
Alexion Pharmaceuticals, Inc. (a)	260,447		23,589
ARIAD Pharmaceuticals, Inc. (a)	15,870		263
BioMarin Pharmaceutical, Inc. (a)	200,000		7,128
InterMune, Inc. (a)	619,679		6,463
Regeneron Pharmaceuticals, Inc. (a)	2,303		312
Seattle Genetics, Inc. (a)	502		10
Theravance, Inc. (a)(d)	341,372		7,063
Threshold Pharmaceuticals, Inc. (a)(d)	389,894		2,858
United Therapeutics Corp. (a)	228,180		10,095
Vertex Pharmaceuticals, Inc. (a)	299,300		17,970
			75,751
Health Care Equipment & Supplies - 4.5%
C.R. Bard, Inc.	168,200		16,347
CareFusion Corp. (a)	107,808		2,613
Cyberonics, Inc. (a)	153,944		5,935
DENTSPLY International, Inc.	164,564		6,089
Edwards Lifesciences Corp. (a)	176,599		15,076
Insulet Corp. (a)	328,154		6,045
NuVasive, Inc. (a)	238,680		4,716
Sirona Dental Systems, Inc. (a)	184,517		7,894
The Cooper Companies, Inc.	115,798		9,864
			74,579
Health Care Providers & Services - 3.4%
AmerisourceBergen Corp.	475,500		17,589
Catalyst Health Solutions, Inc. (a)	150,082		13,038
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
DaVita, Inc. (a)	82,539		$ 6,706
Henry Schein, Inc. (a)	19,971		1,484
Laboratory Corp. of America Holdings (a)	85,541		7,124
Universal Health Services, Inc. Class B	281,976		10,927
Wellcare Health Plans, Inc. (a)	3,833		216
			57,084
Health Care Technology - 0.4%
Cerner Corp. (a)	84,864		6,616
Merge Healthcare, Inc. (a)(d)	371,357		873
			7,489
Life Sciences Tools & Services - 1.3%
Illumina, Inc. (a)(d)	155,930		6,714
Waters Corp. (a)	189,455		15,115
			21,829
Pharmaceuticals - 1.4%
Endo Pharmaceuticals Holdings, Inc. (a)	105,872		3,443
Salix Pharmaceuticals Ltd. (a)	19,533		1,012
Shire PLC sponsored ADR	48,300		4,077
ViroPharma, Inc. (a)	87,920		1,771
Warner Chilcott PLC (a)	394,802		7,446
Watson Pharmaceuticals, Inc. (a)	72,419		5,163
			22,912
TOTAL HEALTH CARE			259,644
INDUSTRIALS - 13.0%
Aerospace & Defense - 1.8%
Alliant Techsystems, Inc.	132,880		6,504
BE Aerospace, Inc. (a)	315,006		13,646
Esterline Technologies Corp. (a)	100,000		6,459
TransDigm Group, Inc. (a)	27,230		3,349
			29,958
Building Products - 1.7%
Lennox International, Inc.	376,764		16,159
Owens Corning (a)	384,975		11,880
			28,039
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - 0.4%
Copart, Inc. (a)	92,372		$ 2,504
Stericycle, Inc. (a)	61,693		5,383
			7,887
Construction & Engineering - 1.2%
Fluor Corp.	414,565		19,435
Electrical Equipment - 3.1%
AMETEK, Inc.	300,084		15,217
Cooper Industries PLC Class A	200,000		14,100
Hubbell, Inc. Class B	54,922		4,334
Roper Industries, Inc.	175,450		17,759
			51,410
Machinery - 3.2%
Donaldson Co., Inc.	36,268		1,297
Graco, Inc.	119,264		5,745
Ingersoll-Rand PLC	456,125		18,843
Pall Corp.	13,105		729
Parker Hannifin Corp.	158,787		12,979
Stanley Black & Decker, Inc.	92,348		6,118
Timken Co.	154,134		7,352
			53,063
Professional Services - 0.9%
IHS, Inc. Class A (a)	105,046		10,399
Qualicorp SA	608,000		5,185
			15,584
Road & Rail - 0.2%
Con-way, Inc.	63,900		2,259
J.B. Hunt Transport Services, Inc.	26,305		1,503
			3,762
Trading Companies & Distributors - 0.5%
W.W. Grainger, Inc.	40,528		7,848
WESCO International, Inc. (a)	3,621		215
			8,063
TOTAL INDUSTRIALS			217,201
INFORMATION TECHNOLOGY - 18.7%
Communications Equipment - 2.0%
Acme Packet, Inc. (a)(d)	300,000		6,864
Comverse Technology, Inc. (a)	185,943		1,136
F5 Networks, Inc. (a)	141,800		14,673
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Polycom, Inc. (a)	704,617		$ 8,061
Riverbed Technology, Inc. (a)	215,696		3,537
			34,271
Computers & Peripherals - 0.2%
NetApp, Inc. (a)	100,000		2,976
Electronic Equipment & Components - 1.0%
Amphenol Corp. Class A	306,822		16,320
Internet Software & Services - 1.4%
Active Network, Inc.	72,187		1,014
Akamai Technologies, Inc. (a)	29,462		864
VeriSign, Inc.	573,395		21,921
			23,799
IT Services - 3.4%
Cognizant Technology Solutions Corp. Class A (a)	189,150		11,018
Fidelity National Information Services, Inc.	59,862		1,962
Fiserv, Inc. (a)	231,300		15,597
Global Payments, Inc.	61,613		2,617
Teradata Corp. (a)	282,500		18,781
VeriFone Systems, Inc. (a)	172,603		6,233
			56,208
Semiconductors & Semiconductor Equipment - 3.5%
ASML Holding NV	182,275		8,350
Cree, Inc. (a)	250,000		6,268
Cypress Semiconductor Corp.	467,612		6,168
Freescale Semiconductor Holdings I Ltd. (d)	610,083		5,613
KLA-Tencor Corp.	293,644		13,458
NVIDIA Corp. (a)	500,000		6,215
NXP Semiconductors NV (a)	358,880		7,576
ON Semiconductor Corp. (a)	737,970		4,974
			58,622
Software - 7.2%
Aspen Technology, Inc. (a)	20,223		447
Autodesk, Inc. (a)	378,212		12,110
BMC Software, Inc. (a)	301,961		12,779
Check Point Software Technologies Ltd. (a)	201,495		10,325
Citrix Systems, Inc. (a)	271,765		19,861
FactSet Research Systems, Inc.	25,128		2,649
Informatica Corp. (a)	288,094		11,936
Intuit, Inc.	423,157		23,795
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
MICROS Systems, Inc. (a)	79,403		$ 4,189
Nuance Communications, Inc. (a)	380,822		7,879
Red Hat, Inc. (a)	101,464		5,213
Synopsys, Inc. (a)	302,470		8,938
			120,121
TOTAL INFORMATION TECHNOLOGY			312,317
MATERIALS - 8.4%
Chemicals - 7.6%
Airgas, Inc.	66,667		5,787
Albemarle Corp.	217,961		13,230
CF Industries Holdings, Inc.	96,311		16,465
Eastman Chemical Co.	286,624		13,345
FMC Corp.	298,400		15,209
Monsanto Co.	243,400		18,790
Rockwood Holdings, Inc. (a)	144,342		6,986
Sherwin-Williams Co.	139,656		18,105
Sigma Aldrich Corp.	119,282		8,275
W.R. Grace & Co. (a)	211,600		11,109
			127,301
Containers & Packaging - 0.4%
Rock-Tenn Co. Class A	1,103		57
Silgan Holdings, Inc.	167,224		6,990
			7,047
Metals & Mining - 0.4%
Compass Minerals International, Inc.	97,442		6,934
TOTAL MATERIALS			141,282
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
SBA Communications Corp. Class A (a)	49,560		2,575
TOTAL COMMON STOCKS (Cost $1,659,571)		1,599,901
Money Market Funds - 6.4%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.17% (b)	80,115,725		$ 80,116
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	26,846,013		26,846
TOTAL MONEY MARKET FUNDS (Cost $106,962)		106,962
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $1,766,533)			1,706,863
NET OTHER ASSETS (LIABILITIES) - (2.0)%			(33,247)
NET ASSETS - 100%		$ 1,673,616

Legend

(a) Non-income producing

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

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	$ 31
Fidelity Securities Lending Cash Central Fund	360
Total	$ 391

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Heckmann Corp.	$ 35,998	$ 21,862	$ 29,384	$ -	$ -
Magma Design Automation, Inc.	25,662	-	31,859	-	-
Origin Agritech Ltd.	6,489	-	6,442	-	-
Ultrapetrol (Bahamas) Ltd.	8,005	-	5,613	-	-
Total	$ 76,154	$ 21,862	$ 73,298	$ -	$ -

Other Information

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	May 31, 2012 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $26,057) - See accompanying schedule: Unaffiliated issuers (cost $1,659,571)	$ 1,599,901
Fidelity Central Funds (cost $106,962)	106,962
Total Investments (cost $1,766,533)		$ 1,706,863
Receivable for investments sold		141,951
Receivable for fund shares sold		479
Dividends receivable		1,257
Distributions receivable from Fidelity Central Funds		58
Prepaid expenses		1
Other receivables		92
Total assets		1,850,701

Liabilities
Payable to custodian bank	$ 923
Payable for investments purchased	146,362
Payable for fund shares redeemed	1,851
Accrued management fee	544
Other affiliated payables	444
Other payables and accrued expenses	115
Collateral on securities loaned, at value	26,846
Total liabilities		177,085

Net Assets		$ 1,673,616
Net Assets consist of:
Paid in capital		$ 2,837,920
Accumulated net investment loss		(485)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,104,157)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(59,662)
Net Assets		$ 1,673,616

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	May 31, 2012 (Unaudited)

Growth Strategies: Net Asset Value, offering price and redemption price per share ($1,411,110 ÷ 73,964 shares)		$ 19.08

Class K: Net Asset Value, offering price and redemption price per share ($262,506 ÷ 13,657 shares)		$ 19.22

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands	Six months ended May 31, 2012 (Unaudited)

Investment Income
Dividends		$ 4,527
Special dividends		1,078
Interest		1
Income from Fidelity Central Funds		391
Total income		5,997

Expenses
Management fee Basic fee	$ 5,582
Performance adjustment	(1,976)
Transfer agent fees	2,449
Accounting and security lending fees	290
Custodian fees and expenses	17
Independent trustees' compensation	6
Registration fees	35
Audit	36
Legal	12
Miscellaneous	11
Total expenses before reductions	6,462
Expense reductions	(56)	6,406
Net investment income (loss)		(409)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,523
Other affiliated issuers	(60,387)
Foreign currency transactions	(15)
Total net realized gain (loss)		(58,879)
Change in net unrealized appreciation (depreciation) on: Investment securities	69,992
Assets and liabilities in foreign currencies	9
Total change in net unrealized appreciation (depreciation)		70,001
Net gain (loss)		11,122
Net increase (decrease) in net assets resulting from operations		$ 10,713

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Six months ended May 31, 2012 (Unaudited)	Year ended November 30, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (409)	$ (3,911)
Net realized gain (loss)	(58,879)	316,893
Change in net unrealized appreciation (depreciation)	70,001	(282,621)
Net increase (decrease) in net assets resulting from operations	10,713	30,361
Share transactions - net increase (decrease)	(154,074)	(317,470)
Redemption fees	58	139
Total increase (decrease) in net assets	(143,303)	(286,970)

Net Assets
Beginning of period	1,816,919	2,103,889
End of period (including accumulated net investment loss of $485 and accumulated net investment loss of $76, respectively)	$ 1,673,616	$ 1,816,919

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Growth Strategies

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 19.05	$ 18.99	$ 15.28	$ 11.28	$ 22.75	$ 19.68
Income from Investment Operations
Net investment income (loss) ^D	(.01) ^L	(.04)	(.04)	(.02) ^G	.02 ^H	(.07) ^I
Net realized and unrealized gain (loss)	.04	.10	3.75	4.05	(11.49)	3.15
Total from investment operations	.03	.06	3.71	4.03	(11.47)	3.08
Distributions from net investment income	-	-	-	(.03)	-	-
Distributions from net realized gain	-	-	-	-	-	(.01)
Total distributions	-	-	-	(.03)	-	(.01)
Redemption fees added to paid in capital ^{D, K}	-	-	-	-	-	-
Net asset value, end of period	$ 19.08	$ 19.05	$ 18.99	$ 15.28	$ 11.28	$ 22.75
Total Return ^{B, C}	.16%	.32%	24.28%	35.79%	(50.42)%	15.66%
Ratios to Average Net Assets ^{E, J}
Expenses before reductions	.74% ^A	.79%	.78%	.88%	.83%	.79%
Expenses net of fee waivers, if any	.74% ^A	.79%	.78%	.87%	.83%	.79%
Expenses net of all reductions	.73% ^A	.77%	.77%	.85%	.81%	.78%
Net investment income (loss)	(.08)% ^A, ^L	(.21)%	(.26)%	(.15)% ^G	.11% ^H	(.35)% ^I
Supplemental Data
Net assets, end of period (in millions)	$ 1,411	$ 1,597	$ 1,925	$ 1,808	$ 1,489	$ 3,599
Portfolio turnover rate ^F	168% ^A	165%	116%	285%	268%	154%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^DCalculated based on average shares outstanding during the period. ^EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^GInvestment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.24)%. ^HInvestment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.02)%. ^IInvestment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.41%). ^JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^KAmount represents less than $.01 per share.^LInvestment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income(loss) to average net assets would have been (.20%).

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class K

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^J
Selected Per-Share Data
Net asset value, beginning of period	$ 19.17	$ 19.06	$ 15.29	$ 11.29	$ 20.20
Income from Investment Operations
Net investment income (loss) ^D	.02 ^M	.01	- ^L	.02 ^H	.05 ^I
Net realized and unrealized gain (loss)	.03	.10	3.77	4.04	(8.96)
Total from investment operations	.05	.11	3.77	4.06	(8.91)
Distributions from net investment income	-	-	-	(.06)	-
Redemption fees added to paid in capital ^{D, L}	-	-	-	-	-
Net asset value, end of period	$ 19.22	$ 19.17	$ 19.06	$ 15.29	$ 11.29
Total Return ^{B, C}	.26%	.58%	24.66%	36.14%	(44.11)%
Ratios to Average Net Assets ^{E, K}
Expenses before reductions	.49% ^A	.54%	.52%	.60%	.59% ^A
Expenses net of fee waivers, if any	.49% ^A	.54%	.52%	.60%	.59% ^A
Expenses net of all reductions	.48% ^A	.53%	.51%	.58%	.57% ^A
Net investment income (loss)	.17% ^{A, M}	.03%	-% ^G	.12% ^H	.67% ^{A, I}
Supplemental Data
Net assets, end of period (in millions)	$ 263	$ 220	$ 179	$ 120	$ 53
Portfolio turnover rate ^F	168% ^A	165%	116%	285%	268%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2012 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 90,021
Gross unrealized depreciation	(156,978)
Net unrealized appreciation (depreciation) on securities and other investments	$ (66,957)

Tax cost	$ 1,773,820

Fiscal year of expiration
2016	$ (914,123)
2017	(129,992)
Total capital loss carryforward	$ (1,044,115)

Semiannual Report

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,499,219 and $1,685,834, respectively.

5. Fees and Other Transactions with Affiliates.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Growth Strategies. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets*
Growth Strategies	2,383	.30
Class K	66	.05
	$ 2,449

* Annualized

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

8. Expense Reductions.

Semiannual Report

8. Expense Reductions - continued

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2012	Year ended November 30, 2011	Six months ended May 31, 2012	Year ended November 30, 2011
Growth Strategies
Shares sold	2,204	6,957	$ 44,356	$ 142,167
Shares redeemed	(12,098)	(24,462)	(243,602)	(499,675)
Net increase (decrease)	(9,894)	(17,505)	$ (199,246)	$ (357,508)
Class K
Shares sold	3,758	3,859	$ 76,906	$ 76,829
Shares redeemed	(1,567)	(1,789)	(31,734)	(36,791)
Net increase (decrease)	2,191	2,070	$ 45,172	$ 40,038

10. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company

Chicago, Illinois

FEG-K-USAN-0712
1.863030.103

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

Fidelity®
Growth Company
Fund

Semiannual Report

May 31, 2012

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2011 to May 31, 2012).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value December 1, 2011	Ending Account Value May 31, 2012	Expenses Paid During Period* December 1, 2011 to May 31, 2012
Growth Company	.91%
Actual		$ 1,000.00	$ 1,081.80	$ 4.74
Hypothetical^A		$ 1,000.00	$ 1,020.45	$ 4.60
Class K	.77%
Actual		$ 1,000.00	$ 1,082.60	$ 4.01
Hypothetical^A		$ 1,000.00	$ 1,021.15	$ 3.89
Class F	.72%
Actual		$ 1,000.00	$ 1,082.90	$ 3.75
Hypothetical^A		$ 1,000.00	$ 1,021.40	$ 3.64

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.	8.8	6.2
salesforce.com, Inc.	3.6	2.9
Regeneron Pharmaceuticals, Inc.	2.8	1.4
Exxon Mobil Corp.	2.4	3.6
Google, Inc. Class A	2.2	3.4
lululemon athletica, Inc.	2.2	1.6
Red Hat, Inc.	1.9	1.9
Discover Financial Services	1.8	1.7
QUALCOMM, Inc.	1.7	1.6
Philip Morris International, Inc.	1.5	1.4
	28.9
Top Five Market Sectors as of May 31, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	35.5	35.2
Health Care	17.0	15.1
Consumer Discretionary	16.8	14.9
Consumer Staples	9.6	9.5
Energy	6.9	10.3

Asset Allocation (% of fund's net assets)
As of May 31, 2012 *			As of November 30, 2011 **
	Stocks 99.6%			Stocks 99.5%
	Convertible Securities 0.1%			Convertible Securities 0.2%
	Short-Term Investments and Net Other Assets (Liabilities) 0.3%			Short-Term Investments and Net Other Assets (Liabilities) 0.3%
* Foreign investments		9.3%	** Foreign investments		10.3%

mtv73

Semiannual Report

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 16.8%
Automobiles - 0.2%
Ford Motor Co.	3,645,000		$ 38,491
General Motors Co. (a)	22,800		506
Tesla Motors, Inc. (a)	597,377		17,623
			56,620
Diversified Consumer Services - 0.1%
K12, Inc. (a)(d)(e)	1,970,000		43,182
Hotels, Restaurants & Leisure - 4.5%
Arcos Dorados Holdings, Inc.	2,114,900		28,593
Buffalo Wild Wings, Inc. (a)	719,900		61,271
Chipotle Mexican Grill, Inc. (a)	471,000		194,556
Ctrip.com International Ltd. sponsored ADR (a)(d)	625,000		11,500
Dunkin' Brands Group, Inc. (d)	2,903,340		94,271
Home Inns & Hotels Management, Inc. sponsored ADR (a)(d)(e)	2,975,000		63,725
Hyatt Hotels Corp. Class A (a)	1,948,440		72,073
Las Vegas Sands Corp.	2,685,000		123,993
McDonald's Corp.	5,025,000		448,934
Panera Bread Co. Class A (a)	875,000		128,581
Starbucks Corp.	7,358,400		403,903
Starwood Hotels & Resorts Worldwide, Inc.	1,445,000		76,368
Yum! Brands, Inc.	1,890,000		132,980
			1,840,748
Household Durables - 1.7%
Gafisa SA sponsored ADR (d)	1,570,000		3,909
Lennar Corp. Class A (d)	12,900,077		352,043
SodaStream International Ltd. (a)(d)(e)	1,976,272		61,264
Tempur-Pedic International, Inc. (a)	1,220,000		56,376
Toll Brothers, Inc. (a)	8,249,050		225,034
			698,626
Internet & Catalog Retail - 1.7%
Amazon.com, Inc. (a)	2,066,000		439,872
Groupon, Inc. Class A (a)(d)	42,790		455
Netflix, Inc. (a)(d)	71,000		4,504
Priceline.com, Inc. (a)	355,000		222,049
			666,880
Media - 0.8%
Comcast Corp. Class A	3,567,500		103,136
Lions Gate Entertainment Corp. (a)(d)	3,464,992		46,154
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
Pandora Media, Inc. (d)(e)	13,554,469		$ 145,575
Time Warner, Inc.	1,025,650		35,354
			330,219
Multiline Retail - 1.1%
Dollar Tree, Inc. (a)	562,500		58,039
JCPenney Co., Inc. (d)	9,810,000		257,316
Nordstrom, Inc.	800,000		37,896
Target Corp.	1,340,000		77,599
			430,850
Specialty Retail - 1.7%
Abercrombie & Fitch Co. Class A	1,660,000		55,676
AutoNation, Inc. (a)(d)	1,050,000		37,821
Bed Bath & Beyond, Inc. (a)	1,300,000		93,925
Francescas Holdings Corp. (a)(d)(e)	3,718,379		87,233
Home Depot, Inc.	5,230,000		258,048
Limited Brands, Inc.	1,460,000		64,766
Lumber Liquidators Holdings, Inc. (a)(d)(e)	2,760,167		80,293
Tiffany & Co., Inc.	225,000		12,463
Urban Outfitters, Inc. (a)	240,000		6,713
			696,938
Textiles, Apparel & Luxury Goods - 5.0%
Coach, Inc.	2,032,200		137,072
Fifth & Pacific Companies, Inc. (a)(e)	6,540,000		78,284
Fossil, Inc. (a)(e)	5,772,092		422,286
lululemon athletica, Inc. (a)(d)(e)	12,117,100		880,186
Michael Kors Holdings Ltd.	5,152,300		202,898
Michael Kors Holdings Ltd. (g)	1,320,193		46,790
NIKE, Inc. Class B	1,719,000		185,961
Tumi Holdings, Inc. (d)	680,650		11,741
Under Armour, Inc. Class A (sub. vtg.) (a)	338,700		34,117
VF Corp.	320,000		45,133
			2,044,468
TOTAL CONSUMER DISCRETIONARY			6,808,531
CONSUMER STAPLES - 9.6%
Beverages - 2.2%
Beam, Inc.	1,420,000		85,995
Dr Pepper Snapple Group, Inc.	655,000		27,025
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Beverages - continued
Monster Beverage Corp. (a)	2,810,000		$ 204,006
PepsiCo, Inc.	1,136,640		77,121
The Coca-Cola Co.	6,792,500		507,604
			901,751
Food & Staples Retailing - 1.8%
Costco Wholesale Corp.	1,695,800		146,500
Drogasil SA	1,731,873		16,015
Fresh Market, Inc. (a)(d)(e)	2,448,468		142,305
Wal-Mart Stores, Inc.	4,025,300		264,945
Walgreen Co.	555,000		16,939
Whole Foods Market, Inc.	1,580,000		140,004
			726,708
Food Products - 1.2%
Archer Daniels Midland Co.	1,000,000		31,880
General Mills, Inc.	1,165,600		44,619
Green Mountain Coffee Roasters, Inc. (a)(d)	4,045,612		95,476
Kellogg Co.	965,000		47,073
Mead Johnson Nutrition Co. Class A	1,941,800		156,781
Sara Lee Corp.	685,000		14,317
Smithfield Foods, Inc. (a)	1,615,000		31,767
The Hershey Co.	775,000		51,817
			473,730
Household Products - 0.8%
Church & Dwight Co., Inc.	2,660,000		141,618
Colgate-Palmolive Co.	1,230,000		120,909
Kimberly-Clark Corp.	670,000		53,165
Procter & Gamble Co.	464,483		28,933
			344,625
Personal Products - 1.4%
Avon Products, Inc.	468,615		7,756
Herbalife Ltd. (e)	11,100,210		497,178
Nu Skin Enterprises, Inc. Class A	1,180,000		50,598
			555,532
Tobacco - 2.2%
Altria Group, Inc.	5,785,380		186,231
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - continued
Lorillard, Inc.	805,000		$ 99,498
Philip Morris International, Inc.	7,100,380		600,053
			885,782
TOTAL CONSUMER STAPLES			3,888,128
ENERGY - 6.9%
Energy Equipment & Services - 1.3%
Carbo Ceramics, Inc. (d)	175,000		14,238
FMC Technologies, Inc. (a)	1,850,000		74,444
Halliburton Co.	3,750,000		112,725
Schlumberger Ltd.	4,949,600		313,062
			514,469
Oil, Gas & Consumable Fuels - 5.6%
Anadarko Petroleum Corp.	2,267,594		138,323
Apache Corp.	780,000		63,476
Chesapeake Energy Corp. (d)	1,905,000		32,195
Chevron Corp.	390,000		38,341
Cobalt International Energy, Inc. (a)	70,900		1,606
Concho Resources, Inc. (a)	1,205,000		105,727
Continental Resources, Inc. (a)(d)	1,130,000		82,332
Devon Energy Corp.	880,000		52,378
EOG Resources, Inc.	1,070,000		106,251
Exxon Mobil Corp.	12,275,000		965,183
Hess Corp.	660,000		28,842
Noble Energy, Inc.	320,000		27,027
Occidental Petroleum Corp.	3,105,000		246,133
Peabody Energy Corp.	530,000		12,381
Pioneer Natural Resources Co.	1,275,000		123,293
Plains Exploration & Production Co. (a)	3,970,000		142,086
Range Resources Corp.	1,158,689		66,555
Southwestern Energy Co. (a)	97,461		2,732
Valero Energy Corp.	2,840,000		59,924
			2,294,785
TOTAL ENERGY			2,809,254
FINANCIALS - 4.5%
Capital Markets - 0.4%
Charles Schwab Corp.	5,384,975		67,097
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
Franklin Resources, Inc.	45,000		$ 4,806
ICG Group, Inc. (a)(e)	3,775,000		32,843
T. Rowe Price Group, Inc.	915,000		52,695
			157,441
Commercial Banks - 1.0%
Banco Bradesco SA (PN) sponsored ADR	4,515,000		66,100
HDFC Bank Ltd. sponsored ADR	2,770,000		77,449
ICICI Bank Ltd. sponsored ADR	1,205,000		33,921
Itau Unibanco Banco Multiplo SA sponsored ADR	1,625,000		23,514
PrivateBancorp, Inc. (e)	4,067,500		59,914
Signature Bank (a)	656,885		40,339
Wells Fargo & Co.	2,752,300		88,211
			389,448
Consumer Finance - 2.0%
American Express Co.	1,832,548		102,311
Discover Financial Services	22,125,444		732,573
			834,884
Diversified Financial Services - 1.0%
Bank of America Corp.	6,175,000		45,386
BM&F Bovespa SA	23,879,772		113,073
Citigroup, Inc.	1,497,380		39,696
JPMorgan Chase & Co.	6,180,000		204,867
			403,022
Real Estate Management & Development - 0.1%
The St. Joe Co. (a)(d)	3,030,135		48,391
TOTAL FINANCIALS			1,833,186
HEALTH CARE - 16.9%
Biotechnology - 10.9%
Acadia Pharmaceuticals, Inc. (a)(d)	1,164,844		1,607
Alexion Pharmaceuticals, Inc. (a)	6,474,060		586,356
Alkermes PLC (a)(e)	13,008,514		203,193
Alnylam Pharmaceuticals, Inc. (a)(e)	3,633,250		37,204
Amylin Pharmaceuticals, Inc. (a)(e)	16,080,955		426,306
Array Biopharma, Inc. (a)	2,443,770		7,942
AVEO Pharmaceuticals, Inc. (a)	680,600		8,664
Biogen Idec, Inc. (a)	1,700,000		222,275
Celgene Corp. (a)	1,146,744		78,265
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Cepheid, Inc. (a)(e)	6,272,555		$ 237,291
Clovis Oncology, Inc. (d)(e)	1,372,700		24,448
Exelixis, Inc. (a)(d)(e)	14,452,881		66,917
Gilead Sciences, Inc. (a)	3,020,000		150,849
Halozyme Therapeutics, Inc. (a)	1,890,000		14,440
Human Genome Sciences, Inc. (a)(e)	20,911,837		284,819
ImmunoGen, Inc. (a)(d)(e)	7,719,195		108,146
Immunomedics, Inc. (a)(d)(e)	7,526,150		24,987
Incyte Corp. (a)(d)	695,000		14,810
InterMune, Inc. (a)(d)	2,348,117		24,491
Ironwood Pharmaceuticals, Inc. Class A (a)	3,695,000		44,044
Isis Pharmaceuticals, Inc. (a)(e)	10,016,251		99,061
Lexicon Pharmaceuticals, Inc. (a)(d)(e)	48,176,503		76,601
Merrimack Pharmaceuticals, Inc.	1,197,696		8,228
Merrimack Pharmaceuticals, Inc. (g)	1,428,572		8,833
Metabolix, Inc. (a)(d)(e)	2,605,799		5,212
Momenta Pharmaceuticals, Inc. (a)(d)	1,655,000		22,822
NPS Pharmaceuticals, Inc. (a)(e)	7,498,738		59,165
Regeneron Pharmaceuticals, Inc. (a)(e)	8,456,613		1,147,140
Rigel Pharmaceuticals, Inc. (a)(e)	6,549,836		48,665
Seattle Genetics, Inc. (a)(d)(e)	11,377,629		221,636
Transition Therapeutics, Inc. (a)(e)	2,332,446		4,548
Vertex Pharmaceuticals, Inc. (a)	3,009,767		180,706
			4,449,671
Health Care Equipment & Supplies - 0.6%
Align Technology, Inc. (a)	675,000		21,080
Baxter International, Inc.	505,000		25,563
DexCom, Inc. (a)	480,000		5,160
Edwards Lifesciences Corp. (a)	810,000		69,150
Genmark Diagnostics, Inc. (a)	91,853		413
Insulet Corp. (a)(e)	3,856,400		71,035
Medtronic, Inc.	754,964		27,813
St. Jude Medical, Inc.	834,200		32,050
			252,264
Health Care Providers & Services - 1.2%
Cardinal Health, Inc.	485,000		20,069
Catalyst Health Solutions, Inc. (a)	440,000		38,223
Express Scripts Holding Co. (a)	496,303		25,902
Humana, Inc.	840,000		64,168
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
McKesson Corp.	1,905,000		$ 166,268
UnitedHealth Group, Inc.	3,056,400		170,455
			485,085
Health Care Technology - 0.8%
athenahealth, Inc. (a)(d)	615,000		44,704
Cerner Corp. (a)	20,000		1,559
SXC Health Solutions Corp. (a)	2,893,000		265,814
			312,077
Pharmaceuticals - 3.4%
Abbott Laboratories	1,111,500		68,680
Allergan, Inc.	2,140,000		193,135
Bristol-Myers Squibb Co.	1,424,700		47,499
Concert Pharmaceuticals, Inc. (a)(g)	186,198		151
Elan Corp. PLC sponsored ADR (a)(e)	38,594,070		538,773
Endocyte, Inc. (a)(d)	511,041		3,286
Hospira, Inc. (a)	1,985,000		62,051
Johnson & Johnson	83,300		5,200
MAP Pharmaceuticals, Inc. (a)(d)(e)	3,065,443		36,080
Questcor Pharmaceuticals, Inc. (a)(d)	1,880,000		77,832
Teva Pharmaceutical Industries Ltd. sponsored ADR	705,000		27,629
Valeant Pharmaceuticals International, Inc. (Canada) (a)	6,572,261		321,152
			1,381,468
TOTAL HEALTH CARE			6,880,565
INDUSTRIALS - 6.0%
Aerospace & Defense - 1.7%
Honeywell International, Inc.	1,870,000		104,084
Lockheed Martin Corp.	1,040,100		86,120
The Boeing Co.	2,879,800		200,463
United Technologies Corp.	4,225,000		313,115
			703,782
Air Freight & Logistics - 0.7%
United Parcel Service, Inc. Class B	3,564,000		267,086
Airlines - 0.7%
JetBlue Airways Corp. (a)(d)(e)	19,034,923		99,553
Ryanair Holdings PLC sponsored ADR (a)	940,000		28,858
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Airlines - continued
Southwest Airlines Co.	2,548,515		$ 23,013
United Continental Holdings, Inc. (a)	5,865,000		147,622
			299,046
Construction & Engineering - 0.1%
Fluor Corp.	455,000		21,330
Electrical Equipment - 0.4%
Emerson Electric Co.	1,710,000		79,977
Rockwell Automation, Inc. (d)	1,160,000		84,112
			164,089
Industrial Conglomerates - 0.4%
3M Co.	565,000		47,692
Danaher Corp.	2,505,000		130,185
			177,877
Machinery - 1.4%
Caterpillar, Inc.	3,510,000		307,546
Cummins, Inc.	1,760,000		170,632
Deere & Co.	1,035,000		76,455
Rexnord Corp.	587,500		11,633
Westport Innovations, Inc. (a)(d)	693,000		16,916
			583,182
Road & Rail - 0.6%
CSX Corp.	4,065,000		84,918
Norfolk Southern Corp.	665,000		43,571
Union Pacific Corp.	980,000		109,172
			237,661
TOTAL INDUSTRIALS			2,454,053
INFORMATION TECHNOLOGY - 35.5%
Communications Equipment - 2.5%
Aruba Networks, Inc. (a)(d)	1,198,031		15,742
F5 Networks, Inc. (a)	405,000		41,909
Infinera Corp. (a)(d)(e)	10,323,181		66,172
Juniper Networks, Inc. (a)	460,000		7,912
Motorola Solutions, Inc.	445,000		21,396
QUALCOMM, Inc.	11,748,400		673,301
Riverbed Technology, Inc. (a)(e)	12,225,204		200,493
			1,026,925
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 9.4%
Apple, Inc. (a)	6,195,959		$ 3,579,598
Fusion-io, Inc. (d)(e)	9,011,501		188,160
Hewlett-Packard Co.	960,000		21,773
NetApp, Inc. (a)	1,059,686		31,536
Silicon Graphics International Corp. (a)(d)(e)	3,097,456		18,244
			3,839,311
Electronic Equipment & Components - 0.4%
Corning, Inc.	1,203,000		15,627
Trimble Navigation Ltd. (a)	595,000		28,063
Universal Display Corp. (a)(d)(e)	3,595,914		101,225
			144,915
Internet Software & Services - 4.5%
Akamai Technologies, Inc. (a)	575,000		16,871
Baidu.com, Inc. sponsored ADR (a)	2,570,000		302,669
Dropbox, Inc. (g)	1,105,082		10,000
eBay, Inc. (a)	4,562,200		178,793
Facebook, Inc.:
Class A	2,288,700		67,814
Class B (a)(g)	1,758,114		46,884
Google, Inc. Class A (a)	1,547,448		898,851
LinkedIn Corp. (a)	90,000		8,649
Mail.ru Group Ltd. GDR (a)(f)	1,577,600		49,489
MercadoLibre, Inc.	350,000		24,584
Rackspace Hosting, Inc. (a)	2,805,000		138,763
SINA Corp. (a)(d)	210,000		11,187
Yandex NV	895,000		17,837
YouKu.com, Inc. ADR (a)(d)	1,670,000		39,746
			1,812,137
IT Services - 3.3%
Cognizant Technology Solutions Corp. Class A (a)	1,734,716		101,047
IBM Corp.	2,989,800		576,732
MasterCard, Inc. Class A	833,000		338,623
Teradata Corp. (a)	1,020,000		67,810
VeriFone Systems, Inc. (a)	1,015,000		36,652
Visa, Inc. Class A	1,889,100		217,624
			1,338,488
Semiconductors & Semiconductor Equipment - 5.1%
Altera Corp.	345,000		11,526
Applied Micro Circuits Corp. (a)(e)	6,116,938		32,664
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
ARM Holdings PLC sponsored ADR	1,400,000		$ 32,886
ASML Holding NV	1,028,888		47,133
Atmel Corp. (a)	1,060,000		7,420
Broadcom Corp. Class A	2,600,000		84,110
Cree, Inc. (a)(d)(e)	11,615,294		291,195
Cypress Semiconductor Corp. (e)	15,893,240		209,632
Intel Corp.	2,100,000		54,264
KLA-Tencor Corp.	510,000		23,373
Marvell Technology Group Ltd.	1,918,310		24,036
MaxLinear, Inc. Class A (a)	2,354,608		10,549
Mellanox Technologies Ltd. (a)(e)	3,906,124		236,125
NVIDIA Corp. (a)(e)	44,855,384		557,552
Rambus, Inc. (a)(d)(e)	11,457,400		55,110
Samsung Electronics Co. Ltd.	50,000		51,293
Silicon Laboratories, Inc. (a)(e)	4,600,680		158,861
Texas Instruments, Inc.	3,941,000		112,240
Volterra Semiconductor Corp. (a)(e)	2,573,305		71,486
			2,071,455
Software - 10.3%
Activision Blizzard, Inc.	26,035,776		305,660
Adobe Systems, Inc. (a)	668,236		20,749
Citrix Systems, Inc. (a)	2,689,677		196,562
Electronic Arts, Inc. (a)	300,000		4,086
Fortinet, Inc. (a)	354,600		7,535
Guidewire Software, Inc. (d)	1,525,000		39,513
Intuit, Inc.	1,610,000		90,530
Jive Software, Inc. (d)	1,830,400		30,659
Microsoft Corp.	13,230,000		386,184
Oracle Corp.	5,715,000		151,276
QLIK Technologies, Inc. (a)(e)	8,181,676		185,969
Red Hat, Inc. (a)(e)	15,418,586		792,207
salesforce.com, Inc. (a)(e)	10,576,594		1,466,127
SolarWinds, Inc. (a)	2,765,000		126,803
Solera Holdings, Inc.	1,775,051		78,812
Splunk, Inc.	456,300		14,857
TiVo, Inc. (a)(e)	8,374,576		71,519
VMware, Inc. Class A (a)	2,242,533		208,578
			4,177,626
TOTAL INFORMATION TECHNOLOGY			14,410,857
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 3.4%
Chemicals - 2.7%
CF Industries Holdings, Inc.	1,026,785		$ 175,539
Dow Chemical Co.	3,245,000		100,790
E.I. du Pont de Nemours & Co.	3,645,000		175,908
Monsanto Co.	6,844,978		528,432
Potash Corp. of Saskatchewan, Inc.	788,600		31,236
The Mosaic Co.	1,435,000		68,421
			1,080,326
Metals & Mining - 0.7%
Alcoa, Inc.	1,650,000		14,108
Barrick Gold Corp.	54,000		2,122
Fortescue Metals Group Ltd.	16,422,802		73,908
Freeport-McMoRan Copper & Gold, Inc.	3,575,000		114,543
Mongolian Mining Corp. (a)	25,802,500		17,420
Newmont Mining Corp.	1,530,000		72,155
Nucor Corp.	200,000		7,152
			301,408
TOTAL MATERIALS			1,381,734
TOTAL COMMON STOCKS (Cost $28,070,543)		40,466,308
Preferred Stocks - 0.1%

Convertible Preferred Stocks - 0.1%
HEALTH CARE - 0.1%
Biotechnology - 0.0%
Ariosa Diagnostics (g)	827,814		5,000
Health Care Technology - 0.0%
Castlight Health, Inc. Series D (a)(g)	2,070,648		12,500
Pharmaceuticals - 0.1%
Agios Pharmaceuticals, Inc. Series C (g)	2,036,659		10,002
Concert Pharmaceuticals, Inc. Series C, 6.00% (a)(g)	4,000,000		7,160
			17,162
TOTAL HEALTH CARE			34,662
Preferred Stocks - continued
	Shares		Value (000s)
Nonconvertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Automobiles - 0.0%
Volkswagen AG	70,000		$ 11,231
TOTAL PREFERRED STOCKS (Cost $48,895)		45,893
Money Market Funds - 3.4%

Fidelity Cash Central Fund, 0.17% (b)	116,136,535		116,137
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	1,252,980,875		1,252,981
TOTAL MONEY MARKET FUNDS (Cost $1,369,118)		1,369,118
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $29,488,556)			41,881,319
NET OTHER ASSETS (LIABILITIES) - (3.1)%			(1,243,884)
NET ASSETS - 100%		$ 40,637,435

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $49,489,000 or 0.1% of net assets.

(g) 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 $147,320,000 or 0.4% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Agios Pharmaceuticals, Inc. Series C	11/16/11	$ 10,002
Ariosa Diagnostics	11/30/11	$ 5,000
Castlight Health, Inc. Series D	4/25/12	$ 12,500
Concert Pharmaceuticals, Inc.	2/9/09	$ 151
Concert Pharmaceuticals, Inc. Series C, 6.00%	4/25/08	$ 10,000
Dropbox, Inc.	5/2/12	$ 10,000
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 43,965
Merrimack Pharmaceuticals, Inc.	3/31/11	$ 10,000
Michael Kors Holdings Ltd.	7/8/11	$ 16,000

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	$ 65
Fidelity Securities Lending Cash Central Fund	15,616
Total	$ 15,681

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Acadia Pharmaceuticals, Inc.	$ 2,734	$ -	$ 2,792	$ -	$ -
Alkermes PLC	155,687	46,945	-	-	203,193
Alnylam Pharmaceuticals, Inc.	21,380	8,827	1,206	-	37,204
Amylin Pharmaceuticals, Inc.	155,977	25,669	-	-	426,306
Applied Micro Circuits Corp.	19,240	24,759	-	-	32,664
Array Biopharma, Inc.	8,733	-	5,093	-	-
BJ's Restaurants, Inc.	89,346	-	89,547	-	-
Cepheid, Inc.	210,518	30,080	19,113	-	237,291
Clovis Oncology, Inc.	8,207	15,100	-	-	24,448
Cree, Inc.	146,571	160,315	-	-	291,195
Cypress Semiconductor Corp.	327,875	-	19,375	-	209,632
Elan Corp. PLC sponsored ADR	461,138	-	52,227	-	538,773
Endocyte, Inc.	19,749	-	5,554	-	-
Exelixis, Inc.	59,143	9,094	-	-	66,917
Fifth & Pacific Companies, Inc.	-	75,688	-	-	78,284
Fossil, Inc.	504,221	67,431	35,789	-	422,286
Francescas Holdings Corp.	28,946	50,442	-	-	87,233
Fresh Market, Inc.	92,130	5,633	-	-	142,305
Fusion-io, Inc.	175,921	102,361	-	-	188,160
Herbalife Ltd.	561,307	58,610	-	6,537	497,178
Home Inns & Hotels Management, Inc. sponsored ADR	113,369	-	14,631	-	63,725
Human Genome Sciences, Inc.	146,243	17,171	-	-	284,819
ICG Group, Inc.	32,503	-	-	-	32,843
ImmunoGen, Inc.	91,441	2,671	-	-	108,146
Immunomedics, Inc.	25,288	-	-	-	24,987
Infinera Corp.	69,850	1,553	-	-	66,172
Insulet Corp.	71,652	-	-	-	71,035
InterMune, Inc.	89,495	-	35,235	-	-
Isis Pharmaceuticals, Inc.	73,887	500	-	-	99,061
JetBlue Airways Corp.	118,182	-	46,695	-	99,553
Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
K12, Inc.	$ 23,971	$ 23,700	$ -	$ -	$ 43,182
Lexicon Pharmaceuticals, Inc.	39,495	16,295	-	-	76,601
Lions Gate Entertainment Corp.	51,733	45,831	96,526	-	-
lululemon athletica, Inc.	602,220	-	-	-	880,186
Lumber Liquidators Holdings, Inc.	46,757	-	-	-	80,293
MAP Pharmaceuticals, Inc.	37,692	4,602	-	-	36,080
MaxLinear, Inc. Class A	11,349	-	-	-	-
Mellanox Technologies Ltd.	136,158	999	-	-	236,125
Metabolix, Inc.	15,022	-	1,247	-	5,212
Micromet, Inc.	56,424	-	100,315	-	-
NPS Pharmaceuticals, Inc.	41,857	883	-	-	59,165
NVIDIA Corp.	647,403	149,929	103,906	-	557,552
Pandora Media, Inc.	26,213	109,344	-	-	145,575
Pharmasset, Inc.	974,116	-	967,313	-	-
PrivateBancorp, Inc.	39,048	-	-	81	59,914
QLIK Technologies, Inc.	193,237	35,201	-	-	185,969
Rambus, Inc.	91,430	-	-	-	55,110
Red Hat, Inc.	718,327	48,408	-	-	792,207
Regeneron Pharmaceuticals, Inc.	527,289	12,979	62,080	-	1,147,140
Rigel Pharmaceuticals, Inc.	49,910	-	-	-	48,665
Riverbed Technology, Inc.	367,848	50,092	84,633	-	200,493
salesforce.com, Inc.	1,096,640	161,815	-	-	1,466,127
Seattle Genetics, Inc.	189,210	-	-	-	221,636
Silicon Graphics International Corp.	46,214	-	-	-	18,244
Silicon Image, Inc.	32,167	-	34,392	-	-
Silicon Laboratories, Inc.	198,841	-	-	-	158,861
SodaStream International Ltd.	58,487	681	-	-	61,264
SuccessFactors, Inc.	204,934	-	317,976	-	-
TiVo, Inc.	114,851	-	33,787	-	71,519
Transition Therapeutics, Inc.	3,545	-	-	-	4,548
Universal Display Corp.	57,334	83,702	-	-	101,225
Vera Bradley, Inc.	93,095	-	86,582	-	-
Volterra Semiconductor Corp.	63,046	-	-	-	71,486
Total	$ 10,736,596	$ 1,447,310	$ 2,216,014	$ 6,618	$ 11,117,789

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 6,819,762	$ 6,761,741	$ 58,021	$ -
Consumer Staples	3,888,128	3,888,128	-	-
Energy	2,809,254	2,809,254	-	-
Financials	1,833,186	1,833,186	-	-
Health Care	6,915,227	6,871,581	8,833	34,813
Industrials	2,454,053	2,454,053	-	-
Information Technology	14,410,857	14,353,973	46,884	10,000
Materials	1,381,734	1,381,734	-	-
Money Market Funds	1,369,118	1,369,118	-	-
Total Investments in Securities:	$ 41,881,319	$ 41,722,768	$ 113,738	$ 44,813

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

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$ 96,266
Total Realized Gain (Loss)	(20,000)
Total Unrealized Gain (Loss)	20,000
Cost of Purchases	22,500
Proceeds of Sales	(30,000)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(43,953)
Ending Balance	$ 44,813
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	May 31, 2012 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $1,216,851) - See accompanying schedule: Unaffiliated issuers (cost $20,176,470)	$ 29,394,412
Fidelity Central Funds (cost $1,369,118)	1,369,118
Other affiliated issuers (cost $7,942,968)	11,117,789
Total Investments (cost $29,488,556)		$ 41,881,319
Cash		48
Receivable for investments sold		86,105
Receivable for fund shares sold		38,052
Dividends receivable		47,998
Distributions receivable from Fidelity Central Funds		1,330
Prepaid expenses		20
Other receivables		1,004
Total assets		42,055,876

Liabilities
Payable for investments purchased	$ 110,582
Payable for fund shares redeemed	24,355
Accrued management fee	24,726
Other affiliated payables	4,744
Other payables and accrued expenses	1,053
Collateral on securities loaned, at value	1,252,981
Total liabilities		1,418,441

Net Assets		$ 40,637,435
Net Assets consist of:
Paid in capital		$ 27,406,725
Undistributed net investment income		28,613
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		809,354
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		12,392,743
Net Assets		$ 40,637,435

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	May 31, 2012 (Unaudited)

Growth Company: Net Asset Value, offering price and redemption price per share ($23,819,367 ÷ 267,140 shares)		$ 89.16

Class K: Net Asset Value, offering price and redemption price per share ($13,362,554 ÷ 149,920 shares)		$ 89.13

Class F: Net Asset Value, offering price and redemption price per share ($3,455,514 ÷ 38,768 shares)		$ 89.13

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Six months ended May 31, 2012 (Unaudited)

Investment Income
Dividends (including $6,618 earned from other affiliated issuers)		$ 190,045
Interest		4
Income from Fidelity Central Funds (including $15,616 from security lending)		15,681
Total income		205,730

Expenses
Management fee Basic fee	$ 114,833
Performance adjustment	31,558
Transfer agent fees	26,941
Accounting and security lending fees	1,225
Custodian fees and expenses	496
Independent trustees' compensation	127
Appreciation in deferred trustee compensation account	1
Registration fees	234
Audit	48
Legal	55
Interest	12
Miscellaneous	234
Total expenses before reductions	175,764
Expense reductions	(307)	175,457
Net investment income (loss)		30,273
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	36,223
Other affiliated issuers	941,460
Foreign currency transactions	(203)
Total net realized gain (loss)		977,480
Change in net unrealized appreciation (depreciation) on: Investment securities	2,064,089
Assets and liabilities in foreign currencies	(9)
Total change in net unrealized appreciation (depreciation)		2,064,080
Net gain (loss)		3,041,560
Net increase (decrease) in net assets resulting from operations		$ 3,071,833

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands	Six months ended May 31, 2012 (Unaudited)	Year ended November 30, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 30,273	$ 55,998
Net realized gain (loss)	977,480	1,828,298
Change in net unrealized appreciation (depreciation)	2,064,080	753,704
Net increase (decrease) in net assets resulting from operations	3,071,833	2,638,000
Distributions to shareholders from net investment income	(45,344)	(16,269)
Distributions to shareholders from net realized gain	(1,197,704)	-
Total distributions	(1,243,048)	(16,269)
Share transactions - net increase (decrease)	946,109	(336,594)
Total increase (decrease) in net assets	2,774,894	2,285,137

Net Assets
Beginning of period	37,862,541	35,577,404
End of period (including undistributed net investment income of $28,613 and undistributed net investment income of $43,684, respectively)	$ 40,637,435	$ 37,862,541

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Growth Company

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 85.29	$ 79.40	$ 65.75	$ 47.24	$ 83.70	$ 69.66
Income from Investment Operations
Net investment income (loss) ^D	.04	.09	.01	.15	.11	(.06)
Net realized and unrealized gain (loss)	6.59	5.80	13.76	18.44	(35.97)	14.10
Total from investment operations	6.63	5.89	13.77	18.59	(35.86)	14.04
Distributions from net investment income	(.05)	- ^H	(.12)	(.08)	-	-
Distributions from net realized gain	(2.71)	-	(.01)	-	(.60)	-
Total distributions	(2.76)	- ^H	(.12) ^I	(.08)	(.60)	-
Net asset value, end of period	$ 89.16	$ 85.29	$ 79.40	$ 65.75	$ 47.24	$ 83.70
Total Return ^{B, C}	8.18%	7.42%	20.98%	39.41%	(43.15)%	20.16%
Ratios to Average Net Assets ^{E, G}
Expenses before reductions	.91% ^A	.84%	.89%	.93%	.97%	.94%
Expenses net of fee waivers, if any	.91% ^A	.84%	.89%	.93%	.97%	.94%
Expenses net of all reductions	.91% ^A	.84%	.89%	.93%	.96%	.93%
Net investment income (loss)	.09% ^A	.10%	.02%	.27%	.15%	(.08)%
Supplemental Data
Net assets, end of period (in millions)	$ 23,819	$ 24,665	$ 27,742	$ 27,204	$ 21,090	$ 36,955
Portfolio turnover rate ^F	37% ^A	36%	36%	64%	55%	49%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^H Amount represents less than $.01 per share.

^I Total distributions of $.12 per share is comprised of distributions from net investment income of $.119 and distributions from net realized gain of $.005 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class K

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 85.35	$ 79.48	$ 65.82	$ 47.29	$ 80.34
Income from Investment Operations
Net investment income (loss) ^D	.10	.21	.13	.27	.11
Net realized and unrealized gain (loss)	6.58	5.80	13.78	18.44	(33.16)
Total from investment operations	6.68	6.01	13.91	18.71	(33.05)
Distributions from net investment income	(.19)	(.14)	(.24)	(.18)	-
Distributions from net realized gain	(2.71)	-	(.01)	-	-
Total distributions	(2.90)	(.14)	(.25)	(.18)	-
Net asset value, end of period	$ 89.13	$ 85.35	$ 79.48	$ 65.82	$ 47.29
Total Return ^{B, C}	8.26%	7.57%	21.20%	39.70%	(41.14)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.77% ^A	.70%	.72%	.72%	.81% ^A
Expenses net of fee waivers, if any	.77% ^A	.70%	.72%	.72%	.81% ^A
Expenses net of all reductions	.77% ^A	.70%	.72%	.72%	.81% ^A
Net investment income (loss)	.23% ^A	.24%	.18%	.48%	.42% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 13,363	$ 10,568	$ 6,571	$ 4,050	$ 1,305
Portfolio turnover rate ^F	37% ^A	36%	36%	64%	55%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period May 9, 2008 (commencement of sale of shares) to November 30, 2008.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class F

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 85.36	$ 79.48	$ 65.82	$ 55.55
Income from Investment Operations
Net investment income (loss) ^D	.13	.26	.17	.16
Net realized and unrealized gain (loss)	6.58	5.79	13.77	10.11
Total from investment operations	6.71	6.05	13.94	10.27
Distributions from net investment income	(.22)	(.17)	(.27)	-
Distributions from net realized gain	(2.71)	-	(.01)	-
Total distributions	(2.94) ^I	(.17)	(.28)	-
Net asset value, end of period	$ 89.13	$ 85.36	$ 79.48	$ 65.82
Total Return ^{B, C}	8.29%	7.62%	21.26%	18.49%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.72% ^A	.65%	.67%	.67% ^A
Expenses net of fee waivers, if any	.72% ^A	.65%	.67%	.67% ^A
Expenses net of all reductions	.72% ^A	.65%	.67%	.67% ^A
Net investment income (loss)	.28% ^A	.30%	.23%	.60% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 3,456	$ 2,629	$ 1,264	$ 133
Portfolio turnover rate ^F	37% ^A	36%	36%	64%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period June 26, 2009 (commencement of sale of shares) to November 30, 2009.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^I Total distributions of $2.94 per share is comprised of distributions from net investment income of $.224 and distributions from net realized gain of $2.712 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2012 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity® Growth Company Fund (the Fund) is a fund of Fidelity Mt. Vernon Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Fund is currently closed to most new accounts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Growth Company, Class K, and Class F shares each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class F shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as investment manager. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to foreign currency transactions, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 15,247,398
Gross unrealized depreciation	(2,943,622)
Net unrealized appreciation (depreciation) on securities and other investments	$ 12,303,776
Tax cost	$ 29,577,543

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $7,645,427 and $7,900,432, respectively.

6. Fees and Other Transactions with Affiliates.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Company as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .71% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Growth Company. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC receives no fees for providing transfer agency services to Class F. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets*
Growth Company	23,757	.19
Class K	3,184	.05
	$ 26,941

* Annualized

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Interfund Lending Program - continued

with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 115,781	.40%	$ 12

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $59 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $29,592. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds and includes $390 from securities loaned to FCM.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2012	Year ended November 30, 2011
From net investment income
Growth Company	$ 14,166	$ 1,033
Class K	23,929	12,176
Class F	7,249	3,060
Total	$ 45,344	$ 16,269
From net realized gain
Growth Company	$ 768,386	$ -
Class K	341,548	-
Class F	87,770	-
Total	$ 1,197,704	$ -

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2012	Year ended November 30, 2011	Six months ended May 31, 2012	Year ended November 30, 2011
Growth Company
Shares sold	20,687	51,025	$ 1,880,137	$ 4,388,661
Reinvestment of distributions	9,639	12	763,625	1,012
Shares redeemed	(52,376)	(111,230)	(4,710,582)	(9,554,766)
Net increase (decrease)	(22,050)	(60,193)	$ (2,066,820)	$ (5,165,093)
Class K
Shares sold	37,419	62,815	$ 3,397,206	$ 5,422,105
Reinvestment of distributions	4,618	146	365,477	12,176
Shares redeemed	(15,941)	(21,815)	(1,427,211)	(1,876,905)
Net increase (decrease)	26,096	41,146	$ 2,335,472	$ 3,557,376

Semiannual Report

11. Share Transactions - continued

	Shares		Dollars
	Six months ended May 31, 2012	Year ended November 30, 2011	Six months ended May 31, 2012	Year ended November 30, 2011
Class F
Shares sold	9,848	18,542	$ 874,445	$ 1,585,903
Reinvestment of distributions	1,201	37	95,019	3,060
Shares redeemed	(3,075)	(3,695)	(292,007)	(317,840)
Net increase (decrease)	7,974	14,884	$ 677,457	$ 1,271,123

12. Other.

Semiannual Report

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Fidelity®
Growth Company
Fund -
Class F

Semiannual Report

May 31, 2012

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

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NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2011 to May 31, 2012).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value December 1, 2011	Ending Account Value May 31, 2012	Expenses Paid During Period* December 1, 2011 to May 31, 2012
Growth Company	.91%
Actual		$ 1,000.00	$ 1,081.80	$ 4.74
Hypothetical^A		$ 1,000.00	$ 1,020.45	$ 4.60
Class K	.77%
Actual		$ 1,000.00	$ 1,082.60	$ 4.01
Hypothetical^A		$ 1,000.00	$ 1,021.15	$ 3.89
Class F	.72%
Actual		$ 1,000.00	$ 1,082.90	$ 3.75
Hypothetical^A		$ 1,000.00	$ 1,021.40	$ 3.64

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.	8.8	6.2
salesforce.com, Inc.	3.6	2.9
Regeneron Pharmaceuticals, Inc.	2.8	1.4
Exxon Mobil Corp.	2.4	3.6
Google, Inc. Class A	2.2	3.4
lululemon athletica, Inc.	2.2	1.6
Red Hat, Inc.	1.9	1.9
Discover Financial Services	1.8	1.7
QUALCOMM, Inc.	1.7	1.6
Philip Morris International, Inc.	1.5	1.4
	28.9
Top Five Market Sectors as of May 31, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	35.5	35.2
Health Care	17.0	15.1
Consumer Discretionary	16.8	14.9
Consumer Staples	9.6	9.5
Energy	6.9	10.3

Asset Allocation (% of fund's net assets)
As of May 31, 2012 *			As of November 30, 2011 **
	Stocks 99.6%			Stocks 99.5%
	Convertible Securities 0.1%			Convertible Securities 0.2%
	Short-Term Investments and Net Other Assets (Liabilities) 0.3%			Short-Term Investments and Net Other Assets (Liabilities) 0.3%
* Foreign investments		9.3%	** Foreign investments		10.3%

mtv88

Semiannual Report

Investments May 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 16.8%
Automobiles - 0.2%
Ford Motor Co.	3,645,000		$ 38,491
General Motors Co. (a)	22,800		506
Tesla Motors, Inc. (a)	597,377		17,623
			56,620
Diversified Consumer Services - 0.1%
K12, Inc. (a)(d)(e)	1,970,000		43,182
Hotels, Restaurants & Leisure - 4.5%
Arcos Dorados Holdings, Inc.	2,114,900		28,593
Buffalo Wild Wings, Inc. (a)	719,900		61,271
Chipotle Mexican Grill, Inc. (a)	471,000		194,556
Ctrip.com International Ltd. sponsored ADR (a)(d)	625,000		11,500
Dunkin' Brands Group, Inc. (d)	2,903,340		94,271
Home Inns & Hotels Management, Inc. sponsored ADR (a)(d)(e)	2,975,000		63,725
Hyatt Hotels Corp. Class A (a)	1,948,440		72,073
Las Vegas Sands Corp.	2,685,000		123,993
McDonald's Corp.	5,025,000		448,934
Panera Bread Co. Class A (a)	875,000		128,581
Starbucks Corp.	7,358,400		403,903
Starwood Hotels & Resorts Worldwide, Inc.	1,445,000		76,368
Yum! Brands, Inc.	1,890,000		132,980
			1,840,748
Household Durables - 1.7%
Gafisa SA sponsored ADR (d)	1,570,000		3,909
Lennar Corp. Class A (d)	12,900,077		352,043
SodaStream International Ltd. (a)(d)(e)	1,976,272		61,264
Tempur-Pedic International, Inc. (a)	1,220,000		56,376
Toll Brothers, Inc. (a)	8,249,050		225,034
			698,626
Internet & Catalog Retail - 1.7%
Amazon.com, Inc. (a)	2,066,000		439,872
Groupon, Inc. Class A (a)(d)	42,790		455
Netflix, Inc. (a)(d)	71,000		4,504
Priceline.com, Inc. (a)	355,000		222,049
			666,880
Media - 0.8%
Comcast Corp. Class A	3,567,500		103,136
Lions Gate Entertainment Corp. (a)(d)	3,464,992		46,154
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
Pandora Media, Inc. (d)(e)	13,554,469		$ 145,575
Time Warner, Inc.	1,025,650		35,354
			330,219
Multiline Retail - 1.1%
Dollar Tree, Inc. (a)	562,500		58,039
JCPenney Co., Inc. (d)	9,810,000		257,316
Nordstrom, Inc.	800,000		37,896
Target Corp.	1,340,000		77,599
			430,850
Specialty Retail - 1.7%
Abercrombie & Fitch Co. Class A	1,660,000		55,676
AutoNation, Inc. (a)(d)	1,050,000		37,821
Bed Bath & Beyond, Inc. (a)	1,300,000		93,925
Francescas Holdings Corp. (a)(d)(e)	3,718,379		87,233
Home Depot, Inc.	5,230,000		258,048
Limited Brands, Inc.	1,460,000		64,766
Lumber Liquidators Holdings, Inc. (a)(d)(e)	2,760,167		80,293
Tiffany & Co., Inc.	225,000		12,463
Urban Outfitters, Inc. (a)	240,000		6,713
			696,938
Textiles, Apparel & Luxury Goods - 5.0%
Coach, Inc.	2,032,200		137,072
Fifth & Pacific Companies, Inc. (a)(e)	6,540,000		78,284
Fossil, Inc. (a)(e)	5,772,092		422,286
lululemon athletica, Inc. (a)(d)(e)	12,117,100		880,186
Michael Kors Holdings Ltd.	5,152,300		202,898
Michael Kors Holdings Ltd. (g)	1,320,193		46,790
NIKE, Inc. Class B	1,719,000		185,961
Tumi Holdings, Inc. (d)	680,650		11,741
Under Armour, Inc. Class A (sub. vtg.) (a)	338,700		34,117
VF Corp.	320,000		45,133
			2,044,468
TOTAL CONSUMER DISCRETIONARY			6,808,531
CONSUMER STAPLES - 9.6%
Beverages - 2.2%
Beam, Inc.	1,420,000		85,995
Dr Pepper Snapple Group, Inc.	655,000		27,025
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Beverages - continued
Monster Beverage Corp. (a)	2,810,000		$ 204,006
PepsiCo, Inc.	1,136,640		77,121
The Coca-Cola Co.	6,792,500		507,604
			901,751
Food & Staples Retailing - 1.8%
Costco Wholesale Corp.	1,695,800		146,500
Drogasil SA	1,731,873		16,015
Fresh Market, Inc. (a)(d)(e)	2,448,468		142,305
Wal-Mart Stores, Inc.	4,025,300		264,945
Walgreen Co.	555,000		16,939
Whole Foods Market, Inc.	1,580,000		140,004
			726,708
Food Products - 1.2%
Archer Daniels Midland Co.	1,000,000		31,880
General Mills, Inc.	1,165,600		44,619
Green Mountain Coffee Roasters, Inc. (a)(d)	4,045,612		95,476
Kellogg Co.	965,000		47,073
Mead Johnson Nutrition Co. Class A	1,941,800		156,781
Sara Lee Corp.	685,000		14,317
Smithfield Foods, Inc. (a)	1,615,000		31,767
The Hershey Co.	775,000		51,817
			473,730
Household Products - 0.8%
Church & Dwight Co., Inc.	2,660,000		141,618
Colgate-Palmolive Co.	1,230,000		120,909
Kimberly-Clark Corp.	670,000		53,165
Procter & Gamble Co.	464,483		28,933
			344,625
Personal Products - 1.4%
Avon Products, Inc.	468,615		7,756
Herbalife Ltd. (e)	11,100,210		497,178
Nu Skin Enterprises, Inc. Class A	1,180,000		50,598
			555,532
Tobacco - 2.2%
Altria Group, Inc.	5,785,380		186,231
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - continued
Lorillard, Inc.	805,000		$ 99,498
Philip Morris International, Inc.	7,100,380		600,053
			885,782
TOTAL CONSUMER STAPLES			3,888,128
ENERGY - 6.9%
Energy Equipment & Services - 1.3%
Carbo Ceramics, Inc. (d)	175,000		14,238
FMC Technologies, Inc. (a)	1,850,000		74,444
Halliburton Co.	3,750,000		112,725
Schlumberger Ltd.	4,949,600		313,062
			514,469
Oil, Gas & Consumable Fuels - 5.6%
Anadarko Petroleum Corp.	2,267,594		138,323
Apache Corp.	780,000		63,476
Chesapeake Energy Corp. (d)	1,905,000		32,195
Chevron Corp.	390,000		38,341
Cobalt International Energy, Inc. (a)	70,900		1,606
Concho Resources, Inc. (a)	1,205,000		105,727
Continental Resources, Inc. (a)(d)	1,130,000		82,332
Devon Energy Corp.	880,000		52,378
EOG Resources, Inc.	1,070,000		106,251
Exxon Mobil Corp.	12,275,000		965,183
Hess Corp.	660,000		28,842
Noble Energy, Inc.	320,000		27,027
Occidental Petroleum Corp.	3,105,000		246,133
Peabody Energy Corp.	530,000		12,381
Pioneer Natural Resources Co.	1,275,000		123,293
Plains Exploration & Production Co. (a)	3,970,000		142,086
Range Resources Corp.	1,158,689		66,555
Southwestern Energy Co. (a)	97,461		2,732
Valero Energy Corp.	2,840,000		59,924
			2,294,785
TOTAL ENERGY			2,809,254
FINANCIALS - 4.5%
Capital Markets - 0.4%
Charles Schwab Corp.	5,384,975		67,097
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
Franklin Resources, Inc.	45,000		$ 4,806
ICG Group, Inc. (a)(e)	3,775,000		32,843
T. Rowe Price Group, Inc.	915,000		52,695
			157,441
Commercial Banks - 1.0%
Banco Bradesco SA (PN) sponsored ADR	4,515,000		66,100
HDFC Bank Ltd. sponsored ADR	2,770,000		77,449
ICICI Bank Ltd. sponsored ADR	1,205,000		33,921
Itau Unibanco Banco Multiplo SA sponsored ADR	1,625,000		23,514
PrivateBancorp, Inc. (e)	4,067,500		59,914
Signature Bank (a)	656,885		40,339
Wells Fargo & Co.	2,752,300		88,211
			389,448
Consumer Finance - 2.0%
American Express Co.	1,832,548		102,311
Discover Financial Services	22,125,444		732,573
			834,884
Diversified Financial Services - 1.0%
Bank of America Corp.	6,175,000		45,386
BM&F Bovespa SA	23,879,772		113,073
Citigroup, Inc.	1,497,380		39,696
JPMorgan Chase & Co.	6,180,000		204,867
			403,022
Real Estate Management & Development - 0.1%
The St. Joe Co. (a)(d)	3,030,135		48,391
TOTAL FINANCIALS			1,833,186
HEALTH CARE - 16.9%
Biotechnology - 10.9%
Acadia Pharmaceuticals, Inc. (a)(d)	1,164,844		1,607
Alexion Pharmaceuticals, Inc. (a)	6,474,060		586,356
Alkermes PLC (a)(e)	13,008,514		203,193
Alnylam Pharmaceuticals, Inc. (a)(e)	3,633,250		37,204
Amylin Pharmaceuticals, Inc. (a)(e)	16,080,955		426,306
Array Biopharma, Inc. (a)	2,443,770		7,942
AVEO Pharmaceuticals, Inc. (a)	680,600		8,664
Biogen Idec, Inc. (a)	1,700,000		222,275
Celgene Corp. (a)	1,146,744		78,265
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Cepheid, Inc. (a)(e)	6,272,555		$ 237,291
Clovis Oncology, Inc. (d)(e)	1,372,700		24,448
Exelixis, Inc. (a)(d)(e)	14,452,881		66,917
Gilead Sciences, Inc. (a)	3,020,000		150,849
Halozyme Therapeutics, Inc. (a)	1,890,000		14,440
Human Genome Sciences, Inc. (a)(e)	20,911,837		284,819
ImmunoGen, Inc. (a)(d)(e)	7,719,195		108,146
Immunomedics, Inc. (a)(d)(e)	7,526,150		24,987
Incyte Corp. (a)(d)	695,000		14,810
InterMune, Inc. (a)(d)	2,348,117		24,491
Ironwood Pharmaceuticals, Inc. Class A (a)	3,695,000		44,044
Isis Pharmaceuticals, Inc. (a)(e)	10,016,251		99,061
Lexicon Pharmaceuticals, Inc. (a)(d)(e)	48,176,503		76,601
Merrimack Pharmaceuticals, Inc.	1,197,696		8,228
Merrimack Pharmaceuticals, Inc. (g)	1,428,572		8,833
Metabolix, Inc. (a)(d)(e)	2,605,799		5,212
Momenta Pharmaceuticals, Inc. (a)(d)	1,655,000		22,822
NPS Pharmaceuticals, Inc. (a)(e)	7,498,738		59,165
Regeneron Pharmaceuticals, Inc. (a)(e)	8,456,613		1,147,140
Rigel Pharmaceuticals, Inc. (a)(e)	6,549,836		48,665
Seattle Genetics, Inc. (a)(d)(e)	11,377,629		221,636
Transition Therapeutics, Inc. (a)(e)	2,332,446		4,548
Vertex Pharmaceuticals, Inc. (a)	3,009,767		180,706
			4,449,671
Health Care Equipment & Supplies - 0.6%
Align Technology, Inc. (a)	675,000		21,080
Baxter International, Inc.	505,000		25,563
DexCom, Inc. (a)	480,000		5,160
Edwards Lifesciences Corp. (a)	810,000		69,150
Genmark Diagnostics, Inc. (a)	91,853		413
Insulet Corp. (a)(e)	3,856,400		71,035
Medtronic, Inc.	754,964		27,813
St. Jude Medical, Inc.	834,200		32,050
			252,264
Health Care Providers & Services - 1.2%
Cardinal Health, Inc.	485,000		20,069
Catalyst Health Solutions, Inc. (a)	440,000		38,223
Express Scripts Holding Co. (a)	496,303		25,902
Humana, Inc.	840,000		64,168
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
McKesson Corp.	1,905,000		$ 166,268
UnitedHealth Group, Inc.	3,056,400		170,455
			485,085
Health Care Technology - 0.8%
athenahealth, Inc. (a)(d)	615,000		44,704
Cerner Corp. (a)	20,000		1,559
SXC Health Solutions Corp. (a)	2,893,000		265,814
			312,077
Pharmaceuticals - 3.4%
Abbott Laboratories	1,111,500		68,680
Allergan, Inc.	2,140,000		193,135
Bristol-Myers Squibb Co.	1,424,700		47,499
Concert Pharmaceuticals, Inc. (a)(g)	186,198		151
Elan Corp. PLC sponsored ADR (a)(e)	38,594,070		538,773
Endocyte, Inc. (a)(d)	511,041		3,286
Hospira, Inc. (a)	1,985,000		62,051
Johnson & Johnson	83,300		5,200
MAP Pharmaceuticals, Inc. (a)(d)(e)	3,065,443		36,080
Questcor Pharmaceuticals, Inc. (a)(d)	1,880,000		77,832
Teva Pharmaceutical Industries Ltd. sponsored ADR	705,000		27,629
Valeant Pharmaceuticals International, Inc. (Canada) (a)	6,572,261		321,152
			1,381,468
TOTAL HEALTH CARE			6,880,565
INDUSTRIALS - 6.0%
Aerospace & Defense - 1.7%
Honeywell International, Inc.	1,870,000		104,084
Lockheed Martin Corp.	1,040,100		86,120
The Boeing Co.	2,879,800		200,463
United Technologies Corp.	4,225,000		313,115
			703,782
Air Freight & Logistics - 0.7%
United Parcel Service, Inc. Class B	3,564,000		267,086
Airlines - 0.7%
JetBlue Airways Corp. (a)(d)(e)	19,034,923		99,553
Ryanair Holdings PLC sponsored ADR (a)	940,000		28,858
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Airlines - continued
Southwest Airlines Co.	2,548,515		$ 23,013
United Continental Holdings, Inc. (a)	5,865,000		147,622
			299,046
Construction & Engineering - 0.1%
Fluor Corp.	455,000		21,330
Electrical Equipment - 0.4%
Emerson Electric Co.	1,710,000		79,977
Rockwell Automation, Inc. (d)	1,160,000		84,112
			164,089
Industrial Conglomerates - 0.4%
3M Co.	565,000		47,692
Danaher Corp.	2,505,000		130,185
			177,877
Machinery - 1.4%
Caterpillar, Inc.	3,510,000		307,546
Cummins, Inc.	1,760,000		170,632
Deere & Co.	1,035,000		76,455
Rexnord Corp.	587,500		11,633
Westport Innovations, Inc. (a)(d)	693,000		16,916
			583,182
Road & Rail - 0.6%
CSX Corp.	4,065,000		84,918
Norfolk Southern Corp.	665,000		43,571
Union Pacific Corp.	980,000		109,172
			237,661
TOTAL INDUSTRIALS			2,454,053
INFORMATION TECHNOLOGY - 35.5%
Communications Equipment - 2.5%
Aruba Networks, Inc. (a)(d)	1,198,031		15,742
F5 Networks, Inc. (a)	405,000		41,909
Infinera Corp. (a)(d)(e)	10,323,181		66,172
Juniper Networks, Inc. (a)	460,000		7,912
Motorola Solutions, Inc.	445,000		21,396
QUALCOMM, Inc.	11,748,400		673,301
Riverbed Technology, Inc. (a)(e)	12,225,204		200,493
			1,026,925
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 9.4%
Apple, Inc. (a)	6,195,959		$ 3,579,598
Fusion-io, Inc. (d)(e)	9,011,501		188,160
Hewlett-Packard Co.	960,000		21,773
NetApp, Inc. (a)	1,059,686		31,536
Silicon Graphics International Corp. (a)(d)(e)	3,097,456		18,244
			3,839,311
Electronic Equipment & Components - 0.4%
Corning, Inc.	1,203,000		15,627
Trimble Navigation Ltd. (a)	595,000		28,063
Universal Display Corp. (a)(d)(e)	3,595,914		101,225
			144,915
Internet Software & Services - 4.5%
Akamai Technologies, Inc. (a)	575,000		16,871
Baidu.com, Inc. sponsored ADR (a)	2,570,000		302,669
Dropbox, Inc. (g)	1,105,082		10,000
eBay, Inc. (a)	4,562,200		178,793
Facebook, Inc.:
Class A	2,288,700		67,814
Class B (a)(g)	1,758,114		46,884
Google, Inc. Class A (a)	1,547,448		898,851
LinkedIn Corp. (a)	90,000		8,649
Mail.ru Group Ltd. GDR (a)(f)	1,577,600		49,489
MercadoLibre, Inc.	350,000		24,584
Rackspace Hosting, Inc. (a)	2,805,000		138,763
SINA Corp. (a)(d)	210,000		11,187
Yandex NV	895,000		17,837
YouKu.com, Inc. ADR (a)(d)	1,670,000		39,746
			1,812,137
IT Services - 3.3%
Cognizant Technology Solutions Corp. Class A (a)	1,734,716		101,047
IBM Corp.	2,989,800		576,732
MasterCard, Inc. Class A	833,000		338,623
Teradata Corp. (a)	1,020,000		67,810
VeriFone Systems, Inc. (a)	1,015,000		36,652
Visa, Inc. Class A	1,889,100		217,624
			1,338,488
Semiconductors & Semiconductor Equipment - 5.1%
Altera Corp.	345,000		11,526
Applied Micro Circuits Corp. (a)(e)	6,116,938		32,664
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
ARM Holdings PLC sponsored ADR	1,400,000		$ 32,886
ASML Holding NV	1,028,888		47,133
Atmel Corp. (a)	1,060,000		7,420
Broadcom Corp. Class A	2,600,000		84,110
Cree, Inc. (a)(d)(e)	11,615,294		291,195
Cypress Semiconductor Corp. (e)	15,893,240		209,632
Intel Corp.	2,100,000		54,264
KLA-Tencor Corp.	510,000		23,373
Marvell Technology Group Ltd.	1,918,310		24,036
MaxLinear, Inc. Class A (a)	2,354,608		10,549
Mellanox Technologies Ltd. (a)(e)	3,906,124		236,125
NVIDIA Corp. (a)(e)	44,855,384		557,552
Rambus, Inc. (a)(d)(e)	11,457,400		55,110
Samsung Electronics Co. Ltd.	50,000		51,293
Silicon Laboratories, Inc. (a)(e)	4,600,680		158,861
Texas Instruments, Inc.	3,941,000		112,240
Volterra Semiconductor Corp. (a)(e)	2,573,305		71,486
			2,071,455
Software - 10.3%
Activision Blizzard, Inc.	26,035,776		305,660
Adobe Systems, Inc. (a)	668,236		20,749
Citrix Systems, Inc. (a)	2,689,677		196,562
Electronic Arts, Inc. (a)	300,000		4,086
Fortinet, Inc. (a)	354,600		7,535
Guidewire Software, Inc. (d)	1,525,000		39,513
Intuit, Inc.	1,610,000		90,530
Jive Software, Inc. (d)	1,830,400		30,659
Microsoft Corp.	13,230,000		386,184
Oracle Corp.	5,715,000		151,276
QLIK Technologies, Inc. (a)(e)	8,181,676		185,969
Red Hat, Inc. (a)(e)	15,418,586		792,207
salesforce.com, Inc. (a)(e)	10,576,594		1,466,127
SolarWinds, Inc. (a)	2,765,000		126,803
Solera Holdings, Inc.	1,775,051		78,812
Splunk, Inc.	456,300		14,857
TiVo, Inc. (a)(e)	8,374,576		71,519
VMware, Inc. Class A (a)	2,242,533		208,578
			4,177,626
TOTAL INFORMATION TECHNOLOGY			14,410,857
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 3.4%
Chemicals - 2.7%
CF Industries Holdings, Inc.	1,026,785		$ 175,539
Dow Chemical Co.	3,245,000		100,790
E.I. du Pont de Nemours & Co.	3,645,000		175,908
Monsanto Co.	6,844,978		528,432
Potash Corp. of Saskatchewan, Inc.	788,600		31,236
The Mosaic Co.	1,435,000		68,421
			1,080,326
Metals & Mining - 0.7%
Alcoa, Inc.	1,650,000		14,108
Barrick Gold Corp.	54,000		2,122
Fortescue Metals Group Ltd.	16,422,802		73,908
Freeport-McMoRan Copper & Gold, Inc.	3,575,000		114,543
Mongolian Mining Corp. (a)	25,802,500		17,420
Newmont Mining Corp.	1,530,000		72,155
Nucor Corp.	200,000		7,152
			301,408
TOTAL MATERIALS			1,381,734
TOTAL COMMON STOCKS (Cost $28,070,543)		40,466,308
Preferred Stocks - 0.1%

Convertible Preferred Stocks - 0.1%
HEALTH CARE - 0.1%
Biotechnology - 0.0%
Ariosa Diagnostics (g)	827,814		5,000
Health Care Technology - 0.0%
Castlight Health, Inc. Series D (a)(g)	2,070,648		12,500
Pharmaceuticals - 0.1%
Agios Pharmaceuticals, Inc. Series C (g)	2,036,659		10,002
Concert Pharmaceuticals, Inc. Series C, 6.00% (a)(g)	4,000,000		7,160
			17,162
TOTAL HEALTH CARE			34,662
Preferred Stocks - continued
	Shares		Value (000s)
Nonconvertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Automobiles - 0.0%
Volkswagen AG	70,000		$ 11,231
TOTAL PREFERRED STOCKS (Cost $48,895)		45,893
Money Market Funds - 3.4%

Fidelity Cash Central Fund, 0.17% (b)	116,136,535		116,137
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	1,252,980,875		1,252,981
TOTAL MONEY MARKET FUNDS (Cost $1,369,118)		1,369,118
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $29,488,556)			41,881,319
NET OTHER ASSETS (LIABILITIES) - (3.1)%			(1,243,884)
NET ASSETS - 100%		$ 40,637,435

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Agios Pharmaceuticals, Inc. Series C	11/16/11	$ 10,002
Ariosa Diagnostics	11/30/11	$ 5,000
Castlight Health, Inc. Series D	4/25/12	$ 12,500
Concert Pharmaceuticals, Inc.	2/9/09	$ 151
Concert Pharmaceuticals, Inc. Series C, 6.00%	4/25/08	$ 10,000
Dropbox, Inc.	5/2/12	$ 10,000
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 43,965
Merrimack Pharmaceuticals, Inc.	3/31/11	$ 10,000
Michael Kors Holdings Ltd.	7/8/11	$ 16,000

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	$ 65
Fidelity Securities Lending Cash Central Fund	15,616
Total	$ 15,681

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Acadia Pharmaceuticals, Inc.	$ 2,734	$ -	$ 2,792	$ -	$ -
Alkermes PLC	155,687	46,945	-	-	203,193
Alnylam Pharmaceuticals, Inc.	21,380	8,827	1,206	-	37,204
Amylin Pharmaceuticals, Inc.	155,977	25,669	-	-	426,306
Applied Micro Circuits Corp.	19,240	24,759	-	-	32,664
Array Biopharma, Inc.	8,733	-	5,093	-	-
BJ's Restaurants, Inc.	89,346	-	89,547	-	-
Cepheid, Inc.	210,518	30,080	19,113	-	237,291
Clovis Oncology, Inc.	8,207	15,100	-	-	24,448
Cree, Inc.	146,571	160,315	-	-	291,195
Cypress Semiconductor Corp.	327,875	-	19,375	-	209,632
Elan Corp. PLC sponsored ADR	461,138	-	52,227	-	538,773
Endocyte, Inc.	19,749	-	5,554	-	-
Exelixis, Inc.	59,143	9,094	-	-	66,917
Fifth & Pacific Companies, Inc.	-	75,688	-	-	78,284
Fossil, Inc.	504,221	67,431	35,789	-	422,286
Francescas Holdings Corp.	28,946	50,442	-	-	87,233
Fresh Market, Inc.	92,130	5,633	-	-	142,305
Fusion-io, Inc.	175,921	102,361	-	-	188,160
Herbalife Ltd.	561,307	58,610	-	6,537	497,178
Home Inns & Hotels Management, Inc. sponsored ADR	113,369	-	14,631	-	63,725
Human Genome Sciences, Inc.	146,243	17,171	-	-	284,819
ICG Group, Inc.	32,503	-	-	-	32,843
ImmunoGen, Inc.	91,441	2,671	-	-	108,146
Immunomedics, Inc.	25,288	-	-	-	24,987
Infinera Corp.	69,850	1,553	-	-	66,172
Insulet Corp.	71,652	-	-	-	71,035
InterMune, Inc.	89,495	-	35,235	-	-
Isis Pharmaceuticals, Inc.	73,887	500	-	-	99,061
JetBlue Airways Corp.	118,182	-	46,695	-	99,553
Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
K12, Inc.	$ 23,971	$ 23,700	$ -	$ -	$ 43,182
Lexicon Pharmaceuticals, Inc.	39,495	16,295	-	-	76,601
Lions Gate Entertainment Corp.	51,733	45,831	96,526	-	-
lululemon athletica, Inc.	602,220	-	-	-	880,186
Lumber Liquidators Holdings, Inc.	46,757	-	-	-	80,293
MAP Pharmaceuticals, Inc.	37,692	4,602	-	-	36,080
MaxLinear, Inc. Class A	11,349	-	-	-	-
Mellanox Technologies Ltd.	136,158	999	-	-	236,125
Metabolix, Inc.	15,022	-	1,247	-	5,212
Micromet, Inc.	56,424	-	100,315	-	-
NPS Pharmaceuticals, Inc.	41,857	883	-	-	59,165
NVIDIA Corp.	647,403	149,929	103,906	-	557,552
Pandora Media, Inc.	26,213	109,344	-	-	145,575
Pharmasset, Inc.	974,116	-	967,313	-	-
PrivateBancorp, Inc.	39,048	-	-	81	59,914
QLIK Technologies, Inc.	193,237	35,201	-	-	185,969
Rambus, Inc.	91,430	-	-	-	55,110
Red Hat, Inc.	718,327	48,408	-	-	792,207
Regeneron Pharmaceuticals, Inc.	527,289	12,979	62,080	-	1,147,140
Rigel Pharmaceuticals, Inc.	49,910	-	-	-	48,665
Riverbed Technology, Inc.	367,848	50,092	84,633	-	200,493
salesforce.com, Inc.	1,096,640	161,815	-	-	1,466,127
Seattle Genetics, Inc.	189,210	-	-	-	221,636
Silicon Graphics International Corp.	46,214	-	-	-	18,244
Silicon Image, Inc.	32,167	-	34,392	-	-
Silicon Laboratories, Inc.	198,841	-	-	-	158,861
SodaStream International Ltd.	58,487	681	-	-	61,264
SuccessFactors, Inc.	204,934	-	317,976	-	-
TiVo, Inc.	114,851	-	33,787	-	71,519
Transition Therapeutics, Inc.	3,545	-	-	-	4,548
Universal Display Corp.	57,334	83,702	-	-	101,225
Vera Bradley, Inc.	93,095	-	86,582	-	-
Volterra Semiconductor Corp.	63,046	-	-	-	71,486
Total	$ 10,736,596	$ 1,447,310	$ 2,216,014	$ 6,618	$ 11,117,789

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 6,819,762	$ 6,761,741	$ 58,021	$ -
Consumer Staples	3,888,128	3,888,128	-	-
Energy	2,809,254	2,809,254	-	-
Financials	1,833,186	1,833,186	-	-
Health Care	6,915,227	6,871,581	8,833	34,813
Industrials	2,454,053	2,454,053	-	-
Information Technology	14,410,857	14,353,973	46,884	10,000
Materials	1,381,734	1,381,734	-	-
Money Market Funds	1,369,118	1,369,118	-	-
Total Investments in Securities:	$ 41,881,319	$ 41,722,768	$ 113,738	$ 44,813

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

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$ 96,266
Total Realized Gain (Loss)	(20,000)
Total Unrealized Gain (Loss)	20,000
Cost of Purchases	22,500
Proceeds of Sales	(30,000)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(43,953)
Ending Balance	$ 44,813
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2012	$ -

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	May 31, 2012 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $1,216,851) - See accompanying schedule: Unaffiliated issuers (cost $20,176,470)	$ 29,394,412
Fidelity Central Funds (cost $1,369,118)	1,369,118
Other affiliated issuers (cost $7,942,968)	11,117,789
Total Investments (cost $29,488,556)		$ 41,881,319
Cash		48
Receivable for investments sold		86,105
Receivable for fund shares sold		38,052
Dividends receivable		47,998
Distributions receivable from Fidelity Central Funds		1,330
Prepaid expenses		20
Other receivables		1,004
Total assets		42,055,876

Liabilities
Payable for investments purchased	$ 110,582
Payable for fund shares redeemed	24,355
Accrued management fee	24,726
Other affiliated payables	4,744
Other payables and accrued expenses	1,053
Collateral on securities loaned, at value	1,252,981
Total liabilities		1,418,441

Net Assets		$ 40,637,435
Net Assets consist of:
Paid in capital		$ 27,406,725
Undistributed net investment income		28,613
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		809,354
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		12,392,743
Net Assets		$ 40,637,435

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	May 31, 2012 (Unaudited)

Growth Company: Net Asset Value, offering price and redemption price per share ($23,819,367 ÷ 267,140 shares)		$ 89.16

Class K: Net Asset Value, offering price and redemption price per share ($13,362,554 ÷ 149,920 shares)		$ 89.13

Class F: Net Asset Value, offering price and redemption price per share ($3,455,514 ÷ 38,768 shares)		$ 89.13

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Six months ended May 31, 2012 (Unaudited)

Investment Income
Dividends (including $6,618 earned from other affiliated issuers)		$ 190,045
Interest		4
Income from Fidelity Central Funds (including $15,616 from security lending)		15,681
Total income		205,730

Expenses
Management fee Basic fee	$ 114,833
Performance adjustment	31,558
Transfer agent fees	26,941
Accounting and security lending fees	1,225
Custodian fees and expenses	496
Independent trustees' compensation	127
Appreciation in deferred trustee compensation account	1
Registration fees	234
Audit	48
Legal	55
Interest	12
Miscellaneous	234
Total expenses before reductions	175,764
Expense reductions	(307)	175,457
Net investment income (loss)		30,273
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	36,223
Other affiliated issuers	941,460
Foreign currency transactions	(203)
Total net realized gain (loss)		977,480
Change in net unrealized appreciation (depreciation) on: Investment securities	2,064,089
Assets and liabilities in foreign currencies	(9)
Total change in net unrealized appreciation (depreciation)		2,064,080
Net gain (loss)		3,041,560
Net increase (decrease) in net assets resulting from operations		$ 3,071,833

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands	Six months ended May 31, 2012 (Unaudited)	Year ended November 30, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 30,273	$ 55,998
Net realized gain (loss)	977,480	1,828,298
Change in net unrealized appreciation (depreciation)	2,064,080	753,704
Net increase (decrease) in net assets resulting from operations	3,071,833	2,638,000
Distributions to shareholders from net investment income	(45,344)	(16,269)
Distributions to shareholders from net realized gain	(1,197,704)	-
Total distributions	(1,243,048)	(16,269)
Share transactions - net increase (decrease)	946,109	(336,594)
Total increase (decrease) in net assets	2,774,894	2,285,137

Net Assets
Beginning of period	37,862,541	35,577,404
End of period (including undistributed net investment income of $28,613 and undistributed net investment income of $43,684, respectively)	$ 40,637,435	$ 37,862,541

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Growth Company

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 85.29	$ 79.40	$ 65.75	$ 47.24	$ 83.70	$ 69.66
Income from Investment Operations
Net investment income (loss) ^D	.04	.09	.01	.15	.11	(.06)
Net realized and unrealized gain (loss)	6.59	5.80	13.76	18.44	(35.97)	14.10
Total from investment operations	6.63	5.89	13.77	18.59	(35.86)	14.04
Distributions from net investment income	(.05)	- ^H	(.12)	(.08)	-	-
Distributions from net realized gain	(2.71)	-	(.01)	-	(.60)	-
Total distributions	(2.76)	- ^H	(.12) ^I	(.08)	(.60)	-
Net asset value, end of period	$ 89.16	$ 85.29	$ 79.40	$ 65.75	$ 47.24	$ 83.70
Total Return ^{B, C}	8.18%	7.42%	20.98%	39.41%	(43.15)%	20.16%
Ratios to Average Net Assets ^{E, G}
Expenses before reductions	.91% ^A	.84%	.89%	.93%	.97%	.94%
Expenses net of fee waivers, if any	.91% ^A	.84%	.89%	.93%	.97%	.94%
Expenses net of all reductions	.91% ^A	.84%	.89%	.93%	.96%	.93%
Net investment income (loss)	.09% ^A	.10%	.02%	.27%	.15%	(.08)%
Supplemental Data
Net assets, end of period (in millions)	$ 23,819	$ 24,665	$ 27,742	$ 27,204	$ 21,090	$ 36,955
Portfolio turnover rate ^F	37% ^A	36%	36%	64%	55%	49%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than $.01 per share.

^I Total distributions of $.12 per share is comprised of distributions from net investment income of $.119 and distributions from net realized gain of $.005 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class K

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 85.35	$ 79.48	$ 65.82	$ 47.29	$ 80.34
Income from Investment Operations
Net investment income (loss) ^D	.10	.21	.13	.27	.11
Net realized and unrealized gain (loss)	6.58	5.80	13.78	18.44	(33.16)
Total from investment operations	6.68	6.01	13.91	18.71	(33.05)
Distributions from net investment income	(.19)	(.14)	(.24)	(.18)	-
Distributions from net realized gain	(2.71)	-	(.01)	-	-
Total distributions	(2.90)	(.14)	(.25)	(.18)	-
Net asset value, end of period	$ 89.13	$ 85.35	$ 79.48	$ 65.82	$ 47.29
Total Return ^{B, C}	8.26%	7.57%	21.20%	39.70%	(41.14)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.77% ^A	.70%	.72%	.72%	.81% ^A
Expenses net of fee waivers, if any	.77% ^A	.70%	.72%	.72%	.81% ^A
Expenses net of all reductions	.77% ^A	.70%	.72%	.72%	.81% ^A
Net investment income (loss)	.23% ^A	.24%	.18%	.48%	.42% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 13,363	$ 10,568	$ 6,571	$ 4,050	$ 1,305
Portfolio turnover rate ^F	37% ^A	36%	36%	64%	55%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period May 9, 2008 (commencement of sale of shares) to November 30, 2008.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class F

	Six months ended May 31, 2012	Years ended November 30,
	(Unaudited)	2011	2010	2009 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 85.36	$ 79.48	$ 65.82	$ 55.55
Income from Investment Operations
Net investment income (loss) ^D	.13	.26	.17	.16
Net realized and unrealized gain (loss)	6.58	5.79	13.77	10.11
Total from investment operations	6.71	6.05	13.94	10.27
Distributions from net investment income	(.22)	(.17)	(.27)	-
Distributions from net realized gain	(2.71)	-	(.01)	-
Total distributions	(2.94) ^I	(.17)	(.28)	-
Net asset value, end of period	$ 89.13	$ 85.36	$ 79.48	$ 65.82
Total Return ^{B, C}	8.29%	7.62%	21.26%	18.49%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.72% ^A	.65%	.67%	.67% ^A
Expenses net of fee waivers, if any	.72% ^A	.65%	.67%	.67% ^A
Expenses net of all reductions	.72% ^A	.65%	.67%	.67% ^A
Net investment income (loss)	.28% ^A	.30%	.23%	.60% ^A
Supplemental Data
Net assets, end of period (in millions)	$ 3,456	$ 2,629	$ 1,264	$ 133
Portfolio turnover rate ^F	37% ^A	36%	36%	64%