N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3583

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	November 30

Date of reporting period:	August 31, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® 130/30
Large Cap Fund

August 31, 2011

1.859201.103

FLC-QTLY-1011

Investments August 31, 2011 (Unaudited)

Showing Percentage of Net Assets

LONG STOCK POSITIONS (c) - 126.4%
	Shares		Value
COMMON STOCKS - 125.2% CONSUMER DISCRETIONARY - 19.0%
Auto Components - 2.2%
Lear Corp.	5,300		$ 253,234
TRW Automotive Holdings Corp. (a)	6,800		283,492
			536,726
Diversified Consumer Services - 1.8%
ITT Educational Services, Inc. (a)	2,600		187,616
Weight Watchers International, Inc.	4,100		248,132
			435,748
Hotels, Restaurants & Leisure - 2.0%
Brinker International, Inc.	10,300		232,574
Wyndham Worldwide Corp.	8,200		266,336
			498,910
Media - 4.7%
CBS Corp. Class B	10,900		273,045
Comcast Corp. Class A (special) (non-vtg.)	7,800		165,048
DISH Network Corp. Class A (a)	13,600		338,096
Viacom, Inc. Class B (non-vtg.)	7,600		366,624
			1,142,813
Specialty Retail - 6.4%
GameStop Corp. Class A (a)	7,800		186,654
Home Depot, Inc.	13,800		460,644
Limited Brands, Inc.	15,300		577,422
Lithia Motors, Inc. Class A (sub. vtg.)	11,100		209,457
Signet Jewelers Ltd.	3,100		120,714
			1,554,891
Textiles, Apparel & Luxury Goods - 1.9%
VF Corp.	4,000		468,240
TOTAL CONSUMER DISCRETIONARY			4,637,328
CONSUMER STAPLES - 8.5%
Beverages - 3.0%
Anheuser-Busch InBev SA NV	13,193		728,299
Food Products - 1.9%
Chiquita Brands International, Inc. (a)	8,200		84,542
Fresh Del Monte Produce, Inc.	5,800		140,012
Kraft Foods, Inc. Class A	6,900		241,638
			466,192
Personal Products - 0.3%
Prestige Brands Holdings, Inc. (a)	6,370		68,605
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued CONSUMER STAPLES - continued
Tobacco - 3.3%
Imperial Tobacco Group PLC	5,605		$ 185,845
Lorillard, Inc.	5,500		612,810
			798,655
TOTAL CONSUMER STAPLES			2,061,751
ENERGY - 14.2%
Energy Equipment & Services - 5.5%
Baker Hughes, Inc.	3,700		226,107
Basic Energy Services, Inc. (a)	4,500		98,370
Halliburton Co.	12,500		554,625
Helix Energy Solutions Group, Inc. (a)	7,300		123,297
Helmerich & Payne, Inc.	2,100		119,742
Nabors Industries Ltd. (a)	5,400		99,576
Newpark Resources, Inc. (a)	15,300		126,684
			1,348,401
Oil, Gas & Consumable Fuels - 8.7%
Chevron Corp.	100		9,891
CVR Energy, Inc. (a)	10,900		310,323
HollyFrontier Corp.	5,292		379,754
Marathon Oil Corp.	18,400		495,328
Tesoro Corp. (a)	16,400		394,584
Valero Energy Corp.	13,800		313,536
Western Refining, Inc. (a)	11,500		200,560
			2,103,976
TOTAL ENERGY			3,452,377
FINANCIALS - 20.2%
Commercial Banks - 3.3%
Wells Fargo & Co.	30,400		793,440
Consumer Finance - 4.6%
Capital One Financial Corp.	17,200		792,060
SLM Corp.	23,800		326,774
			1,118,834
Diversified Financial Services - 5.4%
JPMorgan Chase & Co.	31,200		1,171,871
KKR Financial Holdings LLC	18,100		156,565
			1,328,436
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued FINANCIALS - continued
Insurance - 5.2%
Hartford Financial Services Group, Inc.	22,800		$ 436,392
Lincoln National Corp.	9,800		203,350
Prudential Financial, Inc.	9,800		492,058
Unum Group	5,800		136,532
			1,268,332
Real Estate Investment Trusts - 1.2%
American Capital Agency Corp.	10,200		290,802
Real Estate Management & Development - 0.5%
Brookfield Properties Corp.	7,400		124,618
TOTAL FINANCIALS			4,924,462
HEALTH CARE - 13.8%
Health Care Equipment & Supplies - 4.7%
Boston Scientific Corp. (a)	37,700		255,606
Covidien PLC	7,100		370,478
DENTSPLY International, Inc.	7,100		249,920
The Cooper Companies, Inc.	3,700		278,499
			1,154,503
Health Care Providers & Services - 6.8%
Aetna, Inc.	13,300		532,399
AmerisourceBergen Corp.	3,200		126,656
CIGNA Corp.	5,300		247,722
HealthSpring, Inc. (a)	9,500		370,880
Humana, Inc.	3,200		248,448
McKesson Corp.	1,500		119,895
			1,646,000
Pharmaceuticals - 2.3%
Eli Lilly & Co.	15,200		570,152
TOTAL HEALTH CARE			3,370,655
INDUSTRIALS - 12.8%
Aerospace & Defense - 1.0%
Teledyne Technologies, Inc. (a)	4,700		256,573
Airlines - 1.3%
Alaska Air Group, Inc. (a)	5,400		311,742
Commercial Services & Supplies - 1.2%
Sykes Enterprises, Inc. (a)	18,000		281,700
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued INDUSTRIALS - continued
Construction & Engineering - 4.2%
Foster Wheeler AG (a)	5,300		$ 130,115
KBR, Inc.	16,000		480,800
MasTec, Inc. (a)	18,500		410,700
			1,021,615
Electrical Equipment - 0.5%
General Cable Corp. (a)	2,300		69,345
Harbin Electric, Inc. (a)	3,400		56,372
			125,717
Industrial Conglomerates - 2.6%
General Electric Co.	38,400		626,304
Road & Rail - 2.0%
CSX Corp.	11,300		247,922
Norfolk Southern Corp.	3,700		250,416
			498,338
TOTAL INDUSTRIALS			3,121,989
INFORMATION TECHNOLOGY - 21.4%
Communications Equipment - 1.9%
Alcatel-Lucent SA sponsored ADR (a)	30,200		110,532
Motorola Solutions, Inc.	8,400		353,556
			464,088
Computers & Peripherals - 6.5%
Dell, Inc. (a)	16,300		242,300
Hewlett-Packard Co.	25,000		650,750
Seagate Technology	22,100		255,918
Western Digital Corp. (a)	14,800		436,452
			1,585,420
Electronic Equipment & Components - 1.7%
Flextronics International Ltd. (a)	19,200		110,400
Jabil Circuit, Inc.	18,400		310,040
			420,440
Internet Software & Services - 0.2%
Facebook, Inc. Class B (a)(d)	1,558		38,950
IT Services - 5.2%
Accenture PLC Class A	2,600		139,334
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued INFORMATION TECHNOLOGY - continued
IT Services - continued
Alliance Data Systems Corp. (a)	4,400		$ 411,004
MasterCard, Inc. Class A	2,200		725,362
			1,275,700
Semiconductors & Semiconductor Equipment - 4.3%
Entegris, Inc. (a)	28,400		213,568
GT Advanced Technologies, Inc. (a)	14,700		179,487
Samsung Electronics Co. Ltd.	790		551,939
Teradyne, Inc. (a)	8,900		107,690
			1,052,684
Software - 1.6%
Oracle Corp.	13,500		378,945
TOTAL INFORMATION TECHNOLOGY			5,216,227
MATERIALS - 8.4%
Chemicals - 4.7%
BASF AG	4,123		294,211
Celanese Corp. Class A	5,100		239,751
Rockwood Holdings, Inc. (a)	3,700		188,700
W.R. Grace & Co. (a)	4,400		173,448
Westlake Chemical Corp.	5,500		252,725
			1,148,835
Metals & Mining - 3.1%
Anglo American PLC (United Kingdom)	6,000		250,139
Freeport-McMoRan Copper & Gold, Inc.	5,400		254,556
Reliance Steel & Aluminum Co.	5,900		244,496
			749,191
Paper & Forest Products - 0.6%
Domtar Corp.	1,700		136,544
TOTAL MATERIALS			2,034,570
TELECOMMUNICATION SERVICES - 3.2%
Diversified Telecommunication Services - 3.2%
BT Group PLC	283,000		785,109
UTILITIES - 3.7%
Electric Utilities - 1.3%
El Paso Electric Co.	8,800		304,392
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued UTILITIES - continued
Independent Power Producers & Energy Traders - 2.4%
The AES Corp. (a)	53,900		$ 585,354
TOTAL UTILITIES			889,746
TOTAL COMMON STOCKS (Cost $32,101,297)		30,494,214
NONCONVERTIBLE PREFERRED STOCKS - 1.2%
CONSUMER DISCRETIONARY - 1.2%
Automobiles - 1.2%
Volkswagen AG (Cost $306,285)	1,800		299,843
TOTAL LONG STOCK POSITIONS - 126.4% (Cost $32,407,582)		30,794,057
Money Market Funds - 5.5%

Fidelity Cash Central Fund, 0.11% (b) (Cost $1,332,234)	1,332,234		1,332,234
TOTAL INVESTMENT PORTFOLIO - 131.9% (Cost $33,739,816)			32,126,291
TOTAL SECURITIES SOLD SHORT - (29.9)% (Proceeds $8,603,704)			(7,268,237)
NET OTHER ASSETS (LIABILITIES) - (2.0)%			(509,098)
NET ASSETS - 100%		$ 24,348,956

SHORT STOCK POSITIONS - (29.9)%
COMMON STOCKS - (29.9)%
CONSUMER DISCRETIONARY - (4.5)%
Auto Components - (0.5)%
Johnson Controls, Inc.	(3,700)	(117,956)
SHORT STOCK POSITIONS - continued
	Shares	Value
COMMON STOCKS - continued CONSUMER DISCRETIONARY - continued
Diversified Consumer Services - (0.7)%
Universal Technical Institute, Inc.	(11,600)	$ (168,896)
Hotels, Restaurants & Leisure - (0.9)%
Marriott International, Inc. Class A	(5,600)	(163,968)
Orient Express Hotels Ltd. Class A	(8,300)	(65,072)
		(229,040)
Media - (1.4)%
DreamWorks Animation SKG, Inc. Class A	(6,800)	(143,616)
Lamar Advertising Co. Class A	(9,700)	(202,827)
		(346,443)
Textiles, Apparel & Luxury Goods - (1.0)%
K-Swiss, Inc. Class A	(45,500)	(242,970)
TOTAL CONSUMER DISCRETIONARY		(1,105,305)
CONSUMER STAPLES - (1.0)%
Food & Staples Retailing - (1.0)%
Sysco Corp.	(8,500)	(237,405)
ENERGY - (1.2)%
Oil, Gas & Consumable Fuels - (1.2)%
Comstock Resources, Inc.	(7,900)	(160,765)
Penn Virginia Corp.	(16,000)	(130,560)
		(291,325)
FINANCIALS - (5.8)%
Capital Markets - (2.2)%
Deutsche Bank AG (NY Shares)	(2,800)	(113,316)
Eaton Vance Corp. (non-vtg.)	(7,700)	(187,957)
Janus Capital Group, Inc.	(15,600)	(113,880)
T. Rowe Price Group, Inc.	(2,500)	(133,700)
		(548,853)
Commercial Banks - (0.5)%
First Horizon National Corp.	(17,396)	(122,468)
SHORT STOCK POSITIONS - continued
	Shares	Value
COMMON STOCKS - continued FINANCIALS - continued
Real Estate Investment Trusts - (3.1)%
Corporate Office Properties Trust (SBI)	(8,200)	$ (219,678)
DuPont Fabros Technology, Inc.	(5,500)	(127,325)
Mack-Cali Realty Corp.	(7,200)	(224,280)
Plum Creek Timber Co., Inc.	(4,600)	(174,662)
		(745,945)
TOTAL FINANCIALS		(1,417,266)
HEALTH CARE - (4.2)%
Biotechnology - (1.5)%
Myriad Genetics, Inc.	(10,900)	(216,147)
Sangamo Biosciences, Inc.	(27,600)	(149,316)
		(365,463)
Health Care Equipment & Supplies - (2.2)%
Abaxis, Inc.	(8,600)	(213,882)
Neogen Corp.	(6,200)	(215,264)
NuVasive, Inc.	(4,200)	(101,766)
		(530,912)
Life Sciences Tools & Services - (0.5)%
Illumina, Inc.	(2,300)	(119,830)
TOTAL HEALTH CARE		(1,016,205)
INDUSTRIALS - (2.8)%
Airlines - (0.8)%
AMR Corp.	(56,700)	(205,254)
Building Products - (1.0)%
Masco Corp.	(27,000)	(239,490)
Machinery - (1.0)%
RBC Bearings, Inc.	(6,400)	(223,680)
TOTAL INDUSTRIALS		(668,424)
SHORT STOCK POSITIONS - continued
	Shares	Value
COMMON STOCKS - continued INFORMATION TECHNOLOGY - (4.8)%
Communications Equipment - (0.9)%
F5 Networks, Inc.	(2,700)	$ (220,374)
Electronic Equipment & Components - (0.8)%
Dolby Laboratories, Inc. Class A	(5,800)	(194,880)
Semiconductors & Semiconductor Equipment - (3.1)%
Atmel Corp.	(24,500)	(223,195)
FormFactor, Inc.	(27,900)	(220,131)
Mattson Technology, Inc.	(74,900)	(110,103)
Silicon Laboratories, Inc.	(6,000)	(207,420)
		(760,849)
TOTAL INFORMATION TECHNOLOGY		(1,176,103)
MATERIALS - (3.7)%
Chemicals - (0.9)%
The Scotts Miracle-Gro Co. Class A	(4,700)	(228,232)
Construction Materials - (0.8)%
Vulcan Materials Co.	(5,300)	(185,659)
Metals & Mining - (1.1)%
Titanium Metals Corp.	(15,700)	(251,671)
Paper & Forest Products - (0.9)%
Louisiana-Pacific Corp.	(34,600)	(230,782)
TOTAL MATERIALS		(896,344)
UTILITIES - (1.9)%
Electric Utilities - (1.2)%
Progress Energy, Inc.	(6,100)	(297,680)
Independent Power Producers & Energy Traders - (0.7)%
Black Hills Corp.	(5,300)	(162,180)
TOTAL UTILITIES		(459,860)
TOTAL SHORT STOCK POSITIONS - (29.9)% (Proceeds $8,603,704)		$ (7,268,237)

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 $38,950 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	$ 1,267

Other Information

The following is a summary of the inputs used, as of August 31, 2011, 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 Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 4,937,171	$ 4,937,171	$ -	$ -
Consumer Staples	2,061,751	1,333,452	728,299	-
Energy	3,452,377	3,452,377	-	-
Financials	4,924,462	4,924,462	-	-
Health Care	3,370,655	3,370,655	-	-
Industrials	3,121,989	3,121,989	-	-
Information Technology	5,216,227	5,177,277	-	38,950
Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Materials	$ 2,034,570	$ 2,034,570	$ -	$ -
Telecommunication Services	785,109	-	785,109	-
Utilities	889,746	889,746	-	-
Money Market Funds	1,332,234	1,332,234	-	-
Short Positions	(7,268,237)	(7,268,237)	-	-
Total Investments in Securities:	$ 24,858,054	$ 23,305,696	$ 1,513,408	$ 38,950

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(11)
Cost of Purchases	38,961
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 38,950
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2011	$ (11)

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.

Income Tax Information

At August 31, 2011, the cost of investment securities for income tax purposes was $33,795,070. Net unrealized depreciation aggregated $1,668,779, of which $1,261,308 related to appreciated investment securities and $2,930,087 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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 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: 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:

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, 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 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.

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

Quarterly Report

see the fund's most recent prospectus and annual report.

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2011

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

1.859223.103

AFLC-QTLY-1011

Investments August 31, 2011 (Unaudited)

Showing Percentage of Net Assets

LONG STOCK POSITIONS (c) - 126.4%
	Shares		Value
COMMON STOCKS - 125.2% CONSUMER DISCRETIONARY - 19.0%
Auto Components - 2.2%
Lear Corp.	5,300		$ 253,234
TRW Automotive Holdings Corp. (a)	6,800		283,492
			536,726
Diversified Consumer Services - 1.8%
ITT Educational Services, Inc. (a)	2,600		187,616
Weight Watchers International, Inc.	4,100		248,132
			435,748
Hotels, Restaurants & Leisure - 2.0%
Brinker International, Inc.	10,300		232,574
Wyndham Worldwide Corp.	8,200		266,336
			498,910
Media - 4.7%
CBS Corp. Class B	10,900		273,045
Comcast Corp. Class A (special) (non-vtg.)	7,800		165,048
DISH Network Corp. Class A (a)	13,600		338,096
Viacom, Inc. Class B (non-vtg.)	7,600		366,624
			1,142,813
Specialty Retail - 6.4%
GameStop Corp. Class A (a)	7,800		186,654
Home Depot, Inc.	13,800		460,644
Limited Brands, Inc.	15,300		577,422
Lithia Motors, Inc. Class A (sub. vtg.)	11,100		209,457
Signet Jewelers Ltd.	3,100		120,714
			1,554,891
Textiles, Apparel & Luxury Goods - 1.9%
VF Corp.	4,000		468,240
TOTAL CONSUMER DISCRETIONARY			4,637,328
CONSUMER STAPLES - 8.5%
Beverages - 3.0%
Anheuser-Busch InBev SA NV	13,193		728,299
Food Products - 1.9%
Chiquita Brands International, Inc. (a)	8,200		84,542
Fresh Del Monte Produce, Inc.	5,800		140,012
Kraft Foods, Inc. Class A	6,900		241,638
			466,192
Personal Products - 0.3%
Prestige Brands Holdings, Inc. (a)	6,370		68,605
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued CONSUMER STAPLES - continued
Tobacco - 3.3%
Imperial Tobacco Group PLC	5,605		$ 185,845
Lorillard, Inc.	5,500		612,810
			798,655
TOTAL CONSUMER STAPLES			2,061,751
ENERGY - 14.2%
Energy Equipment & Services - 5.5%
Baker Hughes, Inc.	3,700		226,107
Basic Energy Services, Inc. (a)	4,500		98,370
Halliburton Co.	12,500		554,625
Helix Energy Solutions Group, Inc. (a)	7,300		123,297
Helmerich & Payne, Inc.	2,100		119,742
Nabors Industries Ltd. (a)	5,400		99,576
Newpark Resources, Inc. (a)	15,300		126,684
			1,348,401
Oil, Gas & Consumable Fuels - 8.7%
Chevron Corp.	100		9,891
CVR Energy, Inc. (a)	10,900		310,323
HollyFrontier Corp.	5,292		379,754
Marathon Oil Corp.	18,400		495,328
Tesoro Corp. (a)	16,400		394,584
Valero Energy Corp.	13,800		313,536
Western Refining, Inc. (a)	11,500		200,560
			2,103,976
TOTAL ENERGY			3,452,377
FINANCIALS - 20.2%
Commercial Banks - 3.3%
Wells Fargo & Co.	30,400		793,440
Consumer Finance - 4.6%
Capital One Financial Corp.	17,200		792,060
SLM Corp.	23,800		326,774
			1,118,834
Diversified Financial Services - 5.4%
JPMorgan Chase & Co.	31,200		1,171,871
KKR Financial Holdings LLC	18,100		156,565
			1,328,436
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued FINANCIALS - continued
Insurance - 5.2%
Hartford Financial Services Group, Inc.	22,800		$ 436,392
Lincoln National Corp.	9,800		203,350
Prudential Financial, Inc.	9,800		492,058
Unum Group	5,800		136,532
			1,268,332
Real Estate Investment Trusts - 1.2%
American Capital Agency Corp.	10,200		290,802
Real Estate Management & Development - 0.5%
Brookfield Properties Corp.	7,400		124,618
TOTAL FINANCIALS			4,924,462
HEALTH CARE - 13.8%
Health Care Equipment & Supplies - 4.7%
Boston Scientific Corp. (a)	37,700		255,606
Covidien PLC	7,100		370,478
DENTSPLY International, Inc.	7,100		249,920
The Cooper Companies, Inc.	3,700		278,499
			1,154,503
Health Care Providers & Services - 6.8%
Aetna, Inc.	13,300		532,399
AmerisourceBergen Corp.	3,200		126,656
CIGNA Corp.	5,300		247,722
HealthSpring, Inc. (a)	9,500		370,880
Humana, Inc.	3,200		248,448
McKesson Corp.	1,500		119,895
			1,646,000
Pharmaceuticals - 2.3%
Eli Lilly & Co.	15,200		570,152
TOTAL HEALTH CARE			3,370,655
INDUSTRIALS - 12.8%
Aerospace & Defense - 1.0%
Teledyne Technologies, Inc. (a)	4,700		256,573
Airlines - 1.3%
Alaska Air Group, Inc. (a)	5,400		311,742
Commercial Services & Supplies - 1.2%
Sykes Enterprises, Inc. (a)	18,000		281,700
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued INDUSTRIALS - continued
Construction & Engineering - 4.2%
Foster Wheeler AG (a)	5,300		$ 130,115
KBR, Inc.	16,000		480,800
MasTec, Inc. (a)	18,500		410,700
			1,021,615
Electrical Equipment - 0.5%
General Cable Corp. (a)	2,300		69,345
Harbin Electric, Inc. (a)	3,400		56,372
			125,717
Industrial Conglomerates - 2.6%
General Electric Co.	38,400		626,304
Road & Rail - 2.0%
CSX Corp.	11,300		247,922
Norfolk Southern Corp.	3,700		250,416
			498,338
TOTAL INDUSTRIALS			3,121,989
INFORMATION TECHNOLOGY - 21.4%
Communications Equipment - 1.9%
Alcatel-Lucent SA sponsored ADR (a)	30,200		110,532
Motorola Solutions, Inc.	8,400		353,556
			464,088
Computers & Peripherals - 6.5%
Dell, Inc. (a)	16,300		242,300
Hewlett-Packard Co.	25,000		650,750
Seagate Technology	22,100		255,918
Western Digital Corp. (a)	14,800		436,452
			1,585,420
Electronic Equipment & Components - 1.7%
Flextronics International Ltd. (a)	19,200		110,400
Jabil Circuit, Inc.	18,400		310,040
			420,440
Internet Software & Services - 0.2%
Facebook, Inc. Class B (a)(d)	1,558		38,950
IT Services - 5.2%
Accenture PLC Class A	2,600		139,334
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued INFORMATION TECHNOLOGY - continued
IT Services - continued
Alliance Data Systems Corp. (a)	4,400		$ 411,004
MasterCard, Inc. Class A	2,200		725,362
			1,275,700
Semiconductors & Semiconductor Equipment - 4.3%
Entegris, Inc. (a)	28,400		213,568
GT Advanced Technologies, Inc. (a)	14,700		179,487
Samsung Electronics Co. Ltd.	790		551,939
Teradyne, Inc. (a)	8,900		107,690
			1,052,684
Software - 1.6%
Oracle Corp.	13,500		378,945
TOTAL INFORMATION TECHNOLOGY			5,216,227
MATERIALS - 8.4%
Chemicals - 4.7%
BASF AG	4,123		294,211
Celanese Corp. Class A	5,100		239,751
Rockwood Holdings, Inc. (a)	3,700		188,700
W.R. Grace & Co. (a)	4,400		173,448
Westlake Chemical Corp.	5,500		252,725
			1,148,835
Metals & Mining - 3.1%
Anglo American PLC (United Kingdom)	6,000		250,139
Freeport-McMoRan Copper & Gold, Inc.	5,400		254,556
Reliance Steel & Aluminum Co.	5,900		244,496
			749,191
Paper & Forest Products - 0.6%
Domtar Corp.	1,700		136,544
TOTAL MATERIALS			2,034,570
TELECOMMUNICATION SERVICES - 3.2%
Diversified Telecommunication Services - 3.2%
BT Group PLC	283,000		785,109
UTILITIES - 3.7%
Electric Utilities - 1.3%
El Paso Electric Co.	8,800		304,392
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued UTILITIES - continued
Independent Power Producers & Energy Traders - 2.4%
The AES Corp. (a)	53,900		$ 585,354
TOTAL UTILITIES			889,746
TOTAL COMMON STOCKS (Cost $32,101,297)		30,494,214
NONCONVERTIBLE PREFERRED STOCKS - 1.2%
CONSUMER DISCRETIONARY - 1.2%
Automobiles - 1.2%
Volkswagen AG (Cost $306,285)	1,800		299,843
TOTAL LONG STOCK POSITIONS - 126.4% (Cost $32,407,582)		30,794,057
Money Market Funds - 5.5%

Fidelity Cash Central Fund, 0.11% (b) (Cost $1,332,234)	1,332,234		1,332,234
TOTAL INVESTMENT PORTFOLIO - 131.9% (Cost $33,739,816)			32,126,291
TOTAL SECURITIES SOLD SHORT - (29.9)% (Proceeds $8,603,704)			(7,268,237)
NET OTHER ASSETS (LIABILITIES) - (2.0)%			(509,098)
NET ASSETS - 100%		$ 24,348,956

SHORT STOCK POSITIONS - (29.9)%
COMMON STOCKS - (29.9)%
CONSUMER DISCRETIONARY - (4.5)%
Auto Components - (0.5)%
Johnson Controls, Inc.	(3,700)	(117,956)
SHORT STOCK POSITIONS - continued
	Shares	Value
COMMON STOCKS - continued CONSUMER DISCRETIONARY - continued
Diversified Consumer Services - (0.7)%
Universal Technical Institute, Inc.	(11,600)	$ (168,896)
Hotels, Restaurants & Leisure - (0.9)%
Marriott International, Inc. Class A	(5,600)	(163,968)
Orient Express Hotels Ltd. Class A	(8,300)	(65,072)
		(229,040)
Media - (1.4)%
DreamWorks Animation SKG, Inc. Class A	(6,800)	(143,616)
Lamar Advertising Co. Class A	(9,700)	(202,827)
		(346,443)
Textiles, Apparel & Luxury Goods - (1.0)%
K-Swiss, Inc. Class A	(45,500)	(242,970)
TOTAL CONSUMER DISCRETIONARY		(1,105,305)
CONSUMER STAPLES - (1.0)%
Food & Staples Retailing - (1.0)%
Sysco Corp.	(8,500)	(237,405)
ENERGY - (1.2)%
Oil, Gas & Consumable Fuels - (1.2)%
Comstock Resources, Inc.	(7,900)	(160,765)
Penn Virginia Corp.	(16,000)	(130,560)
		(291,325)
FINANCIALS - (5.8)%
Capital Markets - (2.2)%
Deutsche Bank AG (NY Shares)	(2,800)	(113,316)
Eaton Vance Corp. (non-vtg.)	(7,700)	(187,957)
Janus Capital Group, Inc.	(15,600)	(113,880)
T. Rowe Price Group, Inc.	(2,500)	(133,700)
		(548,853)
Commercial Banks - (0.5)%
First Horizon National Corp.	(17,396)	(122,468)
SHORT STOCK POSITIONS - continued
	Shares	Value
COMMON STOCKS - continued FINANCIALS - continued
Real Estate Investment Trusts - (3.1)%
Corporate Office Properties Trust (SBI)	(8,200)	$ (219,678)
DuPont Fabros Technology, Inc.	(5,500)	(127,325)
Mack-Cali Realty Corp.	(7,200)	(224,280)
Plum Creek Timber Co., Inc.	(4,600)	(174,662)
		(745,945)
TOTAL FINANCIALS		(1,417,266)
HEALTH CARE - (4.2)%
Biotechnology - (1.5)%
Myriad Genetics, Inc.	(10,900)	(216,147)
Sangamo Biosciences, Inc.	(27,600)	(149,316)
		(365,463)
Health Care Equipment & Supplies - (2.2)%
Abaxis, Inc.	(8,600)	(213,882)
Neogen Corp.	(6,200)	(215,264)
NuVasive, Inc.	(4,200)	(101,766)
		(530,912)
Life Sciences Tools & Services - (0.5)%
Illumina, Inc.	(2,300)	(119,830)
TOTAL HEALTH CARE		(1,016,205)
INDUSTRIALS - (2.8)%
Airlines - (0.8)%
AMR Corp.	(56,700)	(205,254)
Building Products - (1.0)%
Masco Corp.	(27,000)	(239,490)
Machinery - (1.0)%
RBC Bearings, Inc.	(6,400)	(223,680)
TOTAL INDUSTRIALS		(668,424)
SHORT STOCK POSITIONS - continued
	Shares	Value
COMMON STOCKS - continued INFORMATION TECHNOLOGY - (4.8)%
Communications Equipment - (0.9)%
F5 Networks, Inc.	(2,700)	$ (220,374)
Electronic Equipment & Components - (0.8)%
Dolby Laboratories, Inc. Class A	(5,800)	(194,880)
Semiconductors & Semiconductor Equipment - (3.1)%
Atmel Corp.	(24,500)	(223,195)
FormFactor, Inc.	(27,900)	(220,131)
Mattson Technology, Inc.	(74,900)	(110,103)
Silicon Laboratories, Inc.	(6,000)	(207,420)
		(760,849)
TOTAL INFORMATION TECHNOLOGY		(1,176,103)
MATERIALS - (3.7)%
Chemicals - (0.9)%
The Scotts Miracle-Gro Co. Class A	(4,700)	(228,232)
Construction Materials - (0.8)%
Vulcan Materials Co.	(5,300)	(185,659)
Metals & Mining - (1.1)%
Titanium Metals Corp.	(15,700)	(251,671)
Paper & Forest Products - (0.9)%
Louisiana-Pacific Corp.	(34,600)	(230,782)
TOTAL MATERIALS		(896,344)
UTILITIES - (1.9)%
Electric Utilities - (1.2)%
Progress Energy, Inc.	(6,100)	(297,680)
Independent Power Producers & Energy Traders - (0.7)%
Black Hills Corp.	(5,300)	(162,180)
TOTAL UTILITIES		(459,860)
TOTAL SHORT STOCK POSITIONS - (29.9)% (Proceeds $8,603,704)		$ (7,268,237)

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	$ 1,267

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 4,937,171	$ 4,937,171	$ -	$ -
Consumer Staples	2,061,751	1,333,452	728,299	-
Energy	3,452,377	3,452,377	-	-
Financials	4,924,462	4,924,462	-	-
Health Care	3,370,655	3,370,655	-	-
Industrials	3,121,989	3,121,989	-	-
Information Technology	5,216,227	5,177,277	-	38,950
Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Materials	$ 2,034,570	$ 2,034,570	$ -	$ -
Telecommunication Services	785,109	-	785,109	-
Utilities	889,746	889,746	-	-
Money Market Funds	1,332,234	1,332,234	-	-
Short Positions	(7,268,237)	(7,268,237)	-	-
Total Investments in Securities:	$ 24,858,054	$ 23,305,696	$ 1,513,408	$ 38,950

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(11)
Cost of Purchases	38,961
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 38,950
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2011	$ (11)

Income Tax Information

Investment Valuation

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.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth Company Fund
Growth Company
Class K
Class F

August 31, 2011

1.805820.107

GCF-QTLY-1011

Investments August 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 15.2%
Automobiles - 0.2%
Ford Motor Co. (a)	5,645,000		$ 62,772
General Motors Co.	22,800		548
Tesla Motors, Inc. (a)(d)	275,000		6,804
			70,124
Diversified Consumer Services - 0.5%
Coinstar, Inc. (a)(d)(e)	1,851,707		84,419
K12, Inc. (a)(d)	960,000		25,805
Weight Watchers International, Inc.	1,503,600		90,998
			201,222
Hotels, Restaurants & Leisure - 4.7%
Arcos Dorados Holdings, Inc.	1,597,600		44,046
BJ's Restaurants, Inc. (a)(e)	2,442,104		112,752
Buffalo Wild Wings, Inc. (a)	894,900		55,153
Chipotle Mexican Grill, Inc. (a)	300,000		94,011
Darden Restaurants, Inc.	680,000		32,708
Dunkin' Brands Group, Inc. (a)(d)	2,581,840		68,006
Home Inns & Hotels Management, Inc. sponsored ADR (a)(d)	3,215,000		122,942
Hyatt Hotels Corp. Class A (a)	4,373,440		155,301
Las Vegas Sands Corp. (a)	2,385,000		111,069
McDonald's Corp.	6,050,000		547,283
Panera Bread Co. Class A (a)	935,000		107,665
Starbucks Corp.	6,538,400		252,513
Starwood Hotels & Resorts Worldwide, Inc.	680,000		30,301
The Cheesecake Factory, Inc. (a)	1,515,000		41,587
			1,775,337
Household Durables - 1.3%
Gafisa SA sponsored ADR (d)	1,570,000		14,789
Lennar Corp. Class A	2,736,253		40,223
SodaStream International Ltd. (d)(e)	1,302,972		46,190
Tempur-Pedic International, Inc. (a)	1,620,000		94,349
Toll Brothers, Inc. (a)	5,127,787		88,147
Tupperware Brands Corp. (e)	3,050,000		202,825
			486,523
Internet & Catalog Retail - 2.0%
Amazon.com, Inc. (a)	2,476,000		533,058
Netflix, Inc. (a)	286,000		67,213
Priceline.com, Inc. (a)	293,000		157,417
			757,688
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - 0.4%
Comcast Corp. Class A	3,097,500		$ 66,627
IMAX Corp. (a)	1,040,500		18,240
Pandora Media, Inc. (d)	2,191,600		28,929
Time Warner, Inc.	1,025,650		32,472
			146,268
Multiline Retail - 0.6%
Dollar Tree, Inc. (a)	562,500		40,174
JCPenney Co., Inc.	3,650,000		97,200
Kohl's Corp.	1,240,000		57,462
Nordstrom, Inc.	800,000		36,368
Target Corp.	140,000		7,234
			238,438
Specialty Retail - 1.5%
Abercrombie & Fitch Co. Class A	2,160,000		137,398
AutoNation, Inc. (a)(d)	1,050,000		42,399
Bed Bath & Beyond, Inc. (a)	1,300,000		73,918
CarMax, Inc. (a)	720,000		20,239
Express, Inc.	2,085,000		39,803
Francescas Holdings Corp. (a)	1,078,679		24,734
GameStop Corp. Class A (a)	140,000		3,350
Home Depot, Inc.	1,960,000		65,425
Limited Brands, Inc.	1,035,000		39,061
Lumber Liquidators Holdings, Inc. (a)(d)(e)	2,760,167		41,789
Teavana Holdings, Inc. (a)(d)	449,300		11,659
Tiffany & Co., Inc.	625,000		44,975
Urban Outfitters, Inc. (a)	240,000		6,282
			551,032
Textiles, Apparel & Luxury Goods - 4.0%
Coach, Inc.	2,082,200		117,061
Fossil, Inc. (a)(e)	5,378,293		519,597
lululemon athletica, Inc. (a)(d)(e)	12,117,100		663,169
NIKE, Inc. Class B	1,289,000		111,692
Under Armour, Inc. Class A (sub. vtg.) (a)	100,000		7,086
Vera Bradley, Inc. (d)(e)	2,424,357		85,095
			1,503,700
TOTAL CONSUMER DISCRETIONARY			5,730,332
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - 9.7%
Beverages - 2.1%
Dr Pepper Snapple Group, Inc.	1,480,000		$ 56,950
Hansen Natural Corp. (a)	1,110,000		94,705
PepsiCo, Inc.	2,826,640		182,120
The Coca-Cola Co.	6,257,500		440,841
			774,616
Food & Staples Retailing - 1.9%
Costco Wholesale Corp.	2,345,800		184,239
CVS Caremark Corp.	2,780		100
Droga Raia SA	756,000		13,297
Fresh Market, Inc. (d)	2,348,468		90,674
Kroger Co.	353,200		8,321
Wal-Mart Stores, Inc.	2,855,300		151,931
Walgreen Co.	4,855,000		170,945
Whole Foods Market, Inc.	1,680,000		110,930
			730,437
Food Products - 1.4%
Archer Daniels Midland Co.	135,000		3,845
Dean Foods Co. (a)	1,500,000		12,960
General Mills, Inc.	1,165,600		44,188
Green Mountain Coffee Roasters, Inc. (a)	2,162,978		226,550
Hershey Co.	460,000		26,979
Kellogg Co.	1,265,000		68,715
Mead Johnson Nutrition Co. Class A	1,206,800		85,985
Sara Lee Corp.	685,000		12,357
Smithfield Foods, Inc. (a)	1,555,000		34,086
			515,665
Household Products - 0.8%
Church & Dwight Co., Inc.	2,660,000		115,816
Colgate-Palmolive Co.	1,230,000		110,663
Kimberly-Clark Corp.	670,000		46,337
Procter & Gamble Co.	269,483		17,161
			289,977
Personal Products - 1.6%
Avon Products, Inc.	668,615		15,084
Herbalife Ltd. (e)	9,925,210		553,827
Nu Skin Enterprises, Inc. Class A	1,180,000		49,902
			618,813
Tobacco - 1.9%
Altria Group, Inc.	7,025,380		191,020
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - continued
Lorillard, Inc.	305,000		$ 33,983
Philip Morris International, Inc.	7,180,380		497,744
			722,747
TOTAL CONSUMER STAPLES			3,652,255
ENERGY - 11.0%
Energy Equipment & Services - 2.8%
Baker Hughes, Inc.	1,060,000		64,777
Carbo Ceramics, Inc.	820,000		131,323
FMC Technologies, Inc. (a)	1,850,000		82,251
Halliburton Co.	4,775,000		211,867
Schlumberger Ltd.	5,999,600		468,689
Transocean Ltd. (United States)	1,710,000		95,794
Weatherford International Ltd. (a)	1,445,000		24,753
			1,079,454
Oil, Gas & Consumable Fuels - 8.2%
Anadarko Petroleum Corp.	1,627,594		120,035
Apache Corp.	1,105,000		113,892
Chesapeake Energy Corp.	10,425,000		337,666
Chevron Corp.	1,355,000		134,023
Concho Resources, Inc. (a)	1,135,000		98,688
Continental Resources, Inc. (a)	1,110,000		62,038
Devon Energy Corp.	880,000		59,690
EOG Resources, Inc.	635,000		58,795
Exxon Mobil Corp.	17,625,000		1,304,955
Hess Corp.	1,925,000		114,230
Noble Energy, Inc.	910,000		80,408
Occidental Petroleum Corp.	1,345,000		116,665
Peabody Energy Corp.	1,435,000		70,028
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	750,000		19,988
Range Resources Corp.	2,173,689		140,768
Solazyme, Inc.	1,554,600		21,780
Southwestern Energy Co. (a)	3,722,461		141,267
Ultra Petroleum Corp. (a)	1,160,000		38,860
Valero Energy Corp.	2,840,000		64,525
			3,098,301
TOTAL ENERGY			4,177,755
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - 4.0%
Capital Markets - 0.6%
Charles Schwab Corp.	4,294,975		$ 52,957
Franklin Resources, Inc.	495,000		59,360
ICG Group, Inc. (a)(e)	3,775,000		38,675
T. Rowe Price Group, Inc.	1,015,000		54,282
TD Ameritrade Holding Corp.	765,000		11,766
			217,040
Commercial Banks - 0.7%
Banco Bradesco SA (PN) sponsored ADR	2,040,000		36,414
HDFC Bank Ltd. sponsored ADR	2,375,000		79,230
ICICI Bank Ltd. sponsored ADR	1,255,000		49,397
PrivateBancorp, Inc. (e)	3,742,500		33,233
Signature Bank, New York (a)	656,885		36,529
Wells Fargo & Co.	1,402,300		36,600
			271,403
Consumer Finance - 2.0%
American Express Co.	1,492,548		74,195
Discover Financial Services	27,100,444		681,847
			756,042
Diversified Financial Services - 0.6%
BM&F Bovespa SA	13,229,772		77,536
Citigroup, Inc.	1,387,380		43,078
JPMorgan Chase & Co.	2,380,000		89,393
			210,007
Real Estate Management & Development - 0.1%
The St. Joe Co. (a)	3,030,135		55,876
TOTAL FINANCIALS			1,510,368
HEALTH CARE - 15.4%
Biotechnology - 10.2%
Acadia Pharmaceuticals, Inc. (a)(e)	2,789,844		3,794
Alexion Pharmaceuticals, Inc. (a)	6,824,060		395,420
Alkermes, Inc. (a)(e)	10,182,261		176,560
Alnylam Pharmaceuticals, Inc. (a)(d)(e)	4,214,665		29,418
Amarin Corp. PLC ADR (a)	700,000		8,057
Amylin Pharmaceuticals, Inc. (a)(e)	14,442,295		163,342
Array Biopharma, Inc. (a)(e)	4,758,770		10,136
AVEO Pharmaceuticals, Inc. (a)	680,600		11,557
Biogen Idec, Inc. (a)	1,425,000		134,235
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Celgene Corp. (a)	1,146,744		$ 68,197
Cepheid, Inc. (a)(e)	6,137,555		222,548
Exelixis, Inc. (a)(e)	12,783,506		95,621
Gilead Sciences, Inc. (a)	1,300,000		51,851
Human Genome Sciences, Inc. (a)(e)	19,066,837		245,390
ImmunoGen, Inc. (a)(d)(e)	7,525,984		81,732
Immunomedics, Inc. (a)(d)(e)	7,526,150		30,180
Incyte Corp. (a)(d)	695,000		11,169
InterMune, Inc. (a)(e)	5,603,117		150,724
Isis Pharmaceuticals, Inc. (a)(d)(e)	9,957,871		74,584
Lexicon Pharmaceuticals, Inc. (a)(d)(e)	33,756,550		45,909
Metabolix, Inc. (a)(d)(e)	3,155,799		17,073
Micromet, Inc. (a)(d)(e)	9,204,638		44,274
Momenta Pharmaceuticals, Inc. (a)(d)(e)	3,255,000		55,075
Myrexis, Inc. (a)(e)	1,745,124		4,729
Myriad Genetics, Inc. (a)	488,496		9,687
NPS Pharmaceuticals, Inc. (a)(e)	7,362,662		54,925
Pharmasset, Inc. (a)(e)	3,718,283		488,285
Regeneron Pharmaceuticals, Inc. (a)(e)	8,873,928		523,828
Rigel Pharmaceuticals, Inc. (a)(e)	6,549,836		51,613
Seattle Genetics, Inc. (a)(d)(e)	11,377,629		197,857
Transition Therapeutics, Inc. (a)(e)	2,332,446		4,665
Vertex Pharmaceuticals, Inc. (a)	8,884,767		402,213
			3,864,648
Health Care Equipment & Supplies - 0.7%
Baxter International, Inc.	505,000		28,270
DexCom, Inc. (a)	850,000		10,226
Edwards Lifesciences Corp. (a)	600,000		45,270
HeartWare International, Inc. (a)(d)	662,101		41,587
Insulet Corp. (a)(d)(e)	3,856,400		67,410
Masimo Corp.	615,000		15,172
Medtronic, Inc.	754,964		26,477
St. Jude Medical, Inc.	834,200		37,989
			272,401
Health Care Providers & Services - 1.0%
Cardinal Health, Inc.	485,000		20,613
McKesson Corp.	1,930,000		154,265
Medco Health Solutions, Inc. (a)	612,720		33,173
UnitedHealth Group, Inc.	3,486,400		165,674
			373,725
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Technology - 0.4%
athenahealth, Inc. (a)	99,100		$ 5,748
Cerner Corp. (a)	970,000		63,981
SXC Health Solutions Corp. (a)	1,645,800		89,702
			159,431
Life Sciences Tools & Services - 0.2%
Illumina, Inc. (a)	1,039,878		54,178
Pharmaceuticals - 2.9%
Abbott Laboratories	1,111,500		58,365
Allergan, Inc.	1,775,000		145,213
Bristol-Myers Squibb Co.	1,239,700		36,881
Concert Pharmaceuticals, Inc. (a)(g)	186,198		151
Elan Corp. PLC sponsored ADR (a)	42,364,070		452,025
Endocyte, Inc. (e)	1,919,194		21,034
Hospira, Inc. (a)	218,000		10,072
Johnson & Johnson	83,300		5,481
MAP Pharmaceuticals, Inc. (a)(e)	2,729,636		38,215
Merck & Co., Inc.	660,668		21,881
Teva Pharmaceutical Industries Ltd. sponsored ADR	705,000		29,159
Valeant Pharmaceuticals International, Inc. (Canada)	6,402,261		287,029
			1,105,506
TOTAL HEALTH CARE			5,829,889
INDUSTRIALS - 7.0%
Aerospace & Defense - 2.0%
Honeywell International, Inc.	3,220,000		153,948
Lockheed Martin Corp.	1,040,100		77,165
The Boeing Co.	2,539,800		169,811
United Technologies Corp.	4,925,000		365,681
			766,605
Air Freight & Logistics - 0.6%
United Parcel Service, Inc. Class B	3,564,000		240,178
Airlines - 0.7%
JetBlue Airways Corp. (a)(d)(e)	29,384,923		127,824
Ryanair Holdings PLC sponsored ADR	1,140,000		30,119
Southwest Airlines Co.	9,498,515		81,877
United Continental Holdings, Inc. (a)	935,000		17,382
			257,202
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Construction & Engineering - 0.5%
Fluor Corp.	805,000		$ 48,880
Orascom Construction Industries SAE GDR	3,392,575		138,383
			187,263
Electrical Equipment - 0.2%
Emerson Electric Co.	1,710,000		79,601
Industrial Conglomerates - 0.5%
3M Co.	865,000		71,778
Danaher Corp.	2,505,000		114,754
			186,532
Machinery - 1.5%
Caterpillar, Inc.	3,560,000		323,960
Cummins, Inc.	1,760,000		163,539
Deere & Co.	845,000		68,293
Pall Corp.	385,000		19,685
			575,477
Road & Rail - 1.0%
CSX Corp.	4,965,000		108,932
Norfolk Southern Corp.	1,065,000		72,079
Union Pacific Corp.	2,020,000		186,183
			367,194
TOTAL INDUSTRIALS			2,660,052
INFORMATION TECHNOLOGY - 33.0%
Communications Equipment - 3.0%
Acme Packet, Inc. (a)	1,350,000		63,572
Aruba Networks, Inc. (a)	1,198,031		25,554
F5 Networks, Inc. (a)	855,000		69,785
Infinera Corp. (a)(e)	10,123,181		76,076
Juniper Networks, Inc. (a)	460,000		9,628
QUALCOMM, Inc.	10,493,400		539,990
Research In Motion Ltd. (a)	232,800		7,564
Riverbed Technology, Inc. (a)(e)	13,905,290		344,573
			1,136,742
Computers & Peripherals - 6.6%
Apple, Inc. (a)	5,955,959		2,292,027
Fusion-io, Inc. (d)	2,586,756		64,772
Hewlett-Packard Co.	960,000		24,989
NetApp, Inc. (a)	1,259,686		47,389
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
SanDisk Corp. (a)	105,000		$ 3,848
Silicon Graphics International Corp. (a)(d)(e)	2,974,671		47,387
			2,480,412
Electronic Equipment & Components - 0.3%
Corning, Inc.	583,000		8,762
Trimble Navigation Ltd. (a)	895,000		33,240
Universal Display Corp. (a)(d)	1,471,615		72,212
			114,214
Internet Software & Services - 5.6%
Akamai Technologies, Inc. (a)	755,000		16,565
AOL, Inc. (a)(d)	4,465,863		69,578
Baidu.com, Inc. sponsored ADR (a)	2,985,000		435,153
eBay, Inc. (a)	4,367,200		134,815
Facebook, Inc. Class B (a)(g)	1,758,114		43,953
Google, Inc. Class A (a)	1,862,448		1,007,510
LogMeIn, Inc. (a)	170,000		5,313
Mail.ru Group Ltd. GDR (a)(f)	1,577,600		56,762
Mercadolibre, Inc.	350,000		23,583
OpenTable, Inc. (a)(d)	192,300		11,728
Rackspace Hosting, Inc. (a)	3,939,136		144,015
SINA Corp. (a)(d)	635,000		68,205
VeriSign, Inc.	890,000		27,724
Yandex NV	720,000		22,298
YouKu.com, Inc. ADR (a)(d)	1,865,000		46,756
			2,113,958
IT Services - 3.2%
Cognizant Technology Solutions Corp. Class A (a)	1,734,716		110,068
International Business Machines Corp.	2,939,800		505,381
MasterCard, Inc. Class A	440,000		145,072
ServiceSource International, Inc. (d)	1,487,000		26,870
The Western Union Co.	1,360,000		22,467
VeriFone Systems, Inc. (a)	2,608,010		91,854
Visa, Inc. Class A	3,544,100		311,456
			1,213,168
Semiconductors & Semiconductor Equipment - 4.9%
Altera Corp.	345,000		12,555
ARM Holdings PLC sponsored ADR	1,400,000		38,612
ASML Holding NV	648,888		22,886
Atmel Corp. (a)	6,360,000		57,940
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Broadcom Corp. Class A	2,600,000		$ 92,690
Cree, Inc. (a)(d)	2,826,131		91,651
Cypress Semiconductor Corp. (e)	16,803,240		266,163
First Solar, Inc. (a)(d)	190,000		18,996
GT Advanced Technologies, Inc. (a)(d)	795,000		9,707
International Rectifier Corp. (a)(e)	3,780,000		86,146
KLA-Tencor Corp.	510,000		18,707
Marvell Technology Group Ltd. (a)	1,918,310		25,226
MaxLinear, Inc. Class A (a)(e)	2,354,608		13,539
Mellanox Technologies Ltd. (a)(e)	3,336,434		98,258
NVIDIA Corp. (a)	28,770,000		382,929
NXP Semiconductors NV	1,285,000		20,933
Rambus, Inc. (a)(d)(e)	11,457,400		133,020
Samsung Electronics Co. Ltd.	50,000		34,933
Semtech Corp. (a)	1,400,000		29,862
Silicon Image, Inc. (a)(e)	6,331,033		33,744
Silicon Laboratories, Inc. (a)(e)	4,600,680		159,046
Tessera Technologies, Inc. (a)	2,506,903		35,297
Texas Instruments, Inc.	3,461,000		90,713
Trina Solar Ltd. (a)(d)	990,000		15,721
Volterra Semiconductor Corp. (a)(e)	2,573,305		52,109
			1,841,383
Software - 9.4%
Activision Blizzard, Inc.	750,000		8,880
Adobe Systems, Inc. (a)	668,236		16,866
Citrix Systems, Inc. (a)	1,551,377		93,750
Electronic Arts, Inc. (a)	60,000		1,355
Fortinet, Inc. (a)	4,529,600		86,651
Informatica Corp. (a)	525,000		21,935
Intuit, Inc.	1,145,000		56,483
Microsoft Corp.	9,555,000		254,163
Oracle Corp.	13,865,000		389,191
QLIK Technologies, Inc. (a)(d)(e)	6,807,276		172,769
RealPage, Inc. (d)	2,674,991		55,693
Red Hat, Inc. (a)(e)	15,243,586		602,731
salesforce.com, Inc. (a)(e)	9,260,594		1,192,301
Solera Holdings, Inc.	1,950,051		114,370
SuccessFactors, Inc. (a)(e)	7,902,112		184,593
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
TiVo, Inc. (a)(d)(e)	11,624,576		$ 123,221
VMware, Inc. Class A (a)	2,057,533		194,149
			3,569,101
TOTAL INFORMATION TECHNOLOGY			12,468,978
MATERIALS - 4.3%
Chemicals - 2.5%
CF Industries Holdings, Inc.	1,060,000		193,789
Dow Chemical Co.	5,080,000		144,526
E.I. du Pont de Nemours & Co.	2,380,000		114,883
Minerals Technologies, Inc. (e)	1,242,580		72,082
Monsanto Co.	3,359,978		231,603
OM Group, Inc. (a)	196,925		6,229
Potash Corp. of Saskatchewan, Inc.	678,600		39,128
The Mosaic Co.	1,985,000		141,193
			943,433
Metals & Mining - 1.8%
Alcoa, Inc.	2,750,000		35,228
Barrick Gold Corp.	1,554,000		79,112
Fortescue Metals Group Ltd.	15,845,000		102,515
Freeport-McMoRan Copper & Gold, Inc.	5,070,000		239,000
Molycorp, Inc. (a)(d)	1,977,400		111,763
Mongolian Mining Corp.	25,802,500		28,534
Newmont Mining Corp.	1,290,000		80,780
Nucor Corp.	200,000		7,216
			684,148
TOTAL MATERIALS			1,627,581
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
Clearwire Corp. Class A (a)(d)	8,089,050		25,966
TOTAL COMMON STOCKS (Cost $27,887,578)		37,683,176
Preferred Stocks - 0.1%
	Shares		Value (000s)
Convertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Textiles, Apparel & Luxury Goods - 0.1%
Michael Kors Holdings Ltd. (g)	434,274		$ 20,000
HEALTH CARE - 0.0%
Biotechnology - 0.0%
Perlegen Sciences, Inc. Series D, 8.00% (a)(g)	12,820,512		0
Pharmaceuticals - 0.0%
Concert Pharmaceuticals, Inc. Series C, 6.00% (a)(g)	4,000,000		7,160
Merrimack Pharmaceuticals, Inc. Series G (g)	1,428,572		10,000
			17,160
TOTAL CONVERTIBLE PREFERRED STOCKS			37,160
Nonconvertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Automobiles - 0.0%
Volkswagen AG	70,000		11,661
TOTAL PREFERRED STOCKS (Cost $71,393)		48,821
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 0.11% (b)	88,237,295		88,237
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	947,527,472		947,527
TOTAL MONEY MARKET FUNDS (Cost $1,035,764)		1,035,764
TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $28,994,735)			38,767,761
NET OTHER ASSETS (LIABILITIES) - (2.5)%			(957,501)
NET ASSETS - 100%		$ 37,810,260

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 $56,762,000 or 0.2% 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 $81,264,000 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Concert Pharmaceuticals, Inc.	2/9/09	$ 151
Concert Pharmaceuticals, Inc. Series C, 6.00%	4/25/08	$ 10,000
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 43,965
Merrimack Pharmaceuticals, Inc. Series G	3/31/11	$ 10,000
Michael Kors Holdings Ltd.	7/8/11	$ 20,000
Perlegen Sciences, Inc. Series D, 8.00%	2/23/05	$ 20,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 99
Fidelity Securities Lending Cash Central Fund	8,281
Total	$ 8,380

Other Affiliated Issuers

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

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Acadia Pharmaceuticals, Inc.	$ 1,903	$ -	$ 84	$ -	$ 3,794
Acorda Therapeutics, Inc.	63,211	-	61,122	-	-
Alexion Pharmaceuticals, Inc.	568,561	-	394,457	-	-
Alkermes, Inc.	106,710	-	-	-	176,560
Alnylam Pharmaceuticals, Inc.	38,564	-	-	-	29,418
Amylin Pharmaceuticals, Inc.	184,117	847	-	-	163,342
Array Biopharma, Inc.	15,276	-	-	-	10,136
Atheros Communications, Inc.	203,294	-	278,202	-	-
Atheros Communications, Inc.	56,703	-	78,367	-	-
Auxilium Pharmaceuticals, Inc.	68,703	-	79,953	-	-
BJ's Restaurants, Inc.	99,270	1,325	13,313	-	112,752
Celera Corp.	44,735	-	60,091	-	-
Cepheid, Inc.	117,604	4,249	-	-	222,548
Coinstar, Inc.	210,829	13,693	70,515	-	84,419
Cypress Semiconductor Corp.	256,903	8,184	-	1,512	266,163
Dendreon Corp.	465,871	-	452,101	-	-
Endocyte, Inc.	-	16,293	-	-	21,034
Exelixis, Inc.	59,051	25,745	-	-	95,621
Fossil, Inc.	192,787	244,193	-	-	519,597
Fresh Market, Inc.	50,253	82,148	42,515	-	-
HeartWare International, Inc.	104,568	-	29,054	-	-
Herbalife Ltd.	305,517	48,154	-	5,074	553,827
Human Genome Sciences, Inc.	411,813	55,195	-	-	245,390
ImmunoGen, Inc.	56,534	8,772	-	-	81,732
Immunomedics, Inc.	23,707	-	-	-	30,180
Infinera Corp.	82,605	-	-	-	76,076
Insulet Corp.	50,974	1,977	-	-	67,410
InterMune, Inc.	69,535	17,271	5,984	-	150,724
Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
ICG Group, Inc. (formerly Internet Capital Group, Inc.)	$ 46,772	$ -	$ -	$ -	$ 38,675
International Rectifier Corp.	166,473	18,253	71,916	-	86,146
Isis Pharmaceuticals, Inc.	93,573	360	-	-	74,584
JetBlue Airways Corp.	199,485	36	-	-	127,824
Lexicon Pharmaceuticals, Inc.	41,877	6,054	-	-	45,909
lululemon athletica, Inc.	371,777	-	81,269	-	663,169
Lumber Liquidators Holdings, Inc.	59,092	5,454	-	-	41,789
MAP Pharmaceuticals, Inc.	38,297	920	-	-	38,215
MaxLinear, Inc. Class A	21,261	3,944	-	-	13,539
MediFast, Inc.	37,512	-	27,423	-	-
Mellanox Technologies Ltd.	75,591	4,976	-	-	98,258
Metabolix, Inc.	23,427	7,065	-	-	17,073
Micromet, Inc.	63,065	2,791	-	-	44,274
Minerals Technologies, Inc.	117,274	-	39,424	259	72,082
Momenta Pharmaceuticals, Inc.	49,639	-	-	-	55,075
Myrexis, Inc.	8,111	-	1,295	-	4,729
NPS Pharmaceuticals, Inc.	32,578	20,497	1,650	-	54,925
OM Group, Inc.	88,736	69	73,180	-	-
OpenTable, Inc.	155,040	-	152,825	-	-
Pharmasset, Inc.	146,935	19,798	-	-	488,285
Power Integrations, Inc.	61,403	-	60,395	17	-
PrivateBancorp, Inc.	22,162	27,060	-	68	33,233
QLIK Technologies, Inc.	48,800	141,874	13,132	-	172,769
Rambus, Inc.	229,263	-	-	-	133,020
Red Hat, Inc.	821,871	-	153,083	-	602,731
Regeneron Pharmaceuticals, Inc.	246,213	17,733	-	-	523,828
Rigel Pharmaceuticals, Inc.	41,472	11,798	-	-	51,613
Riverbed Technology, Inc.	412,019	64,096	-	-	344,573
Rubicon Technology, Inc.	32,154	-	24,425	-	-
salesforce.com, Inc.	1,682,556	-	386,005	-	1,192,301
Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Seattle Genetics, Inc.	$ 152,840	$ 19,617	$ -	$ -	$ 197,857
Silicon Graphics International Corp.	-	55,081	-	-	47,387
Silicon Image, Inc.	-	56,438	-	-	33,744
Silicon Laboratories, Inc.	195,437	-	-	-	159,046
SodaStream International Ltd.	-	62,221	-	-	46,190
SuccessFactors, Inc.	229,086	11,979	-	-	184,593
Tessera Technologies, Inc.	92,918	5,584	39,400	-	-
TiVo, Inc.	94,732	1,164	-	-	123,221
Transition Therapeutics, Inc.	5,839	-	-	-	4,665
Tupperware Brands Corp.	138,046	33,142	28,416	2,912	202,825
Universal Display Corp.	94,559	30,684	104,413	-	-
Vera Bradley, Inc.	46,059	65,811	27,883	-	85,095
VeriFone Systems, Inc.	298,260	-	248,702	-	-
Vertex Pharmaceuticals, Inc.	385,900	90,862	216,076	-	-
Volterra Semiconductor Corp.	55,865	2,190	-	-	52,109
Total	$ 11,133,567	$ 1,315,597	$ 3,316,670	$ 9,842	$ 9,066,074

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 5,761,993	$ 5,741,993	$ -	$ 20,000
Consumer Staples	3,652,255	3,652,255	-	-
Energy	4,177,755	4,177,755	-	-
Financials	1,510,368	1,510,368	-	-
Health Care	5,847,049	5,829,738	-	17,311
Industrials	2,660,052	2,660,052	-	-
Information Technology	12,468,978	12,425,025	-	43,953
Materials	1,627,581	1,627,581	-	-
Telecommunication Services	25,966	25,966	-	-
Money Market Funds	1,035,764	1,035,764	-	-
Total Investments in Securities:	$ 38,767,761	$ 38,686,497	$ -	$ 81,264

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	$ 7,311
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(12)
Cost of Purchases	73,965
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 81,264
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2011	$ (12)

Income Tax Information

At August 31, 2011, the cost of investment securities for income tax purposes was $29,114,484,000. Net unrealized appreciation aggregated $9,653,277,000, of which $12,692,233,000 related to appreciated investment securities and $3,038,956,000 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded 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, 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 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.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth Strategies Fund - Growth Strategies
Class K

August 31, 2011

1.805759.107

FEG-QTLY-1011

Investments August 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.9%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 12.9%
Automobiles - 0.6%
Tesla Motors, Inc. (a)	475,017		$ 11,752
Distributors - 0.0%
Indiabulls Wholesale Services Ltd.	656,444		75
Diversified Consumer Services - 1.0%
Weight Watchers International, Inc.	297,139		17,983
Hotels, Restaurants & Leisure - 4.2%
Las Vegas Sands Corp. (a)	634,903		29,567
Panera Bread Co. Class A (a)	267,559		30,809
Wynn Resorts Ltd.	126,500		19,572
			79,948
Internet & Catalog Retail - 1.5%
Priceline.com, Inc. (a)	54,462		29,260
Media - 1.2%
Discovery Communications, Inc. (a)	536,568		22,686
Specialty Retail - 3.4%
Abercrombie & Fitch Co. Class A	267,588		17,021
Body Central Corp.	256,348		4,448
Limited Brands, Inc.	544,850		20,563
Tractor Supply Co.	375,497		23,044
			65,076
Textiles, Apparel & Luxury Goods - 1.0%
PVH Corp.	294,831		19,653
TOTAL CONSUMER DISCRETIONARY			246,433
CONSUMER STAPLES - 8.4%
Beverages - 3.9%
Hansen Natural Corp. (a)	481,684		41,097
Heckmann Corp. (a)(d)	5,760,236		33,352
			74,449
Food & Staples Retailing - 1.6%
Whole Foods Market, Inc.	462,000		30,506
Food Products - 2.9%
Green Mountain Coffee Roasters, Inc. (a)	243,001		25,452
Mead Johnson Nutrition Co. Class A	331,942		23,651
Origin Agritech Ltd. (a)(d)(e)	2,515,000		7,294
			56,397
TOTAL CONSUMER STAPLES			161,352
Common Stocks - continued
	Shares		Value (000s)
ENERGY - 14.6%
Energy Equipment & Services - 3.0%
Cameron International Corp. (a)	369,800		$ 19,215
Dresser-Rand Group, Inc. (a)	416,447		17,678
Rowan Companies, Inc. (a)	559,300		20,174
			57,067
Oil, Gas & Consumable Fuels - 11.6%
Alpha Natural Resources, Inc. (a)	301,500		9,971
Amyris, Inc. (d)	389,236		7,812
Bumi PLC	2,214,443		34,878
Cabot Oil & Gas Corp.	267,500		20,293
Concho Resources, Inc. (a)	110,600		9,617
Continental Resources, Inc. (a)	340,600		19,036
El Paso Corp.	1,118,900		21,416
EV Energy Partners LP	264,331		18,207
EXCO Resources, Inc.	680,900		9,110
Oasis Petroleum, Inc. (a)(d)	389,200		10,353
Peabody Energy Corp.	418,155		20,406
Plains Exploration & Production Co. (a)	326,000		9,588
QEP Resources, Inc.	521,800		18,373
Solazyme, Inc. (d)	300,000		4,203
Whiting Petroleum Corp. (a)	204,500		9,634
			222,897
TOTAL ENERGY			279,964
FINANCIALS - 1.5%
Real Estate Investment Trusts - 1.0%
SL Green Realty Corp.	267,527		19,326
Real Estate Management & Development - 0.5%
Jones Lang LaSalle, Inc.	131,348		8,788
TOTAL FINANCIALS			28,114
HEALTH CARE - 14.7%
Biotechnology - 5.4%
Alexion Pharmaceuticals, Inc. (a)	379,870		22,012
Human Genome Sciences, Inc. (a)(d)	1,644,144		21,160
Idenix Pharmaceuticals, Inc. (a)	3,269,284		18,995
United Therapeutics Corp. (a)	521,032		22,483
Vertex Pharmaceuticals, Inc. (a)	413,500		18,719
			103,369
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - 8.0%
ArthroCare Corp. (a)	1,089,534		$ 35,334
Cyberonics, Inc. (a)	1,386,093		39,102
Edwards Lifesciences Corp. (a)	299,545		22,601
NuVasive, Inc. (a)(d)	622,062		15,073
Volcano Corp. (a)	682,160		20,431
Zoll Medical Corp. (a)	461,881		20,637
			153,178
Health Care Providers & Services - 0.5%
Catalyst Health Solutions, Inc. (a)	180,292		9,685
Health Care Technology - 0.5%
Merge Healthcare, Inc. (a)	1,770,089		10,479
Life Sciences Tools & Services - 0.3%
Sequenom, Inc. (a)	813,703		4,988
TOTAL HEALTH CARE			281,699
INDUSTRIALS - 11.2%
Building Products - 1.9%
Lennox International, Inc.	599,603		18,720
Owens Corning (a)	589,200		17,122
			35,842
Construction & Engineering - 1.1%
Fluor Corp.	340,500		20,675
Electrical Equipment - 2.0%
Cooper Industries PLC Class A	408,900		19,374
Roper Industries, Inc.	262,650		20,211
			39,585
Machinery - 5.7%
CNH Global NV (a)	633,749		20,990
Dover Corp.	340,500		19,586
IDEX Corp.	321,000		11,935
Ingersoll-Rand Co. Ltd.	572,825		19,195
Pall Corp.	432,800		22,129
WABCO Holdings, Inc. (a)	322,723		15,055
			108,890
Marine - 0.5%
Ultrapetrol (Bahamas) Ltd. (a)(d)(e)	2,953,982		9,866
TOTAL INDUSTRIALS			214,858
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - 16.6%
Communications Equipment - 2.1%
Polycom, Inc. (a)	1,367,755		$ 32,553
Riverbed Technology, Inc. (a)	302,796		7,503
			40,056
Computers & Peripherals - 0.5%
SanDisk Corp. (a)	252,900		9,269
Electronic Equipment & Components - 0.9%
Maxwell Technologies, Inc. (a)(d)	957,347		16,591
Internet Software & Services - 1.7%
Blinkx PLC (a)	832,657		1,545
Mail.ru Group Ltd. GDR (Reg. S)	153,600		5,527
Rackspace Hosting, Inc. (a)	524,254		19,167
Velti PLC (a)	713,300		6,748
			32,987
IT Services - 1.0%
Cognizant Technology Solutions Corp. Class A (a)	298,550		18,943
Semiconductors & Semiconductor Equipment - 1.0%
Ceva, Inc. (a)	500,599		13,316
Freescale Semiconductor Holdings I Ltd.	583,200		6,707
			20,023
Software - 9.4%
ANSYS, Inc. (a)	394,371		21,288
Ariba, Inc. (a)	355,100		9,634
Autodesk, Inc. (a)	618,999		17,456
Check Point Software Technologies Ltd. (a)	180,053		9,802
Citrix Systems, Inc. (a)	316,094		19,102
Informatica Corp. (a)	436,467		18,236
Intuit, Inc.	457,500		22,568
Magma Design Automation, Inc. (a)(e)	4,486,382		22,836
Nuance Communications, Inc. (a)	1,037,072		19,248
Rovi Corp. (a)	414,324		20,256
			180,426
TOTAL INFORMATION TECHNOLOGY			318,295
MATERIALS - 13.0%
Chemicals - 8.8%
CF Industries Holdings, Inc.	472,622		86,398
CVR Partners LP	1,491,393		36,286
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Monsanto Co.	301,600		$ 20,789
The Mosaic Co.	350,298		24,917
			168,390
Metals & Mining - 4.2%
First Quantum Minerals Ltd. (d)	900,500		22,154
Fortescue Metals Group Ltd.	1,605,080		10,385
Ivanhoe Mines Ltd. (a)	951,700		21,878
Vallares PLC	319,300		5,120
Walter Energy, Inc.	243,100		19,871
			79,408
TOTAL MATERIALS			247,798
TOTAL COMMON STOCKS (Cost $1,872,541)		1,778,513
Nonconvertible Preferred Stocks - 2.0%

CONSUMER DISCRETIONARY - 2.0%
Automobiles - 2.0%
Porsche Automobil Holding SE (Germany) (Cost $35,229)	554,050		37,518
Money Market Funds - 5.0%

Fidelity Cash Central Fund, 0.11% (b)	42,120,471		42,120
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	53,971,025		53,971
TOTAL MONEY MARKET FUNDS (Cost $96,091)		96,091
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $2,003,861)			1,912,122
NET OTHER ASSETS (LIABILITIES) - 0.1%			2,075
NET ASSETS - 100%		$ 1,914,197

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 28
Fidelity Securities Lending Cash Central Fund	226
Total	$ 254

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
ArthroCare Corp.	$ 62,405	$ 13,133	$ 43,973	$ -	$ -
Cyberonics, Inc.	57,660	18,267	46,952	-	-
Heckmann Corp.	37,911	8,693	34,438	-	-
Magma Design Automation, Inc.	-	17,405	-	-	22,836
NuVasive, Inc.	48,979	5,217	42,705	-	-
Origin Agritech Ltd.	14,841	5,135	-	-	7,294
Ultrapetrol (Bahamas) Ltd.	20,412	-	-	-	9,866
Total	$ 242,208	$ 67,850	$ 168,068	$ -	$ 39,996

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 283,951	$ 283,876	$ 75	$ -
Consumer Staples	161,352	161,352	-	-
Energy	279,964	279,964	-	-
Financials	28,114	28,114	-	-
Health Care	281,699	281,699	-	-
Industrials	214,858	214,858	-	-
Information Technology	318,295	318,295	-	-
Materials	247,798	247,798	-	-
Money Market Funds	96,091	96,091	-	-
Total Investments in Securities:	$ 1,912,122	$ 1,912,047	$ 75	$ -

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	$ 9,854
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	(9,854)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2011	$ -

Income Tax Information

At August 31, 2011, the cost of investment securities for income tax purposes was $2,003,861,000. Net unrealized depreciation aggregated $91,739,000, of which $156,046,000 related to appreciated investment securities and $247,785,000 related to depreciated investment securities.

Investment Valuation

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.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® New Millennium Fund®

August 31, 2011

1.805750.107

NMF-QTLY-1011

Investments August 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.3%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.3%
Automobiles - 0.2%
Tesla Motors, Inc. (a)	170,900		$ 4,228
Distributors - 0.3%
Pool Corp.	172,300		4,468
Diversified Consumer Services - 0.1%
Stewart Enterprises, Inc. Class A	375,000		2,273
Hotels, Restaurants & Leisure - 1.6%
Arcos Dorados Holdings, Inc.	151,300		4,171
Bravo Brio Restaurant Group, Inc.	288,000		5,976
Denny's Corp. (a)	1,142,200		4,329
McCormick & Schmick's Seafood Restaurants (a)	417,200		2,603
Starbucks Corp.	255,600		9,871
Texas Roadhouse, Inc. Class A	104,400		1,493
			28,443
Household Durables - 1.1%
D.R. Horton, Inc.	381,500		4,013
PulteGroup, Inc. (a)	400,000		1,920
Toll Brothers, Inc. (a)	172,400		2,964
Tupperware Brands Corp.	154,600		10,281
			19,178
Internet & Catalog Retail - 0.3%
Rakuten, Inc.	4,778		5,398
Leisure Equipment & Products - 0.5%
Brunswick Corp.	512,442		8,143
Media - 3.1%
Comcast Corp. Class A	769,400		16,550
Discovery Communications, Inc. (a)	125,000		5,285
Legend Pictures LLC (a)(f)(g)	697		523
The Walt Disney Co.	337,600		11,499
Time Warner, Inc.	358,300		11,344
Viacom, Inc. Class B (non-vtg.)	212,100		10,232
			55,433
Multiline Retail - 0.2%
Nordstrom, Inc.	95,600		4,346
Specialty Retail - 1.9%
Carphone Warehouse Group PLC	500,000		2,882
Dick's Sporting Goods, Inc. (a)	150,000		5,270
Lithia Motors, Inc. Class A (sub. vtg.)	335,600		6,333
Lowe's Companies, Inc.	507,800		10,120
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
MarineMax, Inc. (a)	626,782		$ 4,256
Sally Beauty Holdings, Inc. (a)	305,500		5,163
			34,024
TOTAL CONSUMER DISCRETIONARY			165,934
CONSUMER STAPLES - 12.6%
Beverages - 0.3%
Hansen Natural Corp. (a)	50,000		4,266
Food & Staples Retailing - 0.5%
Drogasil SA	328,100		2,576
Whole Foods Market, Inc.	97,900		6,464
			9,040
Food Products - 5.2%
Danone	150,100		10,257
Green Mountain Coffee Roasters, Inc. (a)	543,125		56,887
Kraft Foods, Inc. Class A	400,000		14,008
Ralcorp Holdings, Inc. (a)	63,000		5,454
Sara Lee Corp.	361,500		6,521
			93,127
Household Products - 3.5%
Church & Dwight Co., Inc.	140,000		6,096
Colgate-Palmolive Co.	197,300		17,751
Procter & Gamble Co.	595,000		37,890
			61,737
Personal Products - 0.5%
Nu Skin Enterprises, Inc. Class A	143,300		6,060
Prestige Brands Holdings, Inc. (a)	300,000		3,231
			9,291
Tobacco - 2.6%
Altria Group, Inc.	668,000		18,163
British American Tobacco PLC sponsored ADR	106,500		9,543
Lorillard, Inc.	147,100		16,390
Philip Morris CR A/S	3,300		2,080
			46,176
TOTAL CONSUMER STAPLES			223,637
Common Stocks - continued
	Shares		Value (000s)
ENERGY - 12.2%
Oil, Gas & Consumable Fuels - 12.2%
Anadarko Petroleum Corp.	190,900		$ 14,079
BG Group PLC	238,883		5,167
Chesapeake Energy Corp.	151,000		4,891
Chevron Corp.	369,700		36,567
Concho Resources, Inc. (a)	47,800		4,156
EV Energy Partners LP	155,100		10,683
Exxon Mobil Corp.	1,118,577		82,811
Imperial Oil Ltd.	80,700		3,310
Niko Resources Ltd.	50,300		2,863
Noble Energy, Inc.	54,800		4,842
Occidental Petroleum Corp.	288,100		24,990
Plains Exploration & Production Co. (a)	100,000		2,941
Royal Dutch Shell PLC Class A sponsored ADR	133,256		8,935
SouthGobi Energy Resources Ltd. (a)	239,700		2,352
Southwestern Energy Co. (a)	150,600		5,715
Suncor Energy, Inc.	100,000		3,205
			217,507
FINANCIALS - 13.0%
Capital Markets - 1.3%
Bank of New York Mellon Corp.	301,700		6,236
E*TRADE Financial Corp. (a)	229,325		2,834
KKR & Co. LP	450,000		5,760
Morgan Stanley	430,000		7,525
			22,355
Commercial Banks - 4.6%
Alliance Financial Corp. (e)	260,476		7,892
BB&T Corp.	184,100		4,104
FirstMerit Corp.	444,200		5,535
M&T Bank Corp.	87,100		6,626
SunTrust Banks, Inc.	191,100		3,803
Susquehanna Bancshares, Inc.	559,400		3,754
U.S. Bancorp	448,800		10,417
Webster Financial Corp.	248,800		4,503
Wells Fargo & Co.	1,354,700		35,358
			81,992
Diversified Financial Services - 3.8%
New Academy Holding Co. LLC unit (a)(f)(g)	66,000		6,626
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - continued
JPMorgan Chase & Co.	872,500		$ 32,771
KKR Financial Holdings LLC	3,158,800		27,324
			66,721
Insurance - 1.6%
Arch Capital Group Ltd. (a)	153,600		5,173
Fairfax Financial Holdings Ltd. (sub. vtg.)	12,800		5,162
Fidelity National Financial, Inc. Class A	315,000		5,352
Lincoln National Corp.	369,000		7,657
Unum Group	230,000		5,414
			28,758
Real Estate Investment Trusts - 0.6%
American Capital Agency Corp.	223,600		6,375
Annaly Capital Management, Inc.	256,300		4,647
			11,022
Thrifts & Mortgage Finance - 1.1%
BankUnited, Inc.	60,400		1,416
First Niagara Financial Group, Inc.	366,100		3,939
MGIC Investment Corp. (a)	1,423,000		3,700
Ocwen Financial Corp. (a)	390,900		5,394
Radian Group, Inc. (d)	1,769,923		5,894
			20,343
TOTAL FINANCIALS			231,191
HEALTH CARE - 13.3%
Biotechnology - 2.9%
Alexion Pharmaceuticals, Inc. (a)	190,400		11,033
ARIAD Pharmaceuticals, Inc. (a)	407,700		4,012
AVEO Pharmaceuticals, Inc. (a)	143,800		2,442
BioMarin Pharmaceutical, Inc. (a)	150,000		4,438
Dynavax Technologies Corp. (a)	700,000		1,680
Inhibitex, Inc. (a)	954,980		3,371
Isis Pharmaceuticals, Inc. (a)	234,400		1,756
Keryx Biopharmaceuticals, Inc. (a)(d)	900,000		3,663
Medivir AB (B Shares) (a)	258,700		3,958
Neurocrine Biosciences, Inc. (a)	668,900		4,107
SIGA Technologies, Inc. (a)(d)	627,719		3,603
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Theravance, Inc. (a)	250,000		$ 4,750
ZIOPHARM Oncology, Inc. (a)(d)	500,000		2,865
			51,678
Health Care Equipment & Supplies - 2.4%
Covidien PLC	176,800		9,225
HeartWare International, Inc. CDI (a)	9,290,545		17,039
Mako Surgical Corp. (a)(d)	250,626		8,997
Masimo Corp.	162,000		3,997
Volcano Corp. (a)	100,000		2,995
			42,253
Health Care Providers & Services - 2.0%
Air Methods Corp. (a)	60,000		3,993
Capital Senior Living Corp. (a)	583,800		4,192
Centene Corp. (a)	120,000		3,827
Emeritus Corp. (a)	200,915		3,514
Express Scripts, Inc. (a)	161,300		7,571
Henry Schein, Inc. (a)	77,600		5,115
Medco Health Solutions, Inc. (a)	143,600		7,775
			35,987
Health Care Technology - 0.3%
SXC Health Solutions Corp. (a)	95,900		5,227
Life Sciences Tools & Services - 0.9%
Agilent Technologies, Inc. (a)	222,700		8,211
ICON PLC sponsored ADR (a)	135,000		2,877
PerkinElmer, Inc.	187,700		4,293
			15,381
Pharmaceuticals - 4.8%
Cadence Pharmaceuticals, Inc. (a)(d)	526,200		3,441
Eli Lilly & Co.	436,400		16,369
GlaxoSmithKline PLC	660,700		14,070
Hospira, Inc. (a)	75,000		3,465
Novo Nordisk A/S Series B sponsored ADR	61,200		6,528
Pfizer, Inc.	1,783,800		33,857
Shire PLC sponsored ADR	83,600		8,118
			85,848
TOTAL HEALTH CARE			236,374
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - 6.5%
Aerospace & Defense - 1.2%
Precision Castparts Corp.	54,800		$ 8,979
Raytheon Co.	196,000		8,473
Textron, Inc.	191,100		3,224
			20,676
Air Freight & Logistics - 0.2%
Hub Group, Inc. Class A (a)	129,016		4,063
Airlines - 0.4%
Copa Holdings SA Class A	117,600		8,129
Building Products - 0.4%
Lennox International, Inc.	81,500		2,544
Owens Corning (a)	133,800		3,888
			6,432
Commercial Services & Supplies - 0.7%
Clean Harbors, Inc. (a)	164,600		8,867
The Geo Group, Inc. (a)	191,100		4,103
			12,970
Electrical Equipment - 0.6%
GrafTech International Ltd. (a)	235,300		3,694
Polypore International, Inc. (a)	104,800		6,463
			10,157
Machinery - 0.5%
Blount International, Inc. (a)	233,800		3,675
Pall Corp.	100,000		5,113
			8,788
Professional Services - 1.7%
Acacia Research Corp. - Acacia Technologies (a)	379,008		16,563
IHS, Inc. Class A (a)	35,000		2,716
Kforce, Inc. (a)	188,700		1,959
Michael Page International PLC	561,311		3,555
Qualicorp SA	201,000		1,818
Robert Half International, Inc.	140,600		3,363
			29,974
Road & Rail - 0.6%
Kansas City Southern (a)	129,500		7,014
Tegma Gestao Logistica	250,000		3,486
			10,500
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Trading Companies & Distributors - 0.2%
Rush Enterprises, Inc. Class A (a)	200,300		$ 3,686
TOTAL INDUSTRIALS			115,375
INFORMATION TECHNOLOGY - 22.1%
Communications Equipment - 1.8%
Cisco Systems, Inc.	1,442,500		22,618
Polycom, Inc. (a)	200,000		4,760
RADWARE Ltd. (a)	100,000		2,656
Riverbed Technology, Inc. (a)	103,900		2,575
			32,609
Computers & Peripherals - 5.5%
Apple, Inc. (a)	191,800		73,810
Hewlett-Packard Co.	634,700		16,521
NetApp, Inc. (a)	202,800		7,629
			97,960
Electronic Equipment & Components - 1.5%
Corning, Inc.	674,200		10,133
Everlight Electronics Co. Ltd.	881,263		1,646
Fabrinet (a)	200,870		3,312
Measurement Specialties, Inc. (a)	266,500		8,323
Universal Display Corp. (a)(d)	86,100		4,225
			27,639
Internet Software & Services - 2.0%
Blinkx PLC (a)(d)	3,104,400		5,759
Google, Inc. Class A (a)	29,600		16,012
Open Text Corp. (a)	70,600		4,183
Rackspace Hosting, Inc. (a)(d)	109,000		3,985
SciQuest, Inc.	326,800		4,892
			34,831
IT Services - 4.7%
Accenture PLC Class A	167,000		8,950
Cardtronics, Inc. (a)	126,800		3,140
Fidelity National Information Services, Inc.	192,000		5,411
International Business Machines Corp.	288,700		49,630
MasterCard, Inc. Class A	49,000		16,156
			83,287
Semiconductors & Semiconductor Equipment - 0.4%
Ceva, Inc. (a)	125,000		3,325
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Epistar Corp.	726,317		$ 1,552
Siliconware Precision Industries Co. Ltd. sponsored ADR	320,900		1,473
			6,350
Software - 6.2%
Aspen Technology, Inc. (a)	250,000		4,198
Autonomy Corp. PLC (a)	639,241		26,157
CA, Inc.	238,900		5,015
Callidus Software, Inc. (a)(d)	701,300		3,394
Check Point Software Technologies Ltd. (a)	86,200		4,693
Citrix Systems, Inc. (a)	74,900		4,526
Concur Technologies, Inc. (a)	109,200		4,567
Informatica Corp. (a)	88,000		3,677
Kenexa Corp. (a)	215,034		4,526
MICROS Systems, Inc. (a)	76,500		3,646
Nice Systems Ltd. sponsored ADR (a)	126,900		3,961
Nuance Communications, Inc. (a)	704,100		13,068
Oracle Corp.	487,700		13,690
Red Hat, Inc. (a)	83,400		3,298
Solera Holdings, Inc.	92,500		5,425
Taleo Corp. Class A (a)	277,500		7,162
Trion World Network, Inc. warrants 8/10/17 (a)(g)	28,652		0
			111,003
TOTAL INFORMATION TECHNOLOGY			393,679
MATERIALS - 0.5%
Metals & Mining - 0.5%
Gem Diamonds Ltd. (a)	1,066,200		3,670
Ivanhoe Mines Ltd. (a)	244,045		5,610
			9,280
TELECOMMUNICATION SERVICES - 0.9%
Diversified Telecommunication Services - 0.3%
Iliad SA	25,000		3,001
TalkTalk Telecom Group PLC	1,000,000		2,080
			5,081
Wireless Telecommunication Services - 0.6%
Vodafone Group PLC sponsored ADR	392,700		10,344
TOTAL TELECOMMUNICATION SERVICES			15,425
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 2.9%
Electric Utilities - 1.7%
Duke Energy Corp.	816,900		$ 15,448
Southern Co.	344,200		14,236
			29,684
Multi-Utilities - 1.2%
Alliant Energy Corp.	124,200		5,039
TECO Energy, Inc.	728,000		13,322
YTL Corp. Bhd	6,305,640		2,763
			21,124
TOTAL UTILITIES			50,808
TOTAL COMMON STOCKS (Cost $1,389,869)		1,659,210
Preferred Stocks - 1.0%

Convertible Preferred Stocks - 0.4%
INFORMATION TECHNOLOGY - 0.4%
Internet Software & Services - 0.2%
Ning, Inc. Series D 8.00% (a)(g)	419,580		2,473
Software - 0.2%
Trion World Network, Inc.:
Series C, 8.00% (a)(g)	910,747		3,898
Series C-1, 8.00% (a)(g)	71,630		307
			4,205
TOTAL INFORMATION TECHNOLOGY			6,678
Nonconvertible Preferred Stocks - 0.6%
CONSUMER DISCRETIONARY - 0.6%
Automobiles - 0.6%
Porsche Automobil Holding SE (Germany)	116,725		7,904
Volkswagen AG	22,300		3,715
			11,619
TOTAL PREFERRED STOCKS (Cost $18,785)		18,297
Money Market Funds - 6.5%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.11% (b)	94,735,542		$ 94,736
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	21,623,426		21,623
TOTAL MONEY MARKET FUNDS (Cost $116,359)		116,359
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $1,525,013)		1,793,866
NET OTHER ASSETS (LIABILITIES) - (0.8)%		(14,487)
NET ASSETS - 100%		$ 1,779,379

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes which is owned by the Fund.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
New Academy Holding Co. LLC unit	8/1/11	$ 6,956
Ning, Inc. Series D 8.00%	3/19/08	$ 3,000
Trion World Network, Inc. warrants 8/10/17	8/10/10	$ 0
Trion World Network, Inc.: Series C, 8.00%	8/22/08	$ 5,001
Series C-1, 8.00%	8/10/10	$ 393
Legend Pictures LLC	9/23/10	$ 523

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	$ 33
Fidelity Securities Lending Cash Central Fund	620
Total	$ 653

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Alliance Financial Corp.	$ 3,307	$ 4,683	$ -	$ 175	$ 7,892
Total	$ 3,307	$ 4,683	$ -	$ 175	$ 7,892

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 177,553	$ 171,632	$ 5,398	$ 523
Consumer Staples	223,637	223,637	-	-
Energy	217,507	217,507	-	-
Financials	231,191	224,565	-	6,626
Health Care	236,374	222,304	14,070	-
Industrials	115,375	115,375	-	-
Information Technology	400,357	393,679	-	6,678
Materials	9,280	9,280	-	-
Telecommunication Services	15,425	15,425	-	-
Utilities	50,808	48,045	2,763	-
Money Market Funds	116,359	116,359	-	-
Total Investments in Securities:	$ 1,793,866	$ 1,757,808	$ 22,231	$ 13,827

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	$ 7,201
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(330)
Cost of Purchases	6,956
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 13,827
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2011	$ (330)

Income Tax Information

At August 31, 2011, the cost of investment securities for income tax purposes was $1,534,233,000. Net unrealized appreciation aggregated $259,633,000, of which $357,370,000 related to appreciated investment securities and $97,737,000 related to depreciated investment securities.

Investment Valuation

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.

Quarterly Report

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Mt. Vernon Street Trust

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

Date:	October 31, 2011

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

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

Date:	October 31, 2011

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

Date:	October 31, 2011