N-Q 1 filing936.htm PRIMARY DOCUMENT

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)


245 Summer St., Boston, Massachusetts  02210

 (Address of principal executive offices)       (Zip code)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210

(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:

February 28, 2018


Item 1.

Schedule of Investments




Quarterly Holdings Report
for

Fidelity® Growth Company Fund

February 28, 2018







GCF-QTLY-0418
1.797941.114





Schedule of Investments February 28, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 21.4%   
Auto Components - 0.0%   
Aptiv PLC 39,341 $3,593 
Automobiles - 1.3%   
Tesla, Inc. (a)(b) 1,713,163 587,718 
Hotels, Restaurants & Leisure - 1.9%   
China Lodging Group Ltd. ADR 357,105 54,244 
Chipotle Mexican Grill, Inc. (a) 190,198 60,561 
Dunkin' Brands Group, Inc. (b) 204,909 12,272 
Hyatt Hotels Corp. Class A 152,573 11,789 
Las Vegas Sands Corp. 863,801 62,893 
Marriott International, Inc. Class A 136,363 19,256 
McDonald's Corp. 1,389,308 219,149 
Papa John's International, Inc. (b) 22,622 1,306 
Royal Caribbean Cruises Ltd. 20,015 2,534 
Shake Shack, Inc. Class A (a)(b) 586,960 22,886 
Starbucks Corp. 3,647,662 208,282 
U.S. Foods Holding Corp. (a) 496,841 16,590 
Yum China Holdings, Inc. 1,775,966 76,935 
Yum! Brands, Inc. 900,090 73,249 
  841,946 
Household Durables - 0.3%   
Roku, Inc.:   
Class A (b) 277,192 11,301 
Class B 3,579,213 138,628 
Sony Corp. sponsored ADR 125,911 6,353 
  156,282 
Internet & Direct Marketing Retail - 9.0%   
Amazon.com, Inc. (a) 1,635,163 2,473,102 
Blue Apron Holdings, Inc. Class B 2,211,569 6,170 
Ctrip.com International Ltd. ADR (a) 1,166,821 53,650 
Expedia, Inc. 453,543 47,699 
Groupon, Inc. (a) 8,128,090 34,788 
JD.com, Inc. sponsored ADR (a) 4,955,983 233,675 
Netflix, Inc. (a) 2,080,677 606,268 
The Booking Holdings, Inc. (a) 105,371 214,329 
The Honest Co., Inc. (a)(c)(d) 39,835 736 
Vipshop Holdings Ltd. ADR (a) 1,355,540 23,573 
Wayfair LLC Class A (a)(b) 3,439,147 266,259 
  3,960,249 
Leisure Products - 0.1%   
Callaway Golf Co. 2,061,100 31,906 
Media - 1.1%   
Comcast Corp. Class A 8,790,203 318,293 
Lions Gate Entertainment Corp.:   
Class A (b) 97,658 2,758 
Class B 84,446 2,267 
The Walt Disney Co. 1,494,645 154,188 
Turn, Inc. (Escrow) (c)(d) 984,774 655 
  478,161 
Multiline Retail - 0.4%   
Dollar General Corp. 294,151 27,824 
Dollar Tree, Inc. (a) 1,043,931 107,149 
Target Corp. 441,516 33,295 
  168,268 
Specialty Retail - 1.3%   
CarMax, Inc. (a) 141,905 8,787 
Home Depot, Inc. 1,970,206 359,109 
L Brands, Inc. 135,672 6,693 
Lowe's Companies, Inc. 702,768 62,961 
RH (a)(b) 1,013,700 86,043 
Sleep Number Corp. (a) 155,974 5,372 
TJX Companies, Inc. 300,924 24,880 
  553,845 
Textiles, Apparel & Luxury Goods - 6.0%   
adidas AG 4,719,490 1,045,669 
Cibus Global Ltd. Series C (c)(d)(e) 4,523,810 9,500 
Kering SA 516,200 242,237 
lululemon athletica, Inc. (a)(f) 7,706,578 625,003 
LVMH Moet Hennessy - Louis Vuitton SA 176,790 52,877 
NIKE, Inc. Class B 2,610,114 174,956 
PagSeguro Digital Ltd. (a) 419,857 13,536 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 8,727,702 357,138 
Tory Burch LLC:   
Class A (c)(d)(e) 950,844 55,653 
Class B (c)(d)(e) 324,840 19,931 
Under Armour, Inc. Class C (non-vtg.) (a)(b) 142,282 2,141 
VF Corp. 378,620 28,234 
  2,626,875 
TOTAL CONSUMER DISCRETIONARY  9,408,843 
CONSUMER STAPLES - 4.6%   
Beverages - 2.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 302,896 65,268 
Dr. Pepper Snapple Group, Inc. 577,463 67,130 
Fever-Tree Drinks PLC 1,432,142 48,904 
Monster Beverage Corp. (a) 6,747,742 427,604 
PepsiCo, Inc. 916,995 100,622 
The Coca-Cola Co. 4,890,646 211,374 
  920,902 
Food & Staples Retailing - 0.6%   
Costco Wholesale Corp. 932,156 177,949 
Drogasil SA 2,398,773 57,433 
Kroger Co. 597,165 16,195 
Walgreens Boots Alliance, Inc. 273,415 18,836 
  270,413 
Food Products - 0.4%   
General Mills, Inc. 124,608 6,299 
Kellogg Co. 101,064 6,690 
Lamb Weston Holdings, Inc. 775,157 41,928 
Mondelez International, Inc. 867,388 38,078 
The Hain Celestial Group, Inc. (a) 306,643 10,665 
The Hershey Co. 234,370 23,029 
The Kraft Heinz Co. 430,611 28,872 
  155,561 
Household Products - 0.2%   
Church & Dwight Co., Inc. 744,028 36,599 
Colgate-Palmolive Co. 382,170 26,358 
Kimberly-Clark Corp. 216,918 24,061 
Procter & Gamble Co. 185,154 14,538 
  101,556 
Personal Products - 0.6%   
Coty, Inc. Class A 6,956,546 134,400 
Godrej Consumer Products Ltd. 236,133 3,869 
Herbalife Ltd. (a)(b) 868,635 80,001 
Unilever NV (Certificaten Van Aandelen) (Bearer) 628,500 32,893 
  251,163 
Tobacco - 0.7%   
Altria Group, Inc. 2,893,705 182,159 
British American Tobacco PLC sponsored ADR 193,225 11,412 
Philip Morris International, Inc. 1,203,577 124,630 
  318,201 
TOTAL CONSUMER STAPLES  2,017,796 
ENERGY - 1.3%   
Energy Equipment & Services - 0.2%   
Baker Hughes, a GE Co. Class A 1,882,142 49,689 
Halliburton Co. 479,955 22,280 
U.S. Silica Holdings, Inc. (b) 513,466 13,294 
  85,263 
Oil, Gas & Consumable Fuels - 1.1%   
Anadarko Petroleum Corp. 235,158 13,413 
Cabot Oil & Gas Corp. 1,339,862 32,371 
Concho Resources, Inc. (a) 410,764 61,943 
Continental Resources, Inc. (a) 431,174 20,485 
Diamondback Energy, Inc. (a) 400,147 49,874 
EOG Resources, Inc. 1,328,622 134,749 
Hess Corp. 89,035 4,044 
Noble Energy, Inc. 884,598 26,388 
PDC Energy, Inc. (a) 427,920 22,479 
Pioneer Natural Resources Co. 345,695 58,848 
Reliance Industries Ltd. 2,867,093 41,715 
Valero Energy Corp. 207,157 18,731 
  485,040 
TOTAL ENERGY  570,303 
FINANCIALS - 3.0%   
Banks - 1.2%   
Bank of America Corp. 2,477,219 79,519 
Citigroup, Inc. 572,129 43,190 
HDFC Bank Ltd. sponsored ADR 1,273,647 123,773 
JPMorgan Chase & Co. 1,864,990 215,406 
Signature Bank (a) 69,914 10,221 
Wells Fargo & Co. 1,027,654 60,025 
  532,134 
Capital Markets - 1.7%   
BlackRock, Inc. Class A 421,905 231,807 
BM&F BOVESPA SA 5,250,497 41,430 
Charles Schwab Corp. 6,808,858 361,006 
E*TRADE Financial Corp. (a) 536,416 28,017 
Edelweiss Financial Services Ltd. 1,213,625 4,950 
Nomura Holdings, Inc. 4,692,200 28,563 
T. Rowe Price Group, Inc. 319,443 35,746 
  731,519 
Consumer Finance - 0.1%   
American Express Co. 217,360 21,195 
Discover Financial Services 133,152 10,496 
  31,691 
Insurance - 0.0%   
Hiscox Ltd. 377,200 7,208 
TOTAL FINANCIALS  1,302,552 
HEALTH CARE - 18.2%   
Biotechnology - 13.4%   
AbbVie, Inc. 1,393,985 161,465 
ACADIA Pharmaceuticals, Inc. (a)(b)(f) 7,054,375 175,760 
Agios Pharmaceuticals, Inc. (a)(b) 2,084,668 167,586 
Alexion Pharmaceuticals, Inc. (a) 1,385,277 162,701 
Alkermes PLC (a)(f) 9,510,360 542,851 
Alnylam Pharmaceuticals, Inc. (a)(f) 5,028,961 604,280 
Amgen, Inc. 1,206,418 221,703 
AnaptysBio, Inc. (a) 255,553 31,372 
Argenx SE ADR 77,608 5,947 
Array BioPharma, Inc. (a) 5,487,401 95,042 
Arsanis, Inc. (a) 348,252 5,137 
aTyr Pharma, Inc. (a)(b)(f) 759,877 2,242 
aTyr Pharma, Inc. (a)(f)(g) 1,469,144 4,334 
BeiGene Ltd. ADR (a) 2,004,983 287,655 
Biogen, Inc. (a) 345,091 99,728 
bluebird bio, Inc. (a)(f) 2,606,256 523,857 
Blueprint Medicines Corp. (a) 164,230 14,216 
Calyxt, Inc. (f) 1,462,026 26,857 
Celgene Corp. (a) 1,056,347 92,029 
Celldex Therapeutics, Inc. (a) 1,910,744 4,299 
Cellectis SA sponsored ADR (a) 693,825 21,661 
Chimerix, Inc. (a) 2,091,472 10,165 
Coherus BioSciences, Inc.(a)(b) 2,257,289 22,347 
CytomX Therapeutics, Inc. (a) 688,183 20,446 
CytomX Therapeutics, Inc. (a)(g) 794,033 23,591 
Denali Therapeutics, Inc. (a)(b) 1,138,030 26,050 
Editas Medicine, Inc. (a) 941,209 34,486 
Esperion Therapeutics, Inc.(a) 233,977 18,814 
Exact Sciences Corp. (a) 176,960 7,894 
Exelixis, Inc. (a) 14,513,410 374,446 
Fate Therapeutics, Inc. (a)(b) 1,827,934 20,583 
Five Prime Therapeutics, Inc. (a) 1,458,447 31,007 
Galapagos Genomics NV sponsored ADR (a)(b) 571,122 59,517 
Gilead Sciences, Inc. 1,320,813 103,988 
Global Blood Therapeutics, Inc. (a) 982,909 57,648 
Heron Therapeutics, Inc. (a)(b) 2,247,923 45,745 
Intellia Therapeutics, Inc. (a)(b) 858,206 22,399 
Intercept Pharmaceuticals, Inc. (a)(b) 137,147 8,192 
Intrexon Corp. (a)(b) 468,715 6,103 
Ionis Pharmaceuticals, Inc. (a)(f) 7,398,267 390,776 
Ironwood Pharmaceuticals, Inc. Class A (a) 5,095,944 72,362 
Jounce Therapeutics, Inc. (a)(b) 519,799 10,957 
Lexicon Pharmaceuticals, Inc. (a)(b)(f) 6,864,887 59,244 
Macrogenics, Inc. (a) 202,819 5,089 
Merrimack Pharmaceuticals, Inc. 499,760 5,552 
Momenta Pharmaceuticals, Inc. (a)(f) 5,053,881 86,169 
Protagonist Therapeutics, Inc. (a) 619,078 10,493 
Prothena Corp. PLC (a)(b)(f) 2,113,217 71,194 
Regeneron Pharmaceuticals, Inc. (a) 901,411 288,848 
Regulus Therapeutics, Inc. (a)(b)(f) 5,235,227 5,811 
Rigel Pharmaceuticals, Inc. (a)(f) 10,482,016 39,412 
Sage Therapeutics, Inc. (a) 2,091,017 337,407 
Seattle Genetics, Inc. (a)(b) 1,883,042 101,684 
Seres Therapeutics, Inc. (a) 1,129,091 10,726 
Seres Therapeutics, Inc. (a)(g) 572,827 5,442 
Sienna Biopharmaceuticals, Inc. (b)(f) 809,475 12,693 
Sienna Biopharmaceuticals, Inc. (f)(g) 564,045 8,844 
Spark Therapeutics, Inc. (a) 392,819 22,430 
Syros Pharmaceuticals, Inc. (a)(b)(f) 1,072,196 11,301 
Syros Pharmaceuticals, Inc. (a)(f)(g) 938,007 9,887 
TESARO, Inc. (a)(b) 370,680 20,473 
Ultragenyx Pharmaceutical, Inc. (a) 712,476 34,063 
uniQure B.V. (a) 351,640 8,939 
Vertex Pharmaceuticals, Inc. (a) 368,618 61,202 
Xencor, Inc. (a) 951,316 29,139 
Zai Lab Ltd. ADR (b) 1,014,117 22,463 
  5,886,743 
Health Care Equipment & Supplies - 1.7%   
Abbott Laboratories 566,579 34,182 
Align Technology, Inc. (a) 128,431 33,716 
Danaher Corp. 1,249,940 122,219 
DexCom, Inc. (a) 447,539 25,125 
Genmark Diagnostics, Inc. (a) 1,460,745 6,018 
Insulet Corp. (a) 1,926,964 144,696 
Intuitive Surgical, Inc. (a) 369,528 157,585 
Novocure Ltd. (a) 1,718,581 35,317 
Novocure Ltd. (a)(g) 571,461 11,744 
Penumbra, Inc. (a) 1,289,071 139,477 
Presbia PLC (a)(f) 1,280,499 4,072 
  714,151 
Health Care Providers & Services - 0.6%   
Apollo Hospitals Enterprise Ltd. 720,000 13,193 
Humana, Inc. 60,343 16,402 
McKesson Corp. 94,753 14,140 
National Vision Holdings, Inc. 169,590 5,861 
OptiNose, Inc. (f) 1,009,570 17,879 
OptiNose, Inc. (f) 992,571 16,700 
UnitedHealth Group, Inc. 825,274 186,644 
  270,819 
Health Care Technology - 0.3%   
athenahealth, Inc. (a) 652,026 91,114 
Castlight Health, Inc. Class B (a)(b) 2,148,073 7,626 
Cerner Corp. (a) 203,114 13,032 
  111,772 
Life Sciences Tools & Services - 0.0%   
Illumina, Inc. (a) 51,703 11,789 
Pharmaceuticals - 2.2%   
Adimab LLC (c)(d)(e) 3,162,765 121,292 
Akcea Therapeutics, Inc. (b)(f) 3,631,004 61,618 
Avexis, Inc. (a) 1,769,475 218,937 
Bristol-Myers Squibb Co. 1,569,857 103,925 
Castle Creek Pharmaceuticals, LLC Class A-2 unit (a)(c)(d)(e)(h) 46,864 23,900 
Endocyte, Inc. (a)(b) 62,167 369 
Intra-Cellular Therapies, Inc. (a)(f) 3,766,514 72,957 
Kolltan Pharmaceuticals, Inc. rights (a)(d) 7,940,644 1,032 
MyoKardia, Inc. (a) 1,288,991 75,019 
Nektar Therapeutics (a) 1,824,095 157,894 
resTORbio, Inc. (a) 182,440 3,558 
Rhythm Pharmaceuticals, Inc. 496,249 12,828 
RPI International Holdings LP (a)(c)(d) 130,847 18,620 
Stemcentrx, Inc. rights 12/31/21 (a)(d) 2,065,715 6,300 
The Medicines Company (a)(b) 2,303,471 70,532 
Theravance Biopharma, Inc. (a)(b) 935,099 24,649 
  973,430 
TOTAL HEALTH CARE  7,968,704 
INDUSTRIALS - 5.7%   
Aerospace & Defense - 1.1%   
Lockheed Martin Corp. 459,471 161,936 
Northrop Grumman Corp. 56,419 19,749 
Space Exploration Technologies Corp. Class A (a)(c)(d) 418,210 56,458 
The Boeing Co. 526,125 190,568 
United Technologies Corp. 416,952 56,180 
  484,891 
Air Freight & Logistics - 0.3%   
FedEx Corp. 88,443 21,793 
United Parcel Service, Inc. Class B 922,772 96,347 
  118,140 
Airlines - 1.5%   
Allegiant Travel Co. 126,404 21,021 
Azul SA sponsored ADR 500,094 15,393 
Delta Air Lines, Inc. 761,447 41,042 
InterGlobe Aviation Ltd. (g) 1,333,131 27,233 
JetBlue Airways Corp. (a) 5,720,753 120,422 
Ryanair Holdings PLC sponsored ADR (a) 468,594 56,822 
Southwest Airlines Co. 2,399,620 138,794 
Spirit Airlines, Inc. (a) 186,856 7,444 
United Continental Holdings, Inc. (a) 848,404 57,513 
Wheels Up Partners Holdings LLC:   
Series B (a)(c)(d)(e) 6,703,518 14,815 
Series C (a)(c)(d)(e) 3,466,281 7,660 
Wizz Air Holdings PLC (a)(g) 2,908,541 144,400 
  652,559 
Construction & Engineering - 0.0%   
Fluor Corp. 375,898 21,389 
Electrical Equipment - 0.3%   
AMETEK, Inc. 64,385 4,877 
Eaton Corp. PLC 404,453 32,639 
Emerson Electric Co. 358,014 25,440 
Fortive Corp. 617,328 47,411 
  110,367 
Industrial Conglomerates - 0.8%   
3M Co. 869,249 204,717 
Honeywell International, Inc. 1,054,418 159,333 
  364,050 
Machinery - 1.2%   
Aumann AG (g) 231,610 17,253 
Caterpillar, Inc. 1,481,842 229,137 
Cummins, Inc. 253,300 42,597 
Deere & Co. 569,047 91,543 
Illinois Tool Works, Inc. 283,564 45,779 
Rational AG 4,018 2,600 
Wabtec Corp. (b) 191,776 15,599 
Xylem, Inc. 1,034,253 77,135 
  521,643 
Road & Rail - 0.4%   
J.B. Hunt Transport Services, Inc. 220,944 26,197 
Union Pacific Corp. 1,225,554 159,628 
  185,825 
Trading Companies & Distributors - 0.1%   
Univar, Inc. (a) 879,208 25,330 
TOTAL INDUSTRIALS  2,484,194 
INFORMATION TECHNOLOGY - 41.6%   
Communications Equipment - 0.6%   
Arista Networks, Inc. (a) 105,213 28,380 
Infinera Corp. (a)(f) 11,375,952 113,191 
NETGEAR, Inc. (a)(f) 1,756,494 97,925 
Palo Alto Networks, Inc. (a) 56,477 9,791 
  249,287 
Electronic Equipment & Components - 0.2%   
Cognex Corp. 51,676 2,776 
Dell Technologies, Inc. (a) 294,004 21,842 
IPG Photonics Corp. (a) 20,867 5,126 
TE Connectivity Ltd. 105,994 10,927 
Trimble, Inc. (a) 1,421,601 53,921 
  94,592 
Internet Software & Services - 11.7%   
2U, Inc. (a) 751,474 62,207 
Actua Corp. (f) 2,284,190 2,513 
Alarm.com Holdings, Inc. (a) 26,030 941 
Alibaba Group Holding Ltd. sponsored ADR (a) 1,295,296 241,106 
Alphabet, Inc.:   
Class A (a) 1,407,881 1,554,188 
Class C (a) 761,661 841,430 
Apptio, Inc. Class A (a) 1,287,177 37,199 
Baidu.com, Inc. sponsored ADR (a) 6,774 1,709 
CarGurus, Inc. Class A (b) 52,356 1,690 
Criteo SA sponsored ADR (a) 67,639 2,028 
Dropbox, Inc. Class B (a)(c) 1,105,082 13,924 
eBay, Inc. (a) 500,390 21,447 
Etsy, Inc. (a) 187,240 4,739 
Facebook, Inc. Class A (a) 7,531,787 1,343,068 
GoDaddy, Inc. (a) 347,759 20,799 
Match Group, Inc. (a)(b) 211,396 8,466 
MongoDB, Inc. Class B 956,702 29,275 
NAVER Corp. 8,760 6,475 
NetEase, Inc. ADR 511,532 150,058 
New Relic, Inc. (a) 451,775 32,428 
Nutanix, Inc.:   
Class A (a) 4,078,254 148,652 
Class B (g) 1,151,309 41,965 
Shopify, Inc. Class A (a) 3,372,896 466,559 
Tencent Holdings Ltd. 1,118,700 61,202 
Twitter, Inc. (a) 401,289 12,785 
Wix.com Ltd. (a) 601,355 45,132 
  5,151,985 
IT Services - 3.6%   
Cognizant Technology Solutions Corp. Class A 932,073 76,449 
IBM Corp. 236,046 36,783 
MasterCard, Inc. Class A 2,318,933 407,576 
PayPal Holdings, Inc. (a) 5,201,436 413,046 
Square, Inc. (a) 2,845,963 131,057 
Visa, Inc. Class A 4,139,401 508,898 
  1,573,809 
Semiconductors & Semiconductor Equipment - 9.6%   
Advanced Micro Devices, Inc. (a)(b) 1,346,248 16,303 
Applied Materials, Inc. 406,176 23,392 
ASML Holding NV 406,142 79,356 
Broadcom Ltd. 591,724 145,836 
Cirrus Logic, Inc. (a) 1,085,241 48,087 
Cree, Inc. (a) 971,922 36,768 
Cypress Semiconductor Corp. 443,278 7,744 
Inphi Corp. (a)(b) 335,434 9,308 
Intel Corp. 76,415 3,766 
KLA-Tencor Corp. 245,216 27,785 
Marvell Technology Group Ltd. 1,705,308 40,058 
Micron Technology, Inc. (a) 1,009,063 49,252 
NVIDIA Corp. 12,958,130 3,135,867 
Qorvo, Inc. (a) 210,509 16,990 
Renesas Electronics Corp. (a) 907,300 10,376 
Silicon Laboratories, Inc. (a)(f) 3,164,427 295,874 
Skyworks Solutions, Inc. 111,434 12,174 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 1,182,499 51,261 
Texas Instruments, Inc. 1,649,208 178,692 
  4,188,889 
Software - 10.8%   
Activision Blizzard, Inc. 8,065,213 589,809 
Adobe Systems, Inc. (a) 1,751,549 366,301 
Appirio, Inc. (Escrow) (a)(c)(d) 389,363 96 
Atlassian Corp. PLC (a) 449,020 24,377 
Autodesk, Inc. (a) 1,075,590 126,350 
Black Knight, Inc. (a) 455,429 21,701 
BlackBerry Ltd. (a) 2,211,872 26,852 
Electronic Arts, Inc. (a) 1,787,948 221,169 
HubSpot, Inc. (a) 1,753,289 194,703 
Intuit, Inc. 486,783 81,225 
Microsoft Corp. 11,128,550 1,043,524 
Oracle Corp. 965,383 48,916 
Parametric Technology Corp. (a) 53,000 3,909 
Paylocity Holding Corp. (a) 171,562 8,024 
Proofpoint, Inc. (a) 337,997 36,223 
Red Hat, Inc. (a) 3,928,343 579,038 
SailPoint Technologies Holding, Inc. (a) 182,269 3,831 
Salesforce.com, Inc. (a) 10,438,713 1,213,500 
Snap, Inc. Class A (a)(b) 3,784,301 65,544 
VMware, Inc. Class A (a)(b) 57,473 7,572 
Zendesk, Inc. (a) 1,987,741 85,831 
  4,748,495 
Technology Hardware, Storage & Peripherals - 5.1%   
Apple, Inc. 11,770,505 2,096,562 
NetApp, Inc. 380,198 23,021 
Pure Storage, Inc. Class A (a) 3,615,916 78,357 
Samsung Electronics Co. Ltd. 21,298 46,196 
Western Digital Corp. 92,005 8,008 
  2,252,144 
TOTAL INFORMATION TECHNOLOGY  18,259,201 
MATERIALS - 1.2%   
Chemicals - 1.2%   
CF Industries Holdings, Inc. 1,356,057 55,924 
DowDuPont, Inc. 3,722,362 261,682 
LG Chemical Ltd. 21,517 7,584 
LyondellBasell Industries NV Class A 119,995 12,986 
Monsanto Co. 578,130 71,324 
Praxair, Inc. 181,323 27,153 
The Mosaic Co. 243,244 6,402 
The Scotts Miracle-Gro Co. Class A 1,030,896 92,616 
  535,671 
Containers & Packaging - 0.0%   
Aptargroup, Inc. 52,060 4,655 
TOTAL MATERIALS  540,326 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
American Tower Corp. 636,842 88,731 
Real Estate Management & Development - 0.0%   
Redfin Corp. 68,033 1,401 
TOTAL REAL ESTATE  90,132 
TELECOMMUNICATION SERVICES - 0.5%   
Diversified Telecommunication Services - 0.1%   
Verizon Communications, Inc. 968,735 46,247 
Wireless Telecommunication Services - 0.4%   
T-Mobile U.S., Inc. (a) 2,709,206 164,205 
TOTAL TELECOMMUNICATION SERVICES  210,452 
TOTAL COMMON STOCKS   
(Cost $18,468,586)  42,852,503 
Preferred Stocks - 2.1%   
Convertible Preferred Stocks - 2.0%   
CONSUMER DISCRETIONARY - 0.2%   
Hotels, Restaurants & Leisure - 0.1%   
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(c)(d)(e) 61,485 8,604 
Topgolf International, Inc. Series F (c)(d) 819,532 11,337 
  19,941 
Internet & Direct Marketing Retail - 0.0%   
The Honest Co., Inc.:   
Series C (a)(c)(d) 92,950 2,904 
Series D (a)(c)(d) 69,363 2,340 
  5,244 
Leisure Products - 0.0%   
Peloton Interactive, Inc. Series E (c)(d) 637,482 16,154 
Textiles, Apparel & Luxury Goods - 0.1%   
Generation Bio Series B (c)(d) 831,800 7,607 
Harmony Biosciences II, Inc. Series A (c)(d) 10,934,380 10,934 
Homology Medicines, Inc. Series B (c)(d) 3,750,001 6,563 
ORIC Pharmaceuticals, Inc. Series C (c)(d) 1,416,666 4,250 
Rubius Therapeutics, Inc.:   
Series B (c)(d) 1,287,247 16,464 
Series C (c)(d) 578,030 7,393 
  53,211 
TOTAL CONSUMER DISCRETIONARY  94,550 
FINANCIALS - 0.0%   
Insurance - 0.0%   
Clover Health Series D (c)(d) 863,631 7,954 
HEALTH CARE - 1.0%   
Biotechnology - 0.9%   
10X Genomics, Inc. Series C (a)(c)(d) 2,505,940 15,938 
23andMe, Inc. Series F (c)(d) 590,383 8,197 
Axcella Health, Inc. Series C (a)(c)(d) 536,592 6,933 
BioNTech AG Series A (c)(d) 114,025 25,392 
Immunocore Ltd. Series A (a)(c)(d) 67,323 24,303 
Intarcia Therapeutics, Inc.:   
Series CC (a)(c)(d) 1,051,411 63,085 
Series DD (a)(c)(d) 1,543,687 92,621 
Kiniksa Pharmaceuticals Ltd. Series C (c)(d) 831,398 4,760 
Moderna Therapeutics, Inc.:   
Series B (c)(d) 242,837 2,443 
Series C (c)(d) 554,903 5,582 
Series D (a)(c)(d) 4,688,230 47,164 
Series E (a)(c)(d) 5,651,170 56,851 
Series F (a)(c)(d) 140,212 1,411 
Scholar Rock LLC Series C (c)(d) 1,343,989 4,838 
Translate Bio:   
Series B (a)(c)(d) 4,408,601 8,729 
Series C (a)(c)(d) 6,666,443 13,200 
UNITY Biotechnology, Inc. Series B (a)(c)(d) 2,214,616 11,509 
  392,956 
Health Care Equipment & Supplies - 0.0%   
Shockwave Medical, Inc. Series C (c)(d) 5,413,080 5,467 
Health Care Providers & Services - 0.0%   
Mulberry Health, Inc. Series A8 (a)(c)(d) 2,790,742 17,917 
Health Care Technology - 0.1%   
Codiak Biosciences, Inc.:   
Series A, 8.00%(a)(c)(d) 589,863 2,234 
Series B, 8.00%(a)(c)(d) 1,917,058 7,261 
Series C, 8.00% (c)(d) 2,688,186 10,182 
  19,677 
Life Sciences Tools & Services - 0.0%   
Neon Therapeutics, Inc. Series B (a)(c)(d) 4,449,273 12,502 
TOTAL HEALTH CARE  448,519 
INDUSTRIALS - 0.2%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series G (a)(c)(d) 216,276 29,197 
Commercial Services & Supplies - 0.0%   
Domo, Inc. Series D (a)(c)(d) 2,990,903 12,532 
Professional Services - 0.1%   
YourPeople, Inc. Series C (a)(c)(d) 5,833,137 34,299 
TOTAL INDUSTRIALS  76,028 
INFORMATION TECHNOLOGY - 0.6%   
Internet Software & Services - 0.5%   
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) 7,578,338 2,489 
Reddit, Inc. Series B (c)(d) 384,303 8,724 
Starry, Inc.:   
Series B (a)(c)(d) 9,869,159 9,099 
Series C (c)(d) 5,234,614 4,826 
Uber Technologies, Inc.:   
Series D, 8.00% (a)(c)(d) 4,770,180 167,433 
Series E, 8.00% (a)(c)(d) 209,216 7,343 
  199,914 
IT Services - 0.0%   
AppNexus, Inc. Series E (a)(c)(d) 923,523 18,591 
Software - 0.1%   
Appirio, Inc. Series E (Escrow) (a)(c)(d) 2,725,544 693 
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) 1,429,726 9,122 
Dataminr, Inc. Series D (a)(c)(d) 1,773,901 19,406 
Outset Medical, Inc. Series C (c)(d) 1,244,716 2,838 
Taboola.Com Ltd. Series E (a)(c)(d) 1,337,420 20,516 
  52,575 
TOTAL INFORMATION TECHNOLOGY  271,080 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (a)(c)(d) 699,106 895 
TOTAL CONVERTIBLE PREFERRED STOCKS  899,026 
Nonconvertible Preferred Stocks - 0.1%   
FINANCIALS - 0.1%   
Banks - 0.1%   
Itau Unibanco Holding SA 1,874,400 29,084 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
Yumanity Holdings LLC Class A (a)(c)(d) 464,607 6,412 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  35,496 
TOTAL PREFERRED STOCKS   
(Cost $673,259)  934,522 
Money Market Funds - 1.0%   
Fidelity Cash Central Fund, 1.41% (i) 73,370,317 73,385 
Fidelity Securities Lending Cash Central Fund 1.42% (i)(j) 368,268,044 368,305 
TOTAL MONEY MARKET FUNDS   
(Cost $441,675)  441,690 
TOTAL INVESTMENT IN SECURITIES - 100.8%   
(Cost $19,583,520)  44,228,715 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (372,679) 
NET ASSETS - 100%  $43,856,036 

Legend

 (a) Non-income producing

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

 (c) 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 $1,248,678,000 or 2.8% of net assets.

 (d) Level 3 security

 (e) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (f) Affiliated company

 (g) 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 $294,693,000 or 0.7% of net assets.

 (h) Investment represents common shares and preferred shares.

 (i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (j) Includes investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
10X Genomics, Inc. Series C 2/23/16 - 4/3/17 $11,222 
23andMe, Inc. Series F 8/31/17 $8,197 
Adimab LLC 9/17/14 - 6/5/15 $47,869 
Altiostar Networks, Inc. Series A1 1/10/17 $3,216 
Appirio, Inc. (Escrow) 7/7/17 $90 
Appirio, Inc. Series E (Escrow) 11/24/16 $693 
AppNexus, Inc. Series E 8/1/14 $18,500 
Axcella Health, Inc. Series C 8/11/17 $5,409 
BioNTech AG Series A 12/29/17 $24,972 
Castle Creek Pharmaceuticals, LLC Class A-2 unit 9/29/16 $15,465 
Cibus Global Ltd. Series C 2/16/18 $9,500 
Cloudflare, Inc. Series D, 8.00% 11/5/14 $8,758 
Clover Health Series D 6/7/17 $8,099 
Codiak Biosciences, Inc. Series A, 8.00% 11/12/15 $590 
Codiak Biosciences, Inc. Series B, 8.00% 11/12/15 $5,751 
Codiak Biosciences, Inc. Series C, 8.00% 11/17/17 $10,182 
Dataminr, Inc. Series D 2/18/15 - 3/6/15 $22,617 
Domo, Inc. Series D 1/24/14 $12,362 
Dropbox, Inc. Class B 5/2/12 $10,000 
Generation Bio Series B 2/21/18 $7,607 
Harmony Biosciences II, Inc. Series A 9/22/17 $10,934 
Homology Medicines, Inc. Series B 7/28/17 $5,400 
Immunocore Ltd. Series A 7/27/15 $12,669 
Intarcia Therapeutics, Inc. Series CC 11/14/12 $14,331 
Intarcia Therapeutics, Inc. Series DD 3/17/14 $50,000 
Jet.Com, Inc. Series B1 (Escrow) 9/19/16 $2,489 
Kiniksa Pharmaceuticals Ltd. Series C 2/22/18 $4,760 
MOD Super Fast Pizza Holdings LLC Series 3 Preferred 11/3/16 - 12/14/17 $8,442 
Moderna Therapeutics, Inc. Series B 4/13/17 $1,408 
Moderna Therapeutics, Inc. Series C 4/13/17 $3,224 
Moderna Therapeutics, Inc. Series D 11/6/13 $20,615 
Moderna Therapeutics, Inc. Series E 12/18/14 $24,850 
Moderna Therapeutics, Inc. Series F 8/10/16 $617 
Mulberry Health, Inc. Series A8 1/20/16 $18,851 
Neon Therapeutics, Inc. Series B 12/28/16 - 12/1/17 $12,503 
ORIC Pharmaceuticals, Inc. Series C 2/6/18 $4,250 
Outset Medical, Inc. Series C 4/19/17 $3,226 
Peloton Interactive, Inc. Series E 3/31/17 $13,809 
Reddit, Inc. Series B 7/26/17 $5,456 
RPI International Holdings LP 5/21/15 - 3/23/16 $16,269 
Rubius Therapeutics, Inc. Series B 6/7/17 $10,800 
Rubius Therapeutics, Inc. Series C 2/23/18 $7,393 
Scholar Rock LLC Series C 12/22/17 $4,838 
Shockwave Medical, Inc. Series C 9/27/17 $5,467 
Space Exploration Technologies Corp. Class A 10/16/15 - 4/6/17 $38,201 
Space Exploration Technologies Corp. Series G 1/20/15 $16,753 
Starry, Inc. Series B 12/1/16 $5,339 
Starry, Inc. Series C 12/8/17 $4,826 
Taboola.Com Ltd. Series E 12/22/14 $13,943 
The Honest Co., Inc. 8/21/14 $1,078 
The Honest Co., Inc. Series C 8/21/14 $2,515 
The Honest Co., Inc. Series D 8/3/15 $3,174 
Topgolf International, Inc. Series F 11/10/17 $11,337 
Tory Burch LLC Class A 5/14/15 $67,653 
Tory Burch LLC Class B 12/31/12 $17,505 
Translate Bio Series B 7/17/15 $4,761 
Translate Bio Series C 12/22/16 - 12/22/17 $13,200 
Turn, Inc. (Escrow) 4/11/17 $591 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $74,000 
Uber Technologies, Inc. Series E, 8.00% 12/5/14 $6,971 
UNITY Biotechnology, Inc. Series B 10/14/16 $9,102 
Wheels Up Partners Holdings LLC Series B 9/18/15 $19,040 
Wheels Up Partners Holdings LLC Series C 6/22/17 $10,815 
YourPeople, Inc. Series C 5/1/15 $86,920 
Yumanity Holdings LLC Class A 2/8/16 $3,140 

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 $232 
Fidelity Securities Lending Cash Central Fund 1,931 
Total $2,163 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

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 Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
ACADIA Pharmaceuticals, Inc. $231,213 $-- $17,655 $-- $(1,971) $(35,827) $175,760 
Actua Corp. 36,209 -- 383 -- (187) (33,126) 2,513 
Akcea Therapeutics, Inc. 70,889 -- 1,659 -- 999 (8,611) 61,618 
Alkermes PLC 485,912 28,393 15,200 -- 8,924 34,822 542,851 
Alnylam Pharmaceuticals, Inc. 668,331 21,283 13,851 -- 10,155 (81,638) 604,280 
aTyr Pharma, Inc. 3,031 -- 57 -- (23) (709) 2,242 
aTyr Pharma, Inc. 5,730 -- -- -- -- (1,396) 4,334 
Avexis, Inc. 162,779 10,720 6,158 -- 2,596 49,000 -- 
bluebird bio, Inc. 439,342 22,859 11,269 -- 9,985 62,940 523,857 
Calyxt, Inc. 28,618 -- 707 -- 441 (1,495) 26,857 
Exelixis, Inc. 410,001 -- 18,573 -- 11,721 (28,703) -- 
Infinera Corp. 81,330 3,480 2,169 -- 432 30,118 113,191 
Intra-Cellular Therapies, Inc. 59,705 -- 1,533 -- 272 14,513 72,957 
Ionis Pharmaceuticals, Inc. 417,706 2,106 8,499 -- 5,672 (26,209) 390,776 
Lexicon Pharmaceuticals, Inc. 71,027 753 1,410 -- 156 (11,282) 59,244 
lululemon athletica, Inc. 521,918 6,877 14,066 -- 11,347 98,927 625,003 
Momenta Pharmaceuticals, Inc. 70,799 671 1,881 -- 467 16,113 86,169 
NETGEAR, Inc. -- 112,259 1,759 -- 257 (12,832) 97,925 
OptiNose, Inc. 14,894 4,110 361 -- 35 (799) 17,879 
OptiNose, Inc. 17,053 -- -- -- -- (353) 16,700 
Presbia PLC 3,510 -- 97 -- 650 4,072 
Prothena Corp. PLC 100,105 274 1,722 -- 1,145 (28,608) 71,194 
Regulus Therapeutics, Inc. 4,872 -- 139 -- 30 1,048 5,811 
Rigel Pharmaceuticals, Inc. 44,595 -- 911 -- 435 (4,707) 39,412 
Sienna Biopharmaceuticals, Inc. 16,690 -- 311 -- 35 (3,721) 12,693 
Sienna Biopharmaceuticals, Inc. 10,803 -- -- -- -- (1,959) 8,844 
Silicon Laboratories, Inc. 298,944 -- 10,654 -- 3,689 3,895 295,874 
Syros Pharmaceuticals, Inc. 10,854 3,565 214 -- (2) (2,902) 11,301 
Syros Pharmaceuticals, Inc. 13,929 -- -- -- -- (4,042) 9,887 
Total $4,300,789 $217,350 $131,238 $-- $66,619 $23,107 $3,883,244 

 * Includes the value of securities delivered through in-kind transactions, if applicable.


Investment Valuation

The following is a summary of the inputs used, as of February 28, 2018, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $9,503,393 $7,842,957 $1,479,411 $181,025 
Consumer Staples 2,017,796 1,932,130 85,666 -- 
Energy 570,303 528,588 41,715 -- 
Financials 1,339,590 1,290,915 40,721 7,954 
Health Care 8,423,635 7,767,667 29,893 626,075 
Industrials 2,560,222 2,213,775 191,486 154,961 
Information Technology 18,530,281 18,091,657 167,448 271,176 
Materials 540,326 532,742 7,584 -- 
Real Estate 90,132 90,132 -- -- 
Telecommunication Services 211,347 210,452 -- 895 
Money Market Funds 441,690 441,690 -- -- 
Total Investments in Securities: $44,228,715 $40,942,705 $2,043,924 $1,242,086 

The following is a summary of transfers between Level 1 and Level 2 for the period ended February 28, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total (000s) 
Level 1 to Level 2 $1,603,601 
Level 2 to Level 1 $0 

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:  
Equities - Health Care  
Beginning Balance $489,611 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 89,095 
Cost of Purchases 47,432 
Proceeds of Sales (63) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $626,075 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2018 $89,095 
Other Investments in Securities  
Beginning Balance $618,926 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities (21,503) 
Cost of Purchases 34,296 
Proceeds of Sales (5) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (15,703) 
Ending Balance $616,011 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2018 $(10,688) 

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.

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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor 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 market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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.

The following provides information on Level 3 securities held by the fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $1,242,086 Market approach Transaction price $0.81 - $142.30 / $59.24 Increase 
   Liquidity preference $16.35 - $45.76 / $36.41 Increase 
  Market comparable Transaction price $1.00- $330.00 / $57.62 Increase 
   Enterprise value/Sales multiple (EV/S) 0.8 - 18.5 / 5.2 Increase 
   Discount rate 14.0% - 75.7% / 58.5% Decrease 
   Enterprise value/EBITDA multiple (EV/EBITDA) 10.6 Increase 
   Enterprise value/Gross profit (EV/GP) 5.6 Increase 
   Premium rate 15.0% - 76.0% / 28.5% Increase 
   Discount for lack of marketability 10.0% - 20.0% / 15.1% Decrease 
   Liquidity preference $4.13 - $23.41 / $14.37 Increase 
   Proxy premium 21.7% - 217.3% / 61.9% Increase 
   Enterprise value/Revenue multiple (EV/R) 3.9 Increase 
   Conversion ratio 3.0% Increase 
  Recovery value Recovery value 0.2% - 0.7% / 0.4% Increase 
  Discount cash flow Discount rate 8.0% - 12.2% / 11.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Probability rate 6.3% - 68.9% / 6.8% Increase 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.


For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

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 Holdings Report
for

Fidelity® New Millennium Fund®

February 28, 2018







NMF-QTLY-0418
1.797943.114





Schedule of Investments February 28, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 13.5%   
Auto Components - 0.5%   
Magna International, Inc. Class A (sub. vtg.) 280,900 $15,455 
Automobiles - 1.6%   
Fiat Chrysler Automobiles NV 1,933,300 40,967 
Tesla, Inc. (a) 29,900 10,257 
  51,224 
Distributors - 0.5%   
Pool Corp. 119,500 16,495 
Hotels, Restaurants & Leisure - 2.9%   
ARAMARK Holdings Corp. 1,571,300 65,539 
Drive Shack, Inc. 923,300 4,663 
U.S. Foods Holding Corp. (a) 732,600 24,462 
  94,664 
Household Durables - 2.3%   
D.R. Horton, Inc. 550,700 23,074 
Newell Brands, Inc. 550,700 14,147 
NVR, Inc. (a) 5,100 14,500 
Toll Brothers, Inc. 474,813 20,811 
  72,532 
Internet & Direct Marketing Retail - 0.7%   
The Booking Holdings, Inc. (a) 11,700 23,798 
Leisure Products - 0.3%   
Mattel, Inc. (b) 606,000 9,635 
Media - 0.3%   
WME Entertainment Parent, LLC Class A (a)(c)(d)(e) 3,633,768 9,084 
Multiline Retail - 0.6%   
Dollar General Corp. 207,500 19,627 
Specialty Retail - 2.4%   
AutoZone, Inc. (a) 31,700 21,072 
Tiffany & Co., Inc. 330,000 33,343 
TJX Companies, Inc. 265,000 21,910 
  76,325 
Textiles, Apparel & Luxury Goods - 1.4%   
Brunello Cucinelli SpA 822,600 25,742 
Hermes International SCA 22,100 11,885 
Under Armour, Inc. Class A (sub. vtg.) (a)(b) 475,000 7,876 
  45,503 
TOTAL CONSUMER DISCRETIONARY  434,342 
CONSUMER STAPLES - 6.9%   
Beverages - 1.0%   
Fever-Tree Drinks PLC 321,258 10,970 
Molson Coors Brewing Co. Class B 278,000 21,198 
  32,168 
Food & Staples Retailing - 3.1%   
Costco Wholesale Corp. 155,900 29,761 
Kroger Co. 452,100 12,261 
Walmart, Inc. 646,600 58,200 
  100,222 
Food Products - 1.4%   
Amira Nature Foods Ltd. (a)(b) 1,082,352 4,373 
Associated British Foods PLC 311,700 11,237 
Greencore Group PLC 4,603,761 11,212 
The Hershey Co. 185,200 18,198 
  45,020 
Household Products - 0.5%   
Reckitt Benckiser Group PLC 182,400 14,478 
Personal Products - 0.9%   
Coty, Inc. Class A 669,500 12,935 
Unilever NV (Certificaten Van Aandelen) (Bearer) 303,000 15,858 
  28,793 
TOTAL CONSUMER STAPLES  220,681 
ENERGY - 11.2%   
Energy Equipment & Services - 1.9%   
Borr Drilling Ltd. (a) 4,401,703 18,856 
Oceaneering International, Inc. 588,652 10,819 
Odfjell Drilling Ltd. (a) 4,699,224 21,706 
TechnipFMC PLC 325,600 9,384 
  60,765 
Oil, Gas & Consumable Fuels - 9.3%   
Anadarko Petroleum Corp. 503,000 28,691 
Cabot Oil & Gas Corp. 676,300 16,339 
Cheniere Energy, Inc. (a) 239,300 12,568 
Chevron Corp. 400,900 44,869 
Cimarex Energy Co. 110,600 10,628 
ConocoPhillips Co. 737,500 40,054 
Denbury Resources, Inc. (a)(b) 2,486,300 5,445 
Diamondback Energy, Inc. (a) 196,200 24,454 
Energy Transfer Equity LP 416,500 6,456 
GasLog Ltd. (b) 377,541 6,229 
Golar LNG Ltd. (b) 717,100 19,376 
Legacy Reserves LP (a)(f) 5,606,520 20,240 
Southwestern Energy Co. (a) 510,600 1,823 
The Williams Companies, Inc. 1,157,500 32,132 
Whiting Petroleum Corp. (a) 119,925 3,263 
Williams Partners LP 792,000 28,702 
  301,269 
TOTAL ENERGY  362,034 
FINANCIALS - 18.9%   
Banks - 8.4%   
Bank of America Corp. 3,737,200 119,963 
First Republic Bank 206,200 19,135 
Metro Bank PLC (a)(b) 243,010 13,163 
PNC Financial Services Group, Inc. 288,600 45,501 
Republic First Bancorp, Inc. (a)(b) 933,900 7,891 
SunTrust Banks, Inc. 424,112 29,620 
U.S. Bancorp 621,000 33,758 
  269,031 
Capital Markets - 0.8%   
KKR & Co. LP 741,904 15,921 
The NASDAQ OMX Group, Inc. 123,500 9,973 
  25,894 
Diversified Financial Services - 0.1%   
New Academy Holding Co. LLC unit (a)(d)(e)(g) 66,000 2,379 
Insurance - 7.2%   
AIA Group Ltd. 2,385,200 19,794 
American International Group, Inc. 819,000 46,961 
Arch Capital Group Ltd. (a) 308,200 27,196 
Chubb Ltd. 309,709 43,954 
First American Financial Corp. 298,000 17,293 
FNF Group 657,300 26,246 
MetLife, Inc. 617,000 28,499 
The Travelers Companies, Inc. 157,400 21,879 
  231,822 
Mortgage Real Estate Investment Trusts - 0.1%   
KKR Real Estate Finance Trust, Inc. 172,700 3,385 
Thrifts & Mortgage Finance - 2.3%   
Housing Development Finance Corp. Ltd. 425,968 11,749 
MGIC Investment Corp. (a) 1,967,300 27,129 
Radian Group, Inc. 1,774,923 36,421 
  75,299 
TOTAL FINANCIALS  607,810 
HEALTH CARE - 13.4%   
Health Care Equipment & Supplies - 4.4%   
Becton, Dickinson & Co. 117,000 25,976 
Boston Scientific Corp. (a) 1,857,500 50,635 
Danaher Corp. 182,200 17,816 
DexCom, Inc. (a) 217,400 12,205 
Integra LifeSciences Holdings Corp. (a) 263,100 13,873 
Intuitive Surgical, Inc. (a) 28,800 12,282 
Sartorius Stedim Biotech 102,900 9,120 
  141,907 
Health Care Providers & Services - 3.8%   
Amplifon SpA 1,041,550 16,550 
National Vision Holdings, Inc. 334,800 11,571 
Premier, Inc. (a) 239,400 7,936 
UnitedHealth Group, Inc. 301,900 68,278 
Universal Health Services, Inc. Class B 154,000 17,587 
  121,922 
Health Care Technology - 1.0%   
Cerner Corp. (a) 231,200 14,834 
Medidata Solutions, Inc. (a) 165,500 10,867 
Teladoc, Inc. (a) 191,300 7,671 
  33,372 
Life Sciences Tools & Services - 2.6%   
Agilent Technologies, Inc. 281,100 19,281 
Bruker Corp. 249,200 7,638 
Eurofins Scientific SA 102,977 58,040 
  84,959 
Pharmaceuticals - 1.6%   
Catalent, Inc. (a) 248,493 10,375 
GlaxoSmithKline PLC 1,184,600 21,244 
Impax Laboratories, Inc. (a) 418,400 8,535 
Prestige Brands Holdings, Inc. (a) 300,000 10,140 
  50,294 
TOTAL HEALTH CARE  432,454 
INDUSTRIALS - 11.2%   
Aerospace & Defense - 4.4%   
General Dynamics Corp. 239,300 53,232 
KEYW Holding Corp. (a)(b) 1,870,437 14,047 
Kratos Defense & Security Solutions, Inc. (a)(b) 259,700 3,129 
Northrop Grumman Corp. 142,700 49,951 
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 58,589 7,910 
Class C (d)(e) 818 110 
Teledyne Technologies, Inc. (a) 75,700 14,076 
  142,455 
Air Freight & Logistics - 1.0%   
C.H. Robinson Worldwide, Inc. 244,600 22,836 
Hub Group, Inc. Class A (a) 207,916 9,076 
  31,912 
Commercial Services & Supplies - 1.0%   
KAR Auction Services, Inc. 283,900 15,353 
Stericycle, Inc. (a) 125,800 7,884 
U.S. Ecology, Inc. 193,056 10,213 
  33,450 
Electrical Equipment - 0.5%   
Melrose Industries PLC 4,653,496 14,541 
Industrial Conglomerates - 0.8%   
General Electric Co. 1,736,600 24,503 
Machinery - 1.5%   
Aumann AG (b)(h) 223,600 16,657 
Flowserve Corp. 158,200 6,700 
Pentair PLC 160,200 11,004 
Rational AG 21,300 13,782 
  48,143 
Marine - 0.5%   
Goodbulk Ltd. 870,445 13,160 
Hapag-Lloyd AG (a)(h) 50,993 2,064 
  15,224 
Trading Companies & Distributors - 1.5%   
Bunzl PLC 455,200 12,218 
Rush Enterprises, Inc. Class A (a) 241,500 10,266 
United Rentals, Inc. (a) 152,600 26,719 
  49,203 
TOTAL INDUSTRIALS  359,431 
INFORMATION TECHNOLOGY - 14.2%   
Communications Equipment - 2.5%   
Cisco Systems, Inc. 1,773,300 79,408 
Electronic Equipment & Components - 1.6%   
Amphenol Corp. Class A 280,182 25,606 
CDW Corp. 182,000 13,273 
Keysight Technologies, Inc. (a) 290,000 13,633 
  52,512 
Internet Software & Services - 1.7%   
Akamai Technologies, Inc. (a) 357,400 24,110 
GoDaddy, Inc. (a) 380,400 22,752 
LogMeIn, Inc. 72,423 8,368 
  55,230 
IT Services - 4.6%   
First Data Corp. Class A (a) 1,438,662 22,472 
FleetCor Technologies, Inc. (a) 53,900 10,776 
Leidos Holdings, Inc. 340,800 21,576 
PayPal Holdings, Inc. (a) 499,500 39,665 
Science Applications International Corp. 123,900 8,969 
Visa, Inc. Class A 356,100 43,779 
  147,237 
Semiconductors & Semiconductor Equipment - 1.4%   
Qualcomm, Inc. 723,800 47,047 
Software - 2.4%   
ANSYS, Inc. (a) 118,500 18,953 
Aspen Technology, Inc. (a) 379,600 29,335 
Black Knight, Inc. (a) 201,549 9,604 
Citrix Systems, Inc. (a) 207,300 19,072 
Trion World, Inc. (a)(d)(e) 1,062,359 
Trion World, Inc. warrants 10/3/18 (a)(d)(e) 42,310 
  76,964 
TOTAL INFORMATION TECHNOLOGY  458,398 
MATERIALS - 1.9%   
Chemicals - 0.4%   
Nutrien Ltd. 205,920 10,118 
The Scotts Miracle-Gro Co. Class A 45,056 4,048 
  14,166 
Construction Materials - 0.1%   
Forterra, Inc. (a)(b) 407,800 2,891 
Metals & Mining - 1.4%   
Franco-Nevada Corp. 143,800 10,077 
Freeport-McMoRan, Inc. (a) 838,200 15,591 
Newcrest Mining Ltd. 541,982 8,894 
Novagold Resources, Inc. (a) 2,591,580 10,300 
  44,862 
TOTAL MATERIALS  61,919 
REAL ESTATE - 1.1%   
Equity Real Estate Investment Trusts (REITs) - 0.8%   
Cousins Properties, Inc. 901,553 7,519 
Healthcare Trust of America, Inc. 274,800 6,829 
Spirit Realty Capital, Inc. 985,100 7,684 
VEREIT, Inc. 471,400 3,229 
  25,261 
Real Estate Management & Development - 0.3%   
Realogy Holdings Corp. 414,300 10,585 
TOTAL REAL ESTATE  35,846 
TELECOMMUNICATION SERVICES - 1.2%   
Diversified Telecommunication Services - 1.2%   
Verizon Communications, Inc. 794,000 37,906 
UTILITIES - 4.3%   
Electric Utilities - 4.3%   
Alliant Energy Corp. 409,800 15,839 
Duke Energy Corp. 410,700 30,942 
Exelon Corp. 454,100 16,820 
IDACORP, Inc. 260,800 21,138 
OGE Energy Corp. 265,200 8,311 
Southern Co. 500,000 21,530 
Xcel Energy, Inc. 557,200 24,116 
  138,696 
TOTAL COMMON STOCKS   
(Cost $2,374,443)  3,149,517 
Preferred Stocks - 1.3%   
Convertible Preferred Stocks - 0.6%   
CONSUMER DISCRETIONARY - 0.6%   
Diversified Consumer Services - 0.2%   
Lyft, Inc. Series H (d)(e) 143,083 5,687 
Leisure Products - 0.2%   
Peloton Interactive, Inc. Series E (d)(e) 230,821 5,849 
Textiles, Apparel & Luxury Goods - 0.2%   
Bolt Threads, Inc. Series D (d)(e) 390,327 6,261 
TOTAL CONSUMER DISCRETIONARY  17,797 
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
Space Exploration Technologies Corp. Series H (d)(e) 7,570 1,022 
TOTAL CONVERTIBLE PREFERRED STOCKS  18,819 
Nonconvertible Preferred Stocks - 0.7%   
CONSUMER DISCRETIONARY - 0.6%   
Automobiles - 0.6%   
Porsche Automobil Holding SE (Germany) 222,673 18,549 
HEALTH CARE - 0.1%   
Health Care Equipment & Supplies - 0.1%   
Sartorius AG (non-vtg.) 39,029 5,263 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  23,812 
TOTAL PREFERRED STOCKS   
(Cost $33,726)  42,631 
 Principal Amount (000s) Value (000s) 
Corporate Bonds - 0.2%   
Convertible Bonds - 0.0%   
INFORMATION TECHNOLOGY - 0.0%   
Software - 0.0%   
Trion World, Inc. 10% 10/10/19 pay-in-kind (d)(e)(i) 451 155 
Nonconvertible Bonds - 0.2%   
ENERGY - 0.2%   
Energy Equipment & Services - 0.2%   
Pacific Drilling V Ltd. 7.25% 12/1/17 (h)(j) 9,250 5,041 
TOTAL CORPORATE BONDS   
(Cost $9,610)  5,196 
 Shares Value (000s) 
Other - 0.2%   
Energy - 0.2%   
Oil, Gas & Consumable Fuels - 0.2%   
Utica Shale Drilling Program (non-operating revenue interest) (c)(d)(e)   
(Cost $8,368) 8,367,654 7,782 
Money Market Funds - 1.8%   
Fidelity Cash Central Fund, 1.41% (k) 16,132,770 16,136 
Fidelity Securities Lending Cash Central Fund 1.42% (k)(l) 41,174,243 41,178 
TOTAL MONEY MARKET FUNDS   
(Cost $57,313)  57,314 
TOTAL INVESTMENT IN SECURITIES - 101.3%   
(Cost $2,483,460)  3,262,440 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (41,966) 
NET ASSETS - 100%  $3,220,474 

Values shown as $0 may reflect amounts less than $500.

Legend

 (a) Non-income producing

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

 (c) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (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 $46,239,000 or 1.4% of net assets.

 (e) Level 3 security

 (f) Affiliated company

 (g) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

 (h) 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 $23,762,000 or 0.7% of net assets.

 (i) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (j) Non-income producing - Security is in default.

 (k) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Bolt Threads, Inc. Series D 12/13/17 $6,261 
Lyft, Inc. Series H 11/22/17 $5,687 
New Academy Holding Co. LLC unit 8/1/11 $6,956 
Peloton Interactive, Inc. Series E 3/31/17 $5,000 
Space Exploration Technologies Corp. Class A 4/8/16 - 9/11/17 $5,981 
Space Exploration Technologies Corp. Class C 9/11/17 $110 
Space Exploration Technologies Corp. Series H 8/4/17 $1,022 
Trion World, Inc. 8/22/08 - 3/20/13 $5,798 
Trion World, Inc. warrants 10/3/18 10/10/13 $0 
Trion World, Inc. 10% 10/10/19 pay-in-kind 10/10/13 - 10/10/17 $450 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $8,368 
WME Entertainment Parent, LLC Class A 8/16/16 $7,349 

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 $225 
Fidelity Securities Lending Cash Central Fund 159 
Total $384 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

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 Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Legacy Reserves LP $8,690 $-- $-- $-- $-- $11,550 $20,240 
Total $8,690 $-- $-- $-- $-- $11,550 $20,240 

Investment Valuation

The following is a summary of the inputs used, as of February 28, 2018, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $470,688 $387,631 $56,176 $26,881 
Consumer Staples 220,681 156,926 63,755 -- 
Energy 362,034 321,472 40,562 -- 
Financials 607,810 560,725 44,706 2,379 
Health Care 437,717 327,500 110,217 -- 
Industrials 360,453 278,989 72,422 9,042 
Information Technology 458,398 458,398 -- -- 
Materials 61,919 53,025 8,894 -- 
Real Estate 35,846 35,846 -- -- 
Telecommunication Services 37,906 37,906 -- -- 
Utilities 138,696 138,696 -- -- 
Corporate Bonds 5,196 -- 5,041 155 
Other 7,782 -- -- 7,782 
Money Market Funds 57,314 57,314 -- -- 
Total Investments in Securities: $3,262,440 $2,814,428 $401,773 $46,239 

The following is a summary of transfers between Level 1 and Level 2 for the period ended February 28, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total (000s) 
Level 1 to Level 2 $338,167 
Level 2 to Level 1 $0 

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 $37,832 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 2,146 
Cost of Purchases 6,261 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $46,239 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2018 $2,146 

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.

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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor 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 market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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.

The following provides information on Level 3 securities held by the fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value (Amounts in thousands) Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Corporate Bonds $155 Recovery value Recovery value 34.4% Increase 
Equities $38,302 Market approach Transaction price $2.50 - $135.00 / $52.20 Increase 
  Market comparable Discount rate 14.0% Decrease 
   Enterprise value/EBITDA multiple (EV/EBITDA) 6.3 Increase 
   Enterprise value/Gross profit (EV/GP) 5.6 Increase 
   Premium rate 10.0% Increase 
   Discount for lack of marketability 10.0% - 15.0% / 13.6% Decrease 
  Recovery value Recovery value 0.0% Increase 
Other $7,782 Market comparable Proxy discount 7.0% Decrease 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.


For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

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 Holdings Report
for

Fidelity® Growth Strategies Fund

February 28, 2018







FEG-QTLY-0418
1.797938.114





Schedule of Investments February 28, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 15.7%   
Auto Components - 3.1%   
Aptiv PLC 584,000 $53,337 
Delphi Technologies PLC 200,000 9,550 
Visteon Corp. (a) 200,950 24,886 
  87,773 
Distributors - 0.8%   
Pool Corp. 158,849 21,926 
Diversified Consumer Services - 1.1%   
Service Corp. International 789,000 29,532 
Hotels, Restaurants & Leisure - 3.3%   
Domino's Pizza, Inc. 88,500 19,683 
Jack in the Box, Inc. 76,422 6,884 
Wyndham Worldwide Corp. 578,000 66,921 
  93,488 
Internet & Direct Marketing Retail - 0.6%   
TripAdvisor, Inc. (a)(b) 410,000 16,433 
Media - 1.7%   
Lions Gate Entertainment Corp. Class B 452,296 12,140 
Live Nation Entertainment, Inc. (a) 672,000 30,106 
Scripps Networks Interactive, Inc. Class A 75,953 6,825 
  49,071 
Multiline Retail - 2.3%   
Dollar General Corp. 308,000 29,134 
Dollar Tree, Inc. (a) 355,000 36,437 
  65,571 
Specialty Retail - 1.4%   
Ross Stores, Inc. 523,600 40,888 
Textiles, Apparel & Luxury Goods - 1.4%   
Carter's, Inc. 162,500 18,961 
Hanesbrands, Inc. (b) 452,000 8,769 
VF Corp. 173,000 12,901 
  40,631 
TOTAL CONSUMER DISCRETIONARY  445,313 
CONSUMER STAPLES - 5.0%   
Beverages - 2.4%   
Brown-Forman Corp. Class B (non-vtg.) 390,000 27,218 
Dr. Pepper Snapple Group, Inc. 199,100 23,145 
Monster Beverage Corp. (a) 272,600 17,275 
  67,638 
Food Products - 0.9%   
The Hershey Co. 264,100 25,950 
Personal Products - 1.5%   
Estee Lauder Companies, Inc. Class A 159,000 22,012 
Herbalife Ltd. (a) 227,000 20,907 
  42,919 
Tobacco - 0.2%   
British American Tobacco PLC sponsored ADR 98,852 5,838 
TOTAL CONSUMER STAPLES  142,345 
ENERGY - 0.4%   
Oil, Gas & Consumable Fuels - 0.4%   
Andeavor 134,000 12,009 
FINANCIALS - 10.0%   
Banks - 2.5%   
Citizens Financial Group, Inc. 1,240,000 53,928 
Huntington Bancshares, Inc. 1,193,100 18,732 
  72,660 
Capital Markets - 4.4%   
Ameriprise Financial, Inc. 254,700 39,845 
MarketAxess Holdings, Inc. 48,800 9,877 
Moody's Corp. 299,300 49,947 
S&P Global, Inc. 129,000 24,742 
  124,411 
Insurance - 3.1%   
Aon PLC 96,000 13,471 
Arch Capital Group Ltd. (a) 160,000 14,118 
Progressive Corp. 1,039,080 59,830 
  87,419 
TOTAL FINANCIALS  284,490 
HEALTH CARE - 16.2%   
Health Care Equipment & Supplies - 3.4%   
Edwards Lifesciences Corp. (a) 255,508 34,154 
Intuitive Surgical, Inc. (a) 41,100 17,527 
ResMed, Inc. 468,109 44,597 
  96,278 
Health Care Providers & Services - 3.8%   
AmerisourceBergen Corp. 159,300 15,159 
Henry Schein, Inc. (a) 236,528 15,656 
Laboratory Corp. of America Holdings (a) 123,200 21,277 
MEDNAX, Inc. (a) 235,000 12,920 
Wellcare Health Plans, Inc. (a) 223,500 43,339 
  108,351 
Health Care Technology - 1.6%   
Cerner Corp. (a) 694,000 44,527 
Life Sciences Tools & Services - 5.5%   
Charles River Laboratories International, Inc. (a) 331,900 35,384 
Illumina, Inc. (a) 168,000 38,307 
Mettler-Toledo International, Inc. (a) 67,600 41,656 
Waters Corp. (a) 196,500 40,212 
  155,559 
Pharmaceuticals - 1.9%   
Jazz Pharmaceuticals PLC (a) 118,500 17,159 
Teva Pharmaceutical Industries Ltd. sponsored ADR 573,000 10,727 
Zoetis, Inc. Class A 343,300 27,759 
  55,645 
TOTAL HEALTH CARE  460,360 
INDUSTRIALS - 15.5%   
Aerospace & Defense - 3.3%   
Huntington Ingalls Industries, Inc. 263,000 68,909 
TransDigm Group, Inc. 91,600 26,409 
  95,318 
Airlines - 0.7%   
Alaska Air Group, Inc. 293,529 18,933 
Commercial Services & Supplies - 0.6%   
KAR Auction Services, Inc. 345,000 18,658 
Electrical Equipment - 1.8%   
AMETEK, Inc. 258,800 19,602 
Fortive Corp. 402,600 30,920 
  50,522 
Industrial Conglomerates - 2.3%   
ITT, Inc. 288,103 14,457 
Roper Technologies, Inc. 184,300 50,699 
  65,156 
Machinery - 4.4%   
Cummins, Inc. 189,700 31,902 
IDEX Corp. 213,900 29,262 
Parker Hannifin Corp. 177,800 31,732 
Toro Co. 343,117 21,812 
Wabtec Corp. (b) 118,000 9,598 
  124,306 
Professional Services - 1.5%   
Dun & Bradstreet Corp. 80,000 10,003 
Equifax, Inc. 279,000 31,527 
  41,530 
Trading Companies & Distributors - 0.9%   
United Rentals, Inc. (a) 144,000 25,213 
TOTAL INDUSTRIALS  439,636 
INFORMATION TECHNOLOGY - 31.4%   
Communications Equipment - 1.3%   
F5 Networks, Inc. (a) 241,770 35,908 
Electronic Equipment & Components - 1.4%   
ADT, Inc. (a) 119,500 1,262 
Amphenol Corp. Class A 425,000 38,841 
  40,103 
Internet Software & Services - 4.1%   
Akamai Technologies, Inc. (a) 390,000 26,309 
LogMeIn, Inc. 203,500 23,514 
VeriSign, Inc. (a)(b) 574,800 66,688 
  116,511 
IT Services - 8.3%   
Amdocs Ltd. 360,000 23,684 
Fiserv, Inc. (a) 365,000 52,337 
FleetCor Technologies, Inc. (a) 87,100 17,414 
Genpact Ltd. 290,028 9,098 
Global Payments, Inc. 252,600 28,642 
Paychex, Inc. 312,000 20,321 
Total System Services, Inc. 974,754 85,726 
  237,222 
Semiconductors & Semiconductor Equipment - 10.2%   
Analog Devices, Inc. 570,000 51,386 
Applied Materials, Inc. 259,000 14,916 
Broadcom Ltd. 54,500 13,432 
KLA-Tencor Corp. 308,000 34,899 
Lam Research Corp. 155,010 29,740 
Microchip Technology, Inc. 461,900 41,077 
ON Semiconductor Corp. (a) 2,586,031 61,858 
Skyworks Solutions, Inc. 380,100 41,526 
  288,834 
Software - 6.1%   
Adobe Systems, Inc. (a) 95,000 19,867 
Check Point Software Technologies Ltd. (a) 270,000 28,050 
Citrix Systems, Inc. (a) 583,300 53,664 
Electronic Arts, Inc. (a) 177,021 21,897 
Intuit, Inc. 67,000 11,180 
Take-Two Interactive Software, Inc. (a) 348,000 38,931 
  173,589 
TOTAL INFORMATION TECHNOLOGY  892,167 
MATERIALS - 2.3%   
Chemicals - 2.3%   
CF Industries Holdings, Inc. 206,000 8,495 
Eastman Chemical Co. 82,655 8,355 
Sherwin-Williams Co. 33,900 13,614 
The Chemours Co. LLC 335,828 15,955 
The Scotts Miracle-Gro Co. Class A 188,000 16,890 
  63,309 
REAL ESTATE - 2.4%   
Equity Real Estate Investment Trusts (REITs) - 2.4%   
CoreSite Realty Corp. 256,900 24,110 
Equity Lifestyle Properties, Inc. 268,500 22,718 
Extra Space Storage, Inc. 237,000 20,157 
  66,985 
TOTAL COMMON STOCKS   
(Cost $2,296,185)  2,806,614 
Money Market Funds - 3.9%   
Fidelity Cash Central Fund, 1.41% (c) 39,055,926 39,064 
Fidelity Securities Lending Cash Central Fund 1.42% (c)(d) 71,946,298 71,953 
TOTAL MONEY MARKET FUNDS   
(Cost $111,017)  111,017 
TOTAL INVESTMENT IN SECURITIES - 102.8%   
(Cost $2,407,202)  2,917,631 
NET OTHER ASSETS (LIABILITIES) - (2.8)%  (78,244) 
NET ASSETS - 100%  $2,839,387 

Legend

 (a) Non-income producing

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

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


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 $117 
Fidelity Securities Lending Cash Central Fund 61 
Total $178 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

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. Additional information on valuation inputs is provided later in this section.

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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor 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 market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in 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 significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

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 Holdings Report
for

Fidelity® Series Growth Company Fund

February 28, 2018







XS7-QTLY-0418
1.968012.104





Schedule of Investments February 28, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%   
 Shares Value 
CONSUMER DISCRETIONARY - 21.3%   
Auto Components - 0.0%   
Aptiv PLC 11,900 $1,086,827 
Automobiles - 1.3%   
Tesla, Inc. (a)(b) 465,500 159,694,430 
Hotels, Restaurants & Leisure - 1.9%   
China Lodging Group Ltd. ADR 98,700 14,992,530 
Chipotle Mexican Grill, Inc. (a) 50,700 16,143,387 
Dunkin' Brands Group, Inc. 61,600 3,689,224 
Hyatt Hotels Corp. Class A 40,600 3,137,162 
Las Vegas Sands Corp. 234,600 17,081,226 
Marriott International, Inc. Class A 38,800 5,478,948 
McDonald's Corp. 372,000 58,679,280 
Papa John's International, Inc. (b) 6,600 381,084 
Royal Caribbean Cruises Ltd. 6,100 772,260 
Shake Shack, Inc. Class A (a)(b) 167,000 6,511,330 
Starbucks Corp. 1,006,800 57,488,280 
U.S. Foods Holding Corp. (a) 131,800 4,400,802 
Yum China Holdings, Inc. 485,800 21,044,856 
Yum! Brands, Inc. 239,700 19,506,786 
  229,307,155 
Household Durables - 0.1%   
Roku, Inc.:   
Class A (b) 179,299 7,310,020 
Class B 148,375 5,746,786 
Sony Corp. sponsored ADR 33,300 1,680,318 
  14,737,124 
Internet & Direct Marketing Retail - 9.1%   
Amazon.com, Inc. (a) 446,699 675,609,903 
Blue Apron Holdings, Inc. Class B 644,604 1,798,445 
Ctrip.com International Ltd. ADR (a) 322,400 14,823,952 
Expedia, Inc. 120,700 12,694,019 
Groupon, Inc. (a) 2,252,700 9,641,556 
JD.com, Inc. sponsored ADR (a) 1,326,900 62,563,335 
Netflix, Inc. (a) 570,900 166,348,842 
The Booking Holdings, Inc. (a) 28,500 57,970,140 
The Honest Co., Inc. (a)(c)(d) 9,496 175,338 
Vipshop Holdings Ltd. ADR (a) 388,200 6,750,798 
Wayfair LLC Class A (a)(b) 942,407 72,961,150 
  1,081,337,478 
Leisure Products - 0.1%   
Callaway Golf Co. 611,500 9,466,020 
Media - 1.1%   
Comcast Corp. Class A 2,353,500 85,220,235 
Lions Gate Entertainment Corp.:   
Class A (b) 26,200 739,888 
Class B 23,300 625,372 
The Walt Disney Co. 403,600 41,635,376 
Turn, Inc. (Escrow) (c)(d) 205,882 136,912 
  128,357,783 
Multiline Retail - 0.4%   
Dollar General Corp. 84,000 7,945,560 
Dollar Tree, Inc. (a) 294,400 30,217,216 
Target Corp. 128,700 9,705,267 
  47,868,043 
Specialty Retail - 1.3%   
CarMax, Inc. (a) 37,748 2,337,356 
Home Depot, Inc. 534,000 97,332,180 
L Brands, Inc. 36,100 1,780,813 
Lowe's Companies, Inc. 194,500 17,425,255 
RH (a) 295,644 25,094,263 
Sleep Number Corp. (a) 42,600 1,467,144 
TJX Companies, Inc. 87,100 7,201,428 
  152,638,439 
Textiles, Apparel & Luxury Goods - 6.0%   
adidas AG 1,289,959 285,808,443 
Cibus Global Ltd. Series C (c)(d)(e) 1,142,857 2,400,000 
Kering SA 141,600 66,448,529 
lululemon athletica, Inc. (a) 2,166,883 175,734,211 
LVMH Moet Hennessy - Louis Vuitton SA 49,892 14,922,549 
NIKE, Inc. Class B 698,800 46,840,564 
PagSeguro Digital Ltd. (a) 117,503 3,788,297 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 2,464,300 100,839,156 
Tory Burch LLC (c)(d)(e) 248,840 14,564,605 
Under Armour, Inc. Class C (non-vtg.) (a)(b) 45,759 688,673 
VF Corp. 108,200 8,068,474 
  720,103,501 
TOTAL CONSUMER DISCRETIONARY  2,544,596,800 
CONSUMER STAPLES - 4.6%   
Beverages - 2.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 80,600 17,367,688 
Dr. Pepper Snapple Group, Inc. 180,700 21,006,375 
Fever-Tree Drinks PLC 382,562 13,063,435 
Monster Beverage Corp. (a) 1,823,000 115,523,510 
PepsiCo, Inc. 251,600 27,608,068 
The Coca-Cola Co. 1,320,200 57,059,044 
  251,628,120 
Food & Staples Retailing - 0.6%   
Costco Wholesale Corp. 249,600 47,648,640 
Drogasil SA 624,300 14,947,514 
Kroger Co. 157,600 4,274,112 
Walgreens Boots Alliance, Inc. 72,800 5,015,192 
  71,885,458 
Food Products - 0.4%   
General Mills, Inc. 37,100 1,875,405 
Kellogg Co. 27,000 1,787,400 
Lamb Weston Holdings, Inc. 216,200 11,694,258 
Mondelez International, Inc. 238,200 10,456,980 
The Hain Celestial Group, Inc. (a) 86,700 3,015,426 
The Hershey Co. 66,500 6,534,290 
The Kraft Heinz Co. 123,400 8,273,970 
  43,637,729 
Household Products - 0.2%   
Church & Dwight Co., Inc. 208,900 10,275,791 
Colgate-Palmolive Co. 109,000 7,517,730 
Kimberly-Clark Corp. 62,000 6,877,040 
Procter & Gamble Co. 52,100 4,090,892 
  28,761,453 
Personal Products - 0.6%   
Coty, Inc. Class A 1,958,200 37,832,424 
Godrej Consumer Products Ltd. 63,780 1,044,892 
Herbalife Ltd. (a) 234,600 21,606,660 
Unilever NV (Certificaten Van Aandelen) (Bearer) 183,200 9,587,983 
  70,071,959 
Tobacco - 0.7%   
Altria Group, Inc. 775,200 48,798,840 
British American Tobacco PLC sponsored ADR 55,200 3,260,112 
Philip Morris International, Inc. 326,200 33,778,010 
  85,836,962 
TOTAL CONSUMER STAPLES  551,821,681 
ENERGY - 1.3%   
Energy Equipment & Services - 0.2%   
Baker Hughes, a GE Co. Class A 510,400 13,474,560 
Halliburton Co. 139,100 6,457,022 
U.S. Silica Holdings, Inc. (b) 153,600 3,976,704 
  23,908,286 
Oil, Gas & Consumable Fuels - 1.1%   
Anadarko Petroleum Corp. 66,400 3,787,456 
Cabot Oil & Gas Corp. 356,600 8,615,456 
Concho Resources, Inc. (a) 109,200 16,467,360 
Continental Resources, Inc. (a) 120,900 5,743,959 
Diamondback Energy, Inc. (a) 106,500 13,274,160 
EOG Resources, Inc. 355,800 36,085,236 
Hess Corp. 23,900 1,085,538 
Noble Energy, Inc. 260,800 7,779,664 
PDC Energy, Inc. (a) 120,138 6,310,849 
Pioneer Natural Resources Co. 91,993 15,659,968 
Reliance Industries Ltd. 745,979 10,853,797 
Valero Energy Corp. 53,800 4,864,596 
  130,528,039 
TOTAL ENERGY  154,436,325 
FINANCIALS - 3.0%   
Banks - 1.2%   
Bank of America Corp. 669,300 21,484,530 
Citigroup, Inc. 152,400 11,504,676 
HDFC Bank Ltd. sponsored ADR 344,511 33,479,579 
JPMorgan Chase & Co. 507,000 58,558,500 
Signature Bank (a) 18,700 2,733,753 
Wells Fargo & Co. 273,000 15,945,930 
  143,706,968 
Capital Markets - 1.7%   
BlackRock, Inc. Class A 114,100 62,689,963 
BM&F BOVESPA SA 1,445,500 11,405,867 
Charles Schwab Corp. 1,910,700 101,305,314 
E*TRADE Financial Corp. (a) 151,100 7,891,953 
Edelweiss Financial Services Ltd. 328,180 1,338,635 
Nomura Holdings, Inc. 1,305,900 7,949,502 
T. Rowe Price Group, Inc. 87,900 9,836,010 
  202,417,244 
Consumer Finance - 0.1%   
American Express Co. 57,600 5,616,576 
Discover Financial Services 35,358 2,787,271 
  8,403,847 
Insurance - 0.0%   
Hiscox Ltd. 100,300 1,916,759 
TOTAL FINANCIALS  356,444,818 
HEALTH CARE - 18.6%   
Biotechnology - 13.8%   
AbbVie, Inc. 373,184 43,225,903 
ACADIA Pharmaceuticals, Inc. (a)(b) 2,016,274 50,235,467 
Agios Pharmaceuticals, Inc. (a) 620,528 49,884,246 
Alexion Pharmaceuticals, Inc. (a) 375,500 44,102,475 
Alkermes PLC (a) 2,653,259 151,448,024 
Alnylam Pharmaceuticals, Inc. (a) 1,416,811 170,244,010 
Amgen, Inc. 322,900 59,339,333 
AnaptysBio, Inc. (a) 71,091 8,727,131 
Argenx SE ADR 21,800 1,670,534 
Array BioPharma, Inc. (a) 1,460,200 25,290,664 
Arsanis, Inc. (a) 93,400 1,377,650 
aTyr Pharma, Inc. (a) 397,874 1,173,728 
BeiGene Ltd. ADR (a) 554,536 79,559,280 
Biogen, Inc. (a) 94,700 27,367,353 
bluebird bio, Inc. (a) 733,965 147,526,965 
Blueprint Medicines Corp. (a) 45,800 3,964,448 
Calyxt, Inc. (b) 389,100 7,147,767 
Celgene Corp. (a) 292,300 25,465,176 
Celldex Therapeutics, Inc. (a) 508,343 1,143,772 
Cellectis SA sponsored ADR (a) 247,345 7,722,111 
Chimerix, Inc. (a) 606,231 2,946,283 
Coherus BioSciences, Inc. (a)(b) 600,592 5,945,861 
CytomX Therapeutics, Inc. (a) 236,549 7,027,871 
CytomX Therapeutics, Inc. (a)(f) 207,739 6,171,926 
Denali Therapeutics, Inc. (a)(b) 309,200 7,077,588 
Editas Medicine, Inc. (a)(b) 249,862 9,154,944 
Esperion Therapeutics, Inc. (a) 63,800 5,130,158 
Exact Sciences Corp. (a) 52,300 2,333,103 
Exelixis, Inc. (a) 3,911,684 100,921,447 
Fate Therapeutics, Inc. (a) 287,273 3,234,694 
Five Prime Therapeutics, Inc. (a) 444,700 9,454,322 
Galapagos Genomics NV sponsored ADR (a) 155,800 16,235,918 
Gilead Sciences, Inc. 361,300 28,445,149 
Global Blood Therapeutics, Inc. (a) 272,700 15,993,855 
Heron Therapeutics, Inc. (a) 637,251 12,968,058 
Intellia Therapeutics, Inc. (a) 226,238 5,904,812 
Intercept Pharmaceuticals, Inc. (a) 43,000 2,568,390 
Intrexon Corp. (a)(b) 122,600 1,596,252 
Ionis Pharmaceuticals, Inc. (a) 2,104,782 111,174,585 
Ironwood Pharmaceuticals, Inc. Class A (a) 1,363,956 19,368,175 
Jounce Therapeutics, Inc. (a)(b) 144,600 3,048,168 
Lexicon Pharmaceuticals, Inc. (a) 1,971,877 17,017,299 
Macrogenics, Inc. (a) 66,000 1,655,940 
Merrimack Pharmaceuticals, Inc. 132,060 1,467,187 
Momenta Pharmaceuticals, Inc. (a) 1,454,095 24,792,320 
Protagonist Therapeutics, Inc. (a) 202,800 3,437,460 
Prothena Corp. PLC (a)(b) 620,477 20,903,870 
Regeneron Pharmaceuticals, Inc. (a) 248,800 79,725,472 
Regulus Therapeutics, Inc. (a) 1,508,832 1,674,804 
Rigel Pharmaceuticals, Inc. (a) 3,059,712 11,504,517 
Sage Therapeutics, Inc. (a) 595,734 96,127,638 
Seattle Genetics, Inc. (a) 584,077 31,540,158 
Seres Therapeutics, Inc. (a) 398,892 3,789,474 
Seres Therapeutics, Inc. (a)(f) 142,139 1,350,321 
Sienna Biopharmaceuticals, Inc. 241,945 3,793,698 
Sienna Biopharmaceuticals, Inc. (f) 155,108 2,432,093 
Spark Therapeutics, Inc. (a) 109,900 6,275,290 
Syros Pharmaceuticals, Inc. (a) 300,660 3,168,956 
Syros Pharmaceuticals, Inc. (a)(f) 301,001 3,172,551 
TESARO, Inc. (a) 112,900 6,235,467 
Ultragenyx Pharmaceutical, Inc. (a) 189,500 9,059,995 
uniQure B.V. (a) 99,608 2,532,035 
Vertex Pharmaceuticals, Inc. (a) 98,100 16,287,543 
Xencor, Inc. (a) 297,200 9,103,236 
Zai Lab Ltd. ADR (b) 281,000 6,224,150 
  1,646,589,070 
Health Care Equipment & Supplies - 1.7%   
Abbott Laboratories 160,321 9,672,166 
Align Technology, Inc. (a) 33,734 8,855,850 
Danaher Corp. 332,600 32,521,628 
DexCom, Inc. (a) 119,100 6,686,274 
Genmark Diagnostics, Inc. (a) 540,100 2,225,212 
Insulet Corp. (a) 551,820 41,436,164 
Intuitive Surgical, Inc. (a) 98,921 42,184,860 
Novocure Ltd. (a)(b) 606,900 12,471,795 
Novocure Ltd. (a)(f) 149,451 3,071,218 
Penumbra, Inc. (a) 378,492 40,952,834 
Presbia PLC (a) 443,695 1,410,950 
  201,488,951 
Health Care Providers & Services - 0.6%   
Humana, Inc. 16,100 4,376,302 
McKesson Corp. 25,200 3,760,596 
National Vision Holdings, Inc. 45,200 1,562,112 
OptiNose, Inc. 292,500 5,180,175 
OptiNose, Inc. 301,785 5,077,382 
UnitedHealth Group, Inc. 221,000 49,981,360 
  69,937,927 
Health Care Technology - 0.2%   
athenahealth, Inc. (a) 175,400 24,510,396 
Castlight Health, Inc. Class B (a) 777,600 2,760,480 
Cerner Corp. (a) 58,900 3,779,024 
  31,049,900 
Life Sciences Tools & Services - 0.0%   
Illumina, Inc. (a) 13,662 3,115,209 
Pharmaceuticals - 2.3%   
Adimab LLC (c)(d)(e) 762,787 29,252,881 
Akcea Therapeutics, Inc. (b) 1,096,839 18,613,358 
Avexis, Inc. (a) 499,421 61,793,360 
Bristol-Myers Squibb Co. 426,800 28,254,160 
Castle Creek Pharmaceuticals, LLC Class A-2 unit (a)(c)(d)(e)(g) 13,511 6,890,475 
Endocyte, Inc. (a)(b) 19,500 115,635 
Intra-Cellular Therapies, Inc. (a) 1,072,498 20,774,286 
Kolltan Pharmaceuticals, Inc. rights (a)(d) 1,692,030 219,964 
MyoKardia, Inc. (a) 358,600 20,870,520 
Nektar Therapeutics (a) 517,500 44,794,800 
resTORbio, Inc. (a) 49,400 963,300 
Rhythm Pharmaceuticals, Inc. 132,000 3,412,200 
RPI International Holdings LP (a)(c)(d) 35,220 5,011,806 
Stemcentrx, Inc. rights 12/31/21 (a)(d) 568,100 1,732,705 
The Medicines Company (a)(b) 704,623 21,575,556 
Theravance Biopharma, Inc. (a) 304,198 8,018,659 
  272,293,665 
TOTAL HEALTH CARE  2,224,474,722 
INDUSTRIALS - 5.7%   
Aerospace & Defense - 1.1%   
Lockheed Martin Corp. 123,000 43,350,120 
Northrop Grumman Corp. 16,900 5,915,676 
Space Exploration Technologies Corp. Class A (a)(c)(d) 137,569 18,571,815 
The Boeing Co. 144,300 52,266,903 
United Technologies Corp. 115,300 15,535,522 
  135,640,036 
Air Freight & Logistics - 0.3%   
FedEx Corp. 23,600 5,815,276 
United Parcel Service, Inc. Class B 253,200 26,436,612 
  32,251,888 
Airlines - 1.5%   
Allegiant Travel Co. 33,300 5,537,790 
Azul SA sponsored ADR 140,500 4,324,590 
Delta Air Lines, Inc. 209,000 11,265,100 
InterGlobe Aviation Ltd. (f) 341,188 6,969,717 
JetBlue Airways Corp. (a) 1,578,500 33,227,425 
Ryanair Holdings PLC sponsored ADR (a) 124,510 15,098,083 
Southwest Airlines Co. 647,400 37,445,616 
Spirit Airlines, Inc. (a) 50,100 1,995,984 
United Continental Holdings, Inc. (a) 230,500 15,625,595 
Wheels Up Partners Holdings LLC:   
Series B (a)(c)(d)(e) 1,843,115 4,073,284 
Series C (a)(c)(d)(e) 670,590 1,482,004 
Wizz Air Holdings PLC (a)(f) 778,732 38,661,513 
  175,706,701 
Construction & Engineering - 0.0%   
Fluor Corp. 103,800 5,906,220 
Electrical Equipment - 0.3%   
AMETEK, Inc. 16,000 1,211,840 
Eaton Corp. PLC 114,600 9,248,220 
Emerson Electric Co. 101,800 7,233,908 
Fortive Corp. 171,900 13,201,920 
  30,895,888 
Industrial Conglomerates - 0.8%   
3M Co. 232,800 54,826,728 
Honeywell International, Inc. 282,300 42,658,353 
  97,485,081 
Machinery - 1.2%   
Aumann AG (f) 73,900 5,505,048 
Caterpillar, Inc. 404,200 62,501,446 
Cummins, Inc. 67,300 11,317,841 
Deere & Co. 153,700 24,725,719 
Illinois Tool Works, Inc. 80,200 12,947,488 
Rational AG 1,100 711,743 
Wabtec Corp. (b) 53,600 4,359,824 
Xylem, Inc. 275,200 20,524,416 
  142,593,525 
Road & Rail - 0.4%   
J.B. Hunt Transport Services, Inc. 60,700 7,197,199 
Union Pacific Corp. 341,600 44,493,400 
  51,690,599 
Trading Companies & Distributors - 0.1%   
Univar, Inc. (a) 250,700 7,222,667 
TOTAL INDUSTRIALS  679,392,605 
INFORMATION TECHNOLOGY - 41.6%   
Communications Equipment - 0.6%   
Arista Networks, Inc. (a) 28,100 7,579,694 
Infinera Corp. (a) 3,232,600 32,164,370 
NETGEAR, Inc. (a) 490,419 27,340,859 
Palo Alto Networks, Inc. (a) 18,800 3,259,356 
  70,344,279 
Electronic Equipment & Components - 0.2%   
Cognex Corp. 13,900 746,569 
Dell Technologies, Inc. (a) 82,100 6,099,209 
IPG Photonics Corp. (a) 5,500 1,351,020 
TE Connectivity Ltd. 26,200 2,700,958 
Trimble, Inc. (a) 378,200 14,345,126 
  25,242,882 
Internet Software & Services - 11.6%   
2U, Inc. (a) 220,780 18,276,168 
Actua Corp. 686,618 755,280 
Alarm.com Holdings, Inc. (a) 7,300 263,786 
Alibaba Group Holding Ltd. sponsored ADR (a) 346,900 64,571,966 
Alphabet, Inc.:   
Class A (a) 384,370 424,313,730 
Class C (a) 208,056 229,845,705 
Apptio, Inc. Class A (a) 285,700 8,256,730 
Baidu.com, Inc. sponsored ADR (a) 1,800 454,212 
CarGurus, Inc. Class A 17,800 574,584 
Criteo SA sponsored ADR (a)(b) 22,400 671,776 
eBay, Inc. (a) 141,600 6,068,976 
Etsy, Inc. (a) 48,700 1,232,597 
Facebook, Inc. Class A (a) 2,035,558 362,980,703 
GoDaddy, Inc. (a) 100,300 5,998,943 
Match Group, Inc. (a)(b) 56,200 2,250,810 
NAVER Corp. 2,194 1,621,787 
NetEase, Inc. ADR 137,100 40,218,285 
New Relic, Inc. (a) 120,246 8,631,258 
Nutanix, Inc.:   
Class A (a) 1,123,300 40,944,285 
Class B (f) 274,751 10,014,674 
Shopify, Inc. Class A (a) 907,749 125,565,343 
Tencent Holdings Ltd. 297,700 16,286,727 
Twitter, Inc. (a) 106,890 3,405,515 
Wix.com Ltd. (a) 169,407 12,713,995 
  1,385,917,835 
IT Services - 3.6%   
Cognizant Technology Solutions Corp. Class A 258,600 21,210,372 
IBM Corp. 62,800 9,786,124 
MasterCard, Inc. Class A 624,300 109,726,968 
PayPal Holdings, Inc. (a) 1,423,800 113,063,958 
Square, Inc. (a) 773,100 35,601,255 
Visa, Inc. Class A 1,124,800 138,282,912 
  427,671,589 
Semiconductors & Semiconductor Equipment - 9.6%   
Advanced Micro Devices, Inc. (a)(b) 413,000 5,001,430 
Applied Materials, Inc. 143,800 8,281,442 
ASML Holding NV 119,200 23,290,488 
Broadcom Ltd. 158,536 39,072,783 
Cirrus Logic, Inc. (a) 325,600 14,427,336 
Cree, Inc. (a) 280,566 10,613,812 
Cypress Semiconductor Corp. 131,800 2,302,546 
Inphi Corp. (a) 104,400 2,897,100 
Intel Corp. 20,500 1,010,445 
KLA-Tencor Corp. 65,200 7,387,812 
Marvell Technology Group Ltd. 460,400 10,814,796 
Micron Technology, Inc. (a) 266,400 13,002,984 
NVIDIA Corp. 3,534,900 855,445,789 
Qorvo, Inc. (a) 60,400 4,874,884 
Renesas Electronics Corp. (a) 252,000 2,881,812 
Silicon Laboratories, Inc. (a) 895,281 83,708,774 
Skyworks Solutions, Inc. 32,078 3,504,522 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 328,400 14,236,140 
Texas Instruments, Inc. 457,800 49,602,630 
  1,152,357,525 
Software - 10.9%   
Activision Blizzard, Inc. 2,193,300 160,396,029 
Adobe Systems, Inc. (a) 474,900 99,315,837 
Appirio, Inc. (Escrow) (a)(c)(d) 100,642 24,806 
Atlassian Corp. PLC (a) 115,900 6,292,211 
Autodesk, Inc. (a) 297,200 34,912,084 
Black Knight, Inc. (a) 121,200 5,775,180 
BlackBerry Ltd. (a) 588,500 7,144,390 
Electronic Arts, Inc. (a) 483,900 59,858,430 
HubSpot, Inc. (a) 486,900 54,070,245 
Intuit, Inc. 129,600 21,625,056 
Microsoft Corp. 3,067,192 287,610,594 
Oracle Corp. 267,700 13,564,359 
Parametric Technology Corp. (a) 14,700 1,084,272 
Paylocity Holding Corp. (a) 45,700 2,137,389 
Proofpoint, Inc. (a) 96,100 10,299,037 
Red Hat, Inc. (a) 1,079,800 159,162,520 
SailPoint Technologies Holding, Inc. (a) 64,200 1,349,484 
Salesforce.com, Inc. (a) 2,831,642 329,178,383 
Snap, Inc. Class A (a)(b) 1,056,097 18,291,600 
VMware, Inc. Class A (a)(b) 17,400 2,292,450 
Zendesk, Inc. (a) 585,200 25,268,936 
  1,299,653,292 
Technology Hardware, Storage & Peripherals - 5.1%   
Apple, Inc. 3,214,165 572,507,070 
NetApp, Inc. 107,100 6,484,905 
Pure Storage, Inc. Class A (a) 963,778 20,885,069 
Samsung Electronics Co. Ltd. 5,699 12,361,262 
Western Digital Corp. 24,420 2,125,517 
  614,363,823 
TOTAL INFORMATION TECHNOLOGY  4,975,551,225 
MATERIALS - 1.2%   
Chemicals - 1.2%   
CF Industries Holdings, Inc. 360,800 14,879,392 
DowDuPont, Inc. 1,003,205 70,525,312 
LG Chemical Ltd. 6,244 2,200,820 
LyondellBasell Industries NV Class A 33,900 3,668,658 
Monsanto Co. 158,691 19,577,709 
Praxair, Inc. 47,800 7,158,050 
The Mosaic Co. 64,700 1,702,904 
The Scotts Miracle-Gro Co. Class A 279,821 25,139,119 
  144,851,964 
Containers & Packaging - 0.0%   
Aptargroup, Inc. 13,900 1,242,938 
TOTAL MATERIALS  146,094,902 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
American Tower Corp. 171,100 23,839,363 
Real Estate Management & Development - 0.0%   
Redfin Corp. (b) 18,200 374,738 
TOTAL REAL ESTATE  24,214,101 
TELECOMMUNICATION SERVICES - 0.5%   
Diversified Telecommunication Services - 0.1%   
Verizon Communications, Inc. 257,700 12,302,598 
Wireless Telecommunication Services - 0.4%   
T-Mobile U.S., Inc. (a) 733,900 44,481,679 
TOTAL TELECOMMUNICATION SERVICES  56,784,277 
TOTAL COMMON STOCKS   
(Cost $5,884,350,004)  11,713,811,456 
Preferred Stocks - 1.7%   
Convertible Preferred Stocks - 1.6%   
CONSUMER DISCRETIONARY - 0.2%   
Hotels, Restaurants & Leisure - 0.1%   
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(c)(d)(e) 17,731 2,481,099 
Topgolf International, Inc. Series F (c)(d) 234,069 3,237,994 
  5,719,093 
Internet & Direct Marketing Retail - 0.0%   
The Honest Co., Inc.:   
Series C (a)(c)(d) 22,157 692,353 
Series D (a)(c)(d) 19,064 643,092 
  1,335,445 
Leisure Products - 0.0%   
Peloton Interactive, Inc. Series E (c)(d) 194,028 4,916,670 
Textiles, Apparel & Luxury Goods - 0.1%   
Generation Bio Series B (c)(d) 224,243 2,050,859 
Harmony Biosciences II, Inc. Series A (c)(d) 2,550,636 2,550,636 
Homology Medicines, Inc. Series B (c)(d) 958,333 1,677,083 
ORIC Pharmaceuticals, Inc. Series C (c)(d) 316,667 950,001 
Rubius Therapeutics, Inc.:   
Series B (c)(d) 333,731 4,268,419 
Series C (c)(d) 127,287 1,628,001 
  13,124,999 
TOTAL CONSUMER DISCRETIONARY  25,096,207 
FINANCIALS - 0.0%   
Insurance - 0.0%   
Clover Health Series D (c)(d) 264,037 2,431,781 
HEALTH CARE - 0.7%   
Biotechnology - 0.6%   
10X Genomics, Inc. Series C (a)(c)(d) 715,467 4,550,370 
23andMe, Inc. Series F (c)(d) 164,720 2,287,005 
Axcella Health, Inc. Series C (a)(c)(d) 111,581 1,441,627 
BioNTech AG Series A (c)(d) 25,199 5,611,480 
Immunocore Ltd. Series A (a)(c)(d) 18,504 6,679,912 
Intarcia Therapeutics, Inc. Series EE (a)(c)(d) 116,544 6,992,640 
Kiniksa Pharmaceuticals Ltd. Series C (c)(d) 246,562 1,411,666 
Moderna Therapeutics, Inc.:   
Series B (c)(d) 171,343 1,723,711 
Series C (c)(d) 111,846 1,125,171 
Series E (a)(c)(d) 1,403,070 14,114,884 
Series F (a)(c)(d) 1,538,270 15,474,996 
Scholar Rock LLC Series C (c)(d) 267,635 963,486 
Translate Bio:   
Series B (a)(c)(d) 1,211,240 2,398,255 
Series C (a)(c)(d) 1,667,170 3,300,997 
UNITY Biotechnology, Inc. Series B (a)(c)(d) 645,485 3,354,586 
  71,430,786 
Health Care Equipment & Supplies - 0.0%   
Shockwave Medical, Inc. Series C (c)(d) 1,015,306 1,025,439 
Health Care Providers & Services - 0.0%   
Mulberry Health, Inc. Series A8 (a)(c)(d) 783,663 5,031,116 
Health Care Technology - 0.1%   
Codiak Biosciences, Inc.:   
Series A, 8.00%(a)(c)(d) 163,914 620,841 
Series B, 8.00%(a)(c)(d) 532,720 2,017,730 
Series C, 8.00% (c)(d) 648,255 2,455,331 
  5,093,902 
Life Sciences Tools & Services - 0.0%   
Neon Therapeutics, Inc. Series B (a)(c)(d) 1,343,771 3,775,997 
TOTAL HEALTH CARE  86,357,240 
INDUSTRIALS - 0.2%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series G (a)(c)(d) 53,937 7,281,495 
Commercial Services & Supplies - 0.0%   
Domo, Inc. Series D (a)(c)(d) 613,084 2,568,822 
Professional Services - 0.1%   
YourPeople, Inc. Series C (a)(c)(d) 1,527,000 8,978,760 
TOTAL INDUSTRIALS  18,829,077 
INFORMATION TECHNOLOGY - 0.5%   
Internet Software & Services - 0.4%   
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) 2,105,094 691,418 
Reddit, Inc. Series B (c)(d) 37,935 861,125 
Starry, Inc.:   
Series B (a)(c)(d) 2,961,147 2,730,178 
Series C (c)(d) 1,339,018 1,234,575 
Uber Technologies, Inc.:   
Series D, 8.00% (a)(c)(d) 1,095,852 38,464,405 
Series E, 8.00% (a)(c)(d) 51,852 1,820,005 
  45,801,706 
IT Services - 0.0%   
AppNexus, Inc. Series E (a)(c)(d) 209,665 4,220,556 
Software - 0.1%   
Appirio, Inc. Series E (Escrow) (a)(c)(d) 704,496 179,055 
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) 344,325 2,196,794 
Dataminr, Inc. Series D (a)(c)(d) 442,241 4,838,117 
Outset Medical, Inc. Series C (c)(d) 382,862 872,925 
Taboola.Com Ltd. Series E (a)(c)(d) 331,426 5,084,075 
  13,170,966 
TOTAL INFORMATION TECHNOLOGY  63,193,228 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (a)(c)(d) 202,849 259,647 
TOTAL CONVERTIBLE PREFERRED STOCKS  196,167,180 
Nonconvertible Preferred Stocks - 0.1%   
FINANCIALS - 0.1%   
Banks - 0.1%   
Itau Unibanco Holding SA 512,400 7,950,572 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
Yumanity Holdings LLC Class A (a)(c)(d) 130,754 1,804,405 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  9,754,977 
TOTAL PREFERRED STOCKS   
(Cost $172,424,370)  205,922,157 
Money Market Funds - 0.8%   
Fidelity Cash Central Fund, 1.41% (h) 24,705,219 24,710,160 
Fidelity Securities Lending Cash Central Fund 1.42% (h)(i) 72,254,260 72,261,485 
TOTAL MONEY MARKET FUNDS   
(Cost $96,971,645)  96,971,645 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $6,153,746,019)  12,016,705,258 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (59,065,792) 
NET ASSETS - 100%  $11,957,639,466 

Legend

 (a) Non-income producing

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

 (c) 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 $280,555,506 or 2.3% of net assets.

 (d) Level 3 security

 (e) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (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 $77,349,061 or 0.6% of net assets.

 (g) Investment represents common shares and preferred shares.

 (h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (i) Includes investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
10X Genomics, Inc. Series C 2/23/16 - 4/3/17 $3,204,004 
23andMe, Inc. Series F 8/31/17 $2,287,005 
Adimab LLC 9/17/14 - 6/5/15 $11,583,995 
Altiostar Networks, Inc. Series A1 1/10/17 $933,105 
Appirio, Inc. (Escrow) 7/7/17 $23,217 
Appirio, Inc. Series E (Escrow) 11/24/16 $179,056 
AppNexus, Inc. Series E 8/1/14 $4,200,051 
Axcella Health, Inc. Series C 8/11/17 $1,124,736 
BioNTech AG Series A 12/29/17 $5,518,798 
Castle Creek Pharmaceuticals, LLC Class A-2 unit 9/29/16 $4,458,630 
Cibus Global Ltd. Series C 2/16/18 $2,400,000 
Cloudflare, Inc. Series D, 8.00% 11/5/14 $2,109,163 
Clover Health Series D 6/7/17 $2,476,086 
Codiak Biosciences, Inc. Series A, 8.00% 11/12/15 $163,914 
Codiak Biosciences, Inc. Series B, 8.00% 11/12/15 $1,598,160 
Codiak Biosciences, Inc. Series C, 8.00% 11/17/17 $2,455,331 
Dataminr, Inc. Series D 2/18/15 - 3/6/15 $5,638,573 
Domo, Inc. Series D 1/24/14 $2,533,999 
Generation Bio Series B 2/21/18 $2,050,859 
Harmony Biosciences II, Inc. Series A 9/22/17 $2,550,636 
Homology Medicines, Inc. Series B 7/28/17 $1,380,000 
Immunocore Ltd. Series A 7/27/15 $3,482,067 
Intarcia Therapeutics, Inc. Series EE 9/2/16 $6,992,640 
Jet.Com, Inc. Series B1 (Escrow) 9/19/16 $691,418 
Kiniksa Pharmaceuticals Ltd. Series C 2/22/18 $1,411,666 
MOD Super Fast Pizza Holdings LLC Series 3 Preferred 11/3/16 - 12/14/17 $2,433,492 
Moderna Therapeutics, Inc. Series B 4/13/17 $993,789 
Moderna Therapeutics, Inc. Series C 4/13/17 $649,825 
Moderna Therapeutics, Inc. Series E 12/18/14 $10,570,104 
Moderna Therapeutics, Inc. Series F 8/10/16 $11,588,640 
Mulberry Health, Inc. Series A8 1/20/16 $5,293,448 
Neon Therapeutics, Inc. Series B 12/28/16 - 12/1/17 $3,775,997 
ORIC Pharmaceuticals, Inc. Series C 2/6/18 $950,001 
Outset Medical, Inc. Series C 4/19/17 $992,187 
Peloton Interactive, Inc. Series E 3/31/17 $4,202,996 
Reddit, Inc. Series B 7/26/17 $538,544 
RPI International Holdings LP 5/21/15 - 3/23/16 $4,390,645 
Rubius Therapeutics, Inc. Series B 6/7/17 $2,800,003 
Rubius Therapeutics, Inc. Series C 2/23/18 $1,628,001 
Scholar Rock LLC Series C 12/22/17 $963,486 
Shockwave Medical, Inc. Series C 9/27/17 $1,025,439 
Space Exploration Technologies Corp. Class A 10/16/15 - 4/6/17 $12,876,729 
Space Exploration Technologies Corp. Series G 1/20/15 $4,177,960 
Starry, Inc. Series B 12/1/16 $1,601,981 
Starry, Inc. Series C 12/8/17 $1,234,575 
Taboola.Com Ltd. Series E 12/22/14 $3,455,249 
The Honest Co., Inc. 8/21/14 $256,936 
The Honest Co., Inc. Series C 8/21/14 $599,509 
The Honest Co., Inc. Series D 8/3/15 $872,273 
Topgolf International, Inc. Series F 11/10/17 $3,237,994 
Tory Burch LLC 5/14/15 $17,704,966 
Translate Bio Series B 7/17/15 $1,308,139 
Translate Bio Series C 12/22/16 - 12/22/17 $3,300,997 
Turn, Inc. (Escrow) 4/11/17 $123,537 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $17,000,007 
Uber Technologies, Inc. Series E, 8.00% 12/5/14 $1,727,583 
UNITY Biotechnology, Inc. Series B 10/14/16 $2,652,943 
Wheels Up Partners Holdings LLC Series B 9/18/15 $5,235,000 
Wheels Up Partners Holdings LLC Series C  6/22/17 $2,092,241 
YourPeople, Inc. Series C 5/1/15 $22,753,949 
Yumanity Holdings LLC Class A 2/8/16 $883,727 

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 $218,016 
Fidelity Securities Lending Cash Central Fund 551,040 
Total $769,056 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

The following is a summary of the inputs used, as of February 28, 2018, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $2,569,693,007 $2,154,393,638 $372,926,307 $42,373,062 
Consumer Staples 551,821,681 528,125,371 23,696,310 -- 
Energy 154,436,325 143,582,528 10,853,797 -- 
Financials 366,827,171 353,190,494 11,204,896 2,431,781 
Health Care 2,312,636,367 2,176,289,509 5,077,382 131,269,476 
Industrials 698,221,682 603,417,481 51,848,021 42,956,180 
Information Technology 5,038,744,453 4,942,374,831 33,151,588 63,218,034 
Materials 146,094,902 143,894,082 2,200,820 -- 
Real Estate 24,214,101 24,214,101 -- -- 
Telecommunication Services 57,043,924 56,784,277 -- 259,647 
Money Market Funds 96,971,645 96,971,645 -- -- 
Total Investments in Securities: $12,016,705,258 $11,223,237,957 $510,959,121 $282,508,180 

The following is a summary of transfers between Level 1 and Level 2 for the period ended February 28, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $442,412,236 
Level 2 to Level 1 $0 

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

Investments in Securities:  
Equities - Health Care  
Beginning Balance $95,454,102 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 18,612,498 
Cost of Purchases 10,072,293 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $124,138,893 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2018 $18,612,498 
Equities - Other Investments in Securities  
Beginning Balance $150,274,375 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities (1,562,246) 
Cost of Purchases 11,750,379 
Proceeds of Sales (2,093,221) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $158,369,287 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2018 $(1,562,246) 

The information used in the above reconciliations 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.

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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor 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 market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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.

The following provides information on Level 3 securities held by the fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $282,508,180 Market approach Transaction price $0.81 - $142.30 / $63.02 Increase 
   Liquidity preference $16.35 - $45.76 / $36.62 Increase 
  Market comparable Transaction price $1.00 - $330.00 / $56.04 Increase 
   Enterprise value/Sales multiple (EV/S) 0.8 - 18.5 / 4.7 Increase 
   Discount rate 14.0% - 75.7% / 56.7% Decrease 
   Enterprise value/EBITDA multiple (EV/EBITDA) 10.6 Increase 
   Enterprise value/Gross profit (EV/GP) 5.6 Increase 
   Premium rate 15.0% - 76.0% / 26.3% Increase 
   Discount for lack of marketability 10.0% - 20.0% / 15.2% Decrease 
   Liquidity preference $4.13 - $23.41 / $14.22 Increase 
   Proxy premium 21.7% - 217.3% / 44.5% Increase 
   Enterprise value/Revenue multiple (EV/R) 3.9 Increase 
   Conversion ratio 3.0% Increase 
  Recovery value Recovery value 0.2% - 0.7% / 0.4% Increase 
  Discounted cash flow Discount rate 8.0% - 12.2% / 11.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Probability rate 6.3% - 68.9% / 6.8% Increase 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.


For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

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 Holdings Report
for

Fidelity Flex℠ Funds

Fidelity Flex℠ Mid Cap Growth Fund

February 28, 2018







ZDG-QTLY-0418
1.9881577.100





Schedule of Investments February 28, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%   
 Shares Value 
CONSUMER DISCRETIONARY - 15.4%   
Auto Components - 3.0%   
Aptiv PLC 172 $15,709 
Delphi Technologies PLC 56 2,674 
Visteon Corp. (a) 61 7,554 
  25,937 
Distributors - 0.8%   
Pool Corp. 47 6,487 
Diversified Consumer Services - 1.0%   
Service Corp. International 235 8,796 
Hotels, Restaurants & Leisure - 3.2%   
Domino's Pizza, Inc. 24 5,338 
Jack in the Box, Inc. 24 2,162 
Wyndham Worldwide Corp. 174 20,146 
  27,646 
Internet & Direct Marketing Retail - 0.6%   
TripAdvisor, Inc. (a) 127 5,090 
Media - 1.6%   
Lions Gate Entertainment Corp. Class B 89 2,389 
Live Nation Entertainment, Inc. (a) 200 8,960 
Scripps Networks Interactive, Inc. Class A 20 1,797 
  13,146 
Multiline Retail - 2.3%   
Dollar General Corp. 92 8,702 
Dollar Tree, Inc. (a) 107 10,982 
  19,684 
Specialty Retail - 1.5%   
Ross Stores, Inc. 158 12,338 
Textiles, Apparel & Luxury Goods - 1.4%   
Carter's, Inc. 48 5,601 
Hanesbrands, Inc. 143 2,774 
VF Corp. 48 3,579 
  11,954 
TOTAL CONSUMER DISCRETIONARY  131,078 
CONSUMER STAPLES - 4.8%   
Beverages - 2.4%   
Brown-Forman Corp. Class B (non-vtg.) 117 8,165 
Dr. Pepper Snapple Group, Inc. 59 6,859 
Monster Beverage Corp. (a) 83 5,260 
  20,284 
Food Products - 1.0%   
The Hershey Co. 88 8,647 
Personal Products - 1.3%   
Estee Lauder Companies, Inc. Class A 47 6,507 
Herbalife Ltd. (a) 50 4,605 
  11,112 
Tobacco - 0.1%   
British American Tobacco PLC sponsored ADR 19 1,122 
TOTAL CONSUMER STAPLES  41,165 
ENERGY - 0.4%   
Oil, Gas & Consumable Fuels - 0.4%   
Andeavor 42 3,764 
FINANCIALS - 9.9%   
Banks - 2.5%   
Citizens Financial Group, Inc. 371 16,135 
Huntington Bancshares, Inc. 330 5,181 
  21,316 
Capital Markets - 4.3%   
Ameriprise Financial, Inc. 76 11,889 
MarketAxess Holdings, Inc. 14 2,834 
Moody's Corp. 89 14,852 
S&P Global, Inc. 38 7,288 
  36,863 
Insurance - 3.1%   
Aon PLC 29 4,069 
Arch Capital Group Ltd. (a) 48 4,236 
Progressive Corp. 315 18,138 
  26,443 
TOTAL FINANCIALS  84,622 
HEALTH CARE - 16.1%   
Health Care Equipment & Supplies - 3.4%   
Edwards Lifesciences Corp. (a) 80 10,694 
Intuitive Surgical, Inc. (a) 12 5,117 
ResMed, Inc. 141 13,433 
  29,244 
Health Care Providers & Services - 3.8%   
AmerisourceBergen Corp. 48 4,568 
Henry Schein, Inc. (a) 81 5,361 
Laboratory Corp. of America Holdings (a) 36 6,217 
MEDNAX, Inc. (a) 69 3,794 
Wellcare Health Plans, Inc. (a) 65 12,604 
  32,544 
Health Care Technology - 1.5%   
Cerner Corp. (a) 205 13,153 
Life Sciences Tools & Services - 5.5%   
Charles River Laboratories International, Inc. (a) 103 10,981 
Illumina, Inc. (a) 50 11,401 
Mettler-Toledo International, Inc. (a) 20 12,324 
Waters Corp. (a) 58 11,869 
  46,575 
Pharmaceuticals - 1.9%   
Jazz Pharmaceuticals PLC (a) 35 5,068 
Teva Pharmaceutical Industries Ltd. sponsored ADR 170 3,182 
Zoetis, Inc. Class A 98 7,924 
  16,174 
TOTAL HEALTH CARE  137,690 
INDUSTRIALS - 15.4%   
Aerospace & Defense - 3.3%   
Huntington Ingalls Industries, Inc. 78 20,437 
TransDigm Group, Inc. 26 7,496 
  27,933 
Airlines - 0.7%   
Alaska Air Group, Inc. 90 5,805 
Commercial Services & Supplies - 0.6%   
KAR Auction Services, Inc. 101 5,462 
Electrical Equipment - 1.7%   
AMETEK, Inc. 72 5,453 
Fortive Corp. 122 9,370 
  14,823 
Industrial Conglomerates - 2.3%   
ITT, Inc. 87 4,366 
Roper Technologies, Inc. 55 15,130 
  19,496 
Machinery - 4.4%   
Cummins, Inc. 57 9,586 
IDEX Corp. 65 8,892 
Parker Hannifin Corp. 54 9,637 
Toro Co. 106 6,738 
Wabtec Corp. 34 2,766 
  37,619 
Professional Services - 1.5%   
Dun & Bradstreet Corp. 25 3,126 
Equifax, Inc. 82 9,266 
  12,392 
Trading Companies & Distributors - 0.9%   
United Rentals, Inc. (a) 43 7,529 
TOTAL INDUSTRIALS  131,059 
INFORMATION TECHNOLOGY - 31.3%   
Communications Equipment - 1.2%   
F5 Networks, Inc. (a) 70 10,396 
Electronic Equipment & Components - 1.5%   
ADT, Inc. (a) 170 1,795 
Amphenol Corp. Class A 123 11,241 
  13,036 
Internet Software & Services - 4.1%   
Akamai Technologies, Inc. (a) 120 8,095 
LogMeIn, Inc. 60 6,933 
VeriSign, Inc. (a) 172 19,955 
  34,983 
IT Services - 8.2%   
Amdocs Ltd. 105 6,908 
Fiserv, Inc. (a) 110 15,773 
FleetCor Technologies, Inc. (a) 23 4,598 
Genpact Ltd. 79 2,478 
Global Payments, Inc. 75 8,504 
Paychex, Inc. 91 5,927 
Total System Services, Inc. 293 25,774 
  69,962 
Semiconductors & Semiconductor Equipment - 10.2%   
Analog Devices, Inc. 174 15,686 
Applied Materials, Inc. 80 4,607 
Broadcom Ltd. 15 3,697 
KLA-Tencor Corp. 91 10,311 
Lam Research Corp. 46 8,826 
Microchip Technology, Inc. 138 12,272 
ON Semiconductor Corp. (a) 768 18,371 
Skyworks Solutions, Inc. 117 12,782 
  86,552 
Software - 6.1%   
Adobe Systems, Inc. (a) 28 5,856 
Check Point Software Technologies Ltd. (a) 82 8,519 
Citrix Systems, Inc. (a) 174 16,008 
Electronic Arts, Inc. (a) 54 6,680 
Intuit, Inc. 20 3,337 
Take-Two Interactive Software, Inc. (a) 105 11,746 
  52,146 
TOTAL INFORMATION TECHNOLOGY  267,075 
MATERIALS - 3.1%   
Chemicals - 3.1%   
CF Industries Holdings, Inc. 64 2,639 
Eastman Chemical Co. 18 1,819 
Orion Engineered Carbons SA 300 8,265 
Sherwin-Williams Co. 11 4,417 
The Chemours Co. LLC 91 4,323 
The Scotts Miracle-Gro Co. Class A 56 5,031 
  26,494 
REAL ESTATE - 2.6%   
Equity Real Estate Investment Trusts (REITs) - 2.6%   
CoreSite Realty Corp. 74 6,945 
Equity Lifestyle Properties, Inc. 107 9,053 
Extra Space Storage, Inc. 70 5,954 
  21,952 
TOTAL COMMON STOCKS   
(Cost $741,186)  844,899 
Money Market Funds - 0.6%   
Fidelity Cash Central Fund, 1.41% (b)   
(Cost $5,178) 5,177 5,178 
TOTAL INVESTMENT IN SECURITIES - 99.6%   
(Cost $746,364)  850,077 
NET OTHER ASSETS (LIABILITIES) - 0.4%  3,690 
NET ASSETS - 100%  $853,767 

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


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 $18 
Total $18 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

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. Additional information on valuation inputs is provided later in this section.

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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor 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 market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in 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 significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

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 Holdings Report
for

Fidelity® Growth Strategies K6 Fund

February 28, 2018







FEGK6-QTLY-0418
1.9883993.100





Schedule of Investments February 28, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%   
 Shares Value 
CONSUMER DISCRETIONARY - 15.6%   
Auto Components - 3.1%   
Aptiv PLC 21,433 $1,957,476 
Delphi Technologies PLC 7,300 348,575 
Visteon Corp. (a) 7,400 916,416 
  3,222,467 
Distributors - 0.8%   
Pool Corp. 5,800 800,574 
Diversified Consumer Services - 1.0%   
Service Corp. International 29,100 1,089,213 
Hotels, Restaurants & Leisure - 3.3%   
Domino's Pizza, Inc. 3,400 756,194 
Jack in the Box, Inc. 2,900 261,232 
Wyndham Worldwide Corp. 21,300 2,466,114 
  3,483,540 
Internet & Direct Marketing Retail - 0.6%   
TripAdvisor, Inc. (a) 15,000 601,200 
Media - 1.7%   
Lions Gate Entertainment Corp. Class B 15,200 407,968 
Live Nation Entertainment, Inc. (a) 25,000 1,120,000 
Scripps Networks Interactive, Inc. Class A 2,200 197,692 
  1,725,660 
Multiline Retail - 2.3%   
Dollar General Corp. 11,300 1,068,867 
Dollar Tree, Inc. (a) 13,100 1,344,584 
  2,413,451 
Specialty Retail - 1.4%   
Ross Stores, Inc. 19,400 1,514,946 
Textiles, Apparel & Luxury Goods - 1.4%   
Carter's, Inc. 5,900 688,412 
Hanesbrands, Inc. (b) 16,200 314,280 
VF Corp. 6,037 450,179 
  1,452,871 
TOTAL CONSUMER DISCRETIONARY  16,303,922 
CONSUMER STAPLES - 5.0%   
Beverages - 2.4%   
Brown-Forman Corp. Class B (non-vtg.) 14,300 997,997 
Dr. Pepper Snapple Group, Inc. 7,400 860,250 
Monster Beverage Corp. (a) 10,100 640,037 
  2,498,284 
Food Products - 0.9%   
The Hershey Co. 9,800 962,948 
Personal Products - 1.5%   
Estee Lauder Companies, Inc. Class A 5,800 802,952 
Herbalife Ltd. (a) 8,500 782,850 
  1,585,802 
Tobacco - 0.2%   
British American Tobacco PLC sponsored ADR 3,422 202,103 
TOTAL CONSUMER STAPLES  5,249,137 
ENERGY - 0.4%   
Oil, Gas & Consumable Fuels - 0.4%   
Andeavor 5,100 457,062 
FINANCIALS - 9.9%   
Banks - 2.5%   
Citizens Financial Group, Inc. 45,500 1,978,795 
Huntington Bancshares, Inc. 43,300 679,810 
  2,658,605 
Capital Markets - 4.3%   
Ameriprise Financial, Inc. 9,300 1,454,892 
MarketAxess Holdings, Inc. 1,700 344,080 
Moody's Corp. 11,100 1,852,368 
S&P Global, Inc. 4,700 901,460 
  4,552,800 
Insurance - 3.1%   
Aon PLC 3,500 491,120 
Arch Capital Group Ltd. (a) 5,885 519,292 
Progressive Corp. 38,200 2,199,556 
  3,209,968 
TOTAL FINANCIALS  10,421,373 
HEALTH CARE - 16.4%   
Health Care Equipment & Supplies - 3.5%   
Edwards Lifesciences Corp. (a) 9,700 1,296,599 
Intuitive Surgical, Inc. (a) 1,650 703,643 
ResMed, Inc. 17,199 1,638,549 
  3,638,791 
Health Care Providers & Services - 3.9%   
AmerisourceBergen Corp. 5,500 523,380 
Henry Schein, Inc. (a) 10,000 661,900 
Laboratory Corp. of America Holdings (a) 4,600 794,420 
MEDNAX, Inc. (a) 8,400 461,832 
Wellcare Health Plans, Inc. (a) 8,400 1,628,844 
  4,070,376 
Health Care Technology - 1.6%   
Cerner Corp. (a) 25,900 1,661,744 
Life Sciences Tools & Services - 5.5%   
Charles River Laboratories International, Inc. (a) 12,600 1,343,286 
Illumina, Inc. (a) 6,250 1,425,125 
Mettler-Toledo International, Inc. (a) 2,450 1,509,739 
Waters Corp. (a) 7,500 1,534,800 
  5,812,950 
Pharmaceuticals - 1.9%   
Jazz Pharmaceuticals PLC (a) 4,292 621,482 
Teva Pharmaceutical Industries Ltd. sponsored ADR (b) 20,100 376,272 
Zoetis, Inc. Class A 11,900 962,234 
  1,959,988 
TOTAL HEALTH CARE  17,143,849 
INDUSTRIALS - 15.5%   
Aerospace & Defense - 3.4%   
Huntington Ingalls Industries, Inc. 9,600 2,515,296 
TransDigm Group, Inc. 3,500 1,009,085 
  3,524,381 
Airlines - 0.7%   
Alaska Air Group, Inc. 10,800 696,600 
Commercial Services & Supplies - 0.6%   
KAR Auction Services, Inc. 12,200 659,776 
Electrical Equipment - 1.7%   
AMETEK, Inc. 9,000 681,660 
Fortive Corp. 15,000 1,152,000 
  1,833,660 
Industrial Conglomerates - 2.3%   
ITT, Inc. 10,600 531,908 
Roper Technologies, Inc. 6,800 1,870,612 
  2,402,520 
Machinery - 4.4%   
Cummins, Inc. 6,995 1,176,349 
IDEX Corp. 7,700 1,053,360 
Parker Hannifin Corp. 6,600 1,177,902 
Toro Co. 13,100 832,767 
Wabtec Corp. 4,300 349,762 
  4,590,140 
Professional Services - 1.5%   
Dun & Bradstreet Corp. 3,000 375,120 
Equifax, Inc. 10,400 1,175,200 
  1,550,320 
Trading Companies & Distributors - 0.9%   
United Rentals, Inc. (a) 5,300 927,977 
TOTAL INDUSTRIALS  16,185,374 
INFORMATION TECHNOLOGY - 31.6%   
Communications Equipment - 1.3%   
F5 Networks, Inc. (a) 8,900 1,321,828 
Electronic Equipment & Components - 1.5%   
ADT, Inc. (a) 11,900 125,664 
Amphenol Corp. Class A 15,575 1,423,399 
  1,549,063 
Internet Software & Services - 4.1%   
Akamai Technologies, Inc. (a) 14,700 991,662 
LogMeIn, Inc. 7,400 855,070 
VeriSign, Inc. (a)(b) 21,200 2,459,624 
  4,306,356 
IT Services - 8.4%   
Amdocs Ltd. 13,300 875,007 
Fiserv, Inc. (a) 13,600 1,950,104 
FleetCor Technologies, Inc. (a) 3,100 619,783 
Genpact Ltd. 10,156 318,594 
Global Payments, Inc. 9,400 1,065,866 
Paychex, Inc. 11,600 755,508 
Total System Services, Inc. 36,000 3,166,200 
  8,751,062 
Semiconductors & Semiconductor Equipment - 10.2%   
Analog Devices, Inc. 21,200 1,911,180 
Applied Materials, Inc. 9,600 552,864 
Broadcom Ltd. 1,900 468,274 
KLA-Tencor Corp. 11,400 1,291,734 
Lam Research Corp. 5,800 1,112,788 
Microchip Technology, Inc. 17,100 1,520,703 
ON Semiconductor Corp. (a) 94,600 2,262,832 
Skyworks Solutions, Inc. 14,200 1,551,350 
  10,671,725 
Software - 6.1%   
Adobe Systems, Inc. (a) 3,600 752,868 
Check Point Software Technologies Ltd. (a) 10,000 1,038,900 
Citrix Systems, Inc. (a) 21,400 1,968,800 
Electronic Arts, Inc. (a) 6,500 804,050 
Intuit, Inc. 2,600 433,836 
Take-Two Interactive Software, Inc. (a) 12,900 1,443,123 
  6,441,577 
TOTAL INFORMATION TECHNOLOGY  33,041,611 
MATERIALS - 2.2%   
Chemicals - 2.2%   
CF Industries Holdings, Inc. 8,100 334,044 
Eastman Chemical Co. 2,900 293,132 
Sherwin-Williams Co. 1,240 497,959 
The Chemours Co. LLC 11,200 532,112 
The Scotts Miracle-Gro Co. Class A 7,000 628,880 
  2,286,127 
REAL ESTATE - 2.4%   
Equity Real Estate Investment Trusts (REITs) - 2.4%   
CoreSite Realty Corp. 9,500 891,575 
Equity Lifestyle Properties, Inc. 10,000 846,100 
Extra Space Storage, Inc. 8,900 756,945 
  2,494,620 
TOTAL COMMON STOCKS   
(Cost $94,404,995)  103,583,075 
Money Market Funds - 2.2%   
Fidelity Cash Central Fund, 1.41% (c) 1,035,810 1,036,017 
Fidelity Securities Lending Cash Central Fund 1.42% (c)(d) 1,228,470 1,228,593 
TOTAL MONEY MARKET FUNDS   
(Cost $2,264,610)  2,264,610 
TOTAL INVESTMENT IN SECURITIES - 101.2%   
(Cost $96,669,605)  105,847,685 
NET OTHER ASSETS (LIABILITIES) - (1.2)%  (1,268,775) 
NET ASSETS - 100%  $104,578,910 

Legend

 (a) Non-income producing

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

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


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 $4,650 
Fidelity Securities Lending Cash Central Fund 789 
Total $5,439 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

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. Additional information on valuation inputs is provided later in this section.

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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor 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 market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in 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 significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

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.





Item 2.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Mt. Vernon Street Trusts (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 Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trusts last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trusts 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/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

April 27, 2018


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/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

April 27, 2018



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

April 27, 2018