N-CSRS 1 Main.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3583

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

245 Summer Street, Boston, Massachusetts 02210
(Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer Street

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:

May 31, 2015

Item 1. Reports to Stockholders

Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

Fidelity®

Growth Company

Fund -
Class K

Semiannual Report

May 31, 2015

(Fidelity Cover Art)


Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Investment Changes

(Click Here)

A summary of major shifts in the fund's investments over the past six months.

Investments

(Click Here)

A complete list of the fund's investments with their market values.

Financial Statements

(Click Here)

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

(Click Here)

Notes to the financial statements.

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report


Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2014 to May 31, 2015).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Semiannual Report

Shareholder Expense Example - continued

 

Annualized
Expense Ratio
B

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period
*
December 1, 2014 to May 31, 2015

Growth Company

.86%

 

 

 

Actual

 

$ 1,000.00

$ 1,076.20

$ 4.45

HypotheticalA

 

$ 1,000.00

$ 1,020.64

$ 4.33

Class K

.76%

 

 

 

Actual

 

$ 1,000.00

$ 1,076.70

$ 3.93

HypotheticalA

 

$ 1,000.00

$ 1,021.14

$ 3.83

A 5% return per year before expenses

B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report


Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Apple, Inc.

6.2

5.9

Salesforce.com, Inc.

4.4

3.9

Regeneron Pharmaceuticals, Inc.

2.2

2.4

Amazon.com, Inc.

2.2

1.3

Facebook, Inc. Class A

2.2

2.3

Google, Inc. Class A

2.1

2.2

NVIDIA Corp.

2.1

2.0

Google, Inc. Class C

1.8

2.1

Gilead Sciences, Inc.

1.7

1.8

Alnylam Pharmaceuticals, Inc.

1.5

1.2

 

26.4

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

35.1

34.8

Health Care

24.1

22.8

Consumer Discretionary

15.5

13.9

Consumer Staples

8.5

9.8

Industrials

8.3

8.6

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014 **

gck466682

Stocks 98.1%

 

gck466684

Stocks 98.2%

 

gck466686

Convertible
Securities 1.7%

 

gck466688

Convertible
Securities 1.4%

 

gck466690

Short-Term
Investments and
Net Other Assets (Liabilities) 0.2%

 

gck466692

Short-Term
Investments and
Net Other Assets (Liabilities) 0.4%

 

* Foreign investments

7.1%

 

** Foreign investments

6.4%

 

gck466694

Semiannual Report


Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 15.4%

Auto Components - 0.1%

Johnson Controls, Inc.

633,700

$ 32,965

Automobiles - 0.3%

Tesla Motors, Inc. (a)(d)

538,000

134,930

Hotels, Restaurants & Leisure - 3.4%

Buffalo Wild Wings, Inc. (a)

853,500

130,304

China Lodging Group Ltd. ADR (a)

354,100

8,775

Chipotle Mexican Grill, Inc. (a)

288,800

177,762

Chuy's Holdings, Inc. (a)(d)(e)

1,445,642

37,572

Domino's Pizza, Inc.

125,800

13,669

Dunkin' Brands Group, Inc. (d)

1,877,140

100,164

Homeinns Hotel Group ADR (a)

2,742,022

73,760

Hyatt Hotels Corp. Class A (a)

806,640

46,350

Las Vegas Sands Corp.

684,600

34,798

McDonald's Corp.

1,672,400

160,433

Panera Bread Co. Class A (a)

153,400

27,919

Papa John's International, Inc.

350,100

24,055

Starbucks Corp.

6,846,300

355,734

Starwood Hotels & Resorts Worldwide, Inc.

1,719,300

142,289

Yum! Brands, Inc.

1,434,100

129,227

 

1,462,811

Internet & Catalog Retail - 3.5%

Amazon.com, Inc. (a)

2,210,401

948,770

Ctrip.com International Ltd. sponsored ADR (a)

723,400

57,778

Etsy, Inc.

146,200

2,450

Groupon, Inc. Class A (a)

4,354,400

27,781

JD.com, Inc. sponsored ADR

259,100

8,726

Netflix, Inc. (a)

186,000

116,075

Priceline Group, Inc. (a)

224,968

263,671

Qunar Cayman Islands Ltd. sponsored ADR (a)

189,800

8,368

The Honest Co., Inc. (h)

39,835

1,172

TripAdvisor, Inc. (a)

216,400

16,503

Vipshop Holdings Ltd. ADR (a)

3,205,300

80,036

 

1,531,330

Media - 1.3%

Comcast Corp. Class A

6,437,200

376,319

Lions Gate Entertainment Corp.

273,992

9,066

The Walt Disney Co.

1,087,500

120,027

Twenty-First Century Fox, Inc. Class A

1,233,500

41,446

 

546,858

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Multiline Retail - 0.5%

Dollar General Corp.

298,900

$ 21,697

Dollar Tree, Inc. (a)

719,600

53,963

Nordstrom, Inc.

499,100

36,255

Target Corp.

1,108,589

87,933

 

199,848

Specialty Retail - 2.2%

AutoNation, Inc. (a)

592,000

36,947

Bed Bath & Beyond, Inc. (a)

348,900

24,884

Boot Barn Holdings, Inc.

389,200

9,520

CarMax, Inc. (a)

1,600,121

113,673

Five Below, Inc. (a)(d)

1,739,716

57,846

Home Depot, Inc.

3,472,600

386,917

L Brands, Inc.

885,800

76,639

Lumber Liquidators Holdings, Inc. (a)(d)(e)

1,825,513

37,240

Restoration Hardware Holdings, Inc. (a)(e)

2,135,073

194,206

Urban Outfitters, Inc. (a)

368,900

12,683

 

950,555

Textiles, Apparel & Luxury Goods - 4.1%

Columbia Sportswear Co.

2,169,000

121,572

Fossil Group, Inc. (a)

32,300

2,294

Japan Tobacco, Inc.

516,300

18,737

Kate Spade & Co. (a)(e)

8,807,215

218,243

lululemon athletica, Inc. (a)(d)(e)

9,342,728

558,602

Michael Kors Holdings Ltd. (a)

157,522

7,325

NIKE, Inc. Class B

2,784,300

283,080

Skechers U.S.A., Inc. Class A (sub. vtg.) (a)

3,295,039

348,846

Tory Burch LLC (a)(g)(h)

324,840

24,885

Tory Burch LLC Class A unit (a)(g)(h)

950,844

67,653

Under Armour, Inc. Class A (sub. vtg.) (a)

861,300

67,535

VF Corp.

777,700

54,773

 

1,773,545

TOTAL CONSUMER DISCRETIONARY

6,632,842

CONSUMER STAPLES - 8.5%

Beverages - 2.7%

Constellation Brands, Inc. Class A (sub. vtg.)

166,700

19,652

Dr. Pepper Snapple Group, Inc.

406,500

31,154

Monster Beverage Corp. (a)

3,975,106

505,951

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Beverages - continued

PepsiCo, Inc.

2,299,440

$ 221,735

The Coca-Cola Co.

8,740,600

358,015

 

1,136,507

Food & Staples Retailing - 1.4%

Costco Wholesale Corp.

1,421,300

202,663

CVS Health Corp.

1,160,800

118,843

Drogasil SA

2,790,473

31,195

Kroger Co.

1,208,425

87,973

Sprouts Farmers Market LLC (a)

1,443,300

43,285

Walgreens Boots Alliance, Inc.

918,300

78,827

Whole Foods Market, Inc.

1,183,000

48,787

 

611,573

Food Products - 2.1%

Associated British Foods PLC

1,164,600

53,898

Campbell Soup Co.

237,600

11,486

General Mills, Inc.

629,700

35,358

Kellogg Co.

609,900

38,283

Keurig Green Mountain, Inc.

4,458,453

384,497

Kraft Foods Group, Inc.

451,800

38,155

Mead Johnson Nutrition Co. Class A

2,020,100

196,556

Mondelez International, Inc.

589,200

24,505

The Hain Celestial Group, Inc. (a)

399,600

25,283

The Hershey Co.

522,700

48,538

Tyson Foods, Inc. Class A

879,800

37,348

Want Want China Holdings Ltd.

2,572,000

2,903

WhiteWave Foods Co. (a)

316,900

15,221

 

912,031

Household Products - 0.6%

Church & Dwight Co., Inc.

479,400

40,255

Colgate-Palmolive Co.

1,584,300

105,815

Kimberly-Clark Corp.

411,900

44,839

Procter & Gamble Co.

977,683

76,641

 

267,550

Personal Products - 0.5%

Herbalife Ltd. (a)

4,245,010

220,868

Tobacco - 1.2%

Altria Group, Inc.

3,944,480

201,957

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Tobacco - continued

Lorillard, Inc.

1,629,300

$ 118,092

Philip Morris International, Inc.

2,296,480

190,769

 

510,818

TOTAL CONSUMER STAPLES

3,659,347

ENERGY - 3.4%

Energy Equipment & Services - 0.9%

FMC Technologies, Inc. (a)

1,017,900

42,538

Halliburton Co.

2,527,700

114,758

Schlumberger Ltd.

2,465,497

223,793

 

381,089

Oil, Gas & Consumable Fuels - 2.5%

Anadarko Petroleum Corp.

1,335,894

111,694

Cabot Oil & Gas Corp.

1,397,800

47,469

California Resources Corp.

223,740

1,756

Chesapeake Energy Corp. (d)

430,300

6,072

Concho Resources, Inc. (a)

962,900

115,837

Continental Resources, Inc. (a)(d)

2,188,300

99,699

Devon Energy Corp.

516,900

33,712

EOG Resources, Inc.

1,991,300

176,608

Hess Corp.

575,700

38,871

Noble Energy, Inc.

1,374,711

60,185

Occidental Petroleum Corp.

131,900

10,313

PDC Energy, Inc. (a)

997,600

59,497

Pioneer Natural Resources Co.

1,522,007

224,998

Range Resources Corp.

358,889

19,886

Southwestern Energy Co. (a)

275,600

7,102

Valero Energy Corp.

929,500

55,064

 

1,068,763

TOTAL ENERGY

1,449,852

FINANCIALS - 3.1%

Banks - 1.0%

Citigroup, Inc.

544,780

29,462

HDFC Bank Ltd. sponsored ADR

1,801,500

107,405

JPMorgan Chase & Co.

1,345,800

88,527

PrivateBancorp, Inc.

3,343,326

127,481

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Banks - continued

Signature Bank (a)

388,885

$ 54,308

Wells Fargo & Co.

564,300

31,578

 

438,761

Capital Markets - 1.5%

BlackRock, Inc. Class A

664,700

243,134

Charles Schwab Corp.

8,340,375

263,973

Goldman Sachs Group, Inc.

83,400

17,196

Morgan Stanley

1,792,800

68,485

RPI International Holdings LP (h)

84,791

9,997

T. Rowe Price Group, Inc.

586,400

47,317

 

650,102

Consumer Finance - 0.5%

American Express Co.

1,155,148

92,088

Discover Financial Services

1,282,444

74,728

Springleaf Holdings, Inc. (a)

633,100

30,085

 

196,901

Diversified Financial Services - 0.0%

BM&F BOVESPA SA

5,757,397

20,292

Real Estate Investment Trusts - 0.1%

American Tower Corp.

267,900

24,858

Real Estate Management & Development - 0.0%

The St. Joe Co. (a)(d)

571,435

9,103

TOTAL FINANCIALS

1,340,017

HEALTH CARE - 23.6%

Biotechnology - 17.9%

ACADIA Pharmaceuticals, Inc. (a)(d)(e)

5,610,728

231,162

Adaptimmune Therapeutics PLC sponsored ADR

790,800

12,202

Agios Pharmaceuticals, Inc. (a)(d)

1,372,050

167,418

Alder Biopharmaceuticals, Inc.

436,673

18,567

Alexion Pharmaceuticals, Inc. (a)

2,623,160

429,779

Alkermes PLC (a)(e)

10,378,812

634,145

Alnylam Pharmaceuticals, Inc. (a)(e)

5,097,955

668,291

Amgen, Inc.

2,403,000

375,493

Array BioPharma, Inc. (a)(d)

2,376,370

18,179

aTyr Pharma, Inc. (a)(e)

550,533

12,602

aTyr Pharma, Inc. (a)(e)

1,469,142

30,266

Avalanche Biotechnologies, Inc. (a)(d)

1,035,365

38,598

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Biogen, Inc. (a)

853,400

$ 338,791

bluebird bio, Inc. (a)(e)

2,224,794

432,166

Celgene Corp. (a)

1,753,688

200,692

Celldex Therapeutics, Inc. (a)

3,994,128

115,310

Cepheid, Inc. (a)

1,752,455

96,683

Chimerix, Inc. (a)(e)

2,425,199

101,495

Clovis Oncology, Inc. (a)(d)

773,300

71,484

Dicerna Pharmaceuticals, Inc. (a)(d)(e)

1,156,050

19,121

Eleven Biotherapeutics, Inc. (a)(d)(e)

1,278,900

3,594

Esperion Therapeutics, Inc. (a)

33,400

3,591

Exelixis, Inc. (a)(d)

7,375,987

23,234

Fate Therapeutics, Inc. (a)(e)

1,894,606

11,860

FibroGen, Inc.

248,100

4,518

Galapagos Genomics NV sponsored ADR (d)

931,280

53,018

Genocea Biosciences, Inc. (a)

700,800

7,435

Gilead Sciences, Inc.

6,568,995

737,501

ImmunoGen, Inc. (a)(d)

3,134,320

28,146

Immunomedics, Inc. (a)(d)

4,309,691

16,635

Intercept Pharmaceuticals, Inc. (a)

128,335

32,750

Intrexon Corp. (a)(d)

509,975

21,480

Ironwood Pharmaceuticals, Inc. Class A (a)

6,286,420

88,701

Isis Pharmaceuticals, Inc. (a)(d)(e)

8,258,790

555,982

Juno Therapeutics, Inc.

1,694,139

80,262

Juno Therapeutics, Inc. (d)

1,243,400

65,453

Kite Pharma, Inc. (d)

226,200

12,475

Lexicon Pharmaceuticals, Inc. (a)(d)

5,556,554

39,063

Merrimack Pharmaceuticals, Inc. (a)(d)(e)

8,454,221

99,760

Momenta Pharmaceuticals, Inc. (a)(e)

5,660,365

112,358

Prothena Corp. PLC (a)(e)

2,163,270

85,319

Regeneron Pharmaceuticals, Inc. (a)

1,855,218

950,911

Regulus Therapeutics, Inc. (a)(d)(e)

3,404,247

48,068

Rigel Pharmaceuticals, Inc. (a)(e)

5,151,116

17,977

Sage Therapeutics, Inc. (d)(e)

938,366

70,255

Sage Therapeutics, Inc. (e)(f)

735,693

55,081

Seattle Genetics, Inc. (a)(d)(e)

8,163,136

351,750

Spark Therapeutics, Inc.

78,400

5,773

Transition Therapeutics, Inc. (a)(e)

3,016,634

23,349

Ultragenyx Pharmaceutical, Inc. (a)

613,700

53,392

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Versartis, Inc. (a)(d)

795,294

$ 12,359

Vertex Pharmaceuticals, Inc. (a)

411,767

52,826

 

7,737,320

Health Care Equipment & Supplies - 0.7%

Abbott Laboratories

680,100

33,053

Align Technology, Inc. (a)

195,756

11,877

Baxter International, Inc.

845,900

56,345

DexCom, Inc. (a)

372,300

26,701

Entellus Medical, Inc.

598,600

13,977

Genmark Diagnostics, Inc. (a)(d)

1,890,653

17,337

Halyard Health, Inc. (a)

52,287

2,166

Insulet Corp. (a)

1,888,800

53,396

Intuitive Surgical, Inc. (a)

97,293

47,455

Novadaq Technologies, Inc. (a)

601,200

6,018

Presbia PLC (e)

892,969

7,331

Roka Bioscience, Inc. (a)(d)

702,117

1,875

St. Jude Medical, Inc.

497,100

36,661

 

314,192

Health Care Providers & Services - 1.2%

Apollo Hospitals Enterprise Ltd. (a)

720,000

13,695

Cardinal Health, Inc.

16,700

1,472

Catamaran Corp. (a)

551,128

32,994

Community Health Systems, Inc. (a)

461,800

25,542

Express Scripts Holding Co. (a)

565,803

49,304

HCA Holdings, Inc. (a)

644,100

52,707

Laboratory Corp. of America Holdings (a)

133,500

15,746

McKesson Corp.

1,182,100

280,430

UnitedHealth Group, Inc.

552,500

66,416

 

538,306

Health Care Technology - 0.6%

athenahealth, Inc. (a)(d)

873,900

101,897

Castlight Health, Inc. Class B (a)(d)

2,792,494

24,378

Cerner Corp. (a)

1,853,400

124,715

 

250,990

Life Sciences Tools & Services - 0.3%

Illumina, Inc. (a)

556,338

114,650

Pharmaceuticals - 2.9%

AbbVie, Inc.

1,410,800

93,945

Actavis PLC (a)

1,031,938

316,609

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Adimab LLC unit (g)(h)

2,531,646

$ 46,858

Bristol-Myers Squibb Co.

3,241,500

209,401

Catalent, Inc. (a)

859,600

27,473

Endocyte, Inc. (a)(d)(e)

2,804,515

17,023

Intra-Cellular Therapies, Inc. (a)(d)(e)

2,340,495

61,438

Jazz Pharmaceuticals PLC (a)

544,000

97,566

Mylan N.V.

1,226,900

89,110

Sun Pharmaceutical Industries Ltd. (a)

3,213,705

48,705

Teva Pharmaceutical Industries Ltd. sponsored ADR

544,800

32,742

Valeant Pharmaceuticals International (Canada) (a)

839,361

200,081

 

1,240,951

TOTAL HEALTH CARE

10,196,409

INDUSTRIALS - 7.9%

Aerospace & Defense - 1.2%

Honeywell International, Inc.

2,467,800

257,145

Lockheed Martin Corp.

737,500

138,798

The Boeing Co.

980,900

137,836

 

533,779

Air Freight & Logistics - 0.5%

FedEx Corp.

130,700

22,640

United Parcel Service, Inc. Class B

1,379,500

136,874

XPO Logistics, Inc. (a)(d)

1,012,824

49,790

 

209,304

Airlines - 3.0%

American Airlines Group, Inc.

1,209,000

51,225

Azul-Linhas Aereas Brasileiras warrants (a)(h)

1,017,079

0

Delta Air Lines, Inc.

2,916,800

125,189

JetBlue Airways Corp. (a)(d)

11,972,523

241,366

Ryanair Holdings PLC sponsored ADR

612,100

40,766

Southwest Airlines Co.

6,494,115

240,607

Spirit Airlines, Inc. (a)

2,464,629

156,676

United Continental Holdings, Inc. (a)

5,819,300

317,676

Virgin America, Inc. (d)

1,068,800

30,397

Wizz Air Holdings PLC (e)

2,937,315

68,239

 

1,272,141

Building Products - 0.2%

Caesarstone Sdot-Yam Ltd.

1,197,827

74,050

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Construction & Engineering - 0.0%

Fluor Corp.

354,300

$ 19,919

Electrical Equipment - 0.5%

Eaton Corp. PLC

666,200

47,693

Emerson Electric Co.

1,311,300

79,085

Rockwell Automation, Inc.

767,300

94,293

SolarCity Corp. (a)(d)

233,200

14,020

 

235,091

Industrial Conglomerates - 0.9%

3M Co.

1,352,000

215,076

Danaher Corp.

1,778,700

153,537

 

368,613

Machinery - 0.6%

Caterpillar, Inc.

743,100

63,401

Cummins, Inc.

576,100

78,090

Deere & Co.

808,700

75,759

Illinois Tool Works, Inc.

424,400

39,821

ITT Corp.

126,000

5,378

Xylem, Inc.

362,700

13,264

 

275,713

Road & Rail - 1.0%

Kansas City Southern

169,600

15,349

Union Pacific Corp.

4,124,000

416,153

 

431,502

TOTAL INDUSTRIALS

3,420,112

INFORMATION TECHNOLOGY - 34.3%

Communications Equipment - 1.5%

Arista Networks, Inc. (d)

80,700

5,642

Cisco Systems, Inc.

788,400

23,108

Infinera Corp. (a)(e)

11,716,429

241,827

Palo Alto Networks, Inc. (a)

86,500

14,661

QUALCOMM, Inc.

5,557,967

387,279

 

672,517

Electronic Equipment & Components - 0.1%

Corning, Inc.

718,300

15,027

TE Connectivity Ltd.

233,500

16,112

Trimble Navigation Ltd. (a)

934,800

21,912

 

53,051

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 8.8%

Actua Corp. (a)(e)

3,600,387

$ 45,761

Akamai Technologies, Inc. (a)

1,470,300

112,140

Alibaba Group Holding Ltd. sponsored ADR

1,230,000

109,864

Baidu.com, Inc. sponsored ADR (a)

26,800

5,290

Demandware, Inc. (a)(d)

757,873

47,200

Dropbox, Inc. (a)(h)

1,105,082

18,123

eBay, Inc. (a)

2,249,700

138,042

Facebook, Inc. Class A (a)

11,827,491

936,619

GoDaddy, Inc. (a)

192,200

5,176

Google, Inc.:

Class A (a)

1,634,378

891,259

Class C

1,436,003

764,112

Hortonworks, Inc. (d)

335,400

8,811

IAC/InterActiveCorp

138,500

10,397

LendingClub Corp. (d)

463,700

8,908

LinkedIn Corp. Class A (a)

195,800

38,167

Marketo, Inc. (a)(d)(e)

2,359,700

70,390

MercadoLibre, Inc. (d)

185,500

26,922

NAVER Corp.

9,827

5,372

New Relic, Inc. (d)

215,400

7,050

New Relic, Inc.

409,379

12,059

Opower, Inc. (a)

434,520

5,145

Rackspace Hosting, Inc. (a)

3,174,900

127,282

Shopify, Inc. Class A

306,400

8,259

Tencent Holdings Ltd.

936,600

18,679

Twitter, Inc. (a)

8,382,690

307,393

Wix.com Ltd. (a)(d)

1,334,486

33,242

Yahoo!, Inc. (a)

765,061

32,848

 

3,794,510

IT Services - 2.9%

Cognizant Technology Solutions Corp. Class A (a)

1,269,132

82,138

IBM Corp.

978,000

165,918

MasterCard, Inc. Class A

3,759,000

346,805

VeriFone Systems, Inc. (a)

4,993,300

190,594

Visa, Inc. Class A

6,761,600

464,387

 

1,249,842

Semiconductors & Semiconductor Equipment - 5.7%

Altera Corp.

300,000

14,655

Applied Micro Circuits Corp. (a)(d)(e)

6,060,392

38,726

ASML Holding NV (d)

211,593

23,762

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Broadcom Corp. Class A

1,912,100

$ 108,703

Cavium, Inc. (a)(e)

2,985,260

210,073

Cirrus Logic, Inc. (a)

154,000

5,814

Cree, Inc. (a)(d)(e)

6,616,171

200,338

Cypress Semiconductor Corp.

4,619,240

63,422

First Solar, Inc. (a)

4,791,063

238,164

Integrated Device Technology, Inc. (a)

743,900

17,597

Intel Corp.

397,300

13,691

KLA-Tencor Corp.

332,200

19,819

Marvell Technology Group Ltd.

1,249,410

17,479

Mellanox Technologies Ltd. (a)

946,689

47,637

Micron Technology, Inc. (a)

387,300

10,817

NVIDIA Corp. (e)

40,088,360

887,155

Qorvo, Inc. (a)

83,400

6,851

Rambus, Inc. (a)(e)

6,197,200

94,755

Silicon Laboratories, Inc. (a)(e)

3,286,180

182,186

Skyworks Solutions, Inc.

339,831

37,164

SolarEdge Technologies, Inc. (d)

433,500

16,230

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

1,769,100

42,954

Texas Instruments, Inc.

2,616,100

146,292

Xilinx, Inc.

547,100

25,943

 

2,470,227

Software - 8.9%

Activision Blizzard, Inc.

5,348,432

135,101

Adobe Systems, Inc. (a)

1,949,536

154,189

Appirio, Inc. (h)

389,363

2,780

Autodesk, Inc. (a)

603,800

32,696

Electronic Arts, Inc. (a)

100,152

6,285

FireEye, Inc. (a)(d)

33,400

1,555

Fleetmatics Group PLC (a)

215,900

9,027

Guidewire Software, Inc. (a)

404,900

19,617

Imperva, Inc. (a)

211,086

12,836

Intuit, Inc.

503,000

52,387

Microsoft Corp.

10,095,217

473,062

Oracle Corp.

4,342,700

188,864

Red Hat, Inc. (a)

6,213,986

480,155

Salesforce.com, Inc. (a)

25,978,012

1,889,900

ServiceNow, Inc. (a)

3,049,900

233,653

Splunk, Inc. (a)

1,386,000

93,721

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Tableau Software, Inc. (a)

73,100

$ 8,276

Zendesk, Inc.

1,559,900

35,924

 

3,830,028

Technology Hardware, Storage & Peripherals - 6.4%

Apple, Inc.

20,384,848

2,655,736

Nimble Storage, Inc. (a)(d)

1,254,882

32,476

Samsung Electronics Co. Ltd.

9,759

11,449

SanDisk Corp.

788,800

53,938

 

2,753,599

TOTAL INFORMATION TECHNOLOGY

14,823,774

MATERIALS - 1.3%

Chemicals - 1.2%

CF Industries Holdings, Inc.

306,685

96,876

E.I. du Pont de Nemours & Co.

1,386,500

98,455

Eastman Chemical Co.

52,800

4,053

Metabolix, Inc. (a)(d)

117,648

515

Monsanto Co.

1,927,371

225,464

Praxair, Inc.

263,000

32,312

The Dow Chemical Co.

591,100

30,779

The Mosaic Co.

363,400

16,662

 

505,116

Metals & Mining - 0.1%

Anglo American PLC (United Kingdom)

2,386,500

37,395

Barrick Gold Corp. (d)

907,500

10,742

 

48,137

TOTAL MATERIALS

553,253

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.4%

Level 3 Communications, Inc. (a)

792,300

43,957

Verizon Communications, Inc.

2,556,700

126,403

 

170,360

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - 0.1%

T-Mobile U.S., Inc. (a)

1,104,500

$ 42,943

TOTAL TELECOMMUNICATION SERVICES

213,303

TOTAL COMMON STOCKS

(Cost $21,781,107)


42,288,909

Preferred Stocks - 1.8%

 

 

 

 

Convertible Preferred Stocks - 1.7%

CONSUMER DISCRETIONARY - 0.1%

Household Durables - 0.1%

Roku, Inc.:

Series F, 8.00% (a)(h)

17,901,305

21,482

Series G, 8.00% (h)

2,750,007

3,300

 

24,782

Internet & Catalog Retail - 0.0%

The Honest Co., Inc. Series C (h)

92,950

2,734

Leisure Products - 0.0%

NJOY, Inc.:

Series C (a)(h)

1,506,412

12,157

Series D (a)(h)

424,747

3,428

 

15,585

Media - 0.0%

Turn, Inc. Series E (a)(h)

984,774

6,096

TOTAL CONSUMER DISCRETIONARY

49,197

CONSUMER STAPLES - 0.0%

Food & Staples Retailing - 0.0%

Blue Apron, Inc. Series D (h)

750,363

10,000

HEALTH CARE - 0.4%

Biotechnology - 0.3%

BeiGene Ltd. Series A2 (h)

8,617,681

10,083

Intarcia Therapeutics, Inc.:

Series CC (a)(h)

1,051,411

32,720

Series DD (a)(h)

1,543,687

48,040

Preferred Stocks - continued

Shares

Value (000s)

Convertible Preferred Stocks - continued

HEALTH CARE - continued

Biotechnology - continued

Moderna LLC Series E (h)

565,117

$ 34,851

Seres Health, Inc. Series C 8.00% (h)

572,827

6,967

 

132,661

Health Care Equipment & Supplies - 0.1%

Penumbra, Inc. Series F (h)

1,128,787

20,589

Pharmaceuticals - 0.0%

Kolltan Pharmaceuticals, Inc. Series D (a)(h)

7,940,644

7,941

Syros Pharmaceuticals, Inc. Series B, 6.00% (h)

3,779,290

11,890

 

19,831

TOTAL HEALTH CARE

173,081

INDUSTRIALS - 0.4%

Aerospace & Defense - 0.0%

Space Exploration Technologies Corp. Series G (h)

216,276

16,753

Airlines - 0.1%

Azul-Linhas Aereas Brasileiras Series B (a)(h)

1,017,079

38,304

Commercial Services & Supplies - 0.1%

Domo, Inc. Series D (a)(h)

2,990,903

25,218

Professional Services - 0.2%

YourPeople, Inc. Series C (h)

5,833,137

86,920

TOTAL INDUSTRIALS

167,195

INFORMATION TECHNOLOGY - 0.8%

Internet Software & Services - 0.4%

Uber Technologies, Inc.:

Series D, 8.00% (h)

4,770,180

158,931

Series E, 8.00% (h)

209,216

6,971

 

165,902

IT Services - 0.1%

AppNexus, Inc. Series E (h)

923,523

23,707

Nutanix, Inc. Series E (h)

1,151,309

18,053

 

41,760

Software - 0.3%

Appirio, Inc. Series E (h)

2,725,544

19,462

Apptio, Inc. Series E, 8.00% (a)(h)

881,266

18,251

Cloudera, Inc. Series F (a)(h)

529,285

11,284

Preferred Stocks - continued

Shares

Value (000s)

Convertible Preferred Stocks - continued

INFORMATION TECHNOLOGY - continued

Software - continued

Cloudflare, Inc. Series D (h)

1,429,726

$ 8,907

Dataminr, Inc. Series D (h)

1,773,901

22,617

MongoDB, Inc. Series F, 8.00% (a)(h)

1,913,404

16,742

Snapchat, Inc. Series F (h)

452,473

13,900

Taboola.Com Ltd. Series E (h)

1,337,420

13,943

 

125,106

Technology Hardware, Storage & Peripherals - 0.0%

Pure Storage, Inc.:

Series E (a)(h)

1,004,190

17,162

Series F (a)(h)

473,649

8,095

 

25,257

TOTAL INFORMATION TECHNOLOGY

358,025

TOTAL CONVERTIBLE PREFERRED STOCKS

757,498

Nonconvertible Preferred Stocks - 0.1%

CONSUMER DISCRETIONARY - 0.0%

Textiles, Apparel & Luxury Goods - 0.0%

C. Wonder LLC Class A-1 (a)(g)(h)

619,048

0

HEALTH CARE - 0.1%

Biotechnology - 0.1%

Moderna LLC Series D, 8.00% (a)(h)

468,823

28,912

TOTAL PREFERRED STOCKS

(Cost $667,320)


786,410

Money Market Funds - 2.7%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.15% (b)

48,783,069

$ 48,783

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

1,128,946,107

1,128,946

TOTAL MONEY MARKET FUNDS

(Cost $1,177,729)


1,177,729

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $23,626,156)

44,253,048

NET OTHER ASSETS (LIABILITIES) - (2.5)%

(1,085,690)

NET ASSETS - 100%

$ 43,167,358

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.

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $55,081,000 or 0.1% of net assets.

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

(h) 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 $957,875,000 or 2.2% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Adimab LLC unit

9/17/14

$ 36,200

Appirio, Inc.

2/12/15

$ 2,780

Appirio, Inc. Series E

2/12/15

$ 19,462

AppNexus, Inc. Series E

8/1/14

$ 18,500

Apptio, Inc. Series E, 8.00%

5/3/13

$ 20,000

Azul-Linhas Aereas Brasileiras Series B

12/24/13

$ 43,140

Azul-Linhas Aereas Brasileiras warrants

12/24/13

$ 0

BeiGene Ltd. Series A2

4/21/15

$ 10,083

Blue Apron, Inc. Series D

5/18/15

$ 10,000

C. Wonder LLC Class A-1

12/27/12 - 6/25/13

$ 19,612

Cloudera, Inc. Series F

2/5/14

$ 7,706

Cloudflare, Inc. Series D

11/5/14

$ 8,758

Dataminr, Inc. Series D

2/18/15 - 3/6/15

$ 22,617

Domo, Inc.
Series D

1/24/14

$ 12,362

Dropbox, Inc.

5/2/12

$ 10,000

Security

Acquisition Date

Acquisition Cost (000s)

Intarcia Therapeutics, Inc. Series CC

11/14/12

$ 14,331

Intarcia Therapeutics, Inc. Series DD

3/17/14

$ 50,000

Kolltan Pharmaceuticals, Inc. Series D

3/13/14

$ 7,941

Moderna LLC Series D, 8.00%

11/6/13

$ 10,000

Moderna LLC Series E

12/18/14

$ 34,851

MongoDB, Inc. Series F, 8.00%

10/2/13

$ 32,000

NJOY, Inc.
Series C

6/7/13

$ 12,176

NJOY, Inc.
Series D

2/14/14

$ 7,189

Nutanix, Inc. Series E

8/26/14

$ 15,424

Penumbra, Inc. Series F

5/16/14

$ 14,900

Pure Storage, Inc. Series E

8/22/13

$ 6,961

Pure Storage, Inc. Series F

4/17/14

$ 7,449

Roku, Inc.
Series F, 8.00%

5/7/13 - 5/28/13

$ 16,212

Roku, Inc.
Series G, 8.00%

10/1/14

$ 3,574

RPI International Holdings LP

5/21/15

$ 9,997

Seres Health, Inc. Series C 8.00%

11/24/14

$ 6,967

Snapchat, Inc. Series F

3/25/15

$ 13,900

Space Exploration Technologies Corp. Series G

1/20/15

$ 16,753

Security

Acquisition Date

Acquisition Cost (000s)

Syros Pharmaceuticals, Inc. Series B, 6.00%

10/9/14

$ 11,890

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

Tory Burch LLC

12/31/12

$ 17,779

Tory Burch LLC Class A unit

5/14/15

$ 67,653

Turn, Inc. Series E

12/30/13

$ 8,213

Uber Technologies, Inc. Series D, 8.00%

6/6/14

$ 74,000

Uber Technologies, Inc. Series E, 8.00%

12/5/14

$ 6,971

YourPeople, Inc. Series C

5/1/15

$ 86,920

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

$ 110

Fidelity Securities Lending Cash Central Fund

4,047

Total

$ 4,157

Other Affiliated Issuers

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

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds*

Dividend Income

Value,
end of
period

ACADIA Pharmaceuticals, Inc.

$ 169,528

$ 2,081

$ 4,037

$ -

$ 231,162

Actua Corp.

63,259

122

2,402

-

45,761

Alkermes PLC

580,112

19,866

29,857

-

634,145

Alnylam Pharmaceuticals, Inc.

506,721

27,978

25,195

-

668,291

Applied Micro Circuits Corp.

37,420

-

1,413

-

38,726

aTyr Pharma, Inc.

-

7,940

-

-

12,602

aTyr Pharma, Inc.

-

5,683

-

-

30,266

bluebird bio, Inc.

86,573

26,128

11,081

-

432,166

Buffalo Wild Wings, Inc.

174,550

-

30,144

-

-

Cavium, Inc.

173,567

3,636

9,273

-

210,073

Chimerix, Inc.

80,358

9,255

4,383

-

101,495

Chuy's Holdings, Inc.

29,352

3,047

1,425

-

37,572

Cree, Inc.

263,391

-

21,183

-

200,338

Dicerna Pharmaceuticals, Inc.

9,744

5,269

1,068

-

19,121

Eleven Biotherapeutics, Inc.

7,072

7,122

261

-

3,594

Endocyte, Inc.

21,828

-

3,456

-

17,023

Fate Therapeutics, Inc.

5,569

2,379

322

-

11,860

First Solar, Inc.

259,648

-

29,370

-

-

ImmunoGen, Inc.

44,340

-

9,220

-

-

Immunomedics, Inc.

21,150

-

3,313

-

-

Infinera Corp.

154,332

14,604

9,459

-

241,827

Insulet Corp.

161,108

1,017

50,782

-

-

Intra-Cellular Therapies, Inc.

28,907

10,302

2,339

-

61,438

Isis Pharmaceuticals, Inc.

435,678

13,682

25,102

-

555,982

Kate Spade & Co.

256,567

37,346

11,182

-

218,243

Lexicon Pharmaceuticals, Inc.

41,449

-

1,876

-

-

lululemon athletica, Inc.

410,854

68,549

26,182

-

558,602

Lumber Liquidators Holdings, Inc.

119,494

3,274

3,564

-

37,240

Marketo, Inc.

76,346

1,949

2,710

-

70,390

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds*

Dividend Income

Value,
end of
period

Merrimack Pharmaceuticals, Inc.

$ 87,434

$ 5,701

$ 17,235

$ -

$ 99,760

Momenta Pharmaceuticals, Inc.

13,208

73,000

1,853

-

112,358

NPS Pharmaceuticals, Inc.

253,941

-

346,490

-

-

NVIDIA Corp.

861,599

17,328

39,500

7,397

887,155

Presbia PLC

-

7,249

41

-

7,331

Prothena Corp. PLC

49,838

7,014

2,621

-

85,319

Rambus, Inc.

77,562

-

4,329

-

94,755

Regulus Therapeutics, Inc.

61,620

4,659

2,784

-

48,068

Restoration Hardware Holdings, Inc.

179,519

9,751

8,633

-

194,206

Rigel Pharmaceuticals, Inc.

11,098

712

813

-

17,977

Sage Therapeutics, Inc.

35,495

4,370

1,815

-

70,255

Sage Therapeutics, Inc.

-

-

-

-

55,081

Seattle Genetics, Inc.

306,182

4,442

13,605

-

351,750

Silicon Laboratories, Inc.

151,414

8,441

10,963

-

182,186

Transition Therapeutics, Inc.

12,339

8,067

883

-

23,349

VeriFone Systems, Inc.

231,754

-

53,853

-

-

Wizz Air Holdings PLC

-

61,042

1,576

-

68,239

Total

$ 6,551,920

$ 483,005

$ 827,593

$ 7,397

$ 6,735,706

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

Other Information

The following is a summary of the inputs used, as of May 31, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 6,682,039

$ 6,520,395

$ 18,737

$ 142,907

Consumer Staples

3,669,347

3,659,347

-

10,000

Energy

1,449,852

1,449,852

-

-

Financials

1,340,017

1,330,020

-

9,997

Health Care

10,398,402

10,039,023

110,528

248,851

Industrials

3,587,307

3,420,112

-

167,195

Information Technology

15,181,799

14,772,133

30,738

378,928

Materials

553,253

515,858

37,395

-

Telecommunication Services

213,303

213,303

-

-

Money Market Funds

1,177,729

1,177,729

-

-

Total Investments in Securities:

$ 44,253,048

$ 43,097,772

$ 197,398

$ 957,878

Valuation Inputs at Reporting Date:

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

$ 689,009

Net Realized Gain (Loss) on Investment Securities

3,741

Net Unrealized Gain (Loss) on Investment Securities

8,213

Cost of Purchases

316,180

Proceeds of Sales

(59,265)

Amortization/Accretion

-

Transfers into Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 957,878

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2015

$ 25,750

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, and proceeds of sales includes securities delivered through in-kind transactions. See Note 4 of the Notes to Financial Statements. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

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

Semiannual Report


Financial Statements

Statement of Assets and Liabilities

 Amounts in thousands (except per-share amounts)

May 31, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $1,098,791) - See accompanying schedule:

Unaffiliated issuers (cost $18,613,832)

$ 36,339,613

 

Fidelity Central Funds (cost $1,177,729)

1,177,729

 

Other affiliated issuers (cost $3,834,595)

6,735,706

 

Total Investments (cost $23,626,156)

 

$ 44,253,048

Cash

 

4,171

Foreign currency held at value (cost $75)

75

Receivable for investments sold

128,796

Receivable for fund shares sold

33,776

Dividends receivable

30,112

Distributions receivable from Fidelity Central Funds

671

Prepaid expenses

14

Other receivables

1,652

Total assets

44,452,315

 

 

 

Liabilities

Payable for investments purchased

$ 76,074

Payable for fund shares redeemed

47,222

Accrued management fee

26,654

Other affiliated payables

3,918

Other payables and accrued expenses

2,143

Collateral on securities loaned, at value

1,128,946

Total liabilities

1,284,957

 

 

 

Net Assets

$ 43,167,358

Net Assets consist of:

 

Paid in capital

$ 20,143,560

Undistributed net investment income

4,101

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

2,393,097

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

20,626,600

Net Assets

$ 43,167,358

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

 Amounts in thousands (except per-share amounts)

May 31, 2015 (Unaudited)

 

 

 

Growth Company:
Net Asset Value
, offering price and redemption price per share ($23,575,482 ÷ 166,282 shares)

$ 141.78

 

 

 

Class K:
Net Asset Value
, offering price and redemption price per share ($19,591,876 ÷ 138,307 shares)

$ 141.65

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

Semiannual Report

Statement of Operations

 Amounts in thousands Six months ended May 31, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends (including $7,397 earned from other affiliated issuers)

 

$ 174,761

Interest

 

157

Income from Fidelity Central Funds

 

4,157

Total income

 

179,075

 

 

 

Expenses

Management fee
Basic fee

$ 117,448

Performance adjustment

32,357

Transfer agent fees

22,582

Accounting and security lending fees

1,232

Custodian fees and expenses

301

Independent trustees' compensation

90

Appreciation in deferred trustee compensation account

1

Registration fees

145

Audit

104

Legal

32

Interest

1

Miscellaneous

159

Total expenses before reductions

174,452

Expense reductions

(960)

173,492

Net investment income (loss)

5,583

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

2,048,141

Other affiliated issuers

394,296

 

Foreign currency transactions

111

Total net realized gain (loss)

 

2,442,548

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $295)

709,253

Assets and liabilities in foreign currencies

43

Total change in net unrealized appreciation (depreciation)

 

709,296

Net gain (loss)

3,151,844

Net increase (decrease) in net assets resulting from operations

$ 3,157,427

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

 Amounts in thousands

Six months ended May 31, 2015 (Unaudited)

Year ended
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 5,583

$ 74,152

Net realized gain (loss)

2,442,548

6,303,239

Change in net unrealized appreciation (depreciation)

709,296

663,840

Net increase (decrease) in net assets resulting
from operations

3,157,427

7,041,231

Distributions to shareholders from net investment income

(57,135)

(103,830)

Distributions to shareholders from net realized gain

(1,421,834)

(3,129,839)

Total distributions

(1,478,969)

(3,233,669)

Share transactions - net increase (decrease)

(917,991)

(6,288,051)

Total increase (decrease) in net assets

760,467

(2,480,489)

 

 

 

Net Assets

Beginning of period

42,406,891

44,887,380

End of period (including undistributed net investment income of $4,101 and undistributed net investment income of $55,653, respectively)

$ 43,167,358

$ 42,406,891

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

Semiannual Report

Financial Highlights - Growth Company

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 136.46

$ 124.69

$ 95.80

$ 85.29

$ 79.40

$ 65.75

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  (.01)

  .15

  .29

  .15

  .09

  .01

Net realized and unrealized gain (loss)

  10.03

  20.49

  31.23

  13.12

  5.80

  13.76

Total from investment operations

  10.02

  20.64

  31.52

  13.27

  5.89

  13.77

Distributions from net investment income

  (.13)

  (.21)

  (.19)

  (.05)

  -H

  (.12)

Distributions from net realized gain

  (4.57)

  (8.67)

  (2.44)

  (2.71)

  -

  (.01)

Total distributions

  (4.70)

  (8.87)K

  (2.63)

  (2.76)

  -H

  (.12)J

Net asset value, end of period

$ 141.78

$ 136.46

$ 124.69

$ 95.80

$ 85.29

$ 79.40

Total ReturnB, C

  7.62%

  17.80%

  33.85%

  16.24%

  7.42%

  20.98%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .86%A

  .82%

  .83%

  .90%

  .84%

  .89%

Expenses net of fee waivers, if any

  .86%A

  .82%

  .83%

  .90%

  .84%

  .89%

Expenses net of all reductions

  .86%A

  .82%

  .83%

  .90%

  .84%

  .89%

Net investment income (loss)

  (.02)%A

  .12%

  .27%

  .16%

  .10%

  .02%

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 23,575

$ 24,165

$ 22,936

$ 22,952

$ 24,665

$ 27,742

Portfolio turnover rateF

  16% A,I

  12%I

  26%

  33%

  36%

  36%

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

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

H Amount represents less than $.01 per share.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

K Total distributions of $8.87 per share is comprised of distributions from net investment income of $.207 and distributions from net realized gain of $8.666 per share.

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

Semiannual Report

Financial Highlights - Class K

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 136.41

$ 124.68

$ 95.82

$ 85.35

$ 79.48

$ 65.82

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .06

  .29

  .42

  .27

  .21

  .13

Net realized and unrealized gain (loss)

  10.01

  20.48

  31.21

  13.10

  5.80

  13.78

Total from investment operations

  10.07

  20.77

  31.63

  13.37

  6.01

  13.91

Distributions from net investment income

  (.26)

  (.37)

  (.34)

  (.19)

  (.14)

  (.24)

Distributions from net realized gain

  (4.57)

  (8.67)

  (2.44)

  (2.71)

  -

  (.01)

Total distributions

  (4.83)

  (9.04)

  (2.77)I

  (2.90)

  (.14)

  (.25)

Net asset value, end of period

$ 141.65

$ 136.41

$ 124.68

$ 95.82

$ 85.35

$ 79.48

Total ReturnB, C

  7.67%

  17.93%

  34.02%

  16.38%

  7.57%

  21.20%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .76%A

  .71%

  .71%

  .77%

  .70%

  .72%

Expenses net of fee waivers, if any

  .76%A

  .71%

  .71%

  .77%

  .70%

  .72%

Expenses net of all reductions

  .76%A

  .71%

  .71%

  .77%

  .70%

  .72%

Net investment income (loss)

  .08%A

  .24%

  .39%

  .29%

  .24%

  .18%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 19,592

$ 18,242

$ 21,951

$ 15,454

$ 10,568

$ 6,571

Portfolio turnover rateF

  16% A,H

  12%H

  26%

  33%

  36%

  36%

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

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

H Portfolio turnover rate excludes securities received or delivered in-kind.

I Total distributions of $2.77 per share is comprised of distributions from net investment income of $.336 and distributions from net realized gain of $2.438 per share.

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

Semiannual Report


Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity® Growth Company Fund (the Fund) is a fund of Fidelity Mt. Vernon Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Growth Company and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.

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

3. Significant Accounting Policies.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). 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 as shown below:

Level 1 - quoted prices in active markets for identical investments

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

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

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.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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. 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 (NAV) 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 at 05/31/15 (000s)

Valuation
Technique(s)

Unobservable Input

Amount
or Range/Weighted Average

Impact to
Valuation from an Increase
in Input
*

Equities

$ 957,878

Discounted
cash flow

Free cash
flow yield

4.5%

Decrease

 

 

Expected distribution

Recovery rate

0.0%

Increase

 

 

Last
transaction price

Discount rate

15.0%

Decrease

 

 

 

Transaction price

$0.00 - $117.90 / $48.94

Increase

 

 

 

Put premium

38.0

Increase

 

 

 

Adjusted transaction price

$31.12

Increase

 

 

Market comparable

Discount rate

10.0% - 40.0% / 12.8%

Decrease

 

 

 

EV/Sales multiple

1.7 - 12.5 / 6.2

Increase

 

 

 

Premium rate

15.0% - 20.0% / 16.4%

Increase

 

 

 

Discount for
lack of marketability

15.0% - 20.0% / 15.7%

Decrease

 

 

 

Cap weighted adjustment

7.8

Increase

 

 

Replacement cost

Liquidation preference

$8.34

Increase

* 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2015, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Semiannual Report

3. Significant Accounting Policies - continued

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, deferred trustee compensation and losses deferred due to wash sales.

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

Gross unrealized appreciation

$ 21,447,778

Gross unrealized depreciation

(852,146)

Net unrealized appreciation (depreciation) on securities

$ 20,595,632

 

 

Tax cost

$ 23,657,416

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

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

Semiannual Report

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind trans-actions, aggregated $3,507,065 and $3,953,584, respectively.

Redemption In-Kind. During the period, 13,360 shares of the Fund held by unaffiliated entities were redeemed in kind for cash and investments with a value of $1,833,613. The net realized gain of $1,091,007 on investments delivered through the in-kind redemption is included in the accompanying Statement of Operations. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Note 11: Share Transactions. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Company as compared to its benchmark index, the Russell 3000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .70% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, transfer agent fees for each class were as follows:

 

Amount

% of
Class-Level Average
Net Assets
*

Growth Company

$ 18,083

.15

Class K

4,499

.05

 

$ 22,582

 

* Annualized

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $55 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender

Average Loan
Balance

Weighted Average Interest Rate

Interest Expense

Borrower

$ 11,958

.36%

$ -*

* Amount represents three hundred fifty-seven dollars.

Semiannual Report

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $33 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $27,257. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $4,047, including $550 from securities loaned to FCM.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average loan balance during the period for which loans were outstanding amounted to $15,110. The weighted average interest rate was .61%. The interest expense amounted to two hundred fifty-six dollars under the bank borrowing program. At period end, there were no bank borrowings outstanding.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $211 for the period.

Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Growth Company expenses during the period in the amount of $748.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Growth Company

$ 22,480

$ 37,937

Class K

34,655

65,893

Total

$ 57,135

$ 103,830

From net realized gain

 

 

Growth Company

$ 808,358

$ 1,596,300

Class K

613,476

1,533,539

Total

$ 1,421,834

$ 3,129,839

Semiannual Report

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended May 31,
2015

Year ended
November 30,
2014

Six months ended May 31,
2015

Year ended
November 30,
2014

Growth Company

 

 

 

 

Shares sold

10,817

21,635

$ 1,476,448

$ 2,682,272

Reinvestment of distributions

6,056

13,474

796,034

1,574,166

Shares redeemed

(27,674)A

(41,979)B

(3,763,893)A

(5,228,521)B

Net increase (decrease)

(10,801)

(6,870)

$ (1,491,411)

$ (972,083)

Class K

 

 

 

 

Shares sold

27,058

33,338

$ 3,667,736

$ 4,145,380

Reinvestment of distributions

4,938

13,711

648,130

1,599,432

Shares redeemed

(27,415)A

(89,381)B

(3,742,446)A

(11,060,780)B

Net increase (decrease)

4,581

(42,332)

$ 573,420

$ (5,315,968)

A Amount includes in-kind redemptions (see Note 4: Redemptions In-Kind).

B Amount includes in-kind redemptions.

12. Other.

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

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

GCF-K-USAN-0715
1.863216.106
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

Fidelity®

Growth Company

Fund

Semiannual Report

May 31, 2015

(Fidelity Cover Art)


Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Investment Changes

(Click Here)

A summary of major shifts in the fund's investments over the past six months.

Investments

(Click Here)

A complete list of the fund's investments with their market values.

Financial Statements

(Click Here)

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

(Click Here)

Notes to the financial statements.

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report


Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2014 to May 31, 2015).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Semiannual Report

Shareholder Expense Example - continued

 

Annualized
Expense Ratio
B

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period
*
December 1, 2014 to May 31, 2015

Growth Company

.86%

 

 

 

Actual

 

$ 1,000.00

$ 1,076.20

$ 4.45

HypotheticalA

 

$ 1,000.00

$ 1,020.64

$ 4.33

Class K

.76%

 

 

 

Actual

 

$ 1,000.00

$ 1,076.70

$ 3.93

HypotheticalA

 

$ 1,000.00

$ 1,021.14

$ 3.83

A 5% return per year before expenses

B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report


Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Apple, Inc.

6.2

5.9

Salesforce.com, Inc.

4.4

3.9

Regeneron Pharmaceuticals, Inc.

2.2

2.4

Amazon.com, Inc.

2.2

1.3

Facebook, Inc. Class A

2.2

2.3

Google, Inc. Class A

2.1

2.2

NVIDIA Corp.

2.1

2.0

Google, Inc. Class C

1.8

2.1

Gilead Sciences, Inc.

1.7

1.8

Alnylam Pharmaceuticals, Inc.

1.5

1.2

 

26.4

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

35.1

34.8

Health Care

24.1

22.8

Consumer Discretionary

15.5

13.9

Consumer Staples

8.5

9.8

Industrials

8.3

8.6

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014 **

gcf622744

Stocks 98.1%

 

gcf622746

Stocks 98.2%

 

gcf622748

Convertible
Securities 1.7%

 

gcf622750

Convertible
Securities 1.4%

 

gcf622752

Short-Term
Investments and
Net Other Assets (Liabilities) 0.2%

 

gcf622754

Short-Term
Investments and
Net Other Assets (Liabilities) 0.4%

 

* Foreign investments

7.1%

 

** Foreign investments

6.4%

 

gcf622756

Semiannual Report


Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 15.4%

Auto Components - 0.1%

Johnson Controls, Inc.

633,700

$ 32,965

Automobiles - 0.3%

Tesla Motors, Inc. (a)(d)

538,000

134,930

Hotels, Restaurants & Leisure - 3.4%

Buffalo Wild Wings, Inc. (a)

853,500

130,304

China Lodging Group Ltd. ADR (a)

354,100

8,775

Chipotle Mexican Grill, Inc. (a)

288,800

177,762

Chuy's Holdings, Inc. (a)(d)(e)

1,445,642

37,572

Domino's Pizza, Inc.

125,800

13,669

Dunkin' Brands Group, Inc. (d)

1,877,140

100,164

Homeinns Hotel Group ADR (a)

2,742,022

73,760

Hyatt Hotels Corp. Class A (a)

806,640

46,350

Las Vegas Sands Corp.

684,600

34,798

McDonald's Corp.

1,672,400

160,433

Panera Bread Co. Class A (a)

153,400

27,919

Papa John's International, Inc.

350,100

24,055

Starbucks Corp.

6,846,300

355,734

Starwood Hotels & Resorts Worldwide, Inc.

1,719,300

142,289

Yum! Brands, Inc.

1,434,100

129,227

 

1,462,811

Internet & Catalog Retail - 3.5%

Amazon.com, Inc. (a)

2,210,401

948,770

Ctrip.com International Ltd. sponsored ADR (a)

723,400

57,778

Etsy, Inc.

146,200

2,450

Groupon, Inc. Class A (a)

4,354,400

27,781

JD.com, Inc. sponsored ADR

259,100

8,726

Netflix, Inc. (a)

186,000

116,075

Priceline Group, Inc. (a)

224,968

263,671

Qunar Cayman Islands Ltd. sponsored ADR (a)

189,800

8,368

The Honest Co., Inc. (h)

39,835

1,172

TripAdvisor, Inc. (a)

216,400

16,503

Vipshop Holdings Ltd. ADR (a)

3,205,300

80,036

 

1,531,330

Media - 1.3%

Comcast Corp. Class A

6,437,200

376,319

Lions Gate Entertainment Corp.

273,992

9,066

The Walt Disney Co.

1,087,500

120,027

Twenty-First Century Fox, Inc. Class A

1,233,500

41,446

 

546,858

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Multiline Retail - 0.5%

Dollar General Corp.

298,900

$ 21,697

Dollar Tree, Inc. (a)

719,600

53,963

Nordstrom, Inc.

499,100

36,255

Target Corp.

1,108,589

87,933

 

199,848

Specialty Retail - 2.2%

AutoNation, Inc. (a)

592,000

36,947

Bed Bath & Beyond, Inc. (a)

348,900

24,884

Boot Barn Holdings, Inc.

389,200

9,520

CarMax, Inc. (a)

1,600,121

113,673

Five Below, Inc. (a)(d)

1,739,716

57,846

Home Depot, Inc.

3,472,600

386,917

L Brands, Inc.

885,800

76,639

Lumber Liquidators Holdings, Inc. (a)(d)(e)

1,825,513

37,240

Restoration Hardware Holdings, Inc. (a)(e)

2,135,073

194,206

Urban Outfitters, Inc. (a)

368,900

12,683

 

950,555

Textiles, Apparel & Luxury Goods - 4.1%

Columbia Sportswear Co.

2,169,000

121,572

Fossil Group, Inc. (a)

32,300

2,294

Japan Tobacco, Inc.

516,300

18,737

Kate Spade & Co. (a)(e)

8,807,215

218,243

lululemon athletica, Inc. (a)(d)(e)

9,342,728

558,602

Michael Kors Holdings Ltd. (a)

157,522

7,325

NIKE, Inc. Class B

2,784,300

283,080

Skechers U.S.A., Inc. Class A (sub. vtg.) (a)

3,295,039

348,846

Tory Burch LLC (a)(g)(h)

324,840

24,885

Tory Burch LLC Class A unit (a)(g)(h)

950,844

67,653

Under Armour, Inc. Class A (sub. vtg.) (a)

861,300

67,535

VF Corp.

777,700

54,773

 

1,773,545

TOTAL CONSUMER DISCRETIONARY

6,632,842

CONSUMER STAPLES - 8.5%

Beverages - 2.7%

Constellation Brands, Inc. Class A (sub. vtg.)

166,700

19,652

Dr. Pepper Snapple Group, Inc.

406,500

31,154

Monster Beverage Corp. (a)

3,975,106

505,951

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Beverages - continued

PepsiCo, Inc.

2,299,440

$ 221,735

The Coca-Cola Co.

8,740,600

358,015

 

1,136,507

Food & Staples Retailing - 1.4%

Costco Wholesale Corp.

1,421,300

202,663

CVS Health Corp.

1,160,800

118,843

Drogasil SA

2,790,473

31,195

Kroger Co.

1,208,425

87,973

Sprouts Farmers Market LLC (a)

1,443,300

43,285

Walgreens Boots Alliance, Inc.

918,300

78,827

Whole Foods Market, Inc.

1,183,000

48,787

 

611,573

Food Products - 2.1%

Associated British Foods PLC

1,164,600

53,898

Campbell Soup Co.

237,600

11,486

General Mills, Inc.

629,700

35,358

Kellogg Co.

609,900

38,283

Keurig Green Mountain, Inc.

4,458,453

384,497

Kraft Foods Group, Inc.

451,800

38,155

Mead Johnson Nutrition Co. Class A

2,020,100

196,556

Mondelez International, Inc.

589,200

24,505

The Hain Celestial Group, Inc. (a)

399,600

25,283

The Hershey Co.

522,700

48,538

Tyson Foods, Inc. Class A

879,800

37,348

Want Want China Holdings Ltd.

2,572,000

2,903

WhiteWave Foods Co. (a)

316,900

15,221

 

912,031

Household Products - 0.6%

Church & Dwight Co., Inc.

479,400

40,255

Colgate-Palmolive Co.

1,584,300

105,815

Kimberly-Clark Corp.

411,900

44,839

Procter & Gamble Co.

977,683

76,641

 

267,550

Personal Products - 0.5%

Herbalife Ltd. (a)

4,245,010

220,868

Tobacco - 1.2%

Altria Group, Inc.

3,944,480

201,957

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Tobacco - continued

Lorillard, Inc.

1,629,300

$ 118,092

Philip Morris International, Inc.

2,296,480

190,769

 

510,818

TOTAL CONSUMER STAPLES

3,659,347

ENERGY - 3.4%

Energy Equipment & Services - 0.9%

FMC Technologies, Inc. (a)

1,017,900

42,538

Halliburton Co.

2,527,700

114,758

Schlumberger Ltd.

2,465,497

223,793

 

381,089

Oil, Gas & Consumable Fuels - 2.5%

Anadarko Petroleum Corp.

1,335,894

111,694

Cabot Oil & Gas Corp.

1,397,800

47,469

California Resources Corp.

223,740

1,756

Chesapeake Energy Corp. (d)

430,300

6,072

Concho Resources, Inc. (a)

962,900

115,837

Continental Resources, Inc. (a)(d)

2,188,300

99,699

Devon Energy Corp.

516,900

33,712

EOG Resources, Inc.

1,991,300

176,608

Hess Corp.

575,700

38,871

Noble Energy, Inc.

1,374,711

60,185

Occidental Petroleum Corp.

131,900

10,313

PDC Energy, Inc. (a)

997,600

59,497

Pioneer Natural Resources Co.

1,522,007

224,998

Range Resources Corp.

358,889

19,886

Southwestern Energy Co. (a)

275,600

7,102

Valero Energy Corp.

929,500

55,064

 

1,068,763

TOTAL ENERGY

1,449,852

FINANCIALS - 3.1%

Banks - 1.0%

Citigroup, Inc.

544,780

29,462

HDFC Bank Ltd. sponsored ADR

1,801,500

107,405

JPMorgan Chase & Co.

1,345,800

88,527

PrivateBancorp, Inc.

3,343,326

127,481

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Banks - continued

Signature Bank (a)

388,885

$ 54,308

Wells Fargo & Co.

564,300

31,578

 

438,761

Capital Markets - 1.5%

BlackRock, Inc. Class A

664,700

243,134

Charles Schwab Corp.

8,340,375

263,973

Goldman Sachs Group, Inc.

83,400

17,196

Morgan Stanley

1,792,800

68,485

RPI International Holdings LP (h)

84,791

9,997

T. Rowe Price Group, Inc.

586,400

47,317

 

650,102

Consumer Finance - 0.5%

American Express Co.

1,155,148

92,088

Discover Financial Services

1,282,444

74,728

Springleaf Holdings, Inc. (a)

633,100

30,085

 

196,901

Diversified Financial Services - 0.0%

BM&F BOVESPA SA

5,757,397

20,292

Real Estate Investment Trusts - 0.1%

American Tower Corp.

267,900

24,858

Real Estate Management & Development - 0.0%

The St. Joe Co. (a)(d)

571,435

9,103

TOTAL FINANCIALS

1,340,017

HEALTH CARE - 23.6%

Biotechnology - 17.9%

ACADIA Pharmaceuticals, Inc. (a)(d)(e)

5,610,728

231,162

Adaptimmune Therapeutics PLC sponsored ADR

790,800

12,202

Agios Pharmaceuticals, Inc. (a)(d)

1,372,050

167,418

Alder Biopharmaceuticals, Inc.

436,673

18,567

Alexion Pharmaceuticals, Inc. (a)

2,623,160

429,779

Alkermes PLC (a)(e)

10,378,812

634,145

Alnylam Pharmaceuticals, Inc. (a)(e)

5,097,955

668,291

Amgen, Inc.

2,403,000

375,493

Array BioPharma, Inc. (a)(d)

2,376,370

18,179

aTyr Pharma, Inc. (a)(e)

550,533

12,602

aTyr Pharma, Inc. (a)(e)

1,469,142

30,266

Avalanche Biotechnologies, Inc. (a)(d)

1,035,365

38,598

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Biogen, Inc. (a)

853,400

$ 338,791

bluebird bio, Inc. (a)(e)

2,224,794

432,166

Celgene Corp. (a)

1,753,688

200,692

Celldex Therapeutics, Inc. (a)

3,994,128

115,310

Cepheid, Inc. (a)

1,752,455

96,683

Chimerix, Inc. (a)(e)

2,425,199

101,495

Clovis Oncology, Inc. (a)(d)

773,300

71,484

Dicerna Pharmaceuticals, Inc. (a)(d)(e)

1,156,050

19,121

Eleven Biotherapeutics, Inc. (a)(d)(e)

1,278,900

3,594

Esperion Therapeutics, Inc. (a)

33,400

3,591

Exelixis, Inc. (a)(d)

7,375,987

23,234

Fate Therapeutics, Inc. (a)(e)

1,894,606

11,860

FibroGen, Inc.

248,100

4,518

Galapagos Genomics NV sponsored ADR (d)

931,280

53,018

Genocea Biosciences, Inc. (a)

700,800

7,435

Gilead Sciences, Inc.

6,568,995

737,501

ImmunoGen, Inc. (a)(d)

3,134,320

28,146

Immunomedics, Inc. (a)(d)

4,309,691

16,635

Intercept Pharmaceuticals, Inc. (a)

128,335

32,750

Intrexon Corp. (a)(d)

509,975

21,480

Ironwood Pharmaceuticals, Inc. Class A (a)

6,286,420

88,701

Isis Pharmaceuticals, Inc. (a)(d)(e)

8,258,790

555,982

Juno Therapeutics, Inc.

1,694,139

80,262

Juno Therapeutics, Inc. (d)

1,243,400

65,453

Kite Pharma, Inc. (d)

226,200

12,475

Lexicon Pharmaceuticals, Inc. (a)(d)

5,556,554

39,063

Merrimack Pharmaceuticals, Inc. (a)(d)(e)

8,454,221

99,760

Momenta Pharmaceuticals, Inc. (a)(e)

5,660,365

112,358

Prothena Corp. PLC (a)(e)

2,163,270

85,319

Regeneron Pharmaceuticals, Inc. (a)

1,855,218

950,911

Regulus Therapeutics, Inc. (a)(d)(e)

3,404,247

48,068

Rigel Pharmaceuticals, Inc. (a)(e)

5,151,116

17,977

Sage Therapeutics, Inc. (d)(e)

938,366

70,255

Sage Therapeutics, Inc. (e)(f)

735,693

55,081

Seattle Genetics, Inc. (a)(d)(e)

8,163,136

351,750

Spark Therapeutics, Inc.

78,400

5,773

Transition Therapeutics, Inc. (a)(e)

3,016,634

23,349

Ultragenyx Pharmaceutical, Inc. (a)

613,700

53,392

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Versartis, Inc. (a)(d)

795,294

$ 12,359

Vertex Pharmaceuticals, Inc. (a)

411,767

52,826

 

7,737,320

Health Care Equipment & Supplies - 0.7%

Abbott Laboratories

680,100

33,053

Align Technology, Inc. (a)

195,756

11,877

Baxter International, Inc.

845,900

56,345

DexCom, Inc. (a)

372,300

26,701

Entellus Medical, Inc.

598,600

13,977

Genmark Diagnostics, Inc. (a)(d)

1,890,653

17,337

Halyard Health, Inc. (a)

52,287

2,166

Insulet Corp. (a)

1,888,800

53,396

Intuitive Surgical, Inc. (a)

97,293

47,455

Novadaq Technologies, Inc. (a)

601,200

6,018

Presbia PLC (e)

892,969

7,331

Roka Bioscience, Inc. (a)(d)

702,117

1,875

St. Jude Medical, Inc.

497,100

36,661

 

314,192

Health Care Providers & Services - 1.2%

Apollo Hospitals Enterprise Ltd. (a)

720,000

13,695

Cardinal Health, Inc.

16,700

1,472

Catamaran Corp. (a)

551,128

32,994

Community Health Systems, Inc. (a)

461,800

25,542

Express Scripts Holding Co. (a)

565,803

49,304

HCA Holdings, Inc. (a)

644,100

52,707

Laboratory Corp. of America Holdings (a)

133,500

15,746

McKesson Corp.

1,182,100

280,430

UnitedHealth Group, Inc.

552,500

66,416

 

538,306

Health Care Technology - 0.6%

athenahealth, Inc. (a)(d)

873,900

101,897

Castlight Health, Inc. Class B (a)(d)

2,792,494

24,378

Cerner Corp. (a)

1,853,400

124,715

 

250,990

Life Sciences Tools & Services - 0.3%

Illumina, Inc. (a)

556,338

114,650

Pharmaceuticals - 2.9%

AbbVie, Inc.

1,410,800

93,945

Actavis PLC (a)

1,031,938

316,609

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Adimab LLC unit (g)(h)

2,531,646

$ 46,858

Bristol-Myers Squibb Co.

3,241,500

209,401

Catalent, Inc. (a)

859,600

27,473

Endocyte, Inc. (a)(d)(e)

2,804,515

17,023

Intra-Cellular Therapies, Inc. (a)(d)(e)

2,340,495

61,438

Jazz Pharmaceuticals PLC (a)

544,000

97,566

Mylan N.V.

1,226,900

89,110

Sun Pharmaceutical Industries Ltd. (a)

3,213,705

48,705

Teva Pharmaceutical Industries Ltd. sponsored ADR

544,800

32,742

Valeant Pharmaceuticals International (Canada) (a)

839,361

200,081

 

1,240,951

TOTAL HEALTH CARE

10,196,409

INDUSTRIALS - 7.9%

Aerospace & Defense - 1.2%

Honeywell International, Inc.

2,467,800

257,145

Lockheed Martin Corp.

737,500

138,798

The Boeing Co.

980,900

137,836

 

533,779

Air Freight & Logistics - 0.5%

FedEx Corp.

130,700

22,640

United Parcel Service, Inc. Class B

1,379,500

136,874

XPO Logistics, Inc. (a)(d)

1,012,824

49,790

 

209,304

Airlines - 3.0%

American Airlines Group, Inc.

1,209,000

51,225

Azul-Linhas Aereas Brasileiras warrants (a)(h)

1,017,079

0

Delta Air Lines, Inc.

2,916,800

125,189

JetBlue Airways Corp. (a)(d)

11,972,523

241,366

Ryanair Holdings PLC sponsored ADR

612,100

40,766

Southwest Airlines Co.

6,494,115

240,607

Spirit Airlines, Inc. (a)

2,464,629

156,676

United Continental Holdings, Inc. (a)

5,819,300

317,676

Virgin America, Inc. (d)

1,068,800

30,397

Wizz Air Holdings PLC (e)

2,937,315

68,239

 

1,272,141

Building Products - 0.2%

Caesarstone Sdot-Yam Ltd.

1,197,827

74,050

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Construction & Engineering - 0.0%

Fluor Corp.

354,300

$ 19,919

Electrical Equipment - 0.5%

Eaton Corp. PLC

666,200

47,693

Emerson Electric Co.

1,311,300

79,085

Rockwell Automation, Inc.

767,300

94,293

SolarCity Corp. (a)(d)

233,200

14,020

 

235,091

Industrial Conglomerates - 0.9%

3M Co.

1,352,000

215,076

Danaher Corp.

1,778,700

153,537

 

368,613

Machinery - 0.6%

Caterpillar, Inc.

743,100

63,401

Cummins, Inc.

576,100

78,090

Deere & Co.

808,700

75,759

Illinois Tool Works, Inc.

424,400

39,821

ITT Corp.

126,000

5,378

Xylem, Inc.

362,700

13,264

 

275,713

Road & Rail - 1.0%

Kansas City Southern

169,600

15,349

Union Pacific Corp.

4,124,000

416,153

 

431,502

TOTAL INDUSTRIALS

3,420,112

INFORMATION TECHNOLOGY - 34.3%

Communications Equipment - 1.5%

Arista Networks, Inc. (d)

80,700

5,642

Cisco Systems, Inc.

788,400

23,108

Infinera Corp. (a)(e)

11,716,429

241,827

Palo Alto Networks, Inc. (a)

86,500

14,661

QUALCOMM, Inc.

5,557,967

387,279

 

672,517

Electronic Equipment & Components - 0.1%

Corning, Inc.

718,300

15,027

TE Connectivity Ltd.

233,500

16,112

Trimble Navigation Ltd. (a)

934,800

21,912

 

53,051

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 8.8%

Actua Corp. (a)(e)

3,600,387

$ 45,761

Akamai Technologies, Inc. (a)

1,470,300

112,140

Alibaba Group Holding Ltd. sponsored ADR

1,230,000

109,864

Baidu.com, Inc. sponsored ADR (a)

26,800

5,290

Demandware, Inc. (a)(d)

757,873

47,200

Dropbox, Inc. (a)(h)

1,105,082

18,123

eBay, Inc. (a)

2,249,700

138,042

Facebook, Inc. Class A (a)

11,827,491

936,619

GoDaddy, Inc. (a)

192,200

5,176

Google, Inc.:

Class A (a)

1,634,378

891,259

Class C

1,436,003

764,112

Hortonworks, Inc. (d)

335,400

8,811

IAC/InterActiveCorp

138,500

10,397

LendingClub Corp. (d)

463,700

8,908

LinkedIn Corp. Class A (a)

195,800

38,167

Marketo, Inc. (a)(d)(e)

2,359,700

70,390

MercadoLibre, Inc. (d)

185,500

26,922

NAVER Corp.

9,827

5,372

New Relic, Inc. (d)

215,400

7,050

New Relic, Inc.

409,379

12,059

Opower, Inc. (a)

434,520

5,145

Rackspace Hosting, Inc. (a)

3,174,900

127,282

Shopify, Inc. Class A

306,400

8,259

Tencent Holdings Ltd.

936,600

18,679

Twitter, Inc. (a)

8,382,690

307,393

Wix.com Ltd. (a)(d)

1,334,486

33,242

Yahoo!, Inc. (a)

765,061

32,848

 

3,794,510

IT Services - 2.9%

Cognizant Technology Solutions Corp. Class A (a)

1,269,132

82,138

IBM Corp.

978,000

165,918

MasterCard, Inc. Class A

3,759,000

346,805

VeriFone Systems, Inc. (a)

4,993,300

190,594

Visa, Inc. Class A

6,761,600

464,387

 

1,249,842

Semiconductors & Semiconductor Equipment - 5.7%

Altera Corp.

300,000

14,655

Applied Micro Circuits Corp. (a)(d)(e)

6,060,392

38,726

ASML Holding NV (d)

211,593

23,762

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Broadcom Corp. Class A

1,912,100

$ 108,703

Cavium, Inc. (a)(e)

2,985,260

210,073

Cirrus Logic, Inc. (a)

154,000

5,814

Cree, Inc. (a)(d)(e)

6,616,171

200,338

Cypress Semiconductor Corp.

4,619,240

63,422

First Solar, Inc. (a)

4,791,063

238,164

Integrated Device Technology, Inc. (a)

743,900

17,597

Intel Corp.

397,300

13,691

KLA-Tencor Corp.

332,200

19,819

Marvell Technology Group Ltd.

1,249,410

17,479

Mellanox Technologies Ltd. (a)

946,689

47,637

Micron Technology, Inc. (a)

387,300

10,817

NVIDIA Corp. (e)

40,088,360

887,155

Qorvo, Inc. (a)

83,400

6,851

Rambus, Inc. (a)(e)

6,197,200

94,755

Silicon Laboratories, Inc. (a)(e)

3,286,180

182,186

Skyworks Solutions, Inc.

339,831

37,164

SolarEdge Technologies, Inc. (d)

433,500

16,230

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

1,769,100

42,954

Texas Instruments, Inc.

2,616,100

146,292

Xilinx, Inc.

547,100

25,943

 

2,470,227

Software - 8.9%

Activision Blizzard, Inc.

5,348,432

135,101

Adobe Systems, Inc. (a)

1,949,536

154,189

Appirio, Inc. (h)

389,363

2,780

Autodesk, Inc. (a)

603,800

32,696

Electronic Arts, Inc. (a)

100,152

6,285

FireEye, Inc. (a)(d)

33,400

1,555

Fleetmatics Group PLC (a)

215,900

9,027

Guidewire Software, Inc. (a)

404,900

19,617

Imperva, Inc. (a)

211,086

12,836

Intuit, Inc.

503,000

52,387

Microsoft Corp.

10,095,217

473,062

Oracle Corp.

4,342,700

188,864

Red Hat, Inc. (a)

6,213,986

480,155

Salesforce.com, Inc. (a)

25,978,012

1,889,900

ServiceNow, Inc. (a)

3,049,900

233,653

Splunk, Inc. (a)

1,386,000

93,721

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Tableau Software, Inc. (a)

73,100

$ 8,276

Zendesk, Inc.

1,559,900

35,924

 

3,830,028

Technology Hardware, Storage & Peripherals - 6.4%

Apple, Inc.

20,384,848

2,655,736

Nimble Storage, Inc. (a)(d)

1,254,882

32,476

Samsung Electronics Co. Ltd.

9,759

11,449

SanDisk Corp.

788,800

53,938

 

2,753,599

TOTAL INFORMATION TECHNOLOGY

14,823,774

MATERIALS - 1.3%

Chemicals - 1.2%

CF Industries Holdings, Inc.

306,685

96,876

E.I. du Pont de Nemours & Co.

1,386,500

98,455

Eastman Chemical Co.

52,800

4,053

Metabolix, Inc. (a)(d)

117,648

515

Monsanto Co.

1,927,371

225,464

Praxair, Inc.

263,000

32,312

The Dow Chemical Co.

591,100

30,779

The Mosaic Co.

363,400

16,662

 

505,116

Metals & Mining - 0.1%

Anglo American PLC (United Kingdom)

2,386,500

37,395

Barrick Gold Corp. (d)

907,500

10,742

 

48,137

TOTAL MATERIALS

553,253

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.4%

Level 3 Communications, Inc. (a)

792,300

43,957

Verizon Communications, Inc.

2,556,700

126,403

 

170,360

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - 0.1%

T-Mobile U.S., Inc. (a)

1,104,500

$ 42,943

TOTAL TELECOMMUNICATION SERVICES

213,303

TOTAL COMMON STOCKS

(Cost $21,781,107)


42,288,909

Preferred Stocks - 1.8%

 

 

 

 

Convertible Preferred Stocks - 1.7%

CONSUMER DISCRETIONARY - 0.1%

Household Durables - 0.1%

Roku, Inc.:

Series F, 8.00% (a)(h)

17,901,305

21,482

Series G, 8.00% (h)

2,750,007

3,300

 

24,782

Internet & Catalog Retail - 0.0%

The Honest Co., Inc. Series C (h)

92,950

2,734

Leisure Products - 0.0%

NJOY, Inc.:

Series C (a)(h)

1,506,412

12,157

Series D (a)(h)

424,747

3,428

 

15,585

Media - 0.0%

Turn, Inc. Series E (a)(h)

984,774

6,096

TOTAL CONSUMER DISCRETIONARY

49,197

CONSUMER STAPLES - 0.0%

Food & Staples Retailing - 0.0%

Blue Apron, Inc. Series D (h)

750,363

10,000

HEALTH CARE - 0.4%

Biotechnology - 0.3%

BeiGene Ltd. Series A2 (h)

8,617,681

10,083

Intarcia Therapeutics, Inc.:

Series CC (a)(h)

1,051,411

32,720

Series DD (a)(h)

1,543,687

48,040

Preferred Stocks - continued

Shares

Value (000s)

Convertible Preferred Stocks - continued

HEALTH CARE - continued

Biotechnology - continued

Moderna LLC Series E (h)

565,117

$ 34,851

Seres Health, Inc. Series C 8.00% (h)

572,827

6,967

 

132,661

Health Care Equipment & Supplies - 0.1%

Penumbra, Inc. Series F (h)

1,128,787

20,589

Pharmaceuticals - 0.0%

Kolltan Pharmaceuticals, Inc. Series D (a)(h)

7,940,644

7,941

Syros Pharmaceuticals, Inc. Series B, 6.00% (h)

3,779,290

11,890

 

19,831

TOTAL HEALTH CARE

173,081

INDUSTRIALS - 0.4%

Aerospace & Defense - 0.0%

Space Exploration Technologies Corp. Series G (h)

216,276

16,753

Airlines - 0.1%

Azul-Linhas Aereas Brasileiras Series B (a)(h)

1,017,079

38,304

Commercial Services & Supplies - 0.1%

Domo, Inc. Series D (a)(h)

2,990,903

25,218

Professional Services - 0.2%

YourPeople, Inc. Series C (h)

5,833,137

86,920

TOTAL INDUSTRIALS

167,195

INFORMATION TECHNOLOGY - 0.8%

Internet Software & Services - 0.4%

Uber Technologies, Inc.:

Series D, 8.00% (h)

4,770,180

158,931

Series E, 8.00% (h)

209,216

6,971

 

165,902

IT Services - 0.1%

AppNexus, Inc. Series E (h)

923,523

23,707

Nutanix, Inc. Series E (h)

1,151,309

18,053

 

41,760

Software - 0.3%

Appirio, Inc. Series E (h)

2,725,544

19,462

Apptio, Inc. Series E, 8.00% (a)(h)

881,266

18,251

Cloudera, Inc. Series F (a)(h)

529,285

11,284

Preferred Stocks - continued

Shares

Value (000s)

Convertible Preferred Stocks - continued

INFORMATION TECHNOLOGY - continued

Software - continued

Cloudflare, Inc. Series D (h)

1,429,726

$ 8,907

Dataminr, Inc. Series D (h)

1,773,901

22,617

MongoDB, Inc. Series F, 8.00% (a)(h)

1,913,404

16,742

Snapchat, Inc. Series F (h)

452,473

13,900

Taboola.Com Ltd. Series E (h)

1,337,420

13,943

 

125,106

Technology Hardware, Storage & Peripherals - 0.0%

Pure Storage, Inc.:

Series E (a)(h)

1,004,190

17,162

Series F (a)(h)

473,649

8,095

 

25,257

TOTAL INFORMATION TECHNOLOGY

358,025

TOTAL CONVERTIBLE PREFERRED STOCKS

757,498

Nonconvertible Preferred Stocks - 0.1%

CONSUMER DISCRETIONARY - 0.0%

Textiles, Apparel & Luxury Goods - 0.0%

C. Wonder LLC Class A-1 (a)(g)(h)

619,048

0

HEALTH CARE - 0.1%

Biotechnology - 0.1%

Moderna LLC Series D, 8.00% (a)(h)

468,823

28,912

TOTAL PREFERRED STOCKS

(Cost $667,320)


786,410

Money Market Funds - 2.7%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.15% (b)

48,783,069

$ 48,783

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

1,128,946,107

1,128,946

TOTAL MONEY MARKET FUNDS

(Cost $1,177,729)


1,177,729

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $23,626,156)

44,253,048

NET OTHER ASSETS (LIABILITIES) - (2.5)%

(1,085,690)

NET ASSETS - 100%

$ 43,167,358

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.

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $55,081,000 or 0.1% of net assets.

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

(h) 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 $957,875,000 or 2.2% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Adimab LLC unit

9/17/14

$ 36,200

Appirio, Inc.

2/12/15

$ 2,780

Appirio, Inc. Series E

2/12/15

$ 19,462

AppNexus, Inc. Series E

8/1/14

$ 18,500

Apptio, Inc. Series E, 8.00%

5/3/13

$ 20,000

Azul-Linhas Aereas Brasileiras Series B

12/24/13

$ 43,140

Azul-Linhas Aereas Brasileiras warrants

12/24/13

$ 0

BeiGene Ltd. Series A2

4/21/15

$ 10,083

Blue Apron, Inc. Series D

5/18/15

$ 10,000

C. Wonder LLC Class A-1

12/27/12 - 6/25/13

$ 19,612

Cloudera, Inc. Series F

2/5/14

$ 7,706

Cloudflare, Inc. Series D

11/5/14

$ 8,758

Dataminr, Inc. Series D

2/18/15 - 3/6/15

$ 22,617

Domo, Inc.
Series D

1/24/14

$ 12,362

Dropbox, Inc.

5/2/12

$ 10,000

Security

Acquisition Date

Acquisition Cost (000s)

Intarcia Therapeutics, Inc. Series CC

11/14/12

$ 14,331

Intarcia Therapeutics, Inc. Series DD

3/17/14

$ 50,000

Kolltan Pharmaceuticals, Inc. Series D

3/13/14

$ 7,941

Moderna LLC Series D, 8.00%

11/6/13

$ 10,000

Moderna LLC Series E

12/18/14

$ 34,851

MongoDB, Inc. Series F, 8.00%

10/2/13

$ 32,000

NJOY, Inc.
Series C

6/7/13

$ 12,176

NJOY, Inc.
Series D

2/14/14

$ 7,189

Nutanix, Inc. Series E

8/26/14

$ 15,424

Penumbra, Inc. Series F

5/16/14

$ 14,900

Pure Storage, Inc. Series E

8/22/13

$ 6,961

Pure Storage, Inc. Series F

4/17/14

$ 7,449

Roku, Inc.
Series F, 8.00%

5/7/13 - 5/28/13

$ 16,212

Roku, Inc.
Series G, 8.00%

10/1/14

$ 3,574

RPI International Holdings LP

5/21/15

$ 9,997

Seres Health, Inc. Series C 8.00%

11/24/14

$ 6,967

Snapchat, Inc. Series F

3/25/15

$ 13,900

Space Exploration Technologies Corp. Series G

1/20/15

$ 16,753

Security

Acquisition Date

Acquisition Cost (000s)

Syros Pharmaceuticals, Inc. Series B, 6.00%

10/9/14

$ 11,890

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

Tory Burch LLC

12/31/12

$ 17,779

Tory Burch LLC Class A unit

5/14/15

$ 67,653

Turn, Inc. Series E

12/30/13

$ 8,213

Uber Technologies, Inc. Series D, 8.00%

6/6/14

$ 74,000

Uber Technologies, Inc. Series E, 8.00%

12/5/14

$ 6,971

YourPeople, Inc. Series C

5/1/15

$ 86,920

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

$ 110

Fidelity Securities Lending Cash Central Fund

4,047

Total

$ 4,157

Other Affiliated Issuers

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

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds*

Dividend Income

Value,
end of
period

ACADIA Pharmaceuticals, Inc.

$ 169,528

$ 2,081

$ 4,037

$ -

$ 231,162

Actua Corp.

63,259

122

2,402

-

45,761

Alkermes PLC

580,112

19,866

29,857

-

634,145

Alnylam Pharmaceuticals, Inc.

506,721

27,978

25,195

-

668,291

Applied Micro Circuits Corp.

37,420

-

1,413

-

38,726

aTyr Pharma, Inc.

-

7,940

-

-

12,602

aTyr Pharma, Inc.

-

5,683

-

-

30,266

bluebird bio, Inc.

86,573

26,128

11,081

-

432,166

Buffalo Wild Wings, Inc.

174,550

-

30,144

-

-

Cavium, Inc.

173,567

3,636

9,273

-

210,073

Chimerix, Inc.

80,358

9,255

4,383

-

101,495

Chuy's Holdings, Inc.

29,352

3,047

1,425

-

37,572

Cree, Inc.

263,391

-

21,183

-

200,338

Dicerna Pharmaceuticals, Inc.

9,744

5,269

1,068

-

19,121

Eleven Biotherapeutics, Inc.

7,072

7,122

261

-

3,594

Endocyte, Inc.

21,828

-

3,456

-

17,023

Fate Therapeutics, Inc.

5,569

2,379

322

-

11,860

First Solar, Inc.

259,648

-

29,370

-

-

ImmunoGen, Inc.

44,340

-

9,220

-

-

Immunomedics, Inc.

21,150

-

3,313

-

-

Infinera Corp.

154,332

14,604

9,459

-

241,827

Insulet Corp.

161,108

1,017

50,782

-

-

Intra-Cellular Therapies, Inc.

28,907

10,302

2,339

-

61,438

Isis Pharmaceuticals, Inc.

435,678

13,682

25,102

-

555,982

Kate Spade & Co.

256,567

37,346

11,182

-

218,243

Lexicon Pharmaceuticals, Inc.

41,449

-

1,876

-

-

lululemon athletica, Inc.

410,854

68,549

26,182

-

558,602

Lumber Liquidators Holdings, Inc.

119,494

3,274

3,564

-

37,240

Marketo, Inc.

76,346

1,949

2,710

-

70,390

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds*

Dividend Income

Value,
end of
period

Merrimack Pharmaceuticals, Inc.

$ 87,434

$ 5,701

$ 17,235

$ -

$ 99,760

Momenta Pharmaceuticals, Inc.

13,208

73,000

1,853

-

112,358

NPS Pharmaceuticals, Inc.

253,941

-

346,490

-

-

NVIDIA Corp.

861,599

17,328

39,500

7,397

887,155

Presbia PLC

-

7,249

41

-

7,331

Prothena Corp. PLC

49,838

7,014

2,621

-

85,319

Rambus, Inc.

77,562

-

4,329

-

94,755

Regulus Therapeutics, Inc.

61,620

4,659

2,784

-

48,068

Restoration Hardware Holdings, Inc.

179,519

9,751

8,633

-

194,206

Rigel Pharmaceuticals, Inc.

11,098

712

813

-

17,977

Sage Therapeutics, Inc.

35,495

4,370

1,815

-

70,255

Sage Therapeutics, Inc.

-

-

-

-

55,081

Seattle Genetics, Inc.

306,182

4,442

13,605

-

351,750

Silicon Laboratories, Inc.

151,414

8,441

10,963

-

182,186

Transition Therapeutics, Inc.

12,339

8,067

883

-

23,349

VeriFone Systems, Inc.

231,754

-

53,853

-

-

Wizz Air Holdings PLC

-

61,042

1,576

-

68,239

Total

$ 6,551,920

$ 483,005

$ 827,593

$ 7,397

$ 6,735,706

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

Other Information

The following is a summary of the inputs used, as of May 31, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 6,682,039

$ 6,520,395

$ 18,737

$ 142,907

Consumer Staples

3,669,347

3,659,347

-

10,000

Energy

1,449,852

1,449,852

-

-

Financials

1,340,017

1,330,020

-

9,997

Health Care

10,398,402

10,039,023

110,528

248,851

Industrials

3,587,307

3,420,112

-

167,195

Information Technology

15,181,799

14,772,133

30,738

378,928

Materials

553,253

515,858

37,395

-

Telecommunication Services

213,303

213,303

-

-

Money Market Funds

1,177,729

1,177,729

-

-

Total Investments in Securities:

$ 44,253,048

$ 43,097,772

$ 197,398

$ 957,878

Valuation Inputs at Reporting Date:

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

$ 689,009

Net Realized Gain (Loss) on Investment Securities

3,741

Net Unrealized Gain (Loss) on Investment Securities

8,213

Cost of Purchases

316,180

Proceeds of Sales

(59,265)

Amortization/Accretion

-

Transfers into Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 957,878

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2015

$ 25,750

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, and proceeds of sales includes securities delivered through in-kind transactions. See Note 4 of the Notes to Financial Statements. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

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

Semiannual Report


Financial Statements

Statement of Assets and Liabilities

 Amounts in thousands (except per-share amounts)

May 31, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $1,098,791) - See accompanying schedule:

Unaffiliated issuers (cost $18,613,832)

$ 36,339,613

 

Fidelity Central Funds (cost $1,177,729)

1,177,729

 

Other affiliated issuers (cost $3,834,595)

6,735,706

 

Total Investments (cost $23,626,156)

 

$ 44,253,048

Cash

 

4,171

Foreign currency held at value (cost $75)

75

Receivable for investments sold

128,796

Receivable for fund shares sold

33,776

Dividends receivable

30,112

Distributions receivable from Fidelity Central Funds

671

Prepaid expenses

14

Other receivables

1,652

Total assets

44,452,315

 

 

 

Liabilities

Payable for investments purchased

$ 76,074

Payable for fund shares redeemed

47,222

Accrued management fee

26,654

Other affiliated payables

3,918

Other payables and accrued expenses

2,143

Collateral on securities loaned, at value

1,128,946

Total liabilities

1,284,957

 

 

 

Net Assets

$ 43,167,358

Net Assets consist of:

 

Paid in capital

$ 20,143,560

Undistributed net investment income

4,101

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

2,393,097

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

20,626,600

Net Assets

$ 43,167,358

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

Semiannual Report

Statement of Assets and Liabilities - continued

 Amounts in thousands (except per-share amounts)

May 31, 2015 (Unaudited)

 

 

 

Growth Company:
Net Asset Value
, offering price and redemption price per share ($23,575,482 ÷ 166,282 shares)

$ 141.78

 

 

 

Class K:
Net Asset Value
, offering price and redemption price per share ($19,591,876 ÷ 138,307 shares)

$ 141.65

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

Semiannual Report

Financial Statements - continued

Statement of Operations

 Amounts in thousands Six months ended May 31, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends (including $7,397 earned from other affiliated issuers)

 

$ 174,761

Interest

 

157

Income from Fidelity Central Funds

 

4,157

Total income

 

179,075

 

 

 

Expenses

Management fee
Basic fee

$ 117,448

Performance adjustment

32,357

Transfer agent fees

22,582

Accounting and security lending fees

1,232

Custodian fees and expenses

301

Independent trustees' compensation

90

Appreciation in deferred trustee compensation account

1

Registration fees

145

Audit

104

Legal

32

Interest

1

Miscellaneous

159

Total expenses before reductions

174,452

Expense reductions

(960)

173,492

Net investment income (loss)

5,583

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

2,048,141

Other affiliated issuers

394,296

 

Foreign currency transactions

111

Total net realized gain (loss)

 

2,442,548

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $295)

709,253

Assets and liabilities in foreign currencies

43

Total change in net unrealized appreciation (depreciation)

 

709,296

Net gain (loss)

3,151,844

Net increase (decrease) in net assets resulting from operations

$ 3,157,427

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

Semiannual Report

Statement of Changes in Net Assets

 Amounts in thousands

Six months ended May 31, 2015 (Unaudited)

Year ended
November 30, 2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 5,583

$ 74,152

Net realized gain (loss)

2,442,548

6,303,239

Change in net unrealized appreciation (depreciation)

709,296

663,840

Net increase (decrease) in net assets resulting
from operations

3,157,427

7,041,231

Distributions to shareholders from net investment income

(57,135)

(103,830)

Distributions to shareholders from net realized gain

(1,421,834)

(3,129,839)

Total distributions

(1,478,969)

(3,233,669)

Share transactions - net increase (decrease)

(917,991)

(6,288,051)

Total increase (decrease) in net assets

760,467

(2,480,489)

 

 

 

Net Assets

Beginning of period

42,406,891

44,887,380

End of period (including undistributed net investment income of $4,101 and undistributed net investment income of $55,653, respectively)

$ 43,167,358

$ 42,406,891

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

Semiannual Report

Financial Highlights - Growth Company

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 136.46

$ 124.69

$ 95.80

$ 85.29

$ 79.40

$ 65.75

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  (.01)

  .15

  .29

  .15

  .09

  .01

Net realized and unrealized gain (loss)

  10.03

  20.49

  31.23

  13.12

  5.80

  13.76

Total from investment operations

  10.02

  20.64

  31.52

  13.27

  5.89

  13.77

Distributions from net investment income

  (.13)

  (.21)

  (.19)

  (.05)

  -H

  (.12)

Distributions from net realized gain

  (4.57)

  (8.67)

  (2.44)

  (2.71)

  -

  (.01)

Total distributions

  (4.70)

  (8.87)K

  (2.63)

  (2.76)

  -H

  (.12)J

Net asset value, end of period

$ 141.78

$ 136.46

$ 124.69

$ 95.80

$ 85.29

$ 79.40

Total ReturnB, C

  7.62%

  17.80%

  33.85%

  16.24%

  7.42%

  20.98%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .86%A

  .82%

  .83%

  .90%

  .84%

  .89%

Expenses net of fee waivers, if any

  .86%A

  .82%

  .83%

  .90%

  .84%

  .89%

Expenses net of all reductions

  .86%A

  .82%

  .83%

  .90%

  .84%

  .89%

Net investment income (loss)

  (.02)%A

  .12%

  .27%

  .16%

  .10%

  .02%

Supplemental Data

 

 

 

 

 

Net assets, end of period (in millions)

$ 23,575

$ 24,165

$ 22,936

$ 22,952

$ 24,665

$ 27,742

Portfolio turnover rateF

  16% A,I

  12%I

  26%

  33%

  36%

  36%

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

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

H Amount represents less than $.01 per share.

I Portfolio turnover rate excludes securities received or delivered in-kind.

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

K Total distributions of $8.87 per share is comprised of distributions from net investment income of $.207 and distributions from net realized gain of $8.666 per share.

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

Semiannual Report

Financial Highlights - Class K

 

Six months ended May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 136.41

$ 124.68

$ 95.82

$ 85.35

$ 79.48

$ 65.82

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .06

  .29

  .42

  .27

  .21

  .13

Net realized and unrealized gain (loss)

  10.01

  20.48

  31.21

  13.10

  5.80

  13.78

Total from investment operations

  10.07

  20.77

  31.63

  13.37

  6.01

  13.91

Distributions from net investment income

  (.26)

  (.37)

  (.34)

  (.19)

  (.14)

  (.24)

Distributions from net realized gain

  (4.57)

  (8.67)

  (2.44)

  (2.71)

  -

  (.01)

Total distributions

  (4.83)

  (9.04)

  (2.77)I

  (2.90)

  (.14)

  (.25)

Net asset value, end of period

$ 141.65

$ 136.41

$ 124.68

$ 95.82

$ 85.35

$ 79.48

Total ReturnB, C

  7.67%

  17.93%

  34.02%

  16.38%

  7.57%

  21.20%

Ratios to Average Net Assets E, G

 

 

 

 

 

Expenses before reductions

  .76%A

  .71%

  .71%

  .77%

  .70%

  .72%

Expenses net of fee waivers, if any

  .76%A

  .71%

  .71%

  .77%

  .70%

  .72%

Expenses net of all reductions

  .76%A

  .71%

  .71%

  .77%

  .70%

  .72%

Net investment income (loss)

  .08%A

  .24%

  .39%

  .29%

  .24%

  .18%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 19,592

$ 18,242

$ 21,951

$ 15,454

$ 10,568

$ 6,571

Portfolio turnover rateF

  16% A,H

  12%H

  26%

  33%

  36%

  36%

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

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

H Portfolio turnover rate excludes securities received or delivered in-kind.

I Total distributions of $2.77 per share is comprised of distributions from net investment income of $.336 and distributions from net realized gain of $2.438 per share.

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

Semiannual Report


Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity® Growth Company Fund (the Fund) is a fund of Fidelity Mt. Vernon Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Growth Company and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.

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

3. Significant Accounting Policies.

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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). 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 as shown below:

Level 1 - quoted prices in active markets for identical investments

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

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

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

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. 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 (NAV) 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 at 05/31/15 (000s)

Valuation
Technique(s)

Unobservable Input

Amount
or Range/Weighted Average

Impact to
Valuation from an Increase
in Input
*

Equities

$ 957,878

Discounted
cash flow

Free cash
flow yield

4.5%

Decrease

 

 

Expected distribution

Recovery rate

0.0%

Increase

 

 

Last
transaction price

Discount rate

15.0%

Decrease

 

 

 

Transaction price

$0.00 - $117.90 / $48.94

Increase

 

 

 

Put premium

38.0

Increase

 

 

 

Adjusted transaction price

$31.12

Increase

 

 

Market comparable

Discount rate

10.0% - 40.0% / 12.8%

Decrease

 

 

 

EV/Sales multiple

1.7 - 12.5 / 6.2

Increase

 

 

 

Premium rate

15.0% - 20.0% / 16.4%

Increase

 

 

 

Discount for
lack of marketability

15.0% - 20.0% / 15.7%

Decrease

 

 

 

Cap weighted adjustment

7.8

Increase

 

 

Replacement cost

Liquidation preference

$8.34

Increase

* 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.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of May 31, 2015, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.

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

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, deferred trustee compensation and losses deferred due to wash sales.

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

Gross unrealized appreciation

$ 21,447,778

Gross unrealized depreciation

(852,146)

Net unrealized appreciation (depreciation) on securities

$ 20,595,632

 

 

Tax cost

$ 23,657,416

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

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind trans-actions, aggregated $3,507,065 and $3,953,584, respectively.

Redemption In-Kind. During the period, 13,360 shares of the Fund held by unaffiliated entities were redeemed in kind for cash and investments with a value of $1,833,613. The net realized gain of $1,091,007 on investments delivered through the in-kind redemption is included in the accompanying Statement of Operations. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Note 11: Share Transactions. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Company as compared to its benchmark index, the Russell 3000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .70% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, transfer agent fees for each class were as follows:

 

Amount

% of
Class-Level Average
Net Assets
*

Growth Company

$ 18,083

.15

Class K

4,499

.05

 

$ 22,582

 

* Annualized

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $55 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender

Average Loan
Balance

Weighted Average Interest Rate

Interest Expense

Borrower

$ 11,958

.36%

$ -*

* Amount represents three hundred fifty-seven dollars.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $33 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $27,257. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $4,047, including $550 from securities loaned to FCM.

Semiannual Report

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average loan balance during the period for which loans were outstanding amounted to $15,110. The weighted average interest rate was .61%. The interest expense amounted to two hundred fifty-six dollars under the bank borrowing program. At period end, there were no bank borrowings outstanding.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $211 for the period.

Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Growth Company expenses during the period in the amount of $748.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Growth Company

$ 22,480

$ 37,937

Class K

34,655

65,893

Total

$ 57,135

$ 103,830

From net realized gain

 

 

Growth Company

$ 808,358

$ 1,596,300

Class K

613,476

1,533,539

Total

$ 1,421,834

$ 3,129,839

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended May 31,
2015

Year ended
November 30,
2014

Six months ended May 31,
2015

Year ended
November 30,
2014

Growth Company

 

 

 

 

Shares sold

10,817

21,635

$ 1,476,448

$ 2,682,272

Reinvestment of distributions

6,056

13,474

796,034

1,574,166

Shares redeemed

(27,674)A

(41,979)B

(3,763,893)A

(5,228,521)B

Net increase (decrease)

(10,801)

(6,870)

$ (1,491,411)

$ (972,083)

Class K

 

 

 

 

Shares sold

27,058

33,338

$ 3,667,736

$ 4,145,380

Reinvestment of distributions

4,938

13,711

648,130

1,599,432

Shares redeemed

(27,415)A

(89,381)B

(3,742,446)A

(11,060,780)B

Net increase (decrease)

4,581

(42,332)

$ 573,420

$ (5,315,968)

A Amount includes in-kind redemptions (see Note 4: Redemptions In-Kind).

B Amount includes in-kind redemptions.

12. Other.

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

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

Fidelity Automated Service
Telephone (FAST®) gcf622758
1-800-544-5555

gcf622760
Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

GCF-USAN-0715
1.786812.112
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

Fidelity®

Growth Strategies

Fund -
Class K

Semiannual Report

May 31, 2015

(Fidelity Cover Art)


Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Investment Changes

(Click Here)

A summary of major shifts in the fund's investments over the past six months.

Investments

(Click Here)

A complete list of the fund's investments with their market values.

Financial Statements

(Click Here)

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

(Click Here)

Notes to the financial statements.

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report


Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2014 to May 31, 2015).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Semiannual Report

Shareholder Expense Example - continued

 

Annualized
Expense Ratio
B

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period
*
December 1, 2014
to May 31, 2015

Growth Strategies

.87%

 

 

 

Actual

 

$ 1,000.00

$ 1,075.20

$ 4.50

HypotheticalA

 

$ 1,000.00

$ 1,020.59

$ 4.38

Class K

.71%

 

 

 

Actual

 

$ 1,000.00

$ 1,076.10

$ 3.67

HypotheticalA

 

$ 1,000.00

$ 1,021.39

$ 3.58

A 5% return per year before expenses

B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report


Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Avago Technologies Ltd.

2.4

1.7

Intuit, Inc.

2.3

2.2

Lorillard, Inc.

2.2

1.5

AmerisourceBergen Corp.

2.2

1.4

Electronic Arts, Inc.

2.2

0.0

Wyndham Worldwide Corp.

2.0

1.8

Total System Services, Inc.

2.0

1.1

Kroger Co.

2.0

1.7

Cigna Corp.

1.9

1.1

O'Reilly Automotive, Inc.

1.9

1.3

 

21.1

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

21.8

17.6

Consumer Discretionary

20.8

20.7

Health Care

18.1

16.9

Industrials

17.5

19.7

Financials

8.6

9.0

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

fgk221034

Stocks 99.6%

 

fgk221036

Stocks 99.1%

 

fgk221038

Short-Term
Investments and
Net Other Assets (Liabilities) 0.4%

 

fgk221040

Short-Term
Investments and
Net Other Assets (Liabilities) 0.9%

 

* Foreign investments

11.9%

 

** Foreign investments

12.5%

 

fgk221042

Semiannual Report


Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 20.8%

Auto Components - 2.1%

Delphi Automotive PLC

301,500

$ 26,224

Tenneco, Inc. (a)

214,000

12,566

Visteon Corp. (a)

265,650

29,094

 

67,884

Automobiles - 0.8%

Harley-Davidson, Inc.

486,100

26,001

Diversified Consumer Services - 1.1%

Service Corp. International

600,000

17,436

ServiceMaster Global Holdings, Inc.

570,000

19,146

 

36,582

Hotels, Restaurants & Leisure - 4.5%

Jack in the Box, Inc.

473,000

41,061

Las Vegas Sands Corp.

811,000

41,223

Wyndham Worldwide Corp.

770,000

65,381

 

147,665

Household Durables - 1.7%

Harman International Industries, Inc.

200,100

24,116

Jarden Corp. (a)

346,500

18,385

Tupperware Brands Corp.

170,000

11,176

 

53,677

Internet & Catalog Retail - 1.6%

Liberty Interactive Corp. Series A (a)

647,000

18,097

Orbitz Worldwide, Inc. (a)

286,961

3,234

TripAdvisor, Inc. (a)

335,000

25,547

zulily, Inc. Class A (a)

452,000

5,978

 

52,856

Leisure Products - 0.5%

Mattel, Inc.

617,000

15,925

Media - 1.4%

DIRECTV (a)

340,000

30,954

Time Warner Cable, Inc.

82,500

14,923

 

45,877

Multiline Retail - 0.1%

Macy's, Inc.

28,000

1,875

Specialty Retail - 4.1%

AutoZone, Inc. (a)

31,470

21,199

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

GNC Holdings, Inc.

1,144,000

$ 50,954

O'Reilly Automotive, Inc. (a)

282,000

61,907

 

134,060

Textiles, Apparel & Luxury Goods - 2.9%

Hanesbrands, Inc.

1,470,000

46,834

Michael Kors Holdings Ltd. (a)

240,000

11,160

VF Corp.

524,200

36,919

 

94,913

TOTAL CONSUMER DISCRETIONARY

677,315

CONSUMER STAPLES - 7.2%

Beverages - 0.8%

Brown-Forman Corp. Class B (non-vtg.)

60,808

5,732

Monster Beverage Corp. (a)

150,000

19,092

 

24,824

Food & Staples Retailing - 2.0%

Kroger Co.

873,000

63,554

Food Products - 2.2%

Mead Johnson Nutrition Co. Class A

460,000

44,758

The Hershey Co.

280,000

26,001

 

70,759

Tobacco - 2.2%

Lorillard, Inc.

1,010,000

73,205

TOTAL CONSUMER STAPLES

232,342

ENERGY - 1.7%

Energy Equipment & Services - 0.3%

Cameron International Corp. (a)

51,000

2,618

Oceaneering International, Inc.

128,000

6,502

Oil States International, Inc. (a)

40,000

1,635

 

10,755

Oil, Gas & Consumable Fuels - 1.4%

Cabot Oil & Gas Corp.

247,000

8,388

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Tesoro Corp.

339,900

$ 30,081

World Fuel Services Corp.

128,100

6,409

 

44,878

TOTAL ENERGY

55,633

FINANCIALS - 8.6%

Banks - 0.2%

Investors Bancorp, Inc.

387,336

4,652

Capital Markets - 3.4%

Affiliated Managers Group, Inc. (a)

149,300

33,392

Ameriprise Financial, Inc.

348,000

43,357

Invesco Ltd.

344,000

13,702

Lazard Ltd. Class A

350,300

19,463

 

109,914

Consumer Finance - 0.6%

Springleaf Holdings, Inc. (a)

426,400

20,263

Diversified Financial Services - 3.2%

IntercontinentalExchange Group, Inc.

105,000

24,862

McGraw Hill Financial, Inc.

506,000

52,498

Moody's Corp.

256,000

27,674

 

105,034

Insurance - 0.4%

AmTrust Financial Services, Inc. (d)

220,800

13,288

Real Estate Management & Development - 0.8%

CBRE Group, Inc. (a)

698,000

26,692

TOTAL FINANCIALS

279,843

HEALTH CARE - 18.1%

Biotechnology - 0.3%

United Therapeutics Corp. (a)

49,200

9,039

Health Care Equipment & Supplies - 1.7%

Boston Scientific Corp. (a)

1,235,736

22,577

Zimmer Holdings, Inc.

285,802

32,607

 

55,184

Health Care Providers & Services - 11.6%

Aetna, Inc.

470,000

55,446

AmerisourceBergen Corp.

640,000

72,038

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - continued

Cardinal Health, Inc.

293,000

$ 25,834

Cigna Corp.

444,000

62,529

DaVita HealthCare Partners, Inc. (a)

410,000

34,350

HCA Holdings, Inc. (a)

473,000

38,706

Henry Schein, Inc. (a)

97,000

13,742

MEDNAX, Inc. (a)

759,975

54,095

Universal Health Services, Inc. Class B

155,100

20,098

 

376,838

Life Sciences Tools & Services - 0.7%

Agilent Technologies, Inc.

377,695

15,557

Mettler-Toledo International, Inc. (a)

29,000

9,416

 

24,973

Pharmaceuticals - 3.8%

Endo Health Solutions, Inc. (a)

451,000

37,776

Jazz Pharmaceuticals PLC (a)

185,000

33,180

Mylan N.V. 

733,800

53,296

 

124,252

TOTAL HEALTH CARE

590,286

INDUSTRIALS - 17.5%

Aerospace & Defense - 2.7%

Huntington Ingalls Industries, Inc.

245,000

30,378

Meggitt PLC

966,600

7,512

TransDigm Group, Inc.

229,000

51,763

 

89,653

Airlines - 3.7%

Alaska Air Group, Inc.

476,243

30,784

Delta Air Lines, Inc.

720,000

30,902

Southwest Airlines Co.

1,007,200

37,317

United Continental Holdings, Inc. (a)

376,000

20,526

 

119,529

Commercial Services & Supplies - 1.2%

Deluxe Corp.

327,000

20,872

KAR Auction Services, Inc.

472,260

17,596

 

38,468

Electrical Equipment - 2.0%

AMETEK, Inc.

480,000

25,805

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Electrical Equipment - continued

Hubbell, Inc. Class B

114,400

$ 12,359

Rockwell Automation, Inc.

231,000

28,388

 

66,552

Industrial Conglomerates - 1.0%

Roper Industries, Inc.

188,600

32,997

Machinery - 3.0%

Allison Transmission Holdings, Inc.

276,200

8,452

IDEX Corp.

249,000

19,238

Toro Co.

225,216

15,403

WABCO Holdings, Inc. (a)

128,000

16,182

Wabtec Corp.

372,000

37,312

 

96,587

Professional Services - 1.9%

Equifax, Inc.

445,300

44,677

Verisk Analytics, Inc. (a)

248,100

18,007

 

62,684

Road & Rail - 1.3%

CSX Corp.

420,000

14,314

Landstar System, Inc.

407,515

26,651

 

40,965

Trading Companies & Distributors - 0.7%

W.W. Grainger, Inc.

92,500

22,231

TOTAL INDUSTRIALS

569,666

INFORMATION TECHNOLOGY - 21.8%

Electronic Equipment & Components - 2.1%

Amphenol Corp. Class A

522,300

29,797

Ingram Micro, Inc. Class A (a)

370,000

9,920

Keysight Technologies, Inc. (a)

363,500

11,945

TE Connectivity Ltd.

241,400

16,657

 

68,319

Internet Software & Services - 0.8%

HomeAway, Inc. (a)

250,000

7,018

VeriSign, Inc. (a)

308,000

19,463

 

26,481

IT Services - 6.4%

Amdocs Ltd.

394,900

21,660

Broadridge Financial Solutions, Inc.

545,000

29,528

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Fidelity National Information Services, Inc.

304,000

$ 19,061

Fiserv, Inc. (a)

510,600

40,925

FleetCor Technologies, Inc. (a)

133,800

20,356

Genpact Ltd. (a)

489,900

11,018

Total System Services, Inc.

1,580,000

65,096

 

207,644

Semiconductors & Semiconductor Equipment - 5.8%

Altera Corp.

87,728

4,286

Avago Technologies Ltd.

530,000

78,470

Cree, Inc. (a)(d)

166,000

5,026

Micron Technology, Inc. (a)

727,900

20,330

NXP Semiconductors NV (a)

280,074

31,438

Skyworks Solutions, Inc.

455,000

49,759

 

189,309

Software - 5.7%

Adobe Systems, Inc. (a)

154,800

12,243

Check Point Software Technologies Ltd. (a)

307,400

26,043

Electronic Arts, Inc. (a)

1,133,504

71,133

Intuit, Inc.

740,000

77,071

 

186,490

Technology Hardware, Storage & Peripherals - 1.0%

SanDisk Corp.

470,000

32,139

TOTAL INFORMATION TECHNOLOGY

710,382

MATERIALS - 3.9%

Chemicals - 3.2%

Celanese Corp. Class A

260,000

17,901

Eastman Chemical Co.

383,500

29,441

Sherwin-Williams Co.

145,000

41,786

Sigma Aldrich Corp.

5,000

697

The Scotts Miracle-Gro Co. Class A

230,307

14,109

 

103,934

Containers & Packaging - 0.7%

Ball Corp.

135,000

9,584

Packaging Corp. of America

178,000

12,314

 

21,898

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - 0.0%

SunCoke Energy, Inc.

123,000

$ 2,000

TOTAL MATERIALS

127,832

TOTAL COMMON STOCKS

(Cost $2,611,807)


3,243,299

Money Market Funds - 0.7%

 

 

 

 

Fidelity Cash Central Fund, 0.15% (b)

12,434,994

12,435

Fidelity Securities Lending Cash Central Fund, 0.16% (b)(c)

9,731,550

9,732

TOTAL MONEY MARKET FUNDS

(Cost $22,167)


22,167

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $2,633,974)

3,265,466

NET OTHER ASSETS (LIABILITIES) - (0.3)%

(9,435)

NET ASSETS - 100%

$ 3,256,031

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.

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

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

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 22

Fidelity Securities Lending Cash Central Fund

12

Total

$ 34

Other Information

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

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

United States of America

88.1%

Netherlands

2.6%

Singapore

2.4%

Ireland

2.2%

Bermuda

1.3%

Others (Individually Less Than 1%)

3.4%

 

100.0%

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

Semiannual Report


Financial Statements

Statement of Assets and Liabilities

 Amounts in thousands (except per-share amounts)

May 31, 2015 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $9,477) - See accompanying schedule:

Unaffiliated issuers (cost $2,611,807)

$ 3,243,299

 

Fidelity Central Funds (cost $22,167)

22,167

 

Total Investments (cost $2,633,974)

 

$ 3,265,466

Receivable for investments sold

12,402

Receivable for fund shares sold

3,276

Dividends receivable

3,832

Distributions receivable from Fidelity Central Funds

5

Prepaid expenses

1

Other receivables

87

Total assets

3,285,069

 

 

 

Liabilities

Payable for investments purchased

$ 14,872

Payable for fund shares redeemed

1,914

Accrued management fee

1,874

Other affiliated payables

523

Other payables and accrued expenses

123

Collateral on securities loaned, at value

9,732

Total liabilities

29,038

 

 

 

Net Assets

$ 3,256,031

Net Assets consist of:

 

Paid in capital

$ 3,226,840

Undistributed net investment income

2,988

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(605,289)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

631,492

Net Assets

$ 3,256,031

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

 Amounts in thousands (except per-share amounts)

May 31, 2015 (Unaudited)

 

 

 

Growth Strategies:
Net Asset Value
, offering price and redemption price per share ($2,603,557 ÷ 74,884 shares)

$ 34.77

 

 

 

Class K:
Net Asset Value
, offering price and redemption price per share ($652,474 ÷ 18,634 shares)

$ 35.02

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

Semiannual Report

Statement of Operations

 Amounts in thousands Six months ended May 31, 2015 (Unaudited)

 

 

 

Investment Income

 

 

Dividends

 

$ 15,321

Income from Fidelity Central Funds

 

34

Total income

 

15,355

 

 

 

Expenses

Management fee
Basic fee

$ 8,481

Performance adjustment

348

Transfer agent fees

2,494

Accounting and security lending fees

419

Custodian fees and expenses

35

Independent trustees' compensation

6

Registration fees

75

Audit

27

Legal

6

Miscellaneous

9

Total expenses before reductions

11,900

Expense reductions

(16)

11,884

Net investment income (loss)

3,471

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

76,339

Foreign currency transactions

9

Total net realized gain (loss)

 

76,348

Change in net unrealized appreciation (depreciation) on:

Investment securities

134,670

Net gain (loss)

211,018

Net increase (decrease) in net assets resulting from operations

$ 214,489

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

 Amounts in thousands

Six months ended
May 31, 2015
(Unaudited)

Year ended
November 30,
2014

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 3,471

$ 8,116

Net realized gain (loss)

76,348

207,999

Change in net unrealized appreciation (depreciation)

134,670

116,664

Net increase (decrease) in net assets resulting
from operations

214,489

332,779

Distributions to shareholders from net investment income

(7,023)

(4,343)

Distributions to shareholders from net realized gain

(561)

-

Total distributions

(7,584)

(4,343)

Share transactions - net increase (decrease)

828,723

(90,412)

Redemption fees

221

108

Total increase (decrease) in net assets

1,035,849

238,132

 

 

 

Net Assets

Beginning of period

2,220,182

1,982,050

End of period (including undistributed net investment income of $2,988 and undistributed net investment income of $6,540, respectively)

$ 3,256,031

$ 2,220,182

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

Semiannual Report

Financial Highlights - Growth Strategies

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 32.44

$ 27.66

$ 20.56

$ 19.05

$ 18.99

$ 15.28

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .04

  .11

  .09

  .02G

  (.04)

  (.04)

Net realized and unrealized gain (loss)

  2.39

  4.72

  7.10

  1.49

  .10

  3.75

Total from investment operations

  2.43

  4.83

  7.19

  1.51

  .06

  3.71

Distributions from net investment income

  (.09)

  (.05)

  (.07)H

  -

  -

  -

Distributions from net realized gain

  (.01)

  -

  (.02)H

  -

  -

  -

Total distributions

  (.10)

  (.05)

  (.09)

  -

  -

  -

Redemption fees added to paid in capital D, J

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 34.77

$ 32.44

$ 27.66

$ 20.56

$ 19.05

$ 18.99

Total ReturnB, C

  7.52%

  17.50%

  35.13%

  7.93%

  .32%

  24.28%

Ratios to Average Net Assets E, I

 

 

 

 

 

Expenses before reductions

  .87%A

  .72%

  .71%

  .73%

  .79%

  .78%

Expenses net of fee waivers, if any

  .87%A

  .72%

  .71%

  .73%

  .79%

  .78%

Expenses net of all reductions

  .87%A

  .72%

  .69%

  .72%

  .77%

  .77%

Net investment income (loss)

  .21%A

  .37%

  .39%

  .09%G

  (.21)%

  (.26)%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 2,604

$ 1,835

$ 1,640

$ 1,385

$ 1,597

$ 1,925

Portfolio turnover rateF

  41% A

  58%

  87%

  165%

  165%

  116%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GInvestment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .00%. HThe amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JAmount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Class K

 

Six months ended
May 31, 2015

Years ended November 30,

 

(Unaudited)

2014

2013

2012

2011

2010

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 32.70

$ 27.88

$ 20.74

$ 19.17

$ 19.06

$ 15.29

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .06

  .17

  .15

  .07G

  .01

  -J

Net realized and unrealized gain (loss)

  2.41

  4.76

  7.14

  1.50

  .10

  3.77

Total from investment operations

  2.47

  4.93

  7.29

  1.57

  .11

  3.77

Distributions from net investment income

  (.15)

  (.11)

  (.13)H

  -

  -

  -

Distributions from net realized gain

  (.01)

  -

  (.02)H

  -

  -

  -

Total distributions

  (.15)K

  (.11)

  (.15)

  -

  -

  -

Redemption fees added to paid in capital D, J

  -

  -

  -

  -

  -

  -

Net asset value, end of period

$ 35.02

$ 32.70

$ 27.88

$ 20.74

$ 19.17

$ 19.06

Total ReturnB, C

  7.61%

  17.75%

  35.42%

  8.19%

  .58%

  24.66%

Ratios to Average Net Assets E, I

 

 

 

 

 

Expenses before reductions

  .71%A

  .53%

  .48%

  .48%

  .54%

  .52%

Expenses net of fee waivers, if any

  .71%A

  .53%

  .48%

  .48%

  .54%

  .52%

Expenses net of all reductions

  .71%A

  .53%

  .46%

  .47%

  .53%

  .51%

Net investment income (loss)

  .37%A

  .56%

  .62%

  .34%G

  .03%

  -%L

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (in millions)

$ 652

$ 385

$ 342

$ 274

$ 220

$ 179

Portfolio turnover rateF

  41% A

  58%

  87%

  165%

  165%

  116%

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GInvestment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .25%. HThe amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JAmount represents less than $.01 per share. KTotal distributions of $.15 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.008 per share. LAmount represents less than .01%

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

Semiannual Report


Notes to Financial Statements

For the period ended May 31, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity® Growth Strategies Fund (the Fund) is a fund of Fidelity Mt. Vernon Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Growth Strategies and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.

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

3. Significant Accounting Policies.

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

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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 as shown below:

Level 1 - quoted prices in active markets for identical investments

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

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

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

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

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

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

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

Semiannual Report

3. Significant Accounting Policies - continued

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

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

Gross unrealized appreciation

$ 689,517

Gross unrealized depreciation

(58,144)

Net unrealized appreciation (depreciation) on securities

$ 631,373

 

 

Tax cost

$ 2,634,093

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration

 

2016

$ (551,333)

2017

(129,992)

Total capital loss carryforward

$ (681,325)

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

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

Semiannual Report

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,407,325 and $573,472, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Strategies as compared to its benchmark index, the Russell Midcap Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .62% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

For the period, transfer agent fees for each class were as follows:

 

Amount

% of
Class-Level Average
Net Assets
*

Growth Strategies

$ 2,363

.21

Class K

131

.05

 

$ 2,494

 

* Annualized

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $17 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are

Semiannual Report

7. Security Lending - continued

disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $12 including ten dollars from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $16 for the period.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Growth Strategies expenses during the period in the amount of three hundred and nineteen dollars.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2015

Year ended
November 30,
2014

From net investment income

 

 

Growth Strategies

$ 5,313

$ 3,012

Class K

1,710

1,331

Total

$ 7,023

$ 4,343

From net realized gain

 

 

Growth Strategies

$ 467

$ -

Class K

94

-

Total

$ 561

$ -

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

 

Shares

Dollars

Six months ended May 31,
2015

Year ended
November 30, 2014

Six months ended May 31,
2015

Year ended
November 30, 2014

Growth Strategies

 

 

 

 

Shares sold

22,087

5,295

$ 731,152

$ 159,469

Reinvestment of distributions

179

108

5,600

2,940

Shares redeemed

(3,953)

(8,117)

(132,479)

(237,306)

Net increase (decrease)

18,313

(2,714)

$ 604,273

$ (74,897)

Class K

 

 

 

 

Shares sold

8,120

2,651

$ 266,908

$ 78,391

Reinvestment of distributions

57

48

1,804

1,330

Shares redeemed

(1,309)

(3,210)

(44,262)

(95,236)

Net increase (decrease)

6,868

(511)

$ 224,450

$ (15,515)

11. Other.

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

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company

Chicago, Illinois

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

FEG-K-USAN-0715
1.863030.106
Contents Shareholder Expense Example Investment Changes (Unaudited) Investments May 31, 2015 (Unaudited) Financial Statements Notes to Financial Statements

Fidelity®

Growth Strategies

Fund

Semiannual Report

May 31, 2015

(Fidelity Cover Art)


Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Investment Changes

(Click Here)

A summary of major shifts in the fund's investments over the past six months.

Investments

(Click Here)

A complete list of the fund's investments with their market values.

Financial Statements

(Click Here)

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

(Click Here)

Notes to the financial statements.

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report


Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2014 to May 31, 2015).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Semiannual Report

Shareholder Expense Example - continued

 

Annualized
Expense Ratio
B

Beginning
Account Value
December 1, 2014

Ending
Account Value
May 31, 2015

Expenses Paid
During Period
*
December 1, 2014
to May 31, 2015

Growth Strategies

.87%

 

 

 

Actual

 

$ 1,000.00

$ 1,075.20

$ 4.50

HypotheticalA

 

$ 1,000.00

$ 1,020.59

$ 4.38

Class K

.71%

 

 

 

Actual

 

$ 1,000.00

$ 1,076.10

$ 3.67

HypotheticalA

 

$ 1,000.00

$ 1,021.39

$ 3.58

A 5% return per year before expenses

B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report


Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Avago Technologies Ltd.

2.4

1.7

Intuit, Inc.

2.3

2.2

Lorillard, Inc.

2.2

1.5

AmerisourceBergen Corp.

2.2

1.4

Electronic Arts, Inc.

2.2

0.0

Wyndham Worldwide Corp.

2.0

1.8

Total System Services, Inc.

2.0

1.1

Kroger Co.

2.0

1.7

Cigna Corp.

1.9

1.1

O'Reilly Automotive, Inc.

1.9

1.3

 

21.1

Top Five Market Sectors as of May 31, 2015

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

21.8

17.6

Consumer Discretionary

20.8

20.7

Health Care

18.1

16.9

Industrials

17.5

19.7

Financials

8.6

9.0

Asset Allocation (% of fund's net assets)

As of May 31, 2015*

As of November 30, 2014**

feg311355

Stocks 99.6%

 

feg311357

Stocks 99.1%

 

feg311359

Short-Term
Investments and
Net Other Assets (Liabilities) 0.4%

 

feg311361

Short-Term
Investments and
Net Other Assets (Liabilities) 0.9%

 

* Foreign investments

11.9%

 

** Foreign investments

12.5%

 

feg311363

Semiannual Report


Investments May 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 20.8%

Auto Components - 2.1%

Delphi Automotive PLC

301,500

$ 26,224

Tenneco, Inc. (a)

214,000

12,566

Visteon Corp. (a)

265,650

29,094

 

67,884

Automobiles - 0.8%

Harley-Davidson, Inc.

486,100

26,001

Diversified Consumer Services - 1.1%

Service Corp. International

600,000

17,436

ServiceMaster Global Holdings, Inc.

570,000

19,146

 

36,582

Hotels, Restaurants & Leisure - 4.5%

Jack in the Box, Inc.

473,000

41,061

Las Vegas Sands Corp.

811,000

41,223

Wyndham Worldwide Corp.

770,000

65,381

 

147,665

Household Durables - 1.7%

Harman International Industries, Inc.

200,100

24,116

Jarden Corp. (a)

346,500

18,385

Tupperware Brands Corp.

170,000

11,176

 

53,677

Internet & Catalog Retail - 1.6%

Liberty Interactive Corp. Series A (a)

647,000

18,097

Orbitz Worldwide, Inc. (a)

286,961

3,234

TripAdvisor, Inc. (a)

335,000

25,547

zulily, Inc. Class A (a)

452,000

5,978

 

52,856

Leisure Products - 0.5%

Mattel, Inc.

617,000

15,925

Media - 1.4%

DIRECTV (a)

340,000

30,954

Time Warner Cable, Inc.

82,500

14,923

 

45,877

Multiline Retail - 0.1%

Macy's, Inc.

28,000

1,875

Specialty Retail - 4.1%

AutoZone, Inc. (a)

31,470

21,199

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

GNC Holdings, Inc.

1,144,000

$ 50,954

O'Reilly Automotive, Inc. (a)

282,000

61,907

 

134,060

Textiles, Apparel & Luxury Goods - 2.9%

Hanesbrands, Inc.

1,470,000

46,834

Michael Kors Holdings Ltd. (a)

240,000

11,160

VF Corp.

524,200

36,919

 

94,913

TOTAL CONSUMER DISCRETIONARY

677,315

CONSUMER STAPLES - 7.2%

Beverages - 0.8%

Brown-Forman Corp. Class B (non-vtg.)

60,808

5,732

Monster Beverage Corp. (a)

150,000

19,092

 

24,824

Food & Staples Retailing - 2.0%

Kroger Co.

873,000

63,554

Food Products - 2.2%

Mead Johnson Nutrition Co. Class A

460,000

44,758

The Hershey Co.

280,000

26,001

 

70,759

Tobacco - 2.2%

Lorillard, Inc.

1,010,000

73,205

TOTAL CONSUMER STAPLES

232,342

ENERGY - 1.7%

Energy Equipment & Services - 0.3%

Cameron International Corp. (a)

51,000

2,618

Oceaneering International, Inc.

128,000

6,502

Oil States International, Inc. (a)

40,000

1,635

 

10,755

Oil, Gas & Consumable Fuels - 1.4%

Cabot Oil & Gas Corp.

247,000

8,388

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Tesoro Corp.

339,900

$ 30,081

World Fuel Services Corp.

128,100

6,409

 

44,878

TOTAL ENERGY

55,633

FINANCIALS - 8.6%

Banks - 0.2%

Investors Bancorp, Inc.

387,336

4,652

Capital Markets - 3.4%

Affiliated Managers Group, Inc. (a)

149,300

33,392

Ameriprise Financial, Inc.

348,000

43,357

Invesco Ltd.

344,000

13,702

Lazard Ltd. Class A

350,300

19,463

 

109,914

Consumer Finance - 0.6%

Springleaf Holdings, Inc. (a)

426,400

20,263

Diversified Financial Services - 3.2%

IntercontinentalExchange Group, Inc.

105,000

24,862

McGraw Hill Financial, Inc.

506,000

52,498

Moody's Corp.

256,000

27,674

 

105,034

Insurance - 0.4%

AmTrust Financial Services, Inc. (d)

220,800

13,288

Real Estate Management & Development - 0.8%

CBRE Group, Inc. (a)

698,000

26,692

TOTAL FINANCIALS

279,843

HEALTH CARE - 18.1%

Biotechnology - 0.3%

United Therapeutics Corp. (a)

49,200

9,039

Health Care Equipment & Supplies - 1.7%

Boston Scientific Corp. (a)

1,235,736

22,577

Zimmer Holdings, Inc.

285,802

32,607

 

55,184

Health Care Providers & Services - 11.6%

Aetna, Inc.

470,000

55,446

AmerisourceBergen Corp.

640,000

72,038

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - continued

Cardinal Health, Inc.

293,000

$ 25,834

Cigna Corp.

444,000

62,529

DaVita HealthCare Partners, Inc. (a)

410,000

34,350

HCA Holdings, Inc. (a)

473,000

38,706

Henry Schein, Inc. (a)

97,000

13,742

MEDNAX, Inc. (a)

759,975

54,095

Universal Health Services, Inc. Class B

155,100

20,098

 

376,838

Life Sciences Tools & Services - 0.7%

Agilent Technologies, Inc.

377,695

15,557

Mettler-Toledo International, Inc. (a)

29,000

9,416

 

24,973

Pharmaceuticals - 3.8%

Endo Health Solutions, Inc. (a)

451,000

37,776

Jazz Pharmaceuticals PLC (a)

185,000

33,180

Mylan N.V. 

733,800

53,296

 

124,252

TOTAL HEALTH CARE

590,286

INDUSTRIALS - 17.5%

Aerospace & Defense - 2.7%

Huntington Ingalls Industries, Inc.

245,000

30,378

Meggitt PLC

966,600

7,512

TransDigm Group, Inc.

229,000

51,763

 

89,653

Airlines - 3.7%

Alaska Air Group, Inc.

476,243

30,784

Delta Air Lines, Inc.

720,000

30,902

Southwest Airlines Co.

1,007,200

37,317

United Continental Holdings, Inc. (a)

376,000

20,526

 

119,529

Commercial Services & Supplies - 1.2%

Deluxe Corp.

327,000

20,872

KAR Auction Services, Inc.

472,260

17,596

 

38,468

Electrical Equipment - 2.0%

AMETEK, Inc.

480,000

25,805

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Electrical Equipment - continued

Hubbell, Inc. Class B

114,400

$ 12,359

Rockwell Automation, Inc.

231,000

28,388

 

66,552

Industrial Conglomerates - 1.0%

Roper Industries, Inc.

188,600

32,997

Machinery - 3.0%

Allison Transmission Holdings, Inc.

276,200

8,452

IDEX Corp.

249,000

19,238

Toro Co.

225,216

15,403

WABCO Holdings, Inc. (a)

128,000

16,182

Wabtec Corp.

372,000

37,312

 

96,587

Professional Services - 1.9%

Equifax, Inc.

445,300

44,677

Verisk Analytics, Inc. (a)

248,100

18,007

 

62,684

Road & Rail - 1.3%

CSX Corp.

420,000

14,314

Landstar System, Inc.

407,515

26,651

 

40,965

Trading Companies & Distributors - 0.7%

W.W. Grainger, Inc.

92,500

22,231

TOTAL INDUSTRIALS

569,666

INFORMATION TECHNOLOGY - 21.8%

Electronic Equipment & Components - 2.1%

Amphenol Corp. Class A

522,300

29,797

Ingram Micro, Inc. Class A (a)

370,000

9,920

Keysight Technologies, Inc. (a)

363,500

11,945

TE Connectivity Ltd.

241,400

16,657

 

68,319

Internet Software & Services - 0.8%

HomeAway, Inc. (a)

250,000

7,018

VeriSign, Inc. (a)

308,000

19,463

 

26,481

IT Services - 6.4%

Amdocs Ltd.

394,900

21,660

Broadridge Financial Solutions, Inc.

545,000

29,528

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Fidelity National Information Services, Inc.

304,000

$ 19,061

Fiserv, Inc. (a)

510,600

40,925

FleetCor Technologies, Inc. (a)

133,800

20,356

Genpact Ltd. (a)

489,900

11,018

Total System Services, Inc.

1,580,000

65,096

 

207,644

Semiconductors & Semiconductor Equipment - 5.8%

Altera Corp.

87,728

4,286

Avago Technologies Ltd.

530,000

78,470

Cree, Inc. (a)(d)

166,000

5,026

Micron Technology, Inc. (a)

727,900

20,330

NXP Semiconductors NV (a)

280,074

31,438

Skyworks Solutions, Inc.

455,000

49,759

 

189,309

Software - 5.7%

Adobe Systems, Inc. (a)

154,800

12,243

Check Point Software Technologies Ltd. (a)

307,400

26,043

Electronic Arts, Inc. (a)

1,133,504

71,133

Intuit, Inc.

740,000

77,071

 

186,490

Technology Hardware, Storage & Peripherals - 1.0%

SanDisk Corp.

470,000

32,139

TOTAL INFORMATION TECHNOLOGY

710,382

MATERIALS - 3.9%

Chemicals - 3.2%

Celanese Corp. Class A

260,000

17,901

Eastman Chemical Co.

383,500

29,441

Sherwin-Williams Co.

145,000

41,786

Sigma Aldrich Corp.

5,000

697

The Scotts Miracle-Gro Co. Class A

230,307

14,109

 

103,934

Containers & Packaging - 0.7%

Ball Corp.

135,000

9,584

Packaging Corp. of America

178,000

12,314

 

21,898

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - 0.0%