N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3583

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

November 30

 

 

Date of reporting period:

February 28, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® New Millennium Fund®

February 28, 2011 

1.797943.107

NMF-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 12.5%

Auto Components - 0.6%

Johnson Controls, Inc.

152,800

$ 6,234

Visteon Corp. (a)(d)

65,000

4,807

 

11,041

Automobiles - 0.7%

BYD Co. Ltd. (H Shares)

350,000

1,380

Ford Motor Co. (a)

489,200

7,362

General Motors Co.

164,500

5,516

 

14,258

Distributors - 0.2%

Pool Corp.

172,300

4,301

Hotels, Restaurants & Leisure - 2.1%

Bravo Brio Restaurant Group, Inc.

288,000

4,962

Denny's Corp. (a)

1,661,000

6,461

Hong Kong & Shanghai Hotels Ltd.

1,785,191

2,971

McCormick & Schmick's Seafood Restaurants (a)

446,074

4,581

Starbucks Corp.

267,500

8,822

Starwood Hotels & Resorts Worldwide, Inc.

155,100

9,477

Wendy's/Arby's Group, Inc.

800,000

3,808

 

41,082

Household Durables - 0.8%

D.R. Horton, Inc.

381,500

4,517

PulteGroup, Inc. (a)

400,000

2,760

Stanley Black & Decker, Inc.

69,000

5,232

Toll Brothers, Inc. (a)

172,400

3,665

 

16,174

Internet & Catalog Retail - 0.2%

Rakuten, Inc.

5,000

4,444

Leisure Equipment & Products - 0.6%

Brunswick Corp.

536,242

12,350

Media - 3.7%

Comcast Corp. Class A

805,200

20,742

Milm LP Holdings LLC unit (a)

697

523

Naspers Ltd. Class N

70,000

4,021

Scripps Networks Interactive, Inc. Class A

100,000

5,194

The Walt Disney Co.

429,000

18,764

Time Warner, Inc.

375,000

14,325

Viacom, Inc. Class B (non-vtg.)

222,000

9,915

 

73,484

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Multiline Retail - 0.3%

Nordstrom, Inc.

100,000

$ 4,526

Specialty Retail - 3.1%

Carphone Warehouse Group PLC (a)

500,000

3,309

China ZhengTong Auto Services Holdings Ltd.

2,868,000

2,633

Hengdeli Holdings Ltd.

9,244,000

5,033

Home Depot, Inc.

410,400

15,378

Lithia Motors, Inc. Class A (sub. vtg.)

285,800

4,327

Lowe's Companies, Inc.

561,700

14,700

MarineMax, Inc. (a)

655,982

5,924

Sally Beauty Holdings, Inc. (a)

362,800

4,706

Ulta Salon, Cosmetics & Fragrance, Inc. (a)

120,000

5,008

 

61,018

Textiles, Apparel & Luxury Goods - 0.2%

Trinity Ltd.

5,000,000

4,468

TOTAL CONSUMER DISCRETIONARY

247,146

CONSUMER STAPLES - 3.4%

Food & Staples Retailing - 0.5%

Drogasil SA

450,000

3,435

Whole Foods Market, Inc.

102,500

6,002

 

9,437

Food Products - 1.8%

Green Mountain Coffee Roasters, Inc. (a)(d)

762,125

31,079

Ralcorp Holdings, Inc. (a)

88,300

5,726

 

36,805

Household Products - 0.7%

Colgate-Palmolive Co.

169,600

13,317

Personal Products - 0.4%

Nu Skin Enterprises, Inc. Class A

150,000

4,788

Prestige Brands Holdings, Inc. (a)

300,000

3,306

 

8,094

TOTAL CONSUMER STAPLES

67,653

Common Stocks - continued

Shares

Value (000s)

ENERGY - 12.8%

Energy Equipment & Services - 0.5%

North American Energy Partners, Inc. (a)

324,800

$ 4,284

Weatherford International Ltd. (a)

267,200

6,461

 

10,745

Oil, Gas & Consumable Fuels - 12.3%

Alpha Natural Resources, Inc. (a)

129,800

7,038

Anadarko Petroleum Corp.

247,200

20,228

BG Group PLC

250,000

6,083

Chesapeake Energy Corp.

158,000

5,626

Concho Resources, Inc. (a)

50,000

5,326

Denbury Resources, Inc. (a)

759,200

18,395

Exxon Mobil Corp.

1,170,677

100,124

Imperial Oil Ltd. (d)

84,500

4,401

Niko Resources Ltd.

52,600

4,494

Noble Energy, Inc.

57,400

5,319

Northern Oil & Gas, Inc. (a)

225,000

7,148

Occidental Petroleum Corp.

301,500

30,744

Petrohawk Energy Corp. (a)

200,000

4,320

Plains Exploration & Production Co. (a)

100,000

3,917

Royal Dutch Shell PLC Class A sponsored ADR

137,700

9,949

SouthGobi Energy Resources Ltd. (a)

239,700

3,872

Southwestern Energy Co. (a)

157,600

6,222

 

243,206

TOTAL ENERGY

253,951

FINANCIALS - 18.1%

Capital Markets - 1.4%

Ashmore Group PLC

837,000

4,563

Bank of New York Mellon Corp.

315,700

9,594

Morgan Stanley

450,000

13,356

 

27,513

Commercial Banks - 6.5%

Alliance Financial Corp.

181,448

5,757

Banco Santander SA

350,016

4,309

BB&T Corp.

192,700

5,319

Comerica, Inc.

157,800

6,138

Erste Bank AG

70,000

3,695

FirstMerit Corp.

464,900

7,927

KeyCorp

600,000

5,484

M&T Bank Corp.

91,200

8,030

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

Standard Chartered PLC (United Kingdom)

233,276

$ 6,171

SunTrust Banks, Inc.

200,000

6,034

Susquehanna Bancshares, Inc.

585,400

5,596

U.S. Bancorp, Delaware

469,700

13,025

Webster Financial Corp.

260,400

6,036

Wells Fargo & Co.

1,417,700

45,735

 

129,256

Diversified Financial Services - 6.5%

Bank of America Corp.

1,778,600

25,416

Citigroup, Inc. (a)

6,589,900

30,841

JPMorgan Chase & Co.

845,800

39,490

KKR Financial Holdings LLC

3,305,800

32,959

 

128,706

Insurance - 1.3%

Arch Capital Group Ltd. (a)

53,600

4,851

Lincoln National Corp.

369,000

11,705

Unum Group

230,000

6,102

Validus Holdings Ltd.

105,714

3,272

 

25,930

Real Estate Management & Development - 0.4%

Henderson Land Development Co. Ltd.

369,000

2,338

Swire Pacific Ltd. (A Shares)

193,000

2,696

Wharf Holdings Ltd.

434,000

2,845

Wharf Holdings Ltd. rights 3/11/11 (a)

43,400

81

 

7,960

Thrifts & Mortgage Finance - 2.0%

Bank Mutual Corp.

579,500

2,677

BankUnited, Inc.

60,400

1,712

First Niagara Financial Group, Inc. (d)

383,100

5,547

MGIC Investment Corp. (a)(d)

1,423,000

12,224

Ocwen Financial Corp. (a)

409,100

4,328

Radian Group, Inc.

1,769,923

12,496

 

38,984

TOTAL FINANCIALS

358,349

HEALTH CARE - 11.9%

Biotechnology - 3.1%

Alexion Pharmaceuticals, Inc. (a)

99,600

9,589

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Allos Therapeutics, Inc. (a)

500,000

$ 1,670

Alnylam Pharmaceuticals, Inc. (a)

152,500

1,674

ARIAD Pharmaceuticals, Inc. (a)

407,700

2,450

AVEO Pharmaceuticals, Inc.

133,000

1,833

BioMarin Pharmaceutical, Inc. (a)

150,000

3,669

Cephalon, Inc. (a)

60,000

3,379

Clinical Data, Inc. (a)

150,000

4,556

Dynavax Technologies Corp. (a)

700,000

2,093

Isis Pharmaceuticals, Inc. (a)

234,400

2,138

Keryx Biopharmaceuticals, Inc. (a)(d)

900,000

3,555

Medivir AB (B Shares) (a)

130,000

2,864

Neurocrine Biosciences, Inc. (a)

700,000

4,725

SIGA Technologies, Inc. (a)(d)

600,000

8,040

Theravance, Inc. (a)

250,000

5,695

ZIOPHARM Oncology, Inc. (a)

500,000

3,045

 

60,975

Health Care Equipment & Supplies - 2.5%

C. R. Bard, Inc.

50,000

4,888

Covidien PLC

185,000

9,518

HeartWare International, Inc. CDI (a)

9,290,545

22,636

Mako Surgical Corp. (a)

239,300

4,930

Orthovita, Inc. (a)

1,100,000

2,618

Volcano Corp. (a)

100,000

2,624

Wright Medical Group, Inc. (a)

178,500

2,826

 

50,040

Health Care Providers & Services - 2.0%

Air Methods Corp. (a)

35,767

2,076

Capital Senior Living Corp. (a)

611,000

5,126

Centene Corp. (a)

120,000

3,656

Emeritus Corp. (a)

200,915

4,728

Express Scripts, Inc. (a)

168,800

9,490

Henry Schein, Inc. (a)

81,200

5,601

Medco Health Solutions, Inc. (a)

150,300

9,264

 

39,941

Health Care Technology - 0.3%

SXC Health Solutions Corp. (a)

100,400

4,950

Life Sciences Tools & Services - 2.3%

Agilent Technologies, Inc. (a)

233,100

9,809

Bruker BioSciences Corp. (a)

284,900

5,467

Covance, Inc. (a)

50,000

2,822

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Life Sciences Tools & Services - continued

ICON PLC sponsored ADR (a)

135,000

$ 2,685

Illumina, Inc. (a)

114,200

7,925

Lonza Group AG

50,000

4,231

PerkinElmer, Inc.

196,400

5,205

QIAGEN NV (a)

186,200

3,841

Techne Corp.

52,000

3,728

 

45,713

Pharmaceuticals - 1.7%

Cadence Pharmaceuticals, Inc. (a)(d)

526,200

3,952

Dr. Reddy's Laboratories Ltd. sponsored ADR (d)

187,500

6,384

GlaxoSmithKline PLC

449,500

8,630

Hospira, Inc. (a)

75,000

3,964

Novo Nordisk AS Series B sponsored ADR

41,900

5,307

Shire PLC sponsored ADR

74,400

6,325

 

34,562

TOTAL HEALTH CARE

236,181

INDUSTRIALS - 10.2%

Aerospace & Defense - 2.3%

Precision Castparts Corp.

57,300

8,122

Raytheon Co.

188,600

9,658

The Boeing Co.

176,300

12,695

United Technologies Corp.

175,300

14,645

 

45,120

Air Freight & Logistics - 0.3%

Hub Group, Inc. Class A (a)

194,616

6,804

Airlines - 0.2%

Copa Holdings SA Class A

70,700

3,770

Building Products - 1.2%

Lennox International, Inc.

160,000

7,760

Masco Corp.

397,200

5,398

Owens Corning (a)

150,000

5,360

Quanex Building Products Corp.

240,000

4,534

 

23,052

Commercial Services & Supplies - 0.9%

Casella Waste Systems, Inc. Class A (a)

544,800

3,993

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Commercial Services & Supplies - continued

Clean Harbors, Inc. (a)

86,100

$ 7,911

The Geo Group, Inc. (a)

200,000

5,086

 

16,990

Electrical Equipment - 1.3%

Acuity Brands, Inc.

111,300

6,291

Babcock & Wilcox Co. (a)

125,000

4,221

GrafTech International Ltd. (a)

179,300

3,588

Polypore International, Inc. (a)

104,800

6,125

Zumtobel AG

212,700

6,132

 

26,357

Industrial Conglomerates - 0.3%

Textron, Inc.

200,000

5,418

Machinery - 0.6%

Blount International, Inc. (a)

390,200

5,931

Ingersoll-Rand Co. Ltd.

128,200

5,807

Key Technology, Inc. (a)

46,015

931

 

12,669

Professional Services - 1.2%

Acacia Research Corp. - Acacia Technologies (a)

317,508

9,309

IHS, Inc. Class A (a)

35,000

2,930

Michael Page International PLC

587,433

4,914

Robert Half International, Inc.

207,400

6,616

 

23,769

Road & Rail - 1.4%

CSX Corp.

156,800

11,707

Landstar System, Inc.

91,300

4,060

Tegma Gestao Logistica

58,400

825

Union Pacific Corp.

118,000

11,258

 

27,850

Trading Companies & Distributors - 0.5%

Beacon Roofing Supply, Inc. (a)

265,300

5,627

Rush Enterprises, Inc. Class A (a)

284,200

5,334

 

10,961

TOTAL INDUSTRIALS

202,760

INFORMATION TECHNOLOGY - 23.0%

Communications Equipment - 1.6%

ADTRAN, Inc.

113,200

5,148

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

HTC Corp.

284,000

$ 10,257

Juniper Networks, Inc. (a)

209,600

9,222

RADWARE Ltd. (a)

100,000

3,767

Riverbed Technology, Inc. (a)

102,300

4,224

 

32,618

Computers & Peripherals - 4.3%

Apple, Inc. (a)

219,500

77,530

NetApp, Inc. (a)

133,100

6,876

 

84,406

Electronic Equipment & Components - 2.5%

Coretronic Corp.

1,165,000

1,883

Corning, Inc.

640,600

14,772

Everlight Electronics Co. Ltd.

881,263

2,484

Fabrinet (a)

180,670

5,281

FLIR Systems, Inc.

198,200

6,402

Measurement Specialties, Inc. (a)

278,900

8,629

Universal Display Corp. (a)

226,100

9,517

 

48,968

Internet Software & Services - 4.4%

eBay, Inc. (a)

938,400

31,441

Google, Inc. Class A (a)

61,400

37,663

Open Text Corp. (a)

73,900

4,347

OpenTable, Inc. (a)

50,000

4,444

Rackspace Hosting, Inc. (a)(d)

146,100

5,393

SciQuest, Inc.

256,630

3,660

 

86,948

IT Services - 3.1%

Cardtronics, Inc. (a)

126,800

2,403

CoreLogic, Inc. (a)

92,500

1,725

Fidelity National Information Services, Inc.

150,000

4,859

International Business Machines Corp.

275,100

44,533

MasterCard, Inc. Class A

37,000

8,901

 

62,421

Semiconductors & Semiconductor Equipment - 1.9%

ASML Holding NV

71,100

3,100

Avago Technologies Ltd.

169,800

5,772

Ceva, Inc. (a)

125,000

2,850

Epistar Corp.

726,317

2,505

International Rectifier Corp. (a)

125,000

4,018

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

KLA-Tencor Corp.

132,500

$ 6,469

Lam Research Corp. (a)

114,991

6,313

Nanometrics, Inc. (a)

200,000

3,604

Siliconware Precision Industries Co. Ltd. sponsored ADR

472,300

3,207

 

37,838

Software - 5.2%

AutoNavi Holdings Ltd. ADR

109,200

1,736

Autonomy Corp. PLC (a)

1,387,941

37,076

CA, Inc.

250,000

6,195

Citrix Systems, Inc. (a)

88,000

6,174

Concur Technologies, Inc. (a)

52,300

2,721

Informatica Corp. (a)

172,500

8,109

MICROS Systems, Inc. (a)

100,000

4,764

Nice Systems Ltd. sponsored ADR (a)

132,800

4,601

Nuance Communications, Inc. (a)

736,900

13,751

Solera Holdings, Inc.

75,000

3,831

Taleo Corp. Class A (a)

183,000

5,909

Trion World Network, Inc. warrants 8/10/17 (a)(f)

28,652

0

VMware, Inc. Class A (a)

102,400

8,566

 

103,433

TOTAL INFORMATION TECHNOLOGY

456,632

MATERIALS - 1.7%

Chemicals - 0.7%

Airgas, Inc.

75,000

4,694

Celanese Corp. Class A

100,000

4,145

Wacker Chemie AG

25,800

4,760

 

13,599

Metals & Mining - 1.0%

Gem Diamonds Ltd. (a)

1,955,500

9,090

Ivanhoe Mines Ltd. (a)

372,945

10,567

Tahoe Resources, Inc. (e)

89,400

1,460

 

21,117

TOTAL MATERIALS

34,716

TELECOMMUNICATION SERVICES - 1.2%

Diversified Telecommunication Services - 0.6%

Iliad Group SA

25,000

2,800

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

TalkTalk Telecom Group PLC

1,000,000

$ 2,426

tw telecom, inc. (a)

325,000

6,045

 

11,271

Wireless Telecommunication Services - 0.6%

Vodafone Group PLC sponsored ADR

411,000

11,763

TOTAL TELECOMMUNICATION SERVICES

23,034

UTILITIES - 1.9%

Electric Utilities - 0.4%

Southern Co.

200,000

7,622

Independent Power Producers & Energy Traders - 0.4%

AES Corp. (a)

736,400

9,109

Multi-Utilities - 1.1%

Alliant Energy Corp.

130,000

5,119

TECO Energy, Inc.

761,900

13,798

YTL Corp. Bhd

1,261,128

2,935

 

21,852

TOTAL UTILITIES

38,583

TOTAL COMMON STOCKS

(Cost $1,392,328)

1,919,005

Preferred Stocks - 0.8%

 

 

 

 

Convertible Preferred Stocks - 0.3%

FINANCIALS - 0.1%

Diversified Financial Services - 0.1%

Ning, Inc. Series D 8.00% (a)(f)

419,580

2,473

INFORMATION TECHNOLOGY - 0.2%

Software - 0.2%

Trion World Network, Inc.:

Series C, 8.00% (a)(f)

910,747

3,898

Series C-1, 8.00% (a)(f)

71,630

307

 

4,205

TOTAL CONVERTIBLE PREFERRED STOCKS

6,678

Preferred Stocks - continued

Shares

Value (000s)

Nonconvertible Preferred Stocks - 0.5%

CONSUMER DISCRETIONARY - 0.5%

Automobiles - 0.5%

Porsche Automobil Holding SE

54,000

$ 4,279

Volkswagen AG

29,400

4,986

 

9,265

TOTAL PREFERRED STOCKS

(Cost $16,126)

15,943

Money Market Funds - 4.4%

 

 

 

 

Fidelity Cash Central Fund, 0.19% (b)

27,861,069

27,861

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)

59,091,965

59,092

TOTAL MONEY MARKET FUNDS

(Cost $86,953)

86,953

TOTAL INVESTMENT PORTFOLIO - 101.9%

(Cost $1,495,407)

2,021,901

NET OTHER ASSETS (LIABILITIES) - (1.9)%

(38,049)

NET ASSETS - 100%

$ 1,983,852

Legend

(a) Non-income producing

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

(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) 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 $1,460,000 or 0.1% of net assets.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $6,678,000 or 0.3% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Ning, Inc. Series D 8.00%

3/19/08

$ 3,000

Trion World Network, Inc.: warrants 8/10/17

8/10/10

$ 0

Series C, 8.00%

8/22/08

$ 5,001

Series C-1, 8.00%

8/10/10

$ 393

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

$ 10

Fidelity Securities Lending Cash Central Fund

188

Total

$ 198

Other Information

The following is a summary of the inputs used, as of February 28, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 256,411

$ 255,888

$ -

$ 523

Consumer Staples

67,653

67,653

-

-

Energy

253,951

253,951

-

-

Financials

360,822

353,959

4,390

2,473

Health Care

236,181

204,915

31,266

-

Industrials

202,760

202,760

-

-

Information Technology

460,837

439,503

17,129

4,205

Materials

34,716

34,716

-

-

Telecommunication Services

23,034

23,034

-

-

Utilities

38,583

38,583

-

-

Money Market Funds

86,953

86,953

-

-

Total Investments in Securities:

$ 2,021,901

$ 1,961,915

$ 52,785

$ 7,201

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

(Amounts in thousands)

 

Investments in Securities:

Beginning Balance

$ 7,201

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

-

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 7,201

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2011

$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $1,509,909,000. Net unrealized appreciation aggregated $511,992,000, of which $548,176,000 related to appreciated investment securities and $36,184,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

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

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth Company Fund
Growth Company
Class K
Class F

February 28, 2011 

1.797941.107

GCF-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 13.5%

Auto Components - 0.5%

Johnson Controls, Inc.

3,235,000

$ 131,988

Lear Corp.

710,000

75,118

 

207,106

Automobiles - 0.4%

Ford Motor Co. (a)

6,225,000

93,686

General Motors Co.

2,272,800

76,207

Tesla Motors, Inc. (a)

125,298

2,993

 

172,886

Diversified Consumer Services - 0.3%

Coinstar, Inc. (a)(d)

1,571,707

67,080

K12, Inc. (a)(d)

960,000

32,294

 

99,374

Hotels, Restaurants & Leisure - 3.8%

BJ's Restaurants, Inc. (a)(e)

2,722,104

97,860

Buffalo Wild Wings, Inc. (a)(d)

819,900

43,447

China Lodging Group Ltd. ADR (d)

756,400

12,496

Chipotle Mexican Grill, Inc. (a)

275,000

67,375

Home Inns & Hotels Management, Inc. sponsored ADR (a)(d)

1,870,000

63,225

Hyatt Hotels Corp. Class A (a)

4,373,440

200,085

Las Vegas Sands Corp. (a)

2,130,000

99,343

McDonald's Corp.

5,485,000

415,105

Panera Bread Co. Class A (a)

1,185,000

138,349

Starbucks Corp.

6,538,400

215,636

Starwood Hotels & Resorts Worldwide, Inc.

1,405,000

85,846

The Cheesecake Factory, Inc. (a)

1,290,000

37,462

 

1,476,229

Household Durables - 1.0%

Gafisa SA sponsored ADR

1,845,000

23,302

Lennar Corp. Class A

2,438,907

49,168

PulteGroup, Inc. (a)

3,648,257

25,173

SodaStream International Ltd.

75,000

3,317

Tempur-Pedic International, Inc. (a)

1,620,000

76,043

Toll Brothers, Inc. (a)

2,724,050

57,913

Tupperware Brands Corp. (e)

3,180,000

170,607

 

405,523

Internet & Catalog Retail - 1.6%

Amazon.com, Inc. (a)

2,766,000

479,320

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Internet & Catalog Retail - continued

Netflix, Inc. (a)(d)

455,000

$ 94,035

Priceline.com, Inc. (a)

145,000

65,813

 

639,168

Media - 0.5%

Comcast Corp. Class A

3,097,500

79,792

DreamWorks Animation SKG, Inc. Class A (a)

75,000

2,072

IMAX Corp. (a)

1,740,500

46,141

News Corp. Class A

1,330,000

23,102

Time Warner, Inc.

1,025,650

39,180

 

190,287

Multiline Retail - 0.9%

Dollar Tree, Inc. (a)

562,500

28,305

Kohl's Corp.

1,240,000

66,824

Nordstrom, Inc.

800,000

36,208

Target Corp.

4,340,000

228,067

 

359,404

Specialty Retail - 1.6%

Abercrombie & Fitch Co. Class A

75,000

4,303

AutoNation, Inc. (a)(d)

1,050,000

35,322

Bed Bath & Beyond, Inc. (a)

1,300,000

62,595

Best Buy Co., Inc.

1,387,500

44,733

CarMax, Inc. (a)

720,000

25,466

Express, Inc. (d)

2,085,000

37,488

GameStop Corp. Class A (a)

140,000

2,793

Home Depot, Inc.

1,960,000

73,441

Lowe's Companies, Inc.

3,520,800

92,139

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

2,619,688

60,986

Staples, Inc.

4,425,602

94,265

Tiffany & Co., Inc.

1,040,000

64,012

Urban Outfitters, Inc. (a)

515,000

19,766

 

617,309

Textiles, Apparel & Luxury Goods - 2.9%

China Xiniya Fashion Ltd. ADR (d)

440,400

2,013

Coach, Inc.

2,072,200

113,805

Fossil, Inc. (a)

2,921,368

224,186

lululemon athletica, Inc. (a)(d)(e)

6,933,550

537,974

NIKE, Inc. Class B

1,919,000

170,849

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

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

400,000

$ 26,492

Vera Bradley, Inc. (d)(e)

2,221,342

76,303

 

1,151,622

TOTAL CONSUMER DISCRETIONARY

5,318,908

CONSUMER STAPLES - 6.7%

Beverages - 1.3%

Dr Pepper Snapple Group, Inc.

2,355,000

84,921

PepsiCo, Inc.

1,916,640

121,553

The Coca-Cola Co.

4,732,500

302,501

 

508,975

Food & Staples Retailing - 1.7%

Costco Wholesale Corp.

2,025,800

151,510

CVS Caremark Corp.

2,780

92

Droga Raia SA

756,000

10,769

Fresh Market, Inc. (e)

3,270,768

133,447

Kroger Co.

1,553,200

35,568

Wal-Mart Stores, Inc.

3,030,300

157,515

Walgreen Co.

3,510,000

152,123

Whole Foods Market, Inc.

720,000

42,163

 

683,187

Food Products - 0.6%

Archer Daniels Midland Co.

35,000

1,301

Dean Foods Co. (a)

275,000

2,904

General Mills, Inc.

1,165,600

43,290

Green Mountain Coffee Roasters, Inc. (a)(d)

1,912,978

78,011

Hershey Co.

295,000

15,434

Kellogg Co.

805,000

43,116

Mead Johnson Nutrition Co. Class A

861,800

51,579

Sara Lee Corp.

685,000

11,727

 

247,362

Household Products - 0.3%

Church & Dwight Co., Inc.

100,000

7,544

Colgate-Palmolive Co.

645,000

50,645

Kimberly-Clark Corp.

670,000

44,153

Procter & Gamble Co.

344,483

21,720

 

124,062

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Personal Products - 1.3%

Avon Products, Inc.

1,168,615

$ 32,499

Herbalife Ltd. (e)

4,549,934

356,760

MediFast, Inc. (a)(d)(e)

1,539,890

35,633

Nu Skin Enterprises, Inc. Class A

2,005,000

64,000

 

488,892

Tobacco - 1.5%

Altria Group, Inc.

6,835,380

173,414

Philip Morris International, Inc.

6,555,380

411,547

 

584,961

TOTAL CONSUMER STAPLES

2,637,439

ENERGY - 8.8%

Energy Equipment & Services - 2.3%

Baker Hughes, Inc.

370,000

26,289

FMC Technologies, Inc. (a)

925,000

86,996

Halliburton Co.

1,900,000

89,186

Schlumberger Ltd.

5,559,000

519,322

Transocean Ltd. (a)

1,610,000

136,254

Weatherford International Ltd. (a)

1,435,000

34,698

 

892,745

Oil, Gas & Consumable Fuels - 6.5%

Anadarko Petroleum Corp.

1,802,594

147,506

Cenovus Energy, Inc.

235,000

9,134

Chesapeake Energy Corp.

5,900,000

210,099

Devon Energy Corp.

880,000

80,467

EnCana Corp.

235,000

7,641

EOG Resources, Inc.

80,000

8,985

Exxon Mobil Corp.

15,570,000

1,331,702

Hess Corp.

1,760,000

153,173

Occidental Petroleum Corp.

1,275,000

130,012

Peabody Energy Corp.

960,000

62,870

Petrohawk Energy Corp. (a)

4,351,100

93,984

Petroleo Brasileiro SA - Petrobras:

(ON) sponsored ADR

95,000

3,784

(PN) sponsored ADR (non-vtg.)

750,000

26,378

Range Resources Corp.

938,689

50,971

Southwestern Energy Co. (a)

2,577,461

101,758

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Ultra Petroleum Corp. (a)

1,160,000

$ 52,606

Valero Energy Corp.

2,840,000

80,031

 

2,551,101

TOTAL ENERGY

3,443,846

FINANCIALS - 4.3%

Capital Markets - 0.9%

Charles Schwab Corp.

3,584,975

68,007

Franklin Resources, Inc.

495,000

62,182

Goldman Sachs Group, Inc.

115,000

18,835

Internet Capital Group, Inc. (a)(e)

3,775,000

51,680

LPL Investment Holdings, Inc.

2,032,073

68,298

Morgan Stanley

850,000

25,228

T. Rowe Price Group, Inc.

785,000

52,579

 

346,809

Commercial Banks - 1.0%

Banco Bradesco SA (PN) sponsored ADR

2,025,000

39,650

HDFC Bank Ltd. sponsored ADR

1,150,000

169,177

ICICI Bank Ltd. sponsored ADR

2,355,000

102,113

PrivateBancorp, Inc.

1,822,500

26,098

Signature Bank, New York (a)

656,885

34,086

Wells Fargo & Co.

1,112,300

35,883

 

407,007

Consumer Finance - 1.8%

American Express Co.

1,492,548

65,030

Discover Financial Services

26,783,800

582,548

Green Dot Corp. Class A (d)(e)

1,052,464

54,949

 

702,527

Diversified Financial Services - 0.6%

BM&F Bovespa SA

13,229,772

89,932

Citigroup, Inc. (a)

7,523,800

35,211

JPMorgan Chase & Co.

2,325,000

108,554

 

233,697

Real Estate Investment Trusts - 0.0%

Weyerhaeuser Co.

325,000

7,933

TOTAL FINANCIALS

1,697,973

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - 15.6%

Biotechnology - 10.4%

Acadia Pharmaceuticals, Inc. (a)(e)

2,839,844

$ 4,288

Alexion Pharmaceuticals, Inc. (a)(e)

7,362,030

708,816

Alkermes, Inc. (a)(e)

10,182,261

145,912

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

4,214,665

46,277

Amylin Pharmaceuticals, Inc. (a)(e)

14,367,295

219,820

Array Biopharma, Inc. (a)(e)

4,758,770

13,325

AVEO Pharmaceuticals, Inc.

450,000

6,201

Celera Corp. (a)(e)

6,364,848

40,480

Celgene Corp. (a)

1,146,744

60,892

Cepheid, Inc. (a)(e)

6,112,555

162,044

Dendreon Corp. (a)

3,683,200

123,719

Exelixis, Inc. (a)(d)(e)

10,898,491

135,686

Gilead Sciences, Inc. (a)

1,300,000

50,674

Human Genome Sciences, Inc. (a)(e)

17,349,144

434,249

ImmunoGen, Inc. (a)(d)(e)

6,794,984

61,223

Immunomedics, Inc. (a)(d)(e)

7,526,150

27,546

InterMune, Inc. (a)(e)

5,603,117

205,130

Isis Pharmaceuticals, Inc. (a)(d)(e)

9,917,681

90,449

Lexicon Pharmaceuticals, Inc. (a)(e)

33,756,550

65,488

Metabolix, Inc. (a)(d)(e)

2,287,778

20,773

Micromet, Inc. (a)(e)

8,686,638

54,118

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

3,255,000

45,179

Myrexis, Inc. (a)(e)

2,174,424

8,328

Myriad Genetics, Inc. (a)

1,738,496

32,197

NPS Pharmaceuticals, Inc. (a)(e)

5,071,091

39,200

Pharmasset, Inc. (a)(e)

3,560,298

178,015

Regeneron Pharmaceuticals, Inc. (a)(e)

8,543,128

309,859

Rigel Pharmaceuticals, Inc. (a)(e)

5,214,836

36,452

Seattle Genetics, Inc. (a)(d)(e)

11,283,959

167,567

Transition Therapeutics, Inc. (a)(e)

2,332,446

11,887

Vertex Pharmaceuticals, Inc. (a)(e)

12,134,767

566,330

 

4,072,124

Health Care Equipment & Supplies - 0.9%

Baxter International, Inc.

505,000

26,841

DexCom, Inc. (a)

850,000

12,436

Edwards Lifesciences Corp. (a)

600,000

51,024

HeartWare International, Inc. (a)(d)(e)

1,137,101

95,607

Insulet Corp. (a)(d)(e)

3,756,400

66,488

Masimo Corp.

690,000

20,797

Medtronic, Inc.

754,964

30,138

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

NuVasive, Inc. (a)(d)

365,424

$ 9,768

St. Jude Medical, Inc.

834,200

39,941

 

353,040

Health Care Providers & Services - 1.1%

Cardinal Health, Inc.

485,000

20,195

McKesson Corp.

1,930,000

153,010

Medco Health Solutions, Inc. (a)

612,720

37,768

UnitedHealth Group, Inc.

4,676,400

199,121

 

410,094

Health Care Technology - 0.4%

Cerner Corp. (a)

1,085,000

108,988

SXC Health Solutions Corp. (a)

1,070,000

52,759

 

161,747

Life Sciences Tools & Services - 0.6%

Illumina, Inc. (a)

3,439,878

238,728

Life Technologies Corp. (a)

136,908

7,307

Pacific Biosciences of California, Inc. (a)(g)

357,143

5,059

 

251,094

Pharmaceuticals - 2.2%

Abbott Laboratories

1,111,500

53,463

Allergan, Inc.

1,715,000

127,202

Auxilium Pharmaceuticals, Inc. (a)(d)

1,129,299

25,375

Bristol-Myers Squibb Co.

1,324,700

34,191

Concert Pharmaceuticals, Inc. (a)(g)

186,198

151

Elan Corp. PLC sponsored ADR (a)

39,174,070

248,755

Endocyte, Inc.

850,000

6,231

Hospira, Inc. (a)

218,000

11,521

Johnson & Johnson

83,300

5,118

MAP Pharmaceuticals, Inc. (a)(e)

2,665,089

42,988

Merck & Co., Inc.

660,668

21,518

Teva Pharmaceutical Industries Ltd. sponsored ADR

705,000

35,321

Valeant Pharmaceuticals International, Inc. (Canada)

6,402,261

257,013

 

868,847

TOTAL HEALTH CARE

6,116,946

INDUSTRIALS - 8.6%

Aerospace & Defense - 2.0%

Honeywell International, Inc.

2,675,000

154,909

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

Lockheed Martin Corp.

1,040,100

$ 82,334

The Boeing Co.

2,539,800

182,891

United Technologies Corp.

4,370,000

365,070

 

785,204

Air Freight & Logistics - 1.0%

United Parcel Service, Inc. Class B

5,509,000

406,564

Airlines - 1.1%

Delta Air Lines, Inc. (a)

10,720,446

120,498

JetBlue Airways Corp. (a)(d)(e)

29,384,923

167,494

Ryanair Holdings PLC sponsored ADR

1,065,000

30,374

Southwest Airlines Co.

9,498,515

112,367

 

430,733

Construction & Engineering - 0.4%

Fluor Corp.

1,305,000

92,342

Orascom Construction Industries SAE GDR

2,255,000

77,121

 

169,463

Electrical Equipment - 0.3%

American Superconductor Corp. (a)(d)

605,000

16,045

Emerson Electric Co.

1,545,000

92,175

 

108,220

Industrial Conglomerates - 0.8%

3M Co.

2,320,000

213,974

General Electric Co.

5,195,000

108,679

 

322,653

Machinery - 2.2%

Caterpillar, Inc.

3,585,000

369,004

Cummins, Inc.

1,760,000

177,971

Danaher Corp.

2,380,000

120,428

Deere & Co.

1,790,000

161,369

Pall Corp.

385,000

20,929

 

849,701

Road & Rail - 0.8%

CSX Corp.

800,000

59,728

Norfolk Southern Corp.

1,065,000

69,843

Union Pacific Corp.

2,020,000

192,728

 

322,299

TOTAL INDUSTRIALS

3,394,837

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - 38.2%

Communications Equipment - 4.7%

Acme Packet, Inc. (a)

1,775,000

$ 133,551

Cisco Systems, Inc. (a)

3,777,600

70,112

F5 Networks, Inc. (a)

1,380,000

162,854

Infinera Corp. (a)(e)

10,123,181

81,087

Juniper Networks, Inc. (a)

1,410,000

62,040

Motorola Mobility Holdings, Inc.

1,625,000

49,075

QUALCOMM, Inc.

10,443,400

622,218

Research In Motion Ltd. (a)

1,382,800

91,458

Riverbed Technology, Inc. (a)(e)

13,485,347

556,810

 

1,829,205

Computers & Peripherals - 7.0%

Apple, Inc. (a)

6,395,959

2,259,113

Hewlett-Packard Co.

4,235,000

184,773

NetApp, Inc. (a)

5,772,208

298,192

SanDisk Corp. (a)

105,000

5,208

 

2,747,286

Electronic Equipment & Components - 0.5%

Corning, Inc.

1,323,000

30,508

Trimble Navigation Ltd. (a)

140,000

6,881

Universal Display Corp. (a)(d)(e)

3,819,025

160,743

 

198,132

Internet Software & Services - 5.1%

Akamai Technologies, Inc. (a)

755,000

28,335

Baidu.com, Inc. sponsored ADR (a)

2,700,000

327,132

eBay, Inc. (a)

4,242,200

142,135

Google, Inc. Class A (a)

1,717,448

1,053,483

LogMeIn, Inc. (a)

808,892

29,031

Mail.ru Group Ltd. GDR unit (a)(f)

1,577,600

57,188

Mercadolibre, Inc.

350,000

23,023

OpenTable, Inc. (a)(d)(e)

2,137,300

189,942

Rackspace Hosting, Inc. (a)(d)

2,540,000

93,751

VeriSign, Inc.

890,000

31,408

VistaPrint Ltd. (a)

420,000

21,508

Yahoo!, Inc. (a)

961,340

15,766

 

2,012,702

IT Services - 4.0%

Cognizant Technology Solutions Corp. Class A (a)

1,734,716

133,348

CoreLogic, Inc. (a)

3,280,000

61,172

International Business Machines Corp.

2,939,800

475,895

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

MasterCard, Inc. Class A

190,000

$ 45,706

The Western Union Co.

1,360,000

29,906

VeriFone Systems, Inc. (a)(e)

8,583,010

390,012

Visa, Inc. Class A

6,094,100

445,174

 

1,581,213

Semiconductors & Semiconductor Equipment - 7.3%

Altera Corp.

345,000

14,442

ASML Holding NV

648,888

28,292

Atheros Communications, Inc. (a)(g)

1,741,486

78,036

Atmel Corp. (a)

4,470,000

65,620

Broadcom Corp. Class A

5,125,000

211,253

Cree, Inc. (a)(d)

1,751,131

92,232

Cypress Semiconductor Corp. (a)(e)

16,585,280

347,627

First Solar, Inc. (a)(d)

190,000

28,004

Intel Corp.

9,310,800

199,903

International Rectifier Corp. (a)(e)

6,430,000

206,660

KLA-Tencor Corp.

510,000

24,898

Marvell Technology Group Ltd. (a)

1,918,310

35,067

MaxLinear, Inc. Class A (a)(d)(e)

2,254,608

23,718

Mellanox Technologies Ltd. (a)(e)

3,172,091

83,426

NVIDIA Corp. (a)

23,570,000

534,096

Power Integrations, Inc.

215,184

8,573

Rambus, Inc. (a)(e)

11,457,400

235,450

Rubicon Technology, Inc. (a)(d)(e)

1,465,530

33,443

Samsung Electronics Co. Ltd.

50,000

41,008

Silicon Laboratories, Inc. (a)(e)

4,600,680

208,871

Tessera Technologies, Inc. (a)(e)

4,931,903

85,864

Texas Instruments, Inc.

5,061,000

180,222

Trina Solar Ltd. (a)(d)

990,000

27,324

Volterra Semiconductor Corp. (a)(e)

2,573,305

64,924

 

2,858,953

Software - 9.6%

Activision Blizzard, Inc.

750,000

8,340

Adobe Systems, Inc. (a)

743,236

25,642

Citrix Systems, Inc. (a)

1,266,377

88,849

Electronic Arts, Inc. (a)

60,000

1,128

Fortinet, Inc. (a)

2,264,800

92,494

Microsoft Corp.

8,370,000

222,475

Oracle Corp.

9,340,000

307,286

QLIK Technologies, Inc.

2,990,632

78,235

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

RealD, Inc. (d)

361,600

$ 8,118

RealPage, Inc.

2,749,991

68,200

Red Hat, Inc. (a)(e)

18,893,586

779,927

salesforce.com, Inc. (a)(e)

10,865,594

1,437,192

Solera Holdings, Inc.

1,950,051

99,609

SuccessFactors, Inc. (a)(e)

7,595,427

272,752

TiVo, Inc. (a)(e)

11,524,576

118,473

VMware, Inc. Class A (a)

1,937,533

162,075

 

3,770,795

TOTAL INFORMATION TECHNOLOGY

14,998,286

MATERIALS - 3.9%

Chemicals - 1.8%

Dow Chemical Co.

4,705,000

174,838

Minerals Technologies, Inc. (e)

1,927,580

125,061

Monsanto Co.

1,714,978

123,290

OM Group, Inc. (a)(e)

2,336,925

82,236

Potash Corp. of Saskatchewan, Inc.

678,600

41,823

The Mosaic Co.

2,075,000

178,139

 

725,387

Metals & Mining - 2.1%

Alcoa, Inc.

5,975,000

100,679

Barrick Gold Corp.

1,779,000

93,928

Freeport-McMoRan Copper & Gold, Inc.

5,770,000

305,522

Molycorp, Inc. (d)

1,977,400

94,895

Mongolian Mining Corp.

25,802,500

32,734

Newmont Mining Corp.

2,195,000

121,318

Nucor Corp.

200,000

9,592

Vale SA sponsored ADR

1,436,000

49,154

 

807,822

TOTAL MATERIALS

1,533,209

TELECOMMUNICATION SERVICES - 0.2%

Wireless Telecommunication Services - 0.2%

Clearwire Corp. Class A (a)(d)(e)

13,089,050

65,838

Common Stocks - continued

Shares

Value (000s)

UTILITIES - 0.0%

Independent Power Producers & Energy Traders - 0.0%

Indiabulls Power Ltd. (a)

559,802

$ 278

TOTAL COMMON STOCKS

(Cost $26,298,519)

39,207,560

Preferred Stocks - 0.0%

 

 

 

 

Convertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

Perlegen Sciences, Inc. Series D, 8.00% (a)(g)

12,820,512

0

Pharmaceuticals - 0.0%

Concert Pharmaceuticals, Inc. Series C, 6.00% (a)(g)

4,000,000

7,160

Nonconvertible Preferred Stocks - 0.0%

CONSUMER DISCRETIONARY - 0.0%

Automobiles - 0.0%

Volkswagen AG

70,000

11,872

TOTAL PREFERRED STOCKS

(Cost $41,393)

19,032

Money Market Funds - 1.8%

 

 

 

 

Fidelity Cash Central Fund, 0.19% (b)

663

1

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)

712,686,950

712,687

TOTAL MONEY MARKET FUNDS

(Cost $712,688)

712,688

Cash Equivalents - 0.1%

Maturity Amount (000s)

Value (000s)

Investments in repurchase agreements in a joint trading account at 0.18%, dated 2/28/11 due 3/1/11 (Collateralized by U.S. Government Obligations) #
(Cost $20,594)

$ 20,594

$ 20,594

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $27,073,194)

39,959,874

NET OTHER ASSETS (LIABILITIES) - (1.7)%

(666,462)

NET ASSETS - 100%

$ 39,293,412

Legend

(a) Non-income producing

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

(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 $57,188,000 or 0.1% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $90,406,000 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Atheros Communications, Inc.

4/18/01

$ 15,000

Concert Pharmaceuticals, Inc.

2/9/09

$ 151

Concert Pharmaceuticals, Inc. Series C, 6.00%

4/25/08

$ 10,000

Pacific Biosciences of California, Inc.

7/11/08

$ 5,000

Perlegen Sciences, Inc. Series D, 8.00%

2/23/05

$ 20,000

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement /
Counterparty

Value
(000s)

$20,594,000 due 3/01/11 at 0.18%

BNP Paribas Securities Corp.

$ 9,695

Barclays Capital, Inc.

7,115

Merrill Lynch, Pierce, Fenner & Smith, Inc.

3,784

 

$ 20,594

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

$ 41

Fidelity Securities Lending Cash Central Fund

2,433

Total

$ 2,474

Other Affiliated Issuers

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

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Acadia Pharmaceuticals, Inc.

$ 1,903

$ -

$ -

$ -

$ 4,288

Acorda Therapeutics, Inc.

63,211

-

61,122

-

-

Alexion Pharmaceuticals, Inc.

568,561

-

7,012

-

708,816

Alkermes, Inc.

106,710

-

-

-

145,912

Alnylam Pharmaceuticals, Inc.

38,564

-

-

-

46,277

Amylin Pharmaceuticals, Inc.

184,117

-

-

-

219,820

Array Biopharma, Inc.

15,276

-

-

-

13,325

Atheros Communications, Inc.

203,294

-

278,202

-

-

Atheros Communications, Inc. (restricted)

56,703

-

-

-

-

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Auxilium Pharmaceuticals, Inc.

$ 68,703

$ -

$ 54,446

$ -

$ -

BJ's Restaurants, Inc.

99,270

512

-

-

97,860

Celera Corp.

44,735

-

9,497

-

40,480

Cepheid, Inc.

117,604

3,603

-

-

162,044

Clearwire Corp. Class A

91,885

-

-

-

65,838

Coinstar, Inc.

210,829

-

70,515

-

-

Cypress Semiconductor Corp.

256,903

3,445

-

-

347,627

Dendreon Corp.

465,871

-

330,345

-

-

Exelixis, Inc.

59,051

5,115

-

-

135,686

Fresh Market, Inc.

50,253

73,537

-

-

133,447

Green Dot Corp. Class A

-

63,277

-

-

54,949

HeartWare International, Inc.

104,568

-

-

-

95,607

Herbalife Ltd.

305,517

6,483

-

-

356,760

Human Genome Sciences, Inc.

411,813

13,726

-

-

434,249

ImmunoGen, Inc.

56,534

-

-

-

61,223

Immunomedics, Inc.

23,707

-

-

-

27,546

Infinera Corp.

82,605

-

-

-

81,087

Insulet Corp.

50,974

-

-

-

66,488

InterMune, Inc.

69,535

17,271

5,984

-

205,130

International Rectifier Corp.

166,473

18,253

1,565

-

206,660

Internet Capital Group, Inc.

46,772

-

-

-

51,680

Isis Pharmaceuticals, Inc.

93,573

-

-

-

90,449

JetBlue Airways Corp.

199,485

36

-

-

167,494

Lexicon Pharmaceuticals, Inc.

41,877

6,054

-

-

65,488

lululemon athletica, Inc.

371,777

-

-

-

537,974

Lumber Liquidators Holdings, Inc.

59,092

2,795

-

-

60,986

MAP Pharmaceuticals, Inc.

38,297

-

-

-

42,988

MaxLinear, Inc. Class A

21,261

3,076

-

-

23,718

MediFast, Inc.

37,512

-

-

-

35,633

Mellanox Technologies Ltd.

75,591

-

-

-

83,426

Metabolix, Inc.

23,427

-

-

-

20,773

Micromet, Inc.

63,065

-

-

-

54,118

Minerals Technologies, Inc.

117,274

-

-

96

125,061

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Momenta Pharmaceuticals, Inc.

$ 49,639

$ -

$ -

$ -

$ 45,179

Myrexis, Inc.

8,111

-

-

-

8,328

NPS Pharmaceuticals, Inc.

32,578

-

1,418

-

39,200

OM Group, Inc.

88,736

69

879

-

82,236

OpenTable, Inc.

155,040

-

-

-

189,942

Pharmasset, Inc.

146,935

8,054

-

-

178,015

Power Integrations, Inc.

61,403

-

51,895

17

-

Rambus, Inc.

229,263

-

-

-

235,450

Red Hat, Inc.

821,871

-

-

-

779,927

Regeneron Pharmaceuticals, Inc.

246,213

-

-

-

309,859

Rigel Pharmaceuticals, Inc.

41,472

124

-

-

36,452

Riverbed Technology, Inc.

412,019

49,334

-

-

556,810

Rubicon Technology, Inc.

32,154

-

-

-

33,443

salesforce.com, Inc.

1,682,556

-

166,843

-

1,437,192

Seattle Genetics, Inc.

152,840

17,994

-

-

167,567

Silicon Laboratories, Inc.

195,437

-

-

-

208,871

SuccessFactors, Inc.

229,086

65

-

-

272,752

Tessera Technologies, Inc.

92,918

5,584

-

-

85,864

TiVo, Inc.

94,732

-

-

-

118,473

Transition Therapeutics, Inc.

5,839

-

-

-

11,887

Tupperware Brands Corp.

138,046

11,338

-

891

170,607

Universal Display Corp.

94,559

-

-

-

160,743

Vera Bradley, Inc.

46,059

28,609

-

-

76,303

VeriFone Systems, Inc.

298,260

-

-

-

390,012

Vertex Pharmaceuticals, Inc.

385,900

70,260

43,842

-

566,330

Volterra Semiconductor Corp.

55,865

2,190

-

-

64,924

Total

$ 10,961,703

$ 410,804

$ 1,083,565

$ 1,004

$ 11,297,273

Other Information

The following is a summary of the inputs used, as of February 28, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 5,330,780

$ 5,330,780

$ -

$ -

Consumer Staples

2,637,439

2,637,439

-

-

Energy

3,443,846

3,443,846

-

-

Financials

1,697,973

1,697,973

-

-

Health Care

6,124,106

6,111,736

5,059

7,311

Industrials

3,394,837

3,394,837

-

-

Information Technology

14,998,286

14,998,286

-

-

Materials

1,533,209

1,533,209

-

-

Telecommunication Services

65,838

65,838

-

-

Utilities

278

278

-

-

Money Market Funds

712,688

712,688

-

-

Cash Equivalents

20,594

-

20,594

-

Total Investments in Securities:

$ 39,959,874

$ 39,926,910

$ 25,653

$ 7,311

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

(Amounts in thousands)

 

Investments in Securities:

Beginning Balance

$ 7,311

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

-

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 7,311

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2011

$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $27,194,566,000. Net unrealized appreciation aggregated $12,765,308,000, of which $14,715,227,000 related to appreciated investment securities and $1,949,919,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth Strategies Fund - Growth Strategies
Class K

February 28, 2011 

1.797938.107

FEG-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 14.3%

Auto Components - 1.5%

BorgWarner, Inc. (a)

264,741

$ 20,547

Gentex Corp.

409,578

12,402

 

32,949

Hotels, Restaurants & Leisure - 1.1%

Las Vegas Sands Corp. (a)

508,353

23,710

Household Durables - 3.1%

Jarden Corp.

701,410

23,055

NVR, Inc. (a)

36,064

26,250

Whirlpool Corp.

262,872

21,687

 

70,992

Internet & Catalog Retail - 1.2%

Expedia, Inc.

1,410,852

28,020

Media - 1.2%

Discovery Communications, Inc. (a)

604,689

26,068

Multiline Retail - 1.1%

Dollar General Corp. (a)

909,883

25,704

Specialty Retail - 3.4%

CarMax, Inc. (a)

921,888

32,607

Tractor Supply Co.

400,852

20,872

Urban Outfitters, Inc. (a)

625,780

24,017

 

77,496

Textiles, Apparel & Luxury Goods - 1.7%

Polo Ralph Lauren Corp. Class A

209,966

26,605

Warnaco Group, Inc. (a)

219,869

12,909

 

39,514

TOTAL CONSUMER DISCRETIONARY

324,453

CONSUMER STAPLES - 6.2%

Beverages - 2.5%

Heckmann Corp. (a)(d)(e)

9,796,100

56,034

Food Products - 2.7%

Green Mountain Coffee Roasters, Inc. (a)

544,591

22,208

Mead Johnson Nutrition Co. Class A

380,296

22,761

Origin Agritech Ltd. (a)(d)(e)

1,967,600

17,413

 

62,382

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Personal Products - 1.0%

Estee Lauder Companies, Inc. Class A

249,000

$ 23,508

TOTAL CONSUMER STAPLES

141,924

ENERGY - 10.7%

Energy Equipment & Services - 5.1%

Dresser-Rand Group, Inc. (a)

985,347

48,558

Exterran Holdings, Inc. (a)

455,600

10,342

Helmerich & Payne, Inc.

193,400

12,569

Weatherford International Ltd. (a)

1,891,584

45,739

 

117,208

Oil, Gas & Consumable Fuels - 5.6%

Amyris, Inc.

194,600

6,323

Daylight Energy Ltd. (d)

1,073,000

11,987

Legacy Oil + Gas, Inc. (a)

830,700

14,215

Paladin Energy Ltd. (a)

2,383,429

12,098

Penn West Petroleum Ltd.

418,500

12,104

Petrohawk Energy Corp. (a)

827,235

17,868

PT Bumi Resources Tbk

37,537,500

12,766

QEP Resources, Inc.

594,900

23,528

Uranium One, Inc.

2,435,900

16,101

 

126,990

TOTAL ENERGY

244,198

FINANCIALS - 7.9%

Capital Markets - 3.1%

Affiliated Managers Group, Inc. (a)

209,410

22,355

Ameriprise Financial, Inc.

389,530

24,665

Stifel Financial Corp. (a)

322,555

23,140

 

70,160

Commercial Banks - 3.1%

BB&T Corp.

826,600

22,814

Regions Financial Corp.

3,210,677

24,530

SunTrust Banks, Inc.

789,441

23,817

 

71,161

Insurance - 1.0%

Hanover Insurance Group, Inc.

487,217

22,641

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Management & Development - 0.7%

Indiabulls Real Estate Ltd. (a)

6,416,240

$ 14,728

TOTAL FINANCIALS

178,690

HEALTH CARE - 12.8%

Biotechnology - 2.9%

Alexion Pharmaceuticals, Inc. (a)

296,685

28,565

BioMarin Pharmaceutical, Inc. (a)

404,965

9,905

Human Genome Sciences, Inc. (a)

366,200

9,166

United Therapeutics Corp. (a)

268,144

18,081

 

65,717

Health Care Equipment & Supplies - 6.6%

ArthroCare Corp. (a)

984,206

33,945

Cyberonics, Inc. (a)

1,048,905

34,645

Edwards Lifesciences Corp. (a)

284,945

24,232

NuVasive, Inc. (a)(d)

1,191,035

31,836

St. Jude Medical, Inc.

262,545

12,571

Zoll Medical Corp. (a)

267,381

12,374

 

149,603

Health Care Providers & Services - 1.6%

AmerisourceBergen Corp.

656,800

24,899

Catalyst Health Solutions, Inc. (a)

267,577

12,097

 

36,996

Health Care Technology - 0.7%

SXC Health Solutions Corp. (a)

341,400

16,834

Pharmaceuticals - 1.0%

Valeant Pharmaceuticals International, Inc. (Canada)

576,200

23,131

TOTAL HEALTH CARE

292,281

INDUSTRIALS - 15.2%

Building Products - 3.5%

Lennox International, Inc.

1,018,250

49,385

Owens Corning (a)

809,700

28,931

 

78,316

Commercial Services & Supplies - 1.6%

Covanta Holding Corp.

658,332

11,139

Stericycle, Inc. (a)

287,577

24,852

 

35,991

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Construction & Engineering - 3.0%

Fluor Corp.

381,175

$ 26,972

Jacobs Engineering Group, Inc. (a)

620,000

31,037

Orascom Construction Industries SAE GDR

291,900

9,983

 

67,992

Machinery - 6.4%

Charter International PLC

1,944,657

23,982

CNH Global NV (a)

536,549

25,996

Flowserve Corp.

241,700

30,205

Ingersoll-Rand Co. Ltd.

711,725

32,241

WABCO Holdings, Inc. (a)

585,149

34,190

 

146,614

Marine - 0.7%

Ultrapetrol (Bahamas) Ltd. (a)(e)

2,953,982

16,454

TOTAL INDUSTRIALS

345,367

INFORMATION TECHNOLOGY - 21.3%

Communications Equipment - 3.2%

HTC Corp.

723,000

26,113

Juniper Networks, Inc. (a)

792,983

34,891

Riverbed Technology, Inc. (a)

302,796

12,502

 

73,506

Computers & Peripherals - 1.4%

NetApp, Inc. (a)

615,709

31,808

Electronic Equipment & Components - 1.7%

Avnet, Inc. (a)

624,900

21,378

Maxwell Technologies, Inc. (a)(d)

908,847

16,459

 

37,837

Internet Software & Services - 1.0%

Akamai Technologies, Inc. (a)

478,036

17,941

Rackspace Hosting, Inc. (a)

147,400

5,441

 

23,382

IT Services - 2.2%

Cognizant Technology Solutions Corp. Class A (a)

327,773

25,196

Paychex, Inc.

756,000

25,424

 

50,620

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - 2.0%

Ceva, Inc. (a)

500,599

$ 11,414

Marvell Technology Group Ltd. (a)

1,831,396

33,478

 

44,892

Software - 9.8%

ANSYS, Inc. (a)

477,071

26,869

Ariba, Inc. (a)

486,500

15,057

Autodesk, Inc. (a)

584,700

24,587

Autonomy Corp. PLC (a)

526,211

14,057

BMC Software, Inc. (a)

461,800

22,859

CA, Inc.

915,004

22,674

Check Point Software Technologies Ltd. (a)

461,945

23,023

Informatica Corp. (a)

514,367

24,180

Nuance Communications, Inc. (a)

1,425,983

26,609

Rovi Corp. (a)

428,724

23,760

 

223,675

TOTAL INFORMATION TECHNOLOGY

485,720

MATERIALS - 6.7%

Chemicals - 5.2%

CF Industries Holdings, Inc.

480,644

67,902

Intrepid Potash, Inc. (a)(d)

596,400

23,021

Uralkali JSC GDR (Reg. S)

649,900

26,561

 

117,484

Metals & Mining - 1.5%

MacArthur Coal Ltd.

875,683

10,591

Vallar PLC

1,113,882

23,634

 

34,225

TOTAL MATERIALS

151,709

TELECOMMUNICATION SERVICES - 3.0%

Wireless Telecommunication Services - 3.0%

Crown Castle International Corp. (a)

535,100

22,554

NII Holdings, Inc. (a)

561,266

22,989

SBA Communications Corp. Class A (a)

559,412

23,546

 

69,089

TOTAL COMMON STOCKS

(Cost $2,006,287)

2,233,431

Nonconvertible Preferred Stocks - 0.9%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 0.9%

Automobiles - 0.9%

Porsche Automobil Holding SE

(Cost $13,924)

247,400

$ 19,604

Money Market Funds - 3.4%

 

 

 

 

Fidelity Cash Central Fund, 0.19% (b)

9,354,874

9,355

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)

68,481,600

68,482

TOTAL MONEY MARKET FUNDS

(Cost $77,837)

77,837

TOTAL INVESTMENT PORTFOLIO - 102.4%

(Cost $2,098,048)

2,330,872

NET OTHER ASSETS (LIABILITIES) - (2.4)%

(53,590)

NET ASSETS - 100%

$ 2,277,282

Legend

(a) Non-income producing

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

(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

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

$ 14

Fidelity Securities Lending Cash Central Fund

50

Total

$ 64

Other Affiliated Issuers

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

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

ArthroCare Corp.

$ 62,405

$ -

$ 34,313

$ -

$ -

Cyberonics, Inc.

57,660

-

35,923

-

-

Heckmann Corp.

37,911

-

-

-

56,034

NuVasive, Inc.

48,979

-

21,692

-

-

Origin Agritech Ltd.

14,841

3,039

-

-

17,413

Ultrapetrol (Bahamas) Ltd.

20,412

-

-

-

16,454

Total

$ 242,208

$ 3,039

$ 91,928

$ -

$ 89,901

Other Information

The following is a summary of the inputs used, as of February 28, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 344,057

$ 344,057

$ -

$ -

Consumer Staples

141,924

141,924

-

-

Energy

244,198

232,100

12,098

-

Financials

178,690

178,690

-

-

Health Care

292,281

292,281

-

-

Industrials

345,367

345,367

-

-

Information Technology

485,720

459,607

26,113

-

Materials

151,709

141,118

10,591

-

Telecommunication Services

69,089

69,089

-

-

Money Market Funds

77,837

77,837

-

-

Total Investments in Securities:

$ 2,330,872

$ 2,282,070

$ 48,802

$ -

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

(Amounts in thousands)

 

Investments in Securities:

Beginning Balance

$ 9,854

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

-

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

(9,854)

Ending Balance

$ -

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2011

$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $2,098,599,000. Net unrealized appreciation aggregated $232,273,000, of which $358,659,000 related to appreciated investment securities and $126,386,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

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

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® 130/30
Large Cap Fund

February 28, 2011 

1.859202.102

FLC-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Long Stock Positions (c) - 117.9%

Shares

Value

COMMON STOCKS - 117.0%

CONSUMER DISCRETIONARY - 13.0%

Auto Components - 3.5%

Autoliv, Inc.

2,600

$ 194,714

BorgWarner, Inc. (a)

4,000

310,440

Tenneco, Inc. (a)

3,700

147,556

TRW Automotive Holdings Corp. (a)

8,500

482,800

 

1,135,510

Automobiles - 0.9%

Bayerische Motoren Werke AG (BMW)

3,811

309,135

Hotels, Restaurants & Leisure - 0.9%

Las Vegas Sands Corp. (a)

6,000

279,840

Household Durables - 0.4%

iRobot Corp. (a)

4,600

132,112

Internet & Catalog Retail - 1.0%

Priceline.com, Inc. (a)

700

317,716

Media - 2.5%

CBS Corp. Class B

14,700

350,742

Comcast Corp. Class A (special) (non-vtg.)

7,800

189,696

Discovery Communications, Inc. Class C (a)

4,300

163,701

Interpublic Group of Companies, Inc.

7,400

97,680

 

801,819

Specialty Retail - 1.0%

Limited Brands, Inc.

9,900

316,998

Textiles, Apparel & Luxury Goods - 2.8%

Iconix Brand Group, Inc. (a)

9,500

209,950

Polo Ralph Lauren Corp. Class A

2,600

329,446

VF Corp.

2,000

191,340

Warnaco Group, Inc. (a)

3,100

182,001

 

912,737

TOTAL CONSUMER DISCRETIONARY

4,205,867

CONSUMER STAPLES - 11.5%

Beverages - 3.5%

Anheuser-Busch InBev SA NV

13,304

743,026

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

19,000

386,080

 

1,129,106

Food & Staples Retailing - 0.1%

Drogasil SA

3,900

29,769

Long Stock Positions (c) - continued

Shares

Value

COMMON STOCKS - continued

CONSUMER STAPLES - continued

Food Products - 3.0%

Archer Daniels Midland Co.

8,600

$ 319,748

Chiquita Brands International, Inc. (a)

8,200

140,958

Fresh Del Monte Produce, Inc.

5,800

165,764

The J.M. Smucker Co.

4,700

323,548

 

950,018

Household Products - 0.9%

Procter & Gamble Co.

4,800

302,640

Personal Products - 3.0%

Elizabeth Arden, Inc. (a)

9,100

264,719

Inter Parfums, Inc.

4,700

84,929

Nature's Sunshine Products, Inc. (a)

9,000

74,070

Nu Skin Enterprises, Inc. Class A

5,100

162,792

Nutraceutical International Corp. (a)

4,700

69,560

Prestige Brands Holdings, Inc. (a)

6,370

70,197

USANA Health Sciences, Inc. (a)

6,900

240,258

 

966,525

Tobacco - 1.0%

British American Tobacco PLC sponsored ADR

3,900

316,407

TOTAL CONSUMER STAPLES

3,694,465

ENERGY - 17.3%

Energy Equipment & Services - 4.9%

Basic Energy Services, Inc. (a)

7,600

145,768

Complete Production Services, Inc. (a)

11,700

337,077

Halliburton Co.

7,100

333,274

National Oilwell Varco, Inc.

5,100

405,807

RPC, Inc.

7,800

152,724

Superior Energy Services, Inc. (a)

4,900

187,719

 

1,562,369

Oil, Gas & Consumable Fuels - 12.4%

BP PLC sponsored ADR

6,400

310,208

Chevron Corp.

12,400

1,286,501

Exxon Mobil Corp.

6,455

552,096

Marathon Oil Corp.

19,000

942,400

Royal Dutch Shell PLC Class A sponsored ADR

4,200

303,450

Long Stock Positions (c) - continued

Shares

Value

COMMON STOCKS - continued

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Tesoro Corp. (a)

16,400

$ 389,992

Western Refining, Inc. (a)

13,600

221,272

 

4,005,919

TOTAL ENERGY

5,568,288

FINANCIALS - 20.1%

Capital Markets - 3.9%

Goldman Sachs Group, Inc.

5,700

933,546

Invesco Ltd.

6,100

163,724

Waddell & Reed Financial, Inc. Class A

4,000

161,520

 

1,258,790

Commercial Banks - 1.4%

HSBC Holdings PLC sponsored ADR

5,100

280,959

Nara Bancorp, Inc. (a)

15,600

163,488

 

444,447

Consumer Finance - 2.0%

Discover Financial Services

15,400

334,950

SLM Corp. (a)

21,000

311,220

 

646,170

Diversified Financial Services - 6.0%

Citigroup, Inc. (a)

186,500

872,820

JPMorgan Chase & Co.

19,000

887,110

KKR Financial Holdings LLC

18,100

180,457

 

1,940,387

Insurance - 6.3%

ACE Ltd.

7,000

442,750

Assurant, Inc.

3,800

154,394

Axis Capital Holdings Ltd.

4,000

145,280

Endurance Specialty Holdings Ltd.

4,300

213,237

Lincoln National Corp.

9,800

310,856

MetLife, Inc.

6,200

293,632

Platinum Underwriters Holdings Ltd.

3,700

154,290

Torchmark Corp.

5,000

326,250

 

2,040,689

Long Stock Positions (c) - continued

Shares

Value

COMMON STOCKS - continued

FINANCIALS - continued

Real Estate Management & Development - 0.5%

CB Richard Ellis Group, Inc. Class A (a)

6,300

$ 157,752

TOTAL FINANCIALS

6,488,235

HEALTH CARE - 11.0%

Biotechnology - 2.1%

Biogen Idec, Inc. (a)

4,700

321,480

Cephalon, Inc. (a)

6,500

366,015

 

687,495

Health Care Equipment & Supplies - 3.2%

Cooper Companies, Inc.

3,800

234,916

Covidien PLC

6,000

308,700

Hill-Rom Holdings, Inc.

3,800

144,666

Kinetic Concepts, Inc. (a)

6,700

328,099

 

1,016,381

Health Care Providers & Services - 1.9%

Humana, Inc. (a)

9,600

624,096

Life Sciences Tools & Services - 0.9%

Illumina, Inc. (a)

100

6,940

Thermo Fisher Scientific, Inc. (a)

5,300

295,846

 

302,786

Pharmaceuticals - 2.9%

AstraZeneca PLC sponsored ADR

12,400

609,708

Endo Pharmaceuticals Holdings, Inc. (a)

9,000

319,680

 

929,388

TOTAL HEALTH CARE

3,560,146

INDUSTRIALS - 11.6%

Commercial Services & Supplies - 1.1%

Quad/Graphics, Inc. (a)

4,800

208,416

Schawk, Inc. Class A

8,000

144,560

 

352,976

Long Stock Positions (c) - continued

Shares

Value

COMMON STOCKS - continued

INDUSTRIALS - continued

Construction & Engineering - 1.1%

EMCOR Group, Inc. (a)

5,800

$ 184,788

KBR, Inc.

700

22,960

URS Corp. (a)

3,500

162,855

 

370,603

Electrical Equipment - 1.1%

EnerSys (a)

900

31,950

General Cable Corp. (a)

7,300

316,966

 

348,916

Industrial Conglomerates - 1.4%

General Electric Co.

22,000

460,240

Machinery - 5.4%

Caterpillar, Inc.

6,000

617,580

Navistar International Corp. (a)

4,900

303,702

Pall Corp.

5,900

320,724

Parker Hannifin Corp.

700

62,426

Timken Co.

8,900

433,608

 

1,738,040

Professional Services - 0.5%

SFN Group, Inc. (a)

12,000

165,960

Road & Rail - 1.0%

CSX Corp.

4,300

321,038

TOTAL INDUSTRIALS

3,757,773

INFORMATION TECHNOLOGY - 23.6%

Computers & Peripherals - 4.5%

Hewlett-Packard Co.

24,400

1,064,572

Hypercom Corp. (a)

11,600

115,884

Western Digital Corp. (a)

8,700

266,046

 

1,446,502

Electronic Equipment & Components - 2.4%

Anixter International, Inc.

2,400

171,888

Flextronics International Ltd. (a)

19,200

155,328

Jabil Circuit, Inc.

6,800

145,724

Vishay Intertechnology, Inc. (a)

17,400

303,630

 

776,570

Long Stock Positions (c) - continued

Shares

Value

COMMON STOCKS - continued

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 2.5%

Baidu.com, Inc. sponsored ADR (a)

1,400

$ 169,624

eBay, Inc. (a)

9,400

314,947

OpenTable, Inc. (a)

1,800

159,966

Travelzoo, Inc. (a)

3,600

142,020

 

786,557

IT Services - 3.2%

International Business Machines Corp.

5,500

890,340

Unisys Corp. (a)

4,100

152,356

 

1,042,696

Semiconductors & Semiconductor Equipment - 8.8%

Advanced Semiconductor Engineering, Inc. sponsored ADR

23,600

134,992

Entegris, Inc. (a)

28,400

247,648

GT Solar International, Inc. (a)

14,700

157,143

KLA-Tencor Corp.

6,600

322,212

Lam Research Corp. (a)

2,900

159,210

Micron Technology, Inc. (a)

55,400

616,602

MKS Instruments, Inc.

6,500

195,130

Novellus Systems, Inc. (a)

4,900

195,804

Samsung Electronics Co. Ltd.

790

647,921

Teradyne, Inc. (a)

8,900

165,807

 

2,842,469

Software - 2.2%

ebix.com, Inc. (a)

6,200

163,308

Microsoft Corp.

21,000

558,180

 

721,488

TOTAL INFORMATION TECHNOLOGY

7,616,282

MATERIALS - 3.9%

Chemicals - 2.9%

CF Industries Holdings, Inc.

2,300

324,944

Kraton Performance Polymers, Inc. (a)

8,000

274,400

LyondellBasell Industries NV Class A (a)

4,500

171,360

Solutia, Inc. (a)

6,500

150,865

 

921,569

Containers & Packaging - 0.5%

Rock-Tenn Co. Class A

2,600

178,490

Long Stock Positions (c) - continued

Shares

Value

COMMON STOCKS - continued

MATERIALS - continued

Metals & Mining - 0.5%

Anglo American PLC (United Kingdom)

2,900

$ 157,173

TOTAL MATERIALS

1,257,232

TELECOMMUNICATION SERVICES - 3.7%

Diversified Telecommunication Services - 0.9%

Qwest Communications International, Inc.

42,300

288,486

Wireless Telecommunication Services - 2.8%

MetroPCS Communications, Inc. (a)

23,800

342,720

Vodafone Group PLC sponsored ADR

19,400

555,228

 

897,948

TOTAL TELECOMMUNICATION SERVICES

1,186,434

UTILITIES - 1.3%

Multi-Utilities - 1.3%

CMS Energy Corp.

15,000

288,900

PG&E Corp.

2,900

133,574

 

422,474

TOTAL COMMON STOCKS

(Cost $32,555,310)

37,757,196

Nonconvertible Preferred Stocks - 0.9%

CONSUMER DISCRETIONARY - 0.9%

Automobiles - 0.9%

Volkswagen AG

(Cost $306,285)

1,800

305,284

TOTAL LONG STOCK POSITIONS - 117.9%

(Cost $32,861,595)

38,062,480

Money Market Funds - 5.8%

 

 

Shares

Value

Fidelity Cash Central Fund, 0.19% (b)
(Cost $1,856,259)

1,856,259

$ 1,856,259

TOTAL INVESTMENT PORTFOLIO - 123.7%

(Cost $34,717,854)

39,918,739

TOTAL SECURITIES SOLD SHORT - (25.9)%

(Proceeds $7,863,829)

(8,370,694)

NET OTHER ASSETS (LIABILITIES) - 2.2%

728,825

NET ASSETS - 100%

$ 32,276,870

Short Stock Positions - (25.9)%

 

 

 

 

COMMON STOCKS - (25.9)%

CONSUMER DISCRETIONARY - (3.6)%

Hotels, Restaurants & Leisure - (2.4)%

International Game Technology

(14,500)

(238,670)

MGM Mirage, Inc.

(19,600)

(273,224)

Orient Express Hotels Ltd. Class A

(8,300)

(104,746)

Vail Resorts, Inc.

(3,300)

(161,040)

 

(777,680)

Media - (0.5)%

Discovery Communications, Inc.

(3,700)

(159,507)

Textiles, Apparel & Luxury Goods - (0.7)%

K-Swiss, Inc. Class A

(21,600)

(216,216)

TOTAL CONSUMER DISCRETIONARY

(1,153,403)

CONSUMER STAPLES - (0.4)%

Food & Staples Retailing - (0.4)%

Sysco Corp.

(4,600)

(127,834)

Short Stock Positions - continued

 

Shares

Value

COMMON STOCKS - continued

ENERGY - (3.7)%

Oil, Gas & Consumable Fuels - (3.7)%

Cabot Oil & Gas Corp.

(3,800)

$ (173,508)

Comstock Resources, Inc.

(5,400)

(143,370)

CONSOL Energy, Inc.

(3,600)

(182,556)

EOG Resources, Inc.

(1,500)

(168,465)

General Maritime Corp.

(44,900)

(125,720)

Nordic American Tanker Shipping Ltd.

(10,000)

(244,900)

Petrohawk Energy Corp.

(7,400)

(159,840)

 

(1,198,359)

FINANCIALS - (2.9)%

Commercial Banks - (1.1)%

First Horizon National Corp.

(17,395)

(200,043)

TCF Financial Corp.

(9,000)

(146,070)

 

(346,113)

Real Estate Investment Trusts - (1.8)%

Corporate Office Properties Trust (SBI)

(3,500)

(125,545)

DuPont Fabros Technology, Inc.

(7,100)

(173,382)

Mack-Cali Realty Corp.

(8,500)

(288,490)

 

(587,417)

TOTAL FINANCIALS

(933,530)

HEALTH CARE - (3.2)%

Biotechnology - (1.1)%

Dendreon Corp.

(3,900)

(131,001)

Sangamo Biosciences, Inc.

(27,600)

(228,252)

 

(359,253)

Health Care Equipment & Supplies - (1.4)%

Conceptus, Inc.

(10,300)

(144,818)

Thoratec Corp.

(10,500)

(292,740)

 

(437,558)

Short Stock Positions - continued

 

Shares

Value

COMMON STOCKS - continued

HEALTH CARE - continued

Health Care Technology - (0.7)%

Cerner Corp.

(800)

$ (80,360)

Quality Systems, Inc.

(2,000)

(159,800)

 

(240,160)

TOTAL HEALTH CARE

(1,036,971)

INDUSTRIALS - (3.7)%

Airlines - (0.8)%

AMR Corp.

(37,200)

(250,728)

Building Products - (1.0)%

Simpson Manufacturing Co. Ltd.

(5,100)

(147,543)

USG Corp.

(10,800)

(185,112)

 

(332,655)

Commercial Services & Supplies - (0.5)%

Herman Miller, Inc.

(6,000)

(161,640)

Road & Rail - (0.9)%

Knight Transportation, Inc.

(16,000)

(297,760)

Trading Companies & Distributors - (0.5)%

Fastenal Co.

(2,400)

(149,112)

TOTAL INDUSTRIALS

(1,191,895)

INFORMATION TECHNOLOGY - (4.5)%

Computers & Peripherals - (0.4)%

Intermec, Inc.

(11,800)

(132,514)

Internet Software & Services - (0.8)%

GSI Commerce, Inc.

(13,100)

(272,349)

Short Stock Positions - continued

 

 

Shares

Value

COMMON STOCKS - continued

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - (3.3)%

Cree, Inc.

(3,500)

$ (184,345)

FormFactor, Inc.

(13,100)

(128,773)

Mattson Technology, Inc.

(62,200)

(162,964)

Monolithic Power Systems, Inc.

(10,300)

(159,135)

Netlogic Microsystems, Inc.

(4,300)

(177,977)

Silicon Laboratories, Inc.

(5,300)

(240,620)

 

(1,053,814)

TOTAL INFORMATION TECHNOLOGY

(1,458,677)

MATERIALS - (3.4)%

Chemicals - (0.6)%

Monsanto Co.

(2,700)

(194,103)

Construction Materials - (1.0)%

Texas Industries, Inc.

(3,900)

(159,042)

Vulcan Materials Co.

(3,600)

(165,060)

 

(324,102)

Metals & Mining - (0.9)%

RTI International Metals, Inc.

(10,700)

(304,950)

Paper & Forest Products - (0.9)%

Louisiana-Pacific Corp.

(28,500)

(294,120)

TOTAL MATERIALS

(1,117,275)

TELECOMMUNICATION SERVICES - (0.5)%

Wireless Telecommunication Services - (0.5)%

Leap Wireless International, Inc.

(12,500)

(152,750)

TOTAL SHORT STOCK POSITIONS - (25.9)%

(Proceeds $7,863,829)

$ (8,370,694)

Legend

(a) Non-income producing

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

(c) A portion of the securities, totaling $26,168,273, are pledged with brokers as collateral for securities sold short.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 478

Other Information

The following is a summary of the inputs used, as of February 28, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 4,511,151

$ 4,511,151

$ -

$ -

Consumer Staples

3,694,465

2,951,439

743,026

-

Energy

5,568,288

5,568,288

-

-

Financials

6,488,235

6,488,235

-

-

Health Care

3,560,146

3,560,146

-

-

Industrials

3,757,773

3,757,773

-

-

Information Technology

7,616,282

7,616,282

-

-

Materials

1,257,232

1,257,232

-

-

Telecommunication Services

1,186,434

1,186,434

-

-

Utilities

422,474

422,474

-

-

Money Market Funds

1,856,259

1,856,259

-

-

Short Positions

(8,370,694)

(8,370,694)

-

-

Total Investments in Securities:

$ 31,548,045

$ 30,805,019

$ 743,026

$ -

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $34,976,194. Net unrealized depreciation aggregated $4,942,545, of which $5,453,072 related to appreciated investment securities and $510,527 related to depreciated investment securities.

Security Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Long and short positions in equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price (last ask price to value short positions) or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

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

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

February 28, 2011

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

1.859224.102

AFLC-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Long Stock Positions (c) - 117.9%

Shares

Value

COMMON STOCKS - 117.0%

CONSUMER DISCRETIONARY - 13.0%

Auto Components - 3.5%

Autoliv, Inc.

2,600

$ 194,714

BorgWarner, Inc. (a)

4,000

310,440

Tenneco, Inc. (a)

3,700

147,556

TRW Automotive Holdings Corp. (a)

8,500

482,800

 

1,135,510

Automobiles - 0.9%

Bayerische Motoren Werke AG (BMW)

3,811

309,135

Hotels, Restaurants & Leisure - 0.9%

Las Vegas Sands Corp. (a)

6,000

279,840

Household Durables - 0.4%

iRobot Corp. (a)

4,600

132,112

Internet & Catalog Retail - 1.0%

Priceline.com, Inc. (a)

700

317,716

Media - 2.5%

CBS Corp. Class B

14,700

350,742

Comcast Corp. Class A (special) (non-vtg.)

7,800

189,696

Discovery Communications, Inc. Class C (a)

4,300

163,701

Interpublic Group of Companies, Inc.

7,400

97,680

 

801,819

Specialty Retail - 1.0%

Limited Brands, Inc.

9,900

316,998

Textiles, Apparel & Luxury Goods - 2.8%

Iconix Brand Group, Inc. (a)

9,500

209,950

Polo Ralph Lauren Corp. Class A

2,600

329,446

VF Corp.

2,000

191,340

Warnaco Group, Inc. (a)

3,100

182,001

 

912,737

TOTAL CONSUMER DISCRETIONARY

4,205,867

CONSUMER STAPLES - 11.5%

Beverages - 3.5%

Anheuser-Busch InBev SA NV

13,304

743,026

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

19,000

386,080

 

1,129,106

Food & Staples Retailing - 0.1%

Drogasil SA

3,900

29,769

Long Stock Positions (c) - continued

Shares

Value

COMMON STOCKS - continued

CONSUMER STAPLES - continued

Food Products - 3.0%

Archer Daniels Midland Co.

8,600

$ 319,748

Chiquita Brands International, Inc. (a)

8,200

140,958

Fresh Del Monte Produce, Inc.

5,800

165,764

The J.M. Smucker Co.

4,700

323,548

 

950,018

Household Products - 0.9%

Procter & Gamble Co.

4,800

302,640

Personal Products - 3.0%

Elizabeth Arden, Inc. (a)

9,100

264,719

Inter Parfums, Inc.

4,700

84,929

Nature's Sunshine Products, Inc. (a)

9,000

74,070

Nu Skin Enterprises, Inc. Class A

5,100

162,792

Nutraceutical International Corp. (a)

4,700

69,560

Prestige Brands Holdings, Inc. (a)

6,370

70,197

USANA Health Sciences, Inc. (a)

6,900

240,258

 

966,525

Tobacco - 1.0%

British American Tobacco PLC sponsored ADR

3,900

316,407

TOTAL CONSUMER STAPLES

3,694,465

ENERGY - 17.3%

Energy Equipment & Services - 4.9%

Basic Energy Services, Inc. (a)

7,600

145,768

Complete Production Services, Inc. (a)

11,700

337,077

Halliburton Co.

7,100

333,274

National Oilwell Varco, Inc.

5,100

405,807

RPC, Inc.

7,800

152,724

Superior Energy Services, Inc. (a)

4,900

187,719

 

1,562,369

Oil, Gas & Consumable Fuels - 12.4%

BP PLC sponsored ADR

6,400

310,208

Chevron Corp.

12,400

1,286,501

Exxon Mobil Corp.

6,455

552,096

Marathon Oil Corp.

19,000

942,400

Royal Dutch Shell PLC Class A sponsored ADR

4,200

303,450

Long Stock Positions (c) - continued

Shares

Value

COMMON STOCKS - continued

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Tesoro Corp. (a)

16,400

$ 389,992

Western Refining, Inc. (a)

13,600

221,272

 

4,005,919

TOTAL ENERGY

5,568,288

FINANCIALS - 20.1%

Capital Markets - 3.9%

Goldman Sachs Group, Inc.

5,700

933,546

Invesco Ltd.

6,100

163,724

Waddell & Reed Financial, Inc. Class A

4,000

161,520

 

1,258,790

Commercial Banks - 1.4%

HSBC Holdings PLC sponsored ADR

5,100

280,959

Nara Bancorp, Inc. (a)

15,600

163,488

 

444,447

Consumer Finance - 2.0%

Discover Financial Services

15,400

334,950

SLM Corp. (a)

21,000

311,220

 

646,170

Diversified Financial Services - 6.0%

Citigroup, Inc. (a)

186,500

872,820

JPMorgan Chase & Co.

19,000

887,110

KKR Financial Holdings LLC

18,100

180,457

 

1,940,387

Insurance - 6.3%

ACE Ltd.

7,000

442,750

Assurant, Inc.

3,800

154,394

Axis Capital Holdings Ltd.

4,000

145,280

Endurance Specialty Holdings Ltd.

4,300

213,237

Lincoln National Corp.

9,800

310,856

MetLife, Inc.

6,200

293,632

Platinum Underwriters Holdings Ltd.

3,700

154,290

Torchmark Corp.

5,000

326,250

 

2,040,689

Long Stock Positions (c) - continued

Shares

Value

COMMON STOCKS - continued

FINANCIALS - continued

Real Estate Management & Development - 0.5%

CB Richard Ellis Group, Inc. Class A (a)

6,300

$ 157,752

TOTAL FINANCIALS

6,488,235

HEALTH CARE - 11.0%

Biotechnology - 2.1%

Biogen Idec, Inc. (a)

4,700

321,480

Cephalon, Inc. (a)

6,500

366,015

 

687,495

Health Care Equipment & Supplies - 3.2%

Cooper Companies, Inc.

3,800

234,916

Covidien PLC

6,000

308,700

Hill-Rom Holdings, Inc.

3,800

144,666

Kinetic Concepts, Inc. (a)

6,700

328,099

 

1,016,381

Health Care Providers & Services - 1.9%

Humana, Inc. (a)

9,600

624,096

Life Sciences Tools & Services - 0.9%

Illumina, Inc. (a)

100

6,940

Thermo Fisher Scientific, Inc. (a)

5,300

295,846

 

302,786

Pharmaceuticals - 2.9%

AstraZeneca PLC sponsored ADR

12,400

609,708

Endo Pharmaceuticals Holdings, Inc. (a)

9,000

319,680

 

929,388

TOTAL HEALTH CARE

3,560,146

INDUSTRIALS - 11.6%

Commercial Services & Supplies - 1.1%

Quad/Graphics, Inc. (a)

4,800

208,416

Schawk, Inc. Class A

8,000

144,560

 

352,976

Long Stock Positions (c) - continued

Shares

Value

COMMON STOCKS - continued

INDUSTRIALS - continued

Construction & Engineering - 1.1%

EMCOR Group, Inc. (a)

5,800

$ 184,788

KBR, Inc.

700

22,960

URS Corp. (a)

3,500

162,855

 

370,603

Electrical Equipment - 1.1%

EnerSys (a)

900

31,950

General Cable Corp. (a)

7,300

316,966

 

348,916

Industrial Conglomerates - 1.4%

General Electric Co.

22,000

460,240

Machinery - 5.4%

Caterpillar, Inc.

6,000

617,580

Navistar International Corp. (a)

4,900

303,702

Pall Corp.

5,900

320,724

Parker Hannifin Corp.

700

62,426

Timken Co.

8,900

433,608

 

1,738,040

Professional Services - 0.5%

SFN Group, Inc. (a)

12,000

165,960

Road & Rail - 1.0%

CSX Corp.

4,300

321,038

TOTAL INDUSTRIALS

3,757,773

INFORMATION TECHNOLOGY - 23.6%

Computers & Peripherals - 4.5%

Hewlett-Packard Co.

24,400

1,064,572

Hypercom Corp. (a)

11,600

115,884

Western Digital Corp. (a)

8,700

266,046

 

1,446,502

Electronic Equipment & Components - 2.4%

Anixter International, Inc.

2,400

171,888

Flextronics International Ltd. (a)

19,200

155,328

Jabil Circuit, Inc.

6,800

145,724

Vishay Intertechnology, Inc. (a)

17,400

303,630

 

776,570

Long Stock Positions (c) - continued

Shares

Value

COMMON STOCKS - continued

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 2.5%

Baidu.com, Inc. sponsored ADR (a)

1,400

$ 169,624

eBay, Inc. (a)

9,400

314,947

OpenTable, Inc. (a)

1,800

159,966

Travelzoo, Inc. (a)

3,600

142,020

 

786,557

IT Services - 3.2%

International Business Machines Corp.

5,500

890,340

Unisys Corp. (a)

4,100

152,356

 

1,042,696

Semiconductors & Semiconductor Equipment - 8.8%

Advanced Semiconductor Engineering, Inc. sponsored ADR

23,600

134,992

Entegris, Inc. (a)

28,400

247,648

GT Solar International, Inc. (a)

14,700

157,143

KLA-Tencor Corp.

6,600

322,212

Lam Research Corp. (a)

2,900

159,210

Micron Technology, Inc. (a)

55,400

616,602

MKS Instruments, Inc.

6,500

195,130

Novellus Systems, Inc. (a)

4,900

195,804

Samsung Electronics Co. Ltd.

790

647,921

Teradyne, Inc. (a)

8,900

165,807

 

2,842,469

Software - 2.2%

ebix.com, Inc. (a)

6,200

163,308

Microsoft Corp.

21,000

558,180

 

721,488

TOTAL INFORMATION TECHNOLOGY

7,616,282

MATERIALS - 3.9%

Chemicals - 2.9%

CF Industries Holdings, Inc.

2,300

324,944

Kraton Performance Polymers, Inc. (a)

8,000

274,400

LyondellBasell Industries NV Class A (a)

4,500

171,360

Solutia, Inc. (a)

6,500

150,865

 

921,569

Containers & Packaging - 0.5%

Rock-Tenn Co. Class A

2,600

178,490

Long Stock Positions (c) - continued

Shares

Value

COMMON STOCKS - continued

MATERIALS - continued

Metals & Mining - 0.5%

Anglo American PLC (United Kingdom)

2,900

$ 157,173

TOTAL MATERIALS

1,257,232

TELECOMMUNICATION SERVICES - 3.7%

Diversified Telecommunication Services - 0.9%

Qwest Communications International, Inc.

42,300

288,486

Wireless Telecommunication Services - 2.8%

MetroPCS Communications, Inc. (a)

23,800

342,720

Vodafone Group PLC sponsored ADR

19,400

555,228

 

897,948

TOTAL TELECOMMUNICATION SERVICES

1,186,434

UTILITIES - 1.3%

Multi-Utilities - 1.3%

CMS Energy Corp.

15,000

288,900

PG&E Corp.

2,900

133,574

 

422,474

TOTAL COMMON STOCKS

(Cost $32,555,310)

37,757,196

Nonconvertible Preferred Stocks - 0.9%

CONSUMER DISCRETIONARY - 0.9%

Automobiles - 0.9%

Volkswagen AG

(Cost $306,285)

1,800

305,284

TOTAL LONG STOCK POSITIONS - 117.9%

(Cost $32,861,595)

38,062,480

Money Market Funds - 5.8%

 

 

Shares

Value

Fidelity Cash Central Fund, 0.19% (b)
(Cost $1,856,259)

1,856,259

$ 1,856,259

TOTAL INVESTMENT PORTFOLIO - 123.7%

(Cost $34,717,854)

39,918,739

TOTAL SECURITIES SOLD SHORT - (25.9)%

(Proceeds $7,863,829)

(8,370,694)

NET OTHER ASSETS (LIABILITIES) - 2.2%

728,825

NET ASSETS - 100%

$ 32,276,870

Short Stock Positions - (25.9)%

 

 

 

 

COMMON STOCKS - (25.9)%

CONSUMER DISCRETIONARY - (3.6)%

Hotels, Restaurants & Leisure - (2.4)%

International Game Technology

(14,500)

(238,670)

MGM Mirage, Inc.

(19,600)

(273,224)

Orient Express Hotels Ltd. Class A

(8,300)

(104,746)

Vail Resorts, Inc.

(3,300)

(161,040)

 

(777,680)

Media - (0.5)%

Discovery Communications, Inc.

(3,700)

(159,507)

Textiles, Apparel & Luxury Goods - (0.7)%

K-Swiss, Inc. Class A

(21,600)

(216,216)

TOTAL CONSUMER DISCRETIONARY

(1,153,403)

CONSUMER STAPLES - (0.4)%

Food & Staples Retailing - (0.4)%

Sysco Corp.

(4,600)

(127,834)

Short Stock Positions - continued

 

Shares

Value

COMMON STOCKS - continued

ENERGY - (3.7)%

Oil, Gas & Consumable Fuels - (3.7)%

Cabot Oil & Gas Corp.

(3,800)

$ (173,508)

Comstock Resources, Inc.

(5,400)

(143,370)

CONSOL Energy, Inc.

(3,600)

(182,556)

EOG Resources, Inc.

(1,500)

(168,465)

General Maritime Corp.

(44,900)

(125,720)

Nordic American Tanker Shipping Ltd.

(10,000)

(244,900)

Petrohawk Energy Corp.

(7,400)

(159,840)

 

(1,198,359)

FINANCIALS - (2.9)%

Commercial Banks - (1.1)%

First Horizon National Corp.

(17,395)

(200,043)

TCF Financial Corp.

(9,000)

(146,070)

 

(346,113)

Real Estate Investment Trusts - (1.8)%

Corporate Office Properties Trust (SBI)

(3,500)

(125,545)

DuPont Fabros Technology, Inc.

(7,100)

(173,382)

Mack-Cali Realty Corp.

(8,500)

(288,490)

 

(587,417)

TOTAL FINANCIALS

(933,530)

HEALTH CARE - (3.2)%

Biotechnology - (1.1)%

Dendreon Corp.

(3,900)

(131,001)

Sangamo Biosciences, Inc.

(27,600)

(228,252)

 

(359,253)

Health Care Equipment & Supplies - (1.4)%

Conceptus, Inc.

(10,300)

(144,818)

Thoratec Corp.

(10,500)

(292,740)

 

(437,558)

Short Stock Positions - continued

 

Shares

Value

COMMON STOCKS - continued

HEALTH CARE - continued

Health Care Technology - (0.7)%

Cerner Corp.

(800)

$ (80,360)

Quality Systems, Inc.

(2,000)

(159,800)

 

(240,160)

TOTAL HEALTH CARE

(1,036,971)

INDUSTRIALS - (3.7)%

Airlines - (0.8)%

AMR Corp.

(37,200)

(250,728)

Building Products - (1.0)%

Simpson Manufacturing Co. Ltd.

(5,100)

(147,543)

USG Corp.

(10,800)

(185,112)

 

(332,655)

Commercial Services & Supplies - (0.5)%

Herman Miller, Inc.

(6,000)

(161,640)

Road & Rail - (0.9)%

Knight Transportation, Inc.

(16,000)

(297,760)

Trading Companies & Distributors - (0.5)%

Fastenal Co.

(2,400)

(149,112)

TOTAL INDUSTRIALS

(1,191,895)

INFORMATION TECHNOLOGY - (4.5)%

Computers & Peripherals - (0.4)%

Intermec, Inc.

(11,800)

(132,514)

Internet Software & Services - (0.8)%

GSI Commerce, Inc.

(13,100)

(272,349)

Short Stock Positions - continued

 

 

Shares

Value

COMMON STOCKS - continued

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - (3.3)%

Cree, Inc.

(3,500)

$ (184,345)

FormFactor, Inc.

(13,100)

(128,773)

Mattson Technology, Inc.

(62,200)

(162,964)

Monolithic Power Systems, Inc.

(10,300)

(159,135)

Netlogic Microsystems, Inc.

(4,300)

(177,977)

Silicon Laboratories, Inc.

(5,300)

(240,620)

 

(1,053,814)

TOTAL INFORMATION TECHNOLOGY

(1,458,677)

MATERIALS - (3.4)%

Chemicals - (0.6)%

Monsanto Co.

(2,700)

(194,103)

Construction Materials - (1.0)%

Texas Industries, Inc.

(3,900)

(159,042)

Vulcan Materials Co.

(3,600)

(165,060)

 

(324,102)

Metals & Mining - (0.9)%

RTI International Metals, Inc.

(10,700)

(304,950)

Paper & Forest Products - (0.9)%

Louisiana-Pacific Corp.

(28,500)

(294,120)

TOTAL MATERIALS

(1,117,275)

TELECOMMUNICATION SERVICES - (0.5)%

Wireless Telecommunication Services - (0.5)%

Leap Wireless International, Inc.

(12,500)

(152,750)

TOTAL SHORT STOCK POSITIONS - (25.9)%

(Proceeds $7,863,829)

$ (8,370,694)

Legend

(a) Non-income producing

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

(c) A portion of the securities, totaling $26,168,273, are pledged with brokers as collateral for securities sold short.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 478

Other Information

The following is a summary of the inputs used, as of February 28, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 4,511,151

$ 4,511,151

$ -

$ -

Consumer Staples

3,694,465

2,951,439

743,026

-

Energy

5,568,288

5,568,288

-

-

Financials

6,488,235

6,488,235

-

-

Health Care

3,560,146

3,560,146

-

-

Industrials

3,757,773

3,757,773

-

-

Information Technology

7,616,282

7,616,282

-

-

Materials

1,257,232

1,257,232

-

-

Telecommunication Services

1,186,434

1,186,434

-

-

Utilities

422,474

422,474

-

-

Money Market Funds

1,856,259

1,856,259

-

-

Short Positions

(8,370,694)

(8,370,694)

-

-

Total Investments in Securities:

$ 31,548,045

$ 30,805,019

$ 743,026

$ -

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $34,976,194. Net unrealized depreciation aggregated $4,942,545, of which $5,453,072 related to appreciated investment securities and $510,527 related to depreciated investment securities.

Security Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Long and short positions in equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price (last ask price to value short positions) or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Mt. Vernon Street Trust

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

April 29, 2011

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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

April 29, 2011

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

April 29, 2011