N-Q 1 mt.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)

Eric D. Roiter, 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, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Growth Company Fund

February 28, 2006

GCF-QTLY-0406

1.797941.102

Investments February 28, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 4.6%

Hotels, Restaurants & Leisure - 0.5%

McDonald's Corp.

65,000

$2,269

Starbucks Corp. (a)

3,218,400

116,892

The Cheesecake Factory, Inc. (a)

375,977

13,595

132,756

Household Durables - 0.1%

LG Electronics, Inc.

350,000

28,755

Tupperware Brands Corp.

50,000

1,060

29,815

Internet & Catalog Retail - 0.3%

Amazon.com, Inc. (a)

355,000

13,309

Stamps.com, Inc. (a)(e)

2,328,925

75,015

88,324

Media - 0.6%

CBS Corp. Class B

420,988

10,297

Comcast Corp. Class A (special) (a)

200,000

5,350

Discovery Holding Co. Class A (a)

85,532

1,249

DreamWorks Animation SKG, Inc. Class A (a)

685,000

18,495

Liberty Global, Inc. Class A

42,766

869

Liberty Media Corp. Class A (a)

855,326

7,048

Pixar (a)

835,000

53,273

Time Warner, Inc.

1,726,950

29,894

TiVo, Inc. (a)(d)(e)

5,088,259

28,240

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

420,988

16,823

The Walt Disney Co.

211,500

5,920

177,458

Multiline Retail - 0.3%

Federated Department Stores, Inc.

150,000

10,656

Kohl's Corp. (a)

100,000

4,811

Target Corp.

1,115,000

60,656

76,123

Specialty Retail - 2.0%

Bed Bath & Beyond, Inc. (a)

349,200

12,585

Best Buy Co., Inc.

1,542,500

83,079

Gap, Inc.

57,825

1,072

Guitar Center, Inc. (a)

616,100

31,889

Home Depot, Inc.

5,331,150

224,708

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Lowe's Companies, Inc.

1,745,400

$119,001

Staples, Inc.

5,120,602

125,660

597,994

Textiles, Apparel & Luxury Goods - 0.8%

Coach, Inc. (a)

3,372,200

120,455

Crocs, Inc.

211,200

5,806

NIKE, Inc. Class B

1,127,000

97,801

Under Armour, Inc. Class A (d)

397,700

11,211

235,273

TOTAL CONSUMER DISCRETIONARY

1,337,743

CONSUMER STAPLES - 8.1%

Beverages - 1.9%

PepsiCo, Inc.

5,166,640

305,400

The Coca-Cola Co.

5,722,500

240,173

545,573

Food & Staples Retailing - 1.7%

Costco Wholesale Corp.

280,800

14,399

CVS Corp.

3,337,780

94,559

Sysco Corp.

308,200

9,274

Wal-Mart Stores, Inc.

5,020,300

227,721

Walgreen Co.

1,835,000

82,318

Whole Foods Market, Inc.

890,000

56,853

485,124

Food Products - 1.6%

Archer-Daniels-Midland Co.

6,140,000

194,761

Campbell Soup Co.

50,000

1,557

Dean Foods Co. (a)

326,280

12,226

General Mills, Inc.

490,000

24,133

Hershey Co.

320,000

16,368

Kellogg Co.

1,350,000

59,819

McCormick & Co., Inc. (non-vtg.)

1,575,000

51,707

TreeHouse Foods, Inc. (a)

360,256

8,124

Wm. Wrigley Jr. Co.

1,595,000

101,346

470,041

Household Products - 2.2%

Clorox Co.

385,000

23,466

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Household Products - continued

Colgate-Palmolive Co.

1,765,000

$96,157

Kimberly-Clark Corp.

1,031,600

61,050

Procter & Gamble Co.

7,985,583

478,576

659,249

Personal Products - 0.0%

Avon Products, Inc.

120,000

3,462

Tobacco - 0.7%

Altria Group, Inc.

2,990,380

215,008

TOTAL CONSUMER STAPLES

2,378,457

ENERGY - 5.3%

Energy Equipment & Services - 1.8%

Baker Hughes, Inc.

2,532,500

172,134

Diamond Offshore Drilling, Inc.

827,900

64,071

Schlumberger Ltd. (NY Shares)

512,000

58,880

Weatherford International Ltd. (a)

5,450,240

235,014

530,099

Oil, Gas & Consumable Fuels - 3.5%

Amerada Hess Corp.

2,270,000

313,964

Anadarko Petroleum Corp.

1,090,000

108,084

Apache Corp.

995,000

66,585

ConocoPhillips

1,703,810

103,864

Devon Energy Corp.

2,040,000

119,605

EnCana Corp.

1,510,000

62,465

EOG Resources, Inc.

1,120,000

75,488

Massey Energy Co.

2,216,950

82,471

Noble Energy, Inc.

850,000

35,734

Peabody Energy Corp.

310,000

14,964

Sasol Ltd. sponsored ADR

800,000

27,520

1,010,744

TOTAL ENERGY

1,540,843

FINANCIALS - 4.9%

Capital Markets - 2.1%

Ameriprise Financial, Inc.

7,275,809

330,904

Charles Schwab Corp.

5,651,475

91,610

Merrill Lynch & Co., Inc.

585,000

45,168

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Capital Markets - continued

Nomura Holdings, Inc.

6,199,300

$119,585

State Street Corp.

510,000

31,865

Thomas Weisel Partners Group, Inc.

173,600

3,710

622,842

Commercial Banks - 0.8%

Bank of America Corp.

1,820,000

83,447

Commerce Bancorp, Inc., New Jersey (d)

980,000

32,507

Synovus Financial Corp.

426,900

12,103

Wells Fargo & Co.

1,460,000

93,732

221,789

Consumer Finance - 1.0%

American Express Co.

4,752,548

256,067

SLM Corp.

500,000

28,205

284,272

Diversified Financial Services - 0.0%

Citigroup, Inc.

310,197

14,384

Insurance - 0.8%

American International Group, Inc.

3,338,750

221,559

Prudential Financial, Inc.

233,000

17,950

239,509

Thrifts & Mortgage Finance - 0.2%

Fannie Mae

979,300

53,548

TOTAL FINANCIALS

1,436,344

HEALTH CARE - 30.8%

Biotechnology - 15.1%

Affymetrix, Inc. (a)(e)

6,383,890

226,692

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

3,091,450

116,177

Alkermes, Inc. (a)(e)

9,110,790

231,505

Amgen, Inc. (a)

3,127,605

236,103

Amylin Pharmaceuticals, Inc. (a)

4,370,000

189,571

Applera Corp.:

- Applied Biosystems Group

140,100

3,961

- Celera Genomics Group (a)

7,459,848

85,714

Biogen Idec, Inc. (a)

244,164

11,537

BioMarin Pharmaceutical, Inc. (a)(e)

5,526,900

72,292

Celgene Corp. (a)(e)

33,921,744

1,289,018

Crucell NV sponsored ADR (a)(d)

2,940,000

73,000

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

CV Therapeutics, Inc. (a)(d)(e)

4,472,000

$120,342

DOV Pharmaceutical, Inc. (a)(e)

2,303,900

44,350

Exelixis, Inc. (a)(e)

8,313,100

90,280

Genentech, Inc. (a)

865,800

74,190

Genzyme Corp. (a)

2,440,000

169,190

Gilead Sciences, Inc. (a)

850,000

52,930

Human Genome Sciences, Inc. (a)(e)

9,305,010

116,499

Immunomedics, Inc. (a)(d)(e)

4,987,700

14,365

Medarex, Inc. (a)

3,689,720

54,460

MedImmune, Inc. (a)

7,542,800

275,237

Millennium Pharmaceuticals, Inc. (a)

125,000

1,310

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

3,035,500

72,366

PDL BioPharma, Inc. (a)(e)

7,865,450

246,267

Regeneron Pharmaceuticals, Inc. (a)(e)

5,381,000

88,087

Seattle Genetics, Inc. (a)

1,690,121

8,924

Sunesis Pharmaceuticals, Inc.

850,000

4,888

Threshold Pharmaceuticals, Inc. (e)

2,199,392

33,101

Vertex Pharmaceuticals, Inc. (a)(e)

9,912,587

428,620

Zymogenetics, Inc. (a)

281,800

6,239

4,437,215

Health Care Equipment & Supplies - 4.6%

Alcon, Inc.

245,000

28,214

Boston Scientific Corp. (a)

1,263,000

30,842

Dionex Corp. (a)

818,000

44,884

Foxhollow Technologies, Inc. (a)(d)(e)

1,231,300

32,703

Gen-Probe, Inc. (a)(e)

3,146,252

157,187

Given Imaging Ltd. (a)

35,000

806

Hospira, Inc. (a)

4,671,520

185,459

Medtronic, Inc. (d)

1,739,964

93,871

Millipore Corp. (a)(e)

4,030,000

279,400

Palomar Medical Technologies, Inc. (a)

322,289

10,297

St. Jude Medical, Inc. (a)

4,259,200

194,220

Thoratec Corp. (a)(e)

5,063,189

101,871

Varian Medical Systems, Inc. (a)

690,000

39,937

Ventana Medical Systems, Inc. (a)(e)

3,612,041

131,009

Zimmer Holdings, Inc. (a)

205,970

14,249

1,344,949

Health Care Providers & Services - 4.2%

Cardinal Health, Inc.

2,090,000

151,734

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - continued

Cerner Corp. (a)(d)(e)

4,483,520

$186,649

Eclipsys Corp. (a)

1,395,000

35,879

Emdeon Corp. (a)(e)

21,904,200

230,870

HCA, Inc.

470,000

22,513

Laboratory Corp. of America Holdings (a)

870,000

50,556

McKesson Corp.

2,660,000

143,986

Medco Health Solutions, Inc. (a)

1,006,360

56,074

Quest Diagnostics, Inc.

1,350,000

71,375

UnitedHealth Group, Inc.

4,441,400

258,623

WebMD Health Corp. Class A (d)(e)

545,200

20,260

1,228,519

Pharmaceuticals - 6.9%

Abbott Laboratories

2,795,200

123,492

Allergan, Inc.

500,000

54,130

Atherogenics, Inc. (a)(d)(e)

3,455,000

55,695

Barr Pharmaceuticals, Inc. (a)

1,175,175

78,948

Bristol-Myers Squibb Co.

1,109,700

25,634

Dr. Reddy's Laboratories Ltd. sponsored ADR

370,000

10,645

Elan Corp. PLC sponsored ADR (a)(d)

2,510,000

31,877

Eli Lilly & Co.

1,410,000

78,424

Forest Laboratories, Inc. (a)

555,000

25,475

Johnson & Johnson

6,738,300

388,463

Merck & Co., Inc.

1,339,300

46,688

Mylan Laboratories, Inc.

2,115,000

48,645

Pfizer, Inc.

7,956,000

208,368

Sanofi-Aventis sponsored ADR

630,000

26,857

Schering-Plough Corp.

4,932,600

91,253

Sepracor, Inc. (a)(e)

10,585,573

606,659

Teva Pharmaceutical Industries Ltd. sponsored ADR

65,958

2,770

Watson Pharmaceuticals, Inc. (a)

65,000

1,949

Wyeth

2,310,200

115,048

2,021,020

TOTAL HEALTH CARE

9,031,703

INDUSTRIALS - 7.9%

Aerospace & Defense - 1.0%

Embraer - Empresa Brasileira de Aeronautica SA
sponsored ADR

1,550,000

61,613

Honeywell International, Inc.

1,015,000

41,564

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

Lockheed Martin Corp.

660,100

$48,101

The Boeing Co.

1,965,000

142,836

294,114

Air Freight & Logistics - 0.3%

United Parcel Service, Inc. Class B

1,004,800

75,069

Airlines - 4.2%

AMR Corp. (a)

6,512,500

163,464

Copa Holdings SA (e)

1,575,000

36,304

Gol Linhas Aereas Inteligentes SA sponsored ADR (d)

2,430,000

79,704

JetBlue Airways Corp. (a)(d)(e)

17,199,653

196,076

Ryanair Holdings PLC:

warrants (UBS Warrant Programme) 2/25/08 (a)

3,230,000

29,495

sponsored ADR (a)

945,000

50,170

Southwest Airlines Co.

24,256,263

406,778

US Airways Group, Inc. (a)(d)(e)

8,162,100

270,084

1,232,075

Commercial Services & Supplies - 0.0%

Monster Worldwide, Inc. (a)

67,900

3,324

Electrical Equipment - 0.2%

Color Kinetics, Inc. (a)(e)

1,561,400

27,278

Rockwell Automation, Inc.

240,000

16,361

43,639

Industrial Conglomerates - 1.7%

3M Co.

2,345,000

172,569

General Electric Co.

10,315,000

339,054

511,623

Machinery - 0.5%

Caterpillar, Inc.

380,000

27,770

Deere & Co.

359,900

27,450

ITT Industries, Inc.

350,000

18,375

Pall Corp.

1,980,000

58,252

131,847

Road & Rail - 0.0%

Norfolk Southern Corp.

215,000

11,004

TOTAL INDUSTRIALS

2,302,695

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - 34.4%

Communications Equipment - 5.1%

CIENA Corp. (a)

1,974,400

$7,937

Cisco Systems, Inc. (a)

9,462,600

191,523

Comverse Technology, Inc. (a)

1,280,000

36,813

Corning, Inc. (a)

3,823,000

93,319

F5 Networks, Inc. (a)(e)

3,845,723

260,817

Harris Corp.

1,175,000

53,674

Juniper Networks, Inc. (a)

1,025,000

18,850

Motorola, Inc.

3,190,000

68,266

NMS Communications Corp. (a)

2,179,494

7,759

QUALCOMM, Inc.

11,918,400

562,668

Redback Networks, Inc. (a)

700,000

13,265

Research In Motion Ltd. (a)

705,000

49,902

Sonus Networks, Inc. (a)(e)

24,937,670

120,948

1,485,741

Computers & Peripherals - 7.3%

Apple Computer, Inc. (a)

10,975,000

752,227

Dell, Inc. (a)

4,950,600

143,567

Hewlett-Packard Co.

485,000

15,913

International Business Machines Corp.

49,800

3,996

Lexmark International, Inc. Class A (a)

36,900

1,738

Network Appliance, Inc. (a)(e)

21,697,208

719,479

Palm, Inc. (a)(d)(e)

4,770,444

197,019

SanDisk Corp. (a)

1,185,000

71,503

Seagate Technology

1,120,000

29,758

Sun Microsystems, Inc. (a)

47,636,500

198,644

2,133,844

Electronic Equipment & Instruments - 1.3%

Agilent Technologies, Inc. (a)

4,090,000

147,240

Itron, Inc. (a)

600,000

35,676

M-Flex Electronix, Inc. (a)

100,000

5,694

RAE Systems, Inc. (a)(d)(e)

3,160,000

11,439

Sunpower Corp. Class A (d)(e)

777,600

34,137

Symbol Technologies, Inc.

6,519,504

75,757

Trimble Navigation Ltd. (a)

902,500

36,921

Universal Display Corp. (a)(d)(e)

2,040,000

28,968

375,832

Internet Software & Services - 5.6%

aQuantive, Inc. (a)

2,165,000

57,567

eBay, Inc. (a)

1,967,200

78,806

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Google, Inc. Class A (sub. vtg.) (a)

3,462,448

$1,255,553

Housevalues, Inc. (a)(d)

560,000

7,560

Openwave Systems, Inc. (a)

3,635,000

72,155

VeriSign, Inc. (a)

200,000

4,732

WebSideStory, Inc. (a)

467,016

7,318

Yahoo!, Inc. (a)

4,926,340

157,938

1,641,629

IT Services - 0.3%

Cognizant Technology Solutions Corp. Class A (a)

1,287,358

74,165

First Data Corp.

50,000

2,257

Hewitt Associates, Inc. Class A (a)

13,800

372

76,794

Semiconductors & Semiconductor Equipment - 9.4%

Advanced Micro Devices, Inc. (a)

9,285,000

359,051

Altera Corp. (a)

2,889,400

57,904

Analog Devices, Inc.

1,324,900

50,532

Applied Materials, Inc.

1,515,400

27,792

ASML Holding NV (NY Shares) (a)

1,090,000

22,541

Atheros Communications, Inc. (a)(e)

4,625,674

95,196

Atheros Communications, Inc. (a)(e)(f)

1,741,486

35,840

ATI Technologies, Inc. (a)

5,400,000

85,980

Broadcom Corp. Class A (a)

1,745,000

78,682

Cirrus Logic, Inc. (a)

4,195,000

31,840

Cree, Inc. (a)(d)(e)

7,609,263

227,897

Cypress Semiconductor Corp. (a)(d)(e)

13,185,000

234,166

FEI Co. (a)

1,623,100

32,478

Freescale Semiconductor, Inc.:

Class A (a)

1,165,021

31,327

Class B (a)

4,966,846

134,304

Intel Corp.

6,040,800

124,440

International Rectifier Corp. (a)

3,061,300

113,574

KLA-Tencor Corp.

510,000

26,637

Linear Technology Corp.

625,800

23,067

Marvell Technology Group Ltd. (a)

3,136,655

192,026

MEMC Electronic Materials, Inc. (a)

4,135,000

138,481

Micron Technology, Inc. (a)

1,791,800

27,791

MIPS Technologies, Inc. (a)

1,032,227

8,671

National Semiconductor Corp.

1,618,204

45,391

NVIDIA Corp. (a)

285,000

13,432

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

PortalPlayer, Inc. (a)(d)(e)

2,083,400

$52,627

Power Integrations, Inc. (a)

62,500

1,552

Rambus, Inc. (a)

2,800,000

86,940

Samsung Electronics Co. Ltd.

50,000

35,058

SigmaTel, Inc. (a)

149,968

1,612

Silicon Image, Inc. (a)

2,552,901

27,878

Silicon Laboratories, Inc. (a)

1,000,315

47,995

Spansion, Inc.

1,500,000

21,900

Texas Instruments, Inc.

6,351,000

189,577

Virage Logic Corp. (a)(e)

2,096,790

23,107

Xilinx, Inc.

2,125,100

57,973

2,765,259

Software - 5.4%

Adobe Systems, Inc.

4,433,236

171,212

Autodesk, Inc.

100,000

3,765

Cognos, Inc. (a)

345,000

13,261

Fast Search & Transfer ASA (a)(d)

11,589,000

38,473

Microsoft Corp.

16,845,000

453,131

Oracle Corp. (a)

3,765,000

46,761

Red Hat, Inc. (a)(e)

18,349,401

493,048

Salesforce.com, Inc. (a)(e)

10,175,500

354,616

Symantec Corp. (a)

1,340,800

22,646

1,596,913

TOTAL INFORMATION TECHNOLOGY

10,076,012

MATERIALS - 3.0%

Chemicals - 2.8%

Dow Chemical Co.

125,000

5,379

Minerals Technologies, Inc. (e)

1,450,000

77,619

Monsanto Co.

8,157,489

684,250

Mosaic Co. (a)

1,270,000

20,193

Potash Corp. of Saskatchewan

190,400

18,265

805,706

Metals & Mining - 0.2%

Barrick Gold Corp.

1,032,500

28,217

Inco Ltd.

41,000

1,987

Nucor Corp.

405,000

34,850

65,054

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Paper & Forest Products - 0.0%

Neenah Paper, Inc.

17,472

$535

TOTAL MATERIALS

871,295

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.0%

Level 3 Communications, Inc. (a)

525,000

1,785

Wireless Telecommunication Services - 0.5%

ALLTEL Corp.

395,000

24,944

Sprint Nextel Corp.

4,724,449

113,529

Vodafone Group PLC sponsored ADR

212,660

4,109

142,582

TOTAL TELECOMMUNICATION SERVICES

144,367

TOTAL COMMON STOCKS

(Cost $23,076,072)

29,119,459

Preferred Stocks - 0.1%

Convertible Preferred Stocks - 0.1%

HEALTH CARE - 0.1%

Biotechnology - 0.1%

Perlegen Sciences, Inc. Series D, 8.00% (f)

12,820,512

25,641

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

GeneProt, Inc. Series A (a)(f)

1,373,363

1

TOTAL PREFERRED STOCKS

(Cost $27,478)

25,642

Money Market Funds - 2.4%

Shares

Value (000s)

Fidelity Cash Central Fund, 4.57% (b)

105,113,358

$105,113

Fidelity Securities Lending Cash Central Fund, 4.58% (b)(c)

614,938,475

614,938

TOTAL MONEY MARKET FUNDS

(Cost $720,051)

720,051

TOTAL INVESTMENT PORTFOLIO - 102.0%

(Cost $23,823,601)

29,865,152

NET OTHER ASSETS - (2.0)%

(594,855)

NET ASSETS - 100%

$29,270,297

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.

(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)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 $61,482,000 or 0.2% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Atheros Communications, Inc.

4/18/01

$15,000

GeneProt, Inc.
Series A

7/7/00

$7,478

Perlegen Sciences, Inc. Series D, 8.00%

2/23/05

$20,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$1,343

Fidelity Securities Lending Cash Central Fund

1,728

Total

$3,071

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

Affymetrix, Inc.

$314,343

$-

$-

$-

$226,692

Alexion Pharmaceuticals, Inc.

59,825

674

-

-

116,177

Alkermes, Inc.

163,931

1,683

-

-

231,505

AMR Corp.

188,535

-

98,722

-

-

Atherogenics, Inc.

51,790

-

-

-

55,695

Atheros Communications, Inc.

36,967

13,764

-

-

95,196

Atheros Communications, Inc. (Restricted)

16,875

-

-

-

35,840

BioMarin Pharmaceutical, Inc.

39,062

16,433

-

-

72,292

Celgene Corp.

1,033,256

-

-

-

1,289,018

Cerner Corp.

216,106

-

-

-

186,649

Cirrus Logic, Inc.

40,937

-

9,353

-

-

Color Kinetics, Inc.

24,155

-

-

-

27,278

Copa Holdings SA

-

37,145

-

-

36,304

Cree, Inc.

201,892

2,268

-

-

227,897

CV Therapeutics, Inc.

110,098

508

-

-

120,342

Cypress Semiconductor Corp.

197,775

-

-

-

234,166

DOV Pharmaceutical, Inc.

33,268

-

-

-

44,350

Emdeon Corp.

181,528

-

16,981

-

230,870

Exelixis, Inc.

67,075

112

-

-

90,280

F5 Networks, Inc.

203,170

-

-

-

260,817

FEI Co.

40,880

-

8,609

-

-

Foxhollow Technologies, Inc.

34,192

15,773

-

-

32,703

Gen-Probe, Inc.

145,258

4

-

-

157,187

Guitar Center, Inc.

73,129

-

39,458

-

-

Human Genome Sciences, Inc.

117,984

-

35,534

-

116,499

Immunomedics, Inc.

10,125

-

-

-

14,365

International Rectifier Corp.

126,993

-

18,932

-

-

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

JAMDAT Mobile, Inc.

$37,133

$-

$41,702

$-

$-

JetBlue Airways Corp.

198,097

13,036

-

-

196,076

Millipore Corp.

279,443

270

23,847

-

279,400

Minerals Technologies, Inc.

82,099

-

-

73

77,619

Momenta Pharmaceuticals, Inc.

67,085

-

-

-

72,366

Network Appliance, Inc.

625,999

6,740

-

-

719,479

NMS Communications Corp.

12,189

-

3,344

-

-

Openwave Systems, Inc.

68,682

-

8,067

-

-

Palm, Inc.

135,385

-

-

-

197,019

Palomar Medical Technologies, Inc.

54,696

-

46,581

-

-

PDL BioPharma, Inc. (formerly Protein Design Labs, Inc.)

219,053

-

-

-

246,267

PortalPlayer, Inc.

13,536

57,493

10,733

-

52,627

RAE Systems, Inc.

11,502

-

-

-

11,439

Red Hat, Inc.

432,495

-

-

-

493,048

Regeneron Pharmaceuticals, Inc.

60,106

-

-

-

88,087

Salesforce.com, Inc.

327,163

122

3,469

-

354,616

Sepracor, Inc.

581,995

-

-

-

606,659

Sonus Networks, Inc.

102,494

-

-

-

120,948

Stamps.com, Inc.

22,043

33,878

-

-

75,015

Sunpower Corp. Class A

19,440

-

-

-

34,137

Thoratec Corp.

98,706

5,704

-

-

101,871

Threshold Pharmaceuticals, Inc.

26,434

3,276

-

-

33,101

TiVo, Inc.

31,894

-

4,523

-

28,240

Universal Display Corp.

15,902

8,194

-

-

28,968

US Airways Group, Inc.

216,798

57,570

-

-

270,084

Ventana Medical Systems, Inc.

139,100

-

-

-

131,009

Vertex Pharmaceuticals, Inc.

250,091

2,625

-

-

428,620

Virage Logic Corp.

21,995

-

-

-

23,107

WebMD Health Corp. Class A

14,442

-

-

-

20,260

Total

$7,895,146

$277,272

$369,855

$73

$8,592,184

Income Tax Information

At February 28, 2006, the aggregate cost of investment securities for income tax purposes was $24,007,864,000. Net unrealized appreciation aggregated $5,857,288,000, of which $7,793,690,000 related to appreciated investment securities and $1,936,402,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day. 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 value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® New Millennium Fund®

February 28, 2006

NMF-QTLY-0406

1.797943.102

Investments February 28, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.8%

Automobiles - 0.7%

Dongfeng Motor Group Co. Ltd. (H Shares)

5,660,000

$2,371

Thor Industries, Inc.

517,500

24,426

26,797

Distributors - 0.1%

Li & Fung Ltd.

2,016,000

4,093

Diversified Consumer Services - 0.0%

DeVry, Inc. (a)

28,700

674

Hotels, Restaurants & Leisure - 0.9%

Bob Evans Farms, Inc.

39,200

1,143

Buffalo Wild Wings, Inc. (a)

120,500

4,571

Gaylord Entertainment Co. (a)

39,600

1,768

International Speedway Corp.:

Class A

104,622

4,955

Class B

228,100

10,801

Luby's, Inc. (a)

157,800

2,353

Outback Steakhouse, Inc.

47,100

1,969

The Cheesecake Factory, Inc. (a)

128,537

4,648

32,208

Household Durables - 2.7%

Champion Enterprises, Inc. (a)

2,903,500

45,062

Garmin Ltd. (d)

729,550

50,208

Sony Corp. sponsored ADR

36,300

1,702

96,972

Leisure Equipment & Products - 0.2%

Callaway Golf Co.

8,200

135

Li Ning Co. Ltd.

1,886,000

1,617

MarineMax, Inc. (a)

103,100

3,182

Oakley, Inc. (d)

60,700

924

5,858

Media - 1.1%

Playboy Enterprises, Inc. Class B (non-vtg.) (a)

166,900

2,313

Thomson Corp.

341,200

13,058

VNU NV

204,700

6,633

WPP Group PLC sponsored ADR

271,200

15,727

37,731

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Multiline Retail - 0.2%

Lotte Shopping Co. Ltd. GDR (a)(e)

77,533

$1,667

Takashimaya Co. Ltd. (d)

404,000

5,850

7,517

Specialty Retail - 1.1%

Abercrombie & Fitch Co. Class A

135,300

9,108

Citi Trends, Inc.

27,285

1,175

Claire's Stores, Inc.

109,400

3,505

Dress Barn, Inc. (a)

435,100

18,788

Gymboree Corp. (a)

90,300

2,064

Kahma Co. Ltd.

32,700

875

Sherwin-Williams Co.

9,000

410

Zumiez, Inc.

66,600

3,538

39,463

Textiles, Apparel & Luxury Goods - 4.8%

Louis Vuitton Moet Hennessy (LVMH)

78,500

7,135

Polo Ralph Lauren Corp. Class A

117,500

6,810

Puma AG

413,176

148,647

Quiksilver, Inc. (a)

818,300

11,865

174,457

TOTAL CONSUMER DISCRETIONARY

425,770

CONSUMER STAPLES - 1.0%

Food & Staples Retailing - 1.0%

Longs Drug Stores Corp.

279,600

10,728

Whole Foods Market, Inc.

372,100

23,770

34,498

Food Products - 0.0%

Flowers Foods, Inc.

45,800

1,260

TOTAL CONSUMER STAPLES

35,758

ENERGY - 10.0%

Energy Equipment & Services - 4.8%

Atwood Oceanics, Inc. (a)

53,800

4,852

BJ Services Co.

128,600

4,026

Halliburton Co.

40,800

2,774

Nabors Industries Ltd. (a)

115,200

7,597

Rowan Companies, Inc.

62,400

2,512

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Schlumberger Ltd. (NY Shares)

92,500

$10,638

Smith International, Inc.

3,387,500

131,198

TETRA Technologies, Inc. (a)

53,350

2,006

Tidewater, Inc.

182,000

9,510

175,113

Oil, Gas & Consumable Fuels - 5.2%

Alpha Natural Resources, Inc.

503,300

10,756

Cameco Corp.

767,900

28,556

CONSOL Energy, Inc.

386,500

24,744

Foundation Coal Holdings, Inc.

170,700

6,828

Frontier Oil Corp.

470,000

21,738

Newfield Exploration Co. (a)

116,000

4,483

Peabody Energy Corp.

130,000

6,275

Plains Exploration & Production Co. (a)

326,500

13,305

Quicksilver Resources, Inc. (a)

143,400

5,208

Tesoro Corp.

128,200

7,745

USEC, Inc.

670,300

8,339

Valero Energy Corp.

820,700

44,145

Williams Companies, Inc.

259,600

5,600

187,722

TOTAL ENERGY

362,835

FINANCIALS - 10.1%

Capital Markets - 2.6%

Credit Suisse Group sponsored ADR

48,500

2,682

E*TRADE Financial Corp. (a)

1,321,200

33,796

GFI Group, Inc. (a)

187,005

11,232

Nomura Holdings, Inc. sponsored ADR

56,500

1,090

optionsXpress Holdings, Inc.

590,400

18,173

State Street Corp.

152,100

9,503

TD Ameritrade Holding Corp.

742,185

16,150

TradeStation Group, Inc. (a)

35,200

559

93,185

Consumer Finance - 0.1%

Nelnet, Inc. Class A (a)

96,600

4,004

OMC Card, Inc.

51,000

810

4,814

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Diversified Financial Services - 5.5%

Chicago Mercantile Exchange Holdings, Inc. Class A

135,700

$57,754

Hong Kong Exchanges & Clearing Ltd.

640,000

3,287

IntercontinentalExchange, Inc.

192,500

10,539

International Securities Exchange, Inc. Class A

32,900

1,389

Leucadia National Corp.

584,150

31,690

Moody's Corp.

734,700

49,225

The Nasdaq Stock Market, Inc. (a)

1,121,800

45,444

TSX Group, Inc.

27,400

1,162

200,490

Insurance - 1.4%

American Equity Investment Life Holding Co.

72,900

976

Arch Capital Group Ltd. (a)

26,569

1,503

Aspen Insurance Holdings Ltd.

109,700

2,546

HCC Insurance Holdings, Inc.

63,600

2,047

Loews Corp.

34,100

3,146

Prudential Financial, Inc.

123,500

9,514

Swiss Reinsurance Co. (Reg.)

22,635

1,612

W.R. Berkley Corp.

288,450

16,698

XL Capital Ltd. Class A

91,300

6,167

Zenith National Insurance Corp.

100,100

5,155

49,364

Real Estate - 0.4%

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

134,200

9,217

Shun Tak Holdings Ltd.

2,592,000

2,840

Sinochem Hong Kong Holding Ltd. (a)

11,375,400

3,336

15,393

Thrifts & Mortgage Finance - 0.1%

Farmer Mac Class C (non-vtg.)

70,000

2,090

TOTAL FINANCIALS

365,336

HEALTH CARE - 14.6%

Biotechnology - 3.3%

Applera Corp. - Applied Biosystems Group

63,000

1,781

Biogen Idec, Inc. (a)

566,900

26,786

Cephalon, Inc. (a)

39,866

3,169

Cubist Pharmaceuticals, Inc. (a)

56,100

1,240

Genentech, Inc. (a)

335,170

28,721

Gilead Sciences, Inc. (a)

657,600

40,949

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Invitrogen Corp. (a)

95,600

$6,781

Neurocrine Biosciences, Inc. (a)

100,200

6,574

ONYX Pharmaceuticals, Inc. (a)

25,200

718

Vertex Pharmaceuticals, Inc. (a)

108,500

4,692

121,411

Health Care Equipment & Supplies - 1.6%

Abaxis, Inc. (a)

36,400

800

Cytyc Corp. (a)

126,500

3,647

Haemonetics Corp. (a)

161,300

8,355

Hologic, Inc. (a)

582,952

27,883

INAMED Corp. (a)

72,700

6,429

Intermagnetics General Corp. (a)

83,700

2,462

Mentor Corp.

106,100

4,567

Meridian Bioscience, Inc.

128,100

2,855

56,998

Health Care Providers & Services - 8.8%

American Retirement Corp. (a)

88,100

2,372

Capital Senior Living Corp. (a)

170,700

1,835

Cardinal Health, Inc.

357,700

25,969

Caremark Rx, Inc. (a)

602,200

29,959

Cerner Corp. (a)

374,400

15,586

Emeritus Corp. (a)

63,100

1,571

Express Scripts, Inc. (a)

494,400

43,146

Health Net, Inc. (a)

857,100

41,098

Healthways, Inc. (a)

23,300

1,015

Humana, Inc. (a)

1,091,500

56,398

Omnicare, Inc.

277,500

16,886

Pharmaceutical Product Development, Inc.

40,900

2,846

Psychiatric Solutions, Inc. (a)

198,000

6,540

UnitedHealth Group, Inc.

1,236,660

72,011

317,232

Pharmaceuticals - 0.9%

Allergan, Inc.

73,400

7,946

Barr Pharmaceuticals, Inc. (a)

72,600

4,877

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Teva Pharmaceutical Industries Ltd. sponsored ADR

397,400

$16,687

Watson Pharmaceuticals, Inc. (a)

76,400

2,290

31,800

TOTAL HEALTH CARE

527,441

INDUSTRIALS - 17.4%

Aerospace & Defense - 1.4%

EADS NV

234,100

8,584

General Dynamics Corp.

72,000

8,875

Hexcel Corp. (a)

57,200

1,231

L-3 Communications Holdings, Inc.

243,700

20,254

Orbital Sciences Corp. (a)

36,500

556

Precision Castparts Corp.

102,200

5,421

Raytheon Co.

35,900

1,558

Rockwell Collins, Inc.

98,300

5,225

51,704

Air Freight & Logistics - 1.5%

Expeditors International of Washington, Inc.

27,300

2,124

Forward Air Corp.

178,374

6,329

Hub Group, Inc. Class A (a)

200,258

8,351

UTI Worldwide, Inc.

344,800

36,076

52,880

Airlines - 1.3%

AMR Corp. (a)

1,660,400

41,676

UAL Corp. (a)

104,400

3,703

45,379

Commercial Services & Supplies - 1.2%

Advisory Board Co. (a)

18,450

996

Allied Waste Industries, Inc. (a)

473,100

5,067

Clean Harbors, Inc. (a)

260,000

8,575

Corporate Executive Board Co.

90,700

9,070

CRA International, Inc. (a)

2,100

98

IKON Office Solutions, Inc.

118,000

1,552

Monster Worldwide, Inc. (a)

270,000

13,219

Ritchie Brothers Auctioneers, Inc.

16,400

783

Robert Half International, Inc.

148,792

5,345

44,705

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Construction & Engineering - 3.7%

Chicago Bridge & Iron Co. NV (NY Shares)

2,369,800

$57,989

EMCOR Group, Inc. (a)

77,800

3,391

Fluor Corp.

114,500

9,881

Foster Wheeler Ltd. (a)

81,300

3,902

Jacobs Engineering Group, Inc. (a)

109,500

9,389

JGC Corp.

401,000

8,539

Perini Corp. (a)

67,400

2,048

Shaw Group, Inc. (a)

582,600

19,430

Washington Group International, Inc.

317,500

18,532

133,101

Electrical Equipment - 0.5%

ABB Ltd. sponsored ADR (a)

1,340,500

16,153

General Cable Corp. (a)

46,900

1,266

17,419

Industrial Conglomerates - 0.7%

General Electric Co.

759,300

24,958

Machinery - 2.7%

Bucyrus International, Inc. Class A

101,900

6,418

Hexagon AB (B Shares)

29,640

912

Joy Global, Inc.

1,683,050

86,778

Manitowoc Co., Inc.

63,300

4,879

Zenon Environmental, Inc. (a)

16,500

262

99,249

Marine - 1.4%

Alexander & Baldwin, Inc.

875,572

42,667

Kirby Corp. (a)

124,000

7,601

50,268

Road & Rail - 3.0%

Burlington Northern Santa Fe Corp.

393,700

30,961

Dollar Thrifty Automotive Group, Inc. (a)

122,400

4,943

Florida East Coast Industries, Inc. Class A

98,700

5,018

Kansas City Southern (a)

1,309,200

30,334

Laidlaw International, Inc.

276,900

7,642

Landstar System, Inc.

662,800

30,880

109,778

TOTAL INDUSTRIALS

629,441

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - 20.9%

Communications Equipment - 1.9%

Blue Coat Systems, Inc. (a)

73,900

$1,569

CIENA Corp. (a)

2,693,500

10,828

Corning, Inc. (a)

615,600

15,027

Foundry Networks, Inc. (a)

216,100

3,034

Harris Corp.

86,700

3,960

Lucent Technologies, Inc. (a)

3,053,900

8,551

Powerwave Technologies, Inc. (a)

244,500

3,589

QUALCOMM, Inc.

428,200

20,215

Redback Networks, Inc. (a)

107,900

2,045

Tellabs, Inc. (a)

107,000

1,572

70,390

Computers & Peripherals - 3.2%

Acer, Inc.

1,149,000

2,529

Apple Computer, Inc. (a)

161,900

11,097

Intergraph Corp. (a)

226,900

8,227

Intermec, Inc. (a)

1,217,400

37,350

Komag, Inc. (a)

502,300

23,528

QLogic Corp. (a)

213,000

8,763

Seagate Technology

507,700

13,490

Sun Microsystems, Inc. (a)

610,800

2,547

Western Digital Corp. (a)

282,600

6,288

113,819

Electronic Equipment & Instruments - 1.0%

Applied Films Corp. (a)

16,200

311

AVX Corp.

323,600

5,359

FLIR Systems, Inc. (a)

992,900

25,657

Keyence Corp.

7,100

1,938

Newport Corp. (a)

36,100

640

ScanSource, Inc. (a)

61,400

3,568

37,473

Internet Software & Services - 3.0%

aQuantive, Inc. (a)

53,200

1,415

Art Technology Group, Inc. (a)

1,338,518

3,922

Digitas, Inc. (a)

865,416

12,228

eBay, Inc. (a)

273,400

10,952

Google, Inc. Class A (sub. vtg.) (a)

186,100

67,484

SonicWALL, Inc. (a)

108,000

725

Tencent Holdings Ltd.

1,211,000

1,639

ValueClick, Inc. (a)

144,600

2,532

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Vignette Corp. (a)

293,600

$4,727

Yahoo!, Inc. (a)

71,900

2,305

107,929

IT Services - 1.0%

CACI International, Inc. Class A (a)

27,600

1,663

Electronic Data Systems Corp.

674,900

18,020

Forrester Research, Inc. (a)

94,200

2,130

Gartner, Inc. Class A (a)

467,600

6,584

Global Payments, Inc.

90,000

4,685

MoneyGram International, Inc.

56,300

1,614

34,696

Office Electronics - 0.1%

Zebra Technologies Corp. Class A (a)

83,700

3,695

Semiconductors & Semiconductor Equipment - 5.1%

Advanced Micro Devices, Inc. (a)

766,200

29,629

Applied Micro Circuits Corp. (a)

1,652,700

5,966

ASM International NV (Nasdaq) (a)

129,400

2,404

ASML Holding NV (NY Shares) (a)

2,212,600

45,757

ATI Technologies, Inc. (a)

677,300

10,784

Cymer, Inc. (a)

117,700

5,294

EMCORE Corp. (a)(d)

108,800

843

Intersil Corp. Class A

72,200

2,046

KLA-Tencor Corp.

74,700

3,902

Lam Research Corp. (a)

153,400

6,612

Linear Technology Corp.

224,100

8,260

Marvell Technology Group Ltd. (a)

71,700

4,389

MEMC Electronic Materials, Inc. (a)

686,600

22,994

Micron Technology, Inc. (a)

1,575,300

24,433

Rambus, Inc. (a)

284,300

8,828

Siliconware Precision Industries Co. Ltd. sponsored ADR (d)

278,000

1,776

Teradyne, Inc. (a)

30,100

505

Veeco Instruments, Inc. (a)

18,400

370

Vimicro International Corp. sponsored ADR

50,600

556

185,348

Software - 5.6%

Activision, Inc. (a)

1,192,506

14,906

Aspen Technology, Inc. (a)

346,000

4,145

Autodesk, Inc.

1,306,200

49,178

BMC Software, Inc. (a)

45,000

984

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Business Objects SA sponsored ADR (a)

62,900

$2,346

Citrix Systems, Inc. (a)

814,500

26,357

Cognos, Inc. (a)

201,200

7,733

FactSet Research Systems, Inc.

71,100

2,784

Fair, Isaac & Co., Inc.

387,900

16,532

Manhattan Associates, Inc. (a)

94,300

1,987

NAVTEQ Corp. (a)

446,100

20,659

Oracle Corp. (a)

2,159,200

26,817

Quality Systems, Inc. (d)

27,300

1,890

Secure Computing Corp. (a)

109,700

1,327

Synopsys, Inc. (a)

1,053,500

23,040

200,685

TOTAL INFORMATION TECHNOLOGY

754,035

MATERIALS - 10.9%

Chemicals - 2.1%

Mosaic Co. (a)

182,100

2,895

Potash Corp. of Saskatchewan

680,300

65,261

Sigma Aldrich Corp.

71,500

4,605

Tokuyama Corp.

64,000

952

73,713

Construction Materials - 2.1%

Cemex SA de CV sponsored ADR

52,100

3,218

Headwaters, Inc. (a)(d)

136,900

5,082

Martin Marietta Materials, Inc.

557,300

54,337

Vulcan Materials Co.

175,800

13,888

76,525

Metals & Mining - 6.6%

Aber Diamond Corp.

114,600

4,327

Agnico-Eagle Mines Ltd.

108,800

2,780

Allegheny Technologies, Inc.

1,083,800

54,743

ASA Bermuda Ltd.

278,500

17,097

Chaparral Steel Co. (a)

27,300

1,251

Newmont Mining Corp.

36,500

1,932

Oregon Steel Mills, Inc. (a)

23,800

902

RTI International Metals, Inc. (a)

1,013,500

42,618

Titanium Metals Corp. (a)(d)

2,750,200

112,813

238,463

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Paper & Forest Products - 0.1%

Stella-Jones, Inc.

112,200

$1,525

Weyerhaeuser Co.

48,700

3,326

4,851

TOTAL MATERIALS

393,552

TELECOMMUNICATION SERVICES - 0.5%

Wireless Telecommunication Services - 0.5%

American Tower Corp. Class A (a)

381,300

12,137

Linktone Ltd. sponsored ADR (a)

675,300

5,099

17,236

UTILITIES - 0.1%

Independent Power Producers & Energy Traders - 0.1%

NRG Energy, Inc. (a)

73,000

3,157

TOTAL COMMON STOCKS

(Cost $2,490,213)

3,514,561

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies, Inc. Series E (a)(f)

18,500

0

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $278)

0

Money Market Funds - 6.7%

Fidelity Cash Central Fund, 4.57% (b)

100,678,129

100,678

Fidelity Securities Lending Cash Central Fund, 4.58% (b)(c)

139,953,063

139,953

TOTAL MONEY MARKET FUNDS

(Cost $240,631)

240,631

TOTAL INVESTMENT PORTFOLIO - 104.0%

(Cost $2,731,122)

3,755,192

NET OTHER ASSETS - (4.0)%

(144,468)

NET ASSETS - 100%

$3,610,724

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.

(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 period end, the value of these securities amounted to $1,667,000 or 0.0% 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 $0 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Chorum Technologies, Inc. Series E

9/19/00

$278

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$912

Fidelity Securities Lending Cash Central Fund

884

Total

$1,796

Income Tax Information

At February 28, 2006, the aggregate cost of investment securities for income tax purposes was $2,733,286,000. Net unrealized appreciation aggregated $1,021,906,000, of which $1,056,608,000 related to appreciated investment securities and $34,702,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day. 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 value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Aggressive Growth Fund

February 28, 2006

FEG-QTLY-0406

1.797938.102

Investments February 28, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 13.2%

Hotels, Restaurants & Leisure - 3.0%

Kerzner International Ltd. (a)

572,614

$38,531

Penn National Gaming, Inc. (a)

1,419,151

49,216

Royal Caribbean Cruises Ltd.

1,010,500

44,523

132,270

Household Durables - 2.7%

Harman International Industries, Inc.

274,872

30,332

KB Home

1,308,500

87,709

118,041

Internet & Catalog Retail - 0.3%

Coldwater Creek, Inc. (a)

633,200

14,228

Media - 2.1%

Focus Media Holding Ltd. ADR (d)

838,800

43,827

Getty Images, Inc. (a)

571,600

46,317

90,144

Specialty Retail - 5.1%

Abercrombie & Fitch Co. Class A

1,288,200

86,722

Tiffany & Co., Inc.

1,253,800

46,554

Urban Outfitters, Inc. (a)

3,095,900

86,995

220,271

TOTAL CONSUMER DISCRETIONARY

574,954

CONSUMER STAPLES - 0.5%

Food & Staples Retailing - 0.5%

Whole Foods Market, Inc.

358,200

22,882

ENERGY - 6.6%

Energy Equipment & Services - 0.4%

Halliburton Co.

248,500

16,898

Oil, Gas & Consumable Fuels - 6.2%

Arch Coal, Inc.

588,800

43,047

Chesapeake Energy Corp.

1,480,600

43,959

EOG Resources, Inc.

681,600

45,940

Peabody Energy Corp.

1,299,700

62,737

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Range Resources Corp.

1,615,400

$38,657

Ultra Petroleum Corp. (a)

691,000

35,960

270,300

TOTAL ENERGY

287,198

FINANCIALS - 5.2%

Capital Markets - 3.2%

Daiwa Securities Group, Inc.

4,301,000

51,290

Indiabulls Financial Services Ltd.

1,121,728

4,742

Indiabulls Financial Services Ltd. GDR (f)

1,245,356

5,250

Nikko Cordial Corp.

3,244,500

51,459

TD Ameritrade Holding Corp.

1,137,536

24,753

137,494

Diversified Financial Services - 2.0%

IntercontinentalExchange, Inc.

1,594,812

87,316

TOTAL FINANCIALS

224,810

HEALTH CARE - 29.5%

Biotechnology - 5.5%

Alnylam Pharmaceuticals, Inc. (a)(e)

1,876,100

30,168

Celgene Corp. (a)

1,807,400

68,681

Martek Biosciences (a)(d)(e)

1,678,700

57,210

PDL BioPharma, Inc. (a)

1,453,700

45,515

Telik, Inc. (a)

665,800

14,727

Theravance, Inc. (a)

715,200

20,069

236,370

Health Care Equipment & Supplies - 15.1%

Advanced Medical Optics, Inc. (a)

1,010,600

44,951

American Medical Systems Holdings, Inc. (a)(e)

4,115,500

89,183

Cyberonics, Inc. (a)(d)(e)

2,506,400

68,099

INAMED Corp. (a)

1,013,500

89,624

Intermagnetics General Corp. (a)

778,231

22,896

Intuitive Surgical, Inc. (a)

221,903

20,016

Mentor Corp.

1,115,100

47,994

NeuroMetrix, Inc. (a)(e)

701,100

25,184

NuVasive, Inc. (a)(e)

2,327,140

43,029

Somanetics Corp. (a)(d)

591,500

14,977

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

St. Jude Medical, Inc. (a)

2,842,100

$129,598

Ventana Medical Systems, Inc. (a)

1,690,877

61,328

656,879

Health Care Providers & Services - 3.7%

Covance, Inc. (a)

657,900

37,138

Humana, Inc. (a)

1,571,200

81,184

Sierra Health Services, Inc. (a)

1,007,400

41,999

160,321

Pharmaceuticals - 5.2%

Allergan, Inc.

825,000

89,315

Medicis Pharmaceutical Corp. Class A (d)(e)

3,025,300

86,040

Sepracor, Inc. (a)

880,400

50,456

225,811

TOTAL HEALTH CARE

1,279,381

INDUSTRIALS - 9.4%

Air Freight & Logistics - 2.1%

Expeditors International of Washington, Inc.

576,100

44,815

UTI Worldwide, Inc.

439,408

45,975

90,790

Commercial Services & Supplies - 1.1%

Monster Worldwide, Inc. (a)

933,525

45,705

Construction & Engineering - 1.1%

Quanta Services, Inc. (a)

3,607,400

49,385

Electrical Equipment - 4.1%

AMETEK, Inc.

1,054,100

45,158

Energy Conversion Devices, Inc. (a)(d)

855,635

40,086

Rockwell Automation, Inc.

677,100

46,158

Suntech Power Holdings Co. Ltd. sponsored ADR

1,249,200

46,920

178,322

Machinery - 1.0%

Deere & Co.

588,800

44,908

TOTAL INDUSTRIALS

409,110

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - 23.2%

Communications Equipment - 5.5%

ADC Telecommunications, Inc. (a)

2,515,300

$63,687

Comverse Technology, Inc. (a)

2,984,562

85,836

Ixia (a)(e)

3,535,404

42,637

Juniper Networks, Inc. (a)

2,464,800

45,328

237,488

Computers & Peripherals - 1.0%

Sun Microsystems, Inc. (a)

10,374,900

43,263

Internet Software & Services - 1.9%

Google, Inc. Class A (sub. vtg.) (a)

108,590

39,377

VeriSign, Inc. (a)

1,802,400

42,645

82,022

Semiconductors & Semiconductor Equipment - 8.8%

Advanced Micro Devices, Inc. (a)

1,053,600

40,743

Altera Corp. (a)

2,267,582

45,442

ARM Holdings PLC sponsored ADR

9,390,200

67,609

ASML Holding NV (NY Shares) (a)

3,960,800

81,909

Microchip Technology, Inc.

1,240,963

43,682

NVIDIA Corp. (a)

492,900

23,230

PMC-Sierra, Inc. (a)

3,638,672

37,151

Xilinx, Inc.

1,626,600

44,374

384,140

Software - 6.0%

Activision, Inc. (a)

3,448,433

43,105

Adobe Systems, Inc.

108,400

4,186

BEA Systems, Inc. (a)

3,351,600

38,443

Citrix Systems, Inc. (a)

1,154,900

37,373

Cognos, Inc. (a)

1,208,800

46,462

Hyperion Solutions Corp. (a)

1,262,116

42,344

NAVTEQ Corp. (a)

985,800

45,652

Wind River Systems, Inc. (a)

79,700

1,233

258,798

TOTAL INFORMATION TECHNOLOGY

1,005,711

MATERIALS - 8.4%

Chemicals - 7.3%

Agrium, Inc.

4,277,200

106,539

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

Monsanto Co.

1,166,300

$97,829

Potash Corp. of Saskatchewan

1,168,322

112,076

316,444

Metals & Mining - 1.1%

Allegheny Technologies, Inc.

985,800

49,793

TOTAL MATERIALS

366,237

TELECOMMUNICATION SERVICES - 1.5%

Wireless Telecommunication Services - 1.5%

American Tower Corp. Class A (a)

2,045,900

65,121

UTILITIES - 1.1%

Independent Power Producers & Energy Traders - 1.1%

Ormat Technologies, Inc. (d)

1,237,500

47,557

TOTAL COMMON STOCKS

(Cost $4,039,529)

4,282,961

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies, Inc. Series E (a)(g)

96,800

0

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $1,452)

0

Money Market Funds - 3.6%

Fidelity Cash Central Fund, 4.57% (b)

39,732,916

39,733

Fidelity Securities Lending Cash Central Fund, 4.58% (b)(c)

115,256,800

115,257

TOTAL MONEY MARKET FUNDS

(Cost $154,990)

154,990

Cash Equivalents - 0.1%

Maturity Amount (000s)

Value
(000s)

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 4.5%, dated 2/28/06 due 3/1/06)
(Cost $3,305)

$3,305

$3,305

TOTAL INVESTMENT PORTFOLIO - 102.3%

(Cost $4,199,276)

4,441,256

NET OTHER ASSETS - (2.3)%

(98,666)

NET ASSETS - 100%

$4,342,590

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.

(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 period end, the value of these securities amounted to $5,250,000 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 $0 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Chorum Technologies, Inc. Series E

9/19/00

$1,452

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$532

Fidelity Securities Lending Cash Central Fund

326

Total

$858

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

Alnylam Pharmaceuticals, Inc.

$20,009

$3,818

$-

$-

$30,168

American Medical Systems Holdings, Inc.

87,111

-

13,413

-

89,183

Cyberonics, Inc.

70,706

-

-

-

68,099

Ixia

51,450

5,767

9,919

-

42,637

Martek Biosciences

45,273

16,377

21,523

-

57,210

Medicis Pharmaceutical Corp. Class A

45,673

52,581

-

58

86,040

NeuroMetrix, Inc.

21,797

-

-

-

25,184

NuVasive, Inc.

37,954

2,320

-

-

43,029

TOTALS

$379,973

$80,863

$44,855

$58

$441,550

Income Tax Information

At February 28, 2006, the aggregate cost of investment securities for income tax purposes was $4,205,326,000. Net unrealized appreciation aggregated $235,930,000, of which $417,109,000 related to appreciated investment securities and $181,179,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. 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. Investments in open-end mutual funds are valued at their closing net asset value each business day. 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 value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. 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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

April 17, 2006

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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

April 17, 2006

By:

/s/Paul M. Murphy

Paul M. Murphy

Chief Financial Officer

Date:

April 17, 2006