-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PVKfMtCbZZQ0Xtw37saeaMWKWi1isADJWMkQV9Zy96kJfspkNRpZKK8yxl8EipDt iuvx2MFb0imjqY+PEHL0kA== 0000707823-03-000005.txt : 20030725 0000707823-03-000005.hdr.sgml : 20030725 20030725135247 ACCESSION NUMBER: 0000707823-03-000005 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20030531 FILED AS OF DATE: 20030725 EFFECTIVENESS DATE: 20030725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY MT VERNON STREET TRUST CENTRAL INDEX KEY: 0000707823 IRS NUMBER: 042778701 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-03583 FILM NUMBER: 03802997 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391706 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTOM STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY GROWTH COMPANY FUND DATE OF NAME CHANGE: 19910110 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY MERCURY FUND DATE OF NAME CHANGE: 19861216 N-CSR 1 main.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3583

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

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:

May 31, 2003

Item 1. Reports to Stockholders

Fidelity®

Aggressive Growth

Fund

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

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

Investments

<Click Here>

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

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

St. Jude Medical, Inc.

1.7

1.4

Biomet, Inc.

1.4

1.6

Newmont Mining Corp. Holding Co.

1.4

0.3

Staples, Inc.

1.3

0.0

VERITAS Software Corp.

1.2

1.6

Genentech, Inc.

1.2

0.0

Microsoft Corp.

1.1

0.3

Nextel Communications, Inc. Class A

1.0

2.7

Fox Entertainment Group, Inc. Class A

1.0

0.0

Medtronic, Inc.

1.0

1.1

12.3

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Health Care

23.1

25.1

Consumer Discretionary

17.0

6.3

Information Technology

16.7

35.8

Industrials

8.3

4.6

Energy

5.1

4.8

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks, Investment Companies and
Equity Futures 85.7%

Stocks 84.4%

Convertible
Securities 0.0%

Convertible
Securities 0.4%

Short-Term
Investments and
Net Other Assets 14.3%

Short-Term
Investments and
Net Other Assets 15.2%

* Foreign
investments

1.9%

** Foreign
investments

3.0%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 83.6%

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - 17.0%

Hotels, Restaurants & Leisure - 4.0%

Brinker International, Inc. (a)

360,800

$ 12,567

California Pizza Kitchen, Inc. (a)

340,600

6,928

Darden Restaurants, Inc.

1,111,400

22,017

Harrah's Entertainment, Inc. (a)

213,100

8,543

Hilton Hotels Corp.

495,600

6,869

International Game Technology (a)

250,200

22,028

Marriott International, Inc. Class A

257,900

10,084

McDonald's Corp.

278,400

5,214

Outback Steakhouse, Inc.

294,800

10,893

Starbucks Corp. (a)

1,582,200

38,987

The Cheesecake Factory, Inc. (a)

248,400

8,428

Wendy's International, Inc.

391,300

11,782

Yum! Brands, Inc. (a)

705,500

19,726

184,066

Household Durables - 1.9%

Black & Decker Corp.

353,100

15,293

Furniture Brands International, Inc. (a)

689,400

18,117

Garmin Ltd. (a)

357,000

17,225

Harman International Industries, Inc.

113,300

8,407

Maytag Corp.

569,900

13,940

Mohawk Industries, Inc. (a)

147,800

8,530

Ryland Group, Inc.

46,900

3,053

The Stanley Works

122,600

3,428

87,993

Internet & Catalog Retail - 0.8%

Amazon.com, Inc. (a)

856,700

30,790

School Specialty, Inc. (a)

234,600

4,966

35,756

Leisure Equipment & Products - 1.0%

Mattel, Inc.

1,998,200

42,981

Media - 2.7%

Cablevision Systems Corp. - NY Group Class A (a)

586,900

11,362

E.W. Scripps Co. Class A

163,000

14,355

Entercom Communications Corp. Class A (a)

91,640

4,449

Fox Entertainment Group, Inc. Class A (a)

1,659,300

46,643

Gannett Co., Inc.

147,000

11,613

Getty Images, Inc. (a)

202,100

8,165

Lamar Advertising Co. Class A (a)

131,300

4,630

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - continued

Media - continued

The New York Times Co. Class A

229,300

$ 10,983

Westwood One, Inc. (a)

284,540

9,635

121,835

Multiline Retail - 1.3%

99 Cents Only Stores (a)

15,600

496

Big Lots, Inc. (a)

492,440

6,702

Dollar General Corp.

309,100

5,780

Dollar Tree Stores, Inc. (a)

667,000

19,343

Family Dollar Stores, Inc.

484,300

17,653

Fred's, Inc. Class A

258,521

9,511

59,485

Specialty Retail - 5.3%

Abercrombie & Fitch Co. Class A (a)

241,900

6,906

Aeropostale, Inc.

77,900

1,663

AutoZone, Inc. (a)

263,300

22,033

Bed Bath & Beyond, Inc. (a)

815,000

34,100

Christopher & Banks Corp. (a)

334,750

9,691

Foot Locker, Inc.

170,400

2,292

Gap, Inc.

412,300

7,009

Home Depot, Inc.

86,200

2,801

Hot Topic, Inc. (a)

46,150

1,231

Michaels Stores, Inc. (a)

191,800

7,214

PETsMART, Inc. (a)

895,600

15,485

RadioShack Corp.

388,900

9,372

Ross Stores, Inc.

532,988

22,497

Staples, Inc. (a)

3,055,000

59,236

Talbots, Inc.

72,800

2,107

Weight Watchers International, Inc. (a)

131,300

5,591

Williams-Sonoma, Inc. (a)

1,160,600

32,996

242,224

Textiles Apparel & Luxury Goods - 0.0%

Kenneth Cole Productions, Inc. Class A (a)

85,100

1,719

TOTAL CONSUMER DISCRETIONARY

776,059

CONSUMER STAPLES - 4.3%

Beverages - 0.6%

Coca-Cola Enterprises, Inc.

495,900

9,298

Constellation Brands, Inc. Class A (a)

160,100

4,414

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER STAPLES - continued

Beverages - continued

Pepsi Bottling Group, Inc.

515,800

$ 10,517

PepsiCo, Inc.

96,300

4,256

28,485

Food & Staples Retailing - 0.7%

CVS Corp.

14,000

365

Performance Food Group Co. (a)

303,200

10,976

Whole Foods Market, Inc. (a)

354,000

19,311

30,652

Food Products - 1.5%

Dean Foods Co. (a)

497,000

22,738

Dreyer's Grand Ice Cream, Inc.

178,900

13,722

Hershey Foods Corp.

260,300

18,507

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

300,700

8,089

Wm. Wrigley Jr. Co.

92,400

5,221

68,277

Household Products - 0.2%

Colgate-Palmolive Co.

175,500

10,463

Personal Products - 1.0%

Alberto-Culver Co.:

Class A

120,100

5,963

Class B

333,200

17,027

Gillette Co.

657,400

22,095

45,085

Tobacco - 0.3%

UST, Inc.

376,700

13,301

TOTAL CONSUMER STAPLES

196,263

ENERGY - 5.1%

Energy Equipment & Services - 3.3%

BJ Services Co. (a)

24,900

1,014

Cooper Cameron Corp. (a)

462,000

25,221

ENSCO International, Inc.

268,700

8,061

Halliburton Co.

99,300

2,370

Nabors Industries Ltd. (a)

149,800

6,753

Noble Corp. (a)

255,200

9,100

Patterson-UTI Energy, Inc. (a)

413,400

15,126

Common Stocks - continued

Shares

Value (Note 1)
(000s)

ENERGY - continued

Energy Equipment & Services - continued

Smith International, Inc. (a)

963,420

$ 39,394

Weatherford International Ltd. (a)

984,805

44,661

151,700

Oil & Gas - 1.8%

Apache Corp.

59,350

3,912

Burlington Resources, Inc.

415,000

22,115

Devon Energy Corp.

85,987

4,471

EOG Resources, Inc.

178,300

7,685

Murphy Oil Corp.

285,400

14,110

Pioneer Natural Resources Co. (a)

648,900

17,352

Teekay Shipping Corp.

221,300

9,306

Valero Energy Corp.

20,000

750

79,701

TOTAL ENERGY

231,401

FINANCIALS - 3.8%

Capital Markets - 1.7%

Bear Stearns Companies, Inc.

98,400

7,603

Eaton Vance Corp. (non-vtg.)

295,800

8,904

Federated Investors, Inc. Class B (non-vtg.)

491,200

13,685

Investment Technology Group, Inc. (a)

334,900

4,695

Investors Financial Services Corp.

197,700

4,628

Legg Mason, Inc.

161,500

10,435

Neuberger Berman, Inc.

223,900

7,451

SEI Investments Co.

155,180

4,508

T. Rowe Price Group, Inc.

170,100

6,246

Waddell & Reed Financial, Inc. Class A

332,600

7,533

75,688

Commercial Banks - 0.8%

Fifth Third Bancorp

299,300

17,210

North Fork Bancorp, Inc., New York

170,900

5,652

Synovus Financial Corp.

710,500

16,214

39,076

Consumer Finance - 0.4%

SLM Corp.

165,400

19,848

Diversified Financial Services - 0.7%

Moody's Corp.

589,900

30,763

Common Stocks - continued

Shares

Value (Note 1)
(000s)

FINANCIALS - continued

Real Estate - 0.0%

Catellus Development Corp. (a)

96,000

$ 2,131

Thrifts & Mortgage Finance - 0.2%

New York Community Bancorp, Inc.

257,866

7,143

TOTAL FINANCIALS

174,649

HEALTH CARE - 23.1%

Biotechnology - 6.5%

Affymetrix, Inc. (a)

78,000

1,775

Amgen, Inc. (a)

305,000

19,737

Biogen, Inc. (a)

1,077,700

45,738

Celgene Corp. (a)

398,100

12,532

Cephalon, Inc. (a)

397,600

17,968

Charles River Laboratories International, Inc. (a)

285,500

9,070

Genentech, Inc. (a)

847,200

53,043

Genzyme Corp. - General Division (a)

894,000

42,456

Gilead Sciences, Inc. (a)

358,300

18,904

IDEC Pharmaceuticals Corp. (a)

252,250

9,628

MedImmune, Inc. (a)

1,114,988

39,526

Millennium Pharmaceuticals, Inc. (a)

865,578

13,460

Neurocrine Biosciences, Inc. (a)

38,500

1,952

Trimeris, Inc. (a)

222,600

10,981

296,770

Health Care Equipment & Supplies - 7.4%

Beckman Coulter, Inc.

54,700

2,224

Becton, Dickinson & Co.

201,900

8,076

Biomet, Inc.

2,394,100

65,838

Boston Scientific Corp. (a)

528,600

27,540

C.R. Bard, Inc.

198,400

13,918

DENTSPLY International, Inc.

457,500

17,106

Fisher Scientific International, Inc. (a)

283,400

8,981

Guidant Corp.

15,030

635

Medtronic, Inc.

941,046

45,857

St. Jude Medical, Inc. (a)

1,349,700

75,712

Steris Corp. (a)

94,600

2,133

Stryker Corp.

424,000

28,552

Varian Medical Systems, Inc. (a)

312,200

17,405

Zimmer Holdings, Inc. (a)

519,000

23,282

337,259

Common Stocks - continued

Shares

Value (Note 1)
(000s)

HEALTH CARE - continued

Health Care Providers & Services - 7.0%

Accredo Health, Inc. (a)

341,600

$ 7,262

AmerisourceBergen Corp.

400,800

25,126

Anthem, Inc. (a)

618,174

45,343

Caremark Rx, Inc. (a)

1,432,300

32,341

Community Health Systems, Inc. (a)

615,100

12,813

HCA, Inc.

219,200

7,234

Health Management Associates, Inc. Class A

246,400

4,595

Laboratory Corp. of America Holdings (a)

458,600

14,744

LifePoint Hospitals, Inc. (a)

174,600

3,728

Lincare Holdings, Inc. (a)

258,900

7,992

McKesson Corp.

1,026,000

31,108

Priority Healthcare Corp. Class B (a)

755,100

17,028

Quest Diagnostics, Inc. (a)

299,900

19,002

Renal Care Group, Inc. (a)

195,800

6,653

Tenet Healthcare Corp. (a)

608,000

10,148

Triad Hospitals, Inc. (a)

416,800

10,783

UnitedHealth Group, Inc.

409,940

39,330

WellPoint Health Networks, Inc. (a)

274,500

23,426

318,656

Pharmaceuticals - 2.2%

aaiPharma, Inc. (a)

22,700

331

Abbott Laboratories

277,600

12,367

Adolor Corp. (a)

300,000

3,855

Allergan, Inc.

501,500

36,163

Barr Laboratories, Inc. (a)

195,900

10,334

Endo Pharmaceuticals Holdings, Inc. (a)

132,800

2,094

Forest Laboratories, Inc. (a)

128,835

6,506

Merck & Co., Inc.

109,700

6,097

Mylan Laboratories, Inc.

577,100

16,667

Pharmaceutical Resources, Inc. (a)

114,100

4,683

Schering-Plough Corp.

124,600

2,299

101,396

TOTAL HEALTH CARE

1,054,081

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INDUSTRIALS - 8.3%

Aerospace & Defense - 0.4%

Lockheed Martin Corp.

210,000

$ 9,748

Northrop Grumman Corp.

108,600

9,551

19,299

Air Freight & Logistics - 0.1%

Expeditors International of Washington, Inc.

117,800

4,116

Building Products - 0.4%

American Standard Companies, Inc. (a)

243,100

17,987

Commercial Services & Supplies - 4.8%

Apollo Group, Inc. Class A (a)

728,700

42,571

Avery Dennison Corp.

343,000

19,030

Career Education Corp. (a)

159,800

9,813

ChoicePoint, Inc. (a)

282,800

10,659

Cintas Corp.

492,500

18,232

DeVry, Inc. (a)

349,400

8,780

Education Management Corp. (a)

109,900

5,225

Equifax, Inc.

468,000

11,850

H&R Block, Inc.

863,100

35,335

Herman Miller, Inc.

264,100

5,121

Manpower, Inc.

200,120

6,960

Pitney Bowes, Inc.

617,800

23,730

Robert Half International, Inc. (a)

1,440,400

24,415

221,721

Construction & Engineering - 0.1%

Granite Construction, Inc.

266,500

4,925

Electrical Equipment - 0.3%

Aura Systems, Inc. warrants 5/31/05 (a)

312

0

Cooper Industries Ltd. Class A

114,900

4,583

Sumitomo Electric Industries Ltd.

1,545,000

9,811

14,394

Industrial Conglomerates - 0.6%

3M Co.

100,100

12,660

Tyco International Ltd.

915,900

16,211

28,871

Machinery - 1.2%

AGCO Corp. (a)

542,030

9,691

Astec Industries, Inc. (a)

397,902

3,207

Danaher Corp.

444,700

29,759

Ingersoll-Rand Co. Ltd. Class A

100,500

4,402

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INDUSTRIALS - continued

Machinery - continued

Pall Corp.

121,300

$ 2,635

SPX Corp. (a)

92,300

3,556

53,250

Trading Companies & Distributors - 0.4%

Fastenal Co.

526,900

17,614

TOTAL INDUSTRIALS

382,177

INFORMATION TECHNOLOGY - 16.6%

Communications Equipment - 1.8%

ADC Telecommunications, Inc. (a)

605,400

1,629

Advanced Fibre Communications, Inc. (a)

116,500

2,197

AudioCodes Ltd. (a)

710,784

3,902

Brocade Communications Systems, Inc. (a)

3,703,600

22,481

CIENA Corp. (a)

872,339

5,016

Corning, Inc. (a)

2,030,200

14,841

Enterasys Networks, Inc. (a)

5,290,100

18,357

Marconi Corp. PLC (a)

4,718,000

4,746

Polycom, Inc. (a)

433,900

5,519

Sycamore Networks, Inc. (a)

583,800

2,481

Terayon Communication Systems, Inc. (a)

500,000

1,480

82,649

Computers & Peripherals - 1.2%

Diebold, Inc.

110,700

4,420

Hewlett-Packard Co.

119,300

2,326

Lexmark International, Inc. Class A (a)

354,820

26,399

Seagate Technology

277,400

4,203

Sun Microsystems, Inc. (a)

2,844,600

12,317

Western Digital Corp. (a)

482,400

6,040

55,705

Electronic Equipment & Instruments - 0.5%

Agilent Technologies, Inc. (a)

217,100

3,936

Ingram Micro, Inc. Class A (a)

123,400

1,360

Symbol Technologies, Inc.

491,200

6,582

Thermo Electron Corp. (a)

205,300

4,332

Vishay Intertechnology, Inc. (a)

420,200

6,068

22,278

Internet Software & Services - 1.3%

Overture Services, Inc. (a)

161,300

2,877

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Vignette Corp. (a)

4,432,994

$ 10,639

Vitria Technology, Inc. (a)

743,000

3,455

Yahoo!, Inc. (a)

1,389,700

41,483

58,454

IT Services - 3.0%

Affiliated Computer Services, Inc. Class A (a)

679,500

31,488

BearingPoint, Inc. (a)

831,800

7,894

Computer Sciences Corp. (a)

64,200

2,549

CSG Systems International, Inc. (a)

292,600

3,868

First Data Corp.

596,400

24,703

Fiserv, Inc. (a)

378,000

12,508

Iron Mountain, Inc. (a)

199,000

7,861

Paychex, Inc.

182,500

5,570

Sabre Holdings Corp. Class A

668,800

16,539

SunGard Data Systems, Inc. (a)

611,900

14,074

The BISYS Group, Inc. (a)

581,200

10,462

137,516

Semiconductors & Semiconductor Equipment - 2.6%

Agere Systems, Inc. Class A (a)

2,839,000

6,927

Analog Devices, Inc. (a)

106,500

4,106

Broadcom Corp. Class A (a)

592,200

14,497

Conexant Systems, Inc. (a)

592,600

2,287

GlobespanVirata, Inc. (a)

1,889,100

15,661

Integrated Device Technology, Inc. (a)

551,400

6,672

Intersil Corp. Class A (a)

287,800

7,034

KLA-Tencor Corp. (a)

234,200

10,827

LSI Logic Corp. (a)

791,800

5,068

Microchip Technology, Inc.

531,300

12,650

Micron Technology, Inc. (a)

607,600

6,878

NVIDIA Corp. (a)

692,800

18,131

Semtech Corp. (a)

288,300

4,570

Silicon Laboratories, Inc. (a)

60,767

1,808

Taiwan Semiconductor Manufacturing Co. Ltd.
sponsored ADR (a)

249,400

2,529

Texas Instruments, Inc.

71,200

1,460

United Microelectronics Corp. sponsored ADR (a)

84,800

332

121,437

Software - 6.2%

Adobe Systems, Inc.

797,900

28,158

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Autodesk, Inc.

148,000

$ 2,207

BMC Software, Inc. (a)

486,700

8,254

Business Objects SA sponsored ADR (a)

195,200

3,953

Cadence Design Systems, Inc. (a)

1,223,600

17,008

Check Point Software Technologies Ltd. (a)

417,600

7,851

Citrix Systems, Inc. (a)

483,100

10,546

Cognos, Inc. (a)

85,900

2,350

Electronic Arts, Inc. (a)

515,400

35,336

Intuit, Inc. (a)

422,800

19,487

Jack Henry & Associates, Inc.

194,600

2,964

Legato Systems, Inc. (a)

397,560

3,017

Microsoft Corp.

2,023,200

49,791

NetIQ Corp. (a)

79,400

1,178

Network Associates, Inc. (a)

588,561

7,145

Parametric Technology Corp. (a)

171,600

558

PeopleSoft, Inc. (a)

200,100

3,274

Siebel Systems, Inc. (a)

1,030,800

9,679

Symantec Corp. (a)

353,510

15,986

VERITAS Software Corp. (a)

1,956,700

54,298

283,040

TOTAL INFORMATION TECHNOLOGY

761,079

MATERIALS - 3.2%

Chemicals - 0.5%

Dow Chemical Co.

207,700

6,605

Ferro Corp.

179,200

4,405

International Flavors & Fragrances, Inc.

63,800

2,003

Olin Corp.

395,400

6,983

Praxair, Inc.

36,700

2,202

22,198

Construction Materials - 0.0%

Martin Marietta Materials, Inc.

43,200

1,478

Containers & Packaging - 0.5%

Owens-Illinois, Inc. (a)

629,000

7,202

Sealed Air Corp.

338,500

14,857

22,059

Metals & Mining - 1.6%

Freeport-McMoRan Copper & Gold, Inc. Class B

221,370

4,859

Common Stocks - continued

Shares

Value (Note 1)
(000s)

MATERIALS - continued

Metals & Mining - continued

Massey Energy Co.

372,900

$ 5,228

Newmont Mining Corp. Holding Co.

2,192,900

65,041

75,128

Paper & Forest Products - 0.6%

International Paper Co.

351,000

12,871

Weyerhaeuser Co.

249,300

12,560

25,431

TOTAL MATERIALS

146,294

TELECOMMUNICATION SERVICES - 2.1%

Diversified Telecommunication Services - 0.9%

Covad Communications Group, Inc. (a)

280,000

298

NTL, Inc. (a)

232,300

6,330

Qwest Communications International, Inc. (a)

4,181,700

18,776

Verizon Communications, Inc.

457,200

17,305

42,709

Wireless Telecommunication Services - 1.2%

At Road, Inc. (a)

58,200

513

KDDI Corp.

696

2,420

Nextel Communications, Inc. Class A (a)

3,118,200

46,742

Sprint Corp. - PCS Group Series 1 (a)

762,300

3,400

53,075

TOTAL TELECOMMUNICATION SERVICES

95,784

UTILITIES - 0.1%

Multi-Utilities & Unregulated Power - 0.1%

Westar Energy, Inc.

204,900

3,262

TOTAL COMMON STOCKS

(Cost $3,392,808)

3,821,049

Preferred Stocks - 0.1%

Shares

Value (Note 1)
(000s)

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies Series E (d)

96,800

$ 97

Procket Networks, Inc. Series C (d)

1,544,677

772

869

TELECOMMUNICATION SERVICES - 0.0%

Diversified Telecommunication Services - 0.0%

Yipes Communications Group, Inc. Series C (a)(d)

769,230

0

TOTAL CONVERTIBLE PREFERRED STOCKS

869

Nonconvertible Preferred Stocks - 0.1%

INFORMATION TECHNOLOGY - 0.1%

Internet Software & Services - 0.1%

Atheros Communications, Inc. Series C (d)

773,993

3,150

TOTAL PREFERRED STOCKS

(Cost $26,924)

4,019

Investment Companies - 0.5%

Nasdaq-100 Trust unit Series 1 (a)
(Cost $17,429)

731,937

21,804

U.S. Treasury Obligations - 0.1%

Principal Amount (000s)

U.S. Treasury Bills, yield at date of purchase 1.09% to 1.1% 6/12/03 to 8/7/03 (c)
(Cost $3,898)

$ 3,900

3,898

Money Market Funds - 17.4%

Shares

Value (Note 1)
(000s)

Fidelity Cash Central Fund, 1.3% (b)

737,792,406

$ 737,792

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

57,981,400

57,981

TOTAL MONEY MARKET FUNDS

(Cost $795,773)

795,773

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $4,236,832)

4,646,543

NET OTHER ASSETS - (1.7)%

(77,311)

NET ASSETS - 100%

$ 4,569,232

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value (000s)

Unrealized
Gain/(Loss)
(000s)

Purchased

31 Russell 2000 Index Contracts

June 2003

$ 6,836

$ 1,515

273 S&P MidCap 400 Index Contracts

June 2003

64,790

12,533

TOTAL

$ 71,626

$ 14,048

The face value of futures purchased as a percentage of net assets - 1.5%

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $3,898,000.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition
Date

Acquisition
Cost (000s)

Atheros Communications, Inc. Series C

4/18/01

$ 5,000

Chorum Technologies Series E

9/19/00

$ 1,669

Procket Networks, Inc. Series C

11/15/00 - 2/9/01

$ 15,255

Yipes Communications Group, Inc.
Series C

1/31/01

$ 5,000

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $3,873,026,000 and $3,979,965,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $422,000 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,019,000 or 0.1% of net assets.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $11,525,042,000 of which $8,287,843,000 and $3,237,199,000 will expire on November 30, 2009 and 2010, respectively.

The fund intends to elect to defer to its fiscal year ending November 30, 2003 approximately $1,086,387,000 of losses recognized during the period November 1, 2002 to November 30, 2002.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $56,799) (cost $4,236,832) - See accompanying schedule

$ 4,646,543

Receivable for investments sold

39,219

Receivable for fund shares sold

7,060

Dividends receivable

1,352

Interest receivable

830

Redemption fees receivable

16

Receivable for daily variation on futures contracts

1,534

Other receivables

114

Total assets

4,696,668

Liabilities

Payable for investments purchased

$ 59,833

Payable for fund shares redeemed

8,698

Accrued management fee

752

Other payables and accrued expenses

172

Collateral on securities loaned, at value

57,981

Total liabilities

127,436

Net Assets

$ 4,569,232

Net Assets consist of:

Paid in capital

$ 18,075,116

Undistributed net investment income

748

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

(13,930,391)

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

423,759

Net Assets, for 361,711 shares outstanding

$ 4,569,232

Net Asset Value, offering price and redemption price per share ($4,569,232 ÷ 361,711 shares)

$ 12.63

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 7,510

Interest

3,124

Security lending

131

Total income

10,765

Expenses

Management fee
Basic fee

$ 13,162

Performance adjustment

(10,401)

Transfer agent fees

9,605

Accounting and security lending fees

322

Non-interested trustees' compensation

8

Depreciation in deferred trustee compensation account

(35)

Custodian fees and expenses

62

Registration fees

24

Audit

47

Legal

10

Miscellaneous

18

Total expenses before reductions

12,822

Expense reductions

(2,791)

10,031

Net investment income (loss)

734

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities (including realized gain (loss) of $(131,944) on sales of investments in affiliated issuers)

(1,213,675)

Foreign currency transactions

52

Total net realized gain (loss)

(1,213,623)

Change in net unrealized appreciation (depreciation) on:

Investment securities

1,356,790

Assets and liabilities in foreign currencies

(48)

Futures contracts

14,048

Total change in net unrealized appreciation (depreciation)

1,370,790

Net gain (loss)

157,167

Net increase (decrease) in net assets resulting from operations

$ 157,901

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

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 734

$ (20,516)

Net realized gain (loss)

(1,213,623)

(3,413,374)

Change in net unrealized appreciation (depreciation)

1,370,790

813,482

Net increase (decrease) in net assets resulting
from operations

157,901

(2,620,408)

Share transactions
Net proceeds from sales of shares

474,029

1,314,943

Cost of shares redeemed

(558,636)

(1,642,817)

Net increase (decrease) in net assets resulting from share transactions

(84,607)

(327,874)

Redemption fees

719

1,800

Total increase (decrease) in net assets

74,013

(2,946,482)

Net Assets

Beginning of period

4,495,219

7,441,701

End of period (including undistributed net investment income of $748 and undistributed net investment income of $14, respectively)

$ 4,569,232

$ 4,495,219

Other Information

Shares

Sold

41,360

93,514

Redeemed

(49,023)

(116,062)

Net increase (decrease)

(7,663)

(22,548)

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

Semiannual Report

Financial Highlights

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 12.17

$ 18.99

$ 40.13

$ 53.05

$ 29.86

$ 29.68

Income from Investment Operations

Net investment income (loss) D

- F

(.05)

(.17)

(.32)

(.23)

(.18)

Net realized and unrealized gain (loss)

.46

(6.77)

(14.72)

(8.03)

26.12

6.44

Total from investment operations

.46

(6.82)

(14.89)

(8.35)

25.89

6.26

Distributions from net realized gain

-

-

(6.26)

(4.61)

(2.72)

(6.08)

Redemption fees added to paid in capital D

- F

- F

.01

.04

.02

- F

Net asset value, end of period

$ 12.63

$ 12.17

$ 18.99

$ 40.13

$ 53.05

$ 29.86

Total Return B, C

3.78%

(35.91)%

(44.42)%

(17.94)%

93.91%

27.89%

Ratios to Average Net Assets E

Expenses before expense reductions

.62% A

.65%

.97%

.91%

.99%

1.08%

Expenses net of voluntary waivers, if any

.62% A

.65%

.97%

.91%

.99%

1.08%

Expenses net of all reductions

.48% A

.55%

.92%

.89%

.97%

1.05%

Net investment income (loss)

.04% A

(.39)%

(.64)%

(.55)%

(.58)%

(.67)%

Supplemental Data

Net assets, end of period (in millions)

$ 4,569

$ 4,495

$ 7,442

$ 14,607

$ 11,583

$ 2,511

Portfolio turnover rate

209% A

114%

118%

176%

186%

199%

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

F Amount represents less than $.01 per-share.

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Aggressive Growth Fund (the fund) is a fund of Fidelity Mt. Vernon Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Foreign Currency - continued

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

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

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Distributions are recorded on the ex-dividend date.

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to net operating losses, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 567,483

|

Unrealized depreciation

(185,078)

Net unrealized appreciation (depreciation)

$ 382,405

Cost for federal income tax purposes

$ 4,264,138

Short-Term Trading (Redemption) Fees. Shares held in the fund less than 90 days are subject to a short-term trading fee equal to 1.50% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid in capital.

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Futures Contracts. The fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase the fund's exposure to the underlying instrument, while selling futures tends to decrease the fund's exposure to the underlying instrument or hedge other fund investments. Futures contracts involve, to varying degrees, risk of loss in excess of the futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in the Schedule of Investments under the caption

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

2. Operating Policies - continued

Futures Contracts - continued

Futures Contracts. This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counter-parties do not perform under the contracts' terms. Gains (losses) are realized upon the expiration or closing of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

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

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the fund's average net assets and a group fee rate that averaged ..28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .13% of the fund's average net assets.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .46% of average net assets.

Accounting and Security Lending Fees. FSC maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $3,113 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $2,771 for the period. In addition, through arrangements with the fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and transfer agent expenses by $1 and $19, respectively.

8. Transactions with Affiliated Companies.

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate

Purchase
Cost

Sales
Cost

Dividend
Income

Value

Vitria Technology, Inc.

$ -

$ 60,366

$ -

$ -

webMethods, Inc.

-

84,067

-

-

TOTALS

$ -

$ 144,433

$ -

$ -

Semiannual Report

Managing Your Investments

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Semiannual Report

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Fidelity®

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Fund

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

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

Investments

<Click Here>

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

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Microsoft Corp.

3.8

4.8

Pfizer, Inc.

3.2

2.7

Coach, Inc.

2.1

1.6

General Electric Co.

2.1

2.2

Network Appliance, Inc.

1.8

1.6

Adobe Systems, Inc.

1.7

0.3

National Semiconductor Corp.

1.7

1.5

BEA Systems, Inc.

1.6

1.7

Intel Corp.

1.6

1.7

Yahoo!, Inc.

1.5

1.3

21.1

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

33.7

32.7

Health Care

26.8

24.5

Consumer Discretionary

12.4

16.2

Industrials

9.3

7.8

Consumer Staples

6.0

5.8

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 99.3%

Stocks 99.5%

Short-Term
Investments and
Net Other Assets 0.7%

Short-Term
Investments and
Net Other Assets 0.5%

* Foreign investments

4.8%

** Foreign investments

5.1%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - 12.4%

Hotels, Restaurants & Leisure - 0.5%

Brinker International, Inc. (a)

945,000

$ 32,914

Krispy Kreme Doughnuts, Inc. (a)

65,000

2,253

McDonald's Corp.

1,200,000

22,476

Starbucks Corp. (a)

624,200

15,381

Wynn Resorts Ltd.

750,000

14,123

87,147

Household Durables - 0.4%

LG Electronics, Inc.

900,000

30,186

Sharp Corp.

1,700,000

18,727

Tupperware Corp.

1,224,600

19,447

68,360

Internet & Catalog Retail - 2.1%

Amazon.com, Inc. (a)

6,025,000

216,539

eBay, Inc. (a)

1,554,300

158,088

374,627

Leisure Equipment & Products - 0.4%

Eastman Kodak Co.

2,000,000

61,280

Media - 2.2%

AOL Time Warner, Inc. (a)

7,478,150

113,817

Comcast Corp. Class A (special) (a)

600,000

17,292

General Motors Corp. Class H (a)

775,000

9,455

Liberty Media Corp. Class A (a)

12,380,425

144,851

Pixar (a)

435,000

24,556

TiVo, Inc. (a)

370,000

3,330

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

841,977

38,327

Walt Disney Co.

1,911,500

37,561

389,189

Multiline Retail - 0.8%

JCPenney Co., Inc.

5,151,900

89,231

Kohl's Corp. (a)

200,000

10,470

Target Corp.

1,320,000

48,352

148,053

Specialty Retail - 2.8%

Bed Bath & Beyond, Inc. (a)

349,200

14,611

Gap, Inc.

1,067,825

18,153

Home Depot, Inc.

6,881,150

223,569

Common Stocks - continued

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Lowe's Companies, Inc.

1,100,400

$ 46,503

Staples, Inc. (a)

10,447,068

202,569

505,405

Textiles Apparel & Luxury Goods - 3.2%

Adidas-Salomon AG

2,125,000

187,084

Coach, Inc. (a)(c)

7,821,800

384,285

NIKE, Inc. Class B

152,000

8,510

579,879

TOTAL CONSUMER DISCRETIONARY

2,213,940

CONSUMER STAPLES - 6.0%

Beverages - 1.5%

PepsiCo, Inc.

2,756,640

121,843

The Coca-Cola Co.

3,067,500

139,786

261,629

Food & Staples Retailing - 1.8%

Costco Wholesale Corp. (a)

360,800

13,368

CVS Corp.

108,890

2,842

Sysco Corp.

2,460,000

76,112

Wal-Mart Stores, Inc.

4,476,700

235,519

327,841

Food Products - 0.8%

Archer-Daniels-Midland Co.

3,844,031

46,013

ConAgra Foods, Inc.

1,125,000

27,304

Dean Foods Co. (a)

1,107,520

50,669

Kraft Foods, Inc. Class A

349,600

11,327

Wm. Wrigley Jr. Co.

20,000

1,130

136,443

Household Products - 0.9%

Colgate-Palmolive Co.

575,000

34,282

Kimberly-Clark Corp.

1,431,600

74,343

Procter & Gamble Co.

582,800

53,513

162,138

Personal Products - 0.5%

Avon Products, Inc.

485,000

29,556

Gillette Co.

1,974,596

66,366

95,922

Common Stocks - continued

Shares

Value (Note 1) (000s)

CONSUMER STAPLES - continued

Tobacco - 0.5%

Altria Group, Inc.

2,033,380

$ 83,979

TOTAL CONSUMER STAPLES

1,067,952

ENERGY - 3.1%

Energy Equipment & Services - 2.1%

Baker Hughes, Inc.

2,352,500

77,750

Diamond Offshore Drilling, Inc.

1,152,900

26,217

Noble Corp. (a)

175,000

6,241

Schlumberger Ltd. (NY Shares)

3,389,600

164,802

Weatherford International Ltd. (a)

2,295,120

104,084

379,094

Oil & Gas - 1.0%

Anadarko Petroleum Corp.

290,000

14,291

ConocoPhillips

501,844

27,085

Devon Energy Corp.

995,000

51,740

EOG Resources, Inc.

775,000

33,403

Noble Energy, Inc.

425,000

15,483

Premcor, Inc.

1,491,000

32,429

174,431

TOTAL ENERGY

553,525

FINANCIALS - 5.2%

Capital Markets - 0.7%

Charles Schwab Corp.

11,403,375

110,613

State Street Corp.

310,000

11,876

122,489

Commercial Banks - 1.0%

Bank One Corp.

2,340,000

87,422

Synovus Financial Corp.

1,976,900

45,113

U.S. Bancorp, Delaware

674,256

15,980

Wells Fargo & Co.

750,000

36,225

184,740

Consumer Finance - 0.4%

American Express Co.

1,482,548

61,763

Diversified Financial Services - 0.8%

Citigroup, Inc.

3,450,197

141,527

Common Stocks - continued

Shares

Value (Note 1) (000s)

FINANCIALS - continued

Insurance - 0.9%

American International Group, Inc.

2,238,750

$ 129,579

Prudential Financial, Inc.

1,113,000

37,308

166,887

Thrifts & Mortgage Finance - 1.4%

Fannie Mae

2,349,300

173,848

Freddie Mac

1,375,350

82,260

256,108

TOTAL FINANCIALS

933,514

HEALTH CARE - 26.8%

Biotechnology - 11.1%

Abgenix, Inc. (a)(c)

6,040,500

64,935

Alexion Pharmaceuticals, Inc. (a)(c)

1,809,740

25,354

Alkermes, Inc. (a)

600,000

7,734

Amgen, Inc. (a)

2,695,000

174,393

Applera Corp. - Celera Genomics Group (a)

7,274,848

85,479

Biogen, Inc. (a)

75,000

3,183

Celgene Corp. (a)(c)

8,014,880

252,308

CV Therapeutics, Inc. (a)(c)

2,177,000

70,426

Exelixis, Inc. (a)(c)

3,460,000

28,199

Genentech, Inc. (a)

1,045,400

65,452

Geneprot, Inc. (d)

1,373,363

4,807

Genzyme Corp. - General Division (a)

5,275,000

250,510

Gilead Sciences, Inc. (a)

545,000

28,754

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

12,295,010

180,122

IDEC Pharmaceuticals Corp. (a)

244,164

9,320

ImClone Systems, Inc. (a)

2,685,074

76,525

Immunomedics, Inc. (a)(c)

4,987,700

34,814

MedImmune, Inc. (a)

3,827,800

135,696

Millennium Pharmaceuticals, Inc. (a)

2,574,377

40,032

Neurocrine Biosciences, Inc. (a)(c)

1,698,908

86,118

OSI Pharmaceuticals, Inc. (a)(c)

3,612,530

95,226

Protein Design Labs, Inc. (a)

650,000

9,302

Regeneron Pharmaceuticals, Inc. (a)(c)

3,020,800

41,566

Tanox, Inc. (a)

1,926,000

34,360

Telik, Inc. (a)

1,280,000

18,701

Transkaryotic Therapies, Inc. (a)(c)

2,129,188

15,799

Common Stocks - continued

Shares

Value (Note 1) (000s)

HEALTH CARE - continued

Biotechnology - continued

Tularik, Inc. (a)(c)

3,406,000

$ 31,982

Vertex Pharmaceuticals, Inc. (a)(c)

7,636,687

110,961

1,982,058

Health Care Equipment & Supplies - 4.0%

Applera Corp. - Applied Biosystems Group

382,800

7,453

Baxter International, Inc.

60,000

1,520

Biomet, Inc.

700,000

19,250

Boston Scientific Corp. (a)

2,074,000

108,055

Cerus Corp. (a)(c)

1,460,500

16,445

CTI Molecular Imaging, Inc.

375,000

6,506

Guidant Corp.

2,375,000

100,415

Medtronic, Inc.

2,224,964

108,422

Millipore Corp. (a)

1,860,000

75,702

St. Jude Medical, Inc. (a)

2,599,600

145,838

Thoratec Corp. (a)(c)

3,515,000

48,261

Varian Medical Systems, Inc. (a)

225,000

12,544

VISX, Inc. (a)

1,930,000

33,486

Zimmer Holdings, Inc. (a)

730,970

32,791

716,688

Health Care Providers & Services - 2.2%

Cardinal Health, Inc.

294,957

17,022

Caremark Rx, Inc. (a)

250,000

5,645

Eclipsys Corp. (a)(c)

3,158,100

36,160

McKesson Corp.

425,000

12,886

NDCHealth Corp.

1,486,900

30,452

UnitedHealth Group, Inc.

386,400

37,071

WebMD Corp. (a)(c)

25,929,200

257,736

396,972

Pharmaceuticals - 9.5%

Abbott Laboratories

4,840,200

215,631

Allergan, Inc.

500,000

36,055

Barr Laboratories, Inc. (a)

1,303,450

68,757

Bristol-Myers Squibb Co.

1,209,700

30,968

Eli Lilly & Co.

620,000

37,057

Forest Laboratories, Inc. (a)

320,000

16,160

Johnson & Johnson

3,003,300

163,229

Merck & Co., Inc.

3,474,300

193,102

Pfizer, Inc.

18,656,000

578,709

Schering-Plough Corp.

6,488,000

119,704

Common Stocks - continued

Shares

Value (Note 1) (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Sepracor, Inc. (a)(c)

8,416,610

$ 191,478

Watson Pharmaceuticals, Inc. (a)

360,100

13,331

Wyeth

1,025,200

44,955

1,709,136

TOTAL HEALTH CARE

4,804,854

INDUSTRIALS - 9.3%

Aerospace & Defense - 0.7%

Boeing Co.

75,000

2,300

L-3 Communications Holdings, Inc. (a)

159,900

6,932

Lockheed Martin Corp.

725,100

33,659

Raytheon Co.

2,665,000

85,387

128,278

Air Freight & Logistics - 0.4%

United Parcel Service, Inc. Class B

1,004,800

62,730

Airlines - 3.0%

AMR Corp. (a)(c)

15,635,800

99,131

JetBlue Airways Corp. (a)

2,903,488

98,138

Ryanair Holdings PLC:

warrants (UBS Warrant Programme) 2/25/04 (a)

3,230,000

22,088

sponsored ADR (a)

3,241,800

134,437

Southwest Airlines Co.

11,451,763

184,030

537,824

Commercial Services & Supplies - 0.3%

Hewitt Associates, Inc.

89,000

2,034

Hudson Highland Group, Inc. (a)

172,897

3,069

Monster Worldwide, Inc.

2,655,300

52,734

57,837

Electrical Equipment - 0.0%

American Power Conversion Corp. (a)

425,000

6,592

Industrial Conglomerates - 3.0%

3M Co.

1,140,000

144,176

General Electric Co.

13,375,000

383,863

528,039

Machinery - 1.9%

AGCO Corp. (a)(c)

5,112,800

91,417

Caterpillar, Inc.

1,765,000

92,045

Common Stocks - continued

Shares

Value (Note 1) (000s)

INDUSTRIALS - continued

Machinery - continued

Deere & Co.

3,254,900

$ 142,141

Pall Corp.

1,025,000

22,263

347,866

TOTAL INDUSTRIALS

1,669,166

INFORMATION TECHNOLOGY - 33.6%

Communications Equipment - 3.8%

Adaptec, Inc. (a)

1,290,000

10,320

ADC Telecommunications, Inc. (a)

7,195,000

19,355

Brocade Communications Systems, Inc. (a)

1,087,287

6,600

CIENA Corp. (a)

5,524,400

31,765

Cisco Systems, Inc. (a)

12,386,100

201,646

Corning, Inc. (a)

20,905,000

152,816

Finisar Corp. (a)

5,145,000

8,849

Harmonic, Inc. (a)(c)

3,958,161

18,683

Harris Corp.

62,500

1,893

Juniper Networks, Inc. (a)

300,000

4,164

Motorola, Inc.

1,000,000

8,520

NMS Communications Corp. (a)(c)

3,359,798

4,784

Nortel Networks Corp. (a)

1,350,000

4,239

Polycom, Inc. (a)

1,319,800

16,788

QUALCOMM, Inc.

2,214,200

74,353

Scientific-Atlanta, Inc.

970,000

19,099

Sonus Networks, Inc. (a)(c)

22,519,270

104,715

688,589

Computers & Peripherals - 6.9%

Apple Computer, Inc. (a)

900,000

16,173

Avid Technology, Inc. (a)(c)

2,652,600

89,499

Dell Computer Corp. (a)

7,795,600

243,924

Hewlett-Packard Co.

190,000

3,705

International Business Machines Corp.

749,800

66,012

Lexmark International, Inc. Class A (a)

2,271,900

169,029

Network Appliance, Inc. (a)(c)

19,172,208

326,503

Pinnacle Systems, Inc. (a)(c)

6,243,629

66,495

SanDisk Corp. (a)(c)

6,894,700

250,484

Sun Microsystems, Inc. (a)

1,491,500

6,458

1,238,282

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - 0.9%

Agilent Technologies, Inc. (a)

657,300

$ 11,917

Lexar Media, Inc. (a)

575,000

4,238

Photon Dynamics, Inc. (a)(c)

1,605,000

39,788

Symbol Technologies, Inc.

7,377,000

98,852

154,795

Internet Software & Services - 1.7%

Ariba, Inc. (a)

12,910,000

48,025

Yahoo!, Inc. (a)

8,825,670

263,446

311,471

IT Services - 0.5%

Cognizant Technology Solutions Corp. Class A (a)(c)

3,454,679

71,685

First Data Corp.

300,000

12,426

84,111

Semiconductors & Semiconductor Equipment - 10.9%

Advanced Micro Devices, Inc. (a)

7,925,000

57,694

Altera Corp. (a)

1,029,400

19,847

Analog Devices, Inc. (a)

4,709,900

181,567

Applied Materials, Inc. (a)

2,900,400

45,130

Cree, Inc. (a)(c)

7,326,650

180,016

Cypress Semiconductor Corp. (a)

1,602,950

17,713

Genesis Microchip, Inc. (a)

1,475,000

28,099

Integrated Circuit Systems, Inc. (a)

97,600

2,546

Intel Corp.

13,716,800

285,858

International Rectifier Corp. (a)

70,000

1,833

KLA-Tencor Corp. (a)

1,210,000

55,938

Linear Technology Corp.

625,800

22,754

Micron Technology, Inc. (a)

291,800

3,303

MIPS Technologies, Inc.:

Class A (a)(c)

1,893,100

5,301

Class B (a)(c)

1,918,127

5,141

National Semiconductor Corp. (a)(c)

12,016,602

299,934

O2Micro International Ltd. (a)(c)

3,643,590

56,075

Omnivision Technologies, Inc. (a)(c)

2,169,700

77,871

Power Integrations, Inc. (a)

1,282,500

34,190

Samsung Electronics Co. Ltd.

600,000

160,794

Silicon Image, Inc. (a)(c)

6,610,000

38,801

Silicon Laboratories, Inc. (a)

154,200

4,587

Texas Instruments, Inc.

8,536,000

174,988

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Virage Logic Corp. (a)(c)

1,928,590

$ 11,437

Xilinx, Inc. (a)

6,025,100

179,970

1,951,387

Software - 8.9%

Adobe Systems, Inc.

8,567,400

302,344

Amdocs Ltd. (a)

2,448,500

47,770

BEA Systems, Inc. (a)(c)

26,500,172

287,262

Borland Software Corp. (a)

2,758,300

27,914

Macromedia, Inc. (a)

795,000

16,027

Magma Design Automation, Inc. (a)

475,870

8,233

Microsoft Corp.

27,500,000

676,768

Oracle Corp. (a)

3,015,000

39,225

PeopleSoft, Inc. (a)

2,869,628

46,947

Red Hat, Inc. (a)(c)

17,112,103

126,458

Symantec Corp. (a)

173,950

7,866

VERITAS Software Corp. (a)

600,422

16,662

1,603,476

TOTAL INFORMATION TECHNOLOGY

6,032,111

MATERIALS - 1.1%

Chemicals - 0.6%

Dow Chemical Co.

735,000

23,373

Minerals Technologies, Inc.

260,000

13,052

Monsanto Co.

3,252,389

65,210

101,635

Metals & Mining - 0.5%

Alcoa, Inc.

1,660,000

40,853

Barrick Gold Corp.

2,287,500

39,959

Nucor Corp.

315,000

15,007

95,819

TOTAL MATERIALS

197,454

TELECOMMUNICATION SERVICES - 1.7%

Diversified Telecommunication Services - 0.0%

Level 3 Communications, Inc. (a)

200,000

1,422

Wireless Telecommunication Services - 1.7%

AT&T Wireless Services, Inc. (a)

19,880,000

154,468

Common Stocks - continued

Shares

Value (Note 1) (000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

Nextel Communications, Inc. Class A (a)

8,700,000

$ 130,413

Sprint Corp. - PCS Group Series 1 (a)

3,677,500

16,402

Vodafone Group PLC sponsored ADR

312,660

6,850

308,133

TOTAL TELECOMMUNICATION SERVICES

309,555

TOTAL COMMON STOCKS

(Cost $17,821,081)

17,782,071

Preferred Stocks - 0.1%

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Procket Networks, Inc. Series C (d)

2,531,390

1,266

TELECOMMUNICATION SERVICES - 0.0%

Diversified Telecommunication Services - 0.0%

Yipes Communications Group, Inc. Series C (a)(d)

769,230

0

TOTAL CONVERTIBLE PREFERRED STOCKS

1,266

Nonconvertible Preferred Stocks - 0.1%

INFORMATION TECHNOLOGY - 0.1%

Internet Software & Services - 0.1%

Atheros Communications, Inc. Series C (d)

2,321,982

9,450

TOTAL PREFERRED STOCKS

(Cost $45,000)

10,716

Money Market Funds - 4.4%

Shares

Value (Note 1)
(000s)

Fidelity Cash Central Fund, 1.3% (b)

156,744,127

$ 156,744

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

641,423,300

641,423

TOTAL MONEY MARKET FUNDS

(Cost $798,167)

798,167

TOTAL INVESTMENT PORTFOLIO - 103.7%

(Cost $18,664,248)

18,590,954

NET OTHER ASSETS - (3.7)%

(659,428)

NET ASSETS - 100%

$ 17,931,526

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Affiliated company

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Atheros Communications, Inc. Series C

4/18/01

$ 15,000

Geneprot, Inc.

7/7/00

$ 7,553

Procket Networks, Inc. Series C

2/9/01

$ 25,000

Yipes Communications Group, Inc.
Series C

1/31/01

$ 5,000

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $4,434,983,000 and $4,040,866,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $421,000 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $15,523,000 or 0.1% of net assets.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $6,365,715,000 of which $3,874,888,000 and $2,490,827,000 will expire on November 30, 2009 and 2010, respectively.

The fund intends to elect to defer to its fiscal year ending November 30, 2003 approximately $268,432,000 of losses recognized during the period November 1, 2002 to November 30, 2002.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $627,193) (cost $18,664,248) - See accompanying schedule

$ 18,590,954

Receivable for investments sold

82,979

Receivable for fund shares sold

49,806

Dividends receivable

12,048

Interest receivable

188

Other receivables

698

Total assets

18,736,673

Liabilities

Payable for investments purchased

$ 135,805

Payable for fund shares redeemed

16,741

Accrued management fee

9,761

Other payables and accrued expenses

1,417

Collateral on securities loaned, at value

641,423

Total liabilities

805,147

Net Assets

$ 17,931,526

Net Assets consist of:

Paid in capital

$ 25,416,795

Undistributed net investment income

4,264

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

(7,416,292)

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

(73,241)

Net Assets, for 428,306 shares outstanding

$ 17,931,526

Net Asset Value, offering price and redemption price per share ($17,931,526 ÷ 428,306 shares)

$ 41.87

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends (including $3,461 received from affiliated issuers)

$ 62,546

Interest

965

Security lending

1,762

Total income

65,273

Expenses

Management fee
Basic fee

$ 44,855

Performance adjustment

(2,811)

Transfer agent fees

20,969

Accounting and security lending fees

593

Non-interested trustees' compensation

30

Depreciation in deferred trustee compensation account

(78)

Custodian fees and expenses

329

Registration fees

79

Audit

75

Legal

47

Miscellaneous

52

Total expenses before reductions

64,140

Expense reductions

(3,131)

61,009

Net investment income (loss)

4,264

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities (including realized gain (loss) of $(144,238) on sales of investments in affiliated issuers)

(607,570)

Foreign currency transactions

(194)

Total net realized gain (loss)

(607,764)

Change in net unrealized appreciation (depreciation) on:

Investment securities

1,677,040

Assets and liabilities in foreign currencies

(163)

Total change in net unrealized appreciation (depreciation)

1,676,877

Net gain (loss)

1,069,113

Net increase (decrease) in net assets resulting from operations

$ 1,073,377

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

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 4,264

$ (69,937)

Net realized gain (loss)

(607,764)

(2,432,468)

Change in net unrealized appreciation (depreciation)

1,676,877

(3,399,438)

Net increase (decrease) in net assets resulting
from operations

1,073,377

(5,901,843)

Share transactions
Net proceeds from sales of shares

2,625,890

5,857,010

Cost of shares redeemed

(2,190,905)

(5,976,489)

Net increase (decrease) in net assets resulting from share transactions

434,985

(119,479)

Total increase (decrease) in net assets

1,508,362

(6,021,322)

Net Assets

Beginning of period

16,423,164

22,444,486

End of period (including undistributed net investment income of $4,264 and undistributed net investment income of $0, respectively)

$ 17,931,526

$ 16,423,164

Other Information

Shares

Sold

71,061

133,552

Redeemed

(60,128)

(140,833)

Net increase (decrease)

10,933

(7,281)

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

Semiannual Report

Financial Highlights

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 39.35

$ 52.85

$ 74.76

$ 74.58

$ 50.22

$ 47.84

Income from Investment Operations

Net investment income (loss) D

.01

(.16)

(.17)

(.28)

(.06)

.11

Net realized and unrealized gain (loss)

2.51

(13.34)

(15.03)

7.26

28.25

7.20

Total from investment operations

2.52

(13.50)

(15.20)

6.98

28.19

7.31

Distributions from net investment income

-

-

-

-

(.09)

(.22)

Distributions from net realized gain

-

-

(6.71)

(6.80)

(3.74)

(4.71)

Total distributions

-

-

(6.71)

(6.80)

(3.83)

(4.93)

Net asset value, end of period

$ 41.87

$ 39.35

$ 52.85

$ 74.76

$ 74.58

$ 50.22

Total ReturnB,C

6.40%

(25.54)%

(22.55)%

9.22%

60.17%

17.55%

Ratios to Average Net Assets E

Expenses before expense reductions

.83% A

1.12%

.98%

.87%

.74%

.65%

Expenses net of voluntary waivers, if any

.83% A

1.12%

.98%

.87%

.74%

.65%

Expenses net of all reductions

.79% A

1.08%

.95%

.85%

.72%

.63%

Net investment income (loss)

.06% A

(.38)%

(.29)%

(.31)%

(.11)%

.24%

Supplemental Data

Net assets, end of period (in millions)

$ 17,932

$ 16,423

$ 22,444

$ 29,079

$ 19,222

$ 10,579

Portfolio turnover rate

52% A

63%

93%

69%

86%

76%

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Growth Company Fund (the fund) is a fund of Fidelity Mt. Vernon Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

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

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 3,507,608

|

Unrealized depreciation

(3,735,218)

Net unrealized appreciation (depreciation)

$ (227,610)

Cost for federal income tax purposes

$ 18,818,564

Semiannual Report

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

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

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged ..28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .55% of the fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .27% of average net assets.

Accounting and Security Lending Fees. FSC maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $957 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

Semiannual Report

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $3,046 for the period. In addition, through arrangements with the fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and transfer agent expenses by $2 and $83, respectively.

8. Transactions with Affiliated Companies.

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate

Purchase
Cost

Sales
Cost

Dividend
Income

Value

AGCO Corp.

$ 22,905

$ -

$ -

$ 91,417

AMR Corp.

46,637

14,840

-

99,131

Abgenix, Inc.

-

-

-

64,935

Adidas-Salomon AG

2,943

48,296

2,542

-

Alexion Pharmaceuticals, Inc.

-

-

-

25,354

Avid Technology, Inc..

25,968

-

-

89,499

BEA Systems, Inc.

15,704

1,722

-

287,262

CV Therapeutics, Inc.

13,320

1,124

-

70,426

Celgene Corp.

3,587

-

-

252,308

Cerner Corp.

-

66,886

-

-

Cerus Corp.

-

-

-

16,445

Coach, Inc.

3,514

1,712

-

384,285

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

8. Transactions with Affiliated Companies - continued

Affiliate

Purchase
Cost

Sales
Cost

Dividend
Income

Value

Cognizant Technology Solutions Corp. Class A.

$ 8,006

$ -

$ -

$ 71,685

Cree, Inc.

57,697

-

-

180,016

Eclipsys Corp.

-

19,059

-

36,160

Exelixis Inc.

412

-

-

28,199

Finisar Corp.

-

16,541

-

-

Genesis Microchip, Inc.

2,281

23,856

-

-

Harmonic, Inc.

3,624

-

-

18,683

Human Genome Sciences, Inc.

7,888

-

-

180,122

Immunomedics, Inc.

-

-

-

34,814

MIPS Technologies, Inc. Class A

-

-

-

5,301

MIPS Technologies, Inc. Class B

-

-

-

5,141

NMS Communications Corp.

-

-

-

4,784

NPC Pharmaceuticals, Inc.

-

41,485

-

-

National Semiconductor Corp.

15,908

7,139

-

299,934

Network Appliance, Inc.

7,297

-

-

326,503

Neurocrine Biosciences, Inc..

6,143

-

-

86,118

OSI Pharmaceuticals, Inc.

-

-

-

95,226

O2Micro International Ltd.

-

-

-

56,075

Omnivision Technologies, Inc..

22,015

-

-

77,871

Photon Dynamics, Inc.

13,770

-

-

39,788

Pinnacle Systems, Inc..

35,746

-

-

66,495

Red Hat, Inc..

50,390

-

-

126,458

Regeneron Pharmaceuticals, Inc.

18,320

41,746

-

41,566

SanDisk Corp..

63,690

1,417

-

250,484

Scios, Inc.

13,978

40,482

-

-

Sepracor, Inc.

3,430

-

-

191,478

Silicon Image, Inc..

18,099

-

-

38,801

Silicon Labroratories, Inc.

-

83,771

-

-

SkyWest, Inc.

-

28,163

77

-

Sonus Networks, Inc..

18,302

-

-

104,715

Thoratec Corp..

8,059

-

-

48,261

Transkaryotic Therapies, Inc..

-

43,313

-

15,799

Tularik, Inc.

-

4,698

-

31,982

Tupperware Corp.

-

19,818

842

-

Vertex Pharmaceuticals, Inc.

2,329

-

-

110,961

Virage Logic Corp.

-

-

-

11,437

WebMD Corp.

82,071

-

-

257,736

TOTALS

$ 594,033

$ 506,068

$ 3,461

$ 4,223,655

Semiannual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone_graphic)

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

Press

1   For mutual fund and brokerage trading.

2   For quotes.*

3   For account balances and holdings.

4   To review orders and mutual
fund activity.

5   To change your PIN.

*0   To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Semiannual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)

Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

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Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

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2300 Litton Lane - KH2B
Hebron, KY 41048

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

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Fidelity Investments
Attn: Distribution Services
2300 Litton Lane - KH2GC
Hebron, KY 41048-9397

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

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For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
2300 Litton Lane - KH2GC
Hebron, KY 41048-9397

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

7373 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

527 North Brand Boulevard
Glendale, CA

19200 Von Karman Avenue
Irvine, CA

601 Larkspur Landing Circle
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10100 Santa Monica Blvd.
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73-575 El Paseo
Palm Desert, CA

251 University Avenue
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1760 Challenge Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

8 Montgomery Street
San Francisco, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

9185 East Westview Road
Littleton, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

Delaware

222 Delaware Avenue
Wilmington, DE

Florida

4400 N. Federal Highway
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
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1907 West State Road 434
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8880 Tamiami Trail, North
Naples, FL

3501 PGA Boulevard
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8065 Beneva Road
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1700 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7401 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

416 Belmont Street
Worcester, MA

Semiannual Report

Michigan

280 Old N. Woodward Ave.
Birmingham, MI

43420 Grand River Avenue
Novi, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

8885 Ladue Road
Ladue, MO

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

501 Route 17, South
Paramus, NJ

New York

1055 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

3805 Edwards Road
Cincinnati, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

16850 SW 72nd Avenue
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4017 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

400 East Las Colinas Blvd.
Irving, TX

14100 San Pedro
San Antonio, TX

19740 IH 45 North
Spring, TX

6005 West Park Boulevard
Plano, TX 75093

Utah

215 South State Street
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

411 108th Avenue, N.E.
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Semiannual Report

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Fidelity®

New Millennium

Fund®

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

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

Investments

<Click Here>

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

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

QLogic Corp.

6.8

6.4

Boston Scientific Corp.

4.8

3.9

Emulex Corp.

3.1

3.3

Smith International, Inc.

2.7

2.5

Comcast Corp. Class A (special)

2.1

1.3

Eastman Kodak Co.

2.1

1.0

Medtronic, Inc.

2.1

2.3

Garmin Ltd.

2.1

0.0

Thor Industries, Inc.

1.8

2.0

Hillenbrand Industries, Inc.

1.8

1.4

29.4

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

31.0

31.1

Information Technology

28.4

24.1

Health Care

15.7

16.2

Energy

7.3

6.6

Industrials

5.2

6.3

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 98.0%

Stocks 97.6%

Convertible
Securities 0.1%

Convertible
Securities 0.1%

Short-Term
Investments and
Net Other Assets 1.9%

Short-Term
Investments and
Net Other Assets 2.3%

* Foreign
investments

7.1%

** Foreign
investments

2.7%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - 31.0%

Auto Components - 0.1%

Gentex Corp. (a)

129,000

$ 4,017

Automobiles - 3.4%

Bayerische Motoren Werke AG (BMW)

45,000

1,556

Coachmen Industries, Inc.

310,600

3,525

Ford Motor Co.

950,000

9,975

Thor Industries, Inc.

1,392,900

54,045

Winnebago Industries, Inc.

807,500

32,106

101,207

Distributors - 0.1%

Handleman Co. (a)

4,000

73

Li & Fung Ltd.

2,200,000

2,722

2,795

Hotels, Restaurants & Leisure - 5.9%

California Pizza Kitchen, Inc. (a)

439,200

8,933

Darden Restaurants, Inc.

129,000

2,555

GTECH Holdings Corp. (a)

125,900

4,424

International Game Technology (a)

571,200

50,288

International Speedway Corp.:

Class A

565,338

21,127

Class B

228,100

8,554

Krispy Kreme Doughnuts, Inc. (a)

176,700

6,124

Lone Star Steakhouse & Saloon, Inc.

6,800

156

O'Charleys, Inc. (a)

21,700

416

Outback Steakhouse, Inc.

170,900

6,315

P.F. Chang's China Bistro, Inc. (a)

255,100

11,230

Quality Dining, Inc. (a)

158,800

333

Shuffle Master, Inc. (a)

16,700

448

The Cheesecake Factory, Inc. (a)

1,576,025

53,475

174,378

Household Durables - 4.2%

Champion Enterprises, Inc. (a)

2,135,900

7,582

Clayton Homes, Inc.

809,600

10,112

Ethan Allen Interiors, Inc.

133,900

4,771

Fleetwood Enterprises, Inc. (a)

1,118,010

8,519

Furniture Brands International, Inc. (a)

324,400

8,525

Garmin Ltd. (a)

1,270,582

61,306

Harman International Industries, Inc.

97,200

7,212

Hooker Furniture Corp.

5,100

141

Skyline Corp.

27,500

788

Common Stocks - continued

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - continued

Household Durables - continued

Techtronic Industries Co.

36,000

$ 56

The Stanley Works

599,500

16,762

Toro Co.

4,000

160

125,934

Internet & Catalog Retail - 0.8%

Amazon.com, Inc. (a)

101,700

3,655

eBay, Inc. (a)

163,300

16,609

NetFlix, Inc.

67,300

1,514

Stamps.com, Inc. (a)

131,500

671

22,449

Leisure Equipment & Products - 2.5%

Eastman Kodak Co.

2,023,400

61,997

Mattel, Inc.

626,100

13,467

Nautilus Group, Inc.

16,700

217

75,681

Media - 6.7%

AOL Time Warner, Inc. (a)

1,730,860

26,344

Cablevision Systems Corp. - NY Group Class A (a)

1,248,900

24,179

Comcast Corp. Class A (special) (a)

2,208,400

63,646

Cox Communications, Inc. Class A (a)

477,200

14,784

E.W. Scripps Co. Class A

86,400

7,609

Fox Entertainment Group, Inc. Class A (a)

90,800

2,552

John Wiley & Sons, Inc. Class A

47,000

1,196

Liberty Corp., South Carolina

20,200

879

Liberty Media Corp. Class A (a)

2,419,200

28,305

Media General, Inc. Class A

28,500

1,677

Meredith Corp.

212,000

9,322

Omnicom Group, Inc.

114,700

8,007

Reuters Group PLC sponsored ADR

50,800

909

Scholastic Corp. (a)

28,000

872

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

130,400

5,936

Vivendi Universal SA sponsored ADR

4,000

75

WPP Group PLC sponsored ADR

66,200

2,739

199,031

Multiline Retail - 0.7%

Nordstrom, Inc.

643,100

11,994

Saks, Inc. (a)

804,170

7,543

19,537

Common Stocks - continued

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - 3.6%

Aeropostale, Inc.

12,100

$ 258

AutoZone, Inc. (a)

531,600

44,484

Best Buy Co., Inc. (a)

307,700

11,908

Chico's FAS, Inc. (a)

246,900

5,284

Circuit City Stores, Inc.

586,700

4,218

Claire's Stores, Inc.

263,300

7,875

Esprit Holdings Ltd.

671,000

1,420

Finish Line, Inc. Class A (a)

3,700

73

Foot Locker, Inc.

50,100

674

Footstar, Inc. (a)

10,200

94

Gap, Inc.

271,700

4,619

Home Depot, Inc.

134,400

4,367

Limited Brands, Inc.

210,700

3,215

Staples, Inc. (a)

578,000

11,207

Tiffany & Co., Inc.

133,100

4,360

Urban Outfitters, Inc. (a)

100,600

3,352

107,408

Textiles Apparel & Luxury Goods - 3.0%

Burberry Ltd.

1,776,200

7,553

Columbia Sportswear Co. (a)

338,850

16,814

K-Swiss, Inc. Class A

220,100

7,560

Kenneth Cole Productions, Inc. Class A (a)

36,000

727

Liz Claiborne, Inc.

138,100

4,680

NIKE, Inc. Class B

232,900

13,040

Oshkosh B'Gosh, Inc. Class A

14,300

360

Puma AG

73,960

7,922

Quiksilver, Inc. (a)

534,200

9,044

Reebok International Ltd. (a)

61,800

1,959

Russell Corp.

53,300

1,065

Stride Rite Corp.

1,286,900

11,582

Wolverine World Wide, Inc.

305,500

5,612

87,918

TOTAL CONSUMER DISCRETIONARY

920,355

Common Stocks - continued

Shares

Value (Note 1) (000s)

CONSUMER STAPLES - 1.5%

Beverages - 0.7%

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

46,500

$ 3,667

Constellation Brands, Inc. Class A (a)

600,300

16,550

20,217

Food Products - 0.2%

Bunge Ltd.

28,200

815

Tootsie Roll Industries, Inc.

83,977

2,490

Wm. Wrigley Jr. Co.

69,600

3,932

7,237

Household Products - 0.6%

The Dial Corp.

861,900

17,238

Tobacco - 0.0%

Schweitzer-Mauduit International, Inc.

58,600

1,409

TOTAL CONSUMER STAPLES

46,101

ENERGY - 7.3%

Energy Equipment & Services - 5.7%

Cal Dive International, Inc. (a)

596,809

13,267

ENSCO International, Inc.

1,630,700

48,921

FMC Technologies, Inc. (a)

16,700

373

GlobalSantaFe Corp.

175,429

4,365

Helmerich & Payne, Inc.

434,600

13,420

Nabors Industries Ltd. (a)

188,800

8,511

Smith International, Inc. (a)

1,973,500

80,696

169,553

Oil & Gas - 1.6%

Apache Corp.

159,705

10,528

OAO Gazprom sponsored ADR

100,000

1,805

Sibneft sponsored ADR (a)

35,300

874

YUKOS Corp. sponsored ADR

657,400

32,712

45,919

TOTAL ENERGY

215,472

FINANCIALS - 4.5%

Capital Markets - 3.3%

A.F.P. Provida SA sponsored ADR

14,500

355

A.G. Edwards, Inc.

1,337,000

43,987

Ameritrade Holding Corp. (a)

33,300

262

Common Stocks - continued

Shares

Value (Note 1) (000s)

FINANCIALS - continued

Capital Markets - continued

Charles Schwab Corp.

488,400

$ 4,737

Goldman Sachs Group, Inc.

109,800

8,949

Investors Financial Services Corp.

958,300

22,434

JAFCO Co. Ltd.

24,700

1,022

Northern Trust Corp.

84,500

3,225

SEI Investments Co.

439,600

12,770

97,741

Commercial Banks - 0.9%

Bank of Hawaii Corp.

723,800

25,275

Irwin Financial Corp.

3,700

91

Oriental Financial Group, Inc.

11,900

300

Silicon Valley Bancshares (a)

38,600

973

26,639

Diversified Financial Services - 0.0%

CIT Group, Inc.

25,400

609

Insurance - 0.3%

Fremont General Corp.

20,000

231

Progressive Corp.

92,300

6,646

6,877

Thrifts & Mortgage Finance - 0.0%

NetBank, Inc.

61,700

819

TOTAL FINANCIALS

132,685

HEALTH CARE - 15.7%

Biotechnology - 1.0%

Amgen, Inc. (a)

305,900

19,795

Biogen, Inc. (a)

133,000

5,645

Connetics Corp. (a)

90,100

1,500

Genentech, Inc. (a)

42,100

2,636

Regeneron Pharmaceuticals, Inc. (a)

94,500

1,300

30,876

Health Care Equipment & Supplies - 11.0%

Advanced Neuromodulation Systems, Inc. (a)

33,300

1,597

Alcon, Inc.

67,900

2,886

American Medical Systems Holdings, Inc. (a)

8,200

131

Beckman Coulter, Inc.

33,900

1,378

Biosite, Inc. (a)

17,000

710

Boston Scientific Corp. (a)

2,756,800

143,629

Common Stocks - continued

Shares

Value (Note 1) (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

C.R. Bard, Inc.

163,800

$ 11,491

CONMED Corp. (a)

11,800

232

Hillenbrand Industries, Inc.

1,052,100

53,815

Invacare Corp.

11,000

359

Medtronic, Inc.

1,266,018

61,693

Mentor Corp.

124,600

2,644

Orthofix International NV (a)

2,500

82

St. Jude Medical, Inc. (a)

366,700

20,572

Steris Corp. (a)

312,400

7,045

Varian Medical Systems, Inc. (a)

207,800

11,585

Wright Medical Group, Inc. (a)

63,400

1,292

Zimmer Holdings, Inc. (a)

38,800

1,741

Zoll Medical Corp. (a)

94,200

3,124

326,006

Health Care Providers & Services - 0.7%

Coventry Health Care, Inc. (a)

55,800

2,436

Fresenius Medical Care AG sponsored ADR

330,900

5,344

Lincare Holdings, Inc. (a)

20,300

627

Omnicare, Inc.

128,200

3,481

UnitedHealth Group, Inc.

69,300

6,649

VistaCare, Inc. Class A

31,000

660

19,197

Pharmaceuticals - 3.0%

Endo Pharmaceuticals Holdings, Inc. (a)

33,500

528

Eon Labs, Inc.

67,300

1,969

Esperion Therapeutics, Inc. (a)

10,000

132

Forest Laboratories, Inc. (a)

229,900

11,610

Johnson & Johnson

496,200

26,968

Merck & Co., Inc.

332,700

18,491

Penwest Pharmaceuticals Co. (a)

15,700

280

Pharmaceutical Resources, Inc. (a)

404,100

16,584

Schering-Plough Corp.

737,200

13,601

90,163

TOTAL HEALTH CARE

466,242

INDUSTRIALS - 5.2%

Air Freight & Logistics - 0.0%

FedEx Corp.

16,800

1,075

Common Stocks - continued

Shares

Value (Note 1) (000s)

INDUSTRIALS - continued

Air Freight & Logistics - continued

J.B. Hunt Transport Services, Inc. (a)

6,800

$ 252

Pacer International, Inc. (a)

5,900

109

1,436

Airlines - 0.3%

Alaska Air Group, Inc. (a)

53,900

1,025

AMR Corp. (a)

300,800

1,907

Continental Airlines, Inc. Class B (a)

67,200

741

Northwest Airlines Corp. (a)

62,300

556

Southwest Airlines Co.

382,000

6,139

10,368

Commercial Services & Supplies - 3.0%

Angelica Corp.

16,100

288

Avery Dennison Corp.

26,600

1,476

Career Education Corp. (a)

46,600

2,862

Cintas Corp.

190,500

7,052

Corinthian Colleges, Inc. (a)

16,900

795

DeVry, Inc. (a)

1,217,000

30,583

G&K Services, Inc. Class A

17,200

503

Gundle/SLT Environmental, Inc. (a)

3,400

51

Hewitt Associates, Inc.

74,742

1,708

Ionics, Inc. (a)

648,500

13,716

John H. Harland Co.

261,900

6,383

Landauer, Inc.

76,500

3,167

Republic Services, Inc. (a)

128,200

3,065

Robert Half International, Inc. (a)

83,200

1,410

Rollins, Inc.

44,400

915

Stericycle, Inc. (a)

59,100

2,338

Strayer Education, Inc.

1,700

113

Sylvan Learning Systems, Inc. (a)

5,200

108

Waste Management, Inc.

438,600

11,171

87,704

Construction & Engineering - 0.0%

Granite Construction, Inc.

37,500

693

Electrical Equipment - 0.2%

Baldor Electric Co.

102,100

2,297

Cooper Industries Ltd. Class A

91,800

3,662

5,959

Common Stocks - continued

Shares

Value (Note 1) (000s)

INDUSTRIALS - continued

Machinery - 0.8%

CUNO, Inc. (a)

11,100

$ 411

Donaldson Co., Inc.

23,900

1,003

Lindsay Manufacturing Co.

108,500

2,205

PACCAR, Inc.

238,400

15,799

Pall Corp.

120,800

2,624

Wabash National Corp. (a)

9,900

124

Zenon Environmental, Inc. (a)

58,600

574

22,740

Marine - 0.4%

Alexander & Baldwin, Inc.

489,300

13,299

Road & Rail - 0.4%

Arkansas Best Corp.

79,000

2,094

Kansas City Southern (a)

347,400

4,144

Landstar System, Inc. (a)

81,800

5,239

11,477

Trading Companies & Distributors - 0.1%

Fastenal Co.

48,400

1,618

TOTAL INDUSTRIALS

155,294

INFORMATION TECHNOLOGY - 28.3%

Communications Equipment - 9.6%

ADC Telecommunications, Inc. (a)

3,181,600

8,559

Adtran, Inc. (a)

981,900

47,436

Advanced Fibre Communications, Inc. (a)

126,600

2,388

Andrew Corp. (a)

2,038,700

20,265

CIENA Corp. (a)

711,500

4,091

Cisco Systems, Inc. (a)

954,300

15,536

Comverse Technology, Inc. (a)

84,200

1,281

Corning, Inc. (a)

271,800

1,987

Emulex Corp. (a)

3,755,700

92,766

Foundry Networks, Inc. (a)

712,900

10,972

Juniper Networks, Inc. (a)

1,271,800

17,653

Lucent Technologies, Inc. (a)

2,747,800

6,073

Motorola, Inc.

101,800

867

Nokia Corp. sponsored ADR

1,354,700

24,439

Nortel Networks Corp. (a)

4,001,500

12,565

Plantronics, Inc. (a)

265,700

5,721

Scientific-Atlanta, Inc.

24,600

484

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Sycamore Networks, Inc. (a)

824,400

$ 3,504

Telefonaktiebolaget LM Ericsson ADR (a)

573,600

5,965

Westell Technologies, Inc. Class A (a)

199,900

1,539

284,091

Computers & Peripherals - 1.6%

Apple Computer, Inc. (a)

67,100

1,206

Dell Computer Corp. (a)

507,500

15,880

Diebold, Inc.

115,400

4,608

Dot Hill Systems Corp. (a)

42,400

465

EMC Corp. (a)

494,000

5,345

International Business Machines Corp.

67,200

5,916

NCR Corp. (a)

16,700

419

SanDisk Corp. (a)

133,100

4,836

Storage Technology Corp. (a)

16,900

456

Sun Microsystems, Inc. (a)

1,805,300

7,817

46,948

Electronic Equipment & Instruments - 1.0%

Flir Systems, Inc. (a)

271,200

7,735

Leica Geosystems AG (a)

10,646

852

Molex, Inc.

20,200

553

PerkinElmer, Inc.

119,400

1,527

Trimble Navigation Ltd. (a)

28,378

764

Vishay Intertechnology, Inc. (a)

1,203,700

17,381

28,812

Internet Software & Services - 2.0%

CNET Networks, Inc. (a)

205,500

1,099

DoubleClick, Inc. (a)

120,300

1,263

Expedia, Inc. (a)

295,400

21,697

Hotels.com Class A (a)

110,000

9,991

Netease.com, Inc. sponsored ADR (a)

52,100

1,684

RealNetworks, Inc. (a)

1,459,000

11,599

Yahoo!, Inc. (a)

420,600

12,555

59,888

IT Services - 0.5%

Anteon International Corp. (a)

33,900

850

CheckFree Corp. (a)

45,000

1,102

Cognizant Technology Solutions Corp. Class A (a)

58,800

1,220

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

First Data Corp.

275,400

$ 11,407

Sabre Holdings Corp. Class A

50,400

1,246

15,825

Office Electronics - 1.6%

Xerox Corp. (a)

4,322,800

47,248

Semiconductors & Semiconductor Equipment - 9.1%

Analog Devices, Inc. (a)

533,300

20,559

Applied Materials, Inc. (a)

183,400

2,854

ASML Holding NV (NY Shares) (a)

93,900

944

Atmel Corp. (a)

232,100

703

Broadcom Corp. Class A (a)

565,800

13,851

Cypress Semiconductor Corp. (a)

51,100

565

Infineon Technologies AG sponsored ADR (a)

133,700

1,198

KLA-Tencor Corp. (a)

108,800

5,030

Linear Technology Corp.

158,100

5,749

Micron Technology, Inc. (a)

365,900

4,142

QLogic Corp. (a)

4,029,798

201,843

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (a)

568,900

5,769

Teradyne, Inc. (a)

197,300

3,384

Varian Semiconductor Equipment Associates, Inc. (a)

137,200

3,827

270,418

Software - 2.9%

Adobe Systems, Inc.

231,300

8,163

BMC Software, Inc. (a)

91,700

1,555

Cadence Design Systems, Inc. (a)

2,483,700

34,523

Jack Henry & Associates, Inc.

528,200

8,044

Mentor Graphics Corp. (a)

1,066,100

13,966

Micromuse, Inc. (a)

322,897

3,064

MICROS Systems, Inc. (a)

13,100

389

MicroStrategy, Inc. Class A (a)

13,900

474

Oracle Corp. (a)

416,200

5,415

RSA Security, Inc. (a)

122,700

1,373

SAP AG sponsored ADR

233,200

6,642

VERITAS Software Corp. (a)

33,300

924

84,532

TOTAL INFORMATION TECHNOLOGY

837,762

Common Stocks - continued

Shares

Value (Note 1) (000s)

MATERIALS - 1.0%

Construction Materials - 0.1%

Martin Marietta Materials, Inc.

37,500

$ 1,283

Containers & Packaging - 0.3%

Ball Corp.

4,661

231

Longview Fibre Co.

10,000

85

Packaging Corp. of America (a)

65,800

1,184

Pactiv Corp. (a)

261,500

5,112

Smurfit-Stone Container Corp. (a)

187,800

2,783

9,395

Metals & Mining - 0.5%

Alcoa, Inc.

87,300

2,148

JSC MMC 'Norilsk Nickel' sponsored ADR

223,000

6,133

Phelps Dodge Corp. (a)

167,400

6,102

Sherritt International Corp. (a)

18,000

58

Stillwater Mining Co. (a)

297,900

1,275

15,716

Paper & Forest Products - 0.1%

Bowater, Inc.

15,800

619

Georgia-Pacific Corp.

47,100

815

MeadWestvaco Corp.

25,600

641

2,075

TOTAL MATERIALS

28,469

TELECOMMUNICATION SERVICES - 2.5%

Diversified Telecommunication Services - 1.9%

NTL, Inc. (a)

12,400

338

Qwest Communications International, Inc. (a)

4,314,200

19,371

Verizon Communications, Inc.

1,000,100

37,854

57,563

Wireless Telecommunication Services - 0.6%

American Tower Corp. Class A (a)

486,800

4,362

At Road, Inc. (a)

52,000

459

Crown Castle International Corp. (a)

291,400

2,427

KDDI Corp.

725

2,521

Nextel Communications, Inc. Class A (a)

215,800

3,235

SBA Communications Corp. Class A (a)

132,300

402

Common Stocks - continued

Shares

Value (Note 1) (000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

Vimpel Communications sponsored ADR (a)

57,500

$ 2,588

Western Wireless Corp. Class A (a)

50,000

535

16,529

TOTAL TELECOMMUNICATION SERVICES

74,092

UTILITIES - 1.0%

Electric Utilities - 0.7%

Allegheny Energy, Inc. (a)

59,200

514

Edison International (a)

1,321,900

21,521

Huaneng Power International, Inc. sponsored ADR

7,900

330

22,365

Multi-Utilities & Unregulated Power - 0.3%

Calpine Corp. (a)

166,800

867

El Paso Corp.

266,400

2,318

Reliant Resources, Inc. (a)

856,900

5,741

8,926

TOTAL UTILITIES

31,291

TOTAL COMMON STOCKS

(Cost $2,595,475)

2,907,763

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies Series E (d)

18,500

19

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $319)

19

Convertible Bonds - 0.1%

Principal Amount (000s)

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - 0.1%

Communications Equipment - 0.1%

Emulex Corp. 1.75% 2/1/07 (c)

$ 2,270

$ 2,137

TOTAL CONVERTIBLE BONDS

(Cost $2,270)

2,137

Money Market Funds - 6.4%

Shares

Fidelity Cash Central Fund, 1.3% (b)

108,971,637

108,972

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

82,676,500

82,677

TOTAL MONEY MARKET FUNDS

(Cost $191,649)

191,649

TOTAL INVESTMENT PORTFOLIO - 104.5%

(Cost $2,789,713)

3,101,568

NET OTHER ASSETS - (4.5)%

(133,743)

NET ASSETS - 100%

$ 2,967,825

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) 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 $2,137,000 or 0.1% of net assets.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Chorum Technologies Series E

9/19/00

$ 319

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $1,186,821,000 and $1,079,687,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $190,000 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $19,000 or 0.0% of net assets.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $440,483,000 of which $164,723,000 and $275,760,000 will expire on November 30, 2009 and 2010, respectively.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $80,858) (cost $2,789,713) - See accompanying schedule

$ 3,101,568

Cash

4

Receivable for investments sold

43,918

Receivable for fund shares sold

2,360

Dividends receivable

3,455

Interest receivable

117

Other receivables

179

Total assets

3,151,601

Liabilities

Payable for investments purchased

$ 97,386

Payable for fund shares redeemed

1,765

Accrued management fee

1,868

Other payables and accrued expenses

80

Collateral on securities loaned, at value

82,677

Total liabilities

183,776

Net Assets

$ 2,967,825

Net Assets consist of:

Paid in capital

$ 3,137,306

Undistributed net investment income

1,433

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

(482,767)

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

311,853

Net Assets, for 117,596 shares outstanding

$ 2,967,825

Net Asset Value and redemption price per share ($2,967,825 ÷ 117,596 shares)

$ 25.24

Maximum offering price per share (100/97.00 of $25.24)

$ 26.02

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 10,231

Interest

646

Security lending

269

Total income

11,146

Expenses

Management fee
Basic fee

$ 8,277

Performance adjustment

(755)

Transfer agent fees

2,499

Accounting and security lending fees

270

Non-interested trustees' compensation

5

Custodian fees and expenses

33

Registration fees

40

Audit

35

Legal

5

Miscellaneous

7

Total expenses before reductions

10,416

Expense reductions

(703)

9,713

Net investment income (loss)

1,433

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(29,705)

Foreign currency transactions

1

Total net realized gain (loss)

(29,704)

Change in net unrealized appreciation (depreciation) on:

Investment securities

179,254

Assets and liabilities in foreign currencies

(1)

Total change in net unrealized appreciation (depreciation)

179,253

Net gain (loss)

149,549

Net increase (decrease) in net assets resulting from operations

$ 150,982

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

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 1,433

$ (10,316)

Net realized gain (loss)

(29,704)

(252,780)

Change in net unrealized appreciation (depreciation)

179,253

(24,484)

Net increase (decrease) in net assets resulting
from operations

150,982

(287,580)

Share transactions
Net proceeds from sales of shares

414,706

840,433

Cost of shares redeemed

(313,156)

(666,386)

Net increase (decrease) in net assets resulting from share transactions

101,550

174,047

Total increase (decrease) in net assets

252,532

(113,533)

Net Assets

Beginning of period

2,715,293

2,828,826

End of period (including undistributed net investment income of $1,433 and undistributed net investment income of $0, respectively)

$ 2,967,825

$ 2,715,293

Other Information

Shares

Sold

18,355

34,472

Redeemed

(14,038)

(27,273)

Net increase (decrease)

4,317

7,199

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

Semiannual Report

Financial Highlights

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 23.97

$ 26.67

$ 40.51

$ 42.51

$ 25.27

$ 24.48

Income from Investment Operations

Net investment income (loss)E

.01

(.09)

(.09)

(.17)

(.12)

(.03)

Net realized and unrealized gain (loss)

1.26

(2.61)

(4.14)

5.50

19.30

3.74

Total from investment operations

1.27

(2.70)

(4.23)

5.33

19.18

3.71

Distributions from net realized gain

-

-

(9.61)

(7.33)

(1.94)

(2.92)

Net asset value, end of period

$ 25.24

$ 23.97

$ 26.67

$ 40.51

$ 42.51

$ 25.27

Total ReturnB,C,D

5.30%

(10.12)%

(15.02)%

12.44%

81.31%

17.55%

Ratios to Average Net AssetsF

Expenses before expense reductions

.80%A

1.07%

1.01%

.90%

.95%

.86%

Expenses net of voluntary waivers, if any

.80%A

1.07%

1.01%

.90%

.95%

.86%

Expenses net of all reductions

.74%A

1.02%

.98%

.89%

.93%

.83%

Net investment income (loss)

.11%A

(.38)%

(.30)%

(.36)%

(.36)%

(.13)%

Supplemental Data

Net assets, end of period (in millions)

$ 2,968

$ 2,715

$ 2,829

$ 3,368

$ 2,896

$ 1,531

Portfolio turnover rate

84%A

91%

85%

97%

116%

121%

A Annualized

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

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

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

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

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

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity New Millennium Fund (the fund) is a fund of Fidelity Mt. Vernon Street Trust (the trust) and is authorized to issue an unlimited number of shares. Effective the close of business on May 15, 1996, the fund was closed to new accounts. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Foreign Currency - continued

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

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

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 519,407

|

Unrealized depreciation

(212,810)

Net unrealized appreciation (depreciation)

$ 306,597

Cost for federal income tax purposes

$ 2,794,971

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

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

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the fund's average net assets and a group fee rate that averaged ..28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .58% of the fund's average net assets.

Sales Load. For the period, Fidelity Distributors Corporation (FDC), an affiliate of FMR, received sales charges of $140 on sales of shares of the fund all of which was retained. Effective June 23, 2003, the fund's sales charge was eliminated.

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .19% of average net assets.

Accounting and Security Lending Fees. FSC maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $625 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $701 for the period. In addition, through arrangements with the fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and transfer agent expenses by $1 and $1, respectively.

Semiannual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone_graphic)

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

Press

1   For mutual fund and brokerage trading.

2   For quotes.*

3   For account balances and holdings.

4   To review orders and mutual
fund activity.

5   To change your PIN.

*0   To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Semiannual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)

Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
2300 Litton Lane - KH2B
Hebron, KY 41048

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
2300 Litton Lane - KH2GC
Hebron, KY 41048-9397

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
2300 Litton Lane - KH2GC
Hebron, KY 41048-9397

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

Fidelity's Growth Funds

Aggressive Growth Fund

Blue Chip Growth Fund

Blue Chip Value Fund

Capital Appreciation Fund

Contrafund®

Contrafund® II

Disciplined Equity Fund

Dividend Growth Fund

Export and Multinational Fund

Fidelity Fifty®

Fidelity Value Discovery Fund

Focused Stock Fund

Growth Company Fund

Independence Fund

Large Cap Stock Fund

Leveraged Company Stock Fund

Low-Priced Stock Fund

Magellan® Fund

Mid-Cap Stock Fund

New Millennium Fund®

OTC Portfolio

Small Cap Independence Fund

Small Cap Stock Fund

Stock Selector

Structured Large Cap Growth Fund

Structured Large Cap Value Fund

Structured Mid Cap Growth Fund

Structured Mid Cap Value Fund

Tax Managed Stock Fund

Trend Fund

Value Fund

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

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

(automated graphic)    Automated line for quickest service

NMF-USAN-0703
1.786815.100

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Reserved

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Reserved

Item 9. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Mt. Vernon Street Trust disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Fidelity Mt. Vernon Street 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 were no significant changes in Fidelity Mt. Vernon Street Trust internal controls or in other factors that could significantly affect these controls subsequent to the date of the evaluation referenced in (a)(i) above.

Item 10. Exhibits

(a)

Not applicable.

(b)

(1)

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

(2)

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906CERT.

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/Maria Dwyer

Maria Dwyer

President and Treasurer

Date:

July 22, 2003

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/Maria Dwyer

Maria Dwyer

President and Treasurer

Date:

July 22, 2003

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

July 22, 2003

EX-99 3 ex99cert.htm EXHIBIT EX-99.CERT

Exhibit EX-99.CERT

I, Maria Dwyer, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Mt. Vernon Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have:

a. designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and

c. presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: July 22, 2003

/s/Maria Dwyer

Maria Dwyer

President and Treasurer

I, Timothy F. Hayes, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Mt. Vernon Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have:

a. designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and

c. presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: July 22, 2003

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

EX-99 4 ex99906cert.htm EXHIBIT EX-99.906CERT

Exhibit EX-99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

In connection with the attached Report of Fidelity Mt. Vernon Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: July 22, 2003

/s/Maria Dwyer

Maria Dwyer

President and Treasurer

Dated: July 22, 2003

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

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