-----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, M8cCY6ZBMAbKgcprL9ugCbJaGzjx8er8kcNopZWuw9asX2qA4bdzu84VOh3GYQiJ 9yyiK9Dl9PPbe7Z8uR7/SA== 0000722574-04-000052.txt : 20041026 0000722574-04-000052.hdr.sgml : 20041026 20041026145457 ACCESSION NUMBER: 0000722574-04-000052 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040831 FILED AS OF DATE: 20041026 DATE AS OF CHANGE: 20041026 EFFECTIVENESS DATE: 20041026 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-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03583 FILM NUMBER: 041096452 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-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811- 3583

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

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

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:

August 31, 2004

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Aggressive Growth Fund

August 31, 2004

FEG-QTLY-1004

1.805759.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 14.9%

Auto Components - 0.2%

Amerigon, Inc. (a)

3,100

$ 11

Gentex Corp.

96,500

3,314

Johnson Controls, Inc.

96,000

5,405

8,730

Hotels, Restaurants & Leisure - 4.1%

Brinker International, Inc. (a)

477,700

14,546

California Pizza Kitchen, Inc. (a)

340,600

6,502

Harrah's Entertainment, Inc.

140,300

6,761

Hilton Hotels Corp.

821,700

14,667

International Game Technology

320,500

9,246

Krispy Kreme Doughnuts, Inc. (a)

248,200

3,197

Mandalay Resort Group

101,200

6,865

Marriott International, Inc. Class A

257,900

12,237

Outback Steakhouse, Inc.

217,900

8,529

Red Robin Gourmet Burgers, Inc. (a)

4,400

154

Royal Caribbean Cruises Ltd.

207,200

8,557

Starbucks Corp. (a)

261,400

11,303

Station Casinos, Inc.

251,600

11,574

Sunterra Corp. (a)

221,300

2,162

The Cheesecake Factory, Inc. (a)

206,600

8,549

Wendy's International, Inc.

569,300

19,567

Yum! Brands, Inc.

1,246,600

49,502

193,918

Household Durables - 1.7%

Black & Decker Corp.

245,500

16,922

Fortune Brands, Inc.

456,900

33,422

Harman International Industries, Inc.

229,800

22,219

Mohawk Industries, Inc. (a)

115,300

8,869

81,432

Internet & Catalog Retail - 0.0%

eDiets.com, Inc. (a)

49,500

164

Leisure Equipment & Products - 0.7%

Brunswick Corp.

537,400

21,125

Mattel, Inc.

268,300

4,317

Polaris Industries, Inc.

120,600

5,687

31,129

Media - 2.3%

E.W. Scripps Co. Class A

252,700

25,854

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - continued

Entercom Communications Corp. Class A (a)

91,640

$ 3,455

Getty Images, Inc. (a)

202,100

11,206

Lamar Advertising Co. Class A (a)

131,300

5,736

NTL, Inc. (a)

214,993

11,676

Pixar (a)

201,700

15,676

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

38,800

353

Radio One, Inc. Class D (non-vtg.) (a)

160,300

2,501

The New York Times Co. Class A

260,200

10,569

Univision Communications, Inc. Class A (a)

342,900

11,316

Westwood One, Inc. (a)

353,040

7,922

XM Satellite Radio Holdings, Inc. Class A (a)

124,500

3,420

109,684

Multiline Retail - 0.9%

99 Cents Only Stores (a)

73,200

948

Big Lots, Inc. (a)

492,440

6,003

Dollar General Corp.

309,100

6,089

Dollar Tree Stores, Inc. (a)

442,100

10,394

Family Dollar Stores, Inc.

347,900

9,202

Nordstrom, Inc.

306,800

11,391

44,027

Specialty Retail - 4.2%

Abercrombie & Fitch Co. Class A

316,900

8,873

AutoZone, Inc. (a)

100,900

7,473

Bed Bath & Beyond, Inc. (a)

519,400

19,436

Chico's FAS, Inc. (a)

569,300

23,284

Christopher & Banks Corp.

502,126

8,842

Circuit City Stores, Inc.

241,100

3,127

Foot Locker, Inc.

170,400

3,812

Hot Topic, Inc. (a)

69,225

1,045

Jo-Ann Stores, Inc. (a)

103,300

2,748

Kirkland's, Inc. (a)

159,100

1,225

Michaels Stores, Inc.

282,000

16,167

PETsMART, Inc.

799,500

22,434

Pier 1 Imports, Inc.

182,500

3,166

Ross Stores, Inc.

1,266,976

26,797

Select Comfort Corp. (a)

884,400

14,044

TJX Companies, Inc.

499,400

10,567

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Weight Watchers International, Inc. (a)

357,700

$ 13,965

Williams-Sonoma, Inc. (a)

277,700

9,717

196,722

Textiles Apparel & Luxury Goods - 0.8%

Coach, Inc. (a)

869,900

36,666

Kenneth Cole Productions, Inc. Class A (sub. vtg.)

85,100

2,296

NIKE, Inc. Class B

2,600

196

39,158

TOTAL CONSUMER DISCRETIONARY

704,964

CONSUMER STAPLES - 2.3%

Food & Staples Retailing - 0.3%

CVS Corp.

14,000

560

Whole Foods Market, Inc.

186,800

14,520

15,080

Food Products - 1.2%

Del Monte Foods Co. (a)

1,950,410

20,577

Hershey Foods Corp.

510,800

24,661

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

245,200

8,226

Smithfield Foods, Inc. (a)

110,800

2,848

Wm. Wrigley Jr. Co.

14,900

924

57,236

Personal Products - 0.8%

Avon Products, Inc.

358,400

15,834

Estee Lauder Companies, Inc. Class A

364,000

15,998

Gillette Co.

84,500

3,591

35,423

TOTAL CONSUMER STAPLES

107,739

ENERGY - 5.0%

Energy Equipment & Services - 3.8%

Baker Hughes, Inc.

1,327,500

52,211

BJ Services Co.

24,900

1,196

Cooper Cameron Corp. (a)

462,000

23,530

ENSCO International, Inc.

268,700

7,835

Halliburton Co.

99,300

2,897

Nabors Industries Ltd. (a)

149,800

6,606

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Noble Corp. (a)

255,200

$ 10,264

Patterson-UTI Energy, Inc.

826,800

14,320

Smith International, Inc. (a)

507,620

28,924

Weatherford International Ltd. (a)

740,305

34,306

182,089

Oil & Gas - 1.2%

EOG Resources, Inc.

178,300

10,300

Pioneer Natural Resources Co.

648,900

21,706

Teekay Shipping Corp.

442,600

15,513

Valero Energy Corp.

20,000

1,321

XTO Energy, Inc.

275,300

7,719

56,559

TOTAL ENERGY

238,648

FINANCIALS - 3.5%

Capital Markets - 1.9%

Ameritrade Holding Corp. (a)

960,200

10,937

E*TRADE Financial Corp. (a)

1,082,400

12,751

Eaton Vance Corp. (non-vtg.)

369,100

14,819

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

228,200

6,584

Investors Financial Services Corp.

40,200

1,864

Legg Mason, Inc.

234,700

18,936

SEI Investments Co.

233,080

7,617

T. Rowe Price Group, Inc.

170,100

8,425

Waddell & Reed Financial, Inc. Class A

332,600

7,231

89,164

Commercial Banks - 0.6%

North Fork Bancorp, Inc., New York

170,900

7,168

Sumitomo Mitsui Financial Group, Inc.

1,235

7,473

Synovus Financial Corp.

455,200

11,562

UnionBanCal Corp.

40,900

2,432

28,635

Real Estate - 0.0%

Catellus Development Corp.

12,457

340

Thrifts & Mortgage Finance - 1.0%

Countrywide Financial Corp.

67,000

2,382

MGIC Investment Corp.

210,800

14,391

New York Community Bancorp, Inc.

620,488

13,247

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Thrifts & Mortgage Finance - continued

Radian Group, Inc.

381,500

$ 16,900

The PMI Group, Inc.

41,000

1,703

48,623

TOTAL FINANCIALS

166,762

HEALTH CARE - 38.9%

Biotechnology - 14.7%

Affymetrix, Inc. (a)

220,500

6,130

Alkermes, Inc. (a)

142,300

1,513

Amylin Pharmaceuticals, Inc. (a)

406,300

8,041

Biogen Idec, Inc. (a)

2,800,300

166,142

Celgene Corp. (a)

398,100

22,592

Cephalon, Inc. (a)

196,600

9,242

Charles River Laboratories International, Inc. (a)

314,000

13,675

Dendreon Corp. (a)

224,700

2,209

DOV Pharmaceutical, Inc. (a)

853,200

13,395

Dyax Corp. (a)

483,800

3,841

Enzon Pharmaceuticals, Inc. (a)

351,000

4,886

Genentech, Inc. (a)

3,484,800

169,991

Genzyme Corp. - General Division (a)

57,400

3,100

Gilead Sciences, Inc. (a)

37,200

2,572

Harvard Bioscience, Inc. (a)

405,300

1,994

ICOS Corp. (a)

95,900

2,502

ImClone Systems, Inc. (a)

953,500

50,802

Invitrogen Corp. (a)

114,400

5,663

Medarex, Inc. (a)

1,879,280

10,693

MedImmune, Inc. (a)

1,062,200

25,355

Millennium Pharmaceuticals, Inc. (a)

4,808,469

57,173

Neurocrine Biosciences, Inc. (a)

38,500

1,916

ONYX Pharmaceuticals, Inc. (a)

188,600

7,005

Oscient Pharmaceuticals Corp. (a)

949,665

3,998

OSI Pharmaceuticals, Inc. (a)

54,600

3,254

Pharmion Corp.

1,075,200

52,868

Protein Design Labs, Inc. (a)

2,520,900

46,208

Trimeris, Inc. (a)

222,600

2,680

699,440

Health Care Equipment & Supplies - 8.5%

Alcon, Inc.

421,900

31,575

Bausch & Lomb, Inc.

207,300

13,671

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Baxter International, Inc.

1,428,600

$ 43,629

Beckman Coulter, Inc.

221,900

12,380

Biomet, Inc.

2,323,800

106,081

Boston Scientific Corp. (a)

602,800

21,538

C.R. Bard, Inc.

592,600

33,245

Cooper Companies, Inc.

81,200

4,706

Cyberonics, Inc. (a)

73,000

1,250

Cytyc Corp. (a)

452,400

10,840

DENTSPLY International, Inc.

194,300

9,900

Edwards Lifesciences Corp. (a)

420,500

14,848

Given Imaging Ltd. (a)

160,700

5,705

Guidant Corp.

15,030

899

Inverness Medical Innovations, Inc. (a)

190,800

2,950

ResMed, Inc. (a)

443,100

21,167

Waters Corp. (a)

175,500

7,601

Zimmer Holdings, Inc. (a)

840,200

59,906

401,891

Health Care Providers & Services - 6.3%

AmerisourceBergen Corp.

90,700

4,907

Andrx Corp. (a)

223,300

4,502

Anthem, Inc. (a)

136,800

11,114

Caremark Rx, Inc. (a)

343,300

9,853

Cerner Corp. (a)

126,400

5,538

Community Health Systems, Inc. (a)

650,600

16,265

Computer Programs & Systems, Inc.

10,000

202

Covance, Inc. (a)

400,800

15,010

Coventry Health Care, Inc. (a)

666,150

33,827

DaVita, Inc. (a)

62,400

1,891

Health Management Associates, Inc. Class A

1,048,300

20,043

Henry Schein, Inc. (a)

170,600

10,625

Inveresk Research Group, Inc. (a)

241,100

8,561

Laboratory Corp. of America Holdings (a)

170,600

7,095

Lincare Holdings, Inc. (a)

1,014,300

32,600

McKesson Corp.

241,200

7,465

Medco Health Solutions, Inc. (a)

13,229

413

PacifiCare Health Systems, Inc. (a)

68,600

2,237

Patterson Companies, Inc. (a)

102,500

7,506

Pharmaceutical Product Development, Inc. (a)

222,900

7,567

Quest Diagnostics, Inc.

151,000

12,926

Renal Care Group, Inc. (a)

405,150

12,831

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - continued

Specialty Laboratories, Inc. (a)

145,400

$ 1,628

Tenet Healthcare Corp. (a)

768,300

8,006

Triad Hospitals, Inc. (a)

228,700

7,270

UnitedHealth Group, Inc.

483,180

31,953

Universal Health Services, Inc. Class B

329,700

14,853

296,688

Pharmaceuticals - 9.4%

aaiPharma, Inc. (a)

124,900

289

Allergan, Inc.

126,400

9,436

Barr Pharmaceuticals, Inc. (a)

544,200

21,371

Elan Corp. PLC sponsored ADR (a)

6,914,200

156,468

Endo Pharmaceuticals Holdings, Inc. (a)

480,600

8,151

Eon Labs, Inc. (a)

213,400

5,369

Guilford Pharmaceuticals, Inc. (a)

1,253,400

6,656

Impax Laboratories, Inc. (a)

2,010,000

28,763

IVAX Corp. (a)

1,268,750

24,563

MGI Pharma, Inc. (a)

936,400

21,753

Mylan Laboratories, Inc.

447,750

7,800

NitroMed, Inc. (d)

1,841,400

33,937

Par Pharmaceutical Companies, Inc. (a)

126,400

5,187

Salix Pharmaceuticals Ltd. (a)

133,350

3,119

Schering-Plough Corp.

2,164,200

39,951

Sepracor, Inc. (a)

1,275,900

63,297

UCB SA

143,267

6,978

Watson Pharmaceuticals, Inc. (a)

123,900

3,412

446,500

TOTAL HEALTH CARE

1,844,519

INDUSTRIALS - 9.4%

Aerospace & Defense - 1.7%

EADS NV

624,700

16,340

EDO Corp.

327,800

8,585

Embraer - Empresa Brasileira de Aeronautica SA
sponsored ADR

440,600

11,698

KVH Industries, Inc. (a)

30,900

241

Lockheed Martin Corp.

233,500

12,558

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

Precision Castparts Corp.

198,100

$ 10,913

Rockwell Collins, Inc.

548,400

18,859

79,194

Air Freight & Logistics - 0.2%

Expeditors International of Washington, Inc.

117,800

5,746

Ryder System, Inc.

65,600

2,874

8,620

Airlines - 0.3%

Southwest Airlines Co.

1,034,600

15,333

Building Products - 0.6%

American Standard Companies, Inc. (a)

707,700

26,617

Trex Co., Inc. (a)

54,900

2,379

28,996

Commercial Services & Supplies - 3.6%

Aramark Corp. Class B

5,300

134

Avery Dennison Corp.

343,000

21,317

Career Education Corp. (a)

246,500

7,602

ChoicePoint, Inc. (a)

80,300

3,393

Cintas Corp.

544,800

22,342

Corinthian Colleges, Inc. (a)

117,400

1,335

Corrections Corp. of America (a)

338

12

Education Management Corp. (a)

209,962

6,101

Equifax, Inc.

468,000

11,419

H&R Block, Inc.

611,800

29,525

Herman Miller, Inc.

264,100

6,653

HNI Corp.

121,800

4,775

Manpower, Inc.

33,820

1,428

Pitney Bowes, Inc.

395,400

17,224

Robert Half International, Inc.

1,478,100

36,213

169,473

Construction & Engineering - 0.2%

Dycom Industries, Inc. (a)

198,300

5,100

Granite Construction, Inc.

266,500

6,076

MasTec, Inc. (a)

112,000

606

11,782

Electrical Equipment - 0.1%

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

312

0

Rockwell Automation, Inc.

146,800

5,725

5,725

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Industrial Conglomerates - 0.6%

3M Co.

125,900

$ 10,369

Tyco International Ltd.

592,600

18,560

28,929

Machinery - 1.0%

AGCO Corp. (a)

295,030

5,898

Astec Industries, Inc. (a)

397,902

6,577

Dover Corp.

277,300

10,463

ITT Industries, Inc.

225,100

17,805

Pall Corp.

121,300

2,955

SPX Corp.

58,700

2,142

45,840

Road & Rail - 0.4%

Burlington Northern Santa Fe Corp.

121,100

4,335

CSX Corp.

129,100

4,077

Norfolk Southern Corp.

162,800

4,624

Union Pacific Corp.

71,800

4,100

17,136

Trading Companies & Distributors - 0.7%

Fastenal Co.

480,700

30,178

MSC Industrial Direct Co., Inc. Class A

77,300

2,402

32,580

TOTAL INDUSTRIALS

443,608

INFORMATION TECHNOLOGY - 22.4%

Communications Equipment - 6.5%

Advanced Fibre Communications, Inc. (a)

167,700

2,879

Andrew Corp. (a)

290,500

3,222

Arris Group, Inc. (a)

74,400

339

AudioCodes Ltd. (a)

986,600

11,178

Avocent Corp. (a)

152,800

4,356

Brocade Communications Systems, Inc. (a)

729,700

3,597

CIENA Corp. (a)

1,293,700

2,355

Cisco Systems, Inc. (a)

3,962,000

74,327

Corning, Inc. (a)

2,179,100

22,052

Enterasys Networks, Inc. (a)

1,948,410

3,507

Extreme Networks, Inc. (a)

252,900

1,176

Finisar Corp. (a)

4,111,700

5,551

InterDigital Communication Corp. (a)

192,900

3,007

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

JDS Uniphase Corp. (a)

1,394,700

$ 4,338

Juniper Networks, Inc. (a)

1,398,000

32,000

Marconi Corp. PLC (a)

1,146,751

11,967

Motorola, Inc.

152,200

2,458

Nokia Corp. sponsored ADR

1,661,800

19,742

Polycom, Inc. (a)

137,000

2,676

Powerwave Technologies, Inc. (a)

505,000

3,055

QUALCOMM, Inc.

1,594,600

60,675

Redback Networks, Inc. (a)

1,443,000

8,687

SafeNet, Inc. (a)

608,611

17,315

Sycamore Networks, Inc. (a)

583,800

2,224

Tellabs, Inc. (a)

670,600

6,082

308,765

Computers & Peripherals - 2.0%

Diebold, Inc.

704,900

34,463

Electronics for Imaging, Inc. (a)

443,100

8,809

Hutchinson Technology, Inc. (a)

73,300

1,783

Lexmark International, Inc. Class A (a)

479,420

42,405

Maxtor Corp. (a)

457,000

1,919

Seagate Technology

215,220

2,352

Silicon Graphics, Inc. (a)

21,665

34

Western Digital Corp. (a)

473,800

3,535

95,300

Electronic Equipment & Instruments - 1.1%

Arrow Electronics, Inc. (a)

230,500

4,988

CDW Corp.

154,300

9,027

Celestica, Inc. (sub. vtg.) (a)

138,000

1,978

Ingram Micro, Inc. Class A (a)

123,400

1,829

KEMET Corp. (a)

357,500

3,100

Molex, Inc.

12,500

361

Sanmina-SCI Corp. (a)

573,000

3,965

Solectron Corp. (a)

2,688,800

13,874

Symbol Technologies, Inc.

945,700

12,200

51,322

Internet Software & Services - 0.7%

Ask Jeeves, Inc. (a)

153,700

3,984

Interwoven, Inc. (a)

320,281

2,431

Lastminute.com PLC (a)

56,500

118

Retek, Inc. (a)

429,900

1,621

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Sina Corp. (a)

52,900

$ 1,102

VeriSign, Inc. (a)

174,200

3,024

Vignette Corp. (a)

2,500,194

3,025

Yahoo!, Inc. (a)

662,400

18,885

34,190

IT Services - 2.2%

Affiliated Computer Services, Inc. Class A (a)

327,400

17,788

Anteon International Corp. (a)

65,200

2,142

BearingPoint, Inc. (a)

256,700

2,072

Computer Sciences Corp. (a)

64,200

2,976

CSG Systems International, Inc. (a)

10,735

155

DST Systems, Inc. (a)

182,100

8,238

Fiserv, Inc. (a)

378,000

13,147

Infosys Technologies Ltd. sponsored ADR

428,100

22,347

Iron Mountain, Inc. (a)

185,550

5,721

Paychex, Inc.

102,600

3,044

SunGard Data Systems, Inc. (a)

970,400

22,319

The BISYS Group, Inc. (a)

295,100

4,190

104,139

Office Electronics - 1.3%

Xerox Corp. (a)

234,300

3,147

Zebra Technologies Corp. Class A (a)

1,019,761

58,279

61,426

Semiconductors & Semiconductor Equipment - 6.1%

Agere Systems, Inc.:

Class A (a)

2,839,000

3,435

Class B (a)

2,301,700

2,739

Altera Corp. (a)

755,100

14,286

Atheros Communications, Inc. (e)

580,494

4,621

Cabot Microelectronics Corp. (a)

3,100

104

Conexant Systems, Inc. (a)

2,400,000

3,576

Cree, Inc. (a)

129,800

3,246

DuPont Photomasks, Inc. (a)

8,900

139

Hi/fn, Inc. (a)

43,712

338

Integrated Circuit Systems, Inc. (a)

769,900

16,922

Integrated Device Technology, Inc. (a)

872,400

9,343

Intel Corp.

201,100

4,281

Intersil Corp. Class A

1,255,600

21,885

KLA-Tencor Corp. (a)

7,900

295

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Lam Research Corp. (a)

631,800

$ 13,615

Linear Technology Corp.

465,200

16,640

Microchip Technology, Inc.

2,943,600

77,682

Micron Technology, Inc. (a)

414,700

4,773

Novellus Systems, Inc. (a)

469,600

11,472

NVIDIA Corp. (a)

45,885

572

Omnivision Technologies, Inc. (a)

13,600

142

Photronics, Inc. (a)

995,300

14,283

PMC-Sierra, Inc. (a)

3,596,354

33,590

Rambus, Inc. (a)

140,600

1,802

Samsung Electronics Co. Ltd.

90

35

Silicon Laboratories, Inc. (a)

60,767

1,993

STMicroelectronics NV (NY Shares)

1,398,400

23,927

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

22,762

172

United Microelectronics Corp. sponsored ADR (a)

94,675

360

Varian Semiconductor Equipment Associates, Inc. (a)

161,200

4,514

290,782

Software - 2.5%

Adobe Systems, Inc.

534,700

24,527

BEA Systems, Inc. (a)

1,231,031

8,125

BMC Software, Inc. (a)

265,100

3,969

Citrix Systems, Inc. (a)

597,300

9,503

Cognos, Inc. (a)

85,900

2,708

Concord Communications, Inc. (a)

20,000

173

E.piphany, Inc. (a)

388,315

1,526

FileNET Corp. (a)

262,572

5,157

Internet Security Systems, Inc. (a)

926,679

13,335

Jack Henry & Associates, Inc.

194,600

3,524

Manhattan Associates, Inc. (a)

45,747

1,068

Mercury Interactive Corp. (a)

440,400

15,198

Parametric Technology Corp. (a)

1,811,492

8,822

Secure Computing Corp. (a)

16,004

113

Siebel Systems, Inc. (a)

2,447,191

18,623

116,371

TOTAL INFORMATION TECHNOLOGY

1,062,295

Common Stocks - continued

Shares

Value (000s)

MATERIALS - 2.6%

Chemicals - 0.9%

Dow Chemical Co.

207,700

$ 8,892

Ferro Corp.

310,200

6,372

Great Lakes Chemical Corp.

160,200

4,184

International Flavors & Fragrances, Inc.

137,300

5,290

Olin Corp.

395,400

6,678

Praxair, Inc.

346,900

14,077

45,493

Containers & Packaging - 0.7%

Owens-Illinois, Inc. (a)

428,500

6,877

Pactiv Corp. (a)

228,100

5,395

Sealed Air Corp. (a)

407,200

20,002

32,274

Metals & Mining - 1.0%

Freeport-McMoRan Copper & Gold, Inc. Class B

364,870

13,730

Massey Energy Co.

372,900

10,262

Metal Management, Inc. (a)

96,600

1,607

Nucor Corp.

67,700

5,300

Phelps Dodge Corp.

183,500

14,966

45,865

TOTAL MATERIALS

123,632

TELECOMMUNICATION SERVICES - 0.6%

Diversified Telecommunication Services - 0.1%

Philippine Long Distance Telephone Co. sponsored ADR (a)

134,100

3,040

XO Communications, Inc. (a)

235,200

816

3,856

Wireless Telecommunication Services - 0.5%

America Movil SA de CV sponsored ADR

71,800

2,459

Arch Wireless, Inc. Class A (a)

188,300

5,743

KDDI Corp.

1,842

8,869

MobilCom AG

299,000

4,045

Wireless Facilities, Inc. (a)

797,500

5,088

26,204

TOTAL TELECOMMUNICATION SERVICES

30,060

TOTAL COMMON STOCKS

(Cost $4,478,780)

4,722,227

Convertible Preferred Stocks - 0.0%

Shares

Value (000s)

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

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

96,800

$ 41

Procket Networks, Inc. Series C (a)(e)

1,544,677

0

41

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $16,748)

41

Money Market Funds - 5.7%

Fidelity Cash Central Fund, 1.53% (b)

30,577,334

30,577

Fidelity Securities Lending Cash Central Fund, 1.49% (b)(c)

240,752,775

240,753

TOTAL MONEY MARKET FUNDS

(Cost $271,330)

271,330

TOTAL INVESTMENT PORTFOLIO - 105.3%

(Cost $4,766,858)

4,993,598

NET OTHER ASSETS - (5.3)%

(252,776)

NET ASSETS - 100%

$ 4,740,822

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

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

(d) Affiliated company

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,662,000 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Atheros Communications, Inc.

4/18/01

$ 5,000

Chorum Technologies, Inc. Series E

9/19/00

$ 1,669

Procket Networks, Inc. Series C

11/15/00 - 2/9/01

$ 15,255

Other Information

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

NitroMed, Inc.

$ -

$ 31,046

$ -

$ -

$ 33,937

Total

$ -

$ 31,046

$ -

$ -

$ 33,937

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $4,791,534,000. Net unrealized appreciation aggregated $202,064,000, of which $717,130,000 related to appreciated investment securities and $515,066,000 related to depreciated investment securities.

Quarterly Report

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

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth Company Fund

August 31, 2004

GCF-QTLY-1004

1.805820.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 8.3%

Hotels, Restaurants & Leisure - 1.7%

Krispy Kreme Doughnuts, Inc. (a)(d)

4,126,800

$ 53,153

McDonald's Corp.

4,000,000

108,080

Starbucks Corp. (a)

2,754,200

119,092

The Cheesecake Factory, Inc. (a)

1,210,318

50,083

Wynn Resorts Ltd. (a)

750,000

28,950

359,358

Household Durables - 0.2%

LG Electronics, Inc.

350,000

16,717

Tupperware Corp.

1,300,000

22,191

38,908

Internet & Catalog Retail - 1.1%

Amazon.com, Inc. (a)

2,145,000

81,810

eBay, Inc. (a)

1,278,600

110,650

Netflix, Inc. (a)(d)

3,325,000

46,384

Orbitz, Inc. Class A

70,000

1,297

240,141

Media - 0.9%

Comcast Corp. Class A (special) (a)

1,000,000

27,750

Liberty Media Corp. Class A (a)

855,326

7,621

Liberty Media International, Inc. Class A (a)

42,766

1,445

Pixar (a)

480,000

37,306

Time Warner, Inc. (a)

1,631,950

26,682

TiVo, Inc. (a)(d)

6,953,259

29,899

Valassis Communications, Inc. (a)

225,000

6,359

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

841,977

28,046

Walt Disney Co.

211,500

4,748

XM Satellite Radio Holdings, Inc. Class A (a)

1,315,000

36,123

205,979

Multiline Retail - 0.8%

Kohl's Corp. (a)

1,285,000

63,582

Nordstrom, Inc.

1,015,000

37,687

Target Corp.

1,455,000

64,864

166,133

Specialty Retail - 2.0%

Bed Bath & Beyond, Inc. (a)

349,200

13,067

Best Buy Co., Inc.

160,000

7,443

Gap, Inc.

357,825

6,706

Home Depot, Inc.

5,331,150

194,907

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Lowe's Companies, Inc.

1,100,400

$ 54,690

Staples, Inc.

5,197,068

149,052

425,865

Textiles Apparel & Luxury Goods - 1.6%

Coach, Inc. (a)

6,998,600

294,991

NIKE, Inc. Class B

842,000

63,411

358,402

TOTAL CONSUMER DISCRETIONARY

1,794,786

CONSUMER STAPLES - 9.7%

Beverages - 1.7%

PepsiCo, Inc.

3,706,640

185,332

The Coca-Cola Co.

4,147,500

185,435

370,767

Food & Staples Retailing - 3.3%

Albertsons, Inc.

4,375,000

107,538

Costco Wholesale Corp.

880,800

36,263

CVS Corp.

728,890

29,156

Sysco Corp.

3,555,000

114,258

Wal-Mart Stores, Inc.

5,476,700

288,458

Walgreen Co.

850,000

30,983

Whole Foods Market, Inc.

1,530,000

118,927

725,583

Food Products - 0.9%

Archer-Daniels-Midland Co.

2,975,000

47,511

Dean Foods Co. (a)

1,276,280

47,312

Hershey Foods Corp.

425,000

20,519

Kraft Foods, Inc. Class A

349,600

10,935

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

1,715,000

57,538

Wm. Wrigley Jr. Co.

20,000

1,241

185,056

Household Products - 2.7%

Clorox Co.

2,160,000

114,134

Colgate-Palmolive Co.

1,250,000

67,500

Kimberly-Clark Corp.

3,201,600

213,547

Procter & Gamble Co.

3,455,600

193,410

588,591

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Personal Products - 1.1%

Avon Products, Inc.

970,000

$ 42,855

Gillette Co.

4,698,496

199,686

242,541

Tobacco - 0.0%

Altria Group, Inc.

100,380

4,914

TOTAL CONSUMER STAPLES

2,117,452

ENERGY - 3.3%

Energy Equipment & Services - 1.1%

Baker Hughes, Inc.

1,712,500

67,353

Diamond Offshore Drilling, Inc.

827,900

21,045

Schlumberger Ltd. (NY Shares)

824,600

50,960

Weatherford International Ltd. (a)

2,395,120

110,990

250,348

Oil & Gas - 2.2%

Anadarko Petroleum Corp.

1,690,000

100,082

Apache Corp.

2,645,000

118,205

ConocoPhillips

851,905

63,407

Devon Energy Corp.

1,670,000

108,233

EOG Resources, Inc.

535,000

30,907

Noble Energy, Inc.

425,000

21,879

Premcor, Inc. (a)

1,066,000

35,743

478,456

TOTAL ENERGY

728,804

FINANCIALS - 4.4%

Capital Markets - 0.7%

Charles Schwab Corp.

5,276,475

49,863

Nomura Holdings, Inc.

6,199,300

86,046

State Street Corp.

185,000

8,351

144,260

Commercial Banks - 0.6%

Bank of America Corp.

1,720,000

77,366

Synovus Financial Corp.

426,900

10,843

Wells Fargo & Co.

750,000

44,063

132,272

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Consumer Finance - 1.1%

American Express Co.

4,587,548

$ 229,469

Rewards Network, Inc. (a)

1,025,000

7,226

236,695

Diversified Financial Services - 0.2%

Citigroup, Inc.

400,197

18,641

J.P. Morgan Chase & Co.

712,800

28,213

46,854

Insurance - 0.9%

American International Group, Inc.

2,438,750

173,737

Prudential Financial, Inc.

233,000

10,760

Scottish Re Group Ltd.

790,590

16,792

201,289

Thrifts & Mortgage Finance - 0.9%

Fannie Mae

2,599,300

193,518

TOTAL FINANCIALS

954,888

HEALTH CARE - 29.7%

Biotechnology - 11.2%

Abgenix, Inc. (a)

2,375,000

23,631

Affymetrix, Inc. (a)(d)

6,038,800

167,879

Alexion Pharmaceuticals, Inc. (a)(d)

2,701,990

44,205

Alkermes, Inc. (a)(d)

6,824,290

72,542

Amgen, Inc. (a)

2,467,605

146,304

Amylin Pharmaceuticals, Inc. (a)

2,700,000

53,433

Applera Corp.:

- Applied Biosystems Group

376,800

7,174

- Celera Genomics Group (a)

7,459,848

80,343

Biogen Idec, Inc. (a)

244,164

14,486

Celgene Corp. (a)(d)

8,182,286

464,345

CV Therapeutics, Inc. (a)(d)

2,697,700

34,611

Exelixis, Inc. (a)

2,825,000

22,035

Gen-Probe, Inc. (a)

115,000

4,152

Genentech, Inc. (a)

1,890,800

92,233

Genzyme Corp. - General Division (a)

1,590,000

85,860

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

12,755,010

137,371

ImClone Systems, Inc. (a)

3,140,074

167,303

Immunomedics, Inc. (a)(d)

4,987,700

14,015

Medarex, Inc. (a)

3,689,720

20,995

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

MedImmune, Inc. (a)

1,787,800

$ 42,675

Millennium Pharmaceuticals, Inc. (a)

902,077

10,726

Myogen, Inc.

1,063,000

6,166

Neurocrine Biosciences, Inc. (a)(d)

2,187,908

108,892

ONYX Pharmaceuticals, Inc. (a)(d)

2,125,612

78,945

OSI Pharmaceuticals, Inc. (a)(d)

3,867,260

230,450

Protein Design Labs, Inc. (a)

4,161,229

76,275

Regeneron Pharmaceuticals, Inc. (a)(d)

5,327,200

47,465

Seattle Genetics, Inc. (a)

407,378

2,595

Tanox, Inc. (a)(d)

2,671,000

44,205

Telik, Inc. (a)

1,513,300

28,662

Transkaryotic Therapies, Inc. (a)

1,144,188

18,021

Vertex Pharmaceuticals, Inc. (a)(d)

7,636,687

74,305

2,422,299

Health Care Equipment & Supplies - 3.6%

Alcon, Inc.

630,000

47,149

Boston Scientific Corp. (a)

1,263,000

45,127

Cyberonics, Inc. (a)

1,049,301

17,964

Guidant Corp.

1,150,000

68,770

Hospira, Inc. (a)

1,346,520

37,299

Medtronic, Inc.

1,699,964

84,573

Millipore Corp. (a)(d)

3,365,000

169,260

St. Jude Medical, Inc. (a)

2,289,600

153,976

Thoratec Corp. (a)(d)

5,182,709

50,894

VISX, Inc. (a)(d)

2,700,000

54,756

Zimmer Holdings, Inc. (a)

730,970

52,118

781,886

Health Care Providers & Services - 4.5%

Caremark Rx, Inc. (a)

1,570,000

45,059

Cerner Corp. (a)(d)

3,561,760

156,041

McKesson Corp.

860,000

26,617

Medco Health Solutions, Inc. (a)

2,986,360

93,264

UnitedHealth Group, Inc.

7,320,700

484,118

WebMD Corp. (a)(d)

25,004,200

182,031

987,130

Pharmaceuticals - 10.4%

Abbott Laboratories

2,815,200

117,366

Allergan, Inc.

500,000

37,325

Barr Pharmaceuticals, Inc. (a)

255,175

10,021

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Bristol-Myers Squibb Co.

1,209,700

$ 28,706

Dr. Reddy's Laboratories Ltd. ADR

2,025,000

31,995

Elan Corp. PLC sponsored ADR (a)

12,325,000

278,915

Eli Lilly & Co.

1,020,000

64,719

Forest Laboratories, Inc. (a)

20,000

917

Johnson & Johnson

5,153,300

299,407

Merck & Co., Inc.

3,474,300

156,239

Pfizer, Inc.

20,796,000

679,405

Schering-Plough Corp.

4,487,600

82,841

Sepracor, Inc. (a)(d)

8,759,573

434,562

Watson Pharmaceuticals, Inc. (a)

300,100

8,265

Wyeth

1,025,200

37,492

2,268,175

TOTAL HEALTH CARE

6,459,490

INDUSTRIALS - 9.7%

Aerospace & Defense - 2.0%

Lockheed Martin Corp.

475,100

25,551

The Boeing Co.

7,990,000

417,238

442,789

Air Freight & Logistics - 0.5%

Ryder System, Inc.

875,000

38,334

United Parcel Service, Inc. Class B

1,004,800

73,401

111,735

Airlines - 3.4%

AMR Corp. (a)(d)

15,962,500

142,705

JetBlue Airways Corp. (a)(d)

7,817,534

186,448

Ryanair Holdings PLC:

warrants (UBS Warrant Programme) 2/25/06 (a)

3,230,000

16,755

sponsored ADR (a)

4,655,900

144,566

Southwest Airlines Co.

17,516,763

259,598

750,072

Commercial Services & Supplies - 0.8%

Hudson Highland Group, Inc. (a)(d)

909,391

24,999

Monster Worldwide, Inc. (a)(d)

6,082,900

123,057

Robert Half International, Inc.

795,000

19,478

167,534

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Electrical Equipment - 0.1%

Color Kinetics, Inc.

351,700

$ 3,658

Microvision, Inc. (a)(d)

1,263,000

7,679

11,337

Industrial Conglomerates - 2.3%

3M Co.

2,495,000

205,488

General Electric Co.

8,825,000

289,372

494,860

Machinery - 0.6%

AGCO Corp. (a)

597,800

11,950

Deere & Co.

1,789,900

113,247

125,197

TOTAL INDUSTRIALS

2,103,524

INFORMATION TECHNOLOGY - 32.9%

Communications Equipment - 7.6%

Adaptec, Inc. (a)

1,675,000

11,692

Avaya, Inc. (a)

6,985,000

84,658

CIENA Corp. (a)

724,400

1,318

Cisco Systems, Inc. (a)

10,562,600

198,154

Corning, Inc. (a)

11,578,000

117,169

F5 Networks, Inc. (a)(d)

3,050,000

74,939

Harmonic, Inc. (a)

2,998,161

17,779

Harris Corp.

87,500

4,214

Juniper Networks, Inc. (a)

1,055,000

24,149

Motorola, Inc.

3,625,000

58,544

NMS Communications Corp. (a)(d)

3,064,798

14,711

Plantronics, Inc.

1,615,500

62,762

QUALCOMM, Inc.

13,533,400

514,946

Research in Motion Ltd. (a)

5,440,000

327,888

Sonus Networks, Inc. (a)(d)

24,551,770

129,142

Telefonaktiebolaget LM Ericsson ADR (a)

800,000

21,632

1,663,697

Computers & Peripherals - 6.2%

Apple Computer, Inc. (a)

4,075,000

140,547

Avid Technology, Inc. (a)(d)

2,627,600

113,696

Dell, Inc. (a)

7,570,600

263,760

Hewlett-Packard Co.

225,000

4,025

International Business Machines Corp.

749,800

63,501

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

Lexmark International, Inc. Class A (a)

426,900

$ 37,759

Network Appliance, Inc. (a)(d)

29,482,208

591,708

PalmOne, Inc. (a)(d)

3,354,277

109,517

Pinnacle Systems, Inc. (a)(d)

6,118,029

22,881

Sun Microsystems, Inc. (a)

2,141,500

8,223

1,355,617

Electronic Equipment & Instruments - 0.9%

Dionex Corp. (a)

61,600

2,837

Symbol Technologies, Inc.

6,387,000

82,392

Trimble Navigation Ltd. (a)

2,312,500

63,686

Universal Display Corp. (a)

1,155,000

10,049

Veeco Instruments, Inc. (a)(d)

1,680,000

32,525

191,489

Internet Software & Services - 1.9%

Google, Inc. Class A (d)

1,827,448

187,222

Yahoo!, Inc. (a)

8,176,340

233,107

420,329

IT Services - 1.3%

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

8,572,533

235,059

First Data Corp.

50,000

2,113

Hewitt Associates, Inc. Class A (a)

1,463,800

38,659

275,831

Semiconductors & Semiconductor Equipment - 7.3%

Altera Corp. (a)

1,709,400

32,342

Analog Devices, Inc.

1,949,900

67,701

Applied Materials, Inc. (a)

1,940,400

30,833

Applied Micro Circuits Corp. (a)

6,510,000

21,809

Atheros Communications, Inc.

559,000

4,450

Atheros Communications, Inc. (e)

1,741,486

13,862

Cirrus Logic, Inc. (a)(d)

8,305,000

42,023

Cree, Inc. (a)(d)

7,420,750

185,593

FEI Co. (a)(d)

2,690,000

51,083

Integrated Circuit Systems, Inc. (a)

97,600

2,145

Intel Corp.

9,815,800

208,978

International Rectifier Corp. (a)

2,675,000

87,901

KLA-Tencor Corp. (a)

510,000

19,054

Linear Technology Corp.

625,800

22,385

Marvell Technology Group Ltd. (a)

100,000

2,312

Micron Technology, Inc. (a)

291,800

3,359

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

MIPS Technologies, Inc. (a)(d)

3,811,227

$ 19,437

National Semiconductor Corp. (a)

10,633,204

141,741

O2Micro International Ltd. (a)(d)

3,439,790

33,056

PMC-Sierra, Inc. (a)

3,425,000

31,990

Power Integrations, Inc. (a)

1,312,500

26,355

Samsung Electronics Co. Ltd.

50,000

19,583

Silicon Image, Inc. (a)(d)

7,401,700

81,419

Silicon Laboratories, Inc. (a)

382,315

12,536

Texas Instruments, Inc.

7,856,000

153,506

Trident Microsystems, Inc. (a)(d)

1,186,771

16,116

Virage Logic Corp. (a)(d)

2,096,790

19,710

Volterra Semiconductor Corp.

183,000

1,482

Xilinx, Inc.

8,435,100

231,375

1,584,136

Software - 7.7%

Adobe Systems, Inc.

1,922,400

88,180

BEA Systems, Inc. (a)

15,108,728

99,718

Cognos, Inc. (a)

830,000

26,167

Macromedia, Inc. (a)

105,000

2,035

Magma Design Automation, Inc. (a)(d)

1,849,063

30,510

Microsoft Corp.

28,815,000

786,639

Novell, Inc. (a)(d)

20,770,000

122,543

Opsware, Inc. (a)

125,000

788

Oracle Corp. (a)

3,765,000

37,537

PalmSource, Inc. (a)

225,000

5,065

PeopleSoft, Inc. (a)

1,069,628

18,612

Red Hat, Inc. (a)(d)

18,349,401

224,964

RSA Security, Inc. (a)

275,000

4,095

Salesforce.com, Inc.

3,143,500

40,866

Symantec Corp. (a)

3,767,900

180,708

Synopsys, Inc. (a)

20,000

319

VERITAS Software Corp. (a)

225,422

3,769

1,672,515

TOTAL INFORMATION TECHNOLOGY

7,163,614

Common Stocks - continued

Shares

Value (000s)

MATERIALS - 0.8%

Chemicals - 0.6%

Minerals Technologies, Inc.

645,000

$ 36,230

Monsanto Co.

2,377,389

87,012

123,242

Metals & Mining - 0.2%

Barrick Gold Corp.

92,500

1,853

Massey Energy Co.

800,000

22,016

Nucor Corp.

265,000

20,747

44,616

TOTAL MATERIALS

167,858

TELECOMMUNICATION SERVICES - 0.6%

Diversified Telecommunication Services - 0.0%

Level 3 Communications, Inc. (a)

525,000

1,376

Wireless Telecommunication Services - 0.6%

Nextel Communications, Inc. Class A (a)

5,125,000

118,849

Vodafone Group PLC sponsored ADR

312,660

7,160

126,009

TOTAL TELECOMMUNICATION SERVICES

127,385

TOTAL COMMON STOCKS

(Cost $21,572,672)

21,617,801

Preferred Stocks - 0.0%

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Procket Networks, Inc. Series C (a)(e)

2,531,390

0

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

Geneprot, Inc. Series A (e)

1,373,363

4,807

TOTAL PREFERRED STOCKS

(Cost $32,553)

4,807

Money Market Funds - 2.5%

Shares

Value (000s)

Fidelity Cash Central Fund, 1.53% (b)

72,977,848

$ 72,978

Fidelity Securities Lending Cash Central Fund, 1.49% (b)(c)

466,442,075

466,442

TOTAL MONEY MARKET FUNDS

(Cost $539,420)

539,420

TOTAL INVESTMENT PORTFOLIO - 101.9%

(Cost $22,144,645)

22,162,028

NET OTHER ASSETS - (1.9)%

(422,036)

NET ASSETS - 100%

$ 21,739,992

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

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

(d) Affiliated company

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $18,669,000 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Atheros Communications, Inc.

4/18/01

$ 15,000

Geneprot, Inc.
Series A

7/7/00

$ 7,553

Procket Networks, Inc. Series C

2/9/01

$ 25,000

Other Information

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period with companies which are or were affiliates are as follows:

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end
of period

Affymetrix, Inc.

$ -

$ 194,673

$ -

$ -

$ 167,879

Alexion Pharmaceuticals, Inc.

40,913

8,226

-

-

44,205

Alkermes, Inc.

35,636

55,291

-

-

72,542

AMR Corp.

201,584

3,503

-

-

142,705

Avid Technology, Inc.

138,947

-

-

-

113,696

BEA Systems, Inc.

341,868

2,442

116,171

-

-

Celgene Corp.

366,520

7,681

-

-

464,345

Cerner Corp.

87,845

66,707

-

-

156,041

Cirrus Logic, Inc.

14,620

51,493

-

-

42,023

Cognizant Technology Solutions Corp. Class A

167,897

30,497

-

-

235,059

Cree, Inc.

134,591

2,352

-

-

185,593

CV Therapeutics, Inc.

50,814

293

1,957

-

34,611

Esperion Therapeutics, Inc.

73,802

-

112,357

-

-

F5 Networks, Inc.

9,683

67,485

1,447

-

74,939

FEI Co.

42,378

20,871

-

-

51,083

Google, Inc. Class A

-

172,241

-

-

187,222

Harmonic, Inc.

50,994

2,689

22,449

-

-

Hewitt Associates, Inc. Class A

30,956

30,174

12,542

-

-

Hudson Highland Group, Inc.

3,489

20,345

731

-

24,999

Human Genome Sciences, Inc.

161,856

1,487

-

-

137,371

Immunomedics, Inc.

19,253

-

-

-

14,015

JetBlue Airways Corp.

131,270

100,762

-

-

186,448

Krispy Kreme Doughnuts, Inc.

127,833

27,016

-

-

53,153

Magma Design Automation, Inc.

13,876

27,184

-

-

30,510

Microvision, Inc.

2,864

7,766

-

-

7,679

Millipore Corp.

109,808

42,003

-

-

169,260

MIPS Technologies, Inc.

20,771

-

-

-

19,437

Monster Worldwide, Inc.

76,398

65,940

-

-

123,057

National Semiconductor Corp.

473,656

-

211,655

-

-

Netflix, Inc.

39,200

60,102

10,093

-

46,384

Network Appliance, Inc.

494,489

169,602

-

-

591,708

Neurocrine Biosciences, Inc.

105,814

14,153

2,554

-

108,892

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end
of period

NMS Communications Corp.

$ 19,655

$ -

$ 2,322

$ -

$ 14,711

Novell, Inc.

41,800

234,937

26,242

-

122,543

O2Micro International Ltd.

92,246

289

6,336

-

33,056

Omnivision Technologies, Inc.

168,747

12,033

57,315

-

-

ONYX Pharmaceuticals, Inc.

20,866

68,935

17,728

-

78,945

Orbitz, Inc. Class A

-

28,332

20,046

-

-

OSI Pharmaceuticals, Inc.

77,671

100,397

2,979

-

230,450

PalmOne, Inc.

-

126,892

-

-

109,517

Photon Dynamics, Inc.

65,500

-

52,146

-

-

Pinnacle Systems, Inc.

52,859

-

1,002

-

22,881

Red Hat, Inc.

228,472

27,431

-

-

224,964

Regeneron Pharmaceuticals, Inc.

64,028

5,670

-

-

47,465

Sepracor, Inc.

208,564

14,012

-

-

434,562

Silicon Image, Inc.

52,235

3,986

-

-

81,419

Sonus Networks, Inc.

218,151

3,486

-

-

129,142

Tanox, Inc.

40,172

-

-

-

44,205

Thoratec Corp.

77,137

737

3,322

-

50,894

TiVo, Inc.

584

69,870

-

-

29,899

Trident Microsystems, Inc.

37,972

7,550

19,926

-

16,116

Veeco Instruments, Inc.

31,713

15,522

-

-

32,525

Vertex Pharmaceuticals, Inc.

66,745

-

-

-

74,305

Virage Logic Corp.

21,849

-

-

-

19,710

VISX, Inc.

68,666

-

2,051

-

54,756

WebMD Corp.

237,252

-

6,682

-

182,031

Total

$ 5,462,509

$ 1,973,057

$ 710,053

$ -

$ 5,518,952

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $22,291,043,000. Net unrealized depreciation aggregated $129,015,000, of which $3,814,109,000 related to appreciated investment securities and $3,943,124,000 related to depreciated investment securities.

Quarterly Report

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

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® New Millennium Fund

August 31, 2004

NMFX-QTLY-1004

1.805750.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 24.0%

Auto Components - 0.6%

Continental AG

266,677

$ 13,847

Michelin SA (Compagnie Generale des Etablissements)
Series B

127,595

6,754

20,601

Automobiles - 4.7%

Bayerische Motoren Werke AG (BMW)

166,007

6,851

Brilliance China Automotive Holdings Ltd. sponsored ADR

264,200

6,048

Coachmen Industries, Inc.

328,100

5,112

Denway Motors Ltd.

17,860,000

7,041

Fleetwood Enterprises, Inc. (a)

124,400

1,589

Thor Industries, Inc.

2,438,000

62,462

Toyota Motor Corp. ADR

170,600

13,510

Winnebago Industries, Inc.

1,506,300

47,298

149,911

Distributors - 0.2%

Li & Fung Ltd.

5,882,000

7,541

Hotels, Restaurants & Leisure - 4.3%

Alliance Gaming Corp. (a)

94,600

1,410

Buffalo Wild Wings, Inc.

28,300

785

International Speedway Corp.:

Class A

366,722

19,400

Class B

228,100

11,861

Mandalay Resort Group

435,100

29,517

Outback Steakhouse, Inc.

155,800

6,098

Red Robin Gourmet Burgers, Inc. (a)

19,100

668

Shuffle Master, Inc. (a)

14,200

471

The Cheesecake Factory, Inc. (a)

1,619,425

67,012

137,222

Household Durables - 3.8%

Champion Enterprises, Inc. (a)

2,678,700

25,796

Garmin Ltd.

1,321,650

51,425

Harman International Industries, Inc.

417,300

40,349

Maytag Corp.

26,500

536

Sony Corp. sponsored ADR

78,200

2,711

120,817

Internet & Catalog Retail - 0.8%

eBay, Inc. (a)

291,400

25,218

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Leisure Equipment & Products - 0.2%

Mattel, Inc.

389,300

$ 6,264

Media - 3.2%

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

261,800

4,849

Charter Communications, Inc. Class A (a)

507,600

1,619

E.W. Scripps Co. Class A

203,400

20,810

Interpublic Group of Companies, Inc. (a)

404,000

4,262

John Wiley & Sons, Inc. Class A

67,400

2,137

Meredith Corp.

182,800

9,155

Reuters Group PLC sponsored ADR

983,000

34,002

Walt Disney Co.

679,600

15,257

Washington Post Co. Class B

11,900

10,335

XM Satellite Radio Holdings, Inc. Class A (a)

54,800

1,505

103,931

Multiline Retail - 0.7%

Federated Department Stores, Inc.

182,400

7,916

Neiman Marcus Group, Inc. Class A

186,000

9,895

Saks, Inc.

246,570

2,929

20,740

Specialty Retail - 1.7%

Abercrombie & Fitch Co. Class A

113,700

3,184

American Eagle Outfitters, Inc. (a)

125,600

4,182

AnnTaylor Stores Corp. (a)

279,450

6,754

Cabela's, Inc. Class A

32,200

824

Chico's FAS, Inc. (a)

282,300

11,546

Claire's Stores, Inc.

954,200

23,225

Guitar Center, Inc. (a)

47,000

1,925

Hot Topic, Inc. (a)

112,200

1,694

West Marine, Inc. (a)

104,310

1,887

55,221

Textiles Apparel & Luxury Goods - 3.8%

Bulgari Spa

393,682

3,686

Columbia Sportswear Co. (a)

77,950

4,251

Compagnie Financiere Richemont unit

100,745

2,573

NIKE, Inc. Class B

164,600

12,396

Puma AG

305,676

74,712

Quiksilver, Inc. (a)

695,100

15,118

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles Apparel & Luxury Goods - continued

Stride Rite Corp.

598,600

$ 5,914

Tommy Hilfiger Corp. (a)

260,500

3,517

122,167

TOTAL CONSUMER DISCRETIONARY

769,633

CONSUMER STAPLES - 1.8%

Beverages - 0.1%

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

84,800

3,118

Food & Staples Retailing - 0.7%

Albertsons, Inc.

901,400

22,156

Household Products - 0.5%

Procter & Gamble Co.

279,600

15,649

Personal Products - 0.5%

Avon Products, Inc.

332,000

14,668

Estee Lauder Companies, Inc. Class A

63,300

2,782

17,450

TOTAL CONSUMER STAPLES

58,373

ENERGY - 8.8%

Energy Equipment & Services - 7.7%

BJ Services Co.

437,700

21,031

ENSCO International, Inc.

543,200

15,840

Helmerich & Payne, Inc.

244,475

6,322

Rowan Companies, Inc. (a)

1,154,300

28,073

Schlumberger Ltd. (NY Shares)

950,800

58,759

Smith International, Inc. (a)

2,030,400

115,697

245,722

Oil & Gas - 1.1%

Occidental Petroleum Corp.

280,300

14,477

Teekay Shipping Corp.

342,400

12,001

Valero Energy Corp.

121,900

8,049

YUKOS Corp. sponsored ADR

88,502

1,487

36,014

TOTAL ENERGY

281,736

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - 2.4%

Capital Markets - 0.8%

Affiliated Managers Group, Inc. (a)

143,400

$ 7,034

Ameritrade Holding Corp. (a)

157,500

1,794

Bear Stearns Companies, Inc.

168,400

14,806

Goldman Sachs Group, Inc.

30,600

2,743

26,377

Commercial Banks - 0.1%

Sumitomo Mitsui Financial Group, Inc.

548

3,316

UnionBanCal Corp.

10,200

606

3,922

Diversified Financial Services - 1.2%

Chicago Mercantile Exchange Holdings, Inc. Class A

110,900

14,764

Hong Kong Exchanges & Clearing Ltd.

1,356,000

2,964

Leucadia National Corp.

101,600

5,486

Moody's Corp.

209,700

14,377

37,591

Insurance - 0.3%

Cincinnati Financial Corp.

125,300

5,056

W.R. Berkley Corp.

69,900

2,823

7,879

TOTAL FINANCIALS

75,769

HEALTH CARE - 16.6%

Biotechnology - 4.2%

Biogen Idec, Inc. (a)

462,000

27,410

Connetics Corp. (a)

400,200

10,265

Dendreon Corp. (a)

236,000

2,320

Genentech, Inc. (a)

1,505,200

73,424

ImClone Systems, Inc. (a)

94,200

5,019

ImmunoGen, Inc. (a)

347,400

1,768

Martek Biosciences (a)

73,900

3,946

Protein Design Labs, Inc. (a)

369,700

6,777

Regeneron Pharmaceuticals, Inc. (a)

235,400

2,097

133,026

Health Care Equipment & Supplies - 7.3%

Advanced Neuromodulation Systems, Inc. (a)

43,050

1,262

Alcon, Inc.

164,100

12,281

Bausch & Lomb, Inc.

212,700

14,028

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Beckman Coulter, Inc.

35,700

$ 1,992

Becton, Dickinson & Co.

67,100

3,229

Biomet, Inc.

453,600

20,707

Boston Scientific Corp. (a)

2,501,500

89,379

Closure Medical Corp. (a)

49,900

939

Cytyc Corp. (a)

100,600

2,410

Dade Behring Holdings, Inc. (a)

136,900

7,197

Epix Medical, Inc. (a)

112,300

2,229

Hillenbrand Industries, Inc.

168,700

9,491

Medtronic, Inc.

251,100

12,492

Palomar Medical Technologies, Inc. (a)

27,500

502

St. Jude Medical, Inc. (a)

15,700

1,056

Varian Medical Systems, Inc. (a)

102,000

3,381

Waters Corp. (a)

845,400

36,614

Wright Medical Group, Inc. (a)

174,700

4,717

Zimmer Holdings, Inc. (a)

133,800

9,540

233,446

Health Care Providers & Services - 2.8%

American Healthways, Inc. (a)

80,700

2,179

Covance, Inc. (a)

165,600

6,202

IMS Health, Inc.

42,400

989

McKesson Corp.

2,183,500

67,579

Omnicare, Inc.

39,000

1,129

PacifiCare Health Systems, Inc. (a)

372,000

12,131

90,209

Pharmaceuticals - 2.3%

Abbott Laboratories

158,100

6,591

Bristol-Myers Squibb Co.

312,200

7,409

Elan Corp. PLC sponsored ADR (a)

218,700

4,949

IVAX Corp. (a)

97,375

1,885

Roche Holding AG (participation certificate)

416,218

40,332

Schering AG sponsored ADR

21,800

1,212

Schering-Plough Corp.

614,100

11,336

73,714

TOTAL HEALTH CARE

530,395

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - 11.5%

Aerospace & Defense - 0.4%

AAR Corp. (a)

146,500

$ 1,568

Lockheed Martin Corp.

157,400

8,465

Rockwell Collins, Inc.

88,200

3,033

13,066

Air Freight & Logistics - 0.3%

C.H. Robinson Worldwide, Inc.

69,015

2,945

FedEx Corp.

31,500

2,583

Ryder System, Inc.

91,200

3,995

9,523

Airlines - 0.2%

Alaska Air Group, Inc. (a)

44,000

1,036

AMR Corp. (a)

551,500

4,930

5,966

Commercial Services & Supplies - 2.7%

Apollo Group, Inc. Class A (a)

8,500

663

Consolidated Graphics, Inc. (a)

39,500

1,614

DeVry, Inc. (a)

1,056,000

20,508

Herman Miller, Inc.

668,330

16,835

Ionics, Inc. (a)

710,600

18,625

Layne Christensen Co. (a)

26,400

401

R.R. Donnelley & Sons Co.

739,800

22,734

Strayer Education, Inc.

38,100

3,962

85,342

Construction & Engineering - 1.3%

Chicago Bridge & Iron Co. NV

1,160,000

34,382

Dycom Industries, Inc. (a)

166,200

4,275

Fluor Corp.

78,300

3,347

42,004

Electrical Equipment - 0.2%

Cooper Industries Ltd. Class A

113,400

6,262

Industrial Conglomerates - 2.2%

General Electric Co.

2,196,500

72,023

Machinery - 2.7%

Bucyrus International, Inc. Class A

154,900

4,094

Cummins, Inc.

199,700

13,438

Deere & Co.

441,100

27,908

Donaldson Co., Inc.

349,700

9,931

Joy Global, Inc.

683,800

20,726

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

PACCAR, Inc.

162,500

$ 9,781

Trinity Industries, Inc.

79,700

2,212

Wabtec Corp.

4,500

77

Zenon Environmental, Inc. (a)

9,400

152

88,319

Marine - 0.6%

Alexander & Baldwin, Inc.

588,400

18,117

Road & Rail - 0.8%

Burlington Northern Santa Fe Corp.

172,300

6,168

Landstar System, Inc. (a)

245,700

12,894

Norfolk Southern Corp.

126,000

3,578

Yellow Roadway Corp. (a)

68,900

2,828

25,468

Transportation Infrastructure - 0.1%

Cosco Pacific Ltd.

1,334,000

2,001

TOTAL INDUSTRIALS

368,091

INFORMATION TECHNOLOGY - 22.7%

Communications Equipment - 8.3%

3Com Corp. (a)

804,700

3,629

ADC Telecommunications, Inc. (a)

879,600

1,882

Adtran, Inc.

2,621,300

70,198

Avaya, Inc. (a)

232,900

2,823

CIENA Corp. (a)

4,766,900

8,676

Cisco Systems, Inc. (a)

2,175,400

40,811

Comverse Technology, Inc. (a)

194,400

3,404

Corning, Inc. (a)

784,500

7,939

Juniper Networks, Inc. (a)

734,400

16,810

Lucent Technologies, Inc. (a)

1,779,900

5,571

Nortel Networks Corp. (a)

2,590,800

9,741

QLogic Corp. (a)

2,772,343

72,386

QUALCOMM, Inc.

182,400

6,940

Sycamore Networks, Inc. (a)

2,353,700

8,968

Telefonaktiebolaget LM Ericsson ADR (a)

296,000

8,004

267,782

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 0.9%

Apple Computer, Inc. (a)

462,600

$ 15,955

UNOVA, Inc. (a)

827,300

12,062

28,017

Electronic Equipment & Instruments - 2.0%

Dionex Corp. (a)

270,900

12,478

Flir Systems, Inc. (a)

317,200

18,515

Ingram Micro, Inc. Class A (a)

443,100

6,567

Leica Geosystems AG (a)

41,921

9,018

Littelfuse, Inc. (a)

15,700

572

Molex, Inc.

89,200

2,575

Paxar Corp. (a)

20,500

415

Symbol Technologies, Inc.

1,027,400

13,253

63,393

Internet Software & Services - 2.0%

Blue Coat Systems, Inc. (a)

152,457

2,229

DoubleClick, Inc. (a)

2,476,720

13,003

Google, Inc. Class A

158,100

16,197

RealNetworks, Inc. (a)

958,300

4,763

Yahoo!, Inc. (a)

935,894

26,682

62,874

IT Services - 0.0%

Cognizant Technology Solutions Corp. Class A (a)

65,800

1,804

Office Electronics - 1.8%

Zebra Technologies Corp. Class A (a)

1,035,637

59,187

Semiconductors & Semiconductor Equipment - 2.8%

Altera Corp. (a)

247,600

4,685

Analog Devices, Inc.

192,900

6,697

Cymer, Inc. (a)

70,600

1,886

Intel Corp.

865,600

18,429

KLA-Tencor Corp. (a)

133,000

4,969

Lam Research Corp. (a)

824,800

17,774

Linear Technology Corp.

99,400

3,556

Marvell Technology Group Ltd. (a)

47,300

1,094

Micron Technology, Inc. (a)

1,126,500

12,966

PMC-Sierra, Inc. (a)

1,031,900

9,638

Teradyne, Inc. (a)

247,100

3,180

Varian Semiconductor Equipment Associates, Inc. (a)

168,900

4,729

89,603

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - 4.9%

Autodesk, Inc.

195,400

$ 8,678

Cadence Design Systems, Inc. (a)

1,997,900

24,834

Electronic Arts, Inc. (a)

110,900

5,521

Mentor Graphics Corp. (a)

2,124,623

23,243

Microsoft Corp.

1,711,000

46,710

NAVTEQ Corp.

266,000

8,746

Novell, Inc. (a)

3,178,995

18,756

Red Hat, Inc. (a)

204,848

2,511

RSA Security, Inc. (a)

14,200

211

Siebel Systems, Inc. (a)

1,793,293

13,647

THQ, Inc. (a)

73,500

1,396

Wind River Systems, Inc. (a)

151,400

1,643

155,896

TOTAL INFORMATION TECHNOLOGY

728,556

MATERIALS - 6.7%

Chemicals - 1.0%

Dow Chemical Co.

421,500

18,044

Great Lakes Chemical Corp.

18,200

475

IMC Global, Inc.

259,500

4,136

Lyondell Chemical Co.

79,900

1,573

Monsanto Co.

229,500

8,400

32,628

Construction Materials - 0.1%

Eagle Materials, Inc.

36,049

2,340

Metals & Mining - 5.6%

A.M. Castle & Co. (a)

61,900

563

Cleveland-Cliffs, Inc. (a)

225,200

15,032

Freeport-McMoRan Copper & Gold, Inc. Class B

314,200

11,823

Hecla Mining Co. (a)

483,100

2,889

Inco Ltd. (a)

834,200

28,581

Newmont Mining Corp.

483,500

21,463

Nucor Corp.

48,000

3,758

Peabody Energy Corp.

31,500

1,680

Phelps Dodge Corp.

854,500

69,693

RTI International Metals, Inc. (a)

48,800

727

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - continued

Schnitzer Steel Industries, Inc. Class A

203,750

$ 5,725

Stillwater Mining Co. (a)

1,336,376

19,137

181,071

TOTAL MATERIALS

216,039

TELECOMMUNICATION SERVICES - 0.8%

Wireless Telecommunication Services - 0.8%

America Movil SA de CV sponsored ADR

86,300

2,956

AT&T Wireless Services, Inc. (a)

1,510,000

22,076

Vodafone Group PLC sponsored ADR

76,100

1,743

26,775

UTILITIES - 0.6%

Electric Utilities - 0.6%

Huaneng Power International, Inc. sponsored ADR

61,300

1,830

PG&E Corp. (a)

635,200

18,541

20,371

TOTAL COMMON STOCKS

(Cost $2,705,476)

3,075,738

Preferred Stocks - 0.1%

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

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

18,500

8

Nonconvertible Preferred Stocks - 0.1%

CONSUMER DISCRETIONARY - 0.1%

Automobiles - 0.1%

Porsche AG (non-vtg.)

4,559

2,774

TOTAL PREFERRED STOCKS

(Cost $3,026)

2,782

Convertible Bonds - 0.1%

Principal Amount (000s)

Value (000s)

INFORMATION TECHNOLOGY - 0.1%

Communications Equipment - 0.1%

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

$ 2,270

$ 2,225

TOTAL CONVERTIBLE BONDS

(Cost $2,270)

2,225

Money Market Funds - 5.6%

Shares

Fidelity Cash Central Fund, 1.53% (b)

110,789,213

110,789

Fidelity Securities Lending Cash Central Fund, 1.49% (b)(c)

69,075,925

69,076

TOTAL MONEY MARKET FUNDS

(Cost $179,865)

179,865

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $2,890,637)

3,260,610

NET OTHER ASSETS - (1.7)%

(53,470)

NET ASSETS - 100%

$ 3,207,140

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

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

(d) 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 $2,225,000 or 0.1% of net assets.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Chorum Technologies, Inc. Series E

9/19/00

$ 319

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $2,892,423,000. Net unrealized appreciation aggregated $368,187,000, of which $610,701,000 related to appreciated investment securities and $242,514,000 related to depreciated investment securities.

Quarterly Report

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

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Mt. Vernon Street Trust

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

October 19, 2004

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

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

October 19, 2004

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

October 19, 2004

EX-99.CERT 2 m99.htm 3:

Exhibit EX-99.CERT

I, Christine Reynolds, certify that:

1. I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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 and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

c. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed 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 and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 19, 2004

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

I, Timothy F. Hayes, certify that:

1. I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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 and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

c. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed 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 and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 19, 2004

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

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