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:	February 29, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Aggressive Growth Fund

February 29, 2008

1.797938.104

FEG-QTLY-0408

Investments February 29, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.4%
Internet & Catalog Retail - 1.0%
Priceline.com, Inc. (a)	243,900		$ 27,809
Specialty Retail - 6.8%
Abercrombie & Fitch Co. Class A	1,000,200		77,546
Tween Brands, Inc. (a)(d)	1,063,857		31,490
Urban Outfitters, Inc. (a)(d)	2,202,200		63,379
Zumiez, Inc. (a)(d)(e)	1,640,579		28,841
			201,256
Textiles, Apparel & Luxury Goods - 1.6%
Polo Ralph Lauren Corp. Class A	780,520		48,541
TOTAL CONSUMER DISCRETIONARY			277,606
ENERGY - 15.5%
Energy Equipment & Services - 1.1%
FMC Technologies, Inc. (a)	602,300		34,126
Oil, Gas & Consumable Fuels - 14.4%
Chesapeake Energy Corp.	682,900		30,881
CONSOL Energy, Inc.	819,712		62,282
Denbury Resources, Inc. (a)	1,240,804		39,569
Gulfport Energy Corp. (a)	2,058,101		29,719
Hess Corp.	687,600		64,071
OPTI Canada, Inc. (a)	1,951,900		34,315
Peabody Energy Corp.	658,602		37,290
Quicksilver Resources, Inc. (a)	894,776		30,780
Range Resources Corp.	506,356		30,979
Southwestern Energy Co. (a)	487,807		31,820
Suncor Energy, Inc.	341,300		35,203
			426,909
TOTAL ENERGY			461,035
FINANCIALS - 13.0%
Capital Markets - 2.4%
Greenhill & Co., Inc. (d)	486,019		31,596
Indiabulls Securities Ltd. (a)(f)	1,803,517		9,126
T. Rowe Price Group, Inc.	593,679		29,999
			70,721
Diversified Financial Services - 4.7%
Bolsa de Mercadorias & Futuros - BM&F SA	1,940,800		21,014
Bovespa Holding SA	1,018,000		16,218
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - continued
Indiabulls Financial Services Ltd.	1,803,517		$ 27,130
JSE Ltd.	3,555,298		32,917
MarketAxess Holdings, Inc. (a)(e)	1,545,120		14,478
MSCI, Inc. Class A	971,579		28,885
			140,642
Real Estate Investment Trusts - 1.1%
Annaly Capital Management, Inc.	1,560,900		32,295
Real Estate Management & Development - 4.8%
Dev Property Development PLC (e)	13,800,000		24,262
Indiabulls Real Estate Ltd. (a)	7,560,167		118,339
			142,601
TOTAL FINANCIALS			386,259
HEALTH CARE - 28.9%
Biotechnology - 7.1%
Alnylam Pharmaceuticals, Inc. (a)(d)(e)	3,134,541		89,021
Amylin Pharmaceuticals, Inc. (a)(d)	1,341,032		35,497
BioMarin Pharmaceutical, Inc. (a)	829,212		31,543
CytRx Corp. (a)(d)(e)	9,152,702		16,475
Isis Pharmaceuticals, Inc. (a)(d)	2,701,049		38,895
			211,431
Health Care Equipment & Supplies - 17.1%
ArthroCare Corp. (a)(d)(e)	2,789,235		111,988
Conceptus, Inc. (a)(d)	856,608		14,614
Cyberonics, Inc. (a)(d)(e)	2,691,800		34,724
Masimo Corp.	487,800		15,639
NeuroMetrix, Inc. (a)(d)	11,869		29
NuVasive, Inc. (a)(d)(e)	3,434,150		132,352
St. Jude Medical, Inc. (a)	4,080,016		175,358
TranS1, Inc. (d)(e)	1,643,765		21,747
			506,451
Health Care Technology - 1.8%
Eclipsys Corp. (a)	1,009,838		21,560
MedAssets, Inc.	1,794,786		32,593
			54,153
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Life Sciences Tools & Services - 2.9%
AMAG Pharmaceuticals, Inc. (d)(e)	1,072,364		$ 46,937
QIAGEN NV (a)	1,706,400		37,524
			84,461
TOTAL HEALTH CARE			856,496
INDUSTRIALS - 6.6%
Airlines - 0.6%
AirTran Holdings, Inc. (a)(d)	2,415,142		17,437
Commercial Services & Supplies - 2.4%
CoStar Group, Inc. (a)(d)	512,996		21,300
EnergySolutions, Inc.	724,400		15,792
IHS, Inc. Class A (a)	561,573		34,621
			71,713
Construction & Engineering - 2.0%
URS Corp. (a)	1,466,527		59,072
Marine - 0.5%
Ultrapetrol (Bahamas) Ltd. (a)	1,172,228		16,411
Road & Rail - 1.1%
Landstar System, Inc.	682,979		31,677
TOTAL INDUSTRIALS			196,310
INFORMATION TECHNOLOGY - 17.7%
Communications Equipment - 5.2%
Infinera Corp.	739,909		8,642
Juniper Networks, Inc. (a)	3,631,011		97,384
Starent Networks Corp. (d)	2,998,119		47,160
			153,186
Electronic Equipment & Instruments - 1.1%
Itron, Inc. (a)(d)	329,432		31,405
Internet Software & Services - 7.4%
Omniture, Inc. (a)(d)(e)	4,778,328		109,806
ValueClick, Inc. (a)(d)	4,381,200		84,601
WebMD Health Corp. Class A (a)(d)	935,206		26,055
			220,462
Semiconductors & Semiconductor Equipment - 3.0%
Cavium Networks, Inc.	1,642,864		23,362
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Hittite Microwave Corp. (a)	1,029,016		$ 34,071
KLA-Tencor Corp.	731,700		30,739
			88,172
Software - 1.0%
Concur Technologies, Inc. (a)(d)	1,051,000		30,731
TOTAL INFORMATION TECHNOLOGY			523,956
MATERIALS - 3.4%
Chemicals - 1.0%
Albemarle Corp.	788,954		29,933
Metals & Mining - 2.4%
Aquarius Platinum Ltd. (Australia)	2,254,523		33,377
Steel Dynamics, Inc.	623,900		36,348
			69,725
TOTAL MATERIALS			99,658
TELECOMMUNICATION SERVICES - 0.7%
Diversified Telecommunication Services - 0.7%
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	1,334,807		21,277
UTILITIES - 2.5%
Electric Utilities - 2.1%
PPL Corp.	658,632		29,889
Public Power Corp. of Greece	769,800		32,691
			62,580
Independent Power Producers & Energy Traders - 0.4%
Ocean Power Technologies, Inc. (d)(e)	1,007,757		12,536
TOTAL UTILITIES			75,116
TOTAL COMMON STOCKS (Cost $3,021,502)		2,897,713
Money Market Funds - 8.0%

Fidelity Cash Central Fund, 3.24% (b)	43,992,128		43,992
Fidelity Securities Lending Cash Central Fund, 3.25% (b)(c)	194,213,275		194,213
TOTAL MONEY MARKET FUNDS (Cost $238,205)		238,205
Cash Equivalents - 0.5%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements in a joint trading account at 3.18%, dated 2/29/08 due 3/3/08 (Collateralized by U.S. Government Obligations) # (Cost $14,464)	$ 14,468		$ 14,464
TOTAL INVESTMENT PORTFOLIO - 106.2% (Cost $3,274,171)			3,150,382
NET OTHER ASSETS - (6.2)%			(182,715)
NET ASSETS - 100%		$ 2,967,667

Legend

(a) Non-income producing

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

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

(e) Affiliated company

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $9,126,000 or 0.3% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Indiabulls Securities Ltd.	5/2/06 - 1/24/07	$ 3,090

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

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$14,464,000 due 3/03/08 at 3.18%
BNP Paribas Securities Corp.	$ 5,361
Banc of America Securities LLC	4,010
Societe Generale, New York Branch	5,093
	$ 14,464

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 412
Fidelity Securities Lending Cash Central Fund	1,135
Total	$ 1,547

Other Affiliated Issuers

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

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Alnylam Pharmaceuticals, Inc.	$ 102,229	$ 21	$ -	$ -	$ 89,021
AMAG Pharmaceuticals, Inc.	65,945	16,822	23,231	-	46,937
ArthroCare Corp.	72,823	74,151	4,884	-	111,988
Conceptus, Inc.	35,899	6,780	25,383	-	-
Cyberonics, Inc.	36,716	-	-	-	34,724
CytRx Corp.	23,616	3,941	-	-	16,475
Dev Property Development PLC	22,197	-	-	-	24,262
MarketAxess Holdings, Inc.	22,188	-	-	-	14,478
NeuroMetrix, Inc.	10,538	-	5,190	-	-
Northstar Neuroscience, Inc.	23,877	-	3,468	-	-
NuVasive, Inc.	146,192	-	-	-	132,352
Ocean Power Technologies, Inc.	14,623	-	-	-	12,536
Omniture, Inc.	57,785	71,643	-	-	109,806
Omrix Biopharmaceuticals, Inc.	40,074	-	34,594	-	-
TranS1, Inc.	30,171	1,845	209	-	21,747
Zumiez, Inc.	-	31,637	-	-	28,841
Total	$ 704,873	$ 206,840	$ 96,959	$ -	$ 643,167

Other Information

The following is a summary of the inputs used, as of February 29, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 3,150,382	$ 2,858,076	$ 283,180	$ 9,126

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

(Amounts in thousands)	Investments in Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	6,036
Cost of Purchases	3,090
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 9,126

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At February 29, 2008, the aggregate cost of investment securities for income tax purposes was $3,278,689,000. Net unrealized depreciation aggregated $128,307,000, of which $303,581,000 related to appreciated investment securities and $431,888,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth Company Fund

February 29, 2008

1.797941.104

GCF-QTLY-0408

Investments February 29, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 4.8%
Auto Components - 0.1%
Johnson Controls, Inc.	1,000,000		$ 32,860
Hotels, Restaurants & Leisure - 0.4%
Chipotle Mexican Grill, Inc. Class A (a)	40,000		3,972
McDonald's Corp.	1,070,000		57,898
Starbucks Corp. (a)	1,458,400		26,207
Starwood Hotels & Resorts Worldwide, Inc.	725,000		34,314
			122,391
Household Durables - 0.0%
Tupperware Brands Corp.	50,000		1,824
Internet & Catalog Retail - 0.4%
Amazon.com, Inc. (a)	2,275,000		146,669
Leisure Equipment & Products - 0.3%
Callaway Golf Co. (e)	5,839,862		88,999
Media - 1.1%
CBS Corp. Class B	1,115,988		25,467
Comcast Corp. Class A	2,187,500		42,744
Morningstar, Inc. (a)(d)	1,435,000		93,548
News Corp. Class A	4,705,000		86,619
The Walt Disney Co.	84,500		2,739
Time Warner, Inc.	2,801,950		43,738
TiVo, Inc. (a)(d)(e)	9,894,029		85,880
			380,735
Multiline Retail - 0.6%
Kohl's Corp. (a)	1,415,000		62,883
Nordstrom, Inc.	250,000		9,258
Target Corp.	2,270,000		119,425
			191,566
Specialty Retail - 0.9%
Best Buy Co., Inc.	347,500		14,946
Gamestop Corp. Class A (a)	296,300		12,551
Gap, Inc.	717,825		14,479
Home Depot, Inc.	3,635,000		96,509
Lowe's Companies, Inc.	3,335,800		79,959
Staples, Inc.	3,120,602		69,433
			287,877
Textiles, Apparel & Luxury Goods - 1.0%
Coach, Inc. (a)	187,200		5,676
Crocs, Inc. (a)(d)	495,000		12,038
Geox SpA	2,285,000		33,566
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Hanesbrands, Inc. (a)(d)	2,275,000		$ 66,203
Lululemon Athletica, Inc. (d)(e)	5,110,219		137,465
NIKE, Inc. Class B (d)	1,579,000		95,056
Under Armour, Inc. Class A (sub. vtg.) (a)(d)	48,017		1,768
			351,772
TOTAL CONSUMER DISCRETIONARY			1,604,693
CONSUMER STAPLES - 9.9%
Beverages - 2.2%
PepsiCo, Inc.	3,816,640		265,485
The Coca-Cola Co.	7,832,500		457,888
			723,373
Food & Staples Retailing - 2.8%
Costco Wholesale Corp.	1,160,800		71,877
CVS Caremark Corp.	3,012,780		121,656
Safeway, Inc.	1,110,000		31,901
Sysco Corp.	478,200		13,418
Wal-Mart Stores, Inc.	13,310,300		660,058
Walgreen Co.	1,195,000		43,629
Whole Foods Market, Inc.	120,000		4,218
			946,757
Food Products - 2.0%
Archer Daniels Midland Co.	4,410,000		198,891
Campbell Soup Co.	1,800,000		58,122
Cosan Ltd. Class A (e)	6,473,600		97,104
General Mills, Inc.	302,800		16,954
Groupe Danone	885,000		67,924
Hershey Co.	320,000		11,866
Kellogg Co.	1,590,000		80,645
Kraft Foods, Inc. Class A	1,296,065		40,398
McCormick & Co., Inc. (non-vtg.)	365,000		12,574
Smithfield Foods, Inc. (a)	730,000		20,112
Tyson Foods, Inc. Class A	550,000		7,926
Wm. Wrigley Jr. Co.	800,000		47,888
			660,404
Household Products - 1.4%
Clorox Co.	570,000		33,168
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Household Products - continued
Colgate-Palmolive Co.	2,075,000		$ 157,887
Procter & Gamble Co.	4,199,483		277,922
			468,977
Personal Products - 0.5%
Avon Products, Inc.	4,600,000		175,076
Tobacco - 1.0%
Altria Group, Inc.	4,375,380		320,015
TOTAL CONSUMER STAPLES			3,294,602
ENERGY - 10.8%
Energy Equipment & Services - 2.3%
Baker Hughes, Inc.	387,400		26,068
Diamond Offshore Drilling, Inc.	827,900		100,035
FMC Technologies, Inc. (a)	1,155,000		65,442
Schlumberger Ltd. (NY Shares)	2,189,000		189,239
Transocean, Inc. (a)	580,668		81,590
Weatherford International Ltd. (a)	4,120,240		283,967
			746,341
Oil, Gas & Consumable Fuels - 8.5%
Anadarko Petroleum Corp. (d)	2,685,000		171,142
Apache Corp.	2,510,000		287,922
Cameco Corp.	2,485,000		97,349
Canadian Natural Resources Ltd.	513,500		38,490
ConocoPhillips	453,810		37,535
CONSOL Energy, Inc.	2,734,408		207,760
Devon Energy Corp.	3,540,000		363,629
EnCana Corp.	5,120,000		390,380
EOG Resources, Inc.	1,720,000		204,663
Exxon Mobil Corp.	610,000		53,076
Hess Corp.	7,955,000		741,247
Newfield Exploration Co. (a)	2,990,000		165,586
Noble Energy, Inc.	850,000		65,790
Valero Energy Corp.	325,000		18,775
			2,843,344
TOTAL ENERGY			3,589,685
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - 4.6%
Capital Markets - 1.3%
Ameriprise Financial, Inc.	2,345,809		$ 118,792
Charles Schwab Corp.	4,121,475		80,822
Franklin Resources, Inc.	520,000		49,072
Goldman Sachs Group, Inc.	200,000		33,926
Merrill Lynch & Co., Inc.	1,500,000		74,340
State Street Corp.	835,000		65,589
			422,541
Commercial Banks - 0.9%
Banco Bradesco SA (PN) sponsored ADR	1,480,000		46,457
Banco Itau Holding Financeira SA sponsored ADR (non-vtg.)	3,680,000		93,251
Commerce Bancorp, Inc.	670,000		25,313
Synovus Financial Corp.	1,261,900		14,550
Uniao de Bancos Brasileiros SA (Unibanco) GDR	805,000		109,174
Wells Fargo & Co.	355,000		10,377
			299,122
Consumer Finance - 1.0%
American Express Co.	1,617,548		68,422
Discover Financial Services	16,925,000		255,398
			323,820
Diversified Financial Services - 1.2%
Bank of America Corp.	1,390,000		55,239
Bolsa de Mercadorias & Futuros - BM&F SA	9,383,100		101,593
Bovespa Holding SA	11,686,000		186,171
JPMorgan Chase & Co.	1,250,000		50,813
			393,816
Insurance - 0.2%
American International Group, Inc.	1,063,750		49,847
Prudential Financial, Inc.	233,000		17,002
			66,849
Thrifts & Mortgage Finance - 0.0%
Fannie Mae	730,000		20,185
TOTAL FINANCIALS			1,526,333
HEALTH CARE - 23.0%
Biotechnology - 11.0%
Acadia Pharmaceuticals, Inc. (a)(d)(e)	3,499,994		34,720
Affymax, Inc. (a)(e)	1,255,000		24,159
Alexion Pharmaceuticals, Inc. (a)(d)(e)	3,759,225		227,847
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Alkermes, Inc. (a)(e)	10,182,261		$ 131,758
Alnylam Pharmaceuticals, Inc. (a)	556,247		15,797
Amgen, Inc. (a)	1,227,605		55,881
Amylin Pharmaceuticals, Inc. (a)(d)(e)	13,482,460		356,881
Array Biopharma, Inc. (a)(d)(e)	4,700,070		26,320
Biogen Idec, Inc. (a)	1,104,164		64,439
BioMarin Pharmaceutical, Inc. (a)(d)	3,470,793		132,029
Celgene Corp. (a)	20,046,744		1,130,035
Cepheid, Inc. (a)(d)	2,530,000		70,030
Cougar Biotechnology, Inc. (a)	912,347		24,277
CV Therapeutics, Inc. (a)(d)(e)	5,966,600		34,845
Genentech, Inc. (a)	1,475,800		111,792
Genzyme Corp. (a)	520,000		36,878
Gilead Sciences, Inc. (a)	1,700,000		80,444
GTx, Inc. (a)(d)(e)	2,396,497		39,231
Human Genome Sciences, Inc. (a)(d)(e)	8,074,010		47,717
Immunomedics, Inc. (a)(d)(e)	6,102,700		15,074
InterMune, Inc. (a)(d)(e)	3,897,713		54,880
Isis Pharmaceuticals, Inc. (a)(d)(e)	9,265,033		133,416
Medarex, Inc. (a)(d)	5,936,220		55,207
Millennium Pharmaceuticals, Inc. (a)	185,000		2,588
Momenta Pharmaceuticals, Inc. (a)	406,000		4,125
Myriad Genetics, Inc. (a)(d)(e)	3,224,248		119,362
ONYX Pharmaceuticals, Inc. (a)	1,430,000		39,068
OREXIGEN Therapeutics, Inc. (e)	2,219,921		28,748
PDL BioPharma, Inc. (a)	2,605,450		41,635
Regeneron Pharmaceuticals, Inc. (a)(e)	6,388,948		126,310
Rigel Pharmaceuticals, Inc. (a)(d)(e)	3,365,396		66,702
Seattle Genetics, Inc. (a)(e)	7,643,955		68,719
Sunesis Pharmaceuticals, Inc. (a)(e)	3,156,200		4,419
Transition Therapeutics, Inc. (a)(e)	2,332,446		23,608
Trubion Pharmaceuticals, Inc. (a)(d)(e)	1,775,000		12,620
Vertex Pharmaceuticals, Inc. (a)(d)(e)	13,200,267		231,005
			3,672,566
Health Care Equipment & Supplies - 2.3%
Alcon, Inc.	40,000		5,789
Baxter International, Inc.	2,455,000		144,894
Becton, Dickinson & Co.	1,347,900		121,877
Covidien Ltd.	1,525,000		65,255
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Gen-Probe, Inc. (a)(e)	3,703,676		$ 177,073
Insulet Corp.	951,400		16,297
Kinetic Concepts, Inc. (a)(d)	993,000		51,030
Medtronic, Inc.	1,274,964		62,932
St. Jude Medical, Inc. (a)	834,200		35,854
Thoratec Corp. (a)(d)(e)	5,297,765		76,871
TomoTherapy, Inc.	245,000		3,227
			761,099
Health Care Providers & Services - 0.9%
Cardinal Health, Inc.	860,000		50,860
Laboratory Corp. of America Holdings (a)	525,000		40,588
McKesson Corp.	765,000		44,951
Medco Health Solutions, Inc. (a)	1,412,720		62,598
UnitedHealth Group, Inc.	2,186,400		101,624
			300,621
Health Care Technology - 0.1%
HLTH Corp. (a)(d)	3,007,800		35,612
Life Sciences Tools & Services - 1.9%
Affymetrix, Inc. (a)(d)(e)	6,903,190		132,403
Applera Corp.:
- Applied Biosystems Group	211,600		7,133
- Celera Genomics Group (a)	9,579,848		132,777
Bruker BioSciences Corp. (a)	150,000		2,051
Exelixis, Inc. (a)(e)	10,507,384		67,037
Illumina, Inc. (a)(d)(e)	3,845,839		278,477
Millipore Corp. (a)	183,194		12,805
			632,683
Pharmaceuticals - 6.8%
Abbott Laboratories	2,051,500		109,858
Allergan, Inc.	755,000		44,719
ARYx Therapeutics, Inc.	305,215		2,567
Auxilium Pharmaceuticals, Inc. (a)(e)	2,310,583		74,031
Bristol-Myers Squibb Co.	1,754,700		39,674
Dr. Reddy's Laboratories Ltd. sponsored ADR (d)	800,000		11,448
Elan Corp. PLC sponsored ADR (a)(d)	46,171,262		1,051,320
Eli Lilly & Co.	1,205,000		60,274
Johnson & Johnson	3,488,300		216,135
Map Pharmaceuticals, Inc.	925,000		12,025
Merck & Co., Inc.	4,320,100		191,380
Nastech Pharmaceutical Co., Inc. (a)(d)(e)	2,581,059		5,962
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Pfizer, Inc.	1,451,000		$ 32,328
Schering-Plough Corp.	1,987,600		43,131
Sepracor, Inc. (a)(d)(e)	11,170,129		239,823
Sirtris Pharmaceuticals, Inc. (d)	721,435		8,614
Wyeth	3,075,200		134,140
			2,277,429
TOTAL HEALTH CARE			7,680,010
INDUSTRIALS - 7.2%
Aerospace & Defense - 1.6%
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	340,000		15,069
Honeywell International, Inc.	2,485,000		142,987
Lockheed Martin Corp.	1,750,100		180,610
Raytheon Co.	2,335,000		151,401
The Boeing Co.	670,000		55,469
			545,536
Air Freight & Logistics - 0.3%
United Parcel Service, Inc. Class B	1,619,800		113,775
Airlines - 1.6%
AMR Corp. (a)	127,500		1,633
Continental Airlines, Inc. Class B (a)(e)	6,000,000		145,080
Copa Holdings SA Class A	40,000		1,444
JetBlue Airways Corp. (a)(d)(e)	18,003,143		98,117
Northwest Airlines Corp. (a)	11,453,700		153,823
Ryanair Holdings PLC sponsored ADR (a)	20,000		572
Ryanair Holdings PLC warrants (UBS Warrant Programme) 2/25/10 (a)	3,230,000		30,672
Southwest Airlines Co.	7,273,515		89,173
			520,514
Commercial Services & Supplies - 0.1%
EnergySolutions, Inc.	911,400		19,869
Construction & Engineering - 0.2%
Fluor Corp.	195,000		27,154
KBR, Inc. (a)	1,315,000		43,829
			70,983
Electrical Equipment - 0.8%
American Superconductor Corp. (a)(d)(e)	2,540,000		57,379
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Electrical Equipment - continued
First Solar, Inc. (a)	997,090		$ 204,603
Sunpower Corp. Class A (a)(d)	82,500		5,422
			267,404
Industrial Conglomerates - 1.2%
3M Co.	470,000		36,848
General Electric Co.	10,700,000		354,598
			391,446
Machinery - 0.8%
AGCO Corp. (a)	2,460,400		159,582
Caterpillar, Inc.	355,000		25,677
CNH Global NV	230,000		11,845
Deere & Co.	690,000		58,795
ITT Corp.	70,000		3,937
TurboChef Technologies, Inc. (a)(d)(e)	2,898,650		24,639
			284,475
Road & Rail - 0.6%
Norfolk Southern Corp.	1,485,000		78,542
Union Pacific Corp.	860,000		107,294
			185,836
TOTAL INDUSTRIALS			2,399,838
INFORMATION TECHNOLOGY - 32.9%
Communications Equipment - 4.5%
Blue Coat Systems, Inc. (a)	770,000		18,080
Cisco Systems, Inc. (a)	12,712,600		309,806
Corning, Inc.	2,063,000		47,923
F5 Networks, Inc. (a)	854,446		18,935
Infinera Corp. (e)	7,629,253		89,110
Juniper Networks, Inc. (a)	885,000		23,736
Motorola, Inc.	165,000		1,645
QUALCOMM, Inc.	8,023,400		339,951
Research In Motion Ltd. (a)	3,892,800		404,073
Riverbed Technology, Inc. (a)(e)	7,070,664		141,838
Sonus Networks, Inc. (a)(d)(e)	26,835,720		89,095
			1,484,192
Computers & Peripherals - 2.6%
Apple, Inc. (a)	3,345,959		418,312
Dell, Inc. (a)	1,235,600		24,527
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
Hewlett-Packard Co.	3,160,000		$ 150,953
International Business Machines Corp.	49,800		5,670
Network Appliance, Inc. (a)	3,207,208		69,340
Palm, Inc. (d)(e)	10,115,952		65,450
SanDisk Corp. (a)	105,000		2,473
Seagate Technology	2,265,000		48,856
Sun Microsystems, Inc. (a)	449,125		7,366
Synaptics, Inc. (a)(d)(e)	3,085,082		82,649
			875,596
Electronic Equipment & Instruments - 0.7%
Agilent Technologies, Inc. (a)	370,000		11,326
Itron, Inc. (a)	638,400		60,859
Mellanox Technologies Ltd. (e)	3,023,300		46,256
Trimble Navigation Ltd. (a)	2,425,000		66,300
Universal Display Corp. (a)(d)(e)	3,526,745		60,096
			244,837
Internet Software & Services - 5.1%
Akamai Technologies, Inc. (a)	1,055,000		37,094
Alibaba.com Ltd.	792,500		1,921
Baidu.com, Inc. sponsored ADR (a)	10,000		2,513
eBay, Inc. (a)	2,777,200		73,207
Google, Inc. Class A (sub. vtg.) (a)	2,822,448		1,329,881
Internet Capital Group, Inc. (a)(e)	3,850,000		33,495
Mercadolibre, Inc.	226,300		8,181
Omniture, Inc. (a)	2,004,881		46,072
VeriSign, Inc. (a)	2,340,000		81,432
Yahoo!, Inc. (a)	3,111,340		86,433
			1,700,229
IT Services - 0.8%
Cognizant Technology Solutions Corp. Class A (a)	1,584,716		47,874
Fidelity National Information Services, Inc.	375,000		15,559
Hewitt Associates, Inc. Class A (a)	2,045,000		80,696
Mastercard, Inc. Class A	230,000		43,700
The Western Union Co.	1,025,000		21,320
Total System Services, Inc.	2,260,659		50,254
			259,403
Semiconductors & Semiconductor Equipment - 5.3%
Analog Devices, Inc.	949,900		25,571
Applied Materials, Inc.	1,770,400		33,939
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
ASML Holding NV (NY Shares) (a)	648,888		$ 15,625
Atheros Communications, Inc. (a)(e)	5,678,042		138,090
Atheros Communications, Inc. (a)(e)(g)	1,741,486		42,353
Broadcom Corp. Class A (a)	2,300,000		43,493
Cree, Inc. (a)(d)(e)	8,526,131		263,457
Cypress Semiconductor Corp. (a)(e)	15,976,000		347,318
FEI Co. (a)(d)(e)	1,863,100		37,989
Intel Corp.	15,125,800		301,760
International Rectifier Corp. (a)(d)	710,000		16,167
KLA-Tencor Corp. (d)	510,000		21,425
Linear Technology Corp. (d)	625,800		17,341
Marvell Technology Group Ltd. (a)	498,310		5,636
Power Integrations, Inc. (a)(e)	2,961,308		77,882
Rambus, Inc. (a)(d)(e)	9,135,000		164,704
Rubicon Technology, Inc. (d)(e)	1,845,000		54,261
Samsung Electronics Co. Ltd.	50,000		29,309
Silicon Laboratories, Inc. (a)	1,860,315		57,577
Spansion, Inc. Class A (a)(d)	1,430,000		3,933
Tessera Technologies, Inc. (a)(d)	705,000		16,610
Texas Instruments, Inc.	971,000		29,091
Veeco Instruments, Inc. (a)(d)(e)	1,765,000		27,358
			1,770,889
Software - 13.9%
Activision, Inc. (a)	1,660,000		45,235
Adobe Systems, Inc. (a)	843,236		28,375
Blackboard, Inc. (a)	73,200		2,106
BladeLogic, Inc. (d)(e)	2,722,101		51,992
Citrix Systems, Inc. (a)	4,940,000		162,674
Electronic Arts, Inc. (a)	640,000		30,266
Microsoft Corp.	18,810,000		512,008
Nintendo Co. Ltd. (d)	4,571,200		2,281,935
Oracle Corp. (a)	1,175,000		22,090
Red Hat, Inc. (a)(d)(e)	17,667,391		315,010
Salesforce.com, Inc. (a)(d)(e)	11,779,994		703,501
SuccessFactors, Inc. (d)(e)	3,151,600		26,221
Symantec Corp. (a)	2,050,800		34,535
VMware, Inc. Class A (d)	7,207,100		422,841
			4,638,789
TOTAL INFORMATION TECHNOLOGY			10,973,935
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 5.8%
Chemicals - 4.5%
Dow Chemical Co.	1,315,000		$ 49,562
E.I. du Pont de Nemours & Co.	500,000		23,210
Minerals Technologies, Inc. (e)	1,927,580		116,195
Monsanto Co.	8,869,978		1,026,079
OM Group, Inc. (a)(e)	1,760,000		106,533
Potash Corp. of Saskatchewan, Inc.	281,200		44,683
Rohm & Haas Co.	900,000		48,249
The Mosaic Co. (a)	575,000		63,998
Uralkali JSC ADR (a)(f)	434,300		17,593
			1,496,102
Metals & Mining - 1.3%
Alcoa, Inc.	1,935,000		71,866
Barrick Gold Corp.	4,667,500		242,849
Companhia Vale do Rio Doce sponsored ADR	100,000		3,484
Freeport-McMoRan Copper & Gold, Inc. Class B	745,000		75,141
Nucor Corp.	910,000		58,759
			452,099
TOTAL MATERIALS			1,948,201
TELECOMMUNICATION SERVICES - 0.2%
Diversified Telecommunication Services - 0.1%
AT&T, Inc.	1,115,000		38,835
Level 3 Communications, Inc. (a)	3,000,000		6,690
			45,525
Wireless Telecommunication Services - 0.1%
Clearwire Corp. (d)	2,313,500		32,412
TOTAL TELECOMMUNICATION SERVICES			77,937
UTILITIES - 0.3%
Electric Utilities - 0.3%
Enernoc, Inc. (d)	125,000		1,848
Exelon Corp.	1,115,000		83,458
			85,306
TOTAL COMMON STOCKS (Cost $27,361,924)		33,180,540
Convertible Preferred Stocks - 0.1%
	Shares		Value (000s)
HEALTH CARE - 0.1%
Biotechnology - 0.1%
Perlegen Sciences, Inc. Series D, 8.00% (a)(g)	12,820,512		$ 25,641
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $20,000)		25,641
Money Market Funds - 2.8%

Fidelity Cash Central Fund, 3.24% (b)	95,405,442		95,405
Fidelity Securities Lending Cash Central Fund, 3.25% (b)(c)	836,444,015		836,444
TOTAL MONEY MARKET FUNDS (Cost $931,849)		931,849
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $28,313,773)			34,138,030
NET OTHER ASSETS - (2.4)%			(816,349)
NET ASSETS - 100%		$ 33,321,681

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $17,593,000 or 0.1% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $67,994,000 or 0.2% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (Amounts in thousands)
Atheros Communications, Inc.	4/18/01	$ 15,000
Perlegen Sciences, Inc. Series D, 8.00%	2/23/05	$ 20,000

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 1,597
Fidelity Securities Lending Cash Central Fund	9,301
Total	$ 10,898

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Acadia Pharmaceuticals, Inc.	$ 39,300	$ 368	$ -	$ -	$ 34,720
Affymax, Inc.	31,952	-	-	-	24,159
Affymetrix, Inc.	143,047	977	-	-	132,403
Alexion Pharmaceuticals, Inc.	270,064	3,208	-	-	227,847
Alkermes, Inc.	145,199	-	-	-	131,758
Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
American Superconductor Corp.	$ 75,075	$ -	$ 13,249	$ -	$ 57,379
Amylin Pharmaceuticals, Inc.	514,819	55	-	-	356,881
Array Biopharma, Inc.	52,030	-	-	-	26,320
Atheros Communications, Inc.	167,445	-	-	-	138,090
Atheros Communications, Inc.	51,356	-	-	-	42,353
Auxilium Pharmaceuticals, Inc.	-	71,731	-	-	74,031
Blackboard, Inc.	93,335	-	76,737	-	-
BladeLogic, Inc.	37,853	25,748	-	-	51,992
Blue Coat Systems, Inc.	106,638	-	60,799	-	-
Callaway Golf Co.	97,496	4,731	3,057	395	88,999
Celgene Corp.	1,686,270	-	377,483	-	-
Continental Airlines, Inc. Class B	-	144,995	-	-	145,080
Cosan Ltd. Class A	61,799	10,096	-	-	97,104
Cree, Inc.	209,972	35	-	-	263,457
CV Therapeutics, Inc.	51,892	140	-	-	34,845
Cypress Semiconductor Corp.	530,723	-	-	-	347,318
Exelixis, Inc.	91,145	452	-	-	67,037
F5 Networks, Inc.	135,520	-	100,493	-	-
FEI Co.	46,410	-	-	-	37,989
Gen-Probe, Inc.	282,856	-	26,399	-	177,073
GTx, Inc.	32,999	1,890	-	-	39,231
Human Genome Sciences, Inc.	83,009	19,381	16,686	-	47,717
Illumina, Inc.	178,053	51,936	-	-	278,477
Immunomedics, Inc.	13,792	-	-	-	15,074
Infinera Corp.	92,112	61,683	-	-	89,110
InterMune, Inc.	63,299	-	-	-	54,880
Internet Capital Group, Inc.	43,005	-	-	-	33,495
Isis Pharmaceuticals, Inc.	151,242	11,076	-	-	133,416
JetBlue Airways Corp.	126,022	-	-	-	98,117
Lululemon Athletica, Inc.	126,886	53,376	-	-	137,465
Mellanox Technologies Ltd.	53,633	-	-	-	46,256
Minerals Technologies, Inc.	128,955	-	-	96	116,195
Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Myriad Genetics, Inc.	$ 192,523	$ -	$ 33,736	$ -	$ 119,362
Nastech Pharmaceutical Co., Inc.	9,808	-	-	-	5,962
OM Group, Inc.	63,889	36,490	-	-	106,533
Omniture, Inc.	90,056	-	33,933	-	-
OREXIGEN Therapeutics, Inc.	14,523	13,856	-	-	28,748
Palm, Inc.	68,591	1,595	-	-	65,450
Power Integrations, Inc.	86,294	2,540	-	-	77,882
Rambus, Inc.	158,804	18,979	-	-	164,704
Red Hat, Inc.	228,076	127,347	7,372	-	315,010
Regeneron Pharmaceuticals, Inc.	139,151	-	-	-	126,310
Rigel Pharmaceuticals, Inc.	21,587	8,512	-	-	66,702
Riverbed Technology, Inc.	199,958	-	-	-	141,838
Rubicon Technology, Inc.	24,150	12,445	-	-	54,261
Salesforce.com, Inc.	662,606	5,774	-	-	703,501
Seattle Genetics, Inc.	73,220	9,018	-	-	68,719
Sepracor, Inc.	282,362	15,227	-	-	239,823
Sonus Networks, Inc.	176,579	-	-	-	89,095
SuccessFactors, Inc.	28,946	14,473	-	-	26,221
Sunesis Pharmaceuticals, Inc.	6,691	-	-	-	4,419
Synaptics, Inc.	144,712	23,063	-	-	82,649
Thoratec Corp.	103,783	-	-	-	76,871
TiVo, Inc.	73,514	694	-	-	85,880
Transition Therapeutics, Inc.	22,721	-	-	-	23,608
Trubion Pharmaceuticals, Inc.	17,732	-	-	-	12,620
TurboChef Technologies, Inc.	43,103	-	-	-	24,639
Universal Display Corp.	57,811	631	-	-	60,096
Veeco Instruments, Inc.	29,617	-	-	-	27,358
Vertex Pharmaceuticals, Inc.	321,122	9,702	-	-	231,005
Total	$ 9,357,132	$ 762,224	$ 749,944	$ 491	$ 6,675,534

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 34,138,030	$ 31,668,983	$ 2,443,406	$ 25,641

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

(Amounts in thousands)	Investments in Securities
Beginning Balance	$ 25,641
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 25,641

Income Tax Information

At February 29, 2008, the aggregate cost of investment securities for income tax purposes was $28,555,745,000. Net unrealized appreciation aggregated $5,582,285,000, of which $8,961,313,000 related to appreciated investment securities and $3,379,028,000 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® New Millennium Fund®

February 29, 2008

1.797943.104

NMF-QTLY-0408

Investments February 29, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 11.0%
Auto Components - 0.5%
Gentex Corp.	165,300		$ 2,665
Johnson Controls, Inc.	250,000		8,215
			10,880
Automobiles - 0.3%
Fiat SpA	133,400		2,817
Renault SA	30,900		3,301
			6,118
Distributors - 1.9%
Li & Fung Ltd.	9,483,600		34,495
LKQ Corp. (a)	131,600		2,795
			37,290
Diversified Consumer Services - 0.3%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	94,100		5,867
Hotels, Restaurants & Leisure - 1.0%
Ctrip.com International Ltd. sponsored ADR	139,500		8,456
Famous Dave's of America, Inc. (a)	230,000		2,335
Life Time Fitness, Inc. (a)(d)	65,500		1,903
Red Robin Gourmet Burgers, Inc. (a)(d)	232,500		7,749
			20,443
Household Durables - 0.7%
D.R. Horton, Inc.	304,200		4,268
Ryland Group, Inc.	91,600		2,591
Whirlpool Corp.	74,300		6,269
			13,128
Internet & Catalog Retail - 0.1%
NutriSystem, Inc. (a)(d)	186,800		2,673
Leisure Equipment & Products - 0.6%
MarineMax, Inc. (a)(d)	298,900		3,670
Pool Corp. (d)	249,500		4,753
Summer Infant, Inc. (a)(e)	910,784		3,825
			12,248
Media - 1.6%
Central European Media Enterprises Ltd. Class A (a)	70,400		6,471
Lee Enterprises, Inc. (d)	202,600		2,089
Sports Properties Acquisition Corp. unit	315,300		3,121
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
The Walt Disney Co.	280,800		$ 9,101
Time Warner, Inc.	675,000		10,537
			31,319
Multiline Retail - 0.4%
Kohl's Corp. (a)	68,900		3,062
Nordstrom, Inc. (d)	138,000		5,110
			8,172
Specialty Retail - 1.2%
Lowe's Companies, Inc.	355,000		8,509
OfficeMax, Inc.	131,400		2,795
PetSmart, Inc.	132,100		2,844
TJX Companies, Inc.	250,900		8,029
Zumiez, Inc. (a)(d)	163,100		2,867
			25,044
Textiles, Apparel & Luxury Goods - 2.4%
Carter's, Inc. (a)	431,800		6,663
Crocs, Inc. (a)(d)	168,200		4,091
LVMH Moet Hennessy - Louis Vuitton	55,000		5,650
Polo Ralph Lauren Corp. Class A	56,500		3,514
Ports Design Ltd.	2,390,100		7,066
Under Armour, Inc. Class A (sub. vtg.) (a)(d)	564,200		20,774
			47,758
TOTAL CONSUMER DISCRETIONARY			220,940
CONSUMER STAPLES - 7.1%
Beverages - 1.0%
Coca-Cola Femsa SA de CV sponsored ADR	130,100		6,822
Diageo PLC sponsored ADR	98,700		8,103
Molson Coors Brewing Co. Class B	99,300		5,358
			20,283
Food & Staples Retailing - 1.9%
Costco Wholesale Corp.	49,100		3,040
CVS Caremark Corp.	159,300		6,433
Sysco Corp.	263,200		7,385
United Natural Foods, Inc. (a)	515,600		8,724
Whole Foods Market, Inc. (d)	229,700		8,074
X5 Retail Group NV GDR (a)(f)	112,500		3,791
			37,447
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - 3.3%
Bunge Ltd.	57,300		$ 6,351
Corn Products International, Inc.	153,000		5,617
Green Mountain Coffee Roasters, Inc. (a)(d)	1,145,700		34,955
Hain Celestial Group, Inc. (a)	329,600		8,899
Marine Harvest ASA (a)	4,107,000		2,433
Tyson Foods, Inc. Class A	276,500		3,984
Wimm-Bill-Dann Foods OJSC sponsored ADR	40,000		4,210
			66,449
Household Products - 0.5%
Procter & Gamble Co.	158,000		10,456
Personal Products - 0.4%
Avon Products, Inc.	179,700		6,839
Physicians Formula Holdings, Inc. (a)	166,100		1,309
			8,148
TOTAL CONSUMER STAPLES			142,783
ENERGY - 10.1%
Energy Equipment & Services - 0.9%
ION Geophysical Corp. (a)(d)	352,800		4,689
Nabors Industries Ltd. (a)	162,200		5,114
North American Energy Partners, Inc. (a)	251,400		4,168
SBM Offshore NV	142,996		4,610
			18,581
Oil, Gas & Consumable Fuels - 9.2%
Canadian Natural Resources Ltd.	46,600		3,493
Denbury Resources, Inc. (a)	230,600		7,354
Enbridge, Inc.	118,500		4,883
Energy Transfer Equity LP	161,300		5,365
EOG Resources, Inc.	102,600		12,208
Exxon Mobil Corp.	243,800		21,213
Hess Corp.	67,200		6,262
Lukoil Oil Co. sponsored ADR	77,100		5,721
Niko Resources Ltd.	60,100		5,651
Noble Energy, Inc.	183,500		14,203
OAO Gazprom sponsored ADR	149,500		7,481
OJSC Rosneft unit	765,700		6,263
Petroleo Brasileiro SA - Petrobras sponsored ADR	112,400		13,189
Plains Exploration & Production Co. (a)	175,695		9,488
Quicksilver Resources, Inc. (a)	360,600		12,405
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
SouthGobi Energy Resources Ltd. (a)	607,700		$ 7,960
Southwestern Energy Co. (a)	124,500		8,121
Suncor Energy, Inc.	46,200		4,765
Ultra Petroleum Corp. (a)	135,200		10,609
Williams Companies, Inc.	161,400		5,814
XTO Energy, Inc.	176,250		10,876
			183,324
TOTAL ENERGY			201,905
FINANCIALS - 10.6%
Capital Markets - 1.7%
Charles Schwab Corp.	1,002,900		19,667
EFG International	113,920		3,828
GFI Group, Inc. (a)(d)	39,100		2,993
T. Rowe Price Group, Inc.	143,000		7,226
			33,714
Commercial Banks - 2.4%
Associated Banc-Corp.	127,900		3,187
BOK Financial Corp.	65,600		3,393
Boston Private Financial Holdings, Inc. (d)	268,000		3,690
City National Corp.	83,900		4,300
East West Bancorp, Inc. (d)	27,600		519
First Community Bancorp, California	57,300		1,633
M&T Bank Corp. (d)	159,300		13,075
PNC Financial Services Group, Inc.	128,100		7,869
Seacoast Banking Corp., Florida (d)	50,029		500
UMB Financial Corp.	258,700		9,903
			48,069
Diversified Financial Services - 2.8%
Bolsa de Mercadorias & Futuros - BM&F SA	476,400		5,158
Bovespa Holding SA	491,000		7,822
CME Group, Inc.	44,500		22,842
Deutsche Boerse AG	51,000		8,083
Hong Kong Exchanges & Clearing Ltd.	165,000		3,135
NYMEX Holdings, Inc. (d)	92,300		9,118
			56,158
Insurance - 3.3%
AFLAC, Inc.	164,800		10,285
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
American International Group, Inc.	266,700		$ 12,498
Assured Guaranty Ltd.	170,000		4,361
Berkshire Hathaway, Inc. Class A (a)	177		24,780
IPC Holdings Ltd.	182,200		4,941
The Chubb Corp.	178,600		9,091
			65,956
Real Estate Investment Trusts - 0.4%
Thornburg Mortgage, Inc. (SBI) (d)	865,900		7,707
TOTAL FINANCIALS			211,604
HEALTH CARE - 15.3%
Biotechnology - 4.4%
Alexion Pharmaceuticals, Inc. (a)	59,900		3,631
Alnylam Pharmaceuticals, Inc. (a)	266,600		7,571
Amylin Pharmaceuticals, Inc. (a)	136,200		3,605
Celgene Corp. (a)	158,300		8,923
Cepheid, Inc. (a)	230,600		6,383
CSL Ltd.	402,424		13,497
CytRx Corp. (a)	3,063,304		5,514
Diagnocure, Inc. (a)	920,700		2,302
Genentech, Inc. (a)	139,800		10,590
Genomic Health, Inc. (a)(d)	288,300		5,498
Gilead Sciences, Inc. (a)	115,800		5,480
GTx, Inc. (a)	297,068		4,863
Memory Pharmaceuticals Corp. (a)	1,606,400		1,028
Myriad Genetics, Inc. (a)	49,700		1,840
Omrix Biopharmaceuticals, Inc. (a)	61,700		1,490
OREXIGEN Therapeutics, Inc.	226,300		2,931
Vertex Pharmaceuticals, Inc. (a)	134,100		2,347
			87,493
Health Care Equipment & Supplies - 3.8%
Becton, Dickinson & Co.	95,400		8,626
C.R. Bard, Inc.	67,500		6,398
Gen-Probe, Inc. (a)	96,100		4,595
Heartware Ltd. (a)	3,210,821		1,380
Hologic, Inc. (a)	136,052		8,205
Immucor, Inc. (a)	124,900		3,722
Insulet Corp.	192,400		3,296
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
IRIS International, Inc. (a)	233,234		$ 2,629
Meridian Bioscience, Inc.	320,995		11,000
Mindray Medical International Ltd. sponsored ADR	224,500		8,239
Quidel Corp. (a)	505,500		8,305
ThermoGenesis Corp. (a)(e)	5,465,243		9,072
			75,467
Health Care Providers & Services - 1.6%
Assisted Living Concepts, Inc. Class A (a)	508,300		3,060
athenahealth, Inc. (d)	119,500		3,886
Capital Senior Living Corp. (a)	611,000		4,607
Dialysis Corp. of America (a)	254,254		2,118
Emeritus Corp. (a)	175,208		3,879
Henry Schein, Inc. (a)	123,300		7,376
LHC Group, Inc. (a)(d)	227,133		3,861
VCA Antech, Inc. (a)	74,400		2,389
			31,176
Health Care Technology - 0.8%
Cerner Corp. (a)	308,300		13,396
MedAssets, Inc.	202,000		3,668
			17,064
Life Sciences Tools & Services - 2.5%
Affymetrix, Inc. (a)	268,500		5,150
Applera Corp. - Celera Genomics Group (a)	364,200		5,048
Covance, Inc. (a)	74,700		6,305
Illumina, Inc. (a)	101,400		7,342
Pharmaceutical Product Development, Inc.	142,100		6,404
QIAGEN NV (a)	740,900		16,292
Techne Corp. (a)	52,100		3,563
			50,104
Pharmaceuticals - 2.2%
BioMimetic Therapeutics, Inc. (a)	61,672		847
Elan Corp. PLC sponsored ADR (a)	251,200		5,720
Inspire Pharmaceuticals, Inc. (a)	302,500		1,358
Nexmed, Inc. (a)(e)	6,399,067		9,791
Perrigo Co.	167,700		5,605
Schering-Plough Corp.	207,000		4,492
Teva Pharmaceutical Industries Ltd. sponsored ADR	100,000		4,907
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Wyeth	150,700		$ 6,574
XenoPort, Inc. (a)	112,000		5,731
			45,025
TOTAL HEALTH CARE			306,329
INDUSTRIALS - 16.2%
Aerospace & Defense - 2.9%
General Dynamics Corp.	200,300		16,395
Lockheed Martin Corp.	63,000		6,502
Raytheon Co.	197,000		12,773
Rockwell Collins, Inc.	178,300		10,502
Taser International, Inc. (a)(d)	332,800		3,751
United Technologies Corp.	118,100		8,327
			58,250
Air Freight & Logistics - 1.5%
C.H. Robinson Worldwide, Inc.	164,700		8,362
Expeditors International of Washington, Inc.	114,200		4,490
Forward Air Corp.	182,700		5,362
Hub Group, Inc. Class A (a)	233,916		7,015
UTI Worldwide, Inc.	268,000		4,497
			29,726
Commercial Services & Supplies - 4.1%
China Security & Surveillance Technology, Inc. (a)(d)	120,500		1,800
Clean Harbors, Inc. (a)	294,600		18,124
Corrections Corp. of America (a)	473,700		12,724
Equifax, Inc.	126,600		4,332
Fuel Tech, Inc. (a)(d)	197,387		3,962
Healthcare Services Group, Inc.	566,600		11,207
Monster Worldwide, Inc. (a)(d)	158,600		4,217
PHH Corp. (a)	200,000		4,048
Robert Half International, Inc.	165,500		4,460
Stericycle, Inc. (a)	80,200		4,322
Tetra Tech, Inc. (a)	268,500		5,067
Waste Management, Inc.	227,800		7,479
			81,742
Construction & Engineering - 1.0%
Chicago Bridge & Iron Co. NV (NY Shares)	125,300		5,829
Doosan Heavy Industries & Construction Co. Ltd.	30,540		4,411
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Construction & Engineering - continued
Quanta Services, Inc. (a)	255,201		$ 6,094
URS Corp. (a)	77,200		3,110
			19,444
Electrical Equipment - 4.5%
Carmanah Technologies Corp. (a)	1,294,800		1,105
Conergy AG (d)	101,996		2,285
Evergreen Solar, Inc. (a)(d)	1,738,759		16,709
First Solar, Inc. (a)	30,800		6,320
JA Solar Holdings Co. Ltd. ADR	210,000		3,001
Orion Energy Systems, Inc.	123,300		1,112
Q-Cells AG (a)(d)	251,200		20,181
Renewable Energy Corp. AS (a)(d)	1,005,500		24,592
SolarWorld AG	170,500		7,731
Sunpower Corp. Class A (a)	51,500		3,385
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	104,800		3,895
			90,316
Industrial Conglomerates - 0.5%
3M Co.	131,100		10,278
Machinery - 1.3%
Badger Meter, Inc.	93,900		3,584
ITT Corp.	160,400		9,021
Kadant, Inc. (a)	167,500		4,204
Pentair, Inc.	128,500		4,192
Valmont Industries, Inc.	62,900		5,026
			26,027
Road & Rail - 0.4%
J.B. Hunt Transport Services, Inc.	166,000		4,543
Landstar System, Inc.	91,300		4,234
			8,777
TOTAL INDUSTRIALS			324,560
INFORMATION TECHNOLOGY - 18.7%
Communications Equipment - 3.9%
Ciena Corp. (a)	224,400		5,796
Cisco Systems, Inc. (a)	1,724,100		42,021
Corning, Inc.	558,800		12,981
Harris Corp.	133,100		6,499
Infinera Corp.	6,800		79
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Juniper Networks, Inc. (a)	265,400		$ 7,118
Nokia Corp. sponsored ADR	100,000		3,601
			78,095
Computers & Peripherals - 2.2%
Apple, Inc. (a)	84,500		10,564
EMC Corp. (a)	603,500		9,378
Hewlett-Packard Co.	485,700		23,202
			43,144
Electronic Equipment & Instruments - 2.0%
Acacia Research Corp. - Acacia Technologies (a)	562,800		3,675
FLIR Systems, Inc. (a)	265,700		7,562
Hon Hai Precision Industry Co. Ltd. (Foxconn)	1,395,080		8,323
Itron, Inc. (a)(d)	112,000		10,677
Motech Industries, Inc.	578,674		3,905
Roth & Rau AG (a)	13,700		3,302
Universal Display Corp. (a)	200,000		3,408
			40,852
Internet Software & Services - 3.0%
Akamai Technologies, Inc. (a)	220,800		7,763
Constant Contact, Inc. (d)	205,300		3,654
DealerTrack Holdings, Inc. (a)	127,300		2,606
Equinix, Inc. (a)	104,500		7,247
Google, Inc. Class A (sub. vtg.) (a)	33,200		15,643
Greenfield Online, Inc. (a)	209,100		2,829
Omniture, Inc. (a)	483,690		11,115
Terremark Worldwide, Inc. (a)	779,900		3,900
VistaPrint Ltd. (a)	178,707		5,615
			60,372
IT Services - 1.5%
Cognizant Technology Solutions Corp. Class A (a)	157,200		4,749
Fidelity National Information Services, Inc.	103,200		4,282
Hewitt Associates, Inc. Class A (a)	150,800		5,951
Paychex, Inc.	200,000		6,292
The Western Union Co.	413,100		8,592
			29,866
Semiconductors & Semiconductor Equipment - 3.9%
Advanced Analog Technology, Inc.	539,000		1,806
Altera Corp.	228,800		3,915
Applied Materials, Inc.	527,000		10,103
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
ARM Holdings PLC sponsored ADR	1,409,400		$ 7,597
ASML Holding NV (NY Shares) (a)	247,566		5,961
Global Mixed-mode Technology, Inc.	469,000		2,625
Hittite Microwave Corp. (a)	133,900		4,433
Intel Corp.	818,500		16,329
MEMC Electronic Materials, Inc. (a)	156,600		11,945
Richtek Technology Corp.	512,050		4,518
Siliconware Precision Industries Co. Ltd. sponsored ADR	684,178		5,597
Volterra Semiconductor Corp. (a)	363,600		3,145
			77,974
Software - 2.2%
Adobe Systems, Inc. (a)	209,600		7,053
Autonomy Corp. PLC (a)	578,300		10,757
Concur Technologies, Inc. (a)	135,000		3,947
Gameloft (a)	351,800		1,503
Nuance Communications, Inc. (a)	274,700		4,519
Quality Systems, Inc. (d)	167,700		5,464
Salesforce.com, Inc. (a)	187,800		11,215
			44,458
TOTAL INFORMATION TECHNOLOGY			374,761
MATERIALS - 4.5%
Chemicals - 1.7%
ADA-ES, Inc. (a)	203,246		2,175
Airgas, Inc.	148,500		7,216
Calgon Carbon Corp. (a)	262,500		4,289
Ecolab, Inc.	214,700		10,046
Monsanto Co.	56,900		6,582
Zoltek Companies, Inc. (a)(d)	117,800		2,695
			33,003
Metals & Mining - 2.6%
ArcelorMittal SA (NY Reg.) Class A	105,800		8,043
BHP Billiton PLC	127,000		4,063
Equigold NL	1,882,701		7,982
Goldcorp, Inc.	250,800		10,829
Ivanhoe Mines Ltd. (a)	481,800		6,282
Rio Tinto PLC (Reg.)	71,300		8,101
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - continued
Searchlight Minerals Corp. (a)	488,161		$ 1,616
Steel Dynamics, Inc.	98,700		5,750
			52,666
Paper & Forest Products - 0.2%
Stella-Jones, Inc.	127,800		4,792
TOTAL MATERIALS			90,461
TELECOMMUNICATION SERVICES - 1.4%
Diversified Telecommunication Services - 1.0%
Qwest Communications International, Inc.	804,500		4,344
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	327,200		5,216
Verizon Communications, Inc.	289,700		10,522
			20,082
Wireless Telecommunication Services - 0.4%
America Movil SAB de CV Series L sponsored ADR	119,200		7,207
TOTAL TELECOMMUNICATION SERVICES			27,289
UTILITIES - 1.7%
Electric Utilities - 0.1%
Westar Energy, Inc.	120,050		2,729
Independent Power Producers & Energy Traders - 0.5%
AES Corp. (a)	528,300		9,499
Multi-Utilities - 0.9%
NSTAR	249,400		7,706
Veolia Environnement sponsored ADR	75,200		6,697
YTL Corp. Bhd	993,500		2,371
			16,774
Water Utilities - 0.2%
Cascal BV	340,000		4,097
TOTAL UTILITIES			33,099
TOTAL COMMON STOCKS (Cost $1,819,876)		1,933,731
Money Market Funds - 12.7%
	Shares		Value (000s)
Fidelity Cash Central Fund, 3.24% (b)	80,008,380		$ 80,008
Fidelity Securities Lending Cash Central Fund, 3.25% (b)(c)	174,802,741		174,803
TOTAL MONEY MARKET FUNDS (Cost $254,811)		254,811
TOTAL INVESTMENT PORTFOLIO - 109.3% (Cost $2,074,687)			2,188,542
NET OTHER ASSETS - (9.3)%			(186,347)
NET ASSETS - 100%		$ 2,002,195

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 583
Fidelity Securities Lending Cash Central Fund	902
Total	$ 1,485

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Nexmed, Inc.	$ 8,895	$ -	$ -	$ -	$ 9,791
Summer Infant, Inc.	4,545	-	-	-	3,825
ThermoGenesis Corp.	11,750	-	-	-	9,072
Total	$ 25,190	$ -	$ -	$ -	$ 22,688

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 2,188,542	$ 1,979,791	$ 208,751	$ 0

Income Tax Information

At February 29, 2008, the aggregate cost of investment securities for income tax purposes was $2,079,827,000. Net unrealized appreciation aggregated $108,715,000, of which $316,829,000 related to appreciated investment securities and $208,114,000 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

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

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/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	April 29, 2008

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/ Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	April 29, 2008

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer

Date:	April 29, 2008