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, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Aggressive Growth Fund

August 31, 2006

FEG-QTLY-1006

1.805759.102

Investments August 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%

Shares

Value
(000s)

CONSUMER DISCRETIONARY - 9.5%

Hotels, Restaurants & Leisure - 1.0%

Penn National Gaming, Inc. (a)

1,102,239

$ 36,506

Household Durables - 1.0%

Harman International Industries, Inc.

461,372

37,426

Internet & Catalog Retail - 1.5%

Coldwater Creek, Inc. (a)

1,978,653

54,354

Media - 1.0%

Focus Media Holding Ltd. ADR (a)

643,399

37,961

Specialty Retail - 5.0%

Abercrombie & Fitch Co. Class A

1,319,700

85,160

PETsMART, Inc.

739,780

18,568

Urban Outfitters, Inc. (a)

4,977,822

78,102

Williams-Sonoma, Inc.

34,500

1,016

182,846

TOTAL CONSUMER DISCRETIONARY

349,093

ENERGY - 6.3%

Energy Equipment & Services - 1.8%

FMC Technologies, Inc. (a)

541,500

31,851

W-H Energy Services, Inc. (a)

664,700

33,547

65,398

Oil, Gas & Consumable Fuels - 4.5%

Chesapeake Energy Corp.

1,121,700

35,412

EOG Resources, Inc.

528,000

34,225

Quicksilver Resources, Inc. (a)

795,740

29,936

Range Resources Corp.

1,313,700

36,757

Ultra Petroleum Corp. (a)

634,900

31,516

167,846

TOTAL ENERGY

233,244

FINANCIALS - 6.0%

Capital Markets - 1.9%

Greenhill & Co., Inc. (d)

320,000

17,610

Indiabulls Financial Services Ltd.

4,029,585

27,050

Indiabulls Financial Services Ltd. GDR (f)

1,245,356

8,342

Jefferies Group, Inc.

697,800

17,389

70,391

Common Stocks - continued

Shares

Value
(000s)

FINANCIALS - continued

Diversified Financial Services - 3.9%

CBOT Holdings, Inc. Class A (d)

314,500

$ 36,947

IntercontinentalExchange, Inc.

1,664,112

105,272

142,219

Real Estate Investment Trusts - 0.2%

Host Hotels & Resorts, Inc.

418,255

9,427

TOTAL FINANCIALS

222,037

HEALTH CARE - 30.0%

Biotechnology - 3.9%

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

2,274,419

29,613

Celgene Corp. (a)

782,000

31,820

PDL BioPharma, Inc. (a)

2,081,400

41,004

Telik, Inc. (a)(d)

2,253,985

40,189

142,626

Health Care Equipment & Supplies - 15.6%

Advanced Medical Optics, Inc. (a)(d)

1,536,900

74,002

Conceptus, Inc. (a)

799,208

13,786

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

2,506,400

40,804

Haemonetics Corp. (a)(d)

836,500

38,964

Mentor Corp.

736,600

35,755

NeuroMetrix, Inc. (a)(e)

674,713

18,291

Northstar Neuroscience, Inc.

1,009,100

11,857

NuVasive, Inc. (a)(e)

3,202,750

65,849

Palomar Medical Technologies, Inc. (a)(d)

664,619

26,385

Somanetics Corp. (a)(e)

991,100

16,710

St. Jude Medical, Inc. (a)

5,356,500

195,031

Varian Medical Systems, Inc. (a)

689,400

36,745

574,179

Health Care Technology - 1.3%

Eclipsys Corp. (a)

1,870,443

31,985

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

2,294,225

17,000

48,985

Life Sciences Tools & Services - 2.8%

Millipore Corp. (a)

295,300

18,952

Ventana Medical Systems, Inc. (a)

1,814,824

84,643

103,595

Common Stocks - continued

Shares

Value
(000s)

HEALTH CARE - continued

Pharmaceuticals - 6.4%

Allergan, Inc.

971,006

$ 111,238

Medicis Pharmaceutical Corp. Class A

1,268,600

37,157

Sepracor, Inc. (a)

1,822,001

85,652

234,047

TOTAL HEALTH CARE

1,103,432

INDUSTRIALS - 9.4%

Aerospace & Defense - 0.6%

Ceradyne, Inc. (a)(d)

475,102

20,938

Air Freight & Logistics - 0.4%

UTI Worldwide, Inc.

665,747

15,345

Construction & Engineering - 2.0%

Infrasource Services, Inc. (a)(e)

2,099,600

36,302

Quanta Services, Inc. (a)

2,104,800

37,318

73,620

Electrical Equipment - 4.0%

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

2,063,412

72,323

Rockwell Automation, Inc.

622,200

35,080

Suntech Power Holdings Co. Ltd. sponsored ADR (d)

1,357,100

39,356

146,759

Industrial Conglomerates - 1.1%

McDermott International, Inc. (a)

886,500

42,729

Machinery - 1.2%

Deere & Co.

553,200

43,205

Marine - 0.1%

Diana Shipping, Inc.

315,000

4,041

TOTAL INDUSTRIALS

346,637

INFORMATION TECHNOLOGY - 26.7%

Communications Equipment - 2.0%

Comverse Technology, Inc. (a)

3,586,193

74,951

Computers & Peripherals - 0.6%

Brocade Communications Systems, Inc. (a)

3,247,745

20,136

Internet Software & Services - 0.8%

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

1,017,500

28,917

Common Stocks - continued

Shares

Value
(000s)

INFORMATION TECHNOLOGY - continued

IT Services - 2.2%

Cognizant Technology Solutions Corp. Class A (a)

590,700

$ 41,296

Paychex, Inc.

1,059,000

38,029

79,325

Semiconductors & Semiconductor Equipment - 11.7%

ARM Holdings PLC sponsored ADR

5,707,200

38,809

ASML Holding NV (NY Shares) (a)

3,476,100

76,683

Broadcom Corp. Class A (a)

2,589,000

76,220

Lam Research Corp. (a)

1,145,600

49,020

Marvell Technology Group Ltd. (a)

2,132,030

37,332

Microchip Technology, Inc.

1,130,463

38,617

PMC-Sierra, Inc. (a)(d)

8,844,872

60,499

Qimonda AG Sponsored ADR (a)

1,181,100

19,075

Renewable Energy Corp. AS (d)

2,517,250

35,239

431,494

Software - 9.4%

Activision, Inc. (a)

2,825,933

36,455

Autodesk, Inc. (a)

1,084,200

37,687

BEA Systems, Inc. (a)

1,350,900

18,548

Electronic Arts, Inc. (a)

1,082,700

55,185

Hyperion Solutions Corp. (a)

1,147,941

38,020

Informatica Corp. (a)

2,647,800

38,764

NAVTEQ Corp. (a)

675,100

17,931

Nintendo Co. Ltd.

198,600

40,737

Wind River Systems, Inc. (a)(e)

6,065,880

61,690

345,017

TOTAL INFORMATION TECHNOLOGY

979,840

MATERIALS - 5.9%

Chemicals - 5.9%

Agrium, Inc.

1,667,600

38,729

Monsanto Co.

1,156,000

54,841

Mosaic Co.

2,462,000

39,983

Potash Corp. of Saskatchewan, Inc.

835,922

81,895

215,448

Common Stocks - continued

Shares

Value
(000s)

TELECOMMUNICATION SERVICES - 3.3%

Diversified Telecommunication Services - 2.3%

Level 3 Communications, Inc. (a)(d)

9,846,300

$ 43,619

Qwest Communications International, Inc. (a)

4,534,010

39,945

83,564

Wireless Telecommunication Services - 1.0%

American Tower Corp. Class A (a)

1,022,200

36,656

TOTAL TELECOMMUNICATION SERVICES

120,220

UTILITIES - 1.1%

Independent Power Producers & Energy Traders - 1.1%

Ormat Technologies, Inc.

1,077,904

39,225

TOTAL COMMON STOCKS

(Cost $3,793,404)

3,609,176

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

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

96,800

0

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $1,452)

0

Money Market Funds - 7.0%

Fidelity Cash Central Fund, 5.31% (b)

54,160,846

54,161

Fidelity Securities Lending Cash Central Fund, 5.33% (b)(c)

205,301,628

205,302

TOTAL MONEY MARKET FUNDS

(Cost $259,463)

259,463

TOTAL INVESTMENT PORTFOLIO - 105.2%

(Cost $4,054,319)

3,868,639

NET OTHER ASSETS - (5.2)%

(191,854)

NET ASSETS - 100%

$ 3,676,785

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $8,342,000 or 0.2% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $0 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Chorum Technologies, Inc. Series E

9/19/00

$ 1,452

Affiliated Central Funds

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

Fund

Income earned
(Amount in thousands)

Fidelity Cash Central Fund

$ 1,636

Fidelity Securities Lending Cash Central Fund

964

Total

$ 2,600

Other Affiliated Issuers

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

Affiliates

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Alnylam Pharmaceuticals, Inc.

$ 20,009

$ 9,053

$ -

$ -

$ 29,613

American Medical Systems Holdings, Inc.

87,111

5,731

94,699

-

-

Bankrate, Inc.

-

46,209

-

-

28,917

Cyberonics, Inc.

70,706

-

-

-

40,804

Energy Conversion Devices, Inc.

-

93,794

15,680

-

72,323

Infrasource Services, Inc.

-

44,527

8,389

-

36,302

Ixia

51,450

8,245

53,931

-

-

Martek Biosciences

45,273

16,377

78,269

-

-

Medicis Pharmaceutical Corp. Class A

45,673

99,252

100,696

206

-

Merge Technologies, Inc.

-

38,575

-

-

17,000

NeuroMetrix, Inc.

21,797

756

1,818

-

18,291

NuVasive, Inc.

37,954

17,232

-

-

65,849

Somanetics Corp.

-

20,976

-

-

16,710

Wind River Systems, Inc.

-

74,756

5,423

-

61,690

Total

$ 379,973

$ 475,483

$ 358,905

$ 206

$ 387,499

Income Tax Information

At August 31, 2006, the aggregate cost of investment securities for income tax purposes was $4,078,231,000. Net unrealized depreciation aggregated $209,592,000, of which $259,874,000 related to appreciated investment securities and $469,466,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth Company Fund

August 31, 2006

GCF-QTLY-1006

1.805820.102

Investments August 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%

Shares

Value
(000s)

CONSUMER DISCRETIONARY - 5.6%

Hotels, Restaurants & Leisure - 0.5%

McDonald's Corp.

65,000

$ 2,334

Starbucks Corp. (a)

3,218,400

99,803

The Cheesecake Factory, Inc. (a)

1,345,977

33,501

Tim Hortons, Inc. (d)

139,200

3,621

139,259

Household Durables - 0.1%

LG Electronics, Inc.

350,000

23,447

Tupperware Brands Corp.

50,000

901

24,348

Internet & Catalog Retail - 0.3%

Amazon.com, Inc. (a)(d)

105,000

3,237

Liberty Media Holding Corp. - Interactive Series A (a)

1,813,831

34,572

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

2,328,925

44,343

82,152

Media - 1.8%

CBS Corp. Class B

1,115,988

31,861

Comcast Corp.:

Class A (a)

4,915,000

172,025

Class A (special) (a)

200,000

6,982

Liberty Global, Inc. Class A

42,766

1,010

Liberty Media Holding Corp. - Capital Series A (a)

1,092,766

94,338

News Corp. Class A

3,170,000

60,325

The Walt Disney Co.

84,500

2,505

Time Warner, Inc.

2,801,950

46,568

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

8,622,659

71,137

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

420,988

15,282

502,033

Multiline Retail - 0.7%

Federated Department Stores, Inc.

300,000

11,394

Kohl's Corp. (a)

725,000

45,320

Target Corp.

2,700,000

130,653

187,367

Specialty Retail - 1.7%

Bed Bath & Beyond, Inc. (a)

349,200

11,779

Best Buy Co., Inc.

972,500

45,708

Gap, Inc.

57,825

972

Guitar Center, Inc. (a)

644,200

24,415

Home Depot, Inc.

5,876,150

201,493

Common Stocks - continued

Shares

Value
(000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Lowe's Companies, Inc. (d)

3,140,800

$ 84,990

Staples, Inc.

4,870,602

109,881

479,238

Textiles, Apparel & Luxury Goods - 0.5%

Coach, Inc. (a)

722,200

21,803

NIKE, Inc. Class B

477,000

38,523

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

2,250,952

77,523

137,849

TOTAL CONSUMER DISCRETIONARY

1,552,246

CONSUMER STAPLES - 11.6%

Beverages - 2.7%

PepsiCo, Inc.

6,806,640

444,337

The Coca-Cola Co.

6,692,500

299,891

744,228

Food & Staples Retailing - 4.3%

Costco Wholesale Corp.

1,375,800

64,374

CVS Corp.

5,612,780

188,309

Safeway, Inc.

5,225,000

161,609

Sysco Corp.

478,200

15,011

Wal-Mart Stores, Inc.

11,035,300

493,499

Walgreen Co.

4,405,000

217,871

Whole Foods Market, Inc.

945,000

50,671

Wild Oats Markets, Inc. (a)(d)

230,000

3,758

1,195,102

Food Products - 1.5%

Archer-Daniels-Midland Co.

3,340,000

137,508

Campbell Soup Co.

1,700,000

63,869

Dean Foods Co. (a)

326,280

12,927

General Mills, Inc.

237,800

12,896

Hershey Co.

320,000

17,267

Kellogg Co.

1,425,000

72,248

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

1,225,000

44,615

TreeHouse Foods, Inc. (a)

360,256

9,187

Wm. Wrigley Jr. Co.

1,025,000

47,581

418,098

Common Stocks - continued

Shares

Value
(000s)

CONSUMER STAPLES - continued

Household Products - 1.9%

Clorox Co. (d)

385,000

$ 23,027

Colgate-Palmolive Co.

2,295,000

137,379

Kimberly-Clark Corp.

881,600

55,982

Procter & Gamble Co.

4,736,183

293,170

509,558

Personal Products - 0.2%

Avon Products, Inc.

1,940,000

55,697

Tobacco - 1.0%

Altria Group, Inc.

3,235,380

270,251

TOTAL CONSUMER STAPLES

3,192,934

ENERGY - 5.4%

Energy Equipment & Services - 1.8%

Baker Hughes, Inc.

2,057,500

146,453

Diamond Offshore Drilling, Inc.

827,900

60,006

Schlumberger Ltd. (NY Shares)

929,000

56,948

Weatherford International Ltd. (a)

5,155,240

221,675

485,082

Oil, Gas & Consumable Fuels - 3.6%

Anadarko Petroleum Corp.

1,570,000

73,649

Apache Corp.

495,000

32,314

ConocoPhillips

1,553,810

98,558

Devon Energy Corp.

2,440,000

152,476

EnCana Corp.

3,145,000

165,032

EOG Resources, Inc.

1,720,000

111,490

Hess Corp.

6,810,000

311,762

Noble Energy, Inc.

850,000

42,007

Sasol Ltd. sponsored ADR

435,000

15,225

1,002,513

TOTAL ENERGY

1,487,595

FINANCIALS - 4.2%

Capital Markets - 1.8%

Ameriprise Financial, Inc.

8,380,809

383,254

Charles Schwab Corp.

5,651,475

92,176

State Street Corp.

510,000

31,518

506,948

Common Stocks - continued

Shares

Value
(000s)

FINANCIALS - continued

Commercial Banks - 0.9%

Commerce Bancorp, Inc., New Jersey (d)

1,870,000

$ 62,290

Synovus Financial Corp.

1,261,900

36,696

Wells Fargo & Co.

3,890,000

135,178

234,164

Consumer Finance - 0.3%

American Express Co.

1,487,548

78,156

SLM Corp.

300,000

14,559

92,715

Diversified Financial Services - 0.7%

Bank of America Corp.

3,540,000

182,204

Citigroup, Inc.

310,197

15,308

197,512

Insurance - 0.4%

American International Group, Inc.

1,338,750

85,439

Prudential Financial, Inc.

233,000

17,105

102,544

Thrifts & Mortgage Finance - 0.1%

Fannie Mae

714,300

37,608

TOTAL FINANCIALS

1,171,491

HEALTH CARE - 30.0%

Biotechnology - 11.7%

Acadia Pharmaceuticals, Inc. (a)(e)

2,973,500

25,751

Alexion Pharmaceuticals, Inc. (a)(e)

3,150,341

118,295

Alkermes, Inc. (a)(e)

9,110,790

148,961

Amgen, Inc. (a)

1,477,605

100,374

Amylin Pharmaceuticals, Inc. (a)(d)

3,274,700

148,442

Biogen Idec, Inc. (a)

244,164

10,777

BioMarin Pharmaceutical, Inc. (a)(e)

8,535,793

142,036

Celgene Corp. (a)(e)

32,071,744

1,304,999

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

4,755,200

53,496

DOV Pharmaceutical, Inc. (a)

601,400

571

Genentech, Inc. (a)

865,800

71,446

Genzyme Corp. (a)

215,000

14,239

Gilead Sciences, Inc. (a)

850,000

53,890

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

12,770,010

143,407

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

4,987,700

11,222

Medarex, Inc. (a)

3,314,720

35,600

Common Stocks - continued

Shares

Value
(000s)

HEALTH CARE - continued

Biotechnology - continued

MedImmune, Inc. (a)

3,592,800

$ 99,305

Millennium Pharmaceuticals, Inc. (a)

785,000

8,525

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

3,116,000

49,451

Myriad Genetics, Inc. (a)

560,000

14,162

PDL BioPharma, Inc. (a)(e)

7,995,450

157,510

Regeneron Pharmaceuticals, Inc. (a)(e)

5,464,300

86,773

Rigel Pharmaceuticals, Inc. (a)(e)

2,095,000

20,782

Seattle Genetics, Inc. (a)(e)

4,973,417

22,977

Sunesis Pharmaceuticals, Inc. (d)(e)

1,790,000

9,505

Threshold Pharmaceuticals, Inc. (a)

383,757

794

Vertex Pharmaceuticals, Inc. (a)(e)

11,016,587

379,521

Zymogenetics, Inc. (a)

281,800

5,450

3,238,261

Health Care Equipment & Supplies - 2.0%

Alcon, Inc.

245,000

28,859

Becton, Dickinson & Co.

1,250,000

87,125

Boston Scientific Corp. (a)

1,263,000

22,027

Foxhollow Technologies, Inc. (a)(d)

706,300

22,128

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

4,187,518

203,555

Hospira, Inc. (a)

511,520

18,737

Medtronic, Inc. (d)

539,964

25,324

Palomar Medical Technologies, Inc. (a)

250,000

9,925

St. Jude Medical, Inc. (a)

834,200

30,373

Thoratec Corp. (a)(e)

5,256,865

77,066

Zimmer Holdings, Inc. (a)

205,970

14,006

539,125

Health Care Providers & Services - 2.6%

Cardinal Health, Inc.

2,475,000

166,865

HCA, Inc.

470,000

23,180

Healthways, Inc. (a)

755,000

38,973

Laboratory Corp. of America Holdings (a)(d)

960,000

65,683

McKesson Corp.

3,360,000

170,688

Medco Health Solutions, Inc. (a)

1,006,360

63,773

Quest Diagnostics, Inc.

900,000

57,852

UnitedHealth Group, Inc.

2,476,400

128,649

715,663

Health Care Technology - 1.5%

Cerner Corp. (a)(e)

4,748,520

218,717

Common Stocks - continued

Shares

Value
(000s)

HEALTH CARE - continued

Health Care Technology - continued

Emdeon Corp. (a)(e)

13,929,200

$ 165,061

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

545,200

20,151

403,929

Life Sciences Tools & Services - 3.0%

Affymetrix, Inc. (a)(e)

6,683,890

142,434

Applera Corp.:

- Applied Biosystems Group

530,100

16,248

- Celera Genomics Group (a)

9,319,848

129,732

Caliper Life Sciences, Inc. (a)(d)(e)

1,793,500

9,362

Dionex Corp. (a)

247,200

12,464

Exelixis, Inc. (a)(e)

8,417,400

81,901

Illumina, Inc. (a)

748,324

25,204

Millipore Corp. (a)(e)

4,020,000

258,004

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

3,507,141

163,573

838,922

Pharmaceuticals - 9.2%

Abbott Laboratories

3,525,200

171,677

Allergan, Inc.

1,085,000

124,298

Atherogenics, Inc. (a)(d)

1,655,000

23,170

Barr Pharmaceuticals, Inc. (a)

5,175

292

Bristol-Myers Squibb Co.

1,954,700

42,515

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

840,000

25,880

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

38,260,849

632,452

Eli Lilly & Co.

1,580,000

88,369

Forest Laboratories, Inc. (a)

1,105,000

55,228

Johnson & Johnson

6,638,300

429,232

Kos Pharmaceuticals, Inc. (a)

250,000

12,225

Merck & Co., Inc.

3,804,300

154,264

Mylan Laboratories, Inc. (d)

1,865,000

37,897

Pfizer, Inc.

3,051,000

84,086

Sanofi-Aventis sponsored ADR

45,000

2,023

Schering-Plough Corp.

6,027,600

126,278

Sepracor, Inc. (a)(e)

9,135,573

429,463

Teva Pharmaceutical Industries Ltd. sponsored ADR

65,958

2,293

Wyeth

2,310,200

112,507

2,554,149

TOTAL HEALTH CARE

8,290,049

Common Stocks - continued

Shares

Value
(000s)

INDUSTRIALS - 9.0%

Aerospace & Defense - 1.3%

Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR

3,290,000

$ 126,994

Honeywell International, Inc.

1,015,000

39,301

Lockheed Martin Corp.

660,100

54,524

The Boeing Co.

1,965,000

147,179

367,998

Air Freight & Logistics - 0.3%

United Parcel Service, Inc. Class B

1,004,800

70,386

Airlines - 4.2%

AMR Corp.

627,500

12,958

Copa Holdings SA Class A (e)

2,079,400

60,968

Gol Linhas Aereas Inteligentes SA sponsored ADR (d)

145,000

5,062

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

17,490,903

179,107

Ryanair Holdings PLC:

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

3,230,000

31,037

sponsored ADR (a)

10,000

549

Southwest Airlines Co. (d)

25,801,263

446,878

UAL Corp. (a)

2,020,309

50,508

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

8,614,250

363,952

1,151,019

Commercial Services & Supplies - 0.0%

Monster Worldwide, Inc. (a)

17,900

729

Electrical Equipment - 0.6%

ABB Ltd. sponsored ADR

10,100,000

134,734

Energy Conversion Devices, Inc. (a)

54,025

1,894

Rockwell Automation, Inc.

290,000

16,350

152,978

Industrial Conglomerates - 2.1%

3M Co.

1,875,000

134,438

General Electric Co.

13,525,000

460,662

595,100

Machinery - 0.4%

Caterpillar, Inc.

515,000

34,170

Deere & Co.

74,900

5,850

ITT Industries, Inc.

400,000

19,580

Pall Corp. (d)

2,080,000

56,618

116,218

Common Stocks - continued

Shares

Value
(000s)

INDUSTRIALS - continued

Road & Rail - 0.1%

Norfolk Southern Corp.

380,000

$ 16,237

TOTAL INDUSTRIALS

2,470,665

INFORMATION TECHNOLOGY - 30.3%

Communications Equipment - 4.1%

CIENA Corp. (a)

74,400

294

Cisco Systems, Inc. (a)

9,462,600

208,083

Corning, Inc. (a)

2,063,000

45,881

F5 Networks, Inc. (a)(e)

4,054,723

203,101

Harris Corp.

355,000

15,592

Juniper Networks, Inc. (a)

575,000

8,435

Motorola, Inc.

3,590,000

83,934

QUALCOMM, Inc.

9,483,400

357,240

Research In Motion Ltd. (a)

920,000

75,900

Sonus Networks, Inc. (a)(e)

25,249,570

122,713

1,121,173

Computers & Peripherals - 6.9%

Apple Computer, Inc. (a)

8,640,000

586,224

Dell, Inc. (a)

3,550,600

80,066

Hewlett-Packard Co.

370,000

13,527

International Business Machines Corp.

49,800

4,032

Lexmark International, Inc. Class A (a)

36,900

2,069

msystems Ltd. (a)(e)

2,800,000

124,264

Network Appliance, Inc. (a)(e)

23,362,208

799,922

Rackable Systems, Inc. (a)

6,700

186

SanDisk Corp. (a)

1,435,000

84,550

Seagate Technology

1,120,000

24,920

Sun Microsystems, Inc. (a)

28,886,500

144,144

Synaptics, Inc. (a)(e)

2,123,512

53,704

1,917,608

Electronic Equipment & Instruments - 0.6%

Agilent Technologies, Inc. (a)

870,000

27,979

Color Kinetics, Inc. (a)(d)(e)

1,841,900

30,668

Itron, Inc. (a)

600,000

33,588

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

3,160,000

9,543

Sunpower Corp. Class A

617,000

19,781

Common Stocks - continued

Shares

Value
(000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - continued

Trimble Navigation Ltd. (a)

77,500

$ 3,795

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

3,107,700

32,973

158,327

Internet Software & Services - 5.7%

Akamai Technologies, Inc. (a)

2,115,000

82,908

aQuantive, Inc. (a)

865,000

21,452

eBay, Inc. (a)

1,542,200

42,966

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

3,647,448

1,380,661

VeriSign, Inc. (a)

200,000

4,048

Yahoo!, Inc. (a)

1,576,340

45,430

1,577,465

IT Services - 0.4%

Cognizant Technology Solutions Corp. Class A (a)

1,192,358

83,358

First Data Corp.

680,000

29,220

Hewitt Associates, Inc. Class A (a)

13,800

310

Mastercard, Inc. Class A

100,000

5,590

118,478

Semiconductors & Semiconductor Equipment - 5.7%

Advanced Micro Devices, Inc. (a)

130,000

3,249

Altera Corp. (a)

679,400

13,744

Analog Devices, Inc.

424,900

13,019

Applied Materials, Inc.

1,515,400

25,580

ASML Holding NV (NY Shares) (a)

730,000

16,104

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

5,161,362

83,975

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

1,741,486

28,334

Broadcom Corp. Class A (a)

5,710,000

168,102

Cambridge Display Technologies, Inc. (a)(d)

626,100

3,099

Cirrus Logic, Inc. (a)

3,440,000

25,181

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

7,705,250

143,472

Cypress Semiconductor Corp. (a)(e)

10,935,000

171,023

FEI Co. (a)(d)(e)

1,743,100

36,187

Freescale Semiconductor, Inc. Class B (a)

2,916,846

90,160

Intel Corp.

8,265,800

161,514

International Rectifier Corp. (a)

246,300

8,694

KLA-Tencor Corp.

510,000

22,394

Linear Technology Corp.

625,800

21,283

Marvell Technology Group Ltd. (a)

6,069,610

106,279

Micron Technology, Inc. (a)

891,800

15,410

MIPS Technologies, Inc. (a)

209,460

1,458

Common Stocks - continued

Shares

Value
(000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

National Semiconductor Corp.

618,204

$ 15,016

NVIDIA Corp. (a)

3,930,000

114,402

Rambus, Inc. (a)

450,000

7,142

Samsung Electronics Co. Ltd.

50,000

33,808

SigmaTel, Inc. (a)

149,968

732

Silicon Image, Inc. (a)

102,901

1,195

Silicon Laboratories, Inc. (a)

115,315

4,067

Spansion, Inc. Class A (d)

4,535,000

77,957

Texas Instruments, Inc.

4,176,000

136,096

Virage Logic Corp. (a)(e)

2,096,790

17,424

Xilinx, Inc.

680,100

15,554

1,581,654

Software - 6.9%

Adobe Systems, Inc. (a)

2,168,236

70,338

Autodesk, Inc. (a)

100,000

3,476

Cognos, Inc. (a)

345,000

11,219

Fast Search & Transfer ASA (a)(d)

11,139,000

36,473

Microsoft Corp.

18,465,000

474,366

Nintendo Co. Ltd.

1,700,000

348,703

Oracle Corp. (a)

7,195,000

112,602

Red Hat, Inc. (a)(d)(e)

18,999,401

441,546

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

11,155,024

384,625

Symantec Corp. (a)

1,340,800

24,993

1,908,341

TOTAL INFORMATION TECHNOLOGY

8,383,046

MATERIALS - 2.8%

Chemicals - 2.4%

Dow Chemical Co.

125,000

4,766

Minerals Technologies, Inc.

937,600

48,746

Monsanto Co.

11,944,978

566,670

Mosaic Co.

1,270,000

20,625

Potash Corp. of Saskatchewan, Inc.

65,400

6,407

647,214

Metals & Mining - 0.4%

Barrick Gold Corp.

2,207,500

73,896

Common Stocks - continued

Shares

Value
(000s)

MATERIALS - continued

Metals & Mining - continued

Inco Ltd.

41,000

$ 3,197

Nucor Corp.

810,000

39,585

116,678

TOTAL MATERIALS

763,892

TELECOMMUNICATION SERVICES - 0.4%

Diversified Telecommunication Services - 0.1%

Level 3 Communications, Inc. (a)

8,925,000

39,538

Wireless Telecommunication Services - 0.3%

ALLTEL Corp.

395,000

21,413

Sprint Nextel Corp.

3,124,449

52,866

Vodafone Group PLC sponsored ADR

32,952

715

74,994

TOTAL TELECOMMUNICATION SERVICES

114,532

TOTAL COMMON STOCKS

(Cost $23,994,086)

27,426,450

Preferred Stocks - 0.1%

Convertible Preferred Stocks - 0.1%

HEALTH CARE - 0.1%

Biotechnology - 0.1%

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

12,820,512

25,641

Nonconvertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Life Sciences Tools & Services - 0.0%

GeneProt, Inc. Series A (f)

1,373,363

0

TOTAL PREFERRED STOCKS

(Cost $27,437)

25,641

Money Market Funds - 2.8%

Shares

Value
(000s)

Fidelity Cash Central Fund, 5.31% (b)

190,151,134

$ 190,151

Fidelity Securities Lending Cash Central Fund, 5.33% (b)(c)

586,491,290

586,491

TOTAL MONEY MARKET FUNDS

(Cost $776,642)

776,642

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $24,798,165)

28,228,733

NET OTHER ASSETS - (2.2)%

(595,998)

NET ASSETS - 100%

$ 27,632,735

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $53,975,000 or 0.2% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Atheros Communications, Inc.

4/18/01

$ 15,000

GeneProt, Inc. Series A

7/7/00

$ 7,437

Perlegen Sciences, Inc. Series D, 8.00%

2/23/05

$ 20,000

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 4,055

Fidelity Securities Lending Cash Central Fund

6,549

Total

$ 10,604

Other Affiliated Issuers

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

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Acadia Pharmaceuticals, Inc.

$ -

$ 42,343

$ -

$ -

$ 25,751

Affymetrix, Inc.

314,343

8,460

-

-

142,434

Alexion Pharmaceuticals, Inc.

59,825

2,593

-

-

118,295

Alkermes, Inc.

163,931

1,683

-

-

148,961

AMR Corp.

188,535

-

234,518

-

-

Atherogenics, Inc.

51,790

-

23,531

-

-

Atheros Communications, Inc.

36,967

26,612

-

-

83,975

Atheros Communications, Inc.

16,875

-

-

-

28,334

BioMarin Pharmaceutical, Inc.

39,062

56,195

-

-

142,036

Caliper Life Sciences, Inc.

-

9,892

-

-

9,362

Celgene Corp.

1,033,256

19,322

107,680

-

1,304,999

Cerner Corp.

216,106

9,760

-

-

218,717

Cirrus Logic, Inc.

40,937

5,055

18,666

-

-

Color Kinetics, Inc.

24,155

5,297

-

-

30,668

Copa Holdings SA Class A

-

48,148

-

299

60,968

Cree, Inc.

201,892

4,785

-

-

143,472

CV Therapeutics, Inc.

110,098

3,297

-

-

53,496

Cypress Semiconductor Corp.

197,775

5,865

38,274

-

171,023

DOV Pharmaceutical, Inc.

33,268

363

1,683

-

-

Emdeon Corp.

181,528

-

107,035

-

165,061

Exelixis, Inc.

67,075

1,266

-

-

81,901

F5 Networks, Inc.

203,170

13,343

-

-

203,101

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

FEI Co.

$ 40,880

$ 2,448

$ 8,609

$ -

$ 36,187

Foxhollow Technologies, Inc.

34,192

15,773

16,112

-

-

Gen-Probe, Inc.

145,258

55,047

-

-

203,555

Guitar Center, Inc.

73,129

39,255

75,136

-

-

Human Genome Sciences, Inc.

117,984

42,916

43,425

-

143,407

Immunomedics, Inc.

10,125

-

-

-

11,222

International Rectifier Corp.

126,993

16,759

135,463

-

-

JAMDAT Mobile, Inc.

37,133

-

41,702

-

-

JetBlue Airways Corp.

198,097

16,192

-

-

179,107

msystems Ltd.

-

102,030

-

-

124,264

Millipore Corp.

279,443

95,065

123,300

-

258,004

Minerals Technologies, Inc.

82,099

-

27,585

192

-

Momenta Pharmaceuticals, Inc.

67,085

1,105

-

-

49,451

Network Appliance, Inc.

625,999

115,490

40,281

-

799,922

NMS Communications Corp.

12,189

-

10,511

-

-

Openwave Systems, Inc.

68,682

8,730

50,774

-

-

Palm, Inc.

135,385

-

153,955

-

-

Palomar Medical Technologies, Inc.

54,696

9,792

56,948

-

-

PDL BioPharma, Inc.

-

19,814

16,860

-

157,510

PortalPlayer, Inc.

13,536

70,563

63,116

-

-

Protein Design Labs, Inc.

219,053

-

-

-

-

RAE Systems, Inc.

11,502

-

-

-

9,543

Red Hat, Inc.

432,495

14,666

-

-

441,546

Regeneron Pharmaceuticals, Inc.

60,106

1,369

-

-

86,773

Rigel Pharmaceuticals, Inc.

-

21,417

-

-

20,782

Salesforce.com, Inc.

327,163

29,428

3,469

-

384,625

Seattle Genetics, Inc.

8,400

16,748

-

-

22,977

Sepracor, Inc.

581,995

13,576

80,833

-

429,463

Sonus Networks, Inc.

102,494

1,576

-

-

122,713

Stamps.com, Inc.

22,043

33,878

-

-

44,343

Sunesis Pharmaceuticals, Inc.

4,539

6,223

-

-

9,505

Sunpower Corp. Class A

19,440

12,708

14,617

-

-

Synaptics, Inc.

-

53,377

-

-

53,704

Thoratec Corp.

98,706

12,504

3,385

-

77,066

Threshold Pharmaceuticals, Inc.

26,434

25,446

5,265

-

-

TiVo, Inc.

31,894

29,893

5,496

-

71,137

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

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

$ 11,829

$ 81,757

$ 20,792

$ -

$ 77,523

Universal Display Corp.

15,902

23,568

-

-

32,973

US Airways Group, Inc.

216,798

77,887

-

-

363,952

Ventana Medical Systems, Inc.

139,100

-

4,906

-

163,573

Vertex Pharmaceuticals, Inc.

250,091

41,526

-

-

379,521

Virage Logic Corp.

21,995

-

-

-

17,424

WebMD Health Corp.
Class A

14,442

-

-

-

20,151

Total

$ 7,919,914

$ 1,372,805

$ 1,533,927

$ 491

$ 7,924,477

Income Tax Information

At August 31, 2006, the aggregate cost of investment securities for income tax purposes was $24,986,767,000. Net unrealized appreciation aggregated $3,241,966,000, of which $5,675,957,000 related to appreciated investment securities and $2,433,991,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® New Millennium Fund®

August 31, 2006

NMF-QTLY-1006

1.805750.102

Investments August 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%

Shares

Value
(000s)

CONSUMER DISCRETIONARY - 14.0%

Automobiles - 0.3%

Toyota Motor Corp. sponsored ADR

66,500

$ 7,205

Distributors - 0.9%

Li & Fung Ltd.

8,677,600

20,642

Hotels, Restaurants & Leisure - 2.3%

Buffalo Wild Wings, Inc. (a)

237,500

8,277

Ctrip.com International Ltd. sponsored ADR

102,000

5,266

Domino's Pizza, Inc.

241,300

5,900

eLong, Inc. sponsored ADR (a)(d)

284,700

3,812

Panera Bread Co. Class A (a)

266,000

13,805

Red Robin Gourmet Burgers, Inc. (a)

207,100

8,742

Services Acquisition Corp. International (a)

410,000

3,788

The Cheesecake Factory, Inc. (a)

161,700

4,025

53,615

Household Durables - 0.6%

KB Home

89,800

3,840

Ryland Group, Inc.

94,400

4,028

Standard Pacific Corp.

295,800

7,078

14,946

Internet & Catalog Retail - 0.3%

Coldwater Creek, Inc. (a)

246,400

6,769

Leisure Equipment & Products - 1.0%

MarineMax, Inc. (a)

251,900

5,726

Pool Corp.

475,800

18,114

23,840

Media - 1.9%

Central European Media Enterprises Ltd. Class A (a)

163,800

10,153

DreamWorks Animation SKG, Inc. Class A (a)

174,000

3,687

Grupo Televisa SA de CV (CPO) sponsored ADR

263,300

5,013

News Corp. Class A

480,200

9,138

The Walt Disney Co.

201,000

5,960

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

303,200

11,006

44,957

Multiline Retail - 0.5%

Target Corp.

232,600

11,256

Specialty Retail - 2.9%

Best Buy Co., Inc.

125,800

5,913

Chico's FAS, Inc. (a)

233,900

4,313

Esprit Holdings Ltd.

1,083,000

9,010

Common Stocks - continued

Shares

Value
(000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Gymboree Corp. (a)

208,800

$ 7,005

Lowe's Companies, Inc.

400,400

10,835

Mothers Work, Inc. (a)

88,293

3,374

OfficeMax, Inc.

128,300

5,328

PETsMART, Inc.

159,700

4,008

Tractor Supply Co. (a)(d)

81,900

3,487

Zumiez, Inc. (a)

641,000

14,288

67,561

Textiles, Apparel & Luxury Goods - 3.3%

Carter's, Inc. (a)

1,324,800

30,603

Polo Ralph Lauren Corp. Class A

107,800

6,359

Ports Design Ltd.

3,470,500

5,364

Puma AG

41,210

14,294

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

631,000

21,732

78,352

TOTAL CONSUMER DISCRETIONARY

329,143

CONSUMER STAPLES - 6.7%

Beverages - 2.0%

Diageo PLC sponsored ADR

168,100

12,019

Hansen Natural Corp. (a)

76,800

2,114

InBev SA

164,000

8,516

PepsiCo, Inc.

221,900

14,486

SABMiller PLC

494,100

9,733

46,868

Food & Staples Retailing - 1.5%

CVS Corp.

174,000

5,838

Kroger Co.

301,700

7,183

United Natural Foods, Inc. (a)

232,800

6,763

Walgreen Co.

317,900

15,723

35,507

Food Products - 2.4%

Corn Products International, Inc.

131,300

4,530

Green Mountain Coffee Roasters, Inc. (a)

149,827

5,779

Hain Celestial Group, Inc. (a)

220,400

5,190

Kellogg Co.

167,200

8,477

Common Stocks - continued

Shares

Value
(000s)

CONSUMER STAPLES - continued

Food Products - continued

Lindt & Spruengli AG

359

$ 8,372

Nestle SA (Reg.)

67,947

23,368

55,716

Household Products - 0.4%

Colgate-Palmolive Co.

151,000

9,039

Personal Products - 0.4%

Avon Products, Inc.

327,400

9,400

TOTAL CONSUMER STAPLES

156,530

ENERGY - 7.6%

Energy Equipment & Services - 1.5%

Atwood Oceanics, Inc. (a)

107,600

4,627

IHC Caland NV

141,400

3,879

Rowan Companies, Inc.

103,900

3,553

Schlumberger Ltd. (NY Shares)

112,100

6,872

Smith International, Inc.

362,500

15,214

Willbros Group, Inc. (a)(d)

78,800

1,406

35,551

Oil, Gas & Consumable Fuels - 6.1%

Alpha Natural Resources, Inc. (a)

292,800

5,308

Cameco Corp.

508,900

20,829

ConocoPhillips

222,000

14,081

CONSOL Energy, Inc.

165,400

6,032

EnCana Corp.

177,100

9,293

Exxon Mobil Corp.

260,200

17,608

Noble Energy, Inc.

434,500

21,473

Occidental Petroleum Corp.

138,100

7,042

Plains Exploration & Production Co. (a)

326,795

14,382

Quicksilver Resources, Inc. (a)

180,300

6,783

USEC, Inc.

813,300

8,222

Valero Energy Corp.

201,400

11,560

142,613

TOTAL ENERGY

178,164

FINANCIALS - 18.7%

Capital Markets - 5.2%

E*TRADE Financial Corp.

606,200

14,300

Common Stocks - continued

Shares

Value
(000s)

FINANCIALS - continued

Capital Markets - continued

GFI Group, Inc. (a)

171,605

$ 7,980

Greenhill & Co., Inc. (d)

130,500

7,181

Investors Financial Services Corp.

320,200

14,844

Janus Capital Group, Inc.

434,300

7,722

KKR Private Equity Investors, L.P. Restricted Depositary Units (f)

448,100

10,123

Lazard Ltd. Class A

353,400

13,306

Legg Mason, Inc.

80,200

7,319

Merrill Lynch & Co., Inc.

78,600

5,779

Morgan Stanley

215,300

14,165

optionsXpress Holdings, Inc.

319,500

8,345

TD Ameritrade Holding Corp.

272,385

4,772

UBS AG (NY Shares)

119,400

6,778

122,614

Commercial Banks - 5.7%

Bank of China Ltd. (H Shares)

8,840,000

3,831

Bank of the Ozarks, Inc.

43,400

1,385

BOK Financial Corp.

70,400

3,661

Cascade Bancorp

68,900

2,449

Colonial Bancgroup, Inc.

226,100

5,537

Community Bank of Nevada (a)

155,600

5,275

Compass Bancshares, Inc.

259,900

15,074

Erste Bank der Oesterreichischen Sparkassen AG

111,300

6,731

HSBC Holdings PLC sponsored ADR

55,100

5,011

ICICI Bank Ltd. sponsored ADR

516,000

13,772

Nara Bancorp, Inc.

129,398

2,394

PNC Financial Services Group, Inc.

234,700

16,614

Seacoast Banking Corp., Florida

89,800

2,763

Standard Chartered PLC (United Kingdom)

418,500

10,479

Wells Fargo & Co.

729,800

25,361

Western Alliance Bancorp. (a)(d)

173,400

6,400

Zions Bancorp

83,500

6,596

133,333

Consumer Finance - 0.2%

Capital One Financial Corp.

72,500

5,300

Diversified Financial Services - 2.6%

Bank of America Corp.

240,000

12,353

CBOT Holdings, Inc. Class A (d)

29,600

3,477

Common Stocks - continued

Shares

Value
(000s)

FINANCIALS - continued

Diversified Financial Services - continued

Chicago Mercantile Exchange Holdings, Inc. Class A

40,300

$ 17,732

Moody's Corp.

459,300

28,100

61,662

Insurance - 3.8%

AFLAC, Inc.

157,800

7,112

American International Group, Inc.

235,100

15,004

Arch Capital Group Ltd.

63,500

3,785

Berkshire Hathaway, Inc. Class A (a)

199

19,123

Everest Re Group Ltd.

116,300

10,930

IPC Holdings Ltd.

182,200

5,092

Montpelier Re Holdings Ltd.

510,500

9,215

The Chubb Corp.

193,100

9,686

XL Capital Ltd. Class A

150,700

9,892

89,839

Real Estate Investment Trusts - 0.8%

Corporate Office Properties Trust (SBI)

84,900

3,988

Developers Diversified Realty Corp.

71,200

3,852

Equity Residential (SBI)

78,200

3,900

Ventas, Inc.

178,900

7,165

18,905

Real Estate Management & Development - 0.4%

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

369,800

8,505

TOTAL FINANCIALS

440,158

HEALTH CARE - 14.1%

Biotechnology - 2.6%

Alnylam Pharmaceuticals, Inc. (a)

138,800

1,807

Amgen, Inc. (a)

54,700

3,716

Amylin Pharmaceuticals, Inc. (a)

86,300

3,912

Biogen Idec, Inc. (a)

156,300

6,899

Celgene Corp. (a)

282,400

11,491

Cephalon, Inc. (a)

73,366

4,183

Genentech, Inc. (a)

58,070

4,792

Gilead Sciences, Inc. (a)

276,200

17,511

Myogen, Inc. (a)

7,059

246

OSI Pharmaceuticals, Inc. (a)

108,600

4,048

Vertex Pharmaceuticals, Inc. (a)

108,500

3,738

62,343

Common Stocks - continued

Shares

Value
(000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - 2.4%

Abaxis, Inc. (a)(d)

291,100

$ 6,992

Becton, Dickinson & Co.

194,100

13,529

Hologic, Inc. (a)

269,752

11,648

IRIS International, Inc. (a)(d)

247,234

2,425

Meridian Bioscience, Inc.

644,230

15,371

ResMed, Inc. (a)

164,300

6,684

56,649

Health Care Providers & Services - 4.3%

Brookdale Senior Living, Inc.

591,600

28,296

Capital Senior Living Corp. (a)

537,000

5,150

DaVita, Inc. (a)

130,900

7,639

Dialysis Corp. of America (a)

235,854

3,054

Emeritus Corp. (a)

122,458

2,410

Express Scripts, Inc. (a)

72,400

6,087

Health Net, Inc. (a)

169,200

7,074

Healthways, Inc. (a)

164,800

8,507

Humana, Inc. (a)

189,800

11,565

LHC Group, Inc. (a)

538,933

12,934

Manor Care, Inc.

71,200

3,717

Matria Healthcare, Inc. (a)

182,800

4,936

101,369

Health Care Technology - 0.8%

Cerner Corp. (a)

406,500

18,723

Life Sciences Tools & Services - 2.0%

Affymetrix, Inc. (a)

313,300

6,676

Covance, Inc. (a)

123,500

7,764

Invitrogen Corp. (a)

183,700

11,178

Pharmaceutical Product Development, Inc.

362,000

13,799

PRA International (a)

292,161

7,590

47,007

Pharmaceuticals - 2.0%

Elan Corp. PLC sponsored ADR (a)

251,200

4,152

Merck & Co., Inc.

442,800

17,956

Novartis AG sponsored ADR

123,700

7,066

Roche Holding AG (participation certificate)

92,971

17,141

46,315

TOTAL HEALTH CARE

332,406

Common Stocks - continued

Shares

Value
(000s)

INDUSTRIALS - 11.6%

Aerospace & Defense - 1.4%

General Dynamics Corp.

206,400

$ 13,942

L-3 Communications Holdings, Inc.

71,800

5,413

Raytheon Co.

107,700

5,085

Rockwell Collins, Inc.

174,300

9,139

33,579

Air Freight & Logistics - 0.8%

Hub Group, Inc. Class A

367,516

8,563

UTI Worldwide, Inc.

458,800

10,575

19,138

Commercial Services & Supplies - 2.8%

Allied Waste Industries, Inc.

1,128,700

11,671

Clean Harbors, Inc.

406,200

16,975

Corporate Executive Board Co.

60,200

5,276

Corrections Corp. of America (a)

209,900

13,190

Monster Worldwide, Inc. (a)(d)

190,300

7,753

Waste Management, Inc.

355,100

12,173

67,038

Construction & Engineering - 2.2%

Chicago Bridge & Iron Co. NV (NY Shares)

440,400

11,895

EMCOR Group, Inc. (a)

77,800

4,313

Fluor Corp.

98,701

8,530

Infrasource Services, Inc. (a)

88,800

1,535

Jacobs Engineering Group, Inc. (a)

77,900

6,784

Quanta Services, Inc. (a)

231,600

4,106

Shaw Group, Inc. (a)

571,200

14,371

51,534

Electrical Equipment - 1.4%

ABB Ltd. sponsored ADR

728,600

9,720

Carmanah Technologies Corp. (a)

1,173,200

3,099

Evergreen Solar, Inc. (a)

943,359

9,603

SolarWorld AG

110,900

6,563

Ultralife Batteries, Inc. (a)(d)

426,578

4,193

33,178

Industrial Conglomerates - 0.9%

3M Co.

142,600

10,224

McDermott International, Inc. (a)

215,700

10,397

20,621

Common Stocks - continued

Shares

Value
(000s)

INDUSTRIALS - continued

Machinery - 0.9%

Joy Global, Inc.

128,350

$ 5,588

Manitowoc Co., Inc.

126,600

5,596

Trinity Industries, Inc.

156,550

5,223

Valmont Industries, Inc.

76,400

3,985

20,392

Marine - 0.7%

Alexander & Baldwin, Inc.

172,969

7,586

DryShips, Inc.

267,100

3,785

Kirby Corp. (a)

146,700

4,303

15,674

Road & Rail - 0.5%

Burlington Northern Santa Fe Corp.

96,500

6,461

Landstar System, Inc.

142,500

6,085

12,546

TOTAL INDUSTRIALS

273,700

INFORMATION TECHNOLOGY - 20.7%

Communications Equipment - 3.2%

CIENA Corp. (a)

1,396,500

5,516

Cisco Systems, Inc. (a)

761,300

16,741

Corning, Inc. (a)

375,000

8,340

CSR PLC (a)

323,300

7,215

Foundry Networks, Inc. (a)

411,300

5,006

Harris Corp.

86,700

3,808

Juniper Networks, Inc. (a)

507,200

7,441

Lucent Technologies, Inc. (a)

2,264,500

5,276

Motorola, Inc.

501,000

11,713

Nokia Corp. sponsored ADR

251,900

5,260

76,316

Computers & Peripherals - 0.8%

Intermec, Inc. (a)

443,700

13,293

Sun Microsystems, Inc. (a)

1,199,100

5,984

19,277

Electronic Equipment & Instruments - 1.8%

Arrow Electronics, Inc. (a)

128,900

3,596

AVX Corp.

310,500

5,157

FLIR Systems, Inc. (a)

199,000

5,512

Common Stocks - continued

Shares

Value
(000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - continued

Hon Hai Precision Industry Co. Ltd. (Foxconn)

1,724,400

$ 9,724

LG.Philips LCD Co. Ltd. sponsored ADR (a)

200,600

3,986

Motech Industries, Inc.

364,000

8,974

Wolfson Microelectronics PLC (a)

658,100

5,996

42,945

Internet Software & Services - 5.8%

aQuantive, Inc. (a)

349,100

8,658

CNET Networks, Inc. (a)

326,600

3,080

eBay, Inc. (a)

1,150,700

32,059

Equinix, Inc. (a)

145,100

8,368

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

181,600

68,738

Yahoo!, Inc. (a)

495,500

14,280

135,183

IT Services - 0.8%

Cognizant Technology Solutions Corp. Class A (a)

108,600

7,592

Infosys Technologies Ltd. sponsored ADR

227,200

10,190

17,782

Office Electronics - 0.2%

Zebra Technologies Corp. Class A (a)

165,600

5,604

Semiconductors & Semiconductor Equipment - 5.8%

Analog Devices, Inc.

111,900

3,429

ARM Holdings PLC sponsored ADR

1,728,200

11,752

ASML Holding NV (NY Shares) (a)

226,600

4,999

Broadcom Corp. Class A (a)

391,100

11,514

Cymer, Inc. (a)

95,200

3,917

Intel Corp.

1,929,400

37,700

KLA-Tencor Corp.

161,100

7,074

Linear Technology Corp.

300,900

10,234

LSI Logic Corp. (a)

866,800

6,978

Marvell Technology Group Ltd. (a)

48,300

846

Maxim Integrated Products, Inc.

325,800

9,481

MEMC Electronic Materials, Inc. (a)

215,300

8,328

National Semiconductor Corp.

524,300

12,735

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

828,600

7,714

136,701

Software - 2.3%

Activision, Inc. (a)

350,906

4,527

Autodesk, Inc. (a)

350,300

12,176

Common Stocks - continued

Shares

Value
(000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Electronic Arts, Inc. (a)

175,000

$ 8,920

Kronos, Inc. (a)

86,300

2,634

Nintendo Co. Ltd.

57,800

11,856

Red Hat, Inc. (a)

245,300

5,701

Salesforce.com, Inc. (a)

212,500

7,327

53,141

TOTAL INFORMATION TECHNOLOGY

486,949

MATERIALS - 2.3%

Chemicals - 0.9%

Cytec Industries, Inc.

95,200

5,079

Potash Corp. of Saskatchewan, Inc.

98,500

9,650

Praxair, Inc.

125,100

7,182

21,911

Metals & Mining - 1.3%

Agnico-Eagle Mines Ltd.

108,800

4,132

ASA Bermuda Ltd.

80,200

4,991

Carpenter Technology Corp.

35,500

3,402

Mittal Steel Co. NV Class A (NY Shares)

284,200

9,734

Oregon Steel Mills, Inc. (a)

49,400

2,380

Steel Dynamics, Inc.

117,500

6,203

30,842

Paper & Forest Products - 0.1%

Stella-Jones, Inc.

137,100

2,506

TOTAL MATERIALS

55,259

TELECOMMUNICATION SERVICES - 1.4%

Diversified Telecommunication Services - 0.3%

Qwest Communications International, Inc. (a)

911,400

8,029

Wireless Telecommunication Services - 1.1%

America Movil SA de CV Series L sponsored ADR

107,000

3,992

American Tower Corp. Class A (a)

288,500

10,346

China Mobile (Hong Kong) Ltd. sponsored ADR

213,100

7,098

Leap Wireless International, Inc. (a)

99,082

4,584

26,020

TOTAL TELECOMMUNICATION SERVICES

34,049

Common Stocks - continued

Shares

Value
(000s)

UTILITIES - 1.1%

Electric Utilities - 0.4%

Exelon Corp.

154,700

$ 9,434

Independent Power Producers & Energy Traders - 0.4%

AES Corp. (a)

389,800

8,279

Multi-Utilities - 0.3%

Suez SA sponsored ADR

166,600

7,167

TOTAL UTILITIES

24,880

TOTAL COMMON STOCKS

(Cost $2,079,780)

2,311,238

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

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

18,500

0

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $278)

0

Money Market Funds - 1.6%

Fidelity Cash Central Fund, 5.31% (b)

10,249,988

10,250

Fidelity Securities Lending Cash Central Fund, 5.33% (b)(c)

27,974,550

27,975

TOTAL MONEY MARKET FUNDS

(Cost $38,225)

38,225

Cash Equivalents - 0.3%

Maturity Amount (000s)

Investments in repurchase agreements (Collateralized by U.S. Government Obligations, in a joint trading account at 5.25%, dated 8/31/06 due 9/1/06)
(Cost $7,136)

$ 7,137

7,136

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $2,125,419)

2,356,599

NET OTHER ASSETS - (0.1)%

(2,672)

NET ASSETS - 100%

$ 2,353,927

Legend

(a) Non-income producing

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

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

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $0 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

$

Chorum Technologies, Inc. Series E

9/19/00

$ 278

(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 $10,123,000 or 0.4% of net assets.

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 2,782

Fidelity Securities Lending Cash Central Fund

2,173

Total

$ 4,955

Income Tax Information

At August 31, 2006, the aggregate cost of investment securities for income tax purposes was $2,140,199,000. Net unrealized appreciation aggregated $216,400,000, of which $287,785,000 related to appreciated investment securities and $71,385,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Mt. Vernon Street Trust

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

October 25, 2006

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

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

October 25, 2006

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

October 25, 2006