FIDELITY MT VERNON STREET TRUST, N-30B-2, 1994-01-31

FIDELITY MT VERNON STREET TRUST
N-30B-2, 1994-01-31

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FIDELITY

(REGISTERED TRADEMARK)
NEW MILLENNIUM
FUND
ANNUAL REPORT
NOVEMBER 30, 1993
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on minimizing taxes.

PERFORMANCE 4 How the fund has done over time.

FUND TALK 6 The manager's review of fund
performance, strategy, and outlook.

INVESTMENT CHANGES 9 A summary of major shifts in the
fund's investments over the last six
months.

INVESTMENTS 10 A complete list of the fund's
investments with their market value.

FINANCIAL STATEMENTS 23 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 27 Footnotes to the financial
statements.

REPORT OF INDEPENDENT 30 The auditor's opinion.
ACCOUNTANTS

THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT AUTHORIZED
FOR
DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE FUND UNLESS PRECEDED OR
ACCOMPANIED BY
AN EFFECTIVE PROSPECTUS. NEITHER THE FUND NOR FIDELITY DISTRIBUTORS
CORPORATION IS A
BANK, AND FUND SHARES ARE NOT BACKED OR GUARANTEED BY ANY BANK OR INSURED
BY THE
FDIC.

PRESIDENT'S MESSAGE

DEAR SHAREHOLDER:
Once the new year begins, many people start reviewing their finances and
calculating their tax bills. No one wants to pay more taxes than they have
to. But a recent survey of 500 U.S. households, conducted by Fidelity and
Yankelovich Partners, showed that few people have taken steps to reduce
their taxes under the new legislation. Many were not even aware that the
new tax laws were retroactive to January 1993.
Whether or not you're someone whose tax bill will increase as a result of
these changes, it may make sense to consider ways to keep more of what you
earn.
First, if your employer offers a 401(k) or 403(b) retirement savings plan,
consider enrolling. These plans are set up so you can make regular
contributions -
before taxes - to a retirement savings plan. They offer a disciplined
savings strategy, the ability to accumulate earnings tax-deferred, and
immediate tax savings. For example, if you earn $40,000 a year and
contribute 7% of your salary to your 401(k) plan, your annual contribution
is $2,800. That reduces your taxable income to $37,200 and, if you're in
the
28% tax bracket, saves you $784 in Federal taxes. In addition, you pay no
taxes on any earnings until withdrawal.
It may be a good idea to contact your benefits office as soon as possible
to find out when you can enroll or increase your contribution. Most
employers allow employees to make changes only a few times each year.
Second, consider an IRA. Many people are eligible to make an IRA
contribution (up to $2,000) that is fully tax deductible. That includes
people who are not covered by company pension plans, or those within
certain income brackets. Even if you don't qualify for a fully deductible
contribution, any IRA earnings will grow tax-deferred until withdrawal.
Third, consider tax-free investments like municipal bonds and municipal
bond funds. Often these can provide higher after-tax yields than comparable
taxable investments. For example, if you're in the new 36% Federal income
tax bracket and invest $10,000 in a taxable investment yielding 7%, you'll
pay $252 in Federal taxes and receive $448 in income. That same $10,000
invested in a tax-free bond fund yielding 5.5% would allow you to keep $550
in income.
These are three investment strategies that could help lower your tax bill
in 1994. If you're interested in learning more, please call us at
1-800-544-8888 or visit a Fidelity Investor Center.
Wishing you a prosperous new year,
Edward C. Johnson 3d, Chairman
PERFORMANCE: THE BOTTOM LINE

There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each
performance figure includes changes in a fund's share price, plus
reinvestment of any dividends (or income) and capital gains (the profits
the fund earns when it sells stocks that have grown in value).
CUMULATIVE TOTAL RETURNS
PERIOD ENDED NOVEMBER 30, 1993 LIFE OF FUND

New Millennium 19.70%

New Millennium (incl. 3% sales charge) 16.11%

S&P 500(Registered trademark) 7.79%

Average Capital Appreciation Fund n/a

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, since the fund began on December 28,
1992. You can compare these figures to the performance of the Standard
& Poor's 500 Composite Stock Price Index - a common proxy for the U.S.
stock market. By the next report, you'll also be able to compare them to
the average capital appreciation fund, which reflects the performance of
159 capital appreciation funds tracked by Lipper Analytical Services. Both
benchmarks include reinvested dividends and capital gains, if any, and
exclude the effects of sales charges.
ANNUALIZED TOTAL RETURNS
PERIOD ENDED NOVEMBER 30, 1993 LIFE OF FUND

New Millennium 21.43%

New Millennium (incl. 3% sales charge) 17.50%

S&P 500(Registered trademark) 8.44%

Average Capital Appreciation Fund n/a

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year. Since this fund is less than one year old, its
return is an annualized figure.
$10,000 OVER LIFE OF FUND
New Millennium (300) S&P 500
12/28/92 9700.00 10000.00
12/31/92 9777.60 9910.45
01/31/93 10291.70 9993.70
02/28/93 10029.80 10129.62
03/31/93 10437.20 10343.35
04/30/93 10340.20 10093.04
05/31/93 10951.30 10363.53
06/30/93 11038.60 10393.59
07/31/93 11242.30 10352.01
08/31/93 11620.60 10744.36
09/30/93 11892.20 10661.62
10/31/93 12105.60 10882.32
11/30/93 11610.90 10778.94

$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Fidelity New
Millennium Fund on December 28, 1992, and paid a 3% sales charge. As the
chart shows, by November 30, 1993, the value of your investment would have
grown to $11,611 - a 16.11% increase on your initial investment. For
comparison, look at how the S&P 500 did over the same period. With
dividends reinvested, the same $10,000 investment would have grown to
$10,779 - a 7.79% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and
return of a fund that invests in
stocks will vary. That means if
you sell your shares during a
market downturn, you might
lose money. But if you can
ride out the market's ups and
downs, you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
Low inflation, falling interest rates
and a gradually improving
economy boosted U.S. stocks
during the 12 months ended
November 30, 1993. The Standard
& Poor's 500 index - a broad
measure of U.S. stock
performance - rose 10.10%, in
line with the market's long-term
average annual return. Continued
poor performance by tobacco, drug
and brand-name consumer
products stocks was offset by
impressive results in other sectors,
including technology, although
semiconductors gave back part of
their gains in October and
November. Other market leaders
were finance, notably securities
brokers; autos; entertainment; and
precious metals. Communications
stocks soared as traditional
telephone utilities, cellular
communications companies and
entertainment companies
scrambled to form strategic
alliances. Mergers and acquisitions
activity resumed at a pace
reminiscent of the 1980s. The
NASDAQ Composite Index, which
tracks over-the-counter stocks,
rose 15.57% for the year,
compared to 14.73% for the Dow
Jones Industrial Average, an index
of 30 blue-chip stocks. Both trailed
the Morgan Stanley EAFE
(Europe, Australia, Far East) index,
which rose 24.27%. Two widely
watched benchmarks broke
records during the period: slow
growth and the prospect of higher
taxes helped push the yield on the
30-year Treasury below 6% in
early September; meanwhile, the
Dow closed above 3700 for the
first time in mid-November, and
finished the month at 3684.
An interview with Neal Miller,
Portfolio Manager of Fidelity New Millennium Fund
Q. NEAL, HOW DID THE FUND PERFORM?
A. Quite well in its first year. New Millennium's total return from its
start date on December 28, 1992 through the end of the fund's fiscal year
on November 30, 1993 was 19.70%. The best exact comparison I can make with
the fund's competitors is year-to-date through November 30. Over that span,
New Millennium returned 18.75% while the average capital appreciation fund
returned 11.62%, according to Lipper Analytical Services.
Q. WHAT HELPED THE FUND?
A. Well, most of the rail stocks were up, including top holdings Trinity
Industries, which makes rail cars, and CSX, a railroad. My interest in the
rail industry stems partly from a development I caught wind of in a trade
journal last summer. This was a magazine for tire dealers but it had a
picture of a train on the cover, which struck me as odd. The article was
all about the integration of rubber wheels with iron wheels - so-called
inter-modal transportation. The backdrop, it turns out, is quite profound.
Modern business practices such as "just in time" inventory replenishment
demand a more efficient flow of goods and materials. Railroads are an
integral part of that scheme, and rail traffic has risen accordingly.
That's exactly the kind of opportunity I look for in this fund.
Q. ANY OTHER EXAMPLES?
A. This is not a pleasant subject, granted, but I see a number of factors
that could lead to an increase in the U.S. mortality rate. Among them are
the proliferation of living wills, in which people are choosing to die with
dignity; and a growing reliance by the medical establishment on less
invasive procedures, which may also be less effective. Moreover, with the
spread of managed care systems, health-care providers will be evaluated on
the outcome of their procedures, which could make them reluctant to treat
the terminally ill. Meanwhile, the population is aging. The result, I
believe, will be a gradual shortening of life expectancy. That's why I own
Service Corp., one of the largest domestic funeral home and cemetery
operators.
Q. TECHNOLOGY STOCKS WERE 23% OF THE FUND LAST MAY, BUT ONLY 15% AT THE END
OF NOVEMBER. WHY ARE YOU SELLING?
A. I'm not making a bet against technology. It's still the largest sector
in the fund. But I have taken profits in subsectors that may have gotten
ahead of themselves. Among them, the computer networkers: companies like
Synoptics, Cabletron, Wellfleet and Cisco; and makers of semiconductors and
test equipment like Teradyne, Kulicke & Soffa and Micron Technology.
But the most exciting story, I think, is IBM. Recently it became the fund's
second largest investment.
Q. WHAT MAKES IBM SO ATTRACTIVE?
A. Signs suggest a coming change for the better at IBM. Some are anecdotal,
like the picture I saw in a trade magazine recently of an IBM sales rep
wearing a striped shirt with an open collar - evidence, of a sea change in
IBM's corporate culture. Beyond that, recent technology innovations have
made it easier to gain access to, and manipulate, archival mainframe data.
To the extent that contributes to a revival in IBM's core business -
mainframe computers - the company's prospects could improve dramatically.
IBM is still the leader in many personal computer market categories; and
lately it has been gaining market share, not losing it. With all the recent
cost-cutting at IBM, these developments could lead to profit growth sooner
than expected.
Q. ANY REGRETS THIS PERIOD?
A. Hauser Chemical. The company had an exclusive relationship with
Bristol-Myers to supply a compound derived from the yew tree that has been
found to help some ovarian and breast cancer patients. When Bristol-Myers
suddenly severed the contract, Hauser was faced with the potential loss of
some 90% of its revenues, and the stock fell from $15 a share to $4 before
rebounding partially to $9.
Q. WHAT'S YOUR OUTLOOK?
A. Because I buy mainly small-company stocks - IBM is an exception - I
probably worry more about inflation and interest rates than other fund
managers do. Small companies, as a group, tend to have a big appetite for
capital; when interest rates rise, they can suffer disproportionately. That
said, I see little on the horizon to suggest a return to high inflation.
While commodities have recently started to rise; wages have been kept in
check by the spread of global production; and most industries continue
under intense pressure to hold the line on prices. As for the economy, I
expect to see continued moderate growth in 1994. So the backdrop is mostly
encouraging, as long as you remember that the market has provided unusually
generous returns in recent years. For that reason, if no other, it would be
unwise to expect the fund to repeat last year's performance.
FUND FACTS
GOAL: to increase the value
of the fund's shares over the
long term by focusing on
stocks with growth potential
due to social and economic
changes
START DATE: December 28, 1992
SIZE: as of November 30,
1993, over $254 million in
assets (with current limit of
$500 million in assets)
MANAGER: Neal Miller, since
December 1992; manager,
Fidelity Equity Portfolios,
since November 1988;
Fidelity Aggressive Equity
Discipline, since June 1990;
Fidelity Special Equity
Discipline, 1988-1990
(checkmark)
NEAL MILLER ON HIS
INVESTMENT STYLE:
"I look for anomalies. If you'll
permit me an extended
metaphor, I try to spot the
winds of change on the
horizon. Then I look for
companies - call them
sailboats - that have been
becalmed. Finally, depending
on what those wind patterns
are, I try to spot the boats that
will win the race by matching
the boats' characteristics to
the nature and speed of the
wind."
(bullet) Foreign stocks totaled
about 13% of the fund's
investments at the end of
November. The largest
foreign holding was Korea
Electric Power, which could
benefit from an increase in
industrial activity tied to higher
exports to China.
(bullet) Industrial machinery and
equipment, at 8.1% of total
investments, was the fund's
third largest sector.
Manitowoc, a crane builder, is
a good example of an
American company that could
profit from exports to China.
(bullet) Utilities accounted for 8.3%
of total investments. Apart
from Korea Electric, most
were telephone- service and
cellular stocks, like ALC
Communications and Dial
Page.
DISTRIBUTIONS
The Board of Trustees of
Fidelity New Millennium Fund
voted to pay on December 13,
1993, to shareholders of record
at the opening of business on
December 10, 1993, a
distribution of $.25 derived
from capital gains realized from
sales of portfolio securities and
a dividend of $.01 from net
investment income.
INVESTMENT CHANGES

TOP TEN STOCKS AS OF NOVEMBER 30, 1993
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

Miller (Herman), Inc. 3.8 2.5

International Business Machines
Corp. 2.8 0.0

Trinity Industries, Inc. 2.0 1.7

Korea Electric Power Corp. 1.7 0.0

Diebold, Inc. 1.6 1.7

La Quinta Motor Inns, Inc. 1.6 0.0

Manitowoc Co., Inc. 1.5 1.8

Service Corp. International 1.5 0.9

Schlumberger Ltd. 1.0 0.5

ALC Communications Corp. 1.0 0.6

TOP FIVE INDUSTRIES AS OF NOVEMBER 30, 1993
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE INDUSTRIES
6 MONTHS AGO

Technology 14.7 22.7

Transportation 10.4 5.9

Utilities 8.3 4.0

Media and Leisure 8.2 8.1

Industrial Machinery & 8.1 7.6
Equipment

ASSET ALLOCATION
AS OF NOVEMBER 30, 1993 * AS OF MAY 31, 1993 *
Row: 1, Col: 1, Value: 88.59999999999999
Row: 1, Col: 2, Value: 11.4
Row: 1, Col: 1, Value: 93.3
Row: 1, Col: 2, Value: 6.7
Stocks 88.6%
Short-term
Investments 11.4%
FOREIGN
INVESTMENTS 12.9%
Stocks 93.3%
Bonds 6.7%
FOREIGN
INVESTMENTS 11.0%
*
*
INVESTMENTS NOVEMBER 30, 1993

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 88.2%
SHARES VALUE (NOTE 1)
AEROSPACE & DEFENSE - 0.9%
AEROSPACE & DEFENSE - 0.1%
Boeing Co. 4,100 $ 158,363 09702310
DEFENSE ELECTRONICS - 0.8%
E-Systems, Inc. 29,600 1,239,500 26915730
General Motors Corp. Class E 10,700 306,288 37044240
Loral Corp. 22,500 742,500 54385910
2,288,288
TOTAL AEROSPACE & DEFENSE 2,446,651
BASIC INDUSTRIES - 3.6%
CHEMICALS & PLASTICS - 1.2%
Betz Laboratories, Inc. 1,800 75,483 08777910
Cabot Corp. 16,200 858,600 12705510
Furon Co. 44,700 648,150 36110610
Guardsman Products, Inc. 50,000 650,000 40148910
IMC Fertilizer Group, Inc. 25,900 993,913 44966910
3,226,146
IRON & STEEL - 0.7%
Dong Bu Steel Co. Ltd. 20,000 633,585 25799L22
Laclede Steel Co. (a) 51,800 802,900 50560610
Wheeling Pittsburgh Corp. (a) 20,600 339,900 96314210
1,776,385
METALS & MINING - 0.6%
Castle AM & Co. 51,100 721,788 14841110
Korea Tungsten Mining Co. 8,630 362,031 50599S22
Lucky Metals Corp. 16,500 245,019 54999A22
Poong San Corp. (a) 10,500 216,991 73299522
1,545,829
PACKAGING & CONTAINERS - 0.1%
Bemis Co., Inc. 8,700 195,750 08143710
PAPER & FOREST PRODUCTS - 1.0%
Abitibi-Price, Inc. 27,800 293,973 00368010
Aokam Perdana BHD 38,000 371,384 01899792
Canadian Pacific Forest Products Ltd. 11,500 162,502 13642N10
Domtar, Inc. (a) 75,300 472,123 25756110
Kimberly Clark de Mexico Class A 45,900 747,027 49499392
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
BASIC INDUSTRIES - CONTINUED
PAPER & FOREST PRODUCTS - CONTINUED
Land & General BHD 185,000 $ 589,425 51499693
Pope & Talbot, Inc. 3,800 103,550 73282710
2,739,984
TOTAL BASIC INDUSTRIES 9,484,094
CONGLOMERATES - 0.7%
Alexander & Baldwin, Inc. 31,900 781,550 01448210
Brierley Investments Ltd. 541,600 346,397 10901410
Canadian Pacific Ltd. Ord. 35,900 587,919 13644030
1,715,866
CONSTRUCTION & REAL ESTATE - 4.0%
BUILDING MATERIALS - 1.0%
Central Sprinkler Corp. 20,000 240,000 15518410
Coflexip sponsored ADR 6,500 104,000 19238410
Florida Rock Industries, Inc. 8,300 240,700 34114010
Lafarge Corp. 23,600 472,000 50586210
Lilly Industrial Coatings, Inc. Class A 61,700 1,372,825 53249110
Republic Gypsum Co. 8,300 75,738 76047310
Southdown, Inc. (a) 11,600 237,800 84129710
2,743,063
CONSTRUCTION - 1.6%
Butler Manufacturing Co. (Del.) (a) 61,200 1,606,500 12365510
Daelim Industrial Co. 24,000 484,099 23699F22
NCI Building Systems, Inc. (a) 122,700 2,024,550 62885210
Turner Corp. (a) 10,500 82,688 90027310
4,197,837
ENGINEERING - 0.7%
Glenayre Technologies, Inc. 33,800 1,318,200 37789910
Hanil Development Co. 24,000 475,189 41099822
1,793,389
REAL ESTATE - 0.7%
Grubb & Ellis Co. (a) 77,800 243,125 40009520
Stewart Enterprises, Inc. Class A 39,600 1,534,500 86037010
1,777,625
TOTAL CONSTRUCTION & REAL ESTATE 10,511,914
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
DURABLES - 5.3%
AUTOS, TIRES, & ACCESSORIES - 0.8%
Chrysler Corp. 10,200 $ 538,050 17119610
Clarcor, Inc. 6,000 117,000 17989510
Monro Muffler Brake, Inc. (a) 62,400 951,600 61023610
Smith (A.O.) Corp. Class B 16,800 527,100 83186520
2,133,750
CONSUMER ELECTRONICS - 0.5%
Newell Co. 37,300 1,501,325 65119210
HOME FURNISHINGS - 4.0%
Falcon Products, Inc. (a) 34,500 362,250 30607510
Kimball International, Inc. Class B 5,100 159,375 49427410
Miller (Herman), Inc. 331,900 9,874,025 60054410
10,395,650
TOTAL DURABLES 14,030,725
ENERGY - 4.3%
COAL - 0.2%
Pittston Company Mineral Group 26,900 598,525 72570120
ENERGY SERVICES - 3.5%
Atwood Oceanics, Inc. (a) 4,500 50,625 05009510
BJ Services Co. (a) 24,900 547,800 05548210
Chiles Offshore Corp. (a) 6,200 33,325 16888710
Dreco Energy Services Ltd. Class A (a) 22,800 253,080 26152820
Dual Drilling Co. (a) 27,400 294,550 26356410
Energy Service, Inc. (a) 124,100 380,056 29271910
Global Marine, Inc. (a) 81,900 317,363 37935240
Input/Output, Inc. (a) 24,300 455,625 45765210
Lone Star Technologies, Inc. (a) 21,600 164,700 54231210
Marine Drilling Cos., Inc. (a) 100,000 537,500 56824020
Maverick Tube Corp. (a) 69,600 748,200 57791410
Nabors Industries, Inc. (a) 104,900 708,075 62956810
Petroleum Helicopters, Inc. (non vtg.) (a) 9,600 127,200 71660420
Pride Petroleum Services, Inc. (a) 24,900 155,625 74154110
Schlumberger Ltd. 47,300 2,719,750 80685710
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
ENERGY - CONTINUED
ENERGY SERVICES - CONTINUED
Smith International, Inc. (a) 8,300 $ 73,663 83211010
Sundowner Offshore Services, Inc. (a) 13,100 189,950 86731410
Weatherford International, Inc. (a) 126,900 1,300,725 94707610
9,057,812
OIL & GAS - 0.6%
Cabot Oil & Gas Corp. Class A 18,800 368,950 12709710
Canadian Natural Resources Ltd. (a) 9,000 109,489 13638510
KCS Group, Inc. 34,200 816,525 48243420
Murphy Oil Corp. 2,400 96,300 62671710
Renaissance Energy Ltd. (a) 14,100 282,369 75966610
1,673,633
TOTAL ENERGY 11,329,970
FINANCE - 3.1%
BANKS - 0.0%
Cho Hing Bank Co. Ltd. 3,400 42,074 17099E22
CLOSED END INVESTMENT COMPANY - 0.0%
Free State Consolidated Gold Mines Ltd. ADR 6,400 88,000 35614220
CREDIT & OTHER FINANCE - 1.6%
Central Invest & Finance (a) 20,000 445,490 15499422
Credit Acceptance Corp. (a) 9,600 324,000 22531010
Granite Industries BHD 451,000 2,591,753 38799522
Manhattan Card Co. 414,000 188,916 56299B22
Mercury Finance Co. 13,800 229,425 58939510
Tong Yang Securities Co. Ltd. (a) 11,400 284,965 93999B22
4,064,549
INSURANCE - 0.1%
Poe & Associates, Inc. 9,000 173,250 73044410
SECURITIES INDUSTRY - 1.4%
Boram Securities Co. Ltd. (a) 44,000 941,963 18599622
Eaton Vance Corp. 4,000 144,000 27826510
Kim Eng Holdings Ltd. 23,000 47,725 49499D92
Korea First Securities Co. (a) 47,000 1,105,062 50099K22
Seoul Securities Co. (a) 42,230 930,199 83599P22
Sunkyong Securities Co. (a) 23,000 506,621 96199D22
3,675,570
TOTAL FINANCE 8,043,443
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
HEALTH - 3.5%
DRUGS & PHARMACEUTICALS - 2.1%
Biogen, Inc. (a) 11,200 $ 425,600 09059710
Cephalon, Inc. (a) 10,000 165,000 15670810
Chiron Corp. (a) 5,100 424,575 17004010
Circa Pharmaceuticals, Inc. (a) 95,400 1,025,550 17253C10
Hauser Chemical Research, Inc. (a) 172,400 1,422,300 41914130
Kwang Dong Pharmaceutical (a) 28,650 645,254 50599L22
Mylan Laboratories, Inc. 53,600 1,447,200 62853010
Suheung Capsule Co. Ltd. 2,000 57,666 88499H22
5,613,145
MEDICAL EQUIPMENT & SUPPLIES - 1.2%
Boston Scientific Corp. (a) 68,900 852,638 10113710
Millipore Corp. 600 20,700 60107310
Owens & Minor, Inc. 78,000 1,511,250 69073010
Zoll Medical Corp. (a) 20,000 630,000 98992210
3,014,588
MEDICAL FACILITIES MANAGEMENT - 0.2%
Vitalink Pharmacy Services, Inc. (a) 40,600 416,150 92846E10
TOTAL HEALTH 9,043,883
INDUSTRIAL MACHINERY & EQUIPMENT - 8.1%
ELECTRICAL EQUIPMENT - 2.0%
BMC Industries, Inc. (a) 3,100 60,450 05560710
C COR Electronics, Inc. (a) 16,200 275,400 12501010
California Microwave Corp. (a) 30,300 712,050 13044210
Grainger (W.W.), Inc. 29,100 1,702,350 38480210
Roper Industries, Inc. 52,600 1,775,250 77669610
Star Paging International Holdings Ltd. 1,353,000 591,126 85599692
5,116,626
INDUSTRIAL MACHINERY & EQUIPMENT - 6.1%
Brenco, Inc. 181,300 1,813,000 10706110
Cascade Corp. 48,400 998,250 14719510
Cincinnati Milacron, Inc. 16,100 322,000 17217210
Donaldson Company, Inc. 13,000 536,250 25765110
Duriron Company, Inc. 40,300 891,638 26684910
JLG Industries, Inc. 35,400 814,200 46621010
Manitowoc Co., Inc. 122,500 3,920,000 56357110
Raymond Corp. (The) (a) 101,300 1,722,100 75468810
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
Regal-Beloit Corp. 71,200 $ 1,664,300 75875010
Stewart & Stevenson Services, Inc. 31,200 1,575,600 86034210
TRINOVA Corp. 42,000 1,365,000 89667810
Twin Disc, Inc. 13,300 256,025 90147610
15,878,363
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 20,994,989
MEDIA & LEISURE - 8.2%
BROADCASTING - 2.3%
Associated Communications Corp. Class B (a) 39,300 1,090,575 04554120
CBS, Inc. 6,400 1,972,800 12484510
Capital Cities/ABC, Inc. 2,100 1,328,250 13985910
Chris-Craft Industries, Inc. 10,300 383,675 17052010
Crown Casino Corp. 13,200 80,850 22821610
Gaylord Entertainment Co. Class A 22,000 528,000 36790110
Peoples Choice TV Corp. (a) 24,800 644,800 71084710
6,028,950
ENTERTAINMENT - 0.6%
Ameristar Casinos, Inc. 20,000 220,000 03070Q10
Paramount Communications, Inc. 9,400 740,250 69921610
Royal Caribbean Cruises Ltd. 23,500 605,125 78015392
1,565,375
LEISURE DURABLES & TOYS - 0.4%
Fleetwood Enterprises, Inc. 45,300 1,092,863 33909910
LODGING & GAMING - 4.2%
Argosy Gaming Corp. (a) 20,000 465,000 04022810
Host Marriott Corp. 49,600 353,400 44107810
La Quinta Motor Inns, Inc. 125,050 4,126,650 50419510
Marine Harvest International, Inc. (a) 20,000 120,000 56824710
Marriott International, Inc. 94,200 2,284,350 57190010
Promus Companies, Inc. 35,250 1,489,313 74342A10
Sahara Gaming Corp. (a) 68,336 1,093,376 78709C10
Shangri-La Asia Ltd. (a) 960,000 1,143,331 84599M22
11,075,420
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - CONTINUED
PUBLISHING - 0.2%
American Greetings Corp. Class A 5,400 $ 167,400 02637510
Marvel Entertainment Group, Inc. (a) 14,000 411,250 57391310
Media General, Inc. Class A 2,200 55,000 58440410
633,650
RESTAURANTS - 0.5%
Back Bay Restaurant Group, Inc. (a) 3,600 56,700 05635V10
Bertucci's, Inc. (a) 45,000 922,500 08606310
Uno Restaurant Corp. (a) 17,700 179,213 91490010
1,158,413
TOTAL MEDIA & LEISURE 21,554,671
NONDURABLES - 3.5%
AGRICULTURE - 0.0%
Chai-Na-Ta Ginseng Products (a) 25,000 112,296 15745J10
BEVERAGES - 0.9%
Canadaigua Wine Co. Class A (a) 59,300 1,512,150 13721920
Celestial Seasonings, Inc. (a) 16,000 436,000 15101610
Coca-Cola Bottling Co. Consolidated 10,000 392,500 19109810
2,340,650
FOODS - 2.4%
ConAgra, Inc. 69,100 1,848,425 20588710
Dean Foods Co. 19,200 523,200 24236110
Doosan Foods Co. 27,990 398,323 25899622
Eskimo Pie Corp. 38,100 628,650 29644310
IBP, Inc. 84,200 2,115,525 44922310
Savanna Foods & Industries, Inc. 39,600 529,650 80479510
Wholesome and Hearty Foods, Inc. (a) 12,500 212,500 96690010
6,256,273
HOUSEHOLD PRODUCTS - 0.2%
Neutrogena Corp. 21,600 453,600 64124610
TOTAL NONDURABLES 9,162,819
PRECIOUS METALS - 2.3%
American Barrick Resources Corp. 53,200 1,398,952 02451E10
Canyon Resources Corp. (a) 36,900 133,763 13886910
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
PRECIOUS METALS - CONTINUED
Coeur d'Alene Mines Corp. 5,600 $ 102,200 19210810
Homestake Mining Co. 133,600 2,505,000 43761410
Newmont Mining Corp. 35,900 1,862,313 65163910
6,002,228
RETAIL & WHOLESALE - 4.4%
APPAREL STORES - 0.8%
Claire's Stores, Inc. 118,500 2,029,313 17958410
DRUG STORES - 0.4%
General Nutrition Companies, Inc. 37,500 1,003,125 37047F10
GENERAL MERCHANDISE STORES - 0.5%
Proffitts, Inc. (a) 45,700 1,325,300 74292510
GROCERY STORES - 0.6%
Whole Foods Market, Inc. (a) 75,400 1,545,700 96683710
RETAIL & WHOLESALE, MISCELLANEOUS - 2.1%
Lowe's Companies, Inc. 33,800 1,732,250 54866110
North West Company, Inc. 73,000 1,017,874 66329F10
Office Depot, Inc. 6,500 208,000 67622010
Orchard Supply Hardware Corp. (a) 11,200 156,800 68569110
Sun Television & Appliances, Inc. 37,800 807,975 86688110
Tiffany & Company, Inc. 34,000 1,062,500 88654710
Williams-Sonoma, Inc. (a) 16,400 520,700 96990410
5,506,099
TOTAL RETAIL & WHOLESALE 11,409,537
SERVICES - 2.9%
PRINTING - 1.0%
Reynolds & Reynolds Co. Class A 61,500 2,590,688 76169510
SERVICES - 1.9%
Loewen Group, Inc. 24,100 633,736 54042L10
Oroamerica, Inc. (a) 10,100 141,400 68702710
Pittston Company Services Group 19,200 508,800 72570110
Service Corp. International 155,500 3,809,750 81756510
5,093,686
TOTAL SERVICES 7,684,374
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - 14.7%
COMMUNICATIONS EQUIPMENT - 1.8%
Andrew Corp. (a) 10,400 $ 348,400 03442510
Artel Communications Corp. (a) 5,000 16,250 04300910
Centigram Communications Corp. 10,800 324,000 15231710
General DataComm Industries, Inc. (a) 59,400 571,725 36948710
Harmon Industries, Inc. (a) 32,100 690,150 41313610
Newbridge Networks Corp. (a) 13,200 646,800 65090110
Syntellect, Inc. (a) 26,700 106,800 87161L10
3Com Corp. (a) 59,000 2,146,125 88553510
4,850,250
COMPUTER SERVICES & SOFTWARE - 3.8%
ASK Group, Inc. (The) (a) 13,400 189,275 00190310
Adobe Systems, Inc. 10,500 242,813 00724F10
BancTec, Inc. 63,450 1,332,450 05978410
Blyth Holdings, Inc. 16,400 221,400 09643410
Cerner Corp. (a) 51,000 1,861,500 15678210
Computer Associates International, Inc. 33,200 1,319,700 20491210
Compuware Corp. 14,500 358,875 20563810
ECI Telecom Ltd. 49,700 1,167,950 26825810
Equifax, Inc. 13,400 323,275 29442910
Henry (Jack) & Associates, Inc. 66,450 1,029,975 42628110
Keane, Inc. (a) 12,250 369,031 48666510
MicroAge, Inc. (a) 8,300 300,875 59492810
SunGard Data Systems, Inc. (a) 23,100 820,050 86736310
Symantec Corp. (a) 20,300 334,950 87150310
Systems & Computer Technology Corp. 3,100 51,538 87187310
Tecnost Spa 50,000 79,449 87824090
10,003,106
COMPUTERS & OFFICE EQUIPMENT - 6.8%
Compaq Computer Corp. (a) 23,000 1,664,625 20449310
Diebold, Inc. 75,800 4,292,175 25365110
International Business Machines Corp. 137,100 7,386,263 45920010
Quantum Corp. (a) 21,400 304,950 74790610
Read Rite Corp. (a) 19,300 270,200 75524610
SCI Systems, Inc. (a) 6,400 116,000 78389010
Seagate Technology (a) 66,000 1,600,500 81180410
Silicon Graphics, Inc. (a) 33,500 1,465,625 82705610
Syquest Technology, Inc. (a) 27,500 302,500 87166010
Tech Data Corp. (a) 9,900 297,000 87823710
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
COMPUTERS & OFFICE EQUIPMENT - CONTINUED
Tricord Systems, Inc. (a) 5,000 $ 120,000 89612110
17,819,838
ELECTRONIC INSTRUMENTS - 1.1%
KLA Instruments Corp. 70,000 1,662,500 48248010
Teradyne, Inc. (a) 50,200 1,179,700 88077010
2,842,200
ELECTRONICS - 1.2%
Augat, Inc. (a) 46,500 860,250 05104210
Linear Technology Corp. 19,000 679,250 53567810
Maxim Integrated Products, Inc. (a) 10,800 459,000 57772K10
Molex, Inc. 11,000 352,000 60855410
Molex, Inc. (New) 6,400 188,800
Nae Wae Semiconductor Co. (a) 17,000 494,370 60855420
3,033,670
TOTAL TECHNOLOGY 38,549,064
TRANSPORTATION - 10.4%
AIR TRANSPORTATION - 2.9%
AMR Corp. (a) 29,200 1,923,550 00176510
Comair Holdings, Inc. 49,900 1,534,425 19978910
Korean Air (a) 45,000 996,783 52299522
Mesa Airlines, Inc. (a) 63,600 1,065,300 59048110
SkyWest, Inc. 11,700 359,775 83087910
UAL Corp. (a) 11,600 1,722,600 90254910
7,602,433
RAILROADS - 7.1%
CSX Corp. 26,100 2,166,300 12640810
Chicago & North Western Holdings Corp. (a) 15,000 356,250 16715510
Conrail, Inc. 12,100 754,738 20836810
Florida East Coast Industries, Inc. 18,700 1,309,000 34063210
Illinois Central Corp., Series A 65,800 2,179,625 45184110
Johnstown America Industries, Inc. (a) 68,400 1,470,600 47947710
Santa Fe Pacific Corp. 85,600 1,754,800 80218310
Southern Pacific Rail Corp. (a) 96,200 1,827,800 84358410
Trinity Industries, Inc. 137,000 5,137,500 89652210
Wisconsin Central Transportation Corp. (a) 33,000 1,699,500 97659210
18,656,113
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TRANSPORTATION - CONTINUED
SHIPPING - 0.1%
OMI Corp. 19,800 $ 128,700 67087410
TRUCKING & FREIGHT - 0.3%
Trimac Ltd. 3,900 48,905 89620810
XTRA Corp. 15,000 691,875 98413810
740,780
TOTAL TRANSPORTATION 27,128,026
UTILITIES - 8.3%
CELLULAR - 2.5%
Cencall Communications Corp. (a) 53,800 1,533,300 15129710
Dial Page, Inc. (a) 55,100 2,231,550 25247P10
IDB Communications Group, Inc. 46,100 2,062,975 44935510
Nextel Communications, Inc. Class A 17,500 660,625 65332V10
6,488,450
ELECTRIC UTILITY - 1.7%
Korea Electric Power Corp. 180,010 4,343,764 50099B92
GAS - 1.2%
Aquila Gas Pipeline Corp. (a) 15,100 171,763 03839B10
Seagull Energy Corp. (a) 10,000 245,000 81200710
Tejas Gas Corp. (Del.) (a) 15,700 836,025 87907510
Williams Companies, Inc. 72,600 1,969,275 96945710
3,222,063
TELEPHONE SERVICES - 2.9%
ALC Communications Corp. (a) 100,200 2,680,350 00157530
C-TEC Corp. (a) 53,000 1,444,250 12650410
Executive Telecard Ltd. (a) 5,000 64,375 30160110
Hong Kong Telecommunication Ltd. ADR 23,700 1,318,313 43857920
LCI International, Inc. (a) 13,500 445,500 50181310
LDDS Communications, Inc. (a) 35,677 1,520,726 50182L10
Telecomasia Corp. Public Ltd. 40,000 86,444 87928D92
WCT Communications 25,600 179,200 92923M10
7,739,158
TOTAL UTILITIES 21,793,435
TOTAL COMMON STOCKS
(Cost $211,240,868) 230,885,689
PREFERRED STOCKS - 0.4%
SHARES VALUE (NOTE 1)
CONVERTIBLE PREFERRED STOCKS - 0.1%
ENERGY - 0.1%
ENERGY SERVICES - 0.1%
Chiles Offshore Corp. $1.50 (a) 11,300 $ 279,675 16888720
NONCONVERTIBLE PREFERRED STOCKS - 0.3%
ENERGY - 0.0%
OIL & GAS - 0.0%
Gulf Canada Resources Ltd., Series 1, adj. rate 9,200 24,150 40218L40
FINANCE - 0.2%
CREDIT & OTHER FINANCE - 0.2%
Tong Yang Securities (a) 30,000 638,535 93999B23
MEDIA & LEISURE - 0.1%
LODGING & GAMING - 0.1%
Sahara Gaming Corp. exchangeable $2.14 cumulative 144,600 162,675
78709C20
TOTAL NONCONVERTIBLE PREFERRED STOCKS 825,360 16888720
TOTAL PREFERRED STOCKS
(Cost $1,138,916) 1,105,035
CONVERTIBLE BONDS - 0.0%
PRINCIPAL
AMOUNT
DURABLES - 0.0%
TEXTILES & APPAREL - 0.0%
Shinwon Corp. euro 0.50%, 12/31/08 $ 100,000 $ 100,000 98499DAA
FINANCE - 0.0%
CREDIT & OTHER FINANCE - 0.0%
Benpress Holdings Corp. 4 1/5%,
12/31/94 (b) 10,000 22,500 082300AA
TOTAL CONVERTIBLE BONDS
(Cost $115,049) 122,500
REPURCHASE AGREEMENTS - 11.4%
MATURITY VALUE (NOTE 1)
AMOUNT
Investments in repurchase agreements,
(U.S. Treasury obligations), in a
joint trading account at 3.24%
dated 11/30/93 due 12/1/93 $ 29,799,681 $ 29,797,000
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $242,291,833) $ 261,910,224
LEGEND
1. Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $22,500 or 0% of net assets.
OTHER INFORMATION
Distribution of investments by country, as a percentage of total value of
investments, is as follows:
United States 87.1%
Korea 5.7
Canada 2.4
Malaysia 1.4
Hong Kong 1.3
Netherlands 1.1
Others (individually less than 1%) 1.0
TOTAL 100.0%
INCOME TAX INFORMATION
At November 30, 1993, the aggregate cost of investment securities for
income tax purposes was $242,659,060. Unrealized appreciation of
$19,251,164 related to investment securities.
The fund hereby designates $658,000 as a capital gain dividend for the
purpose of the dividend paid deduction.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
NOVEMBER 30, 1993

ASSETS

Investment in securities, at value (including repurchase $ 261,910,224
agreements of $29,797,000) (cost $242,291,833)
(Notes 1 and 2) - See accompanying schedule

Cash 523

Receivable for investments sold 9,120,203

Receivable for fund shares sold 1,711,465

Dividends receivable 257,180

TOTAL ASSETS 272,999,595

LIABILITIES

Payable for investments purchased $ 17,231,218

Payable for fund shares redeemed 1,320,726

Accrued management fee 142,328

Other payables and accrued expenses 196,402

TOTAL LIABILITIES 18,890,674

NET ASSETS $ 254,108,921

Net Assets consist of:

Paid in capital $ 228,135,065

Accumulated net investment (loss) (177,405)

Accumulated undistributed net realized gain (loss) on 6,532,870
investments

Net unrealized appreciation (depreciation) on investment 19,618,391
securities

NET ASSETS, for 21,231,615 shares outstanding $ 254,108,921

NET ASSET VALUE and redemption price per share $11.97
($254,108,921 (divided by) 21,231,615 shares)

Maximum offering price per share (100/97 of $11.97) $12.34

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
DECEMBER 28, 1992 (COMMENCEMENT OF OPERATIONS) TO NOVEMBER 30, 1993

INVESTMENT INCOME $ 1,636,139
Dividends

Interest 479,831

TOTAL INCOME 2,115,970

EXPENSES

Management fee (Note 4) $ 1,176,102

Transfer agent fees (Note 4) 773,776

Accounting fees and expenses (Note 4) 107,774

Non-interested trustees' compensation 968

Custodian fees and expenses 69,724

Registration fees 169,307

Audit 26,446

Legal 820

Miscellaneous 1,672

Total expenses before reductions 2,326,589

Expense reductions (Note 5) (33,214) 2,293,375

NET INVESTMENT INCOME (LOSS) (177,405)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 6,532,870
(NOTES 1 AND 3)
Net realized gain (loss) on investment securities

Change in net unrealized appreciation (depreciation) on 19,618,391
investment securities

NET GAIN (LOSS) 26,151,261

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM $ 25,973,856
OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C>
DECEMBER 28,
1992
(COMMENCEMENT
OF OPERATIONS) TO
NOVEMBER 30,
1993

INCREASE (DECREASE) IN NET ASSETS

Operations $ (177,405)
Net investment income (loss)

Net realized gain (loss) on investments 6,532,870

Change in net unrealized appreciation (depreciation) on 19,618,391
investments

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM 25,973,856
OPERATIONS

Share transactions 413,120,185
Net proceeds from sales of shares

Cost of shares redeemed (184,985,120)

Net increase (decrease) in net assets resulting from share 228,135,065
transactions

TOTAL INCREASE (DECREASE) IN NET ASSETS 254,108,921

NET ASSETS

Beginning of period -

End of period (including accumulated net investment loss of $177,405) $ 254,108,921

OTHER INFORMATION
Shares

Sold 37,507,976

Redeemed (16,276,361)

Net increase (decrease) 21,231,615

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C>
DECEMBER 28,
1992
(COMMENCEMENT
OF OPERATIONS) TO
NOVEMBER 30,

1993

SELECTED PER-SHARE DATA

Net asset value, beginning of period $ 10.00

Income from Investment Operations

Net investment income (.01)

Net realized and unrealized gain (loss) on investments 1.98

Total from investment operations 1.97

Net asset value, end of period $ 11.97

TOTAL RETURN (dagger) (double dagger) 19.70%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 254,109

Ratio of expenses to average net assets (diamond) 1.32%*

Ratio of expenses to average net assets before expense reductions 1.34%*
(diamond)

Ratio of net investment income to average net assets (.10)%*

Portfolio turnover rate 204%*

</TABLE>

* ANNUALIZED
(diamond) SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
(dagger) THE TOTAL RETURN DOES NOT INCLUDE THE ONE TIME SALES CHARGE, AND
FOR PERIODS OF LESS THAN ONE YEAR IS NOT ANNUALIZED.
(double dagger) THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN
EXPENSES NOT BEEN REDUCED DURING THE PERIOD SHOWN.
NOTES TO FINANCIAL STATEMENTS
For the period ended November 30, 1993

1. SIGNIFICANT ACCOUNTING
POLICIES.
Fidelity New Millennium Fund (the fund) is a fund of Fidelity Mt. Vernon
Street Trust (the trust) and is authorized to issue an unlimited number of
shares. The trust is registered under the Investment Company Act of 1940,
as amended (the 1940 Act), as an open-end management investment company
organized as a Massachusetts business trust. The following summarizes the
significant accounting policies of the fund:
SECURITY VALUATION. Securities for which exchange quotations are readily
available are valued at the last sale price, or if no sale price, at the
closing bid price. Securities for which exchange quotations are not readily
available (and in certain cases debt securities which trade on an
exchange), are valued primarily using dealer-supplied valuations or at
their fair value as determined in good faith under consistently applied
procedures under the general supervision of the Board of Trustees.
Short-term securities maturing within sixty days are valued at amortized
cost or original cost plus accrued interest, both of which approximate
current value.
FOREIGN CURRENCY TRANSLATION. The accounting records of the fund are
maintained in U.S. dollars. Investment securities, other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the current exchange rate. Purchases and sales of securities,
income receipts and expense payments are translated into U.S. dollars at
the exchange rate on the dates of the transactions.
It is not practical to identify the portion of each amount shown in the
fund's Statement of Operations under the caption "Realized and Unrealized
Gain (Loss) on Investments" that arises from changes in foreign currency
exchange rates. Investment income includes net realized and unrealized
currency gains and losses recognized between accrual and payment dates.
INCOME TAXES. The fund intends to qualify as a regulated investment company
under Subchapter M of the Internal Revenue Code. By so qualifying, the fund
will not be subject to income taxes to the extent that it distributes all
of its taxable income for its fiscal year. The schedule of investments
includes information regarding income taxes under the caption "Income Tax
Information."
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date,
except certain dividends from foreign securities where the ex-dividend date
may have passed, are recorded as soon as the fund is informed of the
ex-dividend date. Interest income is accrued as earned. Dividend and
interest income is recorded net of foreign taxes where recovery of such
taxes is not assured.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
FORWARD FOREIGN CURRENCY
CONTRACTS. The fund may enter into forward foreign currency contracts.
These contracts involve market risk in excess of the amount reflected in
the fund's Statement of Assets and Liabilities. The face or contract amount
in U.S. dollars reflects the total exposure the fund has in that particular
currency contract. The U.S. dollar value of forward foreign currency
contracts is determined using forward currency exchange rates supplied by a
quotation service. Losses may arise due to changes in the value of the
foreign currency or if the counterparty does not perform under the
contract.
Purchases and sales of forward foreign currency contracts having the same
settlement date and broker are offset and presented net on the Statement of
Assets and Liabilities. Gain (loss) on the purchase or sale of forward
foreign currency contracts having the same settlement date and broker is
recognized on the date of offset, otherwise gain (loss) is recognized on
settlement date.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. The fund's investment
adviser, Fidelity Management & Research Company (FMR), is responsible
for determining that the value of these underlying securities remains at
least equal to the resale price.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the fund, along with other registered
investment companies having management contracts with FMR, may transfer
uninvested cash balances into a joint trading account. These balances are
invested in one or more repurchase agreements that are collateralized by
U.S. Treasury or Federal Agency obligations.
3. PURCHASES AND SALES OF
INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $534,173,696 and $328,211,955, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, Fidelity Management &
Research Company (FMR) receives a monthly basic fee that is calculated on
the basis of a group fee rate plus a fixed individual fund fee rate applied
to the average net assets of the fund. The group fee rate is the weighted
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
MANAGEMENT FEE - CONTINUED
average of a series of rates ranging from .30% to .52% and is based on the
monthly average net assets of all the mutual funds advised by FMR. The
annual individual fund fee rate is .35%. The basic fee is subject to a
performance adjustment (up to a maximum of + or - .20%) based on the fund's
investment performance as compared to the appropriate index over a
specified period of time. The fund's performance adjustment did not take
effect until December 1993. For the period, the management fee was
equivalent to an annualized rate of .68% of average net assets .
The Board of Trustees approved a new group fee rate schedule with rates
ranging from .2850% to .5200%. Effective November 1, FMR has voluntarily
agreed to implement this new group fee rate schedule as it results in the
same or a lower management fee.
SALES LOAD. For the period, Fidelity Distributors Corporation (FDC), an
affiliate of FMR and the general distributor of the fund, received sales
charges of $4,124,424 on sales of shares of the fund.
TRANSFER AGENT FEE. Fidelity Service Co. (FSC), an affiliate of FMR, is the
fund's transfer, dividend disbursing and shareholder servicing agent. FSC
receives fees based on the type, size, number of accounts and the number of
transactions made by shareholders. FSC pays for typesetting, printing and
mailing of all shareholder reports, except proxy statements.
ACCOUNTING AND SECURITY LENDING FEES. FSC maintains the fund's accounting
records and administers the security lending program. The security lending
fee is based on the number and duration of lending transactions. The
accounting fee is based on the level of average net assets for the month
plus out-of-pocket expenses.
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $128,941 for the period.
5. EXPENSE REDUCTIONS.
FMR has directed certain portfolio trades to brokers who paid a portion of
the fund's expenses. For the period, the fund's expenses were reduced by
$33,214 under this arrangement.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Mt. Vernon Street Trust and the Shareholders of
Fidelity New Millennium Fund:
We have audited the accompanying statement of assets and liabilities of
Fidelity Mt. Vernon Street Trust: Fidelity New Millennium Fund, including
the schedule of portfolio investments, as of November 30, 1993, and the
related statement of operations and the statement of changes in net assets
and the financial highlights for the period December 28, 1992 (commencement
of operations)to November 30, 1993. These financial statements and
financial highlights are the responsibility of the fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of November 30, 1993, with custodian and brokers. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Mt. Vernon Street Trust: Fidelity New Millennium as of November
30, 1993, the results of its operations, the changes in its net assets and
the financial highlights for the period December 28, 1992 (commencement of
operations) to November 30, 1993, in conformity with generally accepted
accounting principles.
/s/COOPERS & LYBRAND
COOPERS & LYBRAND
Boston, Massachusetts
January 4, 1994
TO CALL FIDELITY

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INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Arthur S. Loring, Secretary
Robert H. Morrison, Manager,
Security Transactions
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
Chase Manhattan Bank, N.A.
New York, NY
FIDELITY GROWTH FUNDS
Blue Chip Growth Fund
Capital Appreciation Fund
Contrafund
Disciplined Equity Fund
Dividend Growth Fund
Emerging Growth Fund
Growth Company Fund
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THE FIDELITY TELEPHONE CONNECTION
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FIDELITY NEW MILLENNIUM FUND
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TO THE SHAREHOLDERS:
The Board of Trustees of Fidelity New Millennium Fund voted to pay on
January 10, 1994, to shareholders of record at the opening of business on
January 7, 1994, a distribution of $.04 derived from capital gains realized
from sales of portfolio securities.
In the opinion of management, regardless of whether you took payments in
cash or in additional shares, the distribution will be reportable for tax
purposes for the year 1994. You will be notified at a later date as to the
tax treatment of this distribution.
If your account is a Fidelity prototype retirement plan such as an
Individual Retirement Account (IRA), a Keogh Plan, a 403(b), or a qualified
pension or profit sharing plan, the above information is provided for
informational purposes only and is not reportable for tax purposes in 1994.

FIDELITY NEW MILLENNIUM FUND
January 7, 1994

FIDELITY

(REGISTERED TRADEMARK)
NEW MILLENNIUM
FUND
ANNUAL REPORT
NOVEMBER 30, 1993
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on minimizing taxes.

PERFORMANCE 4 How the fund has done over time.

FUND TALK 6 The manager's review of fund
performance, strategy, and outlook.

INVESTMENT CHANGES 10 A summary of major shifts in the
fund's investments over the last six
months.

INVESTMENTS 11 A complete list of the fund's
investments with their market value.

FINANCIAL STATEMENTS 28 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 32 Footnotes to the financial
statements.

REPORT OF INDEPENDENT 35 The auditor's opinion.
ACCOUNTANTS

PRESIDENT'S MESSAGE

Growth Company 15.04% 174.40% 335.34%

Growth Company (incl. 3% sales charge) 11.59% 166.17% 322.28%

S&P 500(Registered trademark) 10.10% 98.31% 295.47%

Average Growth Fund 9.30% 98.42% 220.63%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, one, five, or ten years. You can compare
these figures to the performance of the Standard & Poor's 500 Composite
Stock Price Index - a common proxy for the U.S. stock market. You can also
compare them to the average growth fund, which reflects the performance of
320 growth funds tracked by Lipper Analytical Services. Both benchmarks
include reinvested dividends and capital gains, if any, and exclude the
effects of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1993 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Growth Company 15.04% 22.37% 15.85%

Growth Company (incl. 3% sales charge) 11.59% 21.63% 15.49%

S&P 500(Registered trademark) 10.10% 14.67% 14.74%

Average Growth Fund 9.30% 14.34% 11.90%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.

$10,000 OVER 10 YEARS
Growth Company (025) S&P 500
11/30/83 9700.00 10000.00
12/31/83 9412.81 9948.00
01/31/84 8836.32 9892.29
02/29/84 8292.32 9544.08
03/31/84 8387.89 9709.20
04/30/84 8387.89 9801.43
05/31/84 7807.13 9258.43
06/30/84 8240.86 9459.34
07/31/84 7865.94 9342.05
08/31/84 9123.03 10374.34
09/30/84 8880.43 10376.42
10/31/84 8902.48 10416.88
11/30/84 8711.35 10300.22
12/31/84 8895.13 10572.14
01/31/85 10167.31 11395.71
02/28/85 10537.03 11535.88
03/31/85 10248.65 11543.95
04/30/85 10152.52 11533.56
05/31/85 10707.11 12200.20
06/30/85 10847.60 12391.75
07/31/85 11172.95 12373.16
08/31/85 11232.11 12267.99
09/30/85 10559.22 11884.00
10/31/85 10995.49 12433.04
11/30/85 11912.39 13285.95
12/31/85 12444.79 13928.99
01/31/86 12890.74 14006.99
02/28/86 13977.41 15054.71
03/31/86 14665.91 15894.76
04/30/86 14956.25 15715.15
05/31/86 15628.16 16551.20
06/30/86 15711.11 16830.91
07/31/86 14417.06 15890.07
08/31/86 14923.06 17069.11
09/30/86 13570.95 15657.49
10/31/86 14582.96 16560.93
11/30/86 14392.17 16963.36
12/31/86 14066.61 16530.80
01/31/87 15852.88 18757.49
02/28/87 17298.61 19498.42
03/31/87 17117.89 20061.92
04/30/87 16485.38 19883.37
05/31/87 16425.15 20056.35
06/30/87 16696.22 21069.20
07/31/87 17469.29 22137.41
08/31/87 18603.79 22963.13
09/30/87 18182.11 22460.24
10/31/87 13342.92 17622.31
11/30/87 11947.39 16170.23
12/31/87 13827.98 17400.78
01/31/88 13881.08 18133.35
02/29/88 14730.73 18978.37
03/31/88 14900.66 18391.94
04/30/88 14730.73 18596.09
05/31/88 14656.39 18757.87
06/30/88 15898.99 19618.86
07/31/88 15569.76 19544.31
08/31/88 14932.52 18879.80
09/30/88 15771.55 19684.08
10/31/88 15601.62 20231.30
11/30/88 15389.21 19941.99
12/31/88 16049.27 20290.98
01/31/89 17172.71 21776.28
02/28/89 17142.38 21234.05
03/31/89 17730.87 21728.80
04/30/89 18940.53 22856.52
05/31/89 20422.65 23782.21
06/30/89 19681.59 23646.66
07/31/89 21000.23 25781.95
08/31/89 21861.17 26287.27
09/30/89 22482.35 26179.50
10/31/89 22253.49 25572.13
11/30/89 22351.57 26093.80
12/31/89 22732.38 26720.05
01/31/90 21002.22 24927.14
02/28/90 21927.38 25248.70
03/31/90 23104.85 25917.79
04/30/90 22768.43 25269.85
05/31/90 25159.41 27733.65
06/30/90 25447.77 27545.07
07/31/90 24654.78 27456.92
08/31/90 22095.59 24974.82
09/30/90 20137.14 23758.54
10/31/90 20233.26 23656.38
11/30/90 22395.96 25184.58
12/31/90 23549.40 25887.23
01/31/91 26204.72 27015.92
02/28/91 27898.83 28947.55
03/31/91 29412.72 29648.09
04/30/91 29148.39 29719.24
05/31/91 30698.33 31003.11
06/30/91 28631.75 29583.17
07/31/91 30902.58 30961.74
08/31/91 32236.25 31695.54
09/30/91 32044.01 31166.22
10/31/91 31971.92 31583.85
11/30/91 30782.43 30311.02
12/31/91 34930.88 33778.60
01/31/92 35323.94 33150.32
02/29/92 35624.07 33581.27
03/31/92 33784.15 32926.44
04/30/92 33131.69 33894.48
05/31/92 33092.54 34060.56
06/30/92 31918.12 33553.06
07/31/92 33053.40 34925.38
08/31/92 32153.01 34209.41
09/30/92 32661.92 34613.08
10/31/92 34423.55 34734.22
11/30/92 36707.15 35918.66
12/31/92 37705.38 36360.46
01/31/93 38621.12 36665.89
02/28/93 37541.86 37164.54
03/31/93 38880.69 37948.72
04/30/93 38457.18 37030.36
05/31/93 40615.70 38022.77
06/30/93 40765.98 38133.04
07/31/93 40110.22 37980.50
08/31/93 41749.61 39419.97
09/30/93 42924.50 39116.43
10/31/93 43511.94 39926.14
11/30/93 42227.76 39546.84

$10,000 OVER 10 YEARS: Let's say you invested $10,000 in Fidelity Growth
Company Fund on November 30, 1983, and paid a 3% sales charge. As the chart
shows, by November 30, 1993, the value of your investment would have grown
to $42,228 - a 322.28% increase on your initial investment. For comparison,
look at how the S&P 500 did over the same period. With dividends
reinvested, the same $10,000 investment would have grown to $39,547 - a
295.47% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and
return of a fund that invests in
stocks will vary. That means if
you sell your shares during a
market downturn, you might
lose money. But if you can
ride out the market's ups and
downs, you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
Low inflation, falling interest rates
and a gradually improving
economy boosted U.S. stocks
during the 12 months ended
November 30, 1993. The Standard
& Poor's 500 index - a broad
measure of U.S. stock
performance - rose 10.10%, in
line with the market's long-term
average annual return. Continued
poor performance by tobacco, drug
and brand-name consumer
products stocks was offset by
impressive results in other sectors,
including technology, although
semiconductors gave back part of
their gains in October and
November. Other market leaders
were finance, notably securities
brokers; autos; entertainment; and
precious metals. Communications
stocks soared as traditional
telephone utilities, cellular
communications companies and
entertainment companies
scrambled to form strategic
alliances. Mergers and acquisitions
activity resumed at a pace
reminiscent of the 1980s. The
NASDAQ Composite Index, which
tracks over-the-counter stocks,
rose 15.57% for the year,
compared to 14.73% for the Dow
Jones Industrial Average, an index
of 30 blue-chip stocks. Both trailed
the Morgan Stanley EAFE
(Europe, Australia, Far East) index,
which rose 24.27%. Two widely
watched benchmarks broke
records during the period: slow
growth and the prospect of higher
taxes helped push the yield on the
30-year Treasury below 6% in
early September; meanwhile, the
Dow closed above 3700 for the
first time in mid-November, and
finished the month at 3684.
An interview with Robert Stansky, Portfolio Manager of Fidelity Growth
Company Fund
Q. BOB, HOW HAS THE FUND DONE?
A. The fund's total return for the year ended November 30, 1993, was
15.04%. That compared to a return of 9.30% for the average growth fund
tracked by Lipper Analytical Services.
Q. WHAT HELPED THE FUND TOP THE AVERAGE?
A. I believe stock prices follow earnings, and the fund did well to the
extent that I was able to find companies that were growing earnings within
their given industries. That said, this past year has not been without its
challenges. We've seen the stocks of many growth companies take on rather
high price-to-earnings ratios, or valuations. This year, many stocks with
p/e ratios high enough to scare any fund manager just kept on performing
well. That made it more difficult to determine whether a particular stock's
price was so high relative to earnings that it couldn't rise much more.
It's very tough to hold on to or buy more of a stock that's on the way up;
most people want to sell and take their profits. In part, we beat the
average by sticking with rising stocks of companies that were growing
earnings, even if these stocks were expensive.
Q. LET'S GET SPECIFIC. WHERE DID YOU FIND THE TOP PERFORMERS?
A. Mostly in the technology sector - 20.6% of the fund on November 30. This
group showed the strongest earnings growth this year, with the sector up
over 13% in 1993, through November. Though the economy was growing slowly,
the products of some of these companies took off. Investors wanted to know
who had the new product on the market and who was selling a lot of them.
For example, Compaq remained one of the fund's top investments over the
last six months. The personal computer market has been adding roughly 40
million units a year. Compaq has been gaining market share and improving
profitability by distributing the right products at the right price. The
price of a share of Compaq's stock on May 31 was $57.88 and had risen to
$72.38 by the end of November. Motorola was one of the fund's largest
investments during most of the period. Here's a well-positioned company in
an attractive industry - semi-conductors and communications equipment, both
of which were among the market leaders this year. Motorola has been growing
earnings and seems poised to benefit from the technology boom in this
country. So far, it performed well in the late summer and early fall,
before dropping slightly in November.
Q. HAVEN'T MANY TECHNOLOGY STOCKS DROPPED IN PRICE LATELY?
A. Yes, it's true as a whole they've fallen off somewhat, especially as
some investors have taken profits. However, it's not unusual for the sector
to be very volatile; a stock rising strongly one minute can be perceived as
overpriced and subject to heavy selling the next. Also, questionable
business prospects within some of these companies recently have caused
their stocks to lose favor. For example, SynOptics - a manufacturer of
computer network systems - was the fund's second largest investment at the
end of May. But the company was bringing out a new product, and I wasn't
sure how the market would accept it. So I reduced the fund's stake and am
still waiting to see what will happen. Microsoft is another stock I sold in
early summer because I had doubts about the company's near-term earnings
potential, given its valuation. After its price dropped in the fall, it
began to look more attractive and I began buying again. I have to be very
careful with technology stocks but I like their long-term prospects.
Q. IS THAT DUE, IN PART, TO THE BUILDING OF THE SO-CALLED "INFORMATION
SUPERHIGHWAY," WHICH COMBINES TELEVISIONS, TELEPHONES AND COMPUTERS?
A. Sure. It's a fascinating concept, but I'm still cautious and have a lot
of questions. What's the build-out schedule? Can companies execute these
large contracts at a profit? What will the competition be like? On paper,
it seems like a can't-miss sector for long-term investing, but every day I
find new reasons to worry. I think the technology industry can ultimately
benefit from the information superhighway, but some companies will do
better than others. That's why I'm sticking with my focus on the merits of
individual stocks, which always gets back to earnings growth.
Q. WHERE ELSE DID YOU FIND INVESTMENT OPPORTUNITIES?
A. Financial stocks - the fund's second largest sector investment at 12.2%
- - performed well for part of the year before prices edged back down.
Brokerage companies provided some strong gains. For example, Merrill
Lynch's stock rose roughly 30% from May through October. In addition, the
fund had 9.8% of its investments in retail stocks at the end of November.
This sector has had a rough year, but a handful of stocks have done well.
JC Penney was the fund's biggest retail holding through much of the last
six months. I am much more apt to own a specialty retailer than a large
department store, but few specialty stores did well this year. Lately,
Penney's has done a good job with its private label merchandise. Its
catalogue sales also have been strong, in part because Sears dropped its
catalogue. Also, auto stocks - namely, Ford and Chrysler - have been steady
performers.
Q. AREN'T AUTOS CONSIDERED CYCLICAL STOCKS - WHICH TEND TO RISE AND FALL IN
TANDEM WITH THE ECONOMY?
A. Traditionally, yes. But if you were to cover up the names and strictly
look at Chrysler's or Ford's business fundamentals, you'd think they were
growth stocks. Chrysler, in particular, has shown strong earnings momentum
over the last few quarters. In business terms, they're seeing "unit
growth," which simply means they're selling more cars. That makes these
investments consistent with the fund's goal of buying stocks of companies
whose earnings are growing faster than the market average.
Q. ANY DISAPPOINTMENTS?
A. Always. In hindsight, investing more heavily in casinos could have
provided the fund with a stronger return. Many had big gains this year as
more states and localities legalized casino gambling as a way to boost
their economies. Companies that specialize in riverboat gambling did
especially well.
Q. WHAT'S YOUR VIEW OF THE NEXT SIX MONTHS?
A. Because so many stocks now carry prices that are high relative to
earnings, I'll have to be choosy in the months ahead. Stocks that seem like
sure bets are becoming very scarce. I don't like to make predictions
concerning which way the market will go. But I think it'll be an
environment where the art of picking successful stocks and avoiding the
losers will be much more of a factor in success than market or economic
conditions. I always have to watch the economy closely, but I'm more
concerned with the business fundamentals of the individual companies whose
stocks I buy. These growth companies are always out there. If I can
consistently find them, the fund should continue to do well over the long
run. But investors need to remember that almost any interim period can be
rocky.
FUND FACTS
GOAL: to increase the value
of the fund's shares over the
long term by investing in
stocks that have
above-average growth
potential
START DATE: January 17, 1983
SIZE: as of November 30,
1993, over $2.4 billion
MANAGER: Robert Stansky,
since 1987; manager,
Fidelity Advisor Equity
Portfolio Growth, since 1987;
Fidelity Emerging Growth
Fund, December 1990 -
April 1991; Fidelity Select
Defense & Aerospace
Portfolio, 1984 - 1985.
(checkmark)
ROBERT STANSKY ON GROWTH
INVESTING:
"I try to own a mixture of small,
medium and large companies
with a cross-section of fast,
medium and good solid slow
growers. Stock prices follow
earnings over the long run. My
job is to forecast the earning
potential of companies, then
make sure their stock price
doesn't already reflect that
potential. It's not only important
to look at earnings growth, but
also unit growth. There aren't
very many stocks that make
huge gains, say go up ten-fold.
I try to catch those big winners
on the way up and not give it all
back during a fall in the
market."
(bullet) On November 30, 1993,
11.2% of the fund's
investments were overseas,
up from 6.9% six months ago.
This rise reflected increased
opportunities to find stocks of
fast growing companies at fair
prices overseas, due to high
valuations in the U.S. market.
(bullet) The fund reduced its cash
and short-term holdings to
12.6% by November 30, down
from 16.8% at the end of May.
DISTRIBUTIONS
The Board of Trustees of
Fidelity Growth Company
Fund voted to pay on
December 20, 1993, to
shareholders of record at the
opening of business on
December 17, 1993, a
distribution of $2.88 derived
from capital gains realized
from sales of portfolio
securities and a dividend of
$.07 from net investment
income.
INVESTMENT CHANGES

TOP TEN STOCKS AS OF NOVEMBER 30, 1993
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

Compaq Computer Corp. 2.9 2.3

Lowe's Companies, Inc. 1.2 0.6

Chrysler Corp. 1.2 1.0

Cisco Systems, Inc. 1.1 3.0

Penney (J.C.) Co., Inc. 1.1 0.4

Ford Motor Co. 1.0 0.9

General Electric Co. 1.0 0.6

Citicorp 1.0 1.1

Pfizer, Inc. 1.0 0.8

Wellfleet Communications, Inc. 1.0 0.6

TOP FIVE INDUSTRIES AS OF NOVEMBER 30, 1993
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE INDUSTRIES
6 MONTHS AGO

Technology 20.6 26.0

Finance 12.2 14.8

Retail & Wholesale 9.8 9.2

Health 9.0 7.3

Media & Leisure 7.2 5.8

ASSET ALLOCATION
AS OF NOVEMBER 30, 1993* AS OF MAY 31, 1993*
Row: 1, Col: 1, Value: 12.6
Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 87.40000000000001
Row: 1, Col: 1, Value: 16.8
Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 83.2
Stocks 87.4%
Short-term
investments 12.6%
Stocks 83.2%
Short-term
investments 16.8%
* FOREIGN
INVESTMENTS 11.2%
* FOREIGN
INVESTMENTS 6.9%
INVESTMENTS NOVEMBER 30, 1993

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 87.3%
SHARES VALUE (NOTE 1)
AEROSPACE & DEFENSE - 0.4%
AEROSPACE & DEFENSE - 0.0%
Orbital Sciences Corporation (a) 31,100 $ 560 68556410
DEFENSE ELECTRONICS - 0.4%
General Motors Corp. 176,200 9,316 37044210
TOTAL AEROSPACE & DEFENSE 9,876
BASIC INDUSTRIES - 1.3%
CHEMICALS & PLASTICS - 0.0%
GEON 28,600 658 37246W10
IRON & STEEL - 0.5%
Compania Siderurgica Nacional (a) 240,266,900 5,192 24499523
LTV Corp. (a) 197,200 2,859 50192110
National Steel Corp. Class B (a) 20,000 228 63784430
Wheeling Pittsburgh Corp. (a) 235,600 3,887 96314210
12,166
PACKAGING & CONTAINERS - 0.1%
M.C. Packaging 2,020,000 974 62399092
PAPER & FOREST PRODUCTS - 0.7%
Georgia-Pacific Corp. 77,500 5,696 37329810
International Paper Co. 141,300 9,432 46014610
Pope & Talbot, Inc. 2,000 55 73282710
Smurfit (Jeff) Group PLC 182,100 717 84699793
Temple-Inland, Inc. 31,600 1,600 87986810
17,500
TOTAL BASIC INDUSTRIES 31,298
CONGLOMERATES - 1.0%
Citic Pacific Ltd. Ord. 887,000 2,319 45299792
First Pacific Co. Ltd. 1,774,000 873 33699192
Grupo Carso SA de CV Class A-1 893,800 7,893 40099594
Jardine Matheson & Co. Ltd. Ord. 941,278 7,981 47111510
United Technologies Corp. 89,300 5,525 91301710
24,591
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
CONSTRUCTION & REAL ESTATE - 2.4%
BUILDING MATERIALS - 0.5%
Armstrong World Industries, Inc. 90,600 $ 4,156 04247610
Cementos Apasco SA de CV Class A 117,400 991 15299392
Cemex SA, Series B (a) 234,400 6,104 15299293
Lafarge Corp. 2,700 54 50586210
Tolmex B2 SA (a) 72,000 854 94399492
12,159
CONSTRUCTION - 0.9%
Bufete Industrial SA sponsored ADR representing 3 Ord.
certificates Banco 69,900 1,940 11942H10
Centex Corp. 314,300 12,336 15231210
Ekran Berhad Ord. (a) 320,000 1,689 28299792
Kaufman & Broad Home Corp. 10,300 207 48616810
Lennar Corp. 85,400 2,541 52605710
Pulte Corp. 86,700 3,208 74586710
Redman Industries 36,100 569 75764210
22,490
ENGINEERING - 0.2%
Glenayre Technologies, Inc. 124,700 4,863 37789910
REAL ESTATE - 0.3%
Hon Kwok Land Investment Ltd. Ord. 1,910,000 865 43899192
Hovnanian Enterprises, Inc. Class A (a) 7,900 123 44248720
Sun Hung Kai Properties Ltd. 1,000,000 6,215 86676H10
7,203
REAL ESTATE INVESTMENT TRUSTS - 0.5%
Crown American Realty Trust (SBI) 69,800 1,134 22818610
Developers Diversified Realty 38,900 1,050 25159110
Duke Realty Investors, Inc. 145,300 3,270 26441150
Equity Residential Properties Trust (SBI) 74,800 2,431 29476L10
Excel Realty Trust, Inc. 13,300 253 30067R10
Horizon Outlet Centers, Inc. (a) 5,900 143 44043K10
LTC Properties, Inc. 8,400 107 50217510
Manufactured Home Community 48,600 1,938 56468210
McArthur/Glen Realty Corp. (a) 2,500 59 57918810
Property Trust of America (SBI) 32,000 600 74344510
United Dominion Realty Trust, Inc. 24,700 340 91019710
Vornado Realty Trust 39,100 1,456 92904210
12,781
TOTAL CONSTRUCTION & REAL ESTATE 59,496
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
DURABLES - 4.8%
AUTOS, TIRES, & ACCESSORIES - 3.4%
Autozone, Inc. (a) 207,500 $ 11,516 05333210
Chrysler Corp. 544,100 28,701 17119610
Dana Corp. 81,700 4,473 23581110
Discount Auto Parts, Inc. (a) 45,500 1,132 25464210
Echlin, Inc. 137,800 4,565 27874910
Federal-Mogul Corp. 175,800 4,527 31354910
Ford Motor Co. 413,000 25,090 34537010
Grupo Dina (Consorcio G) ADR (a) 87,300 1,921 21030610
Sime Darby Hong Kong Ltd. 655,000 1,068 82899392
82,993
CONSUMER ELECTRONICS - 0.4%
Fossil, Inc. 12,000 231 34988210
Harman International Industries, Inc. (a) 49,100 1,178 41308610
Newell Co. 60,800 2,447 65119210
Universal Electronics, Inc. (a) 162,500 4,103 91348310
Whirlpool Corp. 49,500 2,938 96332010
10,898
HOME FURNISHINGS - 0.4%
Ethan Allen Interiors, Inc. (a) 100,000 2,650 29760210
Haverty Furniture Companies, Inc. 98,300 1,647 41959610
Levitz Furniture, Inc. (a) 74,300 1,059 52748210
Rhodes, Inc. (a) 210,500 2,947 76235P10
Stanley Furniture (a) 40,900 429 85430520
8,732
TEXTILES & APPAREL - 0.6%
Justin Industries, Inc. 9,400 128 48217110
Mohawk Industries, Inc. 70,200 2,105 60819010
NIKE, Inc. Class B 58,100 2,782 65410610
Nine West Group, Inc. (a) 138,300 4,547 65440D10
Reebok International Ltd. 157,500 4,804 75811010
Stride Rite Corp. 41,500 768 86331410
15,134
TOTAL DURABLES 117,757
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
ENERGY - 4.1%
ENERGY SERVICES - 0.8%
Halliburton Co. 280,600 $ 8,664 40621610
Rowan Companies, Inc. (a) 92,200 784 77938210
Schlumberger Ltd. 210,200 12,086 80685710
21,534
OIL & GAS - 3.3%
Anadarko Petroleum Corp. 205,000 8,174 03251110
Anderson Exploration Ltd. (a) 190,000 4,143 03390110
Archer Resources Ltd. (a) 96,400 1,155 03950K10
British Petroleum PLC ADR 180,000 10,665 11088940
Burlington Resources, Inc. 194,100 8,735 12201410
Canadian Natural Resources Ltd. (a) 330,200 4,017 13638510
Chauvco Resources Ltd. Class A (a) 165,700 1,954 16260010
Cross Timbers Oil Co. 14,300 204 22757310
Elan Energy, Inc. (a) 214,500 1,526 28390410
Encal Energy Ltd. (a) 965,100 3,215 29250D10
Enron Oil & Gas Co. 122,700 4,738 29356210
Excel Energy, Inc. (a) 338,800 1,427 30065410
Excel Energy, Inc. (warrants) (a) 30,000 10 30065492
Intensity Resources Ltd. (a) 168,100 296 45816E10
Inverness Petroleum Ltd. (a) 98,400 792 46190810
Louis Dreyfus Natural Gas Corp. (a) 47,200 820 54601110
Murphy Oil Corp. 39,000 1,565 62671710
Newfield Exploration Co. (a) 12,100 198 65129010
Noble Affiliates, Inc. 17,000 421 65489410
Northrock Resources Ltd. (a) 114,300 642 66679810
Parker & Parsley Petroleum Co. 13,600 278 70101810
Petromet Resources Ltd. Ord. (a) 353,400 1,554 71673110
Pinnacle Resources Ltd. (a) 128,500 1,804 72348R10
Renaissance Energy Ltd. (a) 9,400 188 75966610
Rio Alto Exploration Ltd. (a) 671,600 3,771 76689210
Summit Resources Ltd. 469,200 3,074 86624610
Tarragon Oil & Gas Ltd. (a) 599,600 7,014 87629E20
Unocal Corp. 140,400 3,808 91528910
YPF Sociedad Anonima sponsored ADR representing Class D
shares 176,800 4,376 98424510
80,564
TOTAL ENERGY 102,098
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FINANCE - 12.2%
BANKS - 6.6%
Advanta Corp. 107,550 $ 4,141 00794210
Banacci SA de CV Class C 232,500 1,735 06399893
Bank of Boston Corp. 507,324 11,034 06071610
Bank of New York Co., Inc. 312,400 17,338 06405710
BanPonce Corp. 53,900 1,604 06670410
Citicorp (a) 666,900 23,675 17303410
First Fidelity Bancorporation 103,965 4,354 32019510
First Interstate Bancorp 182,200 10,636 32054810
First Union Corp. 259,964 10,561 33735810
Grupo Financiero Bancomer SA de CV sponsored ADR,
Series C (c) 252,500 8,995 40048610
HSBC Holdings PLC 787,628 8,718 42199192
Mellon Bank Corp. 264,192 14,663 58550910
Mercantile Bancorporation, Inc. 117,300 5,161 58734210
NationsBank Corp. 185,828 8,757 63858510
Norwest Corp. 269,500 6,165 66938010
Shawmut National Corp. 361,500 7,546 82048410
Signet Banking Corp. 481,207 15,518 82668110
Westpac Banking Corp. 517,411 1,449 96121410
162,050
CREDIT & OTHER FINANCE - 2.8%
American Express Co. 233,600 7,329 02581610
American Residential Holdings Corp. (a) 137,700 2,444 02926R10
Argentaria Corp. Bancaria de Esp (a) 24,000 1,026 21991392
Beneficial Corp. 85,300 6,291 08172110
Credit Acceptance Corp. (a) 86,400 2,916 22531010
Dean Witter Discover & Co. 301,525 11,458 24240V10
First USA, Inc. 180,800 5,379 33743H10
GFC Financial Corp. 5,600 151 36160910
Green Tree Acceptance, Inc. 156,500 7,708 39350510
Household International, Inc. 530,066 17,492 44181510
JCG Holdings 1,016,000 809 46799792
Mercury Finance Co. 48,200 801 58939510
North American Mortgage Co. 19,400 514 65703710
Primerica Corp. 131,400 5,256 74158910
69,574
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FINANCE - CONTINUED
FEDERAL SPONSORED CREDIT - 1.1%
Federal Home Loan Mortgage Corporation 388,200 $ 18,634 31340030
Federal National Mortgage Association 115,200 8,698 31358610
27,332
INSURANCE - 1.1%
Aetna Life & Casualty Co. 22,300 1,363 00814010
Allstate Corp. (a) 118,600 3,499 02000210
Capital Guaranty Corp. (a) 165,900 3,318 14018K10
Capital Holding Corp. 94,500 3,615 14018610
Exel Ltd. 33,900 1,470 30161610
MBIA, Inc. 51,400 3,392 55262C10
MGIC Investment Corp. 31,600 1,805 55284810
Mutual Risk Management Ltd. 2,850 84 62835110
National Mutual Asia Ltd. (a) 4,513,000 3,914 63699592
National Mutual Asia Ltd. (warrants) (a) 902,600 467 63699593
Paul Revere Corp. (a) 36,300 844 70355910
UNUM Corp. 73,800 3,635 90319210
27,406
SECURITIES INDUSTRY - 0.6%
Alex. Brown, Inc. 147,100 3,714 01390210
BHC Financial, Inc. 29,000 798 05544W10
Morgan Stanley Group, Inc. 9,800 703 61744610
Paine Webber Group, Inc. 296,300 7,889 69562910
13,104
TOTAL FINANCE 299,466
HEALTH - 9.0%
DRUGS & PHARMACEUTICALS - 5.8%
Advanced Tissue Sciences Corp. Class A (a) 48,200 518 00755F10
Amgen, Inc. (a) 510,100 23,082 03116210
Applied Immune Sciences, Inc. (a) 125,200 1,487 03820F10
Biogen, Inc. (a) 176,300 6,699 09059710
Bristol-Myers Squibb Co. 98,600 5,904 11012210
COR Therapeutics, Inc. (a) 130,400 1,793 21775310
Cell Genesys, Inc. (a) 70,200 1,386 15092110
Cellpro, Inc. (a) 102,300 2,890 15115610
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
HEALTH - CONTINUED
DRUGS & PHARMACEUTICALS - CONTINUED
Cephalon, Inc. (a) 50,700 $ 837 15670810
Chiron Corp. (a) 151,500 12,612 17004010
Creative BioMolecules, Inc. (a) 102,700 1,027 22527010
Cytotheraputics, Inc. (a) 69,300 849 23292310
Elan PLC ADR 200,550 8,373 28413120
Elan PLC therapeutic systems (Common & 1 ADR warrants) (a) 39,956
1,199 28413140
Genetics Institute, Inc. depositary shares (a) 83,100 3,802 37185530
IMCERA Group, Inc. 347,800 11,999 45245410
Immulogic Pharmaceutical Corp. (a) 86,900 999 45252R10
Liposome Co, Inc. (a) 139,900 1,714 53631110
Magainin Pharmaceuticals, Inc. (a) 49,300 653 55903610
Molecular Biosystems, Inc. (a) 57,800 1,358 60851310
Perspective Biosystems, Inc. (a) 16,100 427 71527110
Pfizer, Inc. 353,200 23,488 71708110
Protein Design Labs, Inc. (a) 7,200 172 74369L10
Schering-Plough Corp. 290,100 19,400 80660510
Sciclone Pharmaceuticals, Inc. (a) 62,400 1,544 80862K10
Somatix Therapy Corp. (a) 51,700 355 83444710
Warner-Lambert Co. 111,100 7,374 93448810
141,941
MEDICAL EQUIPMENT & SUPPLIES - 1.8%
Boston Scientific Corp. (a) 273,700 3,387 10113710
Cardinal Distribution, Inc. 53,700 2,349 14148710
Haemonetics Corp. (a) 195,900 4,653 40502410
Johnson & Johnson 373,800 16,307 47816010
McKesson Corp. 845 48 58155610
Medtronic, Inc. 184,800 14,276 58505510
Resound Corp. (a) 7,100 138 76119410
Sofamor/Danek Group, Inc. (a) 121,300 4,094 83400510
45,252
MEDICAL FACILITIES MANAGEMENT - 1.4%
Columbia Healthcare Corp. 131,400 3,811 19767910
HCA - Hospital Corporation of America Class A (a) 72,400 2,136 40412010
HEALTHSOUTH Rehabilitation Corp. (a) 540,550 8,987 42192410
HealthTrust, Inc. - The Hospital Co. (a) 137,100 3,188 42221H10
Horizon Healthcare Corp. (a) 81,100 1,348 44042H10
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
HEALTH - CONTINUED
MEDICAL FACILITIES MANAGEMENT - CONTINUED
Manor Care, Inc. 109,300 $ 2,309 56405410
U.S. Healthcare, Inc. 229,500 13,282 91191010
35,061
TOTAL HEALTH 222,254
INDUSTRIAL MACHINERY & EQUIPMENT - 2.5%
ELECTRICAL EQUIPMENT - 1.9%
ANTEC Corp. (a) 72,500 1,994 03664P10
General Electric Co. 249,800 24,543 36960410
Hutchison Whampoa Ltd. Ord. 3,427,000 14,534 44841510
Scientific-Atlanta, Inc. 50,000 1,569 80865510
Star Paging International Holdings Ltd. 6,784,000 2,964 85599692
45,604
INDUSTRIAL MACHINERY & EQUIPMENT - 0.6%
Caterpillar, Inc. 111,200 9,480 14912310
Flow International Corp. (a) 92,200 743 34346810
Granite Industries BHD 790,000 4,540 38799522
14,763
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 60,367
MEDIA & LEISURE - 7.2%
BROADCASTING - 2.4%
BET Holdings, Inc. Class A (a) 15,500 287 08658510
Broadcasting Partners, Inc. Class A (a) 7,000 111 11131910
CBS, Inc. 20,600 6,350 12484510
Comcast Corp. Class A (Special) 242,600 8,248 20030020
Evergreen Media Corp. Class A (a) 10,400 177 30024810
Gaylord Entertainment Co. Class A 4,200 101 36790110
Grupo Televisa SA de CV ADR (a)(c) 116,900 6,897 40049J10
Jacor Communications, Inc. Class A 55,400 789 46985840
Peoples Choice TV Corp. (a) 6,600 172 71084710
Tele-Communications, Inc. Class A (a) 378,000 11,387 87924010
Time Warner, Inc. 289,081 12,756 88731510
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - CONTINUED
BROADCASTING - CONTINUED
Turner Broadcasting System, Inc. Class B 204,700 $ 4,964 90026250
Viacom, Inc. (a) 142,800 6,979 92552410
59,218
ENTERTAINMENT - 0.5%
Carnival Cruise Lines, Inc. Class A 44,800 2,145 14365810
Casino America, Inc. (a) 122,500 2,756 14757510
Disney (Walt) Co. 89,100 3,542 25468710
Players International, Inc. (a) 69,000 1,673 72790310
Sega Enterprises 15,600 1,141 81599792
11,257
LEISURE DURABLES & TOYS - 0.2%
Callaway Golf Co. 54,000 2,815 13119310
Champion Enterprises, Inc. (a) 45,000 833 15849610
Coachmen Industries, Inc. 5,500 77 18987310
Fleetwood Enterprises, Inc. 82,500 1,990 33909910
Nu-Kote Holdings Class A (a) 39,500 830 66993510
6,545
LODGING & GAMING - 2.2%
Argosy Gaming Corp. (a) 78,500 1,825 04022810
Caesars World, Inc. (a) 85,500 4,179 12769510
Circus Circus Enterprises, Inc. (a) 118,800 4,113 17290910
Gtech Holdings Corp. (a) 116,300 3,387 40051810
Hospitality Franchise Systems, Inc. (a) 146,600 6,267 44091210
International Game Technology 178,400 5,397 45990210
Mandarin Oriental International Ltd. Ord. 792,000 902 56259499
Mirage Resorts, Inc. (a) 522,000 11,485 60462E10
President Riverboat Casinos, Inc. (a) 290,750 6,978 74084810
Promus Companies, Inc. (a) 99,000 4,183 74342A10
WMS Industries, Inc. (a) 193,500 6,240 92929710
54,956
PUBLISHING - 0.5%
Ming Pao Enterprise Corp. Ltd. 2,360,000 2,887 60399392
Tribune Co. 147,100 8,201 89604710
11,088
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - CONTINUED
RESTAURANTS - 1.4%
Applebee's International, Inc. 27,200 $ 700 03789910
Back Bay Restaurant Group, Inc. (a)(b) 188,300 2,966 05635V10
Bertucci's, Inc. (a) 178,400 3,657 08606310
Brinker International, Inc. 82,700 3,432 10964110
Cracker Barrel Old Country Store, Inc. 131,555 3,716 22410010
Lone Star Steakhouse Saloon (a) 222,700 5,317 54230710
McDonald's Corp. 128,800 7,551 58013510
Outback Steakhouse, Inc. (a) 129,400 4,270 68989910
Quantum Restaurant Group, Inc. (a) 17,500 184 74763T10
Sbarro, Inc. 84,900 3,566 80584410
35,359
TOTAL MEDIA & LEISURE 178,423
NONDURABLES - 2.2%
BEVERAGES - 0.8%
Coca-Cola Company (The) 283,700 11,986 19121610
Coca-Cola FEMSA SA de CV sponsored ADR 16,800 479 19124110
Emvasa Del Valle de Enah Ord. (a) 112,100 452 29299E22
PepsiCo, Inc. 157,100 6,323 71344810
19,240
HOUSEHOLD PRODUCTS - 0.6%
First Brands Corp. 83,800 2,870 31935610
Gillette Company 170,300 10,644 37576610
Safeskin Corp. 10,900 169 78645410
Stanhome, Inc. 900 30 85442510
13,713
TOBACCO - 0.8%
Philip Morris Companies, Inc. 300,700 16,802 71815410
RJR Nabisco Holdings Corp. (a) 456,800 2,969 74960K10
19,771
TOTAL NONDURABLES 52,724
RETAIL & WHOLESALE - 9.7%
APPAREL STORES - 2.0%
AnnTaylor Stores Corp. (a) 36,300 912 03611510
Catherines Stores Corp. (a) 23,200 447 14916F10
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
RETAIL & WHOLESALE - CONTINUED
APPAREL STORES - CONTINUED
Cato Corp. Class A 269,950 $ 5,601 14920510
Charming Shoppes, Inc. 717,500 9,686 16113310
Designs, Inc. 206,700 3,359 25057L10
Filene's Basement Corp. (a) 149,400 1,737 31686610
Gap, Inc. 252,400 10,096 36476010
Giordano Holdings Ltd. Ord. 676,000 365 37599592
Hennes & Mauritz AB B Free shares 112,000 3,202 42599110
Limited, Inc. (The) 226,100 5,144 53271610
Ross Stores, Inc. (a) 5,500 98 77829610
TJX Companies, Inc. 291,014 8,076 87254010
Talbots, Inc. 28,100 752 87416110
Urban Outfitters, Inc. (a) 1,500 45 91704710
49,520
GENERAL MERCHANDISE STORES - 4.4%
Ava Alg Handels Verbrauchen 2,100 1,059 05399692
Caldor Corp. (a) 44,000 1,359 12878710
Consolidated Stores Corp. (a) 339,500 7,172 21014910
Dayton Hudson Corp. 226,100 16,138 23975310
Dillard Department Stores, Inc. Class A 144,500 5,961 25406310
Federated Department Stores, Inc. (a) 244,000 5,338 31410J10
May Department Stores Co. (The) 175,200 7,424 57777810
Penney (J.C.) Co., Inc. 507,600 27,093 70816010
Price/Costco, Inc. 211,300 4,040 74143W10
Proffitts, Inc. (a) 106,100 3,077 74292510
Sears, Roebuck & Co. 271,300 14,752 81238710
Wal-Mart Stores, Inc. 562,600 16,104 93114210
109,517
GROCERY STORES - 0.1%
Dairy Farm International Holdings Ltd. Ord. 1,080,000 1,831 23385910
RETAIL & WHOLESALE, MISCELLANEOUS - 3.2%
Bed Bath & Beyond, Inc. (a) 129,500 4,209 07589610
Best Buy Co., Inc. (a) 46,050 2,291 08651610
Body Shop International PLC (a) 54,700 169 09679992
CML Group, Inc. 626,850 16,925 12582010
Eagle Hardware & Garden, Inc. (a) 50,900 1,438 26959B10
50-Off Stores, Inc. (a) 59,200 488 31681110
Futures Shops Ltd. 72,200 1,223 36091310
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
RETAIL & WHOLESALE - CONTINUED
RETAIL & WHOLESALE, MISCELLANEOUS - CONTINUED
Good Guys, Inc. (a) 59,100 $ 923 38209110
Home Depot, Inc. (The) 98,200 4,063 43707610
Lowe's Companies, Inc. 577,600 29,602 54866110
Office Depot, Inc. 289,150 9,217 67622010
Sunglass Hut International, Inc. (a) 38,100 1,143 86736F10
Toys "R" Us, Inc. (a) 164,100 6,687 89233510
78,378
TOTAL RETAIL & WHOLESALE 239,246
SERVICES - 0.8%
EDUCATIONAL SERVICES - 0.0%
Informatics Holdings Ltd. 708,000 925 45699D22
LEASING & RENTAL - 0.7%
Blockbuster Entertainment Corp. 454,700 15,176 09367610
Ryder Systems, Inc. 100,800 2,948 78354910
18,124
PRINTING - 0.1%
Reynolds & Reynolds Co. Class A 22,700 956 76169510
SERVICES - 0.0%
Kelly Services, Inc. Class A 33,900 954 48815220
TOTAL SERVICES 20,959
TECHNOLOGY - 20.6%
COMMUNICATIONS EQUIPMENT - 5.5%
ADC Telecommunications, Inc. (a) 127,600 4,402 00088610
Cabletron Systems, Inc. (a) 183,100 19,180 12692010
Centigram Communications Corp. (a) 196,900 5,907 15231710
Cisco Systems, Inc. (a) 498,400 28,035 17275R10
DSC Communications Corp. (a) 199,000 10,771 23331110
General Instrument Corp. (a) 188,700 10,072 37012110
Inter-Tel, Inc. (a) 21,500 202 45837210
Level One Communications, Inc. (a) 3,700 112 52729510
Newbridge Networks Corp. (a) 205,600 10,074 65090110
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
COMMUNICATIONS EQUIPMENT - CONTINUED
S Megga International 11,740,000 $ 3,799 99999C92
Summa Four, Inc. (a) 19,400 626 86562810
3Com Corp. (a) 347,600 12,644 88553510
Teledata Communications Ltd. (a) 8,500 176 93799992
Tellabs, Inc. (a) 107,850 4,422 87966410
Union Switch and Signal, Inc. 104,500 1,646 90857310
Wellfleet Communications, Inc. (a) 402,200 23,478 94949710
135,546
COMPUTER SERVICES & SOFTWARE - 5.3%
Acclaim Entertainment, Inc. (a) 320,300 7,847 00432520
Adobe Systems, Inc. 113,600 2,627 00724F10
Brock Control Systems, Inc. (a) 52,600 881 11162610
CUC International, Inc. (a) 689,200 23,002 12654510
Chipcom Corp. (a) 48,000 2,124 16961710
Compuware Corp. (a) 15,100 374 20563810
ECI Telecom Ltd. 603,800 14,189 26825810
Electronic Arts (a) 262,600 9,158 28551210
Electronics for Imaging Incorporated (a) 119,500 2,181 28608210
FTP Software, Inc. 3,600 87 30266010
Intelligent Electronics, Inc. 229,900 6,150 45815710
Landmark Graphics Corp. (a) 23,300 460 51491310
Lotus Development Corp. (a) 300,700 13,832 54570010
Microsoft Corp. (a) 137,850 11,028 59491810
MicroAge, Inc. (a) 7,300 265 59492810
Netmanage, Inc. (a) 2,200 70 64114410
Novell, Inc. (a) 31,600 743 67000610
Oracle Systems Corp. (a) 331,400 10,481 68389X10
Parametric Technology Corp. (a) 297,200 11,368 69917310
Recognition Equipment, Inc. (a) 17,800 289 75623110
Stratacom, Inc. (a) 139,100 2,504 86268310
Structural Dynamics Research Corp. (a) 199,300 3,438 86355510
Sybase, Inc. (a) 176,400 6,527 87113010
Synopsys, Inc. (a) 31,400 1,421 87160710
131,046
COMPUTERS & OFFICE EQUIPMENT - 6.2%
ADAPTEC, Inc. (a) 25,900 858 00651F10
AST Research, Inc. (a) 155,000 3,798 00190710
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
COMPUTERS & OFFICE EQUIPMENT - CONTINUED
Auspex Systems, Inc. (a) 4,600 $ 41 05211610
Compaq Computer Corp. (a) 990,000 71,651 20449310
Creative Technologies Corp. (a) 167,700 4,444 22599992
Danka Business Systems PLC sponsored ADR 63,100 2,138 23627710
Dell Computer Corporation (a) 195,800 5,311 24702510
Digital Biometrics, Inc. (a) 42,700 566 25383310
EMC Corp. (a) 478,500 15,192 26864810
International Business Machines Corp. 245,400 13,221 45920010
Media Vision Technology, Inc. (a) 315,400 12,301 58445H10
NetFRAME Systems, Inc. (a) 50,100 827 64110610
Quantum Corp. (a) 28,700 408 74790610
Seagate Technology (a) 547,800 13,284 81180410
Supermac Technology, Inc. (a) 18,500 245 86843310
SynOptics Communications, Inc. 19,100 487 87160910
Tech Data Corp. 229,700 6,891 87823710
151,663
ELECTRONIC INSTRUMENTS - 0.1%
Applied Materials, Inc. (a) 45,100 1,590 03822210
ELECTRONICS - 3.0%
Dovatron International, Inc. (a) 209,100 5,750 25985910
Intel Corp. 208,900 12,847 45814010
Micron Technology, Inc. 271,100 12,538 59511210
Motorola, Inc. 246,600 23,119 62007610
Sanmina Corp. (a) 181,000 4,661 80090710
Texas Instruments, Inc. 246,100 15,812 88250810
74,727
PHOTOGRAPHIC EQUIPMENT - 0.5%
Eastman Kodak Co. 191,900 11,682 27746110
TOTAL TECHNOLOGY 506,254
TRANSPORTATION - 2.9%
AIR TRANSPORTATION - 1.0%
AMR Corp. (a) 89,600 5,902 00176510
Comair Holdings, Inc. 62,200 1,913 19978910
East Asiatic Co. Hong Kong Ltd. 1,510,000 586 27099892
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TRANSPORTATION - CONTINUED
AIR TRANSPORTATION - CONTINUED
Mesa Airlines, Inc. (a) 33,200 $ 556 59048110
Technology Resources (a) 2,669,000 10,956 93699692
UAL Corp. (a) 26,500 3,935 90254910
23,848
RAILROADS - 1.4%
CSX Corp. 194,400 16,135 12640810
Chicago & North Western Holdings Corp. 114,300 2,715 16715510
Conrail, Inc. 259,600 16,192 20836810
35,042
SHIPPING - 0.1%
Shun Tak Holdings Ltd. 650,000 749 82799192
Transportacion Maritima Mexicana SA de CV sponsored ADR
Class A 120,300 1,173 89386830
1,922
TRUCKING & FREIGHT - 0.4%
Arkansas Best Corp. 21,900 293 04079010
Federal Express Corp. (a) 128,100 9,159 31330910
9,452
TOTAL TRANSPORTATION 70,264
UTILITIES - 6.2%
CELLULAR - 1.6%
A Plus Communications, Inc. (a) 4,500 66 00193410
Arch Communications Group, Inc. (a) 54,600 751 03938110
Dial Page, Inc. (a) 13,000 527 25247P10
IDB Communications Group, Inc. 115,500 5,169 44935510
McCaw Cellular Communications, Inc. Class A (a) 187,700 9,620 57946810
Metrocall, Inc. (a) 21,900 394 59164710
Mobile Telecommunications Technologies, Inc. (a) 188,700 4,788 60740610
NEXTEL Communications, Inc. Class A (a) 52,800 1,993 65332V10
Paging Network, Inc. (a) 355,050 10,208 69554210
Rogers Cantel Mobile Communications, Inc.
Class B (non-vtg.) (a) 143,200 3,590 77510210
United States Cellular Corp. (a) 36,100 1,124 91168410
38,230
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
UTILITIES - CONTINUED
ELECTRIC UTILITY - 0.3%
Consolidated Electric Power Asia Ltd. sponsored ADR 57,800 $ 936 20855210
Hong Kong Electric Holdings Ord. 1,748,500 5,908 43858010
Korea Electric Power Corp. 40,000 965 50099B92
7,809
TELEPHONE SERVICES - 4.3%
ALC Communications Corp. (a) 444,600 11,893 00157530
ALLTEL Corp. 29,200 752 02003910
American Telephone & Telegraph Co. 109,900 6,003 03017710
Ameritech Corp. 156,300 11,957 03095410
Bell Atlantic Corp. 58,400 3,504 07785310
BellSouth Corp. 49,700 2,839 07986010
Davel Communications GRP, Inc. (a) 3,800 58 23833810
LCI International, Inc. (a) 159,100 5,250 50181310
MCI Communications Corp. 364,800 8,892 55267310
NYNEX Corp. 154,400 6,581 67076810
Pacific Telesis Group 76,600 4,347 69489010
Southwestern Bell Corp. 337,500 14,344 84533310
Sprint Corporation 430,900 14,113 85206110
Telebras PN (Pfd. Reg.) 227,000,000 7,975 95499792
Telecom Argentina Stet France (a) 616,500 2,904 90899992
Telefonica Argentina Class B 376,700 2,053 87999D92
Telefonos de Mexico SA sponsored ADR representing shares
Ord. Class L 32,000 1,784 87940378
US Long Distance Corp. (a) 105,900 1,774 91191220
107,023
TOTAL UTILITIES 153,062
TOTAL COMMON STOCKS
(Cost $1,962,470) 2,148,135
NONCONVERTIBLE PREFERRED STOCKS - 0.1%
RETAIL & WHOLESALE - 0.1%
RETAIL & WHOLESALE, MISCELLANEOUS - 0.1%
Hornback AG (Cost $2,352) 3,700 3,538
REPURCHASE AGREEMENTS - 12.6%
MATURITY
AMOUNT VALUE (NOTE 1)
(000S) (000S)
Investments in repurchase agreements,
(U.S. Treasury obligations), in a
joint trading account at 3.24%
dated 11/30/93 due 12/1/93 $ 309,560 $ 309,532
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $2,274,354) $ 2,461,205
LEGEND
1. Non-income producing
2. Affiliated company (see Note 5 of Notes to Financial Statements).
3. Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $15,892,000 or 0.6% of net
assets.
OTHER INFORMATION
Distribution of investments by country, as a percentage of total value of
investment in securities, is as follows:
United States 88.8%
Hong Kong 2.9
Canada 2.1
Mexico 1.7
Others (individually less than 1%) 4.5
TOTAL 100.0%
INCOME TAX INFORMATION
At November 30, 1993, the aggregate cost of investment securities for
income tax purposes was $2,282,869,000. Net unrealized appreciation
aggregated $178,336,000, of which $243,442,000 related to appreciated
investment securities and $65,106,000 related to depreciated investment
securities.
The fund hereby designates $52,423,000 as a capital gain dividend for the
purpose of the dividend paid deduction.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNTS) NOVEMBER 30, 1993

ASSETS

Investment in securities, at value (including repurchase $ 2,461,205
agreements of $309,532) (cost $2,274,354) (Notes 1
and 2) - See accompanying schedule

Receivable for investments sold 55,103

Receivable for fund shares sold 12,030

Dividends receivable 2,984

Other receivables 383

TOTAL ASSETS 2,531,705

LIABILITIES

Payable for investments purchased $ 97,629

Payable for fund shares redeemed 8,332

Accrued management fee 1,537

Other payables and accrued expenses 813

TOTAL LIABILITIES 108,311

NET ASSETS $ 2,423,394

Net Assets consist of:

Paid in capital $ 1,805,335

Undistributed net investment income 23,329

Accumulated undistributed net realized gain (loss) on 407,879
investments

Net unrealized appreciation (depreciation) on investment 186,851
securities

NET ASSETS, for 78,403 shares outstanding $ 2,423,394

NET ASSET VALUE and redemption price per share $30.91
($2,423,394 (divided by) 78,403 shares)

Maximum offering price per share (100/97.00 of $30.91) $31.87

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS YEAR ENDED NOVEMBER 30, 1993

INVESTMENT INCOME $ 21,556
Dividends

Interest 10,293

TOTAL INCOME 31,849

EXPENSES

Management fee (Note 4) $ 13,322
Basic fee

Performance adjustment 2,492

Transfer agent fees (Note 4) 5,865

Accounting fees and expenses (Note 4) 742

Non-interested trustees' compensation 14

Custodian fees and expenses 118

Registration fees 275

Audit 41

Legal 19

Miscellaneous 27

Total expenses before reductions 22,915

Expense reductions (Note 6) (177) 22,738

NET INVESTMENT INCOME 9,111

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 282,249
(NOTES 1 AND 3)
Net realized gain (loss) on investment securities

Change in net unrealized appreciation (depreciation) on (9,035)
investment securities

NET GAIN (LOSS) 273,214

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM $ 282,325
OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS YEARS ENDED NOVEMBER 30,

1993 1992

INCREASE (DECREASE) IN NET ASSETS

Operations $ 9,111 $ 7,422
Net investment income

Net realized gain (loss) on investments 282,249 111,419

Change in net unrealized appreciation (depreciation) (9,035) 122,105
on investments

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 282,325 240,946
FROM OPERATIONS

Distributions to shareholders from: (4,372) (4,648)
Net investment income

Net realized gain (75,586) (94,090)

Share transactions 1,746,684 1,533,211
Net proceeds from sales of shares

Reinvestment of distributions from: 4,273 4,580
Net investment income

Net realized gain 74,159 92,927

Cost of shares redeemed (1,356,342) (1,153,886)

Net increase (decrease) in net assets resulting from 468,774 476,832
share transactions

TOTAL INCREASE (DECREASE) IN NET ASSETS 671,141 619,040

NET ASSETS

Beginning of period 1,752,253 1,133,213

End of period (including undistributed net investment $ 2,423,394 $ 1,752,253
income of $23,329 and $18,590, respectively)

OTHER INFORMATION
Shares

Sold 59,883 58,837

Issued in reinvestment of distributions from: 156 181
Net investment income

Net realized gain 2,715 3,692

Redeemed (46,641) (44,650)

Net increase (decrease) 16,113 18,060

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED NOVEMBER 30,

1993 1992(DAGGER) 1991 1990 1989

SELECTED PER-SHARE DATA

Net asset value, beginning of $ 28.13 $ 25.62 $ 18.64 $ 20.51 $ 14.49
period

Income from Investment
Operations

Net investment income .07 .13(double dagger) .19 .29 .25

Net realized and unrealized 3.99 4.52 6.79 (.32) 6.18
gain (loss) on investments

Total from investment 4.06 4.65 6.98 (.03) 6.43
operations

Less Distributions

From net investment income (.07) (.10) - (.14) (.11)

From net realized gain (1.21) (2.04) - (1.70) (.30)

Total distributions (1.28) (2.14) - (1.84) (.41)

Net asset value, end of period $ 30.91 $ 28.13 $ 25.62 $ 18.64 $ 20.51

TOTAL RETURN (dagger)(dagger) 15.04% 19.25% 37.45% .20% 45.24%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in $ 2,423 $ 1,752 $ 1,133 $ 535 $ 283
millions)

Ratio of expenses to average net 1.07% 1.09% 1.07% 1.14% .95%
assets * #

Ratio of expenses to average net 1.08% 1.09% 1.07% 1.14% 1.01%
assets before expense
reductions *

Ratio of net investment income .43% .52% .75% 1.51% 1.42%
to average net assets

Portfolio turnover rate 159% 250% 174% 189% 269%

</TABLE>

# INCLUDES REIMBURSEMENT FROM FIDELITY SERVICE CO. FOR ADJUSTMENTS TO PRIOR
PERIODS' FEES.
(dagger) AS OF DECEMBER 1, 1991, THE FUND DISCONTINUED THE USE OF
EQUALIZATION ACCOUNTING.
(dagger)(dagger) TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND
WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE
PERIODS SHOWN.
(double dagger) NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED
ON AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
* SEE NOTE 6 OF NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
For the period ended November 30, 1993

1 SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Growth Company Fund (the fund) is a fund of Fidelity Mt. Vernon
Street Trust (the trust) and is authorized to issue an unlimited number of
shares. The trust is registered under the Investment Company Act of 1940,
as amended (the 1940 Act), as an open-end management investment company
organized as a Massachusetts business trust. The following summarizes the
significant accounting policies of the fund:
SECURITY VALUATION. Securities for which exchange quotations are readily
available are valued at the last sale price, or if no sale price, at the
closing bid price. Securities for which exchange quotations are not
readily available (and in certain cases debt securities which trade on an
exchange), are valued primarily using dealer-supplied valuations or at
their fair value as determined in good faith under consistently applied
procedures under the general supervision of the Board of Trustees.
Short-term securities maturing within sixty days are valued at amortized
cost or original cost plus accrued interest, both of which approximate
current value.
FOREIGN CURRENCY TRANSLATION. The accounting records of the fund are
maintained in U.S. dollars. Investment securities, other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the current exchange rate. Purchases and sales of securities,
income receipts and expense payments are translated into U.S. dollars at
the exchange rate on the dates of the transactions.
It is not practical to identify the portion of each amount shown in the
fund's Statement of Operations under the caption "Realized and Unrealized
Gain (Loss) on Investments" that arises from changes in foreign currency
exchange rates. Investment income includes net realized and unrealized
currency gains and losses recognized between accrual and payment dates.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, the fund is not subject to income taxes to
the extent that it distributes all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date,
except certain dividends from foreign securities where the ex-dividend date
may have passed, are recorded as soon as the fund is informed of the
ex-dividend date. Interest income is accrued as earned. Dividend and
interest income is recorded net of foreign taxes where recovery of such
taxes is not assured.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
1 OPERATING POLICIES.
FORWARD FOREIGN CURRENCY CONTRACTS. The fund may enter into forward foreign
currency contracts. These contracts involve market risk in excess of the
amount reflected in the fund's Statement of Assets and Liabilities. The
face or contract amount in U.S. dollars reflects the total exposure the
fund has in that particular currency contract. The U.S. dollar value of
forward foreign currency contracts is determined using forward currency
exchange rates supplied by a quotation service. Losses may arise due to
changes in the value of the foreign currency or if the counterparty does
not perform under the contract.
Purchases and sales of forward foreign currency contracts having the same
settlement date and broker are offset and presented net on the Statement of
Assets and Liabilities. Gain (loss) on the purchase or sale of forward
foreign currency contracts having the same settlement date and broker is
recognized on the date of offset, otherwise gain (loss) is recognized on
settlement date.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. The fund's investment
adviser, Fidelity Management & Research Company (FMR), is responsible
for determining that the value of these underlying securities remains at
least equal to the resale price.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the fund, along with other registered
investment companies having management contracts with FMR, may transfer
uninvested cash balances into a joint trading account. These balances are
invested in one or more repurchase agreements that are collateralized by
U.S. Treasury or Federal Agency obligations.
1 PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $3,315,677,000 and $2,904,740,000, respectively, of which U.S.
government and government agency obligations aggregated $410,000 and
$5,254,000, respectively.
1 FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a monthly
basic fee that is calculated on the basis of a group fee rate plus a fixed
individual fund fee rate applied to the average net assets of the fund. The
group fee rate is the weighted average of a series of rates ranging from
.31% to .52% and is based on the monthly average net assets of all the
mutual funds advised by
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
MANAGEMENT FEE - CONTINUED
FMR. The annual individual fund fee rate is .30%. The basic fee is subject
to a performance adjustment (up to a maximum of + or - .20%) based on the
fund's investment performance as compared to the appropriate index over a
specified period of time. For the period, the management fee was equivalent
to an annual rate of .75% of average net assets after the performance
adjustment.
The Board of Trustees approved a new group fee rate schedule with rates
ranging from .2850% to .5200%. Effective November 1, 1993, FMR has
voluntarily agreed to implement this new group fee rate schedule as it
results in the same or a lower management fee.
SALES LOAD. For the period, Fidelity Distributors Corporation (FDC), an
affiliate of FMR and the general distributor of the fund, received sales
charges of $2,166,000 on sales of shares of the fund.
TRANSFER AGENT FEE. Fidelity Service Co. (FSC), an affiliate of FMR, is the
fund's transfer, dividend disbursing and shareholder servicing agent. FSC
receives fees based on the type, size, number of accounts and the number of
transactions made by shareholders. FSC pays for typesetting, printing and
mailing of all shareholder reports, except proxy statements.
ACCOUNTING FEE. FSC maintains the fund's accounting records. The fee is
based on the level of average net assets for the month plus out-of-pocket
expenses.
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $1,582,000 for the period.
1 TRANSACTIONS WITH AFFILIATED COMPANIES.
An affiliated company is a company in which the fund has ownership of at
least 5% of the voting securities. Transactions with companies which are or
were affiliates are as follows:
SUMMARY OF TRANSACTIONS WITH AFFILIATED COMPANIES
PURCHASES SALES DIVIDEND MARKET
AFFILIATE COST COST INCOME VALUE
Back Bay Restaurant Group, Inc. * $ -- $ - $ -- $ 2,966,000

* Non-income producing
1 EXPENSE REDUCTIONS.
FMR has directed certain portfolio trades to brokers who paid a portion of
the fund's expenses. For the period, the fund's expenses were reduced by
$177,000 under this arrangement.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Mt. Vernon Street Trust and the Shareholders of
Fidelity Growth Company Fund:
We have audited the accompanying statement of assets and liabilities of
Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund, including
the schedule of portfolio investments, as of November 30, 1993, and the
related statement of operations for the year then ended, the statement of
changes in net assets for each of the two years in the period then ended
and the financial highlights for each of the five years in the period then
ended. These financial statements and financial highlights are the
responsibility of the fund's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of November 30, 1993 by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund as of
November 30, 1993, the results of its operations for the year then ended,
the changes in its net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the
period then ended, in conformity with generally accepted accounting
principles.
/s/COOPERS & LYBRAND
COOPERS & LYBRAND
Boston, Massachusetts
January 4, 1994
TO CALL FIDELITY

2. For an individual fund quote.

3. For the ten most frequently
requested Fidelity fund quotes.

4. For quotes on Fidelity Select
Portfolios.(Registered trademark)

5. To change your Personal
Identification Number (PIN).

6 To speak with a Fidelity
representative.

2. For your most recent fund activity
(purchases, redemptions, and
dividends).

3. To change your Personal
Identification Number (PIN).

4. To speak with a Fidelity
representative.

Please locate the address that is closest to you. We'll give your
correspondence immediate attention and send you written confirmation upon
completion of your request. Please send ALL correspondence about retirement
accounts to Dallas.
(LETTER_GRAPHIC)(LETTER_GRAPHIC)MAKING CHANGES
TO YOUR ACCOUNT
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 2269
Boston, MA 02107-2269
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
Fidelity Investments
P.O. Box 30280
Salt Lake City, UT 84130-0280
(LETTER_GRAPHIC)(LETTER_GRAPHIC)FOR NON-RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
Additional Payments
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Additional Payments
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Fidelity Investments
Additional Payments
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OVERNIGHT EXPRESS
Fidelity Investments
Additional Payments
World Trade Center
164 Northern Avenue
Boston, MA 02210
SELLING SHARES
Fidelity Investments
P.O. Box 193
Boston, MA 02103-0878
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
Fidelity Investments
P.O. Box 30281
Salt Lake City, UT 84130-0281
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions
World Trade Center
164 Northern Avenue
Boston, MA 02210
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 193
Boston, MA 02101-0193
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
(LETTER_GRAPHIC)(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 620024
Dallas, TX 75262-0024
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
TO VISIT FIDELITY

For directions and hours,
please call 1-800-544-9797.
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Boston, MA
300 Granite Street
Braintree, MA
101 Cambridge Street
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
26955 Northwestern Hwy.
Southfield, MI
MINNESOTA
38 South Sixth Street
Minneapolis, MN
MISSOURI
700 West 47th Street
Kansas City, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
60B South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
505 Millburn Avenue
Short Hills, NJ
NEW YORK
1050 Franklin Avenue
Garden City, NY
999 Walt Whitman Road
Melville, L.I., NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
2200 West Main Street
Durham, NC
OHIO
600 Vine Street
Cincinnati, OH
1903 East Ninth Street
Cleveland, OH
28699 Chagrin Boulevard
Woodmere Village, OH
OREGON
121 S.W. Morrison Street
Portland, OR
PENNSYLVANIA
1735 Market Street
Philadelphia, PA
439 Fifth Avenue
Pittsburgh, PA
TENNESSEE
5100 Poplar Avenue
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
7001 Preston Road
Dallas, TX
1155 Dairy Ashford
Houston, TX
1010 Lamar Street
Houston, TX
2701 Drexel Drive
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
UTAH
175 East 400 South Street
Salt Lake City, UT
VERMONT
199 Main Street
Burlington, VT
VIRGINIA
8300 Boone Boulevard
Vienna, VA
WASHINGTON
411 108th Avenue, N.E.
Bellevue, WA
1001 Fourth Avenue
Seattle, WA
WASHINGTON, DC
1775 K Street, N.W.
Washington, DC
WISCONSIN
222 East Wisconsin Avenue
Milwaukee, WI

INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Robert E. Stansky, Vice President
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Arthur S. Loring, Secretary
Robert H. Morrison, Manager,
Security Transactions
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
Brown Brothers Harriman & Co.
Boston, MA
FIDELITY GROWTH FUNDS
Blue Chip Growth Fund
Capital Appreciation Fund
Contrafund
Disciplined Equity Fund
Dividend Growth Fund
Emerging Growth Fund
Growth Company Fund
Low-Priced Stock Fund
Magellan(Registered trademark) Fund
New Millennium Fund
OTC Portfolio
Retirement Growth Fund
Small Cap Stock Fund
Stock Selector
Trend Fund
Value Fund
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE
FIDELITY GROWTH COMPANY FUND
82 DEVONSHIRE STREET
BOSTON, MASSACHUSETTS 02109

TO THE SHAREHOLDERS:
The Board of Trustees of Fidelity Growth Company Fund voted to pay on
January 10, 1994, to shareholders of record at the opening of business on
January 7, 1994, a distribution of $.11 derived from capital gains realized
from sales of portfolio securities.
In the opinion of management, regardless of whether you took payments in
cash or in additional shares, the distribution will be reportable for tax
purposes for the year 1994. You will be notified at a later date as to the
tax treatment of this distribution.
If your account is a Fidelity prototype retirement plan such as an
Individual Retirement Account (IRA), a Keogh Plan, a 403(b), or a qualified
pension or profit sharing plan, the above information is provided for
informational purposes only and is not reportable for tax purposes in 1994.

FIDELITY GROWTH COMPANY FUND
January 7, 1994

(2_FIDELITY_LOGOS)FIDELITY

NEW MILLENNIUM
FUND
ANNUAL REPORT
NOVEMBER 30, 1993
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on minimizing taxes.

PERFORMANCE 4 How the fund has done over time.

FUND TALK 6 The manager's review of fund
performance, strategy, and outlook.

INVESTMENT CHANGES 10 A summary of major shifts in the
fund's investments over the last six
months.

INVESTMENTS 11 A complete list of the fund's
investments with their market value.

FINANCIAL STATEMENTS 24 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 28 Footnotes to the financial
statements.

REPORT OF INDEPENDENT 32 The auditor's opinion.
ACCOUNTANTS

PRESIDENT'S MESSAGE

There are several ways to evaluate a fund's historical performance. You can
look at the total percentage of change in value, the average annual
percentage change, or the growth of a hypothetical $10,000 investment. Each
performance figure includes changes in a fund's share price, plus
reinvestment of any dividends (or income) and capital gains (the profits
the fund earns when it sells stocks that have grown in value).
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1993 PAST 1 LIFE OF
YEAR FUND

Emerging Growth 19.85% 109.51%

Emerging Growth (including 3% sales 16.26% 103.22%
charge)

Russell 2000(Registered trademark) 18.98% 101.18%

Average Small Company Growth Fund 15.74% 90.23%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, one year, or since the fund started on
December 28, 1990. Total return figures do not include the effect of the
0.75% redemption fee on shares held less than 90 days. You can compare
these figures to the performance of the Russell 2000 Index - a broad
measure of the performance of small company stocks. You can also compare
them to the average small company growth fund, which reflects the
performance of small company growth funds tracked by Lipper Analytical
Services. Both benchmarks include reinvested dividends and capital gains,
if any, and exclude the effects of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1993 PAST 1 LIFE OF
YEAR FUND

Emerging Growth 19.85% 28.73%

Emerging Growth (including 3% sales 16.26% 27.39%
charge)

Russell 2000(Registered trademark) 18.98% 26.95%

Average Small Company Growth Fund 15.74% 24.35%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.

$10,000 OVER LIFE OF FUND
Emerging Growth Fund (324) Russell 2000
12/28/90 9700.00 10000.00
12/31/90 9758.20 10118.31
01/31/91 11203.50 11029.97
02/28/91 11804.90 12267.53
03/31/91 12648.80 13127.49
04/30/91 12580.90 13093.35
05/31/91 13434.50 13716.60
06/30/91 12493.60 12923.78
07/31/91 13754.60 13376.11
08/31/91 14647.00 13869.69
09/30/91 14753.70 13977.87
10/31/91 14967.10 14346.89
11/30/91 14365.70 13682.63
12/31/91 16305.88 14777.24
01/31/92 16354.92 15975.67
02/29/92 16104.39 16442.16
03/31/92 15072.19 15886.42
04/30/92 14621.22 15328.80
05/31/92 14801.61 15532.68
06/30/92 14060.02 14802.64
07/31/92 14741.48 15317.77
08/31/92 14280.50 14884.28
09/30/92 14731.46 15226.62
10/31/92 15753.64 15707.78
11/30/92 16956.21 16911.00
12/31/92 17668.44 17499.50
01/31/93 18231.12 18090.98
02/28/93 17527.14 17673.08
03/31/93 18034.42 18245.69
04/30/93 17899.84 17743.93
05/31/93 19463.09 18528.21
06/30/93 19659.80 18643.09
07/31/93 19587.33 18900.36
08/31/93 20343.08 19716.86
09/30/93 20664.01 20272.87
10/31/93 21160.94 20795.91
11/30/93 20322.37 20117.97
$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Fidelity
Emerging Growth Fund on December 28, 1990, and paid a 3% sales charge. As
the chart shows, by November 30, 1993, the value of your investment would
have grown to $20,322 - a 103.22% increase on your initial investment. For
comparison, look at how the Russell 2000 Index did over the same period.
With dividends reinvested, the same $10,000 investment would have grown to
$20,118 - a 101.18% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and
return of a fund that invests in
stocks will vary. That means if
you sell your shares during a
market downturn, you might
lose money. But if you can
ride out the market's ups and
downs, you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
Low inflation, falling interest rates
and a gradually improving
economy boosted U.S. stocks
during the 12 months ended
November 30, 1993. The Standard
& Poor's 500 Composite
Stock Price Index - a broad
measure of U.S. stock
performance - rose 10.10%, in
line with the market's long-term
average annual return. Continued
poor performance by tobacco, drug
and brand-name consumer
products stocks was offset by
impressive results in other sectors,
including technology, although
semiconductors gave back part of
their gains in October and
November. Other market leaders
were finance, notably securities
brokers; autos; entertainment; and
precious metals. Communications
stocks soared as traditional
telephone utilities, cellular
communications companies and
entertainment companies
scrambled to form strategic
alliances. Mergers and acquisitions
activity resumed at a pace
reminiscent of the 1980s. The
NASDAQ Composite Index, which
tracks over-the-counter stocks,
rose 15.57% for the year,
compared to 14.73% for the Dow
Jones Industrial Average, an index
of 30 blue-chip stocks. Both trailed
the Morgan Stanley EAFE
(Europe, Australia, Far East) index,
which rose 24.27%. Two widely
watched benchmarks broke
records during the period: slow
growth and the prospect of higher
taxes helped push the yield on the
30-year Treasury below 6% in
early September; meanwhile, the
Dow closed above 3700 for the
first time in mid-November, and
finished the month at 3684.
An interview with Lawrence Greenberg, Portfolio Manager of Fidelity
Emerging Growth Fund
Q. LARRY, HOW DID THE FUND DO?
A. Pretty well. The fund had a total return of 19.85% for the year ended
November 30, 1993. That beat the average small company growth fund tracked
by Lipper Analytical Services, which returned 15.74%.
Q. THOUGH YOU JUST TOOK OVER AS THE FUND'S MANAGER ON OCTOBER 15, CAN YOU
LOOK BACK AND TELL US WHAT KEY FACTORS AFFECTED THE FUND'S PERFORMANCE?
A. Sure. The biggest factor was the fund's heavy emphasis on technology
stocks. This sector made up 33.5% of the fund's investments at the end of
November. In a slow growth environment like we've seen this year, the only
way many businesses can increase their earnings is through greater
productivity. Because interest rates are so low and the cost of technology
products is coming down, technology investments offer a more cost-effective
means of improving productivity than hiring more workers. This has boosted
demand for technology and telecommunications products and driven up the
stock prices of many companies that produce them.
Q. ANY EXAMPLES?
A. Companies that specialize in computer networking, like Cisco Systems and
Wellfleet Communications. They help businesses that are downsizing their
computer networks by making the move from mainframe systems to personal
computers. Both stocks have contributed to the fund's performance. Also,
companies that develop and market the software used in these new downsized
networks. For example, Oracle Systems - the fund's fifth largest holding at
the end of November - and Sybase. In the wireless communications field,
Motorola was a big contributor to the fund's return and was its second
largest holding at the end of November.
Q. HAVEN'T SMALL STOCKS - ESPECIALLY TECHNOLOGY AND TELECOMMUNICATIONS
STOCKS - TAKEN A HIT LATELY?
A. They have. The Russell 2000 Index, a broad measure of small stock
performance, was down more than 3% in November. Many of the year's
strongest performing technology stocks were among those whose prices fell
in November, and the fund felt the effects. For example, the price of a
share of Newbridge Networks - a manufacturer of digital networking products
- - fell nearly 20% from the end of October to the end of November. As for
telecommunications, some investors whom I would call "panic buyers" bought
up many of these stocks a few months back after the media attention given
the big TCI-Bell Atlantic merger. This drove up prices to levels that were
quite high. Many of these buyers then began "panicking" back out and
selling when they sensed the stocks were overpriced relative to their
business prospects. Even so, the technology sector - including
tele-communications - is up over 13% in 1993, through November.
Q. THE FUND'S STAKE IN RETAIL STOCKS HAS INCREASED, FROM 6.4% AT THE END OF
SEPTEMBER, TO 10.0% BY THE END OF NOVEMBER. WHY?
A. Most retail stocks had a tough year; people still didn't feel safe
enough in their jobs to do a lot of shopping. Lately, the numbers show
consumer confidence is picking up as the economy has strengthened. Lowe's
is an example of a retail stock that has done well recently. It's the
second largest chain of home improvement stores in the U.S., behind Home
Depot. Lowe's has increased the size of its stores and its earnings are
growing rapidly. I think this shows there is finally some business to be
had in retail.
Q. NOT ONE OF THE FUND'S TOP 10 INVESTMENTS AT THE END OF MAY REMAINED IN
THE TOP 10 AT THE END OF NOVEMBER. IS THAT ROUTINE TURNOVER OR A REFLECTION
OF YOUR DIFFERENT PREFERENCES AS THE FUND'S NEW MANAGER?
A. A little bit of both. Turnover happens more rapidly in this fund than in
most others because it invests mainly in smaller companies whose business
prospects can change quickly. Part of my job is to keep abreast of
developments so I can try to buy and sell stocks at the right time. An
example of a stock I bought recently is DSC Communications, the fund's
largest investment at the end of November. DSC supplies telecommunications
equipment including cellular switches. I bought it because the company now
seems well-positioned to benefit from the boom in wireless communications
and from the build-out of the so-called "information superhighway," which
will merge televisions, telephones and computers. I think DSC has the
potential for solid earnings growth.
Q. THE FUND HAD 9.9% OF ITS INVESTMENTS IN THE MEDIA AND LEISURE SECTOR ON
NOVEMBER 30, UP FROM 5.8% SIX MONTHS AGO. WHERE DID YOU FIND OPPORTUNITIES?
A. One of the biggest resulted from the Tele-Communications Inc-Bell
Atlantic merger I mentioned earlier. As the nation's largest cable
television company, TCI now appears in position to become a prime service
provider on the information superhighway. The company is joining
technologies with Bell-Atlantic, to bring us movies on demand, shopping,
banking and other interactive services through our TV sets at home. TCI has
the potential to grow revenues over the next several years. It's now the
fund's eleventh largest investment. Gaming is another growing industry that
falls under the media and leisure category. Increasingly, states and
communities suffering from weak economies are turning to casino gambling to
boost revenues. President Riverboat Casinos and Promus Companies were the
fund's two biggest gaming investments at the end of November. I'll continue
to look for the stocks of companies that are in the best position to
benefit when new gaming jurisdictions are created.
Q. YOU CUT BACK ON THE FUND'S STAKE IN FOREIGN STOCKS FROM 19.0% SIX MONTHS
AGO, TO 13.1% AT THE END OF NOVEMBER. WHY?
A. I reduced the fund's overseas investments for two reasons. First, I felt
investors had driven up the prices of many foreign stocks too high relative
to earnings, and these stocks were due for corrections. Second, this fund
searches for small and medium-sized companies with rapid earnings growth.
The stocks of foreign companies of this type are often even more volatile
than those in the U.S. Their business prospects can change day to day. I
need a constant flow of information from these companies to make educated
decisions on when to buy and sell their stocks. Often, it's much more
difficult to get that critical data from a small overseas company. I would
rather stay away from a foreign stock than make an investment without all
of the information I need.
Q. WHAT DO YOU SEE AS YOU LOOK OUT SIX MONTHS?
A. We've gone three years now without a 10% correction in the stock market,
the longest such period this century. I think it's very reasonable to
assume that a correction of that size could come sometime soon. This may
not be all bad; it would bring price-to-earnings ratios for some stocks
down to a level that would make them more attractive.
Q. HAVE YOU CHANGED THE WAY YOU'VE POSITIONED THE FUND?
A. Slightly. I've increased cash and short-term investments; now 12.0% of
the fund, compared to 3.7% six months ago. There are always exciting
emerging growth stocks around, no matter what the stock market's
environment. But lately, fewer of these fast-growing stocks have been
selling at reasonable valuations because the market, as a whole, is
expensive. Part of the fund's higher cash position reflects the difficulty
in finding attractive investments. Also, because the stocks of small and
medium-sized companies tend to be volatile, leaning a little heavier toward
short-term investments should allow for a bit of a "cushion" in the event
of a market correction. Plus, if the market does fall, I'll have more cash
available to go bargain hunting, and quickly buy those stocks whose prices
have dropped to more attractive levels.
FUND FACTS
GOAL: to increase the value
of the fund's shares by
investing mainly in the stocks
of fast-growing small and
medium-sized companies
START DATE: December 28, 1990
SIZE: as of November 30,
1993, more than $634 million
MANAGER: Lawrence
Greenberg, since October
1993; manager, VIP: Growth
Portfolio, since April 1991;
Fidelity Select Environmental
Services Portfolio, October
1986-April 1991; Fidelity
Select Medical Delivery
Portfolio, July 1989-April
1991
(checkmark)
LARRY GREENBERG ON PICKING
EMERGING GROWTH STOCKS:
"I believe that a company's
stock price is directly tied to
earnings growth. I try to find
those companies that are
growing sales and earnings
faster than any others, hopefully
20% or more annually.
Companies that fit this
description are usually small or
medium-sized.
"Sometimes companies whose
earnings are growing quickly
aren't what people would think
of as emerging growth
companies. Auto stocks are a
current example. They fall under
the category of cyclical stocks
- - those whose performance
generally mirrors swings in the
economy. But as the economy
has picked up, these companies
have grown earnings, and now
they're performing better than
many traditional growth stocks.
That's why Chrysler and
General Motors were among the
fund's top 20 investments at
the end of November. I want to
move with the market, not
against it."
(bullet) Nine of the fund's top ten
investments on November 30
were in the technology and
telecommunications sectors.
DISTRIBUTIONS
The Board of Trustees of
Fidelity Emerging Growth Fund
voted to pay on December 20,
1993, to shareholders of
record at the opening of
business on December 17,
1993, and on January 10, 1994
shareholders of record at the
opening of business on
January 7, 1994 a distribution
of $3.06 and $.27, respectively,
derived from capital gains
realized from sales of portfolio
securities.
INVESTMENT CHANGES

TOP TEN STOCKS AS OF NOVEMBER 30, 1993
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
6 MONTHS AGO

DSC Communications Corp. 2.9 0.8

Motorola, Inc. 2.7 0.0

Compaq Computer Corp. 2.7 1.0

Seagate Technology, Inc. 1.9 0.0

Oracle Systems Corp. 1.8 0.4

Wellfleet Communications, Inc. 1.6 0.9

Tech Data Corp. 1.4 1.1

Lowe's Companies, Inc. 1.2 1.0

Newbridge Networks Corp. 1.1 0.7

Sybase, Inc. 1.0 0.0

TOP FIVE INDUSTRIES AS OF NOVEMBER 30, 1993
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
6 MONTHS AGO

Technology 33.5 26.0

Retail & Wholesale 10.0 12.5

Media & Leisure 9.9 5.8

Health 8.0 13.2

Energy 4.9 10.8

ASSET ALLOCATION
AS OF NOVEMBER 30, 1993 * AS OF MAY 31, 1993 **
Row: 1, Col: 1, Value: 12.0
Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 28.0
Row: 1, Col: 4, Value: 20.0
Row: 1, Col: 5, Value: 20.0
Row: 1, Col: 6, Value: 20.0
Row: 1, Col: 1, Value: 3.7
Row: 1, Col: 2, Value: 96.3
Stocks 88.0%
Short-term
investments 12.0%
FOREIGN
INVESTMENTS 13.1%
Stocks 96.3%
Short-term
investments 3.7%
FOREIGN
INVESTMENTS 19.0%
*
*
*

INVESTMENTS NOVEMBER 30, 1993

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 88.0%
SHARES VALUE (NOTE 1)
AEROSPACE & DEFENSE - 0.2%
Orbital Sciences Corporation (a) 65,000 $ 1,170,000 68556410
BASIC INDUSTRIES - 2.2%
CHEMICALS & PLASTICS - 0.9%
Airgas, Inc. (a) 250,000 5,250,000 00936310
GEON 12,700 292,100 37246W10
5,542,100
IRON & STEEL - 1.3%
Geneva Steel Class A (a) 5,100 79,688 37225210
Huntco, Inc. Class A 20,000 680,000 44566110
Inland Steel Industries, Inc. (a) 150,000 4,875,000 45747210
Thyssen AG Ord. 20,000 2,769,659 88629110
8,404,347
TOTAL BASIC INDUSTRIES 13,946,447
CONSTRUCTION & REAL ESTATE - 1.6%
BUILDING MATERIALS - 0.7%
Cemex SA, Series B (a) 150,000 3,906,024 15299293
Puerto Rican Cement, Inc. 25,000 650,000 74507510
4,556,024
CONSTRUCTION - 0.8%
Clayton Homes, Inc. (a) 40,000 920,000 18419010
Engle Homes, Inc. 11,600 150,800 29289610
Oakwood Homes Corp. 50,000 1,143,750 67409810
Pulte Corp. 31,000 1,147,000 74586710
Schuler Homes, Inc. (a) 33,000 812,625 80818810
Southern Energy Homes, Inc. (a) 48,000 828,000 84281410
5,002,175
ENGINEERING - 0.1%
Glenayre Technologies, Inc. 16,800 655,200 37789910
TOTAL CONSTRUCTION & REAL ESTATE 10,213,399
DURABLES - 4.3%
AUTOS, TIRES, & ACCESSORIES - 2.4%
Chrysler Corp. 110,000 5,802,500 17119610
Ford Motor Co. 80,000 4,860,000 34537010
General Motors Corp. 95,000 5,023,121 37044210
15,685,621
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
DURABLES - CONTINUED
CONSUMER DURABLES - 0.2%
Forschner Group, Inc. 50,000 $ 806,250 34659010
Spectran Corp. (a) 20,000 230,000 84759810
1,036,250
CONSUMER ELECTRONICS - 1.3%
Duracraft Corp. (a) 12,000 222,000 26633210
Fossil, Inc. 10,600 204,050 34988210
Harman International Industries, Inc. (a) 167,400 4,017,600 41308610
Newell Co. 36,800 1,481,200 65119210
Universal Electronics, Inc. (a) 100,000 2,525,000 91348310
8,449,850
HOME FURNISHINGS - 0.1%
Bombay Company, Inc. (The) (a) 10,000 451,250 09792410
TEXTILES & APPAREL - 0.3%
Jones Apparel Group, Inc. (a) 18,700 589,050 48007410
Timberland Co. Class A (a) 12,000 835,500 88710010
Tommy Hilfiger (a) 20,000 630,000 89299B92
Valley Fashions Corp. Class A (a) 3,400 56,382 91961010
2,110,932
TOTAL DURABLES 27,733,903
ENERGY - 4.9%
ENERGY SERVICES - 0.9%
Enserv Corp. (a) 233,000 2,354,856 29357B10
Nowsco Well Service Ltd. 50,000 743,964 67012210
Precision Drilling Class A (a) 52,100 663,073 74022D10
Schlumberger Ltd. 30,000 1,725,000 80685710
Wheatley TXT Corp. 45,000 551,250 96271810
6,038,143
INDEPENDENT POWER - 0.1%
Thermo Electron Corp. 20,000 767,500 88355610
OIL & GAS - 3.9%
Canadian Natural Resources Ltd. (a) 147,700 1,796,837 13638510
Encal Energy Ltd. (a) 1,432,400 4,771,983 29250D10
Ensign Resource Service Group Ord. (a) 148,200 804,379 29357T10
Excel Energy, Inc. (a) (b) 225,400 949,186 30065410
Grad & Walker Energy Corp. 10,000 90,773 38391010
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
ENERGY - CONTINUED
OIL & GAS - CONTINUED
Murphy Oil Corp. 73,400 $ 2,945,175 62671710
Noble Affiliates, Inc. 80,400 1,989,900 65489410
Northstar Energy Corp. (a) 239,700 4,845,142 66703R10
Parker & Parsley Petroleum Co. 7,400 151,700 70101810
Petromet Resources Ltd. Ord. (a) 619,000 2,722,535 71673110
Pinnacle Resources Ltd. (a) 32,300 453,397 72348R10
Summit Resources Ltd. 396,200 2,595,360 86624610
Tarragon Oil & Gas Ltd. (a) 67,100 784,906 87629E20
24,901,273
TOTAL ENERGY 31,706,916
FINANCE - 1.3%
BANKS - 0.7%
Bank of New York Co., Inc. 20,000 1,110,000 06405710
Westpac Banking Corp. 1,251,900 3,507,057 96121410
4,617,057
CREDIT & OTHER FINANCE - 0.4%
Arbor National Holdings, Inc. (a) 29,500 542,063 03876110
Green Tree Acceptance, Inc. 40,000 1,970,000 39350510
2,512,063
SAVINGS & LOANS - 0.2%
CenFed Financial Corp. 59,850 957,600 15131U10
TOTAL FINANCE 8,086,720
HEALTH - 8.0%
DRUGS & PHARMACEUTICALS - 3.7%
Amgen, Inc. (a) 40,000 1,810,000 03116210
Biogen, Inc. (a) 30,000 1,140,000 09059710
Chiron Corp. (a) 60,000 4,995,000 17004010
Collagen Corp. (a) 25,000 706,250 19419410
Elan PLC ADR (a) 10,000 417,500 28413120
Elan PLC therapeutic systems unit
(1 common & 1 ADR warrant) (a) 20,237 607,110 28413140
Genetics Institute, Inc. depository share (a) 25,900 1,184,925 37185530
IMCERA Group, Inc. 40,000 1,380,000 45245410
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
HEALTH - CONTINUED
DRUGS & PHARMACEUTICALS - CONTINUED
IVAX Corp. 25,000 $ 631,250 46582310
Nature's Bounty, Inc. (a) 100,000 1,775,000 63901730
Perspective Biosystems, Inc. (a) 14,200 376,300 71527110
Pfizer, Inc. 45,000 2,992,500 71708110
Protein Design Labs, Inc. (a) 97,700 2,332,588 74369L10
Schering-Plough Corp. 40,000 2,675,000 80660510
Teva Pharmaceutical Industries Ltd. ADR 14,400 399,600 88162420
23,423,023
MEDICAL EQUIPMENT & SUPPLIES - 2.9%
Cardinal Distribution, Inc. 64,900 2,839,375 14148710
Cordis Corp. (a) 100,000 4,275,000 21852510
Medtronic, Inc. 45,000 3,476,250 58505510
Owens & Minor, Inc. 150,000 2,906,250 69073010
Steris Corporation (a) 110,000 1,897,500 85915210
Zoll Medical Corp. (a) 100,000 3,150,000 98992210
18,544,375
MEDICAL FACILITIES MANAGEMENT - 1.4%
Columbia Healthcare Corp. 128,200 3,717,800 19767910
Lincare Holdings, Inc. (a) 80,000 1,680,000 53279110
Relife, Inc. (a) 45,300 736,125 75952N10
U.S. Healthcare, Inc. 55,000 3,183,125 91191010
9,317,050
TOTAL HEALTH 51,284,448
INDUSTRIAL MACHINERY & EQUIPMENT - 3.1%
ELECTRICAL EQUIPMENT - 1.5%
Amtech Corp. 25,000 706,250 03232910
Antec Corp. (a) 25,000 687,500 03664P10
Duracell International, Inc. 20,000 690,000 26633L10
Excel Technology, Inc. (a)(b) 350,000 1,925,000 30067T10
Hughes Supply, Inc. 12,800 244,800 44448210
Hutchison Whampoa Ltd. Ord. 960,000 3,852,527 44841510
Scientific-Atlanta, Inc. 50,000 1,568,750 80865510
9,674,827
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
INDUSTRIAL MACHINERY & EQUIPMENT - 1.5%
AGCO Corp. 30,000 $ 945,000 00108410
Atlas Copco AB B free shares (a) 75,000 3,446,789 04925592
Caterpillar, Inc. 50,000 4,262,500 14912310
Flow International Corp. (a) 100,000 806,250 34346810
9,460,539
POLLUTION CONTROL - 0.1%
Envirotest Systems Corp. (a) 25,000 525,000 29409W10
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 19,660,366
MEDIA & LEISURE - 9.9%
BROADCASTING - 3.2%
BET Holdings, Inc. Class A (a) 80,000 1,480,000 08658510
Cablemaxx, Inc. (a) 9,000 103,500 12685910
Clear Channel Communications, Inc. (a) 20,000 787,500 18450210
Comcast Corp. Class A 50,000 1,700,000 20030020
EZ Communications, Inc. (a) 35,000 612,500 26928810
Home Shopping Network, Inc. 100,000 1,500,000 43735110
Infinity Broadcasting Corp. (a) 30,010 757,753 45662610
International Cabletel, Inc. (a) 35,000 857,500 45921610
Jacor Communications, Inc. Class A (a) 22,200 316,350 46985840
Peoples Choice TV Corp. (a) 23,200 603,200 71084710
Tele-Communications, Inc. Class A (a) 200,000 6,025,000 87924010
Time Warner, Inc. 75,000 3,309,375 88731510
Turner Broadcasting System, Inc. Class B 50,000 1,212,500 90026250
Viacom, Inc. (non-vtg.) (a) 25,000 1,103,125 92552430
20,368,303
ENTERTAINMENT - 1.0%
Carmike Cinemas, Inc. Class A (a) 25,000 478,125 14343610
Carnival Cruise Lines, Inc. Class A 75,000 3,590,625 14365810
MGM Grand, Inc. (a) 10,000 382,500 55295310
New Line Cinema Corp. (a) 30,300 700,688 64646510
Regal Cinemas, Inc. (a) 4,800 97,200 75875410
Royal Carribean Cruises Ltd. 55,800 1,436,850 78015392
6,685,988
LEISURE DURABLES & TOYS - 0.4%
Champion Enterprises, Inc. (a) 47,900 886,150 15849610
Coachmen Industries, Inc. 42,600 596,400 18987310
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - CONTINUED
LEISURE DURABLES & TOYS - CONTINUED
Cobra Industries, Inc. (a) 55,000 $ 632,500 19104E10
Thor Industries, Inc. 11,300 264,138 88516010
2,379,188
LODGING & GAMING - 2.9%
Boyd Gaming Corp. (a) 50,000 800,000 10330410
Caesars World, Inc. (a) 15,000 733,125 12769510
GTECH Holdings Corp. (a) 40,000 1,165,000 40051810
Hospitality Franchise Systems, Inc. (a) 15,000 641,250 44091210
International Game Technology 60,000 1,815,000 45990210
Marriott International, Inc. 90,000 2,182,500 57190010
Mirage Resorts, Inc. (a) 123,900 2,725,800 60462E10
President Riverboat Casinos, Inc. (a) 169,700 4,072,800 74084810
Promus Companies, Inc. (a) 75,000 3,168,750 74342A10
Sholodge, Inc. 50,000 1,131,250 82503410
18,435,475
PUBLISHING - 1.0%
Lee Enterprises, Inc. 22,300 694,088 52376810
MaClean Hunter Ltd. 150,000 1,333,521 55474980
Ming Pao Enterprise Corp. Ltd. 1,605,000 1,963,445 60399392
Playboy Enterprises, Inc. (a):
Class A 215,900 1,970,088 72811720
Class B 52,000 533,000 72811730
6,494,142
RESTAURANTS - 1.4%
Brinker International, Inc. 100,000 4,150,000 10964110
Lone Star Steakhouse Saloon (a) 7,100 169,513 54230710
McDonald's Corp. 55,000 3,224,375 58013510
Outback Steakhouse, Inc. (a) 15,000 495,000 68989910
Uno Restaurant Corp. (a) 100,000 1,012,500 91490010
9,051,388
TOTAL MEDIA & LEISURE 63,414,484
NONDURABLES - 2.2%
BEVERAGES - 2.2%
COTT Corp. 140,000 4,087,591 22163N10
Coca-Cola Company (The) 60,000 2,535,000 19121610
Comp Cervecerias Unidas SA ADR 176,300 4,760,100 20442910
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
NONDURABLES - CONTINUED
BEVERAGES - CONTINUED
PepsiCo, Inc. 40,000 $ 1,610,000 71344810
Snapple Beverage Corp. (a) 60,000 1,260,000 83303710
14,252,691
HOUSEHOLD PRODUCTS - 0.0%
Safeskin Corp. (a) 14,900 230,950 78645410
TOTAL NONDURABLES 14,483,641
RETAIL & WHOLESALE - 10.0%
APPAREL STORES - 1.5%
Catherines Stores Corp. (a) 50,000 962,500 14916F10
Cato Corp. Class A 80,000 1,660,000 14920510
Charter Golf, Inc. (a) 50,000 500,000 16122P10
Designs, Inc. (a) 50,050 813,313 25057L10
Ellett Brothers, Inc. (a) 60,000 570,000 28839810
Gap, Inc. 50,000 2,000,000 36476010
Limited, Inc. (The) 65,000 1,478,750 53271610
One Price Clothing Stores, Inc. (a) 40,000 770,000 68241110
Simmons Outdoor Corp. (a) 85,000 499,375 82873510
Talbots, Inc. (a) 7,000 187,250 87416110
9,441,188
APPLIANCE STORES - 0.0%
Ceramco Corp. Ltd. 34,600 150,367 15699692
DRUG STORES - 0.5%
General Nutrition Companies, Inc. (a) 125,000 3,343,750 37047F10
GENERAL MERCHANDISE STORES - 2.8%
Carrefour 5,000 3,179,479 14428610
Cifra S.A. Class C (a) 1,500,000 4,157,400 17178594
Michaels Stores, Inc. (a) 25,000 887,500 59408710
Price/Costco, Inc. 35,800 684,675 74143W10
Sears, Roebuck & Co. 70,000 3,806,250 81238710
Wal-Mart Stores, Inc. 150,000 4,293,750 93114210
Younkers, Inc. (a) 26,200 655,000 98776710
17,664,054
GROCERY STORES - 0.1%
Harry's Farmers' Market, Inc. Class A (a) 30,000 727,500 41586310
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
RETAIL & WHOLESALE - CONTINUED
RETAIL & WHOLESALE, MISCELLANEOUS - 5.1%
Best Buy Co., Inc. (a) 15,000 $ 746,250 08651610
CML Group, Inc. 160,000 4,320,000 12582010
Eagle Hardware & Garden, Inc. 25,000 706,250 26959B10
Futures Shops Ltd. 147,500 2,498,362 36091310
Good Guys, Inc. (a) 20,000 312,500 38209110
Home Depot, Inc. (The) 60,000 2,482,500 43707610
Little Switzerland, Inc. (a) 9,200 82,800 53752810
Lowe's Companies, Inc. 150,000 7,687,500 54866110
Micro Warehouse, Inc. (a) 30,000 1,042,500 59501B10
Musicland Stores Corp. 37,400 776,050 62758B10
Office Depot, Inc. (a) 150,050 4,782,844 67622010
Rex Stores Corp. (a) 5,500 118,250 76162410
Sun Television & Appliances, Inc. 175,000 3,740,625 86688110
Sunglass Hut International, Inc. (a) 47,400 1,422,000 86736F10
Toys "R" Us, Inc. (a) 50,000 2,037,500 89233510
Ultimate Electronics, Inc. (a) 23,300 262,125 90384910
33,018,056
TOTAL RETAIL & WHOLESALE 64,344,915
SERVICES - 1.1%
LEASING & RENTAL - 0.8%
Blockbuster Entertainment Corp. 160,000 5,340,000 09367610
PRINTING - 0.1%
Reynolds & Reynolds Co. Class A 16,500 695,063 76169510
SERVICES - 0.2%
Catalina Marketing Corp. (a) 25,000 1,106,250 14886710
Medaphis Corp. 10,000 295,000 58402810
1,401,250
TOTAL SERVICES 7,436,313
TECHNOLOGY - 33.5%
COMMUNICATIONS EQUIPMENT - 9.8%
ADC Telecommunications, Inc. (a) 25,000 862,500 00088610
Aspect Telecommunications Corp. (a) 117,500 4,465,000 04523710
Cabletron Systems, Inc. (a) 50,000 5,237,500 12692010
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
COMMUNICATIONS EQUIPMENT - CONTINUED
Centigram Communications Corp. 126,000 $ 3,780,000 15231710
Cisco Systems, Inc. (a) 85,000 4,781,250 17275R10
DSC Communications Corp. (a) 346,800 18,770,550 23331110
General Instrument Corp. (a) 50,000 2,668,750 37012110
Inter-Tel, Inc. (a) 77,100 722,813 45837210
MB Communications, Inc. (a) 175,000 2,931,250 55262M10
Newbridge Networks Corp. (a) 140,000 6,860,000 65090110
Porta Systems Corp. 50,000 512,500 73564710
VMX, Inc. (a) 197,000 849,563 91827610
Wellfleet Communications, Inc. (a) 175,000 10,215,625 94949710
62,657,301
COMPUTER SERVICES & SOFTWARE - 8.9%
Adobe Systems, Inc. 48,400 1,119,250 00724F10
America Online, Inc. (a) 10,000 655,000 02364J10
CUC International, Inc. (a) 133,300 4,448,888 12654510
Chipcom Corp. (a) 40,000 1,770,000 16961710
Electronic Arts (a) 50,000 1,743,750 28551210
Electronic Information Systems, Inc. (a) 55,900 684,775 28573810
Electronics For Imaging, Inc. (a) 30,500 556,625 28608210
Equifax, Inc. 40,000 965,000 29442910
IMRS, Inc. (a) 35,500 816,500 44969610
Informix Corp. (a) 100,000 1,825,000 45677910
Integrated Systems, Inc. (a) 50,000 512,500 45812M10
Landmark Graphics Corp. (a) 190,000 3,752,500 51491310
Lotus Development Corp. (a) 58,900 2,709,400 54570010
Microsoft Corp. (a) 25,000 2,000,000 59491810
Oracle Systems Corp. (a) 360,000 11,385,000 68389X10
Parametric Technology Corp. (a) 70,000 2,677,500 69917310
State of The Art, Inc. (a)(b) 568,500 4,263,750 85730710
Stratacom, Inc. (a) 200,000 3,600,000 86268310
SunGard Data Systems, Inc. (a) 20,000 710,000 86736310
Sybase, Inc. (a) 175,000 6,475,000 87113010
Symantec Corp. (a) 33,600 554,400 87150310
Synopsys, Inc. (a) 60,000 2,715,000 87160710
Viewlogic Systems, Inc. (a) 60,000 1,380,000 92672110
57,319,838
COMPUTERS & OFFICE EQUIPMENT - 11.2%
ADAPTEC, Inc. (a) 60,000 1,987,500 00651F10
Apple Computer, Inc. 30,000 945,000 03783310
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
COMPUTERS & OFFICE EQUIPMENT - CONTINUED
Compaq Computer Corp. (a) 235,000 $ 17,008,125 20449310
Creative Technologies Corp. (a) 175,000 4,637,500 22599992
Dell Computer Corporation (a) 30,000 798,692 24702510
Digital Biometrics, Inc. (a) 167,500 2,219,375 25383310
EMC Corp. (a) 55,000 1,746,250 26864810
Filenet Corp. (a) 25,000 456,250 31686910
Hutchinson Technology, Inc. (a) 40,000 1,190,000 44840710
International Business Machines Corp. 100,000 5,387,500 45920010
International Imaging Materials, Inc. (a) 45,000 765,000 45968C10
Media Vision Technology, Inc. 125,000 4,875,000 58445H10
Micropolis Corp. (a) 64,600 484,500 59490710
Quantum Corp. (a) 27,200 387,600 74790610
Seagate Technology, Inc. (a) 500,000 12,125,000 81180410
Silicon Graphics, Inc. (a) 135,000 5,906,250 82705610
Supermac Technology, Inc. (a) 79,600 1,054,700 86843310
SynOptics Communications, Inc. (a) 35,000 892,500 87160910
Tech Data Corp. (a) 300,000 9,000,000 87823710
71,866,742
ELECTRONIC INSTRUMENTS - 0.2%
Applied Materials, Inc. (a) 20,000 705,000 03822210
Laser Precision Corp. (a) 56,700 474,863 51790010
1,179,863
ELECTRONICS - 3.4%
Intel Corp. 15,000 922,500 45814010
Motorola, Inc. 185,000 17,343,750 62007610
Sanmina Corp. (a) 44,500 1,145,875 80090710
Texas Instruments, Inc. 25,000 1,606,250 88250810
Zero Corp. 30,000 480,000 98948410
21,498,375
TOTAL TECHNOLOGY 214,522,119
TRANSPORTATION - 1.0%
AIR TRANSPORTATION - 0.6%
Atlantic Southeast Airlines, Inc. 20,000 712,500 04886910
Comair Holdings, Inc. 75,000 2,306,250 19978910
Mesa Airlines, Inc. (a) 50,000 837,500 59048110
3,856,250
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TRANSPORTATION - CONTINUED
RAILROADS - 0.2%
Southern Pacific Rail Corp. (a) 46,000 $ 874,000 84358410
TRUCKING & FREIGHT - 0.2%
Federal Express Corp. (a) 20,000 1,430,000 31330910
TOTAL TRANSPORTATION 6,160,250
UTILITIES - 4.7%
CELLULAR - 3.3%
Cencall Communications Corp. (a) 73,100 2,083,350 15129710
IDB Communications Group, Inc. 95,000 4,251,250 44935510
LIN Broadcasting Corp. (a) 8,000 880,000 53276310
McCaw Cellular Communications, Inc. Class A (a) 85,600 4,387,000
57946810
Mobile Telecommunications Technologies, Inc. (a) 50,000 1,268,750
60740610
Nextel Communications, Inc. Class A 100,000 3,775,000 65332V10
Paging Network, Inc. (a) 25,000 718,750 69554210
Qualcomm, Inc. 8,000 422,000 74752510
Rogers Communications, Inc. Class B (a) 150,000 2,372,263 77510920
Vodafone Group PLC sponsored ADR 10,000 810,000 92857T10
20,968,363
ELECTRIC UTILITY - 0.0%
Meralco 'B' (a) 25,000 298,574 58799A92
TELEPHONE SERVICES - 1.4%
ALC Communications Corp. (a) 12,500 334,375 00157530
Consolidated Electric Power Asia Ltd. sponsored ADR 15,200 246,289
20855210
Davel Communications GRP, Inc. (a) 30,100 459,025 23833810
LCI International, Inc. (a) 45,000 1,485,000 50181310
LDDS Communications, Inc. (a) 35,000 1,491,875 50182L10
MCI Communications Corp. 65,000 1,584,375 55267310
Peoples Telephone Co., Inc. (a) 52,700 566,525 71257410
Philippine Long Distance Telephone Co. 3,800 231,800 71825210
Telefonos de Mexico SA sponsored
ADR representing share Ord. Class L 12,000 669,000 87940378
Telephone & Data Systems, Inc. 40,000 1,880,000 87943310
8,948,264
TOTAL UTILITIES 30,215,201
TOTAL COMMON STOCKS
(Cost $525,523,249) 564,379,122
CONVERTIBLE BONDS - 0.0%
PRINCIPAL
AMOUNT
FINANCE - 0.0%
CREDIT & OTHER FINANCE - 0.0%
Benpress Holdings Corp. 4 1/5%,
12/31/94 (Cost $25,583) - $ 17,000 $ 38,250 082300AA
REPURCHASE AGREEMENTS - 12.0%
MATURITY
AMOUNT
Investments in repurchase agreements
(U.S. Treasury obligations), in a joint
trading account at 3.24% dated
11/30/93 due 12/1/93 $76,866,917 76,860,000
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $602,408,832) $ 641,277,372
FORWARD FOREIGN CURRENCY CONTRACTS
SETTLEMENT UNREALIZED
DATE VALUE GAIN/(LOSS)
CONTRACTS TO BUY
3,441,000 CHF 1/19/94 $ 2,297,650 $ (1,996)
817,376,000 ESP 2/4/94 5,750,135 (188,964)
53,092,600 FRF 1/19/94 8,916,183 (83,817)
1,689,422 GBP 2/1/94 2,510,483 19,610
4,555,460,000 ITL 1/19/94 2,671,039 (37,767)
12,766,500 SEK 2/4/94 1,496,957 (3,043)
TOTAL CONTRACTS TO BUY
(Payable amount $23,938,424) $ 23,642,447 $ (295,977)
THE VALUE OF CONTRACTS TO BUY AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 3.7%
FORWARD FOREIGN CURRENCY CONTRACTS - CONTINUED
SETTLEMENT UNREALIZED
DATE VALUE GAIN/(LOSS)
CONTRACTS TO SELL
16,031,600 CAD 2/8/94 $ 11,989,022 $ 234,844
3,441,880 CHF 1/19/94 2,297,650 113,474
817,376,000 ESP 2/4/94 5,750,136 327,010
60,968,540 FRF 1/19/94 10,238,840 397,681
1,689,422 GBP 2/1/94 2,510,482 3,716
4,555,460,000 ITL 1/19/94 2,671,039 132,390
28,801,000 SEK 2/4/94 3,377,109 154,113
TOTAL CONTRACTS TO SELL
(Receivable amount $40,197,506) $ 38,834,278 $ 1,363,228
THE VALUE OF CONTRACTS TO SELL AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 6.1%
CURRENCY ABBREVIATION
GBP - British pound
CAD - Canadian dollar
FRF - French franc
ITL - Italian lira
ESP - Spanish peseta
SEK - Swedish krona
CHF - Swiss franc
LEGEND
1. Non-income producing
2. Affiliated company (see Note 6 of Notes to Financial Statements).
OTHER INFORMATION
Distribution of investments by country, as a percentage of total value of
investments, is as follows:
United States 86.9%
Canada 6.4
Mexico 1.4
Others (individually less than 1%) 5.3
TOTAL 100.0%
INCOME TAX INFORMATION
At November 30,1993 the aggregate cost of investment securities for income
tax purposes was $603,493,477. Net unrealized appreciation aggregated
$37,783,895, of which $64,570,102 related to appreciated investment
securities and $26,786,207 related to depreciated investment securities.
The fund hereby designates $10,254,240 as a capital gain dividend for the
purpose of the dividend paid deduction.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
NOVEMBER 30, 1993

ASSETS

Investment in securities, at value (including repurchase $ 641,277,372
agreements of $76,860,000) (cost $602,408,832)
(Notes 1 and 2) - See accompanying schedule

Long foreign currency contracts held, at value (cost 23,642,447
$23,938,424) (Note 2)

Short foreign currency contracts (Note 2) $ (38,834,278)
Contracts held, at value

Receivable for contracts held 40,197,506 1,363,228

Cash 514

Receivable for investments sold 40,674,471

Net receivable for closed foreign currency contracts 123,038

Receivable for fund shares sold 1,268,759

Dividends receivable 331,105

Redemption fees receivable (Note 1) 368

Other receivables 29,793

TOTAL ASSETS 708,711,095

LIABILITIES

Payable for foreign currency contracts held (Note 2) 23,938,424

Payable for investments purchased 46,427,906

Payable for fund shares redeemed 3,152,264

Accrued management fee 433,853

Other payables and accrued expenses 269,915

TOTAL LIABILITIES 74,222,362

NET ASSETS $ 634,488,733

Net Assets consist of:

Paid in capital $ 450,171,667

Undistributed net investment income 1,118,623

Accumulated undistributed net realized gain (loss) on 143,262,652
investments

Net unrealized appreciation (depreciation) on:

Investment securities 38,868,540

Foreign currency contracts 1,067,251

NET ASSETS, for 32,326,427 shares outstanding $ 634,488,733

NET ASSET VALUE and redemption price per share $19.63
($634,488,733 (divided by) 32,326,427 shares)

Maximum offering price per share (100/97 of $19.63) $20.24

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED NOVEMBER 30, 1993

INVESTMENT INCOME $ 3,851,443
Dividends

Interest (Note 5) 2,264,003

TOTAL INCOME 6,115,446

EXPENSES

Management fee (Note 4) $ 4,214,957
Basic fee

Performance adjustment 772,145

Transfer agent fees (Note 4) 1,892,445

Redemption fees (Note 1) (28,809)

Accounting fees and expenses (Note 4) 338,364

Non-interested trustees' compensation 4,175

Custodian fees and expenses 131,675

Registration fees 53,205

Audit 33,100

Legal 6,115

Interest (Note 7) 853

Miscellaneous 8,774

Total expenses before reductions 7,426,999

Expense reductions (Note 8) (59,720) 7,367,279

NET INVESTMENT INCOME (LOSS) (1,251,833)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
(NOTES 1, 2 AND 3)
Net realized gain (loss) on:

Investment securities (including realized gain (loss) of 144,418,435
$620,830 on sales of investment in affiliated issuers)

Foreign currency contracts (3,463,719) 140,954,716

Change in net unrealized appreciation (depreciation) on:

Investment securities (33,409,843)

Foreign currency contracts 1,067,251 (32,342,592)

NET GAIN (LOSS) 108,612,124

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM $ 107,360,291
OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED NOVEMBER 30,

1993 1992

INCREASE (DECREASE) IN NET ASSETS

Operations $ (1,251,833) $ 3,347,320
Net investment income (loss)

Net realized gain (loss) on investments 140,954,716 18,653,620

Change in net unrealized appreciation (depreciation) (32,342,592) 58,419,632
on
investments

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 107,360,291 80,420,572
FROM
OPERATIONS

Distributions to shareholders from: (724,816) -
Net investment income

Net realized gain (19,802,516) (19,808,152)

Share transactions 226,148,936 425,404,814
Net proceeds from sales of shares

Reinvestment of distributions from: 710,196 -
Net investment income

Net realized gain 19,445,907 19,526,059

Cost of shares redeemed (313,667,592) (421,673,081)

Redemption fees (Note 1) 345,971 597,023

Net increase (decrease) in net assets resulting from (67,016,582) 23,854,815
share
transactions

TOTAL INCREASE (DECREASE) IN NET ASSETS 19,816,377 84,467,235

NET ASSETS

Beginning of period 614,672,356 530,205,121

End of period (including undistributed net investment $ 634,488,733 $ 614,672,356
income of $1,118,623 and $3,095,272, respectively)

OTHER INFORMATION
Shares

Sold 12,313,050 26,914,116

Issued in reinvestment of distributions from: 40,981 -
Net investment income

Net realized gain 1,145,868 1,282,547

Redeemed (17,491,439) (27,678,335)

Net increase (decrease) (3,991,540) 518,328

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C>
YEARS ENDED NOVEMBER 30, DECEMBER 28, 1990
(COMMENCEMENT OF
OPERATIONS) TO
NOVEMBER 30,

1993 1992 1991

SELECTED PER-SHARE DATA

Net asset value, beginning of period $ 16.92 $ 14.81 $ 10.00

Income from Investment Operations

Net investment income (.03) .09 (.01)

Net realized and unrealized gain (loss) on 3.29 2.50 4.80
investments

Total from investment operations 3.26 2.59 4.79

Less Distributions

From net investment income (.02) - -

From net realized gain (.54) (.50) -

Total distributions (.56) (.50) -

Redemption fees added to paid in capital .01 .02 .02

Net asset value, end of period $ 19.63 $ 16.92 $ 14.81

TOTAL RETURN (dagger)(double dagger) 19.85% 18.03% 48.10%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 634,489 $ 614,672 $ 530,205

Ratio of expenses to average net assets ** 1.19% 1.09% 1.31%*

Ratio of expenses to average net assets 1.20% 1.09% 1.31%*
before expense reductions **

Ratio of net investment income to average (.20)% .56% (.10)%*
net assets

Portfolio turnover rate 332% 531% 326%*

</TABLE>

* ANNUALIZED
** SEE NOTE 8 OF NOTES TO FINANCIAL STATEMENTS.
(dagger) TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
(double dagger) THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN
EXPENSES NOT BEEN REDUCED DURING THE PERIOD SHOWN.
NOTES TO FINANCIAL STATEMENTS
For the period ended November 30, 1993

1 SIGNIFICANT ACCOUNTING
POLICIES.
Fidelity Emerging Growth Fund (the fund) is a fund of Fidelity Mt. Vernon
Street Trust (the trust) and is authorized to issue an unlimited number of
shares. The trust is registered under the Investment Company Act of 1940,
as amended (the 1940 Act), as an open-end management investment company
organized as a Massachusetts business trust. The following summarizes the
significant accounting policies of the fund:
SECURITY VALUATION. Securities for which exchange quotations are readily
available are valued at the last sale price, or if no sale price, at the
closing bid price. Securities for which exchange quotations are not readily
available (and in certain cases debt securities which trade on an
exchange), are valued primarily using dealer-supplied valuations or at
their fair value as determined in good faith under consistently applied
procedures under the general supervision of the Board of Trustees.
Short-term securities maturing within sixty days are valued at amortized
cost or original cost plus accrued interest, both of which approximate
current value.
FOREIGN CURRENCY TRANSLATION. The accounting records of the fund are
maintained in U.S. dollars. Investment securities, other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the current exchange rate. Purchases and sales of securities,
income receipts and expense payments are translated into U.S. dollars at
the exchange rate on the dates of the transactions.
It is not practical to identify the portion of each amount shown in the
fund's Statement of Operations under the caption "Realized and Unrealized
Gain (Loss) on Investments" that arises from changes in foreign currency
exchange rates. Investment income includes net realized and unrealized
currency gains and losses recognized between accrual and payment dates.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, the fund is not subject to income taxes to
the extent that it distributes all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date,
except certain dividends from foreign securities where the ex-dividend date
may have passed, are recorded as soon as the fund is informed of the
ex-dividend date. Interest income is accrued as earned. Investment income
is recorded net of foreign taxes where recovery of such taxes is not
assured.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
REDEMPTION FEES. Shares held in the fund less than 90 days are subject to a
redemption fee equal to .75% of the proceeds of the redeemed shares. A
portion of the fee is accounted for as a reduction of transfer agent
expenses. This portion of the redemption fee is used to offset the
transaction costs and other expenses that short-term trading imposes on the
fund and its shareholders. The remainder of the redemption fee is accounted
for as an addition to paid in capital.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
1 OPERATING POLICIES.
FORWARD FOREIGN CURRENCY
CONTRACTS. The fund may enter into forward foreign currency contracts.
These contracts involve market risk in excess of the amount reflected in
the fund's Statement of Assets and Liabilities. The face or contract amount
in U.S. dollars reflects the total exposure the fund has in that particular
currency contract. The U.S. dollar value of forward foreign currency
contracts is determined using forward currency exchange rates supplied by a
quotation service. Losses may arise due to changes in the value of the
foreign currency or if the counterparty does not perform under the
contract.
Purchases and sales of forward foreign currency contracts having the same
settlement date and broker are offset and presented net on the Statement of
Assets and Liabilities. Gain (loss) on the purchase or sale of forward
foreign currency contracts having the same settlement date and broker is
recognized on the date of offset, otherwise gain (loss) is recognized on
settlement date.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. The fund's investment
adviser, Fidelity Management & Research Company (FMR), is responsible
for determining that the value of these underlying securities remains at
least equal to the resale price.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the SEC), the fund, along with other
registered investment companies having management contracts with FMR, may
transfer uninvested cash balances into a joint trading account. These
balances are invested in one or more repurchase agreements that are
collateralized by U.S. Treasury or Federal Agency obligations.
INTERFUND LENDING PROGRAM. Pursuant to an Exemptive Order issued by the
SEC, the fund, along with other registered investment companies having
management contracts with FMR, may participate in an interfund lending
program. This program provides an alternative credit facility allowing the
fund to borrow from, or lend money to, other participating funds.
1 PURCHASES AND SALES OF
INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $1,825,652,011 and $1,892,731,286, respectively.
1 FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a monthly
basic fee that is calculated on the basis of a group fee rate plus a fixed
individual fund fee rate applied to the average net assets of the fund. The
group fee rate is the weighted average of a series of rates ranging from
.31% to .52% and is based on the monthly average net assets of all the
mutual funds advised by FMR. The annual individual fund fee rate is .35%.
The basic fee is subject to a performance adjustment (up to a maximum of +
or - .20%) based on the fund's investment performance as compared to the
appropriate index over a specified period of time. For the period, the
management fee was equivalent to an annual rate of .80% of average net
assets after the performance adjustment.

Effective November 1, 1993, the Board of Trustees approved a new group fee
rate schedule with rates ranging from .2850% to .5200%. FMR has voluntarily
agreed to implement this new group fee rate schedule as it results in the
same or a lower management fee.
SALES LOAD. For the period, Fidelity Distributors Corporation, an affiliate
of FMR and the general distributor of the fund, received sales charges of
$774,435 on sales of shares of the fund.
TRANSFER AGENT FEE. Fidelity Service Co. (FSC), an affiliate of FMR, is the
fund's transfer, dividend disbursing and shareholder servicing agent. FSC
receives fees based on the type, size, number of accounts and the number of
transactions made by shareholders. FSC pays for typesetting, printing and
mailing of all shareholder reports, except proxy statements.
ACCOUNTING FEE. FSC maintains the fund's accounting records. The fee is
based on the level of average net assets for the month plus out-of-pocket
expenses.
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $770,266 for the period.
1 INTERFUND LENDING PROGRAM.
The fund participated in the interfund lending program as a lender. The
maximum loan and the average daily loan balances during the periods for
which loans were outstanding amounted to $5,258,000 and $4,135,600. The
weighted average interest rate was 3.41%. Interest earned from the
interfund lending program amounted to $1,950 and is included in interest
income on the Statement of Operations.
1 TRANSACTIONS WITH AFFILIATED COMPANIES.
An affiliated company is a company in which the fund has ownership of at
least 5% of the voting securities. Transactions with companies which are or
were affiliates are as follows:
SUMMARY OF TRANSACTIONS WITH AFFILIATED COMPANIES
PURCHASE SALES DIVIDEND MARKET
AFFILIATE COST COST INCOME VALUE
Consolidated HCO Energy Ltd. $ 845,405 $ 1,107,074 $ - $ -
ETAC Sales Ltd. 985,515 1,074,586 - -
Excel Technologies, Inc. * 1,285,000 955,375 - 1,925,000
Hutchinson Technology, Inc.* 373,750 880,204 - -
NU Horizons Electronics Corp. 271,250 395,306
State of the Art, Inc. * 1,410,902 380,540 - 4,263,750
TOTALS $ 5,171,822 $ 4,793,085 $ - $ 6,188,750
* Non-income producing
1 BANK BORROWINGS.
The fund is permitted to have bank borrowings for temporary or emergency
purposes to fund shareholder redemptions. The fund has established
borrowing arrangements with certain banks. Under the most restrictive
arrangement, the fund must pledge to the bank securities having a market
value in excess of 220% of the total bank borrowings. The interest rate on
the borrowings is the bank's base rate, as revised from time to time. The
maximum loan and the average daily loan balance during the periods for
which loans were outstanding amounted to $8,002,000. The weighted average
interest rate was 3.84%.
1 EXPENSE REDUCTIONS.
FMR has directed certain portfolio trades to brokers who paid a portion of
the fund's expenses. For the period, the fund's expenses were reduced by
$59,720 under this arrangement.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Mt.
Vernon Street Trust and the
Shareholders of Fidelity Emerging Growth Fund:
We have audited the accompanying statement of assets and liabilities of
Fidelity Mt. Vernon Street Trust: Fidelity Emerging Growth Fund, including
the schedule of portfolio investments, as of November 30, 1993, and the
related statement of operations for the year then ended, the statement of
changes in net assets for each of the two years in the period then ended
and the financial highlights for each of the two years in the period then
ended, and for the period December 28, 1990 (commencement of operations) to
November 30, 1991. These financial statements and financial highlights are
the responsibility of the fund's management. Our responsibility is to
express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of November 30, 1993, by correspondence with custodians
and brokers. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Mt. Vernon Street Trust: Fidelity Emerging Growth Fund as of
November 30, 1993, the results of its operations for the year then ended,
the changes in its net assets for each of the two years in the period then
ended, the financial highlights for each of the two years in the period
then ended, and for the period December 28, 1990 (commencement of
operations) to November 30, 1991, in conformity with generally accepted
accounting principles.
/s/COOPERS & LYBRAND
COOPERS & LYBRAND
Boston, Massachusetts
January 4, 1994
TO CALL FIDELITY

2. For an individual fund quote.

3. For the ten most frequently
requested Fidelity fund quotes.

4. For quotes on Fidelity Select
Portfolios.(Registered trademark)

5. To change your Personal
Identification Number (PIN).

6. To speak with a Fidelity
representative.

2. For your most recent fund activity
(purchases, redemptions, and
dividends).

3. To change your Personal
Identification Number (PIN).

4. To speak with a Fidelity
representative.

For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
851 Hamilton Avenue
Campbell, CA
527 North Brand Boulevard
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19100 Von Karman Avenue
Irvine, CA
10100 Santa Monica Blvd.
Los Angeles, CA
811 Wilshire Boulevard
Los Angeles, CA
251 University Avenue
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7676 Hazard Center Drive
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455 Market Street
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COLORADO
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CONNECTICUT
185 Asylum Street
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4400 N. Federal Highway
Boca Raton, FL
2249 Galiano Street
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4090 N. Ocean Boulevard
Ft. Lauderdale, FL
4001 Tamiami Trail, North
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32 West Central Boulevard
Orlando, FL
2401 PGA Boulevard
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8065 Beneva Road, South
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2000 66th Street, North
St. Petersburg, FL
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3525 Piedmont Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
HAWAII
700 Bishop Street
Honolulu, HI
ILLINOIS
215 East Erie Street
Chicago, IL
One North Franklin
Chicago, IL
540 Lake Cook Road
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1415 West 22nd Street
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1700 East Golf Road
Schaumburg, IL
LOUISIANA
201 St. Charles Avenue
New Orleans, LA
MAINE
3 Canal Plaza
Portland, ME
MARYLAND
1 West Pennsylvania Ave.
Towson, MD
7401 Wisconsin Avenue
Bethesda, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
101 Cambridge Street
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
26955 Northwestern Hwy.
Southfield, MI
MINNESOTA
38 South Sixth Street
Minneapolis, MN
MISSOURI
700 West 47th Street
Kansas City, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
60B South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
505 Millburn Avenue
Short Hills, NJ
NEW YORK
1050 Franklin Avenue
Garden City, NY
999 Walt Whitman Road
Melville, L.I., NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
2200 West Main Street
Durham, NC
OHIO
600 Vine Street
Cincinnati, OH
1903 East Ninth Street
Cleveland, OH
28699 Chagrin Boulevard
Woodmere Village, OH
OREGON
121 S.W. Morrison Street
Portland, OR
PENNSYLVANIA
1735 Market Street
Philadelphia, PA
439 Fifth Avenue
Pittsburgh, PA
TENNESSEE
5100 Poplar Avenue
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
7001 Preston Road
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1155 Dairy Ashford
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1010 Lamar Street
Houston, TX
2701 Drexel Drive
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
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UTAH
175 East 400 South Street
Salt Lake City, UT
VERMONT
199 Main Street
Burlington, VT
VIRGINIA
8300 Boone Boulevard
Vienna, VA
WASHINGTON
411 108th Avenue, N.E.
Bellevue, WA
1001 Fourth Avenue
Seattle, WA
WASHINGTON, DC
1775 K Street, N.W.
Washington, DC
WISCONSIN
222 East Wisconsin Avenue
Milwaukee, WI

TO WRITE FIDELITY

INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Arthur S. Loring, Secretary
Robert H. Morrison, Manager,
Security Transactions
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
Brown Brothers Harriman & Co.
Boston, MA
FIDELITY GROWTH FUNDS
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Emerging Growth Fund
Growth Company Fund
Low-Priced Stock Fund
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OTC Portfolio
Retirement Growth Fund
Small Cap Stock Fund
Stock Selector
Trend Fund
Value Fund
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
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(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE