FIDELITY MT VERNON STREET TRUST
N-30D, 2001-01-19
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Fidelity®

Aggressive Growth

Fund

Annual Report

November 30, 2000

(2_fidelity_logos)

Contents

President's Message

<Click Here>

Ned Johnson on investing strategies.

Performance

<Click Here>

How the fund has done over time.

Fund Talk

<Click Here>

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

Investment Changes

<Click Here>

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

Investments

<Click Here>

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

Financial Statements

<Click Here>

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

Notes

<Click Here>

Footnotes to the financial statements.

Report of Independent Accountants

<Click Here>

The auditors' opinion.

Distributions

<Click Here>

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

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

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

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

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

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

Neither the fund nor Fidelity Distributors Corporation is a bank.

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

Annual Report

President's Message

(Photograph of Edward C. Johnson 3d.)

Dear Shareholder:

For the first time since 1990, the taxable bond market, as measured by the Lehman Brothers Aggregate Bond Index, appeared nearly certain to outperform the U.S. stock market, as measured by the S&P 500®. The former was up nearly 10% year to date through November, while the S&P 500 was down by approximately the same amount. Disappointing corporate earnings and uncertainty concerning a president-elect toppled the stock market late in the period.

While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.

First, investors are encouraged to take a long-term view of their portfolios. If you can afford to leave your money invested through the inevitable up and down cycles of the financial markets, you will greatly reduce your vulnerability to any single decline. We know from experience, for example, that stock prices have gone up over longer periods of time, have significantly outperformed other types of investments and have stayed ahead of inflation.

Second, you can further manage your investing risk through diversification. A stock mutual fund, for instance, is already diversified, because it invests in many different companies. You can increase your diversification further by investing in a number of different stock funds, or in such other investment categories as bonds. If you have a short investment time horizon, you might want to consider moving some of your investment into a money market fund, which seeks income and a stable share price by investing in high-quality, short-term investments. Of course, it's important to remember that an investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these types of funds.

Finally, no matter what your time horizon or portfolio diversity, it makes good sense to follow a regular investment plan, investing a certain amount of money in a fund at the same time each month or quarter and periodically reviewing your overall portfolio. By doing so, you won't get caught up in the excitement of a rapidly rising market, nor will you buy all your shares at market highs. While this strategy - known as dollar cost averaging - won't assure a profit or protect you from a loss in a declining market, it should help you lower the average cost of your purchases. Of course, you should consider your financial ability to continue your purchases through periods of low price levels before undertaking such a strategy.

If you have questions, please call us at 1-800-544-6666, or visit our web site at www.fidelity.com. We are available 24 hours a day, seven days a week to provide you the information you need to make the investments that are right for you.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

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. Total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value).

Cumulative Total Returns

Periods ended November 30, 2000

Past 1
year

Past 5
years

Life of
fund

Fidelity Aggressive Growth

-17.94%

162.73%

722.73%

Russell Midcap® Growth

-1.65%

115.33%

401.37%**

Mid-Cap Funds Average

9.25%

108.03%

n/a*

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, one year, five years or since the fund started on December 28, 1990. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the Russell Midcap® Growth Index - a market capitalization-weighted index of U.S. domiciled, medium-capitalization, growth-oriented stocks of U.S. corporations. To measure how the fund's performance stacked up against its peers, you can compare it to the mid-cap funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 462 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges. Lipper has created new comparison categories that group funds according to portfolio characteristics and capitalization, as well as by capitalization only. These averages are listed on page 5 of this report.(dagger)

Average Annual Total Returns

Periods ended November 30, 2000

Past 1
year

Past 5
years

Life of
fund

Fidelity Aggressive Growth

-17.94%

21.31%

23.64%

Russell Midcap Growth

-1.65%

16.58%

17.65%**

Mid-Cap Funds Average

9.25%

15.20%

n/a*

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year. (Note: Lipper calculates average annual total returns by annualizing each fund's total return, then taking an arithmetic average. This may produce a different figure than that obtained by averaging the cumulative total returns and annualizing the result.)

* Not available

** From December 31, 1990

Annual Report

$10,000 Over Life of Fund



$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity Aggressive Growth Fund on December 31, 1990, shortly after the fund started. As the chart shows, by November 30, 2000, the value of the investment would have grown to $81,783 - a 717.83% increase on the initial investment. For comparison, look at how the Russell Midcap Growth Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have grown to $50,137 - a 401.37% 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 long-term growth and short-term volatility. 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.

3

(dagger) The Lipper multi-cap growth funds average reflects the performance (excluding sales charges) of mutual funds with similar portfolio characteristics and capitalization. As of November 30, 2000, the one year and five year cumulative and average annual total returns for the multi-cap growth funds average were 0.35%, 132.27%, and 0.35%, 17.93%, respectively.

Annual Report

Fund Talk: The Manager's Overview

Market Recap

After a promising beginning, U.S. equity markets were hammered by a convergence of adverse conditions during the remainder of the 12-month period ending November 30, 2000. The technology-heavy NASDAQ Composite Index was particularly hard hit. After a period of strong appreciation, the tech sector lost its grip on market leadership in mid-March as the Federal Reserve Board continued its campaign to slow economic growth through higher interest rates. Then, in May, the markets were rocked by a 0.50% Fed interest-rate hike, and signs soon emerged that clearly indicated a slowdown ahead. Escalating oil prices put additional strain on corporate profits, and disappointing earnings announcements began to pile up. Any hopes for a late season rally were broadsided by the uncertainty stemming from the presidential election in November. The resulting anxiety weighed the markets down to their lowest point of the year. For the overall period, the Standard & Poor's 500SM Index fell 4.22%, the Dow Jones Industrial Average sank 2.77% and the NASDAQ plunged 21.99%. Investors should keep in mind, however, that the last two times the NASDAQ had negative calendar year returns, in 1990 and 1994, the index responded with gains of 59.01% and 41.40% in 1991 and 1995, respectively. Of course, past performance is no guarantee of future results.

(Portfolio Manager photograph)
An interview with Bob Bertelson, Portfolio Manager of Fidelity Aggressive Growth Fund

Q. How did the fund perform, Bob?

A. For the 12 months that ended November 30, 2000, the fund returned -17.94%, lagging the Russell Midcap Growth Index, which returned -1.65%. The mid-cap funds average tracked by Lipper Inc. returned 9.25% during the same period.

Q. Why did the fund underperform its index and peer group?

A. In periods of economic uncertainty, stocks with high valuations and high earnings-growth rates typically fare worse than those with lower absolute valuations and lower earnings-growth rates. The past year was no exception. While the Russell index itself had a high growth component to it and a relatively high valuation, the fund tended to own even faster-growing companies - particularly in technology - which came at a cost of higher valuations. This more aggressive posture helped as growth stocks rose early in the period, but hurt when market conditions began to deteriorate in the spring. Also, given the fund's charter to invest in companies across market capitalizations, the fund's larger-cap stocks struggled against a backdrop of strong mid-cap performance. The fund's heavy growth bias put it at a distinct disadvantage relative to its Lipper peers, which were generally less growth-oriented.

Annual Report

Fund Talk: The Manager's Overview - continued

Q. What guided your decision-making in terms of the fund's positioning in technology?

A. After the steep sell-off in the spring, performance was driven more by being in the right tech stocks rather than just by maximizing exposure to the sector. While we held a large weighting in technology, our bets were focused on a few high-growth areas, namely fiber optics, Internet software and data networking. Particularly in the first half of the year, the fund's relative performance was hurt by owning some large-cap tech stocks that disappointed, while, at the same time, being underweighted in several mid-caps that fared quite well. I dumped many of the stocks that failed us during the period and moved on. While I sold the stocks of companies whose fundamental outlooks had deteriorated, I'm also generally not willing to sell stocks that get unfairly painted with the broad brush of being in a certain industry that's out of favor.

Q. What were some of your other sector-related strategies?

A. Outside of technology, it's been difficult finding the high levels of earnings growth I seek. However, I did find new opportunities in energy and health care. In energy, I focused primarily on the service providers, which I felt were poised to benefit from the growing need to develop additional energy sources. I should note that late in the period even energy companies fell victim to concerns about a weaker economy and falling oil prices, which mostly eliminated the gains the fund accumulated earlier in the period. In health care, I maintained a focus on biotechnology firms with strong potential to exploit historic developments in gene research. Additionally, I added some medical device companies for their defensive growth characteristics. I continued to underweight financial stocks, which hurt relative performance somewhat during the period given the market's rotation from growth to value. I still didn't see much opportunity for high levels of growth in financials, and I remained concerned about the potential for deteriorating credit conditions as the economy weakened.

Q. What stocks helped? Which hurt?

A. Investors rallied around the potential for optical networking companies and their role in changing the way that telecommunications networks are constructed. Ciena - the fund's top holding - and Juniper were standouts here. Data storage was another hot area, with companies such as Brocade and EMC leading the way. I sold off the fund's stake in EMC prior to the close of the period. Other key contributors included Internet software provider BEA Systems and biotech drug maker Genentech. On the downside, semiconductor stocks hurt the most. After generating strong returns earlier in the period, chipmakers suffered a tremendous correction due to slowing demand and a weakening price environment. Micron Technology and LSI Logic were notable laggards. Motorola hurt the fund early in the period after disappointing performance in its cellular handset business. Finally, holding a large out-of-benchmark stake in Microsoft also backfired.

Q. What's your outlook?

A. At this point, while the rate of economic growth is clearly slowing, I don't see any evidence that the economy is headed for a recession. It also seems that the Federal Reserve Board feels it has accomplished its objective of slowing the economy and nipping inflationary pressures in the bud. If that is true and the economy continues to grow without the fear of inflation, the outlook for the kinds of high-growth stocks in which this fund invests is rather bright. Despite the fact that fund performance has been weak of late, very few of our holdings have had significant earnings disappointments. This is an important fact considering that it's usually the companies whose earnings prospects have remained intact that rebound the fastest and strongest out of a correction.

Annual Report

Fund Talk: The Manager's Overview - continued

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fund Facts

Goal: seeks capital appreciation

Fund number: 324

Trading symbol: FDEGX

Start date: December 28, 1990

Size: as of November 30, 2000, more than $14.6 billion

Manager: Bob Bertelson, since 2000; manager, Fidelity OTC Portfolio, 1997-2000; Fidelity Convertible Securities Fund, 1996-1997; several Fidelity Select Portfolios, 1992-1996; joined Fidelity in 1991

3

Bob Bertelson reflects on the evolution of the Internet:

"A year ago, the Internet was all the rage with nearly everyone. Many people believed that virtually all commerce would be done over the Internet without the need for physical assets. It also was believed to be quite possible to grow a business from zero to a very large enterprise in a very short period of time. Today, we seem to be coming back to a state of greater sobriety, which is healthy. I think the most important lesson we learned from all of this is that the Net's an extraordinarily powerful and transforming tool, but it's by and large not the sole basis for a business. The astounding collapse we've seen in shares of dot-com companies is not an indication to me that the Internet is lacking the promise that many people believe it had, it's merely a sign that businesses require more than just a set of computers and a Web site to function. Rather than dying, Internet technology continues to grow by leaps and bounds and has been embraced by virtually all major companies as a way to lower costs and improve the services and value they provide to customers. I think we're entering into the next stage of Internet growth that will provide successful companies with a unique means to differentiate themselves, and the firms that provide the infrastructure to help with that should have great opportunities going forward."

Annual Report

Investment Changes

Top Ten Stocks as of November 30, 2000

% of fund's
net assets

% of fund's net assets
6 months ago

Ciena Corp.

6.4

2.9

BEA Systems, Inc.

5.4

1.9

Nokia AB sponsored ADR

4.4

3.5

Corning, Inc.

3.3

2.0

Brocade Communications Systems, Inc.

3.0

2.0

Medtronic, Inc.

2.4

0.9

BJ Services Co.

2.3

1.5

Medimmune, Inc.

2.3

1.7

Cisco Systems, Inc.

2.3

2.7

Gemstar-TV Guide International, Inc.

2.3

1.7

34.1

Top Five Market Sectors as of November 30, 2000

% of fund's
net assets

% of fund's net assets
6 months ago

Technology

53.9

61.0

Health

16.8

9.1

Energy

14.5

5.6

Utilities

4.5

10.0

Media & Leisure

2.7

5.3

Asset Allocation (% of fund's net assets)

As of November 30, 2000 *

As of May 31, 2000 **

Stocks 97.5%

Stocks 96.8%

Convertible
Securities 0.3%

Convertible
Securities 0.0%

Short-Term
Investments and
Net Other Assets 2.2%

Short-Term
Investments and
Net Other Assets 3.2%

* Foreign
investments

12.3%

** Foreign
investments

14.2%



Annual Report

Investments November 30, 2000

Showing Percentage of Net Assets

Common Stocks - 97.5%

Shares

Value (Note 1) (000s)

BASIC INDUSTRIES - 0.1%

Chemicals & Plastics - 0.1%

Praxair, Inc.

584,850

$ 21,018

DURABLES - 2.5%

Consumer Electronics - 2.5%

Gemstar-TV Guide International, Inc. (a)

8,001,450

325,559

General Motors Corp. Class H

1,500,000

32,610

358,169

ENERGY - 14.5%

Energy Services - 12.8%

BJ Services Co. (a)(d)

6,343,050

337,767

ENSCO International, Inc.

3,620,320

88,019

Global Marine, Inc. (a)

1,900,000

41,681

Halliburton Co.

8,704,900

290,526

Nabors Industries, Inc. (a)

2,966,000

130,326

Noble Drilling Corp. (a)

6,683,273

192,562

R&B Falcon Corp. (a)

3,157,500

59,993

Schlumberger Ltd. (NY Shares)

5,211,700

323,125

Smith International, Inc. (a)

2,468,100

143,304

Tidewater, Inc. (d)

3,000,000

121,500

Transocean Sedco Forex, Inc.

257,200

10,256

Weatherford International, Inc.

3,966,487

132,134

1,871,193

Oil & Gas - 1.7%

Apache Corp.

719,990

37,619

Cooper Cameron Corp. (a)

2,031,190

110,192

Devon Energy Corp.

900,000

44,325

Tosco Corp.

875,800

25,125

Valero Energy Corp.

1,000,000

31,438

248,699

TOTAL ENERGY

2,119,892

FINANCE - 0.2%

Federal Sponsored Credit - 0.2%

USA Education, Inc.

499,600

28,914

HEALTH - 16.8%

Drugs & Pharmaceuticals - 11.7%

Abgenix, Inc. (a)

600,000

29,288

Common Stocks - continued

Shares

Value (Note 1) (000s)

HEALTH - continued

Drugs & Pharmaceuticals - continued

Allergan, Inc.

2,200,000

$ 204,188

Andrx Corp. - Andrx Group (a)

499,990

35,679

Celgene Corp. (a)

600,000

34,238

Cephalon, Inc. (a)(d)

2,426,200

112,212

Elan Corp. PLC sponsored ADR (a)

2,200,000

118,663

Forest Laboratories, Inc. (a)

200,000

27,100

Genentech, Inc. (a)

3,226,100

219,576

Human Genome Sciences, Inc. (a)

1,600,000

99,500

IDEC Pharmaceuticals Corp. (a)

200,000

34,813

ImClone Systems, Inc. (a)

698,000

30,974

Immunex Corp. (a)

6,398,700

237,952

IVAX Corp. (a)

1,000,000

41,070

Medarex, Inc. (a)

1,150,400

41,702

Medimmune, Inc. (a)

6,332,128

336,790

Millennium Pharmaceuticals, Inc. (a)

800,000

38,850

Protein Design Labs, Inc. (a)

877,000

67,748

1,710,343

Medical Equipment & Supplies - 5.1%

Biomet, Inc.

2,000,000

74,000

Guidant Corp. (a)

3,999,930

215,746

McKesson HBOC, Inc.

2,640,000

86,790

Medtronic, Inc.

6,632,346

353,172

Millipore Corp.

246,230

10,834

740,542

TOTAL HEALTH

2,450,885

INDUSTRIAL MACHINERY & EQUIPMENT - 2.1%

Electrical Equipment - 2.1%

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

312

0

Avaya, Inc. (a)(e)

1,646

14

Scientific-Atlanta, Inc.

7,439,900

300,386

TOTAL INDUSTRIAL MACHINERY & EQUIPMENT

300,400

Common Stocks - continued

Shares

Value (Note 1) (000s)

MEDIA & LEISURE - 2.5%

Broadcasting - 2.5%

AT&T Corp. - Liberty Media Group Class A (a)

2,800,000

$ 37,975

EchoStar Communications Corp. Class A (a)

4,010,000

117,042

Grupo Televisa SA de CV sponsored GDR

600,000

27,938

Netro Corp. (a)

820,000

7,893

United Pan-Europe Communications NV Class A (a)

5,206,750

59,047

UnitedGlobalCom, Inc. Class A (a)(d)

6,277,100

94,941

Univision Communications, Inc. Class A (a)

624,200

21,847

366,683

RETAIL & WHOLESALE - 0.2%

General Merchandise Stores - 0.2%

Kohls Corp. (a)

548,300

29,368

TECHNOLOGY - 53.8%

Communications Equipment - 20.4%

Aspect Communications Corp. (a)

2,499,200

32,958

Ciena Corp. (a)

12,254,600

930,576

Cisco Systems, Inc. (a)

6,840,420

327,485

Comverse Technology, Inc. (a)

2,790,900

240,541

Corning, Inc.

8,352,100

488,598

Lucent Technologies, Inc.

177,794

2,767

Lucent Technologies, Inc. (e)

19,754

231

Nokia AB sponsored ADR

15,000,000

641,250

Nortel Networks Corp.

8,600,000

324,650

2,989,056

Computer Services & Software - 15.4%

Aether Systems, Inc. (a)

437,100

24,751

Affymetrix, Inc. (a)

1,127,500

66,523

Ariba, Inc. (a)

2,550,600

158,775

Art Technology Group, Inc. (a)(d)

5,454,900

156,487

BEA Systems, Inc. (a)

13,394,250

784,401

BMC Software, Inc. (a)

2,997,700

51,898

Broadbase Software, Inc. (a)

1,747,800

9,558

Clarent Corp. (a)

150,000

1,800

Computer Associates International, Inc.

549,600

14,358

Critical Path, Inc. (a)

1,383,100

29,218

i2 Technologies, Inc. (a)

90,000

8,685

Informatica Corp. (a)

800,000

55,900

Internap Network Services Corp.

3,405,500

37,461

Common Stocks - continued

Shares

Value (Note 1) (000s)

TECHNOLOGY - continued

Computer Services & Software - continued

NetIQ Corp. (a)(d)

1,966,367

$ 157,801

OpenTV Corp.

615,146

11,496

Peregrine Systems, Inc. (a)

6,025,700

97,918

Quest Software, Inc. (a)

530,500

14,324

Redback Networks, Inc. (a)

964,600

67,341

TIBCO Software, Inc. (a)

700,000

24,238

VeriSign, Inc. (a)

1,660,000

143,901

VERITAS Software Corp. (a)

1,000,000

97,563

Vignette Corp. (a)

8,865,280

139,628

Vitria Technology, Inc. (a)

1,800,000

28,125

webMethods, Inc.

1,027,272

64,654

2,246,804

Computers & Office Equipment - 5.4%

Brocade Communications Systems, Inc. (a)

2,592,600

435,395

Dell Computer Corp. (a)

4,000,000

77,000

Juniper Networks, Inc. (a)

500,000

62,313

Maxtor Corp. (a)

48,700

289

MRV Communications, Inc. (a)

1,774,600

25,954

Palm, Inc.

5,170,000

187,089

788,040

Electronic Instruments - 1.9%

Applera Corp. - Applied Biosystems Group

2,600,000

214,825

ASM Lithography Holding NV (a)

700,000

14,306

Waters Corp. (a)

700,000

45,019

274,150

Electronics - 10.7%

Advanced Micro Devices, Inc. (a)

5,099,100

77,761

Analog Devices, Inc. (a)

2,300,000

114,138

Atmel Corp. (a)

3,332,900

32,183

Bookham Technology PLC sponsored ADR

1,000,000

12,438

Chartered Semiconductor Manufacturing Ltd. ADR (a)

2,934,000

92,604

Cypress Semiconductor Corp. (a)

1,900,000

40,138

Epcos AG sponsored ADR (a)

250,300

19,805

Flextronics International Ltd. (a)

3,599,000

90,200

Infineon Technologies AG

1,950,000

74,184

Integrated Device Technology, Inc. (a)

2,572,200

76,523

LSI Logic Corp. (a)

4,604,900

82,888

Micron Technology, Inc. (a)

5,550,190

174,831

NVIDIA Corp. (a)

801,000

32,441

PMC-Sierra, Inc. (a)

635,700

58,604

Common Stocks - continued

Shares

Value (Note 1) (000s)

TECHNOLOGY - continued

Electronics - continued

Sanmina Corp. (a)

1,500,000

$ 114,375

SDL, Inc. (a)

1,750,100

318,081

Texas Instruments, Inc.

4,167,900

155,515

1,566,709

TOTAL TECHNOLOGY

7,864,759

TRANSPORTATION - 0.3%

Air Transportation - 0.3%

Southwest Airlines Co.

1,500,000

47,344

UTILITIES - 4.5%

Cellular - 0.7%

AT&T Corp. - Wireless Group

2,500,000

45,000

Nextel Communications, Inc. Class A (a)

1,713,900

53,131

98,131

Electric Utility - 1.7%

AES Corp. (a)

2,562,100

132,909

Calpine Corp. (a)

3,399,940

120,698

253,607

Telephone Services - 2.1%

BroadWing, Inc. (a)

1,000,000

21,500

McLeodUSA, Inc. Class A (a)

2,963,100

40,187

Metromedia Fiber Network, Inc. Class A (a)

2,400,600

28,057

Qwest Communications International, Inc. (a)

5,000,000

188,750

TeraBeam Networks (a)(e)

66,400

249

Time Warner Telecom, Inc. Class A (a)

496,300

23,760

302,503

TOTAL UTILITIES

654,241

TOTAL COMMON STOCKS

(Cost $17,974,481)

14,241,673

Preferred Stocks - 0.2%

Shares

Value (Note 1) (000s)

Convertible Preferred Stocks - 0.2%

MEDIA & LEISURE - 0.2%

Broadcasting - 0.2%

Tellium, Inc. Series E (a)(e)

645,666

$ 19,370

TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies Series E (a)(e)

96,800

1,669

TOTAL CONVERTIBLE PREFERRED STOCKS

21,039

Nonconvertible Preferred Stocks - 0.0%

TECHNOLOGY - 0.0%

Computer Services & Software - 0.0%

Procket Networks, Inc. (a)(e)

582,749

5,755

TOTAL PREFERRED STOCKS

(Cost $26,794)

26,794

Convertible Bonds - 0.1%

Moody's Ratings (unaudited)

Principal Amount (000s)

TECHNOLOGY - 0.1%

Computer Services & Software - 0.1%

Cyras Systems, Inc. 4.5% 8/15/05 (c)
(Cost $8,030)

-

$ 7,000

6,440

Cash Equivalents - 3.9%

Shares

Fidelity Cash Central Fund, 6.57% (b)

212,523,785

212,524

Fidelity Securities Lending Cash Central Fund, 6.63% (b)

361,046,000

361,046

TOTAL CASH EQUIVALENTS

(Cost $573,570)

573,570

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $18,582,875)

14,848,477

NET OTHER ASSETS - (1.7)%

(240,993)

NET ASSETS - 100%

$ 14,607,484

Legend

(a) Non-income producing

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $6,440,000 or 0.1% of net assets.

(d) Affiliated company

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

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Avaya, Inc.

5/19/00

$ 10

Chorum Technologies Series E

9/19/00

$ 1,669

Procket
Networks, Inc.

11/15/00

$ 5,755

Tellium, Inc.
Series E

9/20/00

$ 19,370

TeraBeam Networks

4/7/00

$ 249

Lucent
Technologies, Inc.

5/19/00

$ 147

Distribution of investments by country of issue, as a percentage of total net assets, is as follows:

United States of America

87.7%

Finland

4.4

Canada

2.2

Netherlands Antilles

2.2

Singapore

1.2

Others (individually less than 1%)

2.3

100.0%

Income Tax Information

At November 30, 2000, the aggregate cost of investment securities for income tax purposes was $18,088,407,000. Net unrealized depreciation aggregated $3,239,930,000, of which $1,402,742,000 related to appreciated investment securities and $4,642,672,000 related to depreciated investment securities.

The fund hereby designates approximately $360,140,000 as a capital gain dividend for the purpose of the dividend paid deduction.

The fund intends to elect to defer to its fiscal year ending November 30, 2001 approximately $888,905,000 of losses recognized during the period November 1, 2000 to November 30, 2000.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)

November 30, 2000

Assets

Investment in securities, at value (cost $18,582,875) -
See accompanying schedule

$ 14,848,477

Receivable for investments sold

387,433

Receivable for fund shares sold

24,060

Dividends receivable

2,365

Interest receivable

2,795

Redemption fees receivable

75

Other receivables

228

Total assets

15,265,433

Liabilities

Payable for investments purchased

$ 217,714

Payable for fund shares redeemed

62,977

Accrued management fee

10,738

Other payables and accrued expenses

5,474

Collateral on securities loaned, at value

361,046

Total liabilities

657,949

Net Assets

$ 14,607,484

Net Assets consist of:

Paid in capital

$ 16,514,138

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

1,827,732

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

(3,734,386)

Net Assets, for 364,024 shares outstanding

$ 14,607,484

Net Asset Value, offering price and redemption price
per share ($14,607,484 ÷ 364,024 shares)

$40.13

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

Annual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands

Year ended November 30, 2000

Investment Income

Dividends

$ 24,288

Interest

36,963

Security lending

5,191

Total income

66,442

Expenses

Management fee
Basic fee

$ 121,932

Performance adjustment

12,645

Transfer agent fees

37,292

Accounting and security lending fees

1,335

Non-interested trustees' compensation

79

Custodian fees and expenses

606

Registration fees

4,216

Audit

75

Legal

82

Interest

3

Miscellaneous

49

Total expenses before reductions

178,314

Expense reductions

(4,690)

173,624

Net investment income (loss)

(107,182)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities (including realized gain of $759
on sales of investments in affiliated issuers)

1,950,226

Foreign currency transactions

(51)

1,950,175

Change in net unrealized appreciation (depreciation) on:

Investment securities

(6,683,290)

Assets and liabilities in foreign currencies

8

(6,683,282)

Net gain (loss)

(4,733,107)

Net increase (decrease) in net assets resulting
from operations

$ (4,840,289)

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Year ended November 30,
2000

Year ended November 30,
1999

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)

$ (107,182)

$ (32,592)

Net realized gain (loss)

1,950,175

1,271,740

Change in net unrealized appreciation (depreciation)

(6,683,282)

2,431,219

Net increase (decrease) in net assets resulting
from operations

(4,840,289)

3,670,367

Distributions to shareholders from net realized gains

(1,111,585)

(235,997)

Share transactions
Net proceeds from sales of shares

13,919,119

6,661,315

Reinvestment of distributions

1,091,567

230,927

Cost of shares redeemed

(6,048,306)

(1,258,379)

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

8,962,380

5,633,863

Redemption fees

14,385

3,265

Total increase (decrease) in net assets

3,024,891

9,071,498

Net Assets

Beginning of period

11,582,593

2,511,095

End of period

$ 14,607,484

$ 11,582,593

Other Information

Shares

Sold

231,648

157,336

Issued in reinvestment of distributions

19,728

7,624

Redeemed

(105,692)

(30,724)

Net increase (decrease)

145,684

134,236

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

Annual Report

Financial Highlights

Years ended November 30,

2000

1999

1998

1997

1996

Selected Per-Share Data

Net asset value,
beginning of period

$ 53.05

$ 29.86

$ 29.68

$ 26.37

$ 24.41

Income from
Investment Operations

Net investment
income (loss) B

(.32)

(.23)

(.18)

(.17)

(.07)

Net realized and
unrealized gain (loss)

(8.03)

26.12

6.44

3.79

3.10

Total from
investment operations

(8.35)

25.89

6.26

3.62

3.03

Less Distributions

from net realized gain

(4.61)

(2.72)

(6.08)

(.32)

(1.08)

Redemption fees added to paid in capital

.04

.02

-

.01

.01

Net asset value,
end of period

$ 40.13

$ 53.05

$ 29.86

$ 29.68

$ 26.37

Total Return A

(17.94)%

93.91%

27.89%

13.98%

13.27%

Ratios and Supplemental Data

Net assets, end of period
(in millions)

$ 14,607

$ 11,583

$ 2,511

$ 1,978

$ 1,939

Ratio of expenses to average net assets

.91%

.99%

1.08%

1.09%

1.10%

Ratio of expenses to
average net assets after expense reductions

.89% C

.97% C

1.05% C

1.05% C

1.09% C

Ratio of net investment income (loss) to average
net assets

(.55)%

(.58)%

(.67)%

(.60)%

(.31)%

Portfolio turnover rate

176%

186%

199%

212%

105%

A The total returns would have been lower had certain expenses not been reduced during the periods shown.

B Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

C FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

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

Annual Report

Notes to Financial Statements

For the period ended November 30, 2000

1. Significant Accounting Policies.

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

Security Valuation. 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. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If trading or events occurring in other markets after the close of the principal market in which foreign securities are traded, and before the close of business of the fund, are expected to materially affect the value of those securities, then they are valued at their fair value taking this trading or these events into account. Fair value is determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Securities (including restricted 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. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost or original cost plus accrued interest, both of which approximate current value. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency Translation. The accounting records of the fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized gains and losses on foreign currency transactions represent net gains and losses from sales and maturities of foreign currency contracts, disposition of foreign currencies, the difference between the amount of net investment income accrued and the U.S. dollar amount actually received, and gains and losses between trade and settlement date on purchases and sales of securities. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

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 substantially all of its taxable income for its fiscal year. The schedule of investments includes information regarding income taxes under the caption "Income Tax Information."

Annual Report

Notes to Financial Statements - continued

1. Significant Accounting Policies - continued

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. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

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

Distributions to Shareholders. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from

generally accepted accounting principles. These differences, which may result in distribution reclassifications, are primarily due to differing treatments for litigation proceeds, foreign currency transactions, net operating losses and losses deferred due to wash sales and excise tax regulations. The fund also utilized earnings and profits distributed to shareholders on redemption of shares as a part of the dividends paid deduction for income tax purposes.

Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or gain remaining at fiscal year end is distributed in the following year.

Short-Term Trading (Redemption) Fees. Shares held in the fund less than 90 days are subject to a short-term trading fee equal to 1.5% of the proceeds of the redeemed shares. Redemptions on or prior to March 19, 2000 of shares held less than 90 days were subject to a short-term trading fee equal to 0.75% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid in capital.

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.

Annual Report

Notes to Financial Statements - continued

2. Operating Policies.

Foreign Currency Contracts. The fund generally uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. The U.S. dollar value of foreign currency contracts is determined using contractual currency exchange rates established at the time of each trade.

Joint Trading Account. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the fund, along with other affiliated entities of Fidelity Management & Research Company (FMR), may transfer uninvested cash balances into one or more joint trading accounts. These balances are invested in one or more repurchase agreements for U.S. Treasury or Federal Agency obligations.

Repurchase Agreements. The underlying U.S. Treasury, Federal Agency, or other obligations found to be satisfactory by FMR are transferred to an account of the fund, or to the Joint Trading Account, at a custodian bank. The securities are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). FMR, the fund's investment adviser, is responsible for determining that the value of the underlying securities remains in accordance with the market value requirements stated above.

Restricted Securities. The fund is permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. At the end of the period, restricted securities (excluding 144A issues) amounted to $27,288,000 or .19% of net assets. Information regarding restricted securities is included under the caption "Other Information" at the end of the fund's schedule of investments.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $40,083,871,000 and $32,461,386,000, respectively.

4. 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 and is based on the monthly average net assets of all the mutual funds advised by FMR. The rates ranged from .2167% to .5200% for the period. The annual individual fund fee rate is .35%. In the event that these rates were lower than the contractual rates in effect during the period, FMR voluntarily implemented the above rates, as they resulted in the

Annual Report

Notes to Financial Statements - continued

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

same or a lower management fee. The basic fee is subject to a performance adjustment (up to a maximum of ±.20% of the fund's average net assets over the performance period) 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 .69% of average net assets after the performance adjustment.

Sub-Adviser Fee. Beginning January 1, 2001, FMR Co.(FMRC) will serve as sub-adviser for the fund. FMRC is a wholly owned subsidiary of FMR and will receive a fee from FMR of 50% of the management fee payable to FMR with respect to that portion of the fund's assets that will be managed by FMRC.

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

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

Fidelity Cash Central Funds. Pursuant to an Exemptive Order issued by the SEC, the fund may invest in the Fidelity Cash Central Fund and the Fidelity Securities Lending Cash Central Fund (the Cash Funds) managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Cash Funds are open-end money market funds available only to investment companies and other accounts managed by FMR and its affiliates. The Cash Funds seek preservation of capital, liquidity, and current income and do not pay a management fee. Income distributions from the Cash Funds are declared daily and paid monthly from net investment income. Income distributions earned by the fund are recorded as either interest income or security lending income in the accompanying financial statements.

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 $1,403,000 for the period.

Annual Report

Notes to Financial Statements - continued

5. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral in the form of U.S. Treasury obligations, letters of credit, and/or cash against the loaned securities, and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. At period end, the value of the securities loaned amounted to $338,859,000. The fund received cash collateral of $361,046,000 which was invested in cash equivalents.

6. 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. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which the loan was outstanding amounted to $16,122,000. The weighted average interest rate was 6.9%. Interest expense includes $3,000 paid under the bank borrowing program.

7. 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 $3,626,000 under this arrangement.

In addition, through arrangements with the fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce a portion of the fund's expenses. During the period, the fund's custodian and transfer agent fees were reduced by $6,000 and $1,058,000, respectively, under these arrangements.

Annual Report

Notes to Financial Statements - continued

8. Transactions with Affiliated Companies.

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

Summary of Transactions with Affiliated Companies

Amounts in thousands

Affiliate

Purchase
Cost

Sales
Cost

Dividend
Income

Value

ANTEC Corp

$ -

$ 7,733

$ -

$ -

Art Technology Group, Inc.

138,908

46,739

-

156,487

Axent Technologies, Inc

-

15,083

-

-

BJ Services Co.

121,177

-

-

337,767

Brocade Communications
Systems, Inc.

5,939

221,374

-

-

Cephalon, Inc.

27,350

-

-

112,212

Digex, Inc. Class A

-

3,333

-

-

Exodus Communications, Inc.

-

93,486

-

-

F5 Networks, Inc.

-

44,124

-

-

Legato Systems, Inc

7,903

67,606

-

-

Mercator Software, Inc

79,972

113,970

-

-

NetlQ Corp.

7,110

-

-

157,801

New Era of Networks, Inc

17,388

52,445

-

-

Open TV Corp.

44,478

70,837

-

-

Spyglass, Inc

11,068

15,180

-

-

TideWater, Inc

6,881

-

-

121,500

UnitedGlobalCom, Inc. Class A

87,215

-

-

94,941

TOTALS

$ 555,389

$ 751,910

$ -

$ 980,708

Annual Report

Report of Independent Accountants

To the Trustees of Mt. Vernon Street Trust and the Shareholders of Fidelity Aggressive Growth Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Aggressive Growth Fund(a fund of Fidelity Mt. Vernon Street Trust) at November 30, 2000, and the results of its operations, the changes in net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Aggressive Growth Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2000 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP

Boston, Massachusetts

January 10, 2001

Annual Report

Distributions

The Board of Trustees of Fidelity Aggressive Growth Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

Pay Date

Record Date

Dividends

Capital Gains

12/26/00

12/22/00

-

$6.17

01/08/01

01/05/01

-

$0.09

The fund hereby designates 100% of the long-term capital gain dividends distributed during the fiscal year as 20%-rate capital gain dividends.

A total of 3% of the dividends distributed during the fiscal year qualifies for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2001 of amounts for use in preparing 2000 income tax returns.

Annual Report

Managing Your Investments

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

By Phone

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

(phone_graphic)

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

Press

1   For mutual fund and brokerage trading.

2   For quotes.*

3   For account balances and holdings.

4   To review orders and mutual
fund activity.

5   To change your PIN.

*0   To speak to a Fidelity representative.

By PC

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

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

If you are not currently on the Internet, call EarthLink Sprint at 1-800-288-2967, and be sure to ask for registration number SMD004 to receive a special Fidelity package that includes 30 days of free Internet access. EarthLink is North America's #1 independent Internet access provider.

(computer_graphic)

Fidelity On-line Xpress+®

Fidelity On-line Xpress+ software for Windows combines comprehensive portfolio management capabilities, securities trading and access to research and analysis tools . . . all on your desktop. Call Fidelity at 1-800-544-0240 or visit our web site for more information on how to manage your investments via your PC.

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

Annual Report

To Visit Fidelity

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

Arizona

7373 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

851 East Hamilton Avenue
Campbell, CA

527 North Brand Boulevard
Glendale, CA

19200 Von Karman Avenue
Irvine, CA

10100 Santa Monica Blvd.
Los Angeles, CA

251 University Avenue
Palo Alto, CA

1760 Challenge Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

8 Montgomery Street
San Francisco, CA

950 Northgate Drive
San Rafael, CA

1400 Civic Drive
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

Delaware

222 Delaware Avenue
Wilmington, DE

Florida

4400 N. Federal Highway
Boca Raton, FL

90 Alhambra Plaza
Coral Gables, FL

4090 N. Ocean Boulevard
Ft. Lauderdale, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

2401 PGA Boulevard
Palm Beach Gardens, FL

8065 Beneva Road
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North Franklin Street
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1700 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Maine

Three Canal Plaza
Portland, ME

Maryland

7401 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

25 State Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

416 Belmont Street
Worcester, MA

Annual Report

Michigan

280 Old N. Woodward Ave.
Birmingham, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

700 West 47th Street
Kansas City, MO

8885 Ladue Road
Ladue, MO

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

501 Route 17, South
Paramus, NJ

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999 Walt Whitman Road
Melville, L.I., NY

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New York, NY

71 Broadway
New York, NY

350 Park Avenue
New York, NY

North Carolina

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Ohio

600 Vine Street
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16850 SW 72nd Avenue
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Pennsylvania

1735 Market Street
Philadelphia, PA

439 Fifth Avenue
Pittsburgh, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4017 Northwest Parkway
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1155 Dairy Ashford Street
Houston, TX

2701 Drexel Drive
Houston, TX

400 East Las Colinas Blvd.
Irving, TX

14100 San Pedro
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19740 IH 45 North
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Utah

215 South State Street
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

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

511 Pine Street
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

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

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

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

Fidelity Management & Research
(Far East) Inc.

Fidelity Investment Japan Limited

Officers

Edward C. Johnson 3d, President

Robert C. Pozen, Senior Vice President

Abigail P. Johnson, Vice President

Robert Bertelson, Vice President

Eric D. Roiter, Secretary

Robert A. Dwight, Treasurer

Maria F. Dwyer, Deputy Treasurer

John H. Costello, Assistant Treasurer

Thomas J. Simpson, Assistant Treasurer

Board of Trustees

Ralph F. Cox *

Phyllis Burke Davis *

Robert M. Gates *

Edward C. Johnson 3d

Donald J. Kirk *

Ned C. Lautenbach *

Peter S. Lynch

Marvin L. Mann *

William O. McCoy *

Gerald C. McDonough *

Robert C. Pozen

Thomas R. Williams *

Advisory Board

J. Michael Cook

Marie L. Knowles

William S. Stavropoulos

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Service Company, Inc.

Boston, MA

* Independent trustees

Custodian

Brown Brothers Harriman & Co.

Boston, MA

Fidelity's Growth Funds

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Growth Company Fund

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The Fidelity Telephone Connection

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(automated graphic)    Automated line for quickest service

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

Fidelity®

Growth Company

Fund

Annual Report

November 30, 2000

(2_fidelity_logos)(Registered_trademark)

Contents

President's Message

<Click Here>

Ned Johnson on investing strategies.

Performance

<Click Here>

How the fund has done over time.

Fund Talk

<Click Here>

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

Investment Changes

<Click Here>

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

Investments

<Click Here>

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

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Independent Auditors' Report

<Click Here>

The auditors' opinion.

Distributions

<Click Here>

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

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

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

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

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

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

Neither the fund nor Fidelity Distributors Corporation is a bank.

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

Annual Report

President's Message

(Photograph of Edward C. Johnson 3d.)

Dear Shareholder:

For the first time since 1990, the taxable bond market, as measured by the Lehman Brothers Aggregate Bond Index, appeared nearly certain to outperform the U.S. stock market, as measured by the S&P 500®. The former was up nearly 10% year to date through November, while the S&P 500 was down by approximately the same amount. Disappointing corporate earnings and uncertainty concerning a president-elect toppled the stock market late in the period.

While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.

First, investors are encouraged to take a long-term view of their portfolios. If you can afford to leave your money invested through the inevitable up and down cycles of the financial markets, you will greatly reduce your vulnerability to any single decline. We know from experience, for example, that stock prices have gone up over longer periods of time, have significantly outperformed other types of investments and have stayed ahead of inflation.

Second, you can further manage your investing risk through diversification. A stock mutual fund, for instance, is already diversified, because it invests in many different companies. You can increase your diversification further by investing in a number of different stock funds, or in such other investment categories as bonds. If you have a short investment time horizon, you might want to consider moving some of your investment into a money market fund, which seeks income and a stable share price by investing in high-quality, short-term investments. Of course, it's important to remember that an investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these types of funds.

Finally, no matter what your time horizon or portfolio diversity, it makes good sense to follow a regular investment plan, investing a certain amount of money in a fund at the same time each month or quarter and periodically reviewing your overall portfolio. By doing so, you won't get caught up in the excitement of a rapidly rising market, nor will you buy all your shares at market highs. While this strategy - known as dollar cost averaging - won't assure a profit or protect you from a loss in a declining market, it should help you lower the average cost of your purchases. Of course, you should consider your financial ability to continue your purchases through periods of low price levels before undertaking such a strategy.

If you have questions, please call us at 1-800-544-6666, or visit our web site at www.fidelity.com. We are available 24 hours a day, seven days a week to provide you the information you need to make the investments that are right for you.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

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. Total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value).

Cumulative Total Returns

Periods ended November 30, 2000

Past 1
year

Past 5
years

Past 10
years

Fidelity Growth Company

9.22%

181.84%

659.73%

Russell 3000® Growth

-11.70%

127.42%

404.54%

Growth Funds Average

-1.25%

114.99%

377.26%

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, one year, five years or 10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the Russell 3000 Growth Index - a market capitalization-weighted index of growth-oriented stocks of U.S. domiciled corporations. To measure how the fund's performance stacked up against its peers, you can compare it to the growth funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 1,389 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges. Lipper has created new comparison categories that group funds according to portfolio characteristics and capitalization, as well as by capitalization only. These averages are listed on page 5 of this report.(dagger)

Average Annual Total Returns

Periods ended November 30, 2000

Past 1
year

Past 5
years

Past 10
years

Fidelity Growth Company

9.22%

23.03%

22.48%

Russell 3000 Growth

-11.70%

17.86%

17.57%

Growth Funds Average

-1.25%

16.11%

16.47%

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year. (Note: Lipper calculates average annual total returns by annualizing each fund's total return, then taking an arithmetic average. This may produce a different figure than that obtained by averaging the cumulative total returns and annualizing the result.)

Annual Report

$10,000 Over 10 Years



$10,000 Over 10 Years: Let's say hypothetically that $10,000 was invested in Fidelity Growth Company Fund on November 30, 1990. As the chart shows, by November 30, 2000, the value of the investment would have grown to $75,973 - a 659.73% increase on the initial investment. For comparison, look at how the Russell 3000 Growth Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have grown to $50,454 - a 404.54% 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 long-term growth and short-term volatility. 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.

3

(dagger) The Lipper multi-cap growth funds average reflects the performance (excluding sales charges) of mutual funds with similar portfolio characteristics and capitalization. As of November 30, 2000, the one year, five year, and 10 year cumulative total returns for the multi-cap growth funds average were 0.35%, 132.27%, and 462.65%, respectively; and the one year, five year, and 10 year average annual total returns were 0.35%, 17.93%, and 18.43%, respectively.

Annual Report

Fund Talk: The Manager's Overview

Market Recap

After a promising beginning, U.S. equity markets were hammered by a convergence of adverse conditions during the remainder of the 12-month period ending November 30, 2000. The tech-heavy NASDAQ Composite Index was particularly hard hit. After successfully weathering the Federal Reserve Board's campaign to calm surging economic growth, the technology sector's grip on market leadership finally weakened in mid-March, when analysts warned that valuations were overinflated. Then, in May, the markets were rocked by a 0.50% Fed interest-rate hike, and signs soon emerged that clearly indicated a slowdown ahead. Escalating oil prices put additional strain on corporate profits, and disappointing earnings announcements began to pile up. Any hopes for a late season rally were broadsided by the uncertainty stemming from the presidential election in November. The resulting anxiety weighed the markets down to their lowest point of the year. For the overall period, the Standard & Poor's 500SM Index fell 4.22%, the Dow Jones Industrial Average sank 2.77% and the NASDAQ plunged 21.99%. Investors should keep in mind, however, that the last two times the NASDAQ had negative calendar year returns, in 1990 and 1994, the index responded with gains of 59.01% and 41.40% in 1991 and 1995, respectively. Of course, past performance is no guarantee of future results.

(Portfolio Manager photograph)
An interview with Steven Wymer, Portfolio Manager of Fidelity Growth Company Fund

Q. How did the fund perform, Steve?

A. It did well. For the 12-month period that ended November 30, 2000, the fund returned 9.22%. In comparison, the Russell 3000 Growth Index - the fund's benchmark - fell 11.70%. The fund's return also compared favorably to the -1.25% return of the growth funds average tracked by Lipper Inc.

Q. What factors helped the fund outperform its index and peer group during the past year?

A. Favorable stock selection among our holdings in the technology and health sectors - the fund's two largest sector positions - was the main reason the fund outperformed. My focus on more aggressive stocks in the faster-growing subsectors of technology proved beneficial during the first half of the period. In the second half, I reduced the fund's technology holdings - a move driven by rising oil prices, a decline in the European currency and a tightening credit environment - in anticipation of a slowing economy and the economically sensitive nature of technology stocks. This technology underweighting was helpful during the past six months as the sector underperformed. At the same time, I increased the fund's positions in selected health care and nondurables stocks that presented better growth prospects. In hindsight, my reallocation of the fund's assets out of technology and into these two better-performing sectors was a wise decision, but a more aggressive shift would have been even more helpful. Despite the sector's troubles, our holdings in specific technology companies with compelling market positions, strong sales growth and adequate funding - such as Research in Motion and BEA Systems - were strong performers. The fund's performance also got a boost from selected genomics and drug discovery companies, such as Applera-Celera Genomics Group, IDEC Pharmaceuticals and Sepracor, and our nondurables holdings in Procter & Gamble and Coca-Cola.

Annual Report

Fund Talk: The Manager's Overview - continued

Q. The fund's health care stake rose to 21.3% of net assets at the end of the period, from 14.3% six months ago. What areas did you find attractive?

A. I'm still a strong believer in the long-term growth of the biotechnology sector. In the first and second quarters of 2000, I took some profits in these stocks because they had risen to unsustainable levels. From there, it took some time to redeploy those assets back into the sector, as I became more selective. Meanwhile, the companies that I held onto throughout the period, such as those previously mentioned, performed quite well. During the past six months, I began selectively redeploying assets back into the fund's existing holdings in the biotechnology and drug discovery areas, and also increased our exposure in health maintenance organizations, hospitals and medical products companies.

Q. How did the fund's financial stocks perform?

A. Early in the period, our financial stocks generally were pressured by rising interest rates domestically. However, the fund's overweighting in this sector proved valuable in the third quarter of 2000 as interest rates stabilized and the market began to anticipate that the Federal Reserve Board would ease up on its bias toward tightening monetary supply. That perception, coupled with a reduction of political pressure surrounding the advantageous market leverage of Fannie Mae and Freddie Mac, enhanced our holdings in these two stocks during the final six months. The fund's holdings in American International Group and MetLife also performed well.

Q. What about the performance of the fund's technology holdings, given the sector's troubles in 2000 . . .

A. Our overweighted holdings in communications semiconductor companies, such as National Semiconductor, Texas Instruments and Xilinx, suffered from a slowdown in their respective growth rates and an inventory correction. The first signs of these problems showed up in the wireless industry. Given these obstacles in the latter half of the period, I focused on companies that had strong enough fundamentals to grow through a slowing economy, especially those companies exposed to the wireless industry, such as Nokia, whose stock appeared to have already discounted a slowdown.

Q. What's your outlook?

A. It's clear that the economy has slowed and many growth stocks have suffered. However, the growth stocks this fund emphasizes showed better resiliency toward bad corporate news near the end of the period than they had in previous months. Going forward, this relative strength, along with a potentially better macroeconomic environment due to clarity in the U.S. presidential election and some monetary policy easing by the Fed, should benefit the fund's holdings.

Annual Report

Fund Talk: The Manager's Overview - continued

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fund Facts

Goal: to increase the value of the fund's shares over the long term by investing in stocks of companies with above-average growth potential

Fund number: 025

Trading symbol: FDGRX

Start date: January 17, 1983

Size: as of November 30, 2000, more than $29.0 billion

Manager: Steven Wymer, since 1997; manager, Fidelity Dividend Growth Fund, 1995-1997; several Fidelity Select Portfolios, 1990-1994; joined Fidelity in 1989

3

Steve Wymer on his stock selection process:

"In general, I'm looking for individual companies that offer very compelling stories. To meet that threshold, I evaluate a number of criteria. Specifically, a company should be a leader in a niche industry with high product demand. An example of such an industry right now would be the drug discovery area, due to the unmet medical need for new drugs and the industry's robust product pipelines and patent protection. I also look for companies that are executing double-digit sales growth. If you grow the top-line of a business - meaning its revenues - good things tend to happen. Then I like to see a company that is making progress - one whose quarterly corporate earnings are either ahead of or in-line with expectations - to show me that both the short-term execution and long-term promise of the business are on track.

"Additionally, I favor companies possessing strong product cycles, which will accelerate growth, particularly in the face of a slowing economy. I'm also attracted to companies with what I call a ´self-help' cycle, or those with new management, acquisition goals, a disposition plan for non-core or unprofitable businesses, or cost-cutting programs to enhance returns. A company also should have strong cash flow to sustain its growth rate. Further, shareholder-oriented management is a plus. By looking at the portfolio, you will see that evaluating companies with these criteria leads me to stocks of all market capitalizations - from large-cap companies to emerging growth companies."

Annual Report

Investment Changes

Top Ten Stocks as of November 30, 2000

% of fund's
net assets

% of fund's net assets
6 months ago

Cisco Systems, Inc.

3.4

3.9

Network Appliance, Inc.

2.4

3.2

Nokia AB sponsored ADR

2.2

0.5

BEA Systems, Inc.

2.1

1.0

Fannie Mae

1.9

1.5

General Electric Co.

1.9

1.5

Sepracor, Inc.

1.8

2.2

The Coca-Cola Co.

1.8

1.2

Applera Corp. - Applied Biosystems Group

1.6

1.3

PeopleSoft, Inc.

1.5

0.0

20.6

Top Five Market Sectors as of November 30, 2000

% of fund's
net assets

% of fund's net assets
6 months ago

Technology

32.8

44.1

Health

21.3

14.3

Finance

11.3

8.7

Nondurables

7.2

4.3

Retail & Wholesale

4.3

3.1

Asset Allocation (% of fund's net assets)

As of November 30, 2000 *

As of May 31, 2000 **

Stocks 97.9%

Stocks 98.1%

Short-Term
Investments and
Net Other Assets 2.1%

Short-Term
Investments and
Net Other Assets 1.9%

* Foreign
investments

6.9%

** Foreign investments

6.9%



Annual Report

Investments November 30, 2000

Showing Percentage of Net Assets

Common Stocks - 97.9%

Shares

Value (Note 1) (000s)

AEROSPACE & DEFENSE - 0.4%

Aerospace & Defense - 0.3%

Boeing Co.

1,325,000

$ 91,508

Defense Electronics - 0.1%

REMEC, Inc. (a)

1,309,500

17,760

TOTAL AEROSPACE & DEFENSE

109,268

BASIC INDUSTRIES - 2.5%

Chemicals & Plastics - 1.5%

Dow Chemical Co.

2,825,000

86,339

E.I. du Pont de Nemours and Co.

845,973

35,795

IMC Global, Inc.

1,025,000

12,172

Minerals Technologies, Inc. (c)

1,475,000

49,781

Pharmacia Corp.

3,805,500

232,136

Union Carbide Corp.

772,700

33,371

449,594

Metals & Mining - 0.3%

Alcoa, Inc.

1,400,000

39,463

Inco Ltd. (a)

2,775,000

39,658

79,121

Packaging & Containers - 0.2%

Tupperware Corp. (c)

3,267,700

59,636

Paper & Forest Products - 0.5%

Kimberly-Clark Corp.

2,006,600

140,337

TOTAL BASIC INDUSTRIES

728,688

CONSTRUCTION & REAL ESTATE - 0.4%

Building Materials - 0.0%

Masco Corp.

900,000

17,381

Engineering - 0.4%

Fluor Corp.

2,913,968

106,360

TOTAL CONSTRUCTION & REAL ESTATE

123,741

DURABLES - 2.3%

Autos, Tires, & Accessories - 0.1%

AutoZone, Inc. (a)

1,575,000

40,655

Consumer Durables - 0.5%

Minnesota Mining & Manufacturing Co.

1,460,000

145,818

Common Stocks - continued

Shares

Value (Note 1) (000s)

DURABLES - continued

Consumer Electronics - 0.5%

Gemstar-TV Guide International, Inc. (a)

3,043,558

$ 123,835

General Motors Corp. Class H

775,000

16,849

140,684

Home Furnishings - 0.0%

Linens'n Things, Inc. (a)

610,000

16,737

Textiles & Apparel - 1.2%

NIKE, Inc. Class B

6,867,000

292,706

Timberland Co. Class A (a)

924,400

45,296

338,002

TOTAL DURABLES

681,896

ENERGY - 3.4%

Energy Services - 2.4%

Baker Hughes, Inc.

5,677,500

187,712

Diamond Offshore Drilling, Inc.

1,000,000

30,188

Halliburton Co.

3,800,000

126,825

Schlumberger Ltd. (NY Shares)

4,302,700

266,767

Transocean Sedco Forex, Inc.

1,903,170

75,889

687,381

Oil & Gas - 1.0%

Anadarko Petroleum Corp.

1,389,600

82,681

Apache Corp.

275,000

14,369

Conoco, Inc. Class B

675,629

16,933

Devon Energy Corp.

1,247,300

61,430

EOG Resources, Inc.

1,350,000

57,291

Tosco Corp.

2,050,000

58,809

291,513

TOTAL ENERGY

978,894

FINANCE - 11.3%

Banks - 1.8%

Bank One Corp.

6,300,000

225,619

State Street Corp.

490,900

63,326

Synovus Finanical Corp.

4,043,500

89,462

U.S. Bancorp

2,275,400

55,036

Wells Fargo & Co.

2,147,800

101,886

535,329

Common Stocks - continued

Shares

Value (Note 1) (000s)

FINANCE - continued

Credit & Other Finance - 0.7%

American Express Co.

2,847,548

$ 156,437

Citigroup, Inc.

950,197

47,332

NextCard, Inc. (a)

460,000

3,824

207,593

Federal Sponsored Credit - 2.8%

Fannie Mae

7,124,300

562,820

Freddie Mac

4,350,400

262,927

825,747

Insurance - 5.3%

Allmerica Financial Corp.

1,423,161

88,325

Allstate Corp.

1,475,000

56,419

American International Group, Inc.

4,353,750

422,042

CIGNA Corp.

3,200,000

421,600

Hartford Financial Services Group, Inc.

500,000

35,375

John Hancock Financial Services, Inc.

485,000

15,278

MetLife, Inc.

9,955,000

294,917

MONY Group, Inc.

635,600

26,973

The Chubb Corp.

2,100,000

171,150

1,532,079

Savings & Loans - 0.1%

Net.B@nk, Inc. (a)(c)

1,785,000

12,049

Securities Industry - 0.6%

Charles Schwab Corp.

1,458,375

40,379

E*Trade Group, Inc. (a)

384,000

3,072

Nomura Securities Co. Ltd.

6,182,000

130,507

173,958

TOTAL FINANCE

3,286,755

HEALTH - 21.3%

Drugs & Pharmaceuticals - 14.9%

Abgenix, Inc. (a)

3,231,200

157,723

Alexion Pharmaceuticals, Inc. (a)

715,000

59,926

Allergan, Inc.

500,000

46,406

Alpharma, Inc. Class A

1,320,000

45,045

ALZA Corp. (a)

330,000

14,644

American Home Products Corp.

1,000,000

60,125

Amgen, Inc. (a)

2,625,000

167,016

Applera Corp. - Celera Genomics Group (a)

3,854,448

160,441

Common Stocks - continued

Shares

Value (Note 1) (000s)

HEALTH - continued

Drugs & Pharmaceuticals - continued

Biogen, Inc. (a)

619,540

$ 33,920

Bristol-Myers Squibb Co.

5,214,200

361,409

Celgene Corp. (a)

2,308,000

131,700

Chiron Corp. (a)

705,000

28,817

CV Therapeutics, Inc. (a)

925,000

64,808

EntreMed, Inc. (a)(c)

1,005,752

17,664

Genentech, Inc. (a)

2,480,400

168,822

Geneva Proteomics (a)(d)

1,373,363

7,553

Genzyme Corp. - General Division (a)

475,000

41,711

Gilead Sciences, Inc. (a)

725,000

59,042

Glaxo Wellcome PLC sponsored ADR

450,000

25,791

Human Genome Sciences, Inc. (a)

1,560,010

97,013

IDEC Pharmaceuticals Corp. (a)

1,201,388

209,117

ImClone Systems, Inc. (a)

2,509,013

111,337

Immunex Corp. (a)

4,909,200

182,561

Medimmune, Inc. (a)

652,800

34,721

Merck & Co., Inc.

1,924,800

178,405

Millennium Pharmaceuticals, Inc. (a)

2,578,480

125,217

Mylan Laboratories, Inc. (c)

6,541,200

156,580

OSI Pharmaceuticals, Inc. (a)

1,574,000

88,341

PAREXEL International Corp. (a)

175,000

1,477

Pfizer, Inc.

6,185,000

274,073

Pharmacyclics, Inc. (a)

235,000

10,134

QLT, Inc. (a)(c)

4,484,500

198,108

Quintiles Transnational Corp. (a)

1,475,000

22,125

Schering-Plough Corp.

2,828,000

158,545

Sepracor, Inc. (a)(c)

7,319,760

534,800

Tanox, Inc.

375,000

14,438

Teva Pharmaceutical Industries Ltd. ADR

1,050,000

69,038

Tularik, Inc.

1,010,000

27,901

Vertex Pharmaceuticals, Inc. (a)

1,325,000

74,034

Watson Pharmaceuticals, Inc. (a)

2,550,100

117,305

XOMA Ltd. (a)

1,300,666

11,747

4,349,580

Medical Equipment & Supplies - 4.7%

Abbott Laboratories

5,350,000

294,584

Baxter International, Inc.

2,855,000

247,136

Becton, Dickinson & Co.

150,000

5,100

Cardinal Health, Inc.

498,305

49,799

Guidant Corp. (a)

2,000,000

107,875

Common Stocks - continued

Shares

Value (Note 1) (000s)

HEALTH - continued

Medical Equipment & Supplies - continued

Johnson & Johnson

1,115,350

$ 111,535

McKesson HBOC, Inc.

9,905,200

325,633

Medtronic, Inc.

4,074,964

216,992

Novoste Corp. (a)

198,500

5,099

1,363,753

Medical Facilities Management - 1.7%

Express Scripts, Inc. Class A (a)

870,300

65,164

HCA - The Healthcare Co.

1,650,000

68,372

Health Management Associates, Inc. Class A (a)

3,950,000

84,184

HEALTHSOUTH Corp. (a)

7,250,000

101,047

Laboratory Corp. of America Holdings (a)

205,000

29,123

Tenet Healthcare Corp.

1,085,000

46,180

UnitedHealth Group, Inc.

588,200

69,003

Wellpoint Health Networks, Inc. (a)

250,000

26,953

490,026

TOTAL HEALTH

6,203,359

INDUSTRIAL MACHINERY & EQUIPMENT - 4.1%

Electrical Equipment - 3.0%

Adaptive Broadband Corp. (a)(c)

3,386,900

23,920

Airspan Networks, Inc.

543,300

1,732

General Electric Co.

10,975,000

543,948

Research in Motion Ltd. (a)(c)

4,512,300

290,851

Telaxis Communications Corp. (c)

851,500

1,756

Triton Network Systems, Inc.

703,000

2,175

Vyyo, Inc.

1,008,400

8,887

873,269

Industrial Machinery & Equipment - 1.1%

Deere & Co.

6,180,000

251,449

Tyco International Ltd.

1,374,916

72,527

323,976

TOTAL INDUSTRIAL MACHINERY & EQUIPMENT

1,197,245

MEDIA & LEISURE - 1.6%

Broadcasting - 0.9%

Adelphia Communications Corp. Class A (a)

16,300

453

AT&T Corp. - Liberty Media Group Class A (a)

7,600,000

103,075

Common Stocks - continued

Shares

Value (Note 1) (000s)

MEDIA & LEISURE - continued

Broadcasting - continued

Charter Communications, Inc.

1,200,000

$ 23,700

Infinity Broadcasting Corp. Class A (a)

299,000

9,045

Netro Corp. (a)(c)

3,896,600

37,505

NTL, Inc. (a)

476,563

12,986

Time Warner, Inc.

408,767

25,344

UnitedGlobalCom, Inc. Class A (a)

427,500

6,466

USA Networks, Inc. (a)

2,701,000

45,411

263,985

Entertainment - 0.3%

News Corp. Ltd. ADR

150,000

5,231

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

539,969

27,606

Walt Disney Co.

1,636,500

47,356

80,193

Restaurants - 0.4%

McDonald's Corp.

3,390,200

108,063

Starbucks Corp. (a)

379,600

17,296

125,359

TOTAL MEDIA & LEISURE

469,537

NONDURABLES - 7.2%

Beverages - 1.8%

The Coca-Cola Co.

8,507,000

532,751

Foods - 1.6%

Archer-Daniels-Midland Co.

11,541,220

147,151

ConAgra Foods, Inc.

3,100,000

78,856

PepsiCo, Inc.

4,263,500

193,456

Quaker Oats Co.

281,800

24,499

Sara Lee Corp.

950,000

22,800

466,762

Household Products - 3.1%

Avon Products, Inc.

3,565,000

148,393

Clorox Co.

1,311,600

58,612

Colgate-Palmolive Co.

3,375,000

198,281

Gillette Co.

5,754,596

194,937

Procter & Gamble Co.

3,977,800

297,838

898,061

Common Stocks - continued

Shares

Value (Note 1) (000s)

NONDURABLES - continued

Tobacco - 0.7%

Philip Morris Companies, Inc.

4,858,400

$ 185,530

TOTAL NONDURABLES

2,083,104

PRECIOUS METALS - 0.1%

Barrick Gold Corp.

2,221,800

33,416

RETAIL & WHOLESALE - 4.3%

Apparel Stores - 0.6%

Gap, Inc.

2,442,825

60,918

Venator Group, Inc. (a)(c)

8,129,800

109,244

170,162

Drug Stores - 0.3%

CVS Corp.

1,164,890

66,253

Walgreen Co.

650,000

28,966

95,219

General Merchandise Stores - 2.1%

Costco Wholesale Corp. (a)

1,500,800

48,964

JCPenney Co., Inc.

1,360,000

13,090

Target Corp.

4,660,000

140,091

Wal-Mart Stores, Inc.

7,696,200

401,645

603,790

Grocery Stores - 0.6%

Albertson's, Inc.

475,000

12,142

Safeway, Inc. (a)

2,687,900

158,418

170,560

Retail & Wholesale, Miscellaneous - 0.7%

Bed Bath & Beyond, Inc. (a)

319,200

6,643

Home Depot, Inc.

3,791,150

148,566

Lowe's Companies, Inc.

1,000,200

40,071

Staples, Inc. (a)

2,192,068

26,305

221,585

TOTAL RETAIL & WHOLESALE

1,261,316

SERVICES - 0.8%

Advertising - 0.3%

TMP Worldwide, Inc. (a)

1,215,300

71,323

Common Stocks - continued

Shares

Value (Note 1) (000s)

SERVICES - continued

Services - 0.5%

CheckFree Corp. (a)

2,314,700

$ 120,943

Convergys Corp. (a)

746,000

31,379

Per-Se Technologies, Inc. warrants 7/8/03 (a)

38,410

0

152,322

TOTAL SERVICES

223,645

TECHNOLOGY - 32.8%

Communications Equipment - 8.2%

3Com Corp.

3,405,000

41,711

Aspect Communications Corp. (a)(c)

2,971,820

39,191

AudioCodes Ltd. (a)

1,080,000

17,820

Cabletron Systems, Inc. (a)

6,925,000

109,069

Ciena Corp. (a)

2,090,000

158,709

Cisco Systems, Inc. (a)

20,687,200

990,391

Comverse Technology, Inc. (a)

141,500

12,196

Corning, Inc.

1,550,000

90,675

Corvis Corp.

1,799,900

51,860

Lucent Technologies, Inc.

2,015,890

31,372

Natural MicroSystems Corp. (a)(c)

3,444,398

56,402

Next Level Communications, Inc. (c)

5,041,500

54,196

Nokia AB sponsored ADR

15,040,000

642,960

Nortel Networks Corp.

1,401,400

52,903

ONI Systems Corp.

471,100

20,493

P-Com, Inc. (a)

2,425,000

8,033

Telefonaktiebolaget LM Ericsson sponsored ADR

1,725,000

19,622

2,397,603

Computer Services & Software - 10.4%

Adobe Systems, Inc.

1,937,400

122,783

Aether Systems, Inc. (a)

797,600

45,164

Affiliated Computer Services, Inc. Class A (a)

353,000

19,856

Amazon.com, Inc. (a)

870,000

21,478

America Online, Inc. (a)

4,775,000

193,913

Ariba, Inc. (a)

160,000

9,960

Automatic Data Processing, Inc.

375,800

24,803

BEA Systems, Inc. (a)

10,358,472

606,618

Bottomline Technologies, Inc. (a)

50,000

863

Cadence Design Systems, Inc. (a)

620,000

14,531

Cerner Corp. (a)

645,000

31,524

Clarent Corp. (a)(c)

2,165,800

25,990

Common Stocks - continued

Shares

Value (Note 1) (000s)

TECHNOLOGY - continued

Computer Services & Software - continued

CNET Networks, Inc. (a)

134,600

$ 2,877

Cobalt Networks, Inc.

635,000

24,209

DST Systems, Inc. (a)

373,600

26,689

Eclipsys Corp. (a)

1,250,000

29,375

Electronic Arts, Inc. (a)

510,000

18,201

i2 Technologies, Inc. (a)

350,000

33,775

IDX Systems Corp. (a)

415,000

10,842

Interact Commerce Corp. (a)(c)

1,962,220

15,452

Interwoven, Inc.

340,000

18,721

Intuit, Inc. (a)

177,200

8,074

Liberate Technologies (a)

870,000

9,244

Macromedia, Inc. (a)(c)

2,653,000

169,792

Microsoft Corp. (a)

7,200,000

413,100

National Instrument Corp. (a)

15,000

598

Network Engines, Inc.

370,400

2,176

Novell, Inc. (a)

3,720,000

19,763

Openwave Systems, Inc. (a)

298,798

13,633

Oracle Corp. (a)

4,010,000

106,265

PeopleSoft, Inc. (a)

13,222,928

439,662

Polycom, Inc. (a)

920,000

31,108

RealNetworks, Inc. (a)

1,545,000

19,216

Redback Networks, Inc. (a)

110,000

7,679

Sonus Networks, Inc.

5,178,270

125,897

SunGard Data Systems, Inc. (a)

1,460,000

71,631

TIBCO Software, Inc. (a)

160,100

5,543

VA Linux Systems, Inc.

1,400,000

11,463

VERITAS Software Corp. (a)

2,475,352

241,502

WebMD Corp. (a)

1,025,000

7,688

Yahoo!, Inc. (a)

420,270

16,653

3,018,311

Computers & Office Equipment - 6.5%

Brocade Communications Systems, Inc. (a)

729,400

122,494

Compaq Computer Corp.

275,000

5,913

Concurrent Computer Corp. (a)

1,180,000

11,689

Dell Computer Corp. (a)

6,320,200

121,664

EMC Corp. (a)

700,000

52,063

Extreme Networks, Inc. (a)

525,000

26,972

FileNET Corp. (a)(c)

2,425,100

63,507

Finisar Corp.

75,000

1,748

International Business Machines Corp.

499,800

46,731

Common Stocks - continued

Shares

Value (Note 1) (000s)

TECHNOLOGY - continued

Computers & Office Equipment - continued

Juniper Networks, Inc. (a)

1,419,400

$ 176,893

Lexmark International Group, Inc. Class A (a)

283,000

13,018

Network Appliance, Inc. (a)

14,284,908

705,317

Palm, Inc.

1,211,426

43,838

Proxim, Inc. (a)

1,122,100

51,967

Silicon Graphics, Inc. (c)

11,426,600

45,706

Softbank Corp.

341,100

17,894

SONICblue, Inc. (a)(c)

5,464,300

30,737

Sun Microsystems, Inc. (a)

4,475,000

340,380

1,878,531

Electronic Instruments - 2.1%

Agilent Technologies, Inc.

786,100

41,025

Applera Corp. - Applied Biosystems Group

5,602,800

462,931

Applied Materials, Inc. (a)

405,200

16,385

Novellus Systems, Inc. (a)

300,000

7,781

Thermo Electron Corp. (a)

2,684,245

77,843

Trimble Navigation Ltd. (a)

562,500

12,094

618,059

Electronics - 5.6%

Altera Corp. (a)

2,670,000

63,913

Analog Devices, Inc. (a)

2,255,000

111,904

Applied Micro Circuits Corp. (a)

400,000

19,375

Conexant Systems, Inc. (a)

965,000

19,602

DMC Stratex Networks, Inc. (a)

535,000

7,055

Harmonic, Inc. (a)

1,795,000

13,463

Intel Corp.

8,866,800

337,493

Intersil Holding Corp. Class A

103,100

2,373

JDS Uniphase Corp. (a)

1,431,736

71,676

Linear Technology Corp.

510,800

24,167

LSI Logic Corp. (a)

306,100

5,510

Maxim Integrated Products, Inc. (a)

330,400

16,850

Micron Technology, Inc. (a)

721,800

22,737

MIPS Technologies, Inc.:

Class A (a)(c)

1,960,800

52,942

Class B (a)(c)

1,809,527

40,262

Motorola, Inc.

3,067,955

61,551

National Semiconductor Corp. (a)

7,203,100

133,708

PMC-Sierra, Inc. (a)

535,000

49,320

Texas Instruments, Inc.

8,051,000

300,403

Common Stocks - continued

Shares

Value (Note 1) (000s)

TECHNOLOGY - continued

Electronics - continued

Transmeta Corp.

42,100

$ 953

Vitesse Semiconductor Corp. (a)

434,700

18,746

Xilinx, Inc. (a)

6,235,000

243,165

1,617,168

TOTAL TECHNOLOGY

9,529,672

TRANSPORTATION - 2.5%

Air Transportation - 1.2%

Ryanair Holdings PLC sponsored ADR (a)

847,400

41,099

SkyWest, Inc. (c)

1,679,700

99,942

Southwest Airlines Co.

6,686,775

211,051

352,092

Railroads - 1.0%

Burlington Northern Santa Fe Corp.

2,125,000

53,789

Canadian National Railway Co.

2,224,500

69,810

CSX Corp.

2,300,100

59,659

Norfolk Southern Corp.

1,595,000

22,928

Union Pacific Corp.

1,800,000

83,700

289,886

Trucking & Freight - 0.3%

FedEx Corp. (a)

700,000

33,544

United Parcel Service, Inc. Class B

950,000

57,653

91,197

TOTAL TRANSPORTATION

733,175

UTILITIES - 2.9%

Cellular - 0.5%

China Mobile (Hong Kong) Ltd. sponsored ADR (a)

540,400

14,321

Nextel Communications, Inc. Class A (a)

869,600

26,958

QUALCOMM, Inc. (a)

480,000

38,520

Sprint Corp. - PCS Group Series 1 (a)

875,000

19,852

Vodafone Group PLC

9,544,930

32,691

Vodafone Group PLC sponsored ADR

427,660

14,647

146,989

Common Stocks - continued

Shares

Value (Note 1) (000s)

UTILITIES - continued

Electric Utility - 1.0%

AES Corp. (a)

5,585,000

$ 289,722

TNPC, Inc.

1,793,000

9,077

298,799

Gas - 0.7%

Enron Corp.

3,102,474

200,885

Telephone Services - 0.7%

Allegiance Telecom, Inc. (a)

123,200

1,727

AT&T Corp.

1,985,487

38,965

Level 3 Communications, Inc. (a)

1,765,000

47,434

Metromedia Fiber Network, Inc. Class A (a)

1,400,400

16,367

Net2Phone, Inc. (a)

872,900

10,529

Qwest Communications International, Inc. (a)

1,307,880

49,372

RCN Corp.

1,063,800

12,433

TeraBeam Networks (a)(d)

104,132

390

WorldCom, Inc. (a)

426,535

6,371

XO Communications, Inc. Class A (a)

835,000

12,421

196,009

TOTAL UTILITIES

842,682

TOTAL COMMON STOCKS

(Cost $24,348,576)

28,486,393

Cash Equivalents - 2.7%

Fidelity Cash Central Fund, 6.57% (b)

598,417,264

598,417

Fidelity Securities Lending Cash Central Fund, 6.63% (b)

179,339,300

179,339

TOTAL CASH EQUIVALENTS

(Cost $777,756)

777,756

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $25,126,332)

29,264,149

NET OTHER ASSETS - (0.6)%

(185,000)

NET ASSETS - 100%

$ 29,079,149

Legend

(a) Non-income producing

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

(c) Affiliated company

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

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Geneva Proteomics

7/7/00

$ 7,553

TeraBeam Networks

4/7/00

$ 390

Income Tax Information

At November 30, 2000, the aggregate cost of investment securities for income tax purposes was $25,383,581,000. Net unrealized appreciation aggregated $3,880,568,000, of which $8,285,407,000 related to appreciated investment securities and $4,404,839,000 related to depreciated investment securities.

The fund hereby designates approximately $2,107,579,000 as a capital gain dividend for the purpose of the dividend paid deduction.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)

November 30, 2000

Assets

Investment in securities, at value (cost $25,126,332) -
See accompanying schedule

$ 29,264,149

Receivable for investments sold

393,532

Receivable for fund shares sold

43,090

Dividends receivable

16,076

Interest receivable

2,592

Other receivables

6,150

Total assets

29,725,589

Liabilities

Payable to custodian bank

$ 7,723

Payable for investments purchased

316,181

Payable for fund shares redeemed

116,073

Accrued management fee

18,685

Other payables and accrued expenses

8,439

Collateral on securities loaned, at value

179,339

Total liabilities

646,440

Net Assets

$ 29,079,149

Net Assets consist of:

Paid in capital

$ 21,723,335

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

3,217,985

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

4,137,829

Net Assets, for 388,959 shares outstanding

$ 29,079,149

Net Asset Value, offering price and redemption price
per share ($29,079,149 ÷ 388,959 shares)

$74.76

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

Annual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands

Year ended November 30, 2000

Investment Income

Dividends (including $3,453 received from affiliated issuers)

$ 125,059

Interest

42,918

Security lending

4,947

Total income

172,924

Expenses

Management fee
Basic fee

$ 183,577

Performance adjustment

30,275

Transfer agent fees

56,660

Accounting and security lending fees

1,582

Non-interested trustees' compensation

185

Custodian fees and expenses

842

Registration fees

4,943

Audit

99

Legal

179

Miscellaneous

76

Total expenses before reductions

278,418

Expense reductions

(5,431)

272,987

Net investment income (loss)

(100,063)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities (including realized gain of
$538,966 on sales of investments in affiliated issuers)

3,278,126

Foreign currency transactions

(448)

3,277,678

Change in net unrealized appreciation (depreciation) on:

Investment securities

(3,512,398)

Assets and liabilities in foreign currencies

1

(3,512,397)

Net gain (loss)

(234,719)

Net increase (decrease) in net assets resulting
from operations

$ (334,782)

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Year ended November 30,
2000

Year ended November 30,
1999

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)

$ (100,063)

$ (14,794)

Net realized gain (loss)

3,277,678

2,059,264

Change in net unrealized appreciation (depreciation)

(3,512,397)

4,541,688

Net increase (decrease) in net assets resulting
from operations

(334,782)

6,586,158

Distributions to shareholders
From net investment income

-

(18,887)

From net realized gain

(1,815,834)

(791,061)

Total distributions

(1,815,834)

(809,948)

Share transactions
Net proceeds from sales of shares

23,349,869

6,247,189

Reinvestment of distributions

1,789,370

797,355

Cost of shares redeemed

(13,131,652)

(4,177,783)

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

12,007,587

2,866,761

Total increase (decrease) in net assets

9,856,971

8,642,971

Net Assets

Beginning of period

19,222,178

10,579,207

End of period

29,079,149

19,222,178

Other Information

Shares

Sold

252,532

101,695

Issued in reinvestment of distributions

23,318

16,228

Redeemed

(144,628)

(70,843)

Net increase (decrease)

131,222

47,080

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

Annual Report

Financial Highlights

Years ended November 30,

2000

1999

1998

1997

1996

Selected Per-Share Data

Net asset value,
beginning of period

$ 74.58

$ 50.22

$ 47.84

$ 43.54

$ 38.42

Income from
Investment Operations

Net investment income (loss)

(.28) B

(.06) B

.11 B

.24 B

.34

Net realized and
unrealized gain (loss)

7.26 D

28.25

7.20

5.80

6.72

Total from investment operations

6.98

28.19

7.31

6.04

7.06

Less Distributions

From net investment income

-

(.09)

(.22)

(.28)

(.14)

From net realized gain

(6.80)

(3.74)

(4.71)

(1.46)

(1.80)

Total distributions

(6.80)

(3.83)

(4.93)

(1.74)

(1.94)

Net asset value, end of period

$ 74.76

$ 74.58

$ 50.22

$ 47.84

$ 43.54

Total Return A

9.22%

60.17%

17.55%

14.63%

19.55%

Ratios and Supplemental Data

Net assets, end of period
(in millions)

$ 29,079

$ 19,222

$ 10,579

$ 10,524

$ 9,607

Ratio of expenses to average
net assets

.87%

.74%

.65%

.71%

.88%

Ratio of expenses to average net assets after expense reductions

.85% C

.72% C

.63% C

.68% C

.85% C

Ratio of net investment income (loss) to average net assets

(.31)%

(.11)%

.24%

.54%

.96%

Portfolio turnover rate

69%

86%

76%

93%

78%

A The total returns would have been lower had certain expenses not been reduced during the periods shown.

B Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

C FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

D The amount shown for a share outstanding does not correspond with the aggregate net loss on investments for the period due to the timing of sales and repurchases of fund shares in relation to fluctuating market values of the investments of the fund.

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

Annual Report

Notes to Financial Statements

For the period ended November 30, 2000

1. Significant Accounting Policies.

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

Security Valuation. 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. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If trading or events occurring in other markets after the close of the principal market in which foreign securities are traded, and before the close of business of the fund, are expected to materially affect the value of those securities, then they are valued at their fair value taking this trading or these events into account. Fair value is determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Securities (including restricted 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. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost or original cost plus accrued interest, both of which approximate current value. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency Translation. The accounting records of the fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized gains and losses on foreign currency transactions represent net gains and losses from sales and maturities of foreign currency contracts, disposition of foreign currencies, the difference between the amount of net investment income accrued and the U.S. dollar amount actually received, and gains and losses between trade and settlement date on purchases and sales of securities. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

Annual Report

Notes to Financial Statements - continued

1. Significant Accounting Policies - continued

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 substantially 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. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

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

Distributions to Shareholders. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences, which may result in distribution reclassifications, are primarily due to differing treatments for litigation proceeds, foreign currency transactions, net operating losses and losses deferred due to wash sales. The fund also utilized earnings and profits distributed to shareholders on redemption of shares as a part of the dividends paid deduction for income tax purposes.

Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or gain remaining at fiscal year end is distributed in the following year.

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.

Annual Report

Notes to Financial Statements - continued

2. Operating Policies.

Foreign Currency Contracts. The fund generally uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. The U.S. dollar value of foreign currency contracts is determined using contractual currency exchange rates established at the time of each trade.

Joint Trading Account. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the fund, along with other affiliated entities of Fidelity Management & Research Company (FMR), may transfer uninvested cash balances into one or more joint trading accounts. These balances are invested in one or more repurchase agreements for U.S. Treasury or Federal Agency obligations.

Repurchase Agreements. The underlying U.S. Treasury, Federal Agency, or other obligations found to be satisfactory by FMR are transferred to an account of the fund, or to the Joint Trading Account, at a custodian bank. The securities are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). FMR, the fund's investment adviser, is responsible for determining that the value of the underlying securities remains in accordance with the market value requirements stated above.

Restricted Securities. The fund is permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. At the end of the period, restricted securities (excluding 144A issues) amounted to $7,943,000 or 0.0% of net assets.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $31,040,931,000 and $21,114,810,000, respectively.

4. 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 and is based on the monthly average net assets of all the mutual funds advised by FMR. The rates ranged from .2167% to .5200% for the period. The annual individual fund fee rate is .30%. In the event that these rates were lower than the contractual rates in effect during the period, FMR voluntarily implemented the above rates, as they resulted in the

Annual Report

Notes to Financial Statements - continued

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

same or a lower management fee. The basic fee is subject to a performance adjustment (up to a maximum of ±.20% of the fund's average net assets over the performance period) 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 .67% of average net assets after the performance adjustment.

Sub-Adviser Fee. Beginning January 1, 2001, FMR Co.(FMRC) will serve as sub-adviser for the fund. FMRC is a wholly owned subsidiary of FMR and will receive a fee from FMR of 50% of the management fee payable to FMR with respect to that portion of the fund's assets that will be managed by FMRC.

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .18% of average net assets.

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

Fidelity Cash Central Funds. Pursuant to an Exemptive Order issued by the SEC, the fund may invest in the Fidelity Cash Central Fund and the Fidelity Securities Lending Cash Central Fund (the Cash Funds) managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Cash Funds are open-end money market funds available only to investment companies and other accounts managed by FMR and its affiliates. The Cash Funds seek preservation of capital, liquidity, and current income and do not pay a management fee. Income distributions from the Cash Funds are declared daily and paid monthly from net investment income. Income distributions earned by the fund are recorded as either interest income or security lending income in the accompanying financial statements.

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 $1,177,000 for the period.

Annual Report

Notes to Financial Statements - continued

5. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral in the form of U.S. Treasury obligations, letters of credit, and/or cash against the loaned securities, and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. At period end, the value of the securities loaned amounted to $166,862,000. The fund received cash collateral of $179,339,000 which was invested in cash equivalents.

6. 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 $3,090,000 under this arrangement.

In addition, through arrangements with the fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce a portion of the fund's expenses. During the period, the fund's custodian and transfer agent fees were reduced by $67,000, and $2,274,000, respectively, under these arrangements.

7. Transactions with Affiliated Companies.

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

Summary of Transactions with Affiliated Companies

Amounts in thousands

Affiliate

Purchase
Cost

Sales
Cost

Dividend
Income

Value

Abgenix, Inc.

$ 121,156

$ 125,461

$ -

$ -

Adaptive Broadband Corp.

73,582

19,980

-

23,920

American Mobile Satellite Corp.

-

125

-

-

ANTEC Corp.

17,155

22,035

-

-

Applera Corp. -
Celera Genomics Group

79,454

58,210

-

-

Aspect Communications Corp.

26,756

47,259

-

39,191

CheckFree Holdings Corp.

67,136

102,306

-

-

Clarent Corp.

201,372

175,386

-

25,990

EntreMed, Inc..

7,459

2,094

-

17,664

FileNET Corp.

52,464

38,420

-

63,507

Genesis Microchip, Inc.

-

13,954

-

-

Gilead Sciences, Inc.

-

72,819

-

-

Harmonic, Inc.

-

7,764

-

-

Annual Report

Notes to Financial Statements - continued

7. Transactions with Affiliated Companies - continued

Summary of Transactions with Affiliated Companies - continued

Amounts in thousands

Affiliate

Purchase
Cost

Sales
Cost

Dividend
Income

Value

iBasis, Inc.

$ 10,338

$ 28,825

$ -

$ -

IDEC Pharmaceuticals Corp.

35,714

39,035

-

-

Interact Commerce Corp.

3,682

-

-

15,452

Interleaf, Inc.

6,999

4,520

-

-

ITXC Corp.

8,327

29,117

-

-

Macromedia, Inc.

-

-

-

169,792

Metricom, Inc..

46,293

66,459

-

-

Minerals Technologies, Inc..

2,903

29,404

180

49,781

MIPS Technologies, Inc. Class A

49,579

-

-

52,942

MIPS Technologies, Inc. Class B

10,036

-

-

40,262

Mylan Laboratories, Inc.

6,809

-

259

156,580

National Semiconductor Corp.

56,589

149,549

-

-

Natural MicroSystems Corp.

45,374

-

-

56,402

Net.B@nk, Inc.

12,935

9,976

-

12,049

Net2Phone, Inc.

42,594

48,695

-

-

Netro Corp.

92,660

11,426

-

37,505

Network Appliance, Inc.

59,796

51,380

-

-

New Era of Networks, Inc.

13,820

36,607

-

-

Next Level Communications, Inc.

40,264

9,542

-

54,196

Proxim, Inc.

56,417

57,315

-

-

QLT, Inc.

20,723

71,147

-

198,108

Research in Motion Ltd.

126,140

155,968

-

290,851

S3, Inc.

14,429

27,884

-

-

Sepracor, Inc.

142,803

-

-

534,800

Silicon Graphics, Inc.

33,316

9,487

-

45,706

SkyWest, Inc.

15,361

-

134

99,942

SONICblue, Inc.

9,487

505

-

30,737

Telaxis Communications Corp.

6,103

7,291

-

1,756

Tupperware Corp.

21,496

21,811

2,880

59,636

Venator Group, Inc.

17,149

-

-

109,244

TOTALS

$ 1,654,670

$ 1,551,756

$ 3,453

$ 2,186,013

Annual Report

Independent Auditors' Report

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 Growth Company Fund, (the Fund), a fund of Fidelity Mt. Vernon Street Trust, including the portfolio of investments, as of November 30, 2000, and the related statement of operations, changes in net assets, and financial highlights for the year 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 audit. The statement of changes in net assets for the year ended November 30, 1999, and the financial highlights for each of the four years in the period then ended were audited by other auditors whose report, dated January 7, 2000, expressed an unqualified opinion on those statements and financial highlights.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. 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, 2000, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. 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 Growth Company Fund as of November 30, 2000, the results of its operations, the changes in its net assets, and its financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP

Boston, Massachusetts
January 8, 2001

Annual Report

Distributions

The Board of Trustees of Fidelity Growth Company Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

Pay Date

Record Date

Dividends

Capital Gains

12/26/00

12/22/00

-

$6.55

1/8/01

1/5/01

-

$.16

The fund hereby designates 100% of the long-term capital gain dividends distributed during the fiscal year as 20%-rate capital gain dividends.

A total of 13% of the dividends distributed during the fiscal year qualifies for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2001 of amounts for use in preparing 2000 income tax returns.

Annual Report

Managing Your Investments

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

By Phone

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

(phone_graphic)

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

Press

1   For mutual fund and brokerage trading.

2   For quotes.*

3   For account balances and holdings.

4   To review orders and mutual
fund activity.

5   To change your PIN.

*0   To speak to a Fidelity representative.

By PC

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

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

If you are not currently on the Internet, call EarthLink Sprint at 1-800-288-2967, and be sure to ask for registration number SMD004 to receive a special Fidelity package that includes 30 days of free Internet access. EarthLink is North America's #1 independent Internet access provider.

(computer_graphic)

Fidelity On-line Xpress+®

Fidelity On-line Xpress+ software for Windows combines comprehensive portfolio management capabilities, securities trading and access to research and analysis tools . . . all on your desktop. Call Fidelity at 1-800-544-0240 or visit our web site for more information on how to manage your investments via your PC.

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

Annual Report

To Visit Fidelity

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

Arizona

7373 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

851 East Hamilton Avenue
Campbell, CA

527 North Brand Boulevard
Glendale, CA

19200 Von Karman Avenue
Irvine, CA

10100 Santa Monica Blvd.
Los Angeles, CA

251 University Avenue
Palo Alto, CA

1760 Challenge Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

8 Montgomery Street
San Francisco, CA

950 Northgate Drive
San Rafael, CA

1400 Civic Drive
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

Delaware

222 Delaware Avenue
Wilmington, DE

Florida

4400 N. Federal Highway
Boca Raton, FL

90 Alhambra Plaza
Coral Gables, FL

4090 N. Ocean Boulevard
Ft. Lauderdale, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

2401 PGA Boulevard
Palm Beach Gardens, FL

8065 Beneva Road
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North Franklin Street
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1700 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Maine

Three Canal Plaza
Portland, ME

Maryland

7401 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

25 State Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

416 Belmont Street
Worcester, MA

Annual Report

Michigan

280 Old N. Woodward Ave.
Birmingham, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

700 West 47th Street
Kansas City, MO

8885 Ladue Road
Ladue, MO

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

501 Route 17, South
Paramus, NJ

New York

1055 Franklin Avenue
Garden City, NY

999 Walt Whitman Road
Melville, L.I., NY

1271 Avenue of the Americas
New York, NY

71 Broadway
New York, NY

350 Park Avenue
New York, NY

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

600 Vine Street
Cincinnati, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

16850 SW 72nd Avenue
Tigard, OR

Pennsylvania

1735 Market Street
Philadelphia, PA

439 Fifth Avenue
Pittsburgh, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4017 Northwest Parkway
Dallas, TX

1155 Dairy Ashford Street
Houston, TX

2701 Drexel Drive
Houston, TX

400 East Las Colinas Blvd.
Irving, TX

14100 San Pedro
San Antonio, TX

19740 IH 45 North
Spring, TX

Utah

215 South State Street
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

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

511 Pine Street
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

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

Annual Report

To Write Fidelity

If more than one address is listed, 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.

(letter_graphic)

Making Changes
To Your Account

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

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

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

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

Overnight Express
Fidelity Investments
2300 Litton Lane - KH1A
Hebron, KY 41048

Selling shares

Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602

Overnight Express
Fidelity Investments
Attn: Redemptions - CP6I

400 East Las Colinas Blvd.
Irving, TX 75039-5587

General Correspondence

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

(letter_graphic)

For Retirement
Accounts

Buying shares

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

Selling shares

Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602

Overnight Express
Fidelity Investments
Attn: Redemptions - CP6R

400 East Las Colinas Blvd.
Irving, TX 75039-5587

General Correspondence

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

Annual Report

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

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

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

Officers

Edward C. Johnson 3d, President

Robert C. Pozen, Senior Vice President

Abigail P. Johnson, Vice President

Steven S. Wymer, Vice President

Eric D. Roiter, Secretary

Robert A. Dwight, Treasurer

Maria F. Dwyer, Deputy Treasurer

John H. Costello, Assistant Treasurer

Thomas J. Simpson, Assistant Treasurer

Board of Trustees

Ralph F. Cox *

Phyllis Burke Davis *

Robert M. Gates *

Edward C. Johnson 3d

Donald J. Kirk *

Ned C. Lautenbach *

Peter S. Lynch

Marvin L. Mann *

William O. McCoy *

Gerald C. McDonough *

Robert C. Pozen

Thomas R. Williams *

Advisory Board

J. Michael Cook

Marie L. Knowles

William S. Stavropoulos

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Service Company, Inc.

Boston, MA

* Independent trustees

Custodian

Brown Brothers Harriman & Co.

Boston, MA

Fidelity's Growth Funds

Aggressive Growth Fund

Blue Chip Growth Fund

Capital Appreciation Fund

Contrafund ®

Contrafund®II

Disciplined Equity Fund

Dividend Growth Fund

Export and Multinational Fund

Fidelity Fifty ®

Growth Company Fund

Independence Fund

Large Cap Stock Fund

Low-Priced Stock Fund

Magellan® Fund

Mid-Cap Stock Fund

New Millennium Fund®

OTC Portfolio

Small Cap Selector

Small Cap Stock Fund

Stock Selector

Tax Managed Stock Fund

TechnoQuant® Growth Fund

Trend Fund

Value Fund

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

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

(automated graphic)    Automated line for quickest service

GCF-ANN-0101 122334
1.539089.103

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

Fidelity®

New Millennium

Fund®

Annual Report

November 30, 2000

(2_fidelity_logos)(Registered_trademark)

Contents

President's Message

<Click Here>

Ned Johnson on investing strategies.

Performance

<Click Here>

How the fund has done over time.

Fund Talk

<Click Here>

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

Investment Changes

<Click Here>

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

Investments

<Click Here>

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

Financial Statements

<Click Here>

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

Notes

<Click Here>

Footnotes to the financial statements.

Report of Independent Accountants

<Click Here>

The auditors' opinion.

Distributions

<Click Here>

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

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

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

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

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

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

Neither the fund nor Fidelity Distributors Corporation is a bank.

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

Annual Report

President's Message

(Photograph of Edward C. Johnson 3d.)

Dear Shareholder:

For the first time since 1990, the taxable bond market, as measured by the Lehman Brothers Aggregate Bond Index, appeared nearly certain to outperform the U.S. stock market, as measured by the S&P 500®. The former was up nearly 10% year to date through November, while the S&P 500 was down by approximately the same amount. Disappointing corporate earnings and uncertainty concerning a president-elect toppled the stock market late in the period.

While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.

First, investors are encouraged to take a long-term view of their portfolios. If you can afford to leave your money invested through the inevitable up and down cycles of the financial markets, you will greatly reduce your vulnerability to any single decline. We know from experience, for example, that stock prices have gone up over longer periods of time, have significantly outperformed other types of investments and have stayed ahead of inflation.

Second, you can further manage your investing risk through diversification. A stock mutual fund, for instance, is already diversified, because it invests in many different companies. You can increase your diversification further by investing in a number of different stock funds, or in such other investment categories as bonds. If you have a short investment time horizon, you might want to consider moving some of your investment into a money market fund, which seeks income and a stable share price by investing in high-quality, short-term investments. Of course, it's important to remember that an investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these types of funds.

Finally, no matter what your time horizon or portfolio diversity, it makes good sense to follow a regular investment plan, investing a certain amount of money in a fund at the same time each month or quarter and periodically reviewing your overall portfolio. By doing so, you won't get caught up in the excitement of a rapidly rising market, nor will you buy all your shares at market highs. While this strategy - known as dollar cost averaging - won't assure a profit or protect you from a loss in a declining market, it should help you lower the average cost of your purchases. Of course, you should consider your financial ability to continue your purchases through periods of low price levels before undertaking such a strategy.

If you have questions, please call us at 1-800-544-6666, or visit our web site at www.fidelity.com. We are available 24 hours a day, seven days a week to provide you the information you need to make the investments that are right for you.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

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. Total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value).

Cumulative Total Returns

Periods ended November 30, 2000

Past 1
year

Past 5
years

Life of
fund

Fidelity New Millennium

12.44%

262.14%

589.09%

Fidelity New Millennium
(incl. 3.00% sales charge)

9.07%

251.28%

568.41%

S&P 500 ®

-4.22%

135.29%

251.51%

Capital Appreciation Funds Average

-0.59%

107.59%

n/a*

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, one year, five years or since the fund started on December 28, 1992. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the Standard & Poor's 500SM  Index - a market capitalization-weighted index of common stocks. To measure how the fund's performance stacked up against its peers, you can compare it to the capital appreciation funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past one year average represents a peer group of 302 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges. Lipper has created new comparison categories that group funds according to portfolio characteristics and capitalization, as well as by capitalization only. These averages are listed on page 5 of this report.(dagger)

Average Annual Total Returns

Periods ended November 30, 2000

Past 1
year

Past 5
years

Life of
fund

Fidelity New Millennium

12.44%

29.35%

27.56%

Fidelity New Millennium
(incl. 3.00% sales charge)

9.07%

28.57%

27.07%

S&P 500

-4.22%

18.66%

17.18%

Capital Appreciation Funds Average

-0.59%

14.18%

n/a*

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year. (Note: Lipper calculates average annual total returns by annualizing each fund's total return, then taking an arithmetic average. This may produce a different figure than that obtained by averaging the cumulative total returns and annualizing the result.)

* Not available

Annual Report

$10,000 Over Life of Fund



$10,000 Over Life of Fund: Let's say hypothetically that $10,000 was invested in Fidelity New Millennium Fund on December 28, 1992, when the fund started, and the current 3.00% sales charge was paid. As the chart shows, by November 30, 2000, the value of the investment would have grown to $66,841 - a 568.41% increase on the initial investment. For comparison, look at how the Standard & Poor's 500 Index did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have grown to $35,151 - a 251.51% 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 long-term growth and short-term volatility. 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.

3

(dagger) The Lipper multi-cap growth funds average reflects the performance (excluding sales charges) of mutual funds with similar portfolio characteristics and capitalization. The Lipper multi-cap supergroup average reflects the performance (excluding sales charges) of mutual funds with similar capitalization. As of November 30, 2000, the one year and five year cumulative total returns for the multi-cap growth funds average were 0.35% and 132.27%, respectively; and the one year and five year average annual total returns were 0.35% and 17.93%, respectively. The one year and five year cumulative total returns for the multi-cap supergroup average were 2.68% and 107.13%, respectively; and the one year and five year average annual total returns were 2.68% and 15.27%, respectively.

Annual Report

Fund Talk: The Manager's Overview

Market Recap

After a promising beginning, U.S. equity markets were hammered by a convergence of adverse conditions during the remainder of the 12-month period ending November 30, 2000. The tech-heavy NASDAQ Composite Index was particularly hard hit. After successfully weathering the Federal Reserve Board's campaign to calm surging economic growth, the technology sector's grip on market leadership finally weakened in mid-March, when analysts warned that valuations were overinflated. Then, in May, the markets were rocked by a 0.50% Fed interest-rate hike, and signs soon emerged that clearly indicated a slowdown ahead. Escalating oil prices put additional strain on corporate profits, and disappointing earnings announcements began to pile up. Any hopes for a late season rally were broadsided by the uncertainty stemming from the presidential election in November. The resulting anxiety weighed the markets down to their lowest point of the year. For the overall period, the Standard & Poor's 500SM Index fell 4.22%, the Dow Jones Industrial Average sank 2.77% and the NASDAQ plunged 21.99%. Investors should keep in mind, however, that the last two times the NASDAQ had negative calendar year returns, in 1990 and 1994, the index responded with gains of 59.01% and 41.40% in 1991 and 1995, respectively. Of course, past performance is no guarantee of future results.

(Portfolio Manager photograph)
An interview with Neal Miller, Portfolio Manager of Fidelity New Millennium Fund

Q. How did the fund perform, Neal?

A. For the 12 months that ended November 30, 2000, the fund returned 12.44%. This topped the Standard & Poor's 500 Index, which fell 4.22% during the period, as well as the capital appreciation funds average, which returned -0.59% according to Lipper Inc.

Q. What factors shaped the fund's performance during the period?

A. It was a very challenging market for stock pickers. The fund rode the technology wave of the period, but cracks in some of the underlying growth stories forced me to rethink some of my strategies. For instance, I adopted a completely different mindset on the Internet and was able to find some good opportunities in that space even as the consumer-oriented dot-com market struggled. I also uncovered some fruitful trends in the health sector. My philosophy has always been to find the companies that I feel can exceed investors' expectations. This strategy continues to work, but it was easier said than done during the period, particularly with so much economic and political uncertainty. In the end, my willingness to re-engineer the fund's technology approach helped the fund's performance.

Annual Report

Fund Talk: The Manager's Overview - continued

Q. Where were you able to find opportunities in the Internet group?

A. My main focus revolved around the need to organize information in such a way that people can access it simultaneously from a variety of platforms. In today's information age, data needs to be portable, disposable and accurate. Several companies - including QLogic in the NT environment and Emulex in the UNIX environment - are leaders in determining how to merge information from two separate sources to one common source. Once the information is merged, you then need to have a company that can configure the storage space - such as Sun Microsystems or EMC - and someone to actually manage the storage, like Veritas Software. As time goes on, companies' information technology budgets may tilt more toward enhancing storage capabilities and less toward increasing processing power. Emulex, Veritas and QLogic were the fund's top three performers during the period.

Q. You increased the fund's exposure to health stocks from around 5% of net assets to 17% during the period. What caught your attention?

A. A couple of interesting trends. The first revolved around the developing notion of customized medicine. We're getting closer and closer to the day when genetic engineering will be able to suggest certain therapies that will work for a particular patient. These therapies may be administered by devices that will either inject the medicine on a timed schedule or, at the very least, give off some sort of reminder to the patient. Two companies in this area that caught my attention during the period were Medtronic and C.R. Bard. Another area that interested me was the re-emergence of "new and improved" health care service providers. Companies such as Tenet Healthcare and HCA Healthcare have fixed their financial problems and have enjoyed favorable pricing trends. Lastly, I also found some good growth in the biotechnology area. The fund's best biotech performer during the period was Immunex. The company discovered that a drug it had initially developed for the treatment of arthritis also had the potential to reverse the course of congestive heart failure.

Q. Which other stocks performed well during the period? Which were disappointments?

A. Energy services stocks such as Global Marine and Smith International performed well, as did several of the fund's electric utility related holdings, including Calpine and Dynegy. The fund's investments in high-end retail stocks such as Bulgari, an Italian designer of jewelry and perfumes, also performed well. Disappointments included Openwave Systems, a company that provides Web-based communication infrastructure software and applications, and MTI Technology, a storage company that counted a number of struggling dot-com firms among its clientele.

Q. What's your outlook, Neal?

A. Compared to this time a year ago, investors' expectations for the market have been greatly reduced. Uncertainty has infiltrated all corners of the market, and only time will tell whether the economy

Annual Report

Fund Talk: The Manager's Overview - continued

can land softly, where oil prices will go and how the U.S. presidential situation will play out. In terms of managing the fund, I'll continue to stick by my philosophy that favorable earnings will be rewarded over time.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fund Facts

Goal: long-term capital appreciation by investing mainly in equity securities of companies that are likely to benefit from social and economic trends

Fund number: 300

Trading symbol: FMILX

Start date: December 28, 1992

Size: as of November 30, 2000, more than $3.3 billion

Manager: Neal Miller, since inception; joined Fidelity in 1988

3

Neal Miller talks about being an "idea" investor:

"When I come across an idea, my first steps are to analyze its merits and determine what types of companies can make that idea a reality. One good example from the past involved ulcers. I remember wondering if there was a good cure for ulcers. Ulcers affected many people, you knew for sure when you had one and there was no alternative therapy. My pursuit led me to SmithKline - now known as SmithKline Beecham - which was in the process of developing a new ulcer-fighting drug. The product? Tagamet. Of course, one of the keys was investing in the idea before SmithKline commercialized Tagamet. That was back in the early 1970s.

"Back in the 1950s - when I was dabbling with investments as a high schooler - I heard about a new process called xerography, or photocopying. At the time, all copies were made with carbon or chemically treated paper, and this new process - with its ability to replicate pictures - was promising. I promptly added a company called Haloid, which was the original name of Xerox, to my portfolio.

"The point is that behind every good stock story is an even better idea. But the idea needs to grow, and it needs to be supported by investors who feel the idea has real, long-term value. The dot-coms found out the hard way that Internet-related ideas had their limits. Hopefully, investor confidence will be restored in 2001 and new ideas will get a closer look."

Annual Report

Investment Changes

Top Ten Stocks as of November 30, 2000

% of fund's
net assets

% of fund's net assets
6 months ago

QLogic Corp.

7.7

3.2

Emulex Corp.

5.7

1.6

Immunex Corp.

3.5

2.4

Micron Technology, Inc.

3.2

6.8

Global Marine, Inc.

2.8

3.2

VERITAS Software Corp.

2.5

3.8

Juniper Networks, Inc.

1.9

1.4

The Stanley Works

1.8

1.6

Dynegy, Inc. Class A

1.8

1.6

Andrew Corp.

1.8

3.0

32.7

Top Five Market Sectors as of November 30, 2000

% of fund's
net assets

% of fund's net assets
6 months ago

Technology

43.0

53.2

Health

17.0

5.4

Energy

8.7

11.5

Media & Leisure

7.3

3.4

Finance

5.0

4.0

Asset Allocation (% of fund's net assets)

As of November 30, 2000 *

As of May 31, 2000 **

Stocks 94.5%

Stocks 95.9%

Short-Term
Investments and
Net Other Assets 5.5%

Short-Term
Investments and
Net Other Assets 4.1%

* Foreign
investments

6.9%

** Foreign investments

8.9%



Annual Report

Investments November 30, 2000

Showing Percentage of Net Assets

Common Stocks - 94.5%

Shares

Value (Note 1) (000s)

AEROSPACE & DEFENSE - 0.1%

Defense Electronics - 0.1%

Raytheon Co. Class B

94,700

$ 3,320

BASIC INDUSTRIES - 1.1%

Chemicals & Plastics - 0.0%

Cabot Microelectronics Corp.

21,700

797

Metals & Mining - 0.9%

Martin Marietta Materials, Inc.

717,400

28,251

Packaging & Containers - 0.2%

Bemis Co., Inc.

199,700

5,929

Packaging Corp. of America

80,000

1,175

7,104

TOTAL BASIC INDUSTRIES

36,152

CONSTRUCTION & REAL ESTATE - 0.5%

Building Materials - 0.5%

Fastenal Co.

5,500

339

Florida Rock Industries, Inc.

475,900

15,734

16,073

Construction - 0.0%

Centex Corp.

17,800

630

TOTAL CONSTRUCTION & REAL ESTATE

16,703

DURABLES - 1.1%

Autos, Tires, & Accessories - 0.0%

AutoZone, Inc. (a)

17,800

459

O'Reilly Automotive, Inc. (a)

12,400

206

665

Consumer Electronics - 0.1%

Gemstar-TV Guide International, Inc. (a)

55,000

2,238

Harman International Industries, Inc.

17,800

650

2,888

Home Furnishings - 0.6%

Ethan Allen Interiors, Inc.

52,100

1,416

Hillenbrand Industries, Inc.

336,700

17,172

18,588

Textiles & Apparel - 0.4%

Brown Shoe Co., Inc.

23,500

251

Common Stocks - continued

Shares

Value (Note 1) (000s)

DURABLES - continued

Textiles & Apparel - continued

Coach, Inc.

118,800

$ 2,628

Columbia Sportswear Co. (a)

61,500

2,546

Reebok International Ltd. (a)

117,200

2,498

Stride Rite Corp.

1,029,800

6,114

14,037

TOTAL DURABLES

36,178

ENERGY - 8.7%

Energy Services - 8.7%

Atwood Oceanics, Inc. (a)

154,000

4,861

Cal Dive International, Inc. (a)

327,400

6,425

ENSCO International, Inc.

1,992,800

48,450

Global Marine, Inc. (a)

4,333,800

95,073

Marine Drilling Companies, Inc. (a)

1,355,300

27,106

Noble Drilling Corp. (a)

586,500

16,899

R&B Falcon Corp. (a)

1,865,300

35,441

Santa Fe International Corp.

191,600

4,730

Smith International, Inc. (a)

768,400

44,615

Tidewater, Inc.

238,800

9,671

293,271

FINANCE - 5.0%

Banks - 0.0%

SouthTrust Corp.

35,300

1,191

Credit & Other Finance - 0.1%

Federal Agricultural Mortgage Corp. Class C (non-vtg.) (a)

84,400

1,688

JAFCO Co. Ltd.

18,000

1,892

3,580

Insurance - 0.4%

ACE Ltd.

166,000

6,557

Brown & Brown, Inc.

61,400

1,942

Progressive Corp.

26,600

2,489

W.R. Berkley Corp.

16,900

606

11,594

Savings & Loans - 0.1%

Washington Mutual, Inc.

97,300

4,421

Securities Industry - 4.4%

A.F.P. Provida SA sponsored ADR

14,500

299

Common Stocks - continued

Shares

Value (Note 1) (000s)

FINANCE - continued

Securities Industry - continued

Bear Stearns Companies, Inc.

54,000

$ 2,481

Daiwa Securities Group, Inc.

5,045,000

53,252

Nikko Securities Co. Ltd.

4,253,000

32,715

Nomura Securities Co. Ltd.

2,745,000

57,949

UBS AG (NY Shares) (a)

15,630

2,145

148,841

TOTAL FINANCE

169,627

HEALTH - 17.0%

Drugs & Pharmaceuticals - 7.8%

Abgenix, Inc. (a)

67,000

3,270

Allergan, Inc.

417,600

38,759

Andrx Corp. - Andrx Group (a)

39,400

2,812

Applera Corp. - Celera Genomics Group (a)

177,200

7,376

Barr Laboratories, Inc. (a)

57,000

3,438

Carter-Wallace, Inc.

14,300

430

Celgene Corp. (a)

67,500

3,852

Cephalon, Inc. (a)

84,900

3,927

Chiron Corp. (a)

35,200

1,439

COR Therapeutics, Inc. (a)

65,800

2,332

Decode Genetics, Inc.

94,600

999

Genentech, Inc. (a)

136,000

9,257

Human Genome Sciences, Inc. (a)

177,100

11,013

ImClone Systems, Inc. (a)

33,800

1,500

Immunex Corp. (a)

3,117,200

115,921

ImmunoGen, Inc. (a)

55,100

1,388

Inhale Therapeutic Systems, Inc. (a)

24,900

959

Invitrogen Corp. (a)

3,600

259

King Pharmaceuticals, Inc. (a)

7,100

346

Medarex, Inc. (a)

23,200

841

Mylan Laboratories, Inc.

618,500

14,805

SICOR, Inc. (a)

17,800

266

Teva Pharmaceutical Industries Ltd. ADR

426,600

28,049

Watson Pharmaceuticals, Inc. (a)

209,200

9,623

262,861

Medical Equipment & Supplies - 3.4%

Abbott Laboratories

53,400

2,940

ADAC Laboratories (a)

19,500

358

ATS Medical, Inc. (a)

60,300

769

Common Stocks - continued

Shares

Value (Note 1) (000s)

HEALTH - continued

Medical Equipment & Supplies - continued

C.R. Bard, Inc.

568,300

$ 27,989

Cardinal Health, Inc.

105,200

10,513

McKesson HBOC, Inc.

966,300

31,767

Medtronic, Inc.

630,518

33,575

Millipore Corp.

32,900

1,448

Novoste Corp. (a)

32,200

827

Patterson Dental Co. (a)

14,300

425

Priority Healthcare Corp. Class B (a)

19,000

518

Respironics, Inc. (a)

26,600

653

Steris Corp. (a)

54,300

815

112,597

Medical Facilities Management - 5.8%

Advance Paradigm, Inc. (a)

6,000

199

HCA - The Healthcare Co.

1,230,300

50,981

Health Management Associates, Inc. Class A (a)

35,500

757

Health Net, Inc. (a)

32,200

757

HEALTHSOUTH Corp. (a)

71,000

990

Humana, Inc. (a)

393,600

4,723

Lifepoint Hospitals, Inc. (a)

37,400

1,480

Lincare Holdings, Inc. (a)

31,100

1,372

Manor Care, Inc. (a)

58,400

993

Oxford Health Plans, Inc. (a)

384,900

15,613

Province Healthcare Co. (a)

28,500

1,051

RehabCare Group, Inc. (a)

13,300

575

Tenet Healthcare Corp.

1,000,800

42,597

Triad Hospitals, Inc. (a)

153,700

4,592

Trigon Healthcare, Inc. (a)

181,600

13,018

UnitedHealth Group, Inc.

250,500

29,387

Universal Health Services, Inc. Class B (a)

121,200

12,415

Wellpoint Health Networks, Inc. (a)

134,400

14,490

195,990

TOTAL HEALTH

571,448

HOLDING COMPANIES - 0.0%

Leucadia National Corp.

18,500

511

INDUSTRIAL MACHINERY & EQUIPMENT - 3.2%

Electrical Equipment - 0.8%

C&D Technologies, Inc.

35,500

1,447

Common Stocks - continued

Shares

Value (Note 1) (000s)

INDUSTRIAL MACHINERY & EQUIPMENT - continued

Electrical Equipment - continued

Cymer, Inc. (a)

75,300

$ 1,506

Hydrogenics Corp.

76,500

202

Littelfuse, Inc. (a)

32,000

820

Scientific-Atlanta, Inc.

591,300

23,874

27,849

Industrial Machinery & Equipment - 1.9%

Ag-Chem Equipment, Inc. (a)

16,000

369

Ibis Technology Corp. (a)

37,200

512

Ionics, Inc. (a)

161,000

3,602

The Stanley Works

2,273,900

61,253

Ultratech Stepper, Inc. (a)

4,400

77

65,813

Pollution Control - 0.5%

Allied Waste Industries, Inc. (a)

98,100

1,208

Waste Management, Inc.

594,500

14,231

15,439

TOTAL INDUSTRIAL MACHINERY & EQUIPMENT

109,101

MEDIA & LEISURE - 7.3%

Broadcasting - 1.9%

AT&T Corp. - Liberty Media Group Class A (a)

254,804

3,456

BHC Communications, Inc. Class A

161,100

21,104

Cablevision Systems Corp. Class A (a)

148,100

11,293

Cox Communications, Inc. Class A (a)

351,300

13,986

E.W. Scripps Co. Class A

83,300

4,920

EchoStar Communications Corp. Class A (a)

81,700

2,385

Infinity Broadcasting Corp. Class A (a)

51,700

1,564

TV Azteca SA de CV sponsored ADR

330,000

3,300

62,008

Entertainment - 1.4%

International Speedway Corp.:

Class A

375,538

14,083

Class B

174,700

6,508

Mandalay Resort Group (a)

496,600

9,901

MGM Mirage, Inc.

251,200

7,191

Common Stocks - continued

Shares

Value (Note 1) (000s)

MEDIA & LEISURE - continued

Entertainment - continued

Park Place Entertainment Corp. (a)

571,600

$ 7,681

Speedway Motorsports, Inc. (a)

94,100

1,817

47,181

Leisure Durables & Toys - 0.0%

Callaway Golf Co.

76,700

1,357

Lodging & Gaming - 1.6%

Anchor Gaming (a)

195,600

7,384

Four Seasons Hotels, Inc.

56,600

3,460

Harrah's Entertainment, Inc. (a)

174,100

4,875

International Game Technology (a)

811,800

36,227

51,946

Publishing - 0.4%

Harcourt General, Inc.

130,100

7,187

Houghton Mifflin Co.

183,000

6,702

John Wiley & Sons, Inc. Class A

44,800

896

14,785

Restaurants - 2.0%

Bob Evans Farms, Inc.

5,300

108

Brinker International, Inc. (a)

511,700

20,916

Cheesecake Factory, Inc. (a)

593,250

25,695

Jack in the Box, Inc. (a)

97,200

2,624

Outback Steakhouse, Inc. (a)

281,300

7,648

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

42,700

1,569

Quality Dining, Inc. (a)

75,000

197

Sonic Corp. (a)

33,800

1,318

Wendy's International, Inc.

258,000

6,934

67,009

TOTAL MEDIA & LEISURE

244,286

NONDURABLES - 0.4%

Agriculture - 0.0%

Charles River Labs International, Inc.

21,500

460

Beverages - 0.1%

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

27,900

1,807

Common Stocks - continued

Shares

Value (Note 1) (000s)

NONDURABLES - continued

Foods - 0.1%

Archer-Daniels-Midland Co.

97,900

$ 1,248

Tootsie Roll Industries, Inc.

65,300

2,596

3,844

Household Products - 0.2%

Aptargroup, Inc.

13,900

348

Estee Lauder Companies, Inc. Class A

128,400

5,561

5,909

Tobacco - 0.0%

DIMON, Inc.

94,400

325

Souza Cruz Industria Comerico

50,000

200

Standard Commercial Corp.

7,000

35

560

TOTAL NONDURABLES

12,580

RETAIL & WHOLESALE - 2.0%

Apparel Stores - 0.6%

Chico's FAS, Inc. (a)

204,200

4,977

Genesco, Inc. (a)

17,700

377

Talbots, Inc.

49,300

2,604

Venator Group, Inc. (a)

910,500

12,235

20,193

Drug Stores - 0.4%

Walgreen Co.

283,200

12,620

General Merchandise Stores - 0.1%

Kohls Corp. (a)

49,800

2,667

Grocery Stores - 0.4%

Albertson's, Inc.

296,500

7,579

Kroger Co. (a)

161,000

4,267

Safeway, Inc. (a)

14,400

849

Winn-Dixie Stores, Inc.

17,800

385

13,080

Retail & Wholesale, Miscellaneous - 0.5%

Best Buy Co., Inc. (a)

322,500

8,304

Bulgari Spa

435,789

5,309

Common Stocks - continued

Shares

Value (Note 1) (000s)

RETAIL & WHOLESALE - continued

Retail & Wholesale, Miscellaneous - continued

Staples, Inc. (a)

356,200

$ 4,274

Ultimate Electronics, Inc. (a)

7,100

193

18,080

TOTAL RETAIL & WHOLESALE

66,640

SERVICES - 1.2%

Advertising - 0.3%

Omnicom Group, Inc.

111,600

8,775

PubliGroupe SA (Reg.)

3,463

1,982

10,757

Educational Services - 0.6%

Corinthian Colleges, Inc. (a)

58,200

3,841

Devry, Inc. (a)

533,200

16,163

Edison Schools, Inc.

19,600

473

20,477

Printing - 0.1%

Deluxe Corp.

53,600

1,250

Wallace Computer Services, Inc.

134,800

2,098

3,348

Services - 0.2%

ASE Test Ltd. (a)

60,000

645

Caremark Rx, Inc. (a)

328,100

3,568

Kelly Services, Inc. Class A

1,000

24

Regis Corp.

8,900

140

Rollins, Inc.

6,500

136

StarTek, Inc. (a)

119,200

1,937

Watson Wyatt & Co. Holdings

16,800

369

6,819

TOTAL SERVICES

41,401

TECHNOLOGY - 43.0%

Communications Equipment - 4.0%

Andrew Corp. (a)

3,303,500

60,082

Avici Systems, Inc.

58,000

1,225

Ciena Corp. (a)

440,900

33,481

Comverse Technology, Inc. (a)

113,000

9,739

Corning, Inc.

69,759

4,081

Common Stocks - continued

Shares

Value (Note 1) (000s)

TECHNOLOGY - continued

Communications Equipment - continued

GN Store Nordic AS

132,200

$ 1,854

McDATA Corp. Class B

37,300

2,014

Nokia AB sponsored ADR

35,700

1,526

Nortel Networks Corp.

329,704

12,446

Plantronics, Inc. (a)

210,400

8,232

134,680

Computer Services & Software - 13.3%

Adobe Systems, Inc.

273,200

17,314

Aether Systems, Inc. (a)

65,200

3,692

Agile Software Corp. (a)

59,600

2,750

Akamai Technologies, Inc. (a)

5,600

161

Ariba, Inc. (a)

345,600

21,514

Art Technology Group, Inc. (a)

94,600

2,714

BEA Systems, Inc. (a)

400,700

23,466

Cadence Design Systems, Inc. (a)

1,732,900

40,615

Cerner Corp. (a)

10,700

523

CMGI, Inc. (a)

124,487

1,253

Computer Associates International, Inc.

444,600

11,615

Cybear Group (a)

431

0

FactSet Research Systems, Inc.

37,200

1,194

Foundry Networks, Inc.

130,500

4,812

i2 Technologies, Inc. (a)

3,520

340

IMS Health, Inc.

124,900

3,497

Internap Network Services Corp.

404,400

4,448

Internet Security Systems, Inc. (a)

5,200

384

J.D. Edwards & Co. (a)

149,700

3,799

Legato Systems, Inc. (a)

196,200

1,790

Manugistics Group, Inc. (a)

133,500

10,113

Mentor Graphics Corp. (a)

305,300

7,213

Mercury Interactive Corp. (a)

42,000

2,827

Micromuse, Inc. (a)

331,300

29,113

Microsoft Corp. (a)

39,100

2,243

Netegrity, Inc. (a)

121,300

5,603

Nuance Communications, Inc.

120,800

3,692

Openwave Systems, Inc. (a)

1,067,616

48,710

PeopleSoft, Inc. (a)

136,200

4,529

Polycom, Inc. (a)

796,800

26,942

Redback Networks, Inc. (a)

482,200

33,664

Siebel Systems, Inc. (a)

39,500

2,760

SilverStream Software, Inc. (a)

226,000

4,096

Common Stocks - continued

Shares

Value (Note 1) (000s)

TECHNOLOGY - continued

Computer Services & Software - continued

Sonus Networks, Inc.

239,800

$ 5,830

SpeechWorks International, Inc.

49,400

1,531

Sybase, Inc. (a)

876,100

17,522

Terra Networks SA sponsored ADR

117,220

1,641

Ulticom, Inc.

9,000

285

VERITAS Software Corp. (a)

857,900

83,699

Vignette Corp. (a)

654,800

10,313

448,207

Computers & Office Equipment - 13.8%

Brocade Communications Systems, Inc. (a)

47,700

8,011

Compaq Computer Corp.

487,200

10,475

Diebold, Inc.

36,600

1,059

EMC Corp. (a)

732,900

54,509

Emulex Corp. (a)

1,659,000

192,859

Extended Systems, Inc. (a)

42,600

831

Extreme Networks, Inc. (a)

90,500

4,649

Inrange Technologies Corp. Class B (a)

288,500

3,751

International Business Machines Corp.

508,300

47,526

Iomega Corp. (a)

71,300

342

Juniper Networks, Inc. (a)

501,600

62,512

MTI Technology Corp. (a)

1,198,200

6,965

Sun Microsystems, Inc. (a)

618,400

47,037

Symbol Technologies, Inc.

544,600

21,818

Zebra Technologies Corp. Class A (a)

26,600

1,114

463,458

Electronic Instruments - 0.8%

Applera Corp. - Applied Biosystems Group

117,400

9,700

ASM Lithography Holding NV (a)

883,100

18,048

KLA-Tencor Corp. (a)

36,600

1,007

28,755

Electronics - 11.1%

Broadcom Corp. Class A (a)

9,800

956

Fairchild Semiconductor International, Inc. Class A (a)

115,600

1,676

Micron Technology, Inc. (a)

3,423,300

107,834

PMC-Sierra, Inc. (a)

19,600

1,807

QLogic Corp. (a)

3,191,898

258,336

Sanmina Corp. (a)

17,800

1,357

Common Stocks - continued

Shares

Value (Note 1) (000s)

TECHNOLOGY - continued

Electronics - continued

Supertex, Inc. (a)

5,300

$ 104

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

20,544

345

372,415

TOTAL TECHNOLOGY

1,447,515

TRANSPORTATION - 0.6%

Air Transportation - 0.0%

Frontier Airlines, Inc. (a)

17,700

502

SkyWest, Inc.

20,400

1,214

1,716

Railroads - 0.1%

Union Pacific Corp.

69,700

3,241

Shipping - 0.4%

Alexander & Baldwin, Inc.

460,100

12,250

Transport Maritima Mexicana SA de CV sponsored ADR (a)

15,000

149

12,399

Trucking & Freight - 0.1%

FedEx Corp. (a)

35,700

1,711

Heartland Express, Inc. (a)

1,000

21

United Parcel Service, Inc. Class B

35,500

2,154

3,886

TOTAL TRANSPORTATION

21,242

UTILITIES - 3.3%

Cellular - 0.1%

TeleCorp PCS, Inc. Class A

42,000

793

Triton PCS Holdings, Inc. Class A (a)

42,400

1,442

2,235

Electric Utility - 0.6%

Black Hills Corp.

265,250

9,052

Calpine Corp. (a)

337,500

11,981

21,033

Common Stocks - continued

Shares

Value (Note 1) (000s)

UTILITIES - continued

Gas - 2.3%

Dynegy, Inc. Class A

1,377,088

$ 60,936

Enron Corp.

247,200

16,006

76,942

Telephone Services - 0.3%

Metromedia Fiber Network, Inc. Class A (a)

1,046,800

12,234

TOTAL UTILITIES

112,444

TOTAL COMMON STOCKS

(Cost $2,708,921)

3,182,419

Convertible Preferred Stocks - 0.0%

TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies Series E (a)(c)
(Cost $319)

18,500

319

Cash Equivalents - 7.3%

Fidelity Cash Central Fund, 6.57% (b)

229,758,827

229,759

Fidelity Securities Lending Cash Central Fund, 6.63% (b)

16,997,376

16,997

TOTAL CASH EQUIVALENTS

(Cost $246,756)

246,756

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $2,955,996)

3,429,494

NET OTHER ASSETS - (1.8)%

(61,109)

NET ASSETS - 100%

$ 3,368,385

Legend

(a) Non-income producing

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

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

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Chorum Technologies Series E

9/19/00

$ 319

Income Tax Information

At November 30, 2000, the aggregate
cost of investment securities for income
tax purposes was $2,967,791,000. Net unrealized appreciation aggregated $461,703,000, of which $814,016,000 related to appreciated investment securities and $352,313,000 related to depreciated investment securities.

The fund hereby designates approximately $393,202,000 as a capital gain dividend for the purpose of the dividend paid deduction.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

November 30, 2000

Assets

Investment in securities, at value (cost $2,955,996) -
See accompanying schedule

$ 3,429,494

Receivable for investments sold

7,898

Receivable for fund shares sold

2,035

Dividends receivable

1,315

Interest receivable

1,269

Other receivables

88

Total assets

3,442,099

Liabilities

Payable for investments purchased

$ 46,816

Payable for fund shares redeemed

6,794

Accrued management fee

2,469

Other payables and accrued expenses

638

Collateral on securities loaned, at value

16,997

Total liabilities

73,714

Net Assets

$ 3,368,385

Net Assets consist of:

Paid in capital

$ 2,008,372

Accumulated net investment (loss)

(1,017)

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

887,533

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

473,497

Net Assets, for 83,157 shares outstanding

$ 3,368,385

Net Asset Value and redemption price per share ($3,368,385 ÷ 83,157 shares)

$40.51

Maximum offering price per share (100/97.00 of $40.51)

$41.76

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

Annual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands

Year ended November 30, 2000

Investment Income

Dividends

$ 9,577

Interest

10,432

Security lending

803

Total income

20,812

Expenses

Management fee
Basic fee

$ 24,700

Performance adjustment

4,385

Transfer agent fees

5,277

Accounting and security lending fees

654

Non-interested trustees' compensation

14

Custodian fees and expenses

153

Registration fees

412

Audit

50

Legal

12

Miscellaneous

9

Total expenses before reductions

35,666

Expense reductions

(611)

35,055

Net investment income (loss)

(14,243)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

919,232

Foreign currency transactions

(44)

919,188

Change in net unrealized appreciation (depreciation) on:

Investment securities

(570,956)

Assets and liabilities in foreign currencies

19

(570,937)

Net gain (loss)

348,251

Net increase (decrease) in net assets resulting
from operations

$ 334,008

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Year ended November 30,
2000

Year ended November 30,
1999

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)

$ (14,243)

$ (8,090)

Net realized gain (loss)

919,188

577,960

Change in net unrealized appreciation (depreciation)

(570,937)

675,633

Net increase (decrease) in net assets resulting
from operations

334,008

1,245,503

Distributions to shareholders from net realized gains

(514,097)

(116,063)

Share transactions
Net proceeds from sales of shares

1,127,640

791,580

Reinvestment of distributions

491,186

111,045

Cost of shares redeemed

(966,652)

(666,947)

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

652,174

235,678

Total increase (decrease) in net assets

472,085

1,365,118

Net Assets

Beginning of period

2,896,300

1,531,182

End of period (including accumulated net investment
loss of $1,017 and $8,193, respectively)

$ 3,368,385

$ 2,896,300

Other Information

Shares

Sold

23,217

23,550

Issued in reinvestment of distributions

11,801

4,440

Redeemed

(19,994)

(20,459)

Net increase (decrease)

15,024

7,531

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

Annual Report

Financial Highlights

Years ended November 30,

2000

1999

1998

1997

1996

Selected Per-Share Data

Net asset value,
beginning of period

$ 42.51

$ 25.27

$ 24.48

$ 20.79

$ 18.11

Income from
Investment Operations

Net investment income (loss) C

(.17)

(.12)

(.03)

(.03)

(.03)

Net realized and
unrealized gain (loss)

5.50

19.30

3.74

4.27

4.15

Total from investment operations

5.33

19.18

3.71

4.24

4.12

Less Distributions

From net realized gain

(7.33)

(1.94)

(2.92)

(.55)

(1.44)

Net asset value, end of period

$ 40.51

$ 42.51

$ 25.27

$ 24.48

$ 20.79

Total Return A, B

12.44%

81.31%

17.55%

21.01%

24.88%

Ratios and Supplemental Data

Net assets, end of period
(in millions)

$ 3,368

$ 2,896

$ 1,531

$ 1,530

$ 1,267

Ratio of expenses to average
net assets

.90%

.95%

.86%

.99%

1.07%

Ratio of expenses to average net assets after expense reductions

.89% D

.93% D

.83% D

.94% D

1.03% D

Ratio of net investment income (loss) to average net assets

(.36)%

(.36)%

(.13)%

(.13)%

(.17)%

Portfolio turnover rate

97%

116%

121%

142%

158%

A The total returns would have been lower had certain expenses not been reduced during the periods shown.

B Total returns do not include the one time sales charge.

C Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

D FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

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

Annual Report

Notes to Financial Statements

For the period ended November 30, 2000

1. Significant Accounting Policies.

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

Security Valuation. 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. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If trading or events occurring in other markets after the close of the principal market in which foreign securities are traded, and before the close of business of the fund, are expected to materially affect the value of those securities, then they are valued at their fair value taking this trading or these events into account. Fair value is determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Securities (including restricted 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. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost or original cost plus accrued interest, both of which approximate current value. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency Translation. The accounting records of the fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized gains and losses on foreign currency transactions represent net gains and losses from sales and maturities of foreign currency contracts, disposition of foreign currencies, the difference between the amount of net investment income accrued and the U.S. dollar amount actually received, and gains and losses between trade and settlement date on purchases and sales of securities. The effects of changes in foreign currency exchange rates on investments

Annual Report

Notes to Financial Statements - continued

1. Significant Accounting Policies - continued

Foreign Currency Translation - continued

in securities are included with the net realized and unrealized gain or loss on investment securities.

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 substantially 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. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Distributions to Shareholders. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences, which may result in distribution reclassifications, are primarily due to differing treatments for litigation proceeds, foreign currency transactions, passive foreign investment companies (PFIC), net operating losses and losses deferred due to wash sales. The fund also utilized earnings and profits distributed to shareholders on redemption of shares as a part of the dividends paid deduction for income tax purposes.

Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Accumulated net investment loss and accumulated undistributed net realized gain (loss) on investments and foreign currency transactions may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or gain remaining at fiscal year end is distributed in the following year.

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.

Foreign Currency Contracts. The fund generally uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses may arise from changes in the

Annual Report

Notes to Financial Statements - continued

2. Operating Policies - continued

Foreign Currency Contracts - continued

value of the foreign currency or if the counterparties do not perform under the contracts' terms. The U.S. dollar value of foreign currency contracts is determined using contractual currency exchange rates established at the time of each trade.

Joint Trading Account. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the fund, along with other affiliated entities of Fidelity Management & Research Company (FMR), may transfer uninvested cash balances into one or more joint trading accounts. These balances are invested in one or more repurchase agreements for U.S. Treasury or Federal Agency obligations.

Repurchase Agreements. The underlying U.S. Treasury, Federal Agency, or other obligations found to be satisfactory by FMR are transferred to an account of the fund, or to the Joint Trading Account, at a custodian bank. The securities are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). FMR, the fund's investment adviser, is responsible for determining that the value of the underlying securities remains in accordance with the market value requirements stated above.

Restricted Securities. The fund is permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. At the end of the period, restricted securities (excluding 144A issues) amounted to $319,000 or 0.0% of net assets.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,607,711,000 and $3,599,890,000, respectively.

4. 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 and is based on the monthly average net assets of all the mutual funds advised by FMR. The rates ranged from .2167% to .5200% for the period. The annual individual fund fee rate is .35%. In the event that these rates were lower than the contractual rates in effect during the period, FMR voluntarily implemented the above rates, as they resulted in the same or a lower management fee. The basic fee is subject to a performance adjustment (up to a maximum of ±.20% of the fund's average net assets over

Annual Report

Notes to Financial Statements - continued

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

the performance period) 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 .74% of average net assets after the performance adjustment.

Sub-Adviser Fee. Beginning January 1, 2001, FMR Co.(FMRC) will serve as sub-adviser for the fund. FMRC is a wholly owned subsidiary of FMR and will receive a fee from FMR of 50% of the management fee payable to FMR with respect to that portion of the fund's assets that will be managed by FMRC.

Sales Load. For the period, Fidelity Distributors Corporation, an affiliate of FMR and the general distributor of the fund, received sales charges of $2,287,000 on sales of shares of the fund of which $2,286,000 was retained.

Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the fund's transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .13% of average net assets.

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

Fidelity Cash Central Funds. Pursuant to an Exemptive Order issued by the SEC, the fund may invest in the Fidelity Cash Central Fund and the Fidelity Securities Lending Cash Central Fund (the Cash Funds) managed by Fidelity Investments Money Management, Inc., an affiliate of FMR. The Cash Funds are open-end money market funds available only to investment companies and other accounts managed by FMR and its affiliates. The Cash Funds seek preservation of capital, liquidity, and current income and do not pay a management fee. Income distributions from the Cash Funds are declared daily and paid monthly from net investment income. Income distributions earned by the fund are recorded as either interest income or security lending income in the accompanying financial statements.

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 $143,000 for the period.

Annual Report

Notes to Financial Statements - continued

5. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral in the form of U.S. Treasury obligations, letters of credit, and/or cash against the loaned securities, and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. At period end, the value of the securities loaned amounted to $15,930,000. The fund received cash collateral of $16,997,000 which was invested in cash equivalents.

6. 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 $531,000 under this arrangement.

In addition, through arrangements with the fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce a portion of the fund's expenses. During the period, the fund's custodian and transfer agent fees were reduced by $12,000 and $68,000, respectively, under these arrangements.

Annual Report

Report of Independent Accountants

To the Trustees of Fidelity Mt. Vernon Street Trust and the Shareholders of Fidelity New Millennium Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity New Millennium Fund (a fund of Fidelity Mt. Vernon Street Trust) at November 30, 2000, and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity New Millennium Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2000 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP

Boston, Massachusetts
January 10, 2001

Annual Report

Distributions

The Board of Trustees of Fidelity New Millennium Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

Pay Date

\\\\\\\\\\\\\\

Record Date

\\\\\\\\\\\\\\

Dividends

\\\\\\\\\\\\\\

Capital Gains

12/26/00

12/22/00

-

$9.08

1/8/01

1/5/01

-

$.53

The fund hereby designates 100% of the long-term capital gain dividends distributed during the fiscal year as 20%-rate capital gain dividends.

A total of 6% of the dividends distributed during the fiscal year qualifies for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2001 of amounts for use in preparing 2000 income tax returns.

Annual Report

Managing Your Investments

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

By Phone

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

(phone_graphic)

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

Press

1   For mutual fund and brokerage trading.

2   For quotes.*

3   For account balances and holdings.

4   To review orders and mutual
fund activity.

5   To change your PIN.

*0   To speak to a Fidelity representative.

By PC

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

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

If you are not currently on the Internet, call EarthLink Sprint at 1-800-288-2967, and be sure to ask for registration number SMD004 to receive a special Fidelity package that includes 30 days of free Internet access. EarthLink is North America's #1 independent Internet access provider.

(computer_graphic)
Fidelity On-line Xpress+
®

Fidelity On-line Xpress+ software for Windows combines comprehensive portfolio management capabilities, securities trading and access to research and analysis tools . . . all on your desktop. Call Fidelity at 1-800-544-0240 or visit our web site for more information on how to manage your investments via your PC.

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

Annual Report

To Write Fidelity

If more than one address is listed, 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.

(letter_graphic)

Making Changes
To Your Account

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

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

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

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

Overnight Express
Fidelity Investments
2300 Litton Lane - KH1A
Hebron, KY 41048

Selling shares

Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602

Overnight Express
Fidelity Investments
Attn: Redemptions - CP6I

400 East Las Colinas Blvd.
Irving, TX 75039-5587

General Correspondence

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

(letter_graphic)

For Retirement
Accounts

Buying shares

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

Selling shares

Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602

Overnight Express
Fidelity Investments
Attn: Redemptions - CP6R

400 East Las Colinas Blvd.
Irving, TX 75039-5587

General Correspondence

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

Annual Report

To Visit Fidelity

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

Arizona

7373 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

851 East Hamilton Avenue
Campbell, CA

527 North Brand Boulevard
Glendale, CA

19200 Von Karman Avenue
Irvine, CA

10100 Santa Monica Blvd.
Los Angeles, CA

251 University Avenue
Palo Alto, CA

1760 Challenge Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

8 Montgomery Street
San Francisco, CA

950 Northgate Drive
San Rafael, CA

1400 Civic Drive
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

Delaware

222 Delaware Avenue
Wilmington, DE

Florida

4400 N. Federal Highway
Boca Raton, FL

90 Alhambra Plaza
Coral Gables, FL

4090 N. Ocean Boulevard
Ft. Lauderdale, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

2401 PGA Boulevard
Palm Beach Gardens, FL

8065 Beneva Road
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North Franklin Street
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1700 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Maine

Three Canal Plaza
Portland, ME

Maryland

7401 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

25 State Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

416 Belmont Street
Worcester, MA

Annual Report

Michigan

280 Old N. Woodward Ave.
Birmingham, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

700 West 47th Street
Kansas City, MO

8885 Ladue Road
Ladue, MO

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

501 Route 17, South
Paramus, NJ

New York

1055 Franklin Avenue
Garden City, NY

999 Walt Whitman Road
Melville, L.I., NY

1271 Avenue of the Americas
New York, NY

71 Broadway
New York, NY

350 Park Avenue
New York, NY

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

600 Vine Street
Cincinnati, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

16850 SW 72nd Avenue
Tigard, OR

Pennsylvania

1735 Market Street
Philadelphia, PA

439 Fifth Avenue
Pittsburgh, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4017 Northwest Parkway
Dallas, TX

1155 Dairy Ashford Street
Houston, TX

2701 Drexel Drive
Houston, TX

400 East Las Colinas Blvd.
Irving, TX

14100 San Pedro
San Antonio, TX

19740 IH 45 North
Spring, TX

Utah

215 South State Street
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

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

511 Pine Street
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

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

Annual Report

Annual Report

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

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

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

Officers

Edward C. Johnson 3d, President

Robert C. Pozen, Senior Vice President

Abigail P. Johnson, Vice President

Neal P. Miller, Vice President

Eric D. Roiter, Secretary

Robert A. Dwight, Treasurer

Maria F. Dwyer, Deputy Treasurer

John H. Costello, Assistant Treasurer

Thomas J. Simpson, Assistant Treasurer

Board of Trustees

Ralph F. Cox *

Phyllis Burke Davis *

Robert M. Gates *

Edward C. Johnson 3d

Ned C. Lautenbach *

Donald J. Kirk *

Peter S. Lynch

Marvin L. Mann *

William O. McCoy *

Gerald C. McDonough *

Robert C. Pozen

Thomas R. Williams *

Advisory Board

J. Michael Cook

Marie L. Knowles

William S. Stavropoulos

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Service Company, Inc.

Boston, MA

* Independent trustees

Custodian

The Chase Manhattan Bank

New York, NY

Fidelity's Growth Funds

Aggressive Growth Fund

Blue Chip Growth Fund

Capital Appreciation Fund

Contrafund®

Contrafund® II

Disciplined Equity Fund

Dividend Growth Fund

Export and Multinational Fund

Fidelity Fifty®

Growth Company Fund

Independence Fund

Large Cap Stock Fund

Low-Priced Stock Fund

Magellan® Fund

Mid-Cap Stock Fund

New Millennium Fund®

OTC Portfolio

Small Cap Selector

Small Cap Stock Fund

Stock Selector

Tax Managed Stock Fund

TechnoQuant ® Growth Fund

Trend Fund

Value Fund

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

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

(automated graphic)    Automated line for quickest service

NMF-ANN-0101 122427
1.539033.103

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



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