N-CSRS 1 filing936.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-3583


Fidelity Mt. Vernon Street Trust

(Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

(Address of principal executive offices)       (Zip code)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

November 30


Date of reporting period:

May 31, 2018


Item 1.

Reports to Stockholders




Fidelity® Growth Company Fund



Semi-Annual Report

May 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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 LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2018

 % of fund's net assets 
NVIDIA Corp. 7.1 
Amazon.com, Inc. 5.9 
Apple, Inc. 4.9 
Alphabet, Inc. Class A 3.4 
Facebook, Inc. Class A 3.1 
Salesforce.com, Inc. 3.0 
Microsoft Corp. 2.5 
adidas AG 2.3 
Alphabet, Inc. Class C 1.8 
lululemon athletica, Inc. 1.8 
 35.8 

Top Five Market Sectors as of May 31, 2018

 % of fund's net assets 
Information Technology 44.0 
Consumer Discretionary 22.0 
Health Care 18.0 
Industrials 5.3 
Consumer Staples 4.1 

Asset Allocation (% of fund's net assets)

As of May 31, 2018* 
   Stocks 97.6% 
   Convertible Securities 2.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.3% 


 * Foreign investments - 11.7%


Schedule of Investments May 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 21.8%   
Auto Components - 0.0%   
Aptiv PLC 39,083 $3,811 
Automobiles - 1.1%   
Tesla, Inc. (a)(b) 1,707,445 486,161 
Hotels, Restaurants & Leisure - 1.9%   
China Lodging Group Ltd. ADR 575,884 25,345 
Chipotle Mexican Grill, Inc. (a) 279,766 120,350 
Hilton Worldwide Holdings, Inc. 470,622 37,984 
Hyatt Hotels Corp. Class A 151,574 12,388 
Las Vegas Sands Corp. 778,470 62,752 
Marriott International, Inc. Class A 120,523 16,314 
McDonald's Corp. 1,319,965 211,208 
Shake Shack, Inc. Class A (a)(b) 756,217 45,086 
Starbucks Corp. 3,284,568 186,136 
U.S. Foods Holding Corp. (a) 306,872 10,949 
Yum China Holdings, Inc. 1,611,031 63,314 
Yum! Brands, Inc. 868,796 70,659 
  862,485 
Household Durables - 0.4%   
iRobot Corp. (a)(b) 566,716 35,369 
Roku, Inc. 3,579,213 134,077 
Sony Corp. sponsored ADR 125,086 5,890 
  175,336 
Internet & Direct Marketing Retail - 9.4%   
Amazon.com, Inc. (a) 1,619,904 2,639,828 
Blue Apron Holdings, Inc. Class B 2,211,569 6,790 
Ctrip.com International Ltd. ADR (a) 1,032,440 46,553 
Expedia, Inc. 297,979 36,064 
Groupon, Inc. (a) 7,215,306 34,706 
JD.com, Inc. sponsored ADR (a) 4,382,401 154,173 
Netflix, Inc. (a) 2,052,449 721,641 
The Booking Holdings, Inc. (a) 103,688 218,670 
The Honest Co., Inc. (a)(c)(d) 39,835 736 
Wayfair LLC Class A (a)(b) 3,599,499 332,414 
  4,191,575 
Leisure Products - 0.1%   
Callaway Golf Co. 2,047,604 38,782 
Media - 0.8%   
Comcast Corp. Class A 7,395,736 230,599 
Lions Gate Entertainment Corp.:   
Class A (b) 97,018 2,248 
Class B 83,892 1,831 
The Walt Disney Co. 1,472,091 146,429 
Turn, Inc. (Escrow) (a)(c)(d) 984,774 655 
  381,762 
Multiline Retail - 0.3%   
Dollar General Corp. 192,086 16,804 
Dollar Tree, Inc. (a) 810,489 66,938 
Target Corp. 509,955 37,171 
  120,913 
Specialty Retail - 1.3%   
Home Depot, Inc. 1,933,265 360,651 
L Brands, Inc. 134,783 4,570 
Lowe's Companies, Inc. 788,451 74,911 
RH (a)(b) 1,025,895 100,261 
TJX Companies, Inc. 510,601 46,117 
  586,510 
Textiles, Apparel & Luxury Goods - 6.5%   
adidas AG 4,511,576 1,021,096 
Canada Goose Holdings, Inc. (a) 610,400 25,742 
Carbon Black, Inc. 70,900 1,667 
Cibus Global Ltd. Series C (c)(d)(e) 4,523,810 9,500 
Homology Medicines, Inc. (a) 440,484 8,867 
Homology Medicines, Inc. 712,521 12,909 
Kering SA 615,700 352,478 
lululemon athletica, Inc. (a)(f) 7,603,859 798,785 
LVMH Moet Hennessy - Louis Vuitton SA 216,838 75,503 
NIKE, Inc. Class B 2,378,720 170,792 
PagSeguro Digital Ltd. (a) 417,108 13,877 
Puma AG (b) 50,441 30,604 
Scholar Rock Holding Corp. (b) 201,000 3,515 
Scholar Rock Holding Corp. 470,781 7,411 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 8,856,419 257,368 
Tory Burch LLC:   
Class A (c)(d)(e) 950,844 67,310 
Class B (c)(d)(e) 324,840 24,105 
Under Armour, Inc. Class C (non-vtg.) (a)(b) 141,350 2,674 
VF Corp. 376,141 30,528 
  2,914,731 
TOTAL CONSUMER DISCRETIONARY  9,762,066 
CONSUMER STAPLES - 4.1%   
Beverages - 2.0%   
Constellation Brands, Inc. Class A (sub. vtg.) 306,094 68,283 
Dr. Pepper Snapple Group, Inc. 1,122,210 133,880 
Fever-Tree Drinks PLC 1,780,147 71,088 
Monster Beverage Corp. (a) 6,459,405 330,463 
PepsiCo, Inc. 910,990 91,327 
The Coca-Cola Co. 4,858,624 208,921 
  903,962 
Food & Staples Retailing - 0.5%   
Costco Wholesale Corp. 889,493 176,333 
Drogasil SA 2,127,473 35,574 
Kroger Co. 429,916 10,460 
  222,367 
Food Products - 0.3%   
Kellogg Co. 81,228 5,230 
Lamb Weston Holdings, Inc. 770,081 49,093 
Mondelez International, Inc. 1,191,220 46,779 
The Hershey Co. 207,924 18,721 
The Kraft Heinz Co. 252,194 14,496 
  134,319 
Household Products - 0.1%   
Church & Dwight Co., Inc. 739,156 34,703 
Colgate-Palmolive Co. 317,166 20,010 
Kimberly-Clark Corp. 90,594 9,136 
  63,849 
Personal Products - 0.5%   
Coty, Inc. Class A 6,709,349 88,899 
Godrej Consumer Products Ltd. 301,051 5,086 
Herbalife Nutrition Ltd. (a) 1,881,258 95,511 
Unilever NV (Certificaten Van Aandelen) (Bearer) 624,300 34,816 
  224,312 
Tobacco - 0.7%   
Altria Group, Inc. 2,878,608 160,454 
British American Tobacco PLC sponsored ADR 191,960 9,828 
Philip Morris International, Inc. 1,736,517 138,123 
  308,405 
TOTAL CONSUMER STAPLES  1,857,214 
ENERGY - 1.9%   
Energy Equipment & Services - 0.2%   
Baker Hughes, a GE Co. Class A 1,869,819 64,677 
Halliburton Co. 476,812 23,717 
  88,394 
Oil, Gas & Consumable Fuels - 1.7%   
Anadarko Petroleum Corp. 238,600 16,654 
Cabot Oil & Gas Corp. 1,331,089 30,415 
Concho Resources, Inc. (a) 446,971 61,374 
Continental Resources, Inc. (a) 433,551 29,195 
Diamondback Energy, Inc. 158,320 19,119 
EOG Resources, Inc. 1,716,412 202,210 
Hess Corp. 338,119 20,429 
Noble Energy, Inc. 1,251,837 44,691 
Occidental Petroleum Corp. 669,469 56,369 
PDC Energy, Inc. (a) 389,575 23,565 
Pioneer Natural Resources Co. 562,091 108,540 
Reliance Industries Ltd. 4,932,780 67,401 
Valero Energy Corp. 651,481 78,959 
  758,921 
TOTAL ENERGY  847,315 
FINANCIALS - 2.8%   
Banks - 1.0%   
Bank of America Corp. 2,033,822 59,062 
Citigroup, Inc. 549,649 36,656 
HDFC Bank Ltd. sponsored ADR 1,256,040 133,668 
JPMorgan Chase & Co. 1,750,742 187,347 
Signature Bank (a) 69,457 8,855 
Wells Fargo & Co. 680,639 36,748 
  462,336 
Capital Markets - 1.7%   
BlackRock, Inc. Class A 403,898 215,774 
BM&F BOVESPA SA 5,250,497 30,693 
Charles Schwab Corp. 6,718,458 373,681 
E*TRADE Financial Corp. (a) 563,961 35,727 
Edelweiss Financial Services Ltd. 5,416,808 26,212 
Nomura Holdings, Inc. 4,816,200 24,825 
T. Rowe Price Group, Inc. 311,980 37,881 
  744,793 
Consumer Finance - 0.1%   
American Express Co. 188,934 18,572 
Discover Financial Services 132,280 9,770 
  28,342 
Insurance - 0.0%   
Hiscox Ltd. 374,800 7,484 
TOTAL FINANCIALS  1,242,955 
HEALTH CARE - 17.0%   
Biotechnology - 11.9%   
AbbVie, Inc. 1,316,480 130,253 
ACADIA Pharmaceuticals, Inc. (a)(b)(f) 6,890,955 124,726 
Agios Pharmaceuticals, Inc. (a) 2,252,500 210,609 
Alexion Pharmaceuticals, Inc. (a) 1,323,554 153,704 
Alkermes PLC (a)(f) 9,384,653 442,956 
Alnylam Pharmaceuticals, Inc. (a)(f) 5,080,974 505,404 
Amgen, Inc. 1,141,970 205,121 
AnaptysBio, Inc. (a) 266,663 20,746 
Argenx SE ADR 77,101 7,363 
Array BioPharma, Inc. (a) 5,319,165 86,968 
Arsanis, Inc. (a) 345,972 5,958 
aTyr Pharma, Inc. (a)(f)(g) 524,585 473 
aTyr Pharma, Inc. (a)(f) 1,705,667 1,539 
BeiGene Ltd. ADR (a) 2,043,459 408,937 
Biogen, Inc. (a) 342,832 100,779 
bluebird bio, Inc. (a)(f) 2,589,689 463,684 
Blueprint Medicines Corp. (a) 334,484 28,123 
Calyxt, Inc. (b)(f) 1,709,853 32,265 
Celgene Corp. (a) 910,148 71,610 
Cellectis SA sponsored ADR (a) 843,732 25,261 
Chimerix, Inc. (a) 1,640,841 7,499 
Coherus BioSciences, Inc. (a)(b) 2,242,509 34,983 
CytomX Therapeutics, Inc. (a) 716,789 18,400 
CytomX Therapeutics, Inc. (a)(g) 794,033 20,383 
Denali Therapeutics, Inc. (a)(b) 936,708 18,013 
Editas Medicine, Inc. (a)(b) 901,566 34,548 
Evelo Biosciences, Inc. 515,500 8,191 
Evelo Biosciences, Inc. 909,286 13,004 
Exact Sciences Corp. (a) 175,802 10,467 
Exelixis, Inc. (a) 12,248,299 253,907 
Fate Therapeutics, Inc. (a)(b) 1,815,965 19,885 
Five Prime Therapeutics, Inc. (a) 1,448,898 25,443 
Gilead Sciences, Inc. 649,602 43,783 
Global Blood Therapeutics, Inc. (a) 1,053,863 50,744 
Heron Therapeutics, Inc. (a) 2,558,835 83,418 
Intellia Therapeutics, Inc. (a)(b) 799,636 21,670 
Intercept Pharmaceuticals, Inc. (a) 136,249 9,566 
Ionis Pharmaceuticals, Inc. (a)(b)(f) 7,372,773 343,940 
Ironwood Pharmaceuticals, Inc. Class A (a) 4,960,261 92,162 
Jounce Therapeutics, Inc. (a)(b) 516,395 5,809 
Kiniksa Pharmaceuticals Ltd. 141,600 2,423 
Kiniksa Pharmaceuticals Ltd. 304,279 4,686 
Lexicon Pharmaceuticals, Inc. (a)(b)(f) 6,839,857 79,342 
Macrogenics, Inc. (a) 201,491 4,580 
Momenta Pharmaceuticals, Inc. (a)(f) 5,073,012 119,723 
Protagonist Therapeutics, Inc. (a) 831,414 6,053 
Prothena Corp. PLC (a)(f) 2,019,677 27,245 
Regeneron Pharmaceuticals, Inc. (a) 715,368 214,839 
Regulus Therapeutics, Inc. (a)(b)(f) 5,236,516 3,825 
Rigel Pharmaceuticals, Inc. (a)(f) 11,621,382 37,769 
Sage Therapeutics, Inc. (a) 2,105,273 321,454 
Seres Therapeutics, Inc. (a)(b) 1,132,111 9,113 
Seres Therapeutics, Inc. (a)(g) 572,827 4,611 
Sienna Biopharmaceuticals, Inc. (b)(f) 815,686 12,227 
Sienna Biopharmaceuticals, Inc. (f)(g) 564,045 8,455 
Spark Therapeutics, Inc. (a) 808,302 64,494 
Syros Pharmaceuticals, Inc. (a)(f) 1,156,394 14,374 
Syros Pharmaceuticals, Inc. (a)(f)(g) 938,007 11,659 
TESARO, Inc. (a)(b) 368,254 16,855 
Ultragenyx Pharmaceutical, Inc. (a) 682,379 49,950 
uniQure B.V. (a) 829,128 29,053 
UNITY Biotechnology, Inc. (b) 478,294 7,127 
UNITY Biotechnology, Inc. 1,193,604 16,006 
Vertex Pharmaceuticals, Inc. (a) 371,370 57,191 
Xencor, Inc. (a) 1,268,991 50,772 
Zai Lab Ltd. ADR (b) 1,061,325 24,856 
  5,340,976 
Health Care Equipment & Supplies - 2.1%   
Abbott Laboratories 562,870 34,633 
Align Technology, Inc. (a) 127,590 42,354 
Boston Scientific Corp. (a) 1,009,834 30,689 
Danaher Corp. 1,241,755 123,281 
DexCom, Inc. (a) 444,609 39,121 
Genmark Diagnostics, Inc. (a) 1,480,341 10,851 
Insulet Corp. (a) 1,937,956 181,761 
Intuitive Surgical, Inc. (a) 435,225 200,060 
Novocure Ltd. (a) 1,790,083 56,298 
Novocure Ltd. (a)(g) 571,461 17,972 
Penumbra, Inc. (a) 1,262,496 203,136 
Presbia PLC (a)(f) 1,272,116 2,748 
  942,904 
Health Care Providers & Services - 0.7%   
G1 Therapeutics, Inc. 309,704 13,413 
Humana, Inc. 59,948 17,444 
McKesson Corp. 94,133 13,361 
National Vision Holdings, Inc. 168,479 6,133 
OptiNose, Inc. (b)(f) 1,017,943 23,484 
OptiNose, Inc. (f)(g) 992,571 22,899 
UnitedHealth Group, Inc. 819,870 198,007 
  294,741 
Health Care Technology - 0.3%   
athenahealth, Inc. (a) 647,757 97,468 
Castlight Health, Inc. Class B (a) 2,134,008 7,682 
Cerner Corp. (a) 201,783 12,042 
Teladoc, Inc. (a)(b) 249,963 12,723 
  129,915 
Life Sciences Tools & Services - 0.0%   
Illumina, Inc. (a) 49,571 13,505 
Pharmaceuticals - 2.0%   
Adimab LLC (c)(d)(e) 3,162,765 128,503 
Akcea Therapeutics, Inc. (b)(f) 4,827,247 117,012 
Bristol-Myers Squibb Co. 1,046,977 55,092 
Castle Creek Pharmaceuticals, LLC Class A-2 unit (a)(c)(d)(e)(h) 46,864 23,900 
Intra-Cellular Therapies, Inc. (a)(f) 3,751,784 87,342 
Kolltan Pharmaceuticals, Inc. rights (a)(d) 7,940,644 0 
MyoKardia, Inc. (a) 1,373,765 65,391 
Nektar Therapeutics (a) 3,546,028 284,640 
resTORbio, Inc. (a)(b) 181,228 1,774 
Rhythm Pharmaceuticals, Inc. 493,000 15,840 
RPI International Holdings LP (c)(d) 130,847 19,006 
Stemcentrx, Inc. rights 12/31/21 (a)(d) 2,065,715 4,049 
The Medicines Company (a)(b) 2,288,388 77,485 
Theravance Biopharma, Inc. (a)(b) 979,838 23,849 
  903,883 
TOTAL HEALTH CARE  7,625,924 
INDUSTRIALS - 5.1%   
Aerospace & Defense - 1.1%   
Lockheed Martin Corp. 449,707 141,451 
Northrop Grumman Corp. 56,050 18,342 
Space Exploration Technologies Corp. Class A (a)(c)(d) 418,210 70,677 
The Boeing Co. 592,796 208,759 
United Technologies Corp. 414,223 51,703 
  490,932 
Air Freight & Logistics - 0.3%   
FedEx Corp. 84,188 20,973 
United Parcel Service, Inc. Class B 916,730 106,451 
  127,424 
Airlines - 1.2%   
Allegiant Travel Co. 125,576 19,006 
Azul SA sponsored ADR (a) 496,820 10,622 
Delta Air Lines, Inc. 756,462 40,887 
InterGlobe Aviation Ltd. (g) 1,333,131 24,105 
JetBlue Airways Corp. (a) 4,509,381 85,182 
Ryanair Holdings PLC sponsored ADR (a) 465,525 53,959 
Southwest Airlines Co. 2,076,154 106,050 
Spirit Airlines, Inc. (a) 294,150 10,792 
United Continental Holdings, Inc. (a) 562,183 39,122 
Wheels Up Partners Holdings LLC:   
Series B (a)(c)(d)(e) 6,703,518 15,485 
Series C (a)(c)(d)(e) 3,466,281 8,007 
Wizz Air Holdings PLC (a)(g) 2,889,497 130,676 
  543,893 
Construction & Engineering - 0.1%   
Fluor Corp. 471,731 22,992 
Electrical Equipment - 0.2%   
AMETEK, Inc. 63,963 4,671 
Eaton Corp. PLC 401,805 30,770 
Emerson Electric Co. 355,670 25,196 
Fortive Corp. 613,286 44,580 
  105,217 
Industrial Conglomerates - 0.7%   
3M Co. 642,270 126,675 
General Electric Co. 1,544,835 21,751 
Honeywell International, Inc. 1,047,514 154,938 
  303,364 
Machinery - 1.1%   
Aumann AG (g) 230,094 16,247 
Caterpillar, Inc. 1,221,175 185,509 
Cummins, Inc. 251,642 35,831 
Deere & Co. 697,226 104,242 
Illinois Tool Works, Inc. 281,708 40,481 
Rational AG 18,703 11,698 
Wabtec Corp. (b) 255,020 24,867 
Xylem, Inc. 1,125,774 79,254 
  498,129 
Road & Rail - 0.4%   
J.B. Hunt Transport Services, Inc. 302,231 38,716 
Union Pacific Corp. 1,060,289 151,367 
  190,083 
TOTAL INDUSTRIALS  2,282,034 
INFORMATION TECHNOLOGY - 43.3%   
Communications Equipment - 0.6%   
Arista Networks, Inc. (a) 145,999 36,728 
Infinera Corp. (a)(f) 11,301,466 99,453 
NETGEAR, Inc. (a)(f) 1,887,777 114,116 
Palo Alto Networks, Inc. (a) 56,107 11,675 
  261,972 
Electronic Equipment & Components - 0.1%   
Cognex Corp. 51,338 2,347 
IPG Photonics Corp. (a) 17,154 4,139 
TE Connectivity Ltd. 105,300 9,801 
Trimble, Inc. (a) 1,667,150 55,116 
  71,403 
Internet Software & Services - 11.9%   
2U, Inc. (a) 769,771 72,974 
Actua Corp. (d)(f) 1,800,882 1,801 
Alibaba Group Holding Ltd. sponsored ADR (a) 1,252,238 247,956 
Alphabet, Inc.:   
Class A (a) 1,390,819 1,529,901 
Class C (a) 756,673 820,983 
Apptio, Inc. Class A (a) 1,226,480 40,511 
CarGurus, Inc. Class A 52,014 1,725 
DocuSign, Inc. 122,292 6,091 
Dropbox, Inc.:   
Class A (a) 213,339 6,398 
Class B 736,721 19,885 
eBay, Inc. (a) 497,114 18,751 
Etsy, Inc. (a) 186,014 6,016 
Facebook, Inc. Class A (a) 7,240,959 1,388,671 
GoDaddy, Inc. (a) 345,482 24,733 
Match Group, Inc. (a)(b) 210,012 8,642 
MongoDB, Inc. 956,702 45,089 
NAVER Corp. 8,760 5,425 
NetEase, Inc. ADR 203,990 46,575 
New Relic, Inc. (a) 434,667 44,158 
Nutanix, Inc.:   
Class A (a) 5,705,044 304,935 
Class B (a)(g) 1,151,309 61,537 
Shopify, Inc. Class A (a) 3,312,196 491,312 
Tencent Holdings Ltd. 1,265,800 64,622 
Twitter, Inc. (a) 398,662 13,834 
Wix.com Ltd. (a) 597,418 51,945 
  5,324,470 
IT Services - 3.7%   
Cognizant Technology Solutions Corp. Class A 925,970 69,772 
IBM Corp. 231,719 32,744 
MasterCard, Inc. Class A 2,255,060 428,732 
PayPal Holdings, Inc. (a) 5,239,725 430,024 
Square, Inc. (a) 2,724,395 158,696 
Visa, Inc. Class A 3,983,910 520,777 
  1,640,745 
Semiconductors & Semiconductor Equipment - 9.8%   
Advanced Micro Devices, Inc. (a)(b) 4,607,150 63,256 
Applied Materials, Inc. 403,517 20,491 
ASML Holding NV 403,483 79,345 
Broadcom, Inc. 587,850 148,179 
Cirrus Logic, Inc. (a) 1,111,714 41,667 
Cree, Inc. (a) 1,614,518 75,269 
Inphi Corp. (a)(b) 291,513 9,847 
Intel Corp. 75,915 4,191 
KLA-Tencor Corp. 243,611 27,584 
Marvell Technology Group Ltd. 2,055,295 44,271 
Micron Technology, Inc. (a) 1,295,859 74,629 
NVIDIA Corp. 12,672,330 3,195,833 
Qorvo, Inc. (a) 184,020 14,768 
Renesas Electronics Corp. (a) 901,400 8,966 
Silicon Laboratories, Inc. (a)(f) 3,182,940 336,118 
Skyworks Solutions, Inc. 110,704 10,917 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 1,174,756 45,463 
Texas Instruments, Inc. 1,556,747 174,216 
  4,375,010 
Software - 11.9%   
Activision Blizzard, Inc. 7,162,180 507,870 
Adobe Systems, Inc. (a) 1,740,080 433,767 
Aspen Technology, Inc. (a) 332,699 31,028 
Atlassian Corp. PLC (a) 446,080 28,455 
Autodesk, Inc. (a) 1,570,583 202,762 
Black Knight, Inc. (a) 496,358 25,116 
BlackBerry Ltd. (a) 2,197,390 25,995 
Electronic Arts, Inc. (a) 1,544,109 202,139 
HubSpot, Inc. (a) 1,713,908 207,726 
Intuit, Inc. 545,956 110,065 
Microsoft Corp. 11,205,425 1,107,544 
Nintendo Co. Ltd. 88,100 36,063 
Oracle Corp. 959,062 44,807 
Parametric Technology Corp. (a) 1,976,498 170,453 
Paylocity Holding Corp. (a) 145,801 8,712 
Pivotal Software, Inc. 985,316 17,726 
Pluralsight, Inc. 257,500 5,541 
Proofpoint, Inc. (a) 449,825 52,580 
Red Hat, Inc. (a) 3,923,340 637,229 
Salesforce.com, Inc. (a) 10,308,990 1,333,262 
Smartsheet, Inc. 98,632 2,458 
Snap, Inc. Class A (a)(b) 1,724,290 19,640 
Zendesk, Inc. (a) 2,124,395 118,732 
Zscaler, Inc. (a) 667,045 17,517 
  5,347,187 
Technology Hardware, Storage & Peripherals - 5.3%   
Apple, Inc. 11,692,679 2,185,011 
NetApp, Inc. 377,709 25,805 
Pure Storage, Inc. Class A (a) 5,415,148 116,209 
Samsung Electronics Co. Ltd. 1,064,900 49,982 
  2,377,007 
TOTAL INFORMATION TECHNOLOGY  19,397,794 
MATERIALS - 0.9%   
Chemicals - 0.9%   
CF Industries Holdings, Inc. 1,347,177 55,423 
DowDuPont, Inc. 3,407,653 218,465 
LG Chemical Ltd. 101,570 31,829 
LyondellBasell Industries NV Class A 119,209 13,366 
The Mosaic Co. 241,652 6,643 
The Scotts Miracle-Gro Co. Class A 938,082 79,859 
  405,585 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
American Tower Corp. 684,456 94,708 
Ant International Co. Ltd. (c)(d)(i) 1,658,265 9,303 
  104,011 
TELECOMMUNICATION SERVICES - 0.4%   
Diversified Telecommunication Services - 0.1%   
Verizon Communications, Inc. 936,657 44,650 
Wireless Telecommunication Services - 0.3%   
T-Mobile U.S., Inc. (a) 2,793,188 155,581 
TOTAL TELECOMMUNICATION SERVICES  200,231 
TOTAL COMMON STOCKS   
(Cost $19,079,015)  43,725,129 
Preferred Stocks - 2.2%   
Convertible Preferred Stocks - 2.1%   
CONSUMER DISCRETIONARY - 0.2%   
Hotels, Restaurants & Leisure - 0.0%   
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(c)(d)(e) 61,485 8,604 
Topgolf International, Inc. Series F (c)(d) 819,532 11,337 
  19,941 
Internet & Direct Marketing Retail - 0.0%   
The Honest Co., Inc.:   
Series C (a)(c)(d) 92,950 2,904 
Series D (a)(c)(d) 69,363 2,340 
  5,244 
Leisure Products - 0.1%   
Peloton Interactive, Inc. Series E (a)(c)(d) 637,482 23,058 
Textiles, Apparel & Luxury Goods - 0.1%   
Generation Bio Series B (c)(d) 831,800 7,607 
Harmony Biosciences II, Inc. Series A (c)(d) 10,934,380 10,934 
ORIC Pharmaceuticals, Inc. Series C (c)(d) 1,416,666 4,250 
Rubius Therapeutics, Inc.:   
Series B (c)(d) 1,287,247 16,464 
Series C (c)(d) 578,030 7,393 
  46,648 
TOTAL CONSUMER DISCRETIONARY  94,891 
FINANCIALS - 0.0%   
Insurance - 0.0%   
Clover Health Series D (c)(d) 863,631 8,099 
HEALTH CARE - 1.0%   
Biotechnology - 0.9%   
10X Genomics, Inc.:   
Series C (a)(c)(d) 2,505,940 23,982 
Series D (c)(d) 364,100 3,484 
23andMe, Inc. Series F (c)(d) 590,383 9,210 
Axcella Health, Inc. Series C (a)(c)(d) 536,592 6,933 
BioNTech AG Series A (c)(d) 114,025 24,331 
Immunocore Ltd. Series A (a)(c)(d) 67,323 23,468 
Intarcia Therapeutics, Inc.:   
Series CC (a)(c)(d) 1,051,411 63,085 
Series DD (a)(c)(d) 1,543,687 92,621 
Kaleido Biosciences, Inc. Series C, (c)(d) 729,738 7,290 
Moderna Therapeutics, Inc.:   
Series B (a)(c)(d) 242,837 2,443 
Series C (a)(c)(d) 554,903 5,582 
Series D (a)(c)(d) 4,688,230 47,164 
Series E (a)(c)(d) 5,651,170 56,851 
Series F (a)(c)(d) 140,212 1,411 
Translate Bio:   
Series B (a)(c)(d) 4,408,601 8,729 
Series C (a)(c)(d) 6,666,443 13,200 
  389,784 
Health Care Equipment & Supplies - 0.0%   
Shockwave Medical, Inc. Series C (c)(d) 5,413,080 7,416 
Health Care Providers & Services - 0.1%   
Mulberry Health, Inc. Series A8 (a)(c)(d) 2,790,742 19,912 
Health Care Technology - 0.0%   
Codiak Biosciences, Inc.:   
Series A 8.00% (a)(c)(d) 589,863 2,234 
Series B 8.00% (a)(c)(d) 1,917,058 7,261 
Series C, 8.00% (c)(d) 2,688,186 10,182 
  19,677 
Life Sciences Tools & Services - 0.0%   
Neon Therapeutics, Inc. Series B (a)(c)(d) 4,449,273 12,814 
Pharmaceuticals - 0.0%   
Constellation Pharmaceuticals Series F (c)(d) 4,665,921 4,666 
Nohla Therapeutics, Inc. Series B (c)(d) 9,124,200 4,161 
  8,827 
TOTAL HEALTH CARE  458,430 
INDUSTRIALS - 0.2%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series G (a)(c)(d) 216,276 36,551 
Commercial Services & Supplies - 0.0%   
Domo, Inc. Series D (a)(c)(d) 2,990,903 14,476 
Professional Services - 0.1%   
YourPeople, Inc. Series C (a)(c)(d) 5,833,137 29,399 
TOTAL INDUSTRIALS  80,426 
INFORMATION TECHNOLOGY - 0.7%   
Internet Software & Services - 0.5%   
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) 7,578,338 344 
Reddit, Inc. Series B (c)(d) 384,303 8,935 
Starry, Inc.:   
Series B (a)(c)(d) 9,869,159 9,099 
Series C (c)(d) 5,234,614 4,826 
Uber Technologies, Inc.:   
Series D, 8.00% (a)(c)(d) 4,770,180 190,807 
Series E, 8.00% (a)(c)(d) 209,216 8,369 
  222,380 
IT Services - 0.0%   
AppNexus, Inc. Series E (a)(c)(d) 923,523 21,887 
Software - 0.2%   
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) 1,429,726 10,423 
Dataminr, Inc. Series D (a)(c)(d) 1,773,901 35,301 
Outset Medical, Inc. Series C (a)(c)(d) 1,244,716 3,535 
Taboola.Com Ltd. Series E (a)(c)(d) 1,337,420 22,255 
  71,514 
TOTAL INFORMATION TECHNOLOGY  315,781 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (a)(c)(d) 699,106 895 
TOTAL CONVERTIBLE PREFERRED STOCKS  958,522 
Nonconvertible Preferred Stocks - 0.1%   
FINANCIALS - 0.1%   
Banks - 0.1%   
Itau Unibanco Holding SA 1,874,400 21,633 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
Yumanity Holdings LLC Class A (a)(c)(d) 464,607 3,898 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  25,531 
TOTAL PREFERRED STOCKS   
(Cost $665,581)  984,053 
Money Market Funds - 1.7%   
Fidelity Cash Central Fund, 1.76% (j) 161,172,548 161,205 
Fidelity Securities Lending Cash Central Fund 1.76% (j)(k) 589,835,518 589,895 
TOTAL MONEY MARKET FUNDS   
(Cost $751,090)  751,100 
TOTAL INVESTMENT IN SECURITIES - 101.4%   
(Cost $20,495,686)  45,460,282 
NET OTHER ASSETS (LIABILITIES) - (1.4)%  (639,355) 
NET ASSETS - 100%  $44,820,927 

Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

 (a) Non-income producing

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

 (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,339,607,000 or 3.0% of net assets.

 (d) Level 3 security

 (e) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (f) Affiliated company

 (g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $319,017,000 or 0.7% of net assets.

 (h) Investment represents common shares and preferred shares.

 (i) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
10X Genomics, Inc. Series C 2/23/16 - 4/3/17 $11,222 
10X Genomics, Inc. Series D 4/10/18 $3,484 
23andMe, Inc. Series F 8/31/17 $8,197 
Adimab LLC 9/17/14 - 6/5/15 $47,869 
Altiostar Networks, Inc. Series A1 1/10/17 $3,216 
Ant International Co. Ltd. 5/16/18 $9,303 
AppNexus, Inc. Series E 8/1/14 $18,500 
Axcella Health, Inc. Series C 8/11/17 $5,409 
BioNTech AG Series A 12/29/17 $24,972 
Castle Creek Pharmaceuticals, LLC Class A-2 unit 9/29/16 $15,465 
Cibus Global Ltd. Series C 2/16/18 $9,500 
Cloudflare, Inc. Series D, 8.00% 11/5/14 $8,758 
Clover Health Series D 6/7/17 $8,099 
Codiak Biosciences, Inc. Series A 8.00% 11/12/15 $590 
Codiak Biosciences, Inc. Series B 8.00% 11/12/15 $5,751 
Codiak Biosciences, Inc. Series C, 8.00% 11/17/17 $10,182 
Constellation Pharmaceuticals Series F 4/5/18 $4,666 
Dataminr, Inc. Series D 2/18/15 - 3/6/15 $22,617 
Domo, Inc. Series D 1/24/14 $12,362 
Generation Bio Series B 2/21/18 $7,607 
Harmony Biosciences II, Inc. Series A 9/22/17 $10,934 
Immunocore Ltd. Series A 7/27/15 $12,669 
Intarcia Therapeutics, Inc. Series CC 11/14/12 $14,331 
Intarcia Therapeutics, Inc. Series DD 3/17/14 $50,000 
Jet.Com, Inc. Series B1 (Escrow) 9/19/16 $2,489 
Kaleido Biosciences, Inc. Series C, 3/16/18 $7,290 
MOD Super Fast Pizza Holdings LLC Series 3 Preferred 11/3/16 - 12/14/17 $8,439 
Moderna Therapeutics, Inc. Series B 4/13/17 $1,408 
Moderna Therapeutics, Inc. Series C 4/13/17 $3,224 
Moderna Therapeutics, Inc. Series D 11/6/13 $20,615 
Moderna Therapeutics, Inc. Series E 12/18/14 $24,850 
Moderna Therapeutics, Inc. Series F 8/10/16 $617 
Mulberry Health, Inc. Series A8 1/20/16 $18,851 
Neon Therapeutics, Inc. Series B 12/28/16 - 12/1/17 $12,503 
Nohla Therapeutics, Inc. Series B 5/1/18 $4,161 
ORIC Pharmaceuticals, Inc. Series C 2/6/18 $4,250 
Outset Medical, Inc. Series C 4/19/17 $3,226 
Peloton Interactive, Inc. Series E 3/31/17 $13,809 
Reddit, Inc. Series B 7/26/17 $5,456 
RPI International Holdings LP 5/21/15 - 3/23/16 $16,269 
Rubius Therapeutics, Inc. Series B 6/7/17 $10,800 
Rubius Therapeutics, Inc. Series C 2/23/18 $7,393 
Shockwave Medical, Inc. Series C 9/27/17 $5,467 
Space Exploration Technologies Corp. Class A 10/16/15 - 4/6/17 $38,201 
Space Exploration Technologies Corp. Series G 1/20/15 $16,753 
Starry, Inc. Series B 12/1/16 $5,339 
Starry, Inc. Series C 12/8/17 $4,826 
Taboola.Com Ltd. Series E 12/22/14 $13,943 
The Honest Co., Inc. 8/21/14 $1,078 
The Honest Co., Inc. Series C 8/21/14 $2,515 
The Honest Co., Inc. Series D 8/3/15 $3,174 
Topgolf International, Inc. Series F 11/10/17 $11,337 
Tory Burch LLC Class A 5/14/15 67,653 
Tory Burch LLC Class B 12/31/12 $17,505 
Translate Bio Series B 7/17/15 $4,761 
Translate Bio Series C 12/22/16 - 12/22/17 $13,200 
Turn, Inc. (Escrow) 4/11/17 $709 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $74,000 
Uber Technologies, Inc. Series E, 8.00% 12/5/14 $6,971 
Wheels Up Partners Holdings LLC Series B 9/18/15 $19,040 
Wheels Up Partners Holdings LLC Series C 6/22/17 10,815 
YourPeople, Inc. Series C 5/1/15 $86,920 
Yumanity Holdings LLC Class A 2/8/16 $3,140 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $625 
Fidelity Securities Lending Cash Central Fund 5,617 
Total $6,242 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Other Affiliated Issuers

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

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds(a) Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
ACADIA Pharmaceuticals, Inc. $231,213 $148 $21,734 $-- $(2,730) $(82,171) $124,726 
Actua Corp. 36,209 -- 924 -- (31,611) (1,873) 1,801 
Akcea Therapeutics, Inc. 70,889 26,196 2,302 -- 1,452 20,777 117,012 
Alkermes PLC 485,912 28,513 21,338 -- 10,159 (60,290) 442,956 
Alnylam Pharmaceuticals, Inc. 668,331 34,139 19,885 -- 12,716 (189,897) 505,404 
aTyr Pharma, Inc. 5,730 -- -- -- -- 13,743 473 
aTyr Pharma, Inc. 3,031 27 84 -- (33) (20,402) 1,539 
Avexis, Inc. 162,779 14,222 387,476 -- 250,139 (39,664) -- 
bluebird bio, Inc. 439,342 27,158 18,849 -- 12,990 3,043 463,684 
Calyxt, Inc. 28,618 3,870 872 -- 530 119 32,265 
Exelixis, Inc. 410,001 -- 67,864 -- 27,944 (116,174) -- 
Infinera Corp. 81,330 3,479 3,033 -- 748 16,929 99,453 
Intra-Cellular Therapies, Inc. 59,705 236 2,050 -- 416 29,035 87,342 
Ionis Pharmaceuticals, Inc. 417,706 5,601 13,031 -- 6,375 (72,711) 343,940 
Lexicon Pharmaceuticals, Inc. 71,027 929 1,797 -- 182 9,001 79,342 
lululemon athletica, Inc. 521,918 37,729 58,403 -- 20,431 277,110 798,785 
Momenta Pharmaceuticals, Inc. 70,799 1,750 2,536 -- 649 49,061 119,723 
NETGEAR, Inc. -- 120,709 2,698 -- 274 (4,169) 114,116 
OptiNose, Inc. 14,894 4,429 498 -- 65 4,594 23,484 
OptiNose, Inc. 17,053 -- -- -- -- 5,846 22,899 
Presbia PLC 3,510 -- 123 -- 11 (650) 2,748 
Prothena Corp. PLC 100,105 274 4,610 -- (784) (67,740) 27,245 
Regulus Therapeutics, Inc. 4,872 23 164 -- 28 (934) 3,825 
Rigel Pharmaceuticals, Inc. 44,595 4,744 1,200 -- 578 (10,948) 37,769 
Sienna Biopharmaceuticals, Inc. 16,690 223 410 -- 54 (4,330) 12,227 
Sienna Biopharmaceuticals, Inc. 10,803 -- -- -- -- (2,348) 8,455 
Silicon Laboratories, Inc. 298,944 3,752 12,672 -- 4,729 41,365 336,118 
Syros Pharmaceuticals, Inc. 10,854 4,689 305 -- 17 (881) 14,374 
Syros Pharmaceuticals, Inc. 13,929 -- -- -- -- (2,270) 11,659 
Total $4,300,789 $322,840 $644,858 $-- $315,329 $(206,829) $3,833,364 

 (a) Includes the value of securities delivered through in-kind transactions, if applicable.


Investment Valuation

The following is a summary of the inputs used, as of May 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $9,856,957 $9,563,937 $95,823 $197,197 
Consumer Staples 1,857,214 1,822,398 34,816 -- 
Energy 847,315 847,315 -- -- 
Financials 1,272,687 1,239,763 24,825 8,099 
Health Care 8,088,252 7,416,770 46,510 624,972 
Industrials 2,362,460 2,187,865 -- 174,595 
Information Technology 19,713,575 19,275,423 120,570 317,582 
Materials 405,585 405,585 -- -- 
Real Estate 104,011 94,708 -- 9,303 
Telecommunication Services 201,126 200,231 -- 895 
Money Market Funds 751,100 751,100 -- -- 
Total Investments in Securities: $45,460,282 $43,805,095 $322,544 $1,332,643 

The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:

(Amounts in thousands)  
Investments in Securities:  
Equities - Health Care  
Beginning Balance $489,611 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 99,584 
Cost of Purchases 53,902 
Proceeds of Sales (9,164) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (8,961) 
Ending Balance $624,972 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 $81,521 
Other Investments in Securities  
Beginning Balance $618,926 
Net Realized Gain (Loss) on Investment Securities 5,435 
Net Unrealized Gain (Loss) on Investment Securities 60,128 
Cost of Purchases 43,619 
Proceeds of Sales (56,646) 
Amortization/Accretion -- 
Transfers into Level 3 36,209 
Transfers out of Level 3 -- 
Ending Balance $707,671 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 $95,645 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 88.3% 
Cayman Islands 2.8% 
Germany 2.5% 
Ireland 1.3% 
Canada 1.2% 
France 1.1% 
Others (Individually Less Than 1%) 2.8% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  May 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $568,056) — See accompanying schedule:
Unaffiliated issuers (cost $17,213,647) 		$40,875,818  
Fidelity Central Funds (cost $751,090) 751,100  
Other affiliated issuers (cost $2,530,949) 3,833,364  
Total Investment in Securities (cost $20,495,686)  $45,460,282 
Restricted cash  282 
Foreign currency held at value (cost $1,784)  1,784 
Receivable for investments sold  18,093 
Receivable for fund shares sold  22,943 
Dividends receivable  30,075 
Distributions receivable from Fidelity Central Funds  2,781 
Prepaid expenses  10 
Other receivables  2,450 
Total assets  45,538,700 
Liabilities   
Payable for investments purchased   
Regular delivery $45,683  
Delayed delivery 9,303  
Payable for fund shares redeemed 37,540  
Accrued management fee 26,415  
Other affiliated payables 3,697  
Other payables and accrued expenses 5,287  
Collateral on securities loaned 589,848  
Total liabilities  717,773 
Net Assets  $44,820,927 
Net Assets consist of:   
Paid in capital  $17,577,029 
Distributions in excess of net investment income  (27,840) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  2,309,775 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  24,961,963 
Net Assets  $44,820,927 
Growth Company:   
Net Asset Value, offering price and redemption price per share ($27,580,141 ÷ 138,951 shares)  $198.49 
Class K:   
Net Asset Value, offering price and redemption price per share ($17,240,786 ÷ 86,845 shares)  $198.52 

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


Statement of Operations

Amounts in thousands  Six months ended May 31, 2018 (Unaudited) 
Investment Income   
Dividends  $147,947 
Income from Fidelity Central Funds  6,242 
Total income  154,189 
Expenses   
Management fee   
Basic fee $117,285  
Performance adjustment 39,095  
Transfer agent fees 21,451  
Accounting and security lending fees 1,181  
Custodian fees and expenses 423  
Independent trustees' fees and expenses 96  
Registration fees 220  
Audit 151  
Legal 48  
Interest 6  
Miscellaneous 162  
Total expenses before reductions 180,118  
Expense reductions (436)  
Total expenses after reductions  179,682 
Net investment income (loss)  (25,493) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 2,127,392  
Fidelity Central Funds 37  
Other affiliated issuers 315,329  
Foreign currency transactions (28)  
Total net realized gain (loss)  2,442,730 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $778) 2,764,054  
Fidelity Central Funds (15)  
Other affiliated issuers (206,829)  
Assets and liabilities in foreign currencies (92)  
Total change in net unrealized appreciation (depreciation)  2,557,118 
Net gain (loss)  4,999,848 
Net increase (decrease) in net assets resulting from operations  $4,974,355 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended May 31, 2018 (Unaudited) Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(25,493) $904 
Net realized gain (loss) 2,442,730 5,300,359 
Change in net unrealized appreciation (depreciation) 2,557,118 6,673,348 
Net increase (decrease) in net assets resulting from operations 4,974,355 11,974,611 
Distributions to shareholders from net investment income (1,416) (37,300) 
Distributions to shareholders from net realized gain (1,898,114) (2,014,292) 
Total distributions (1,899,530) (2,051,592) 
Share transactions - net increase (decrease) 73,487 (4,103,390) 
Total increase (decrease) in net assets 3,148,312 5,819,629 
Net Assets   
Beginning of period 41,672,615 35,852,986 
End of period $44,820,927 $41,672,615 
Other Information   
Distributions in excess of net investment income end of period $(27,840) $(931) 

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


Financial Highlights

Fidelity Growth Company Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $185.27 $142.76 $143.47 $136.46 $124.69 $95.80 
Income from Investment Operations       
Net investment income (loss)A (.14) (.06) .09 (.01) .15 .29 
Net realized and unrealized gain (loss) 21.82 50.73 4.71 11.72 20.49 31.23 
Total from investment operations 21.68 50.67 4.80 11.71 20.64 31.52 
Distributions from net investment income – (.09) – (.13) (.21) (.19) 
Distributions from net realized gain (8.46) (8.07) (5.51) (4.57) (8.67) (2.44) 
Total distributions (8.46) (8.16) (5.51) (4.70) (8.87)B (2.63) 
Net asset value, end of period $198.49 $185.27 $142.76 $143.47 $136.46 $124.69 
Total ReturnC,D 12.18% 37.34% 3.48% 8.90% 17.80% 33.85% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .86%G .85% .77% .88% .82% .83% 
Expenses net of fee waivers, if any .86%G .85% .77% .87% .82% .83% 
Expenses net of all reductions .86%G .85% .77% .87% .82% .83% 
Net investment income (loss) (.15)%G (.04)% .07% (.01)% .12% .27% 
Supplemental Data       
Net assets, end of period (in millions) $27,580 $25,256 $21,114 $23,513 $24,165 $22,936 
Portfolio turnover rateH 18%G,I 15%I 19%I 18%I 12%I 26% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $8.87 per share is comprised of distributions from net investment income of $.207 and distributions from net realized gain of $8.666 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I Portfolio turnover rate excludes securities received or delivered in-kind.


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


Fidelity Growth Company Fund Class K

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $185.24 $142.74 $143.42 $136.41 $124.68 $95.82 
Income from Investment Operations       
Net investment income (loss)A (.06) .10 .23 .12 .29 .42 
Net realized and unrealized gain (loss) 21.81 50.70 4.71 11.72 20.48 31.21 
Total from investment operations 21.75 50.80 4.94 11.84 20.77 31.63 
Distributions from net investment income (.02) (.23) (.11) (.26) (.37) (.34) 
Distributions from net realized gain (8.46) (8.07) (5.51) (4.57) (8.67) (2.44) 
Total distributions (8.47)B (8.30) (5.62) (4.83) (9.04) (2.77)C 
Net asset value, end of period $198.52 $185.24 $142.74 $143.42 $136.41 $124.68 
Total ReturnD,E 12.23% 37.47% 3.59% 9.01% 17.93% 34.02% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .78%H .75% .66% .77% .71% .71% 
Expenses net of fee waivers, if any .78%H .75% .66% .77% .71% .71% 
Expenses net of all reductions .77%H .75% .66% .77% .71% .71% 
Net investment income (loss) (.06)%H .06% .17% .09% .24% .39% 
Supplemental Data       
Net assets, end of period (in millions) $17,241 $16,416 $14,739 $17,587 $18,242 $21,951 
Portfolio turnover rateI 18%H,J 15%J 19%J 18%J 12%J 26% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $8.47 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $8.455 per share.

 C Total distributions of $2.77 per share is comprised of distributions from net investment income of $.336 and distributions from net realized gain of $2.438 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.


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


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2018
(Amounts in thousands except percentages)

1. Organization.

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 Fund offers Growth Company and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $1,330,840 Market approach Transaction price  $0.81 - $169.00 / $60.93 Increase 
   Liquidity preference $16.35 - $45.76 / $36.41 Increase 
   Conversion ratio 1.6 Increase 
  Market comparable Transaction price $0.46 - $330.00 / $65.27 Increase 
   Enterprise value/Sales multiple (EV/S) 1.2 - 15.4 / 4.8 Increase 
   Discount rate 20.0% - 76.0% / 59.7% Decrease 
   Enterprise value/EBITDA multiple (EV/EBITDA) 12.1 Increase 
   Discount for lack of marketability 10.0% - 20.0% / 13.6% Decrease 
   Enterprise value/Revenue multiple (EV/R) 4.9 Increase 
   Liquidity preference $4.13 - $25.62 / $17.92 Increase 
   Premium rate 15.0% - 76.0% / 26.6% Increase 
   Conversion ratio 3.0 Increase 
   Proxy premium 28.2% - 54.5% / 48.6% Increase 
  Recovery value Recovery value 0.0% - 0.7% / 0.5% Increase 
  Discount cash flow Discount rate 8.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.


Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, deferred trustees compensation and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $25,948,171 
Gross unrealized depreciation (1,111,591) 
Net unrealized appreciation (depreciation) $24,836,580 
Tax cost $20,623,702 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund may 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. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $285,696 in these Subsidiaries, representing .64% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $3,784,466 and $4,378,502, respectively.

Redemptions In-Kind. During the period, 6,381 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $1,217,697. The net realized gain of $863,214 on investments delivered through the in-kind redemptions is included in the accompanying Statement of Operations. The amount of the redemptions is included in share transactions activity shown in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Redemptions In-Kind. During the prior period, 34,649 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $5,209,289. The Fund had a net realized gain of $3,322,910 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company(the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Company as compared to its benchmark index, the Russell 3000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .72% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Growth Company. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Growth Company $17,626 .13 
Class K 3,825 .05 
 $21,451  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .01%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $111 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $25,753 1.65% $6 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $684.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $61 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $61,050. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $5,617, including $437 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $225 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $2.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $209.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended May 31, 2018 Year ended November 30, 2017 
From net investment income   
Growth Company $– $13,724 
Class K 1,416 23,576 
Total $1,416 $37,300 
From net realized gain   
Growth Company $1,149,814 $1,190,770 
Class K 748,300 823,522 
Total $1,898,114 $2,014,292 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended May 31, 2018 Year ended November 30, 2017 Six months ended May 31, 2018 Year ended November 30, 2017 
Growth Company     
Shares sold 18,927 17,127 $3,565,595 $2,740,883 
Reinvestment of distributions 5,899 8,092 1,059,396 1,134,062 
Shares redeemed (22,196)(a) (36,791)(b) (4,196,200)(a) (5,635,831)(b) 
Net increase (decrease) 2,630 (11,572) $428,791 $(1,760,886) 
Class K     
Shares sold 11,280 19,521 $2,138,762 $3,093,032 
Reinvestment of distributions 4,174 6,051 749,491 847,098 
Shares redeemed (17,230)(a) (40,209)(b) (3,243,557)(a) (6,282,634)(b) 
Net increase (decrease) (1,776) (14,637) $(355,304) $(2,342,504) 

 (a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).

 (b) Amount includes in-kind redemptions (see the Prior Fiscal Year Redemptions In-Kind note for additional details).


11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2017 to May 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2017 		Ending
Account Value
May 31, 2018 		Expenses Paid
During Period-B
December 1, 2017
to May 31, 2018 
Growth Company .86%    
Actual  $1,000.00 $1,121.80 $4.55 
Hypothetical-C  $1,000.00 $1,020.64 $4.33 
Class K .78%    
Actual  $1,000.00 $1,122.30 $4.13 
Hypothetical-C  $1,000.00 $1,021.04 $3.93 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

GCF-SANN-0718
1.704741.120

Fidelity® Growth Company Fund
Class K



Semi-Annual Report

May 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

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 LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2018

 % of fund's net assets 
NVIDIA Corp. 7.1 
Amazon.com, Inc. 5.9 
Apple, Inc. 4.9 
Alphabet, Inc. Class A 3.4 
Facebook, Inc. Class A 3.1 
Salesforce.com, Inc. 3.0 
Microsoft Corp. 2.5 
adidas AG 2.3 
Alphabet, Inc. Class C 1.8 
lululemon athletica, Inc. 1.8 
 35.8 

Top Five Market Sectors as of May 31, 2018

 % of fund's net assets 
Information Technology 44.0 
Consumer Discretionary 22.0 
Health Care 18.0 
Industrials 5.3 
Consumer Staples 4.1 

Asset Allocation (% of fund's net assets)

As of May 31, 2018* 
   Stocks 97.6% 
   Convertible Securities 2.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.3% 


 * Foreign investments - 11.7%


Schedule of Investments May 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 21.8%   
Auto Components - 0.0%   
Aptiv PLC 39,083 $3,811 
Automobiles - 1.1%   
Tesla, Inc. (a)(b) 1,707,445 486,161 
Hotels, Restaurants & Leisure - 1.9%   
China Lodging Group Ltd. ADR 575,884 25,345 
Chipotle Mexican Grill, Inc. (a) 279,766 120,350 
Hilton Worldwide Holdings, Inc. 470,622 37,984 
Hyatt Hotels Corp. Class A 151,574 12,388 
Las Vegas Sands Corp. 778,470 62,752 
Marriott International, Inc. Class A 120,523 16,314 
McDonald's Corp. 1,319,965 211,208 
Shake Shack, Inc. Class A (a)(b) 756,217 45,086 
Starbucks Corp. 3,284,568 186,136 
U.S. Foods Holding Corp. (a) 306,872 10,949 
Yum China Holdings, Inc. 1,611,031 63,314 
Yum! Brands, Inc. 868,796 70,659 
  862,485 
Household Durables - 0.4%   
iRobot Corp. (a)(b) 566,716 35,369 
Roku, Inc. 3,579,213 134,077 
Sony Corp. sponsored ADR 125,086 5,890 
  175,336 
Internet & Direct Marketing Retail - 9.4%   
Amazon.com, Inc. (a) 1,619,904 2,639,828 
Blue Apron Holdings, Inc. Class B 2,211,569 6,790 
Ctrip.com International Ltd. ADR (a) 1,032,440 46,553 
Expedia, Inc. 297,979 36,064 
Groupon, Inc. (a) 7,215,306 34,706 
JD.com, Inc. sponsored ADR (a) 4,382,401 154,173 
Netflix, Inc. (a) 2,052,449 721,641 
The Booking Holdings, Inc. (a) 103,688 218,670 
The Honest Co., Inc. (a)(c)(d) 39,835 736 
Wayfair LLC Class A (a)(b) 3,599,499 332,414 
  4,191,575 
Leisure Products - 0.1%   
Callaway Golf Co. 2,047,604 38,782 
Media - 0.8%   
Comcast Corp. Class A 7,395,736 230,599 
Lions Gate Entertainment Corp.:   
Class A (b) 97,018 2,248 
Class B 83,892 1,831 
The Walt Disney Co. 1,472,091 146,429 
Turn, Inc. (Escrow) (a)(c)(d) 984,774 655 
  381,762 
Multiline Retail - 0.3%   
Dollar General Corp. 192,086 16,804 
Dollar Tree, Inc. (a) 810,489 66,938 
Target Corp. 509,955 37,171 
  120,913 
Specialty Retail - 1.3%   
Home Depot, Inc. 1,933,265 360,651 
L Brands, Inc. 134,783 4,570 
Lowe's Companies, Inc. 788,451 74,911 
RH (a)(b) 1,025,895 100,261 
TJX Companies, Inc. 510,601 46,117 
  586,510 
Textiles, Apparel & Luxury Goods - 6.5%   
adidas AG 4,511,576 1,021,096 
Canada Goose Holdings, Inc. (a) 610,400 25,742 
Carbon Black, Inc. 70,900 1,667 
Cibus Global Ltd. Series C (c)(d)(e) 4,523,810 9,500 
Homology Medicines, Inc. (a) 440,484 8,867 
Homology Medicines, Inc. 712,521 12,909 
Kering SA 615,700 352,478 
lululemon athletica, Inc. (a)(f) 7,603,859 798,785 
LVMH Moet Hennessy - Louis Vuitton SA 216,838 75,503 
NIKE, Inc. Class B 2,378,720 170,792 
PagSeguro Digital Ltd. (a) 417,108 13,877 
Puma AG (b) 50,441 30,604 
Scholar Rock Holding Corp. (b) 201,000 3,515 
Scholar Rock Holding Corp. 470,781 7,411 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 8,856,419 257,368 
Tory Burch LLC:   
Class A (c)(d)(e) 950,844 67,310 
Class B (c)(d)(e) 324,840 24,105 
Under Armour, Inc. Class C (non-vtg.) (a)(b) 141,350 2,674 
VF Corp. 376,141 30,528 
  2,914,731 
TOTAL CONSUMER DISCRETIONARY  9,762,066 
CONSUMER STAPLES - 4.1%   
Beverages - 2.0%   
Constellation Brands, Inc. Class A (sub. vtg.) 306,094 68,283 
Dr. Pepper Snapple Group, Inc. 1,122,210 133,880 
Fever-Tree Drinks PLC 1,780,147 71,088 
Monster Beverage Corp. (a) 6,459,405 330,463 
PepsiCo, Inc. 910,990 91,327 
The Coca-Cola Co. 4,858,624 208,921 
  903,962 
Food & Staples Retailing - 0.5%   
Costco Wholesale Corp. 889,493 176,333 
Drogasil SA 2,127,473 35,574 
Kroger Co. 429,916 10,460 
  222,367 
Food Products - 0.3%   
Kellogg Co. 81,228 5,230 
Lamb Weston Holdings, Inc. 770,081 49,093 
Mondelez International, Inc. 1,191,220 46,779 
The Hershey Co. 207,924 18,721 
The Kraft Heinz Co. 252,194 14,496 
  134,319 
Household Products - 0.1%   
Church & Dwight Co., Inc. 739,156 34,703 
Colgate-Palmolive Co. 317,166 20,010 
Kimberly-Clark Corp. 90,594 9,136 
  63,849 
Personal Products - 0.5%   
Coty, Inc. Class A 6,709,349 88,899 
Godrej Consumer Products Ltd. 301,051 5,086 
Herbalife Nutrition Ltd. (a) 1,881,258 95,511 
Unilever NV (Certificaten Van Aandelen) (Bearer) 624,300 34,816 
  224,312 
Tobacco - 0.7%   
Altria Group, Inc. 2,878,608 160,454 
British American Tobacco PLC sponsored ADR 191,960 9,828 
Philip Morris International, Inc. 1,736,517 138,123 
  308,405 
TOTAL CONSUMER STAPLES  1,857,214 
ENERGY - 1.9%   
Energy Equipment & Services - 0.2%   
Baker Hughes, a GE Co. Class A 1,869,819 64,677 
Halliburton Co. 476,812 23,717 
  88,394 
Oil, Gas & Consumable Fuels - 1.7%   
Anadarko Petroleum Corp. 238,600 16,654 
Cabot Oil & Gas Corp. 1,331,089 30,415 
Concho Resources, Inc. (a) 446,971 61,374 
Continental Resources, Inc. (a) 433,551 29,195 
Diamondback Energy, Inc. 158,320 19,119 
EOG Resources, Inc. 1,716,412 202,210 
Hess Corp. 338,119 20,429 
Noble Energy, Inc. 1,251,837 44,691 
Occidental Petroleum Corp. 669,469 56,369 
PDC Energy, Inc. (a) 389,575 23,565 
Pioneer Natural Resources Co. 562,091 108,540 
Reliance Industries Ltd. 4,932,780 67,401 
Valero Energy Corp. 651,481 78,959 
  758,921 
TOTAL ENERGY  847,315 
FINANCIALS - 2.8%   
Banks - 1.0%   
Bank of America Corp. 2,033,822 59,062 
Citigroup, Inc. 549,649 36,656 
HDFC Bank Ltd. sponsored ADR 1,256,040 133,668 
JPMorgan Chase & Co. 1,750,742 187,347 
Signature Bank (a) 69,457 8,855 
Wells Fargo & Co. 680,639 36,748 
  462,336 
Capital Markets - 1.7%   
BlackRock, Inc. Class A 403,898 215,774 
BM&F BOVESPA SA 5,250,497 30,693 
Charles Schwab Corp. 6,718,458 373,681 
E*TRADE Financial Corp. (a) 563,961 35,727 
Edelweiss Financial Services Ltd. 5,416,808 26,212 
Nomura Holdings, Inc. 4,816,200 24,825 
T. Rowe Price Group, Inc. 311,980 37,881 
  744,793 
Consumer Finance - 0.1%   
American Express Co. 188,934 18,572 
Discover Financial Services 132,280 9,770 
  28,342 
Insurance - 0.0%   
Hiscox Ltd. 374,800 7,484 
TOTAL FINANCIALS  1,242,955 
HEALTH CARE - 17.0%   
Biotechnology - 11.9%   
AbbVie, Inc. 1,316,480 130,253 
ACADIA Pharmaceuticals, Inc. (a)(b)(f) 6,890,955 124,726 
Agios Pharmaceuticals, Inc. (a) 2,252,500 210,609 
Alexion Pharmaceuticals, Inc. (a) 1,323,554 153,704 
Alkermes PLC (a)(f) 9,384,653 442,956 
Alnylam Pharmaceuticals, Inc. (a)(f) 5,080,974 505,404 
Amgen, Inc. 1,141,970 205,121 
AnaptysBio, Inc. (a) 266,663 20,746 
Argenx SE ADR 77,101 7,363 
Array BioPharma, Inc. (a) 5,319,165 86,968 
Arsanis, Inc. (a) 345,972 5,958 
aTyr Pharma, Inc. (a)(f)(g) 524,585 473 
aTyr Pharma, Inc. (a)(f) 1,705,667 1,539 
BeiGene Ltd. ADR (a) 2,043,459 408,937 
Biogen, Inc. (a) 342,832 100,779 
bluebird bio, Inc. (a)(f) 2,589,689 463,684 
Blueprint Medicines Corp. (a) 334,484 28,123 
Calyxt, Inc. (b)(f) 1,709,853 32,265 
Celgene Corp. (a) 910,148 71,610 
Cellectis SA sponsored ADR (a) 843,732 25,261 
Chimerix, Inc. (a) 1,640,841 7,499 
Coherus BioSciences, Inc. (a)(b) 2,242,509 34,983 
CytomX Therapeutics, Inc. (a) 716,789 18,400 
CytomX Therapeutics, Inc. (a)(g) 794,033 20,383 
Denali Therapeutics, Inc. (a)(b) 936,708 18,013 
Editas Medicine, Inc. (a)(b) 901,566 34,548 
Evelo Biosciences, Inc. 515,500 8,191 
Evelo Biosciences, Inc. 909,286 13,004 
Exact Sciences Corp. (a) 175,802 10,467 
Exelixis, Inc. (a) 12,248,299 253,907 
Fate Therapeutics, Inc. (a)(b) 1,815,965 19,885 
Five Prime Therapeutics, Inc. (a) 1,448,898 25,443 
Gilead Sciences, Inc. 649,602 43,783 
Global Blood Therapeutics, Inc. (a) 1,053,863 50,744 
Heron Therapeutics, Inc. (a) 2,558,835 83,418 
Intellia Therapeutics, Inc. (a)(b) 799,636 21,670 
Intercept Pharmaceuticals, Inc. (a) 136,249 9,566 
Ionis Pharmaceuticals, Inc. (a)(b)(f) 7,372,773 343,940 
Ironwood Pharmaceuticals, Inc. Class A (a) 4,960,261 92,162 
Jounce Therapeutics, Inc. (a)(b) 516,395 5,809 
Kiniksa Pharmaceuticals Ltd. 141,600 2,423 
Kiniksa Pharmaceuticals Ltd. 304,279 4,686 
Lexicon Pharmaceuticals, Inc. (a)(b)(f) 6,839,857 79,342 
Macrogenics, Inc. (a) 201,491 4,580 
Momenta Pharmaceuticals, Inc. (a)(f) 5,073,012 119,723 
Protagonist Therapeutics, Inc. (a) 831,414 6,053 
Prothena Corp. PLC (a)(f) 2,019,677 27,245 
Regeneron Pharmaceuticals, Inc. (a) 715,368 214,839 
Regulus Therapeutics, Inc. (a)(b)(f) 5,236,516 3,825 
Rigel Pharmaceuticals, Inc. (a)(f) 11,621,382 37,769 
Sage Therapeutics, Inc. (a) 2,105,273 321,454 
Seres Therapeutics, Inc. (a)(b) 1,132,111 9,113 
Seres Therapeutics, Inc. (a)(g) 572,827 4,611 
Sienna Biopharmaceuticals, Inc. (b)(f) 815,686 12,227 
Sienna Biopharmaceuticals, Inc. (f)(g) 564,045 8,455 
Spark Therapeutics, Inc. (a) 808,302 64,494 
Syros Pharmaceuticals, Inc. (a)(f) 1,156,394 14,374 
Syros Pharmaceuticals, Inc. (a)(f)(g) 938,007 11,659 
TESARO, Inc. (a)(b) 368,254 16,855 
Ultragenyx Pharmaceutical, Inc. (a) 682,379 49,950 
uniQure B.V. (a) 829,128 29,053 
UNITY Biotechnology, Inc. (b) 478,294 7,127 
UNITY Biotechnology, Inc. 1,193,604 16,006 
Vertex Pharmaceuticals, Inc. (a) 371,370 57,191 
Xencor, Inc. (a) 1,268,991 50,772 
Zai Lab Ltd. ADR (b) 1,061,325 24,856 
  5,340,976 
Health Care Equipment & Supplies - 2.1%   
Abbott Laboratories 562,870 34,633 
Align Technology, Inc. (a) 127,590 42,354 
Boston Scientific Corp. (a) 1,009,834 30,689 
Danaher Corp. 1,241,755 123,281 
DexCom, Inc. (a) 444,609 39,121 
Genmark Diagnostics, Inc. (a) 1,480,341 10,851 
Insulet Corp. (a) 1,937,956 181,761 
Intuitive Surgical, Inc. (a) 435,225 200,060 
Novocure Ltd. (a) 1,790,083 56,298 
Novocure Ltd. (a)(g) 571,461 17,972 
Penumbra, Inc. (a) 1,262,496 203,136 
Presbia PLC (a)(f) 1,272,116 2,748 
  942,904 
Health Care Providers & Services - 0.7%   
G1 Therapeutics, Inc. 309,704 13,413 
Humana, Inc. 59,948 17,444 
McKesson Corp. 94,133 13,361 
National Vision Holdings, Inc. 168,479 6,133 
OptiNose, Inc. (b)(f) 1,017,943 23,484 
OptiNose, Inc. (f)(g) 992,571 22,899 
UnitedHealth Group, Inc. 819,870 198,007 
  294,741 
Health Care Technology - 0.3%   
athenahealth, Inc. (a) 647,757 97,468 
Castlight Health, Inc. Class B (a) 2,134,008 7,682 
Cerner Corp. (a) 201,783 12,042 
Teladoc, Inc. (a)(b) 249,963 12,723 
  129,915 
Life Sciences Tools & Services - 0.0%   
Illumina, Inc. (a) 49,571 13,505 
Pharmaceuticals - 2.0%   
Adimab LLC (c)(d)(e) 3,162,765 128,503 
Akcea Therapeutics, Inc. (b)(f) 4,827,247 117,012 
Bristol-Myers Squibb Co. 1,046,977 55,092 
Castle Creek Pharmaceuticals, LLC Class A-2 unit (a)(c)(d)(e)(h) 46,864 23,900 
Intra-Cellular Therapies, Inc. (a)(f) 3,751,784 87,342 
Kolltan Pharmaceuticals, Inc. rights (a)(d) 7,940,644 0 
MyoKardia, Inc. (a) 1,373,765 65,391 
Nektar Therapeutics (a) 3,546,028 284,640 
resTORbio, Inc. (a)(b) 181,228 1,774 
Rhythm Pharmaceuticals, Inc. 493,000 15,840 
RPI International Holdings LP (c)(d) 130,847 19,006 
Stemcentrx, Inc. rights 12/31/21 (a)(d) 2,065,715 4,049 
The Medicines Company (a)(b) 2,288,388 77,485 
Theravance Biopharma, Inc. (a)(b) 979,838 23,849 
  903,883 
TOTAL HEALTH CARE  7,625,924 
INDUSTRIALS - 5.1%   
Aerospace & Defense - 1.1%   
Lockheed Martin Corp. 449,707 141,451 
Northrop Grumman Corp. 56,050 18,342 
Space Exploration Technologies Corp. Class A (a)(c)(d) 418,210 70,677 
The Boeing Co. 592,796 208,759 
United Technologies Corp. 414,223 51,703 
  490,932 
Air Freight & Logistics - 0.3%   
FedEx Corp. 84,188 20,973 
United Parcel Service, Inc. Class B 916,730 106,451 
  127,424 
Airlines - 1.2%   
Allegiant Travel Co. 125,576 19,006 
Azul SA sponsored ADR (a) 496,820 10,622 
Delta Air Lines, Inc. 756,462 40,887 
InterGlobe Aviation Ltd. (g) 1,333,131 24,105 
JetBlue Airways Corp. (a) 4,509,381 85,182 
Ryanair Holdings PLC sponsored ADR (a) 465,525 53,959 
Southwest Airlines Co. 2,076,154 106,050 
Spirit Airlines, Inc. (a) 294,150 10,792 
United Continental Holdings, Inc. (a) 562,183 39,122 
Wheels Up Partners Holdings LLC:   
Series B (a)(c)(d)(e) 6,703,518 15,485 
Series C (a)(c)(d)(e) 3,466,281 8,007 
Wizz Air Holdings PLC (a)(g) 2,889,497 130,676 
  543,893 
Construction & Engineering - 0.1%   
Fluor Corp. 471,731 22,992 
Electrical Equipment - 0.2%   
AMETEK, Inc. 63,963 4,671 
Eaton Corp. PLC 401,805 30,770 
Emerson Electric Co. 355,670 25,196 
Fortive Corp. 613,286 44,580 
  105,217 
Industrial Conglomerates - 0.7%   
3M Co. 642,270 126,675 
General Electric Co. 1,544,835 21,751 
Honeywell International, Inc. 1,047,514 154,938 
  303,364 
Machinery - 1.1%   
Aumann AG (g) 230,094 16,247 
Caterpillar, Inc. 1,221,175 185,509 
Cummins, Inc. 251,642 35,831 
Deere & Co. 697,226 104,242 
Illinois Tool Works, Inc. 281,708 40,481 
Rational AG 18,703 11,698 
Wabtec Corp. (b) 255,020 24,867 
Xylem, Inc. 1,125,774 79,254 
  498,129 
Road & Rail - 0.4%   
J.B. Hunt Transport Services, Inc. 302,231 38,716 
Union Pacific Corp. 1,060,289 151,367 
  190,083 
TOTAL INDUSTRIALS  2,282,034 
INFORMATION TECHNOLOGY - 43.3%   
Communications Equipment - 0.6%   
Arista Networks, Inc. (a) 145,999 36,728 
Infinera Corp. (a)(f) 11,301,466 99,453 
NETGEAR, Inc. (a)(f) 1,887,777 114,116 
Palo Alto Networks, Inc. (a) 56,107 11,675 
  261,972 
Electronic Equipment & Components - 0.1%   
Cognex Corp. 51,338 2,347 
IPG Photonics Corp. (a) 17,154 4,139 
TE Connectivity Ltd. 105,300 9,801 
Trimble, Inc. (a) 1,667,150 55,116 
  71,403 
Internet Software & Services - 11.9%   
2U, Inc. (a) 769,771 72,974 
Actua Corp. (d)(f) 1,800,882 1,801 
Alibaba Group Holding Ltd. sponsored ADR (a) 1,252,238 247,956 
Alphabet, Inc.:   
Class A (a) 1,390,819 1,529,901 
Class C (a) 756,673 820,983 
Apptio, Inc. Class A (a) 1,226,480 40,511 
CarGurus, Inc. Class A 52,014 1,725 
DocuSign, Inc. 122,292 6,091 
Dropbox, Inc.:   
Class A (a) 213,339 6,398 
Class B 736,721 19,885 
eBay, Inc. (a) 497,114 18,751 
Etsy, Inc. (a) 186,014 6,016 
Facebook, Inc. Class A (a) 7,240,959 1,388,671 
GoDaddy, Inc. (a) 345,482 24,733 
Match Group, Inc. (a)(b) 210,012 8,642 
MongoDB, Inc. 956,702 45,089 
NAVER Corp. 8,760 5,425 
NetEase, Inc. ADR 203,990 46,575 
New Relic, Inc. (a) 434,667 44,158 
Nutanix, Inc.:   
Class A (a) 5,705,044 304,935 
Class B (a)(g) 1,151,309 61,537 
Shopify, Inc. Class A (a) 3,312,196 491,312 
Tencent Holdings Ltd. 1,265,800 64,622 
Twitter, Inc. (a) 398,662 13,834 
Wix.com Ltd. (a) 597,418 51,945 
  5,324,470 
IT Services - 3.7%   
Cognizant Technology Solutions Corp. Class A 925,970 69,772 
IBM Corp. 231,719 32,744 
MasterCard, Inc. Class A 2,255,060 428,732 
PayPal Holdings, Inc. (a) 5,239,725 430,024 
Square, Inc. (a) 2,724,395 158,696 
Visa, Inc. Class A 3,983,910 520,777 
  1,640,745 
Semiconductors & Semiconductor Equipment - 9.8%   
Advanced Micro Devices, Inc. (a)(b) 4,607,150 63,256 
Applied Materials, Inc. 403,517 20,491 
ASML Holding NV 403,483 79,345 
Broadcom, Inc. 587,850 148,179 
Cirrus Logic, Inc. (a) 1,111,714 41,667 
Cree, Inc. (a) 1,614,518 75,269 
Inphi Corp. (a)(b) 291,513 9,847 
Intel Corp. 75,915 4,191 
KLA-Tencor Corp. 243,611 27,584 
Marvell Technology Group Ltd. 2,055,295 44,271 
Micron Technology, Inc. (a) 1,295,859 74,629 
NVIDIA Corp. 12,672,330 3,195,833 
Qorvo, Inc. (a) 184,020 14,768 
Renesas Electronics Corp. (a) 901,400 8,966 
Silicon Laboratories, Inc. (a)(f) 3,182,940 336,118 
Skyworks Solutions, Inc. 110,704 10,917 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 1,174,756 45,463 
Texas Instruments, Inc. 1,556,747 174,216 
  4,375,010 
Software - 11.9%   
Activision Blizzard, Inc. 7,162,180 507,870 
Adobe Systems, Inc. (a) 1,740,080 433,767 
Aspen Technology, Inc. (a) 332,699 31,028 
Atlassian Corp. PLC (a) 446,080 28,455 
Autodesk, Inc. (a) 1,570,583 202,762 
Black Knight, Inc. (a) 496,358 25,116 
BlackBerry Ltd. (a) 2,197,390 25,995 
Electronic Arts, Inc. (a) 1,544,109 202,139 
HubSpot, Inc. (a) 1,713,908 207,726 
Intuit, Inc. 545,956 110,065 
Microsoft Corp. 11,205,425 1,107,544 
Nintendo Co. Ltd. 88,100 36,063 
Oracle Corp. 959,062 44,807 
Parametric Technology Corp. (a) 1,976,498 170,453 
Paylocity Holding Corp. (a) 145,801 8,712 
Pivotal Software, Inc. 985,316 17,726 
Pluralsight, Inc. 257,500 5,541 
Proofpoint, Inc. (a) 449,825 52,580 
Red Hat, Inc. (a) 3,923,340 637,229 
Salesforce.com, Inc. (a) 10,308,990 1,333,262 
Smartsheet, Inc. 98,632 2,458 
Snap, Inc. Class A (a)(b) 1,724,290 19,640 
Zendesk, Inc. (a) 2,124,395 118,732 
Zscaler, Inc. (a) 667,045 17,517 
  5,347,187 
Technology Hardware, Storage & Peripherals - 5.3%   
Apple, Inc. 11,692,679 2,185,011 
NetApp, Inc. 377,709 25,805 
Pure Storage, Inc. Class A (a) 5,415,148 116,209 
Samsung Electronics Co. Ltd. 1,064,900 49,982 
  2,377,007 
TOTAL INFORMATION TECHNOLOGY  19,397,794 
MATERIALS - 0.9%   
Chemicals - 0.9%   
CF Industries Holdings, Inc. 1,347,177 55,423 
DowDuPont, Inc. 3,407,653 218,465 
LG Chemical Ltd. 101,570 31,829 
LyondellBasell Industries NV Class A 119,209 13,366 
The Mosaic Co. 241,652 6,643 
The Scotts Miracle-Gro Co. Class A 938,082 79,859 
  405,585 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
American Tower Corp. 684,456 94,708 
Ant International Co. Ltd. (c)(d)(i) 1,658,265 9,303 
  104,011 
TELECOMMUNICATION SERVICES - 0.4%   
Diversified Telecommunication Services - 0.1%   
Verizon Communications, Inc. 936,657 44,650 
Wireless Telecommunication Services - 0.3%   
T-Mobile U.S., Inc. (a) 2,793,188 155,581 
TOTAL TELECOMMUNICATION SERVICES  200,231 
TOTAL COMMON STOCKS   
(Cost $19,079,015)  43,725,129 
Preferred Stocks - 2.2%   
Convertible Preferred Stocks - 2.1%   
CONSUMER DISCRETIONARY - 0.2%   
Hotels, Restaurants & Leisure - 0.0%   
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(c)(d)(e) 61,485 8,604 
Topgolf International, Inc. Series F (c)(d) 819,532 11,337 
  19,941 
Internet & Direct Marketing Retail - 0.0%   
The Honest Co., Inc.:   
Series C (a)(c)(d) 92,950 2,904 
Series D (a)(c)(d) 69,363 2,340 
  5,244 
Leisure Products - 0.1%   
Peloton Interactive, Inc. Series E (a)(c)(d) 637,482 23,058 
Textiles, Apparel & Luxury Goods - 0.1%   
Generation Bio Series B (c)(d) 831,800 7,607 
Harmony Biosciences II, Inc. Series A (c)(d) 10,934,380 10,934 
ORIC Pharmaceuticals, Inc. Series C (c)(d) 1,416,666 4,250 
Rubius Therapeutics, Inc.:   
Series B (c)(d) 1,287,247 16,464 
Series C (c)(d) 578,030 7,393 
  46,648 
TOTAL CONSUMER DISCRETIONARY  94,891 
FINANCIALS - 0.0%   
Insurance - 0.0%   
Clover Health Series D (c)(d) 863,631 8,099 
HEALTH CARE - 1.0%   
Biotechnology - 0.9%   
10X Genomics, Inc.:   
Series C (a)(c)(d) 2,505,940 23,982 
Series D (c)(d) 364,100 3,484 
23andMe, Inc. Series F (c)(d) 590,383 9,210 
Axcella Health, Inc. Series C (a)(c)(d) 536,592 6,933 
BioNTech AG Series A (c)(d) 114,025 24,331 
Immunocore Ltd. Series A (a)(c)(d) 67,323 23,468 
Intarcia Therapeutics, Inc.:   
Series CC (a)(c)(d) 1,051,411 63,085 
Series DD (a)(c)(d) 1,543,687 92,621 
Kaleido Biosciences, Inc. Series C, (c)(d) 729,738 7,290 
Moderna Therapeutics, Inc.:   
Series B (a)(c)(d) 242,837 2,443 
Series C (a)(c)(d) 554,903 5,582 
Series D (a)(c)(d) 4,688,230 47,164 
Series E (a)(c)(d) 5,651,170 56,851 
Series F (a)(c)(d) 140,212 1,411 
Translate Bio:   
Series B (a)(c)(d) 4,408,601 8,729 
Series C (a)(c)(d) 6,666,443 13,200 
  389,784 
Health Care Equipment & Supplies - 0.0%   
Shockwave Medical, Inc. Series C (c)(d) 5,413,080 7,416 
Health Care Providers & Services - 0.1%   
Mulberry Health, Inc. Series A8 (a)(c)(d) 2,790,742 19,912 
Health Care Technology - 0.0%   
Codiak Biosciences, Inc.:   
Series A 8.00% (a)(c)(d) 589,863 2,234 
Series B 8.00% (a)(c)(d) 1,917,058 7,261 
Series C, 8.00% (c)(d) 2,688,186 10,182 
  19,677 
Life Sciences Tools & Services - 0.0%   
Neon Therapeutics, Inc. Series B (a)(c)(d) 4,449,273 12,814 
Pharmaceuticals - 0.0%   
Constellation Pharmaceuticals Series F (c)(d) 4,665,921 4,666 
Nohla Therapeutics, Inc. Series B (c)(d) 9,124,200 4,161 
  8,827 
TOTAL HEALTH CARE  458,430 
INDUSTRIALS - 0.2%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series G (a)(c)(d) 216,276 36,551 
Commercial Services & Supplies - 0.0%   
Domo, Inc. Series D (a)(c)(d) 2,990,903 14,476 
Professional Services - 0.1%   
YourPeople, Inc. Series C (a)(c)(d) 5,833,137 29,399 
TOTAL INDUSTRIALS  80,426 
INFORMATION TECHNOLOGY - 0.7%   
Internet Software & Services - 0.5%   
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) 7,578,338 344 
Reddit, Inc. Series B (c)(d) 384,303 8,935 
Starry, Inc.:   
Series B (a)(c)(d) 9,869,159 9,099 
Series C (c)(d) 5,234,614 4,826 
Uber Technologies, Inc.:   
Series D, 8.00% (a)(c)(d) 4,770,180 190,807 
Series E, 8.00% (a)(c)(d) 209,216 8,369 
  222,380 
IT Services - 0.0%   
AppNexus, Inc. Series E (a)(c)(d) 923,523 21,887 
Software - 0.2%   
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) 1,429,726 10,423 
Dataminr, Inc. Series D (a)(c)(d) 1,773,901 35,301 
Outset Medical, Inc. Series C (a)(c)(d) 1,244,716 3,535 
Taboola.Com Ltd. Series E (a)(c)(d) 1,337,420 22,255 
  71,514 
TOTAL INFORMATION TECHNOLOGY  315,781 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (a)(c)(d) 699,106 895 
TOTAL CONVERTIBLE PREFERRED STOCKS  958,522 
Nonconvertible Preferred Stocks - 0.1%   
FINANCIALS - 0.1%   
Banks - 0.1%   
Itau Unibanco Holding SA 1,874,400 21,633 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
Yumanity Holdings LLC Class A (a)(c)(d) 464,607 3,898 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  25,531 
TOTAL PREFERRED STOCKS   
(Cost $665,581)  984,053 
Money Market Funds - 1.7%   
Fidelity Cash Central Fund, 1.76% (j) 161,172,548 161,205 
Fidelity Securities Lending Cash Central Fund 1.76% (j)(k) 589,835,518 589,895 
TOTAL MONEY MARKET FUNDS   
(Cost $751,090)  751,100 
TOTAL INVESTMENT IN SECURITIES - 101.4%   
(Cost $20,495,686)  45,460,282 
NET OTHER ASSETS (LIABILITIES) - (1.4)%  (639,355) 
NET ASSETS - 100%  $44,820,927 

Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

 (a) Non-income producing

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

 (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,339,607,000 or 3.0% of net assets.

 (d) Level 3 security

 (e) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (f) Affiliated company

 (g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $319,017,000 or 0.7% of net assets.

 (h) Investment represents common shares and preferred shares.

 (i) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
10X Genomics, Inc. Series C 2/23/16 - 4/3/17 $11,222 
10X Genomics, Inc. Series D 4/10/18 $3,484 
23andMe, Inc. Series F 8/31/17 $8,197 
Adimab LLC 9/17/14 - 6/5/15 $47,869 
Altiostar Networks, Inc. Series A1 1/10/17 $3,216 
Ant International Co. Ltd. 5/16/18 $9,303 
AppNexus, Inc. Series E 8/1/14 $18,500 
Axcella Health, Inc. Series C 8/11/17 $5,409 
BioNTech AG Series A 12/29/17 $24,972 
Castle Creek Pharmaceuticals, LLC Class A-2 unit 9/29/16 $15,465 
Cibus Global Ltd. Series C 2/16/18 $9,500 
Cloudflare, Inc. Series D, 8.00% 11/5/14 $8,758 
Clover Health Series D 6/7/17 $8,099 
Codiak Biosciences, Inc. Series A 8.00% 11/12/15 $590 
Codiak Biosciences, Inc. Series B 8.00% 11/12/15 $5,751 
Codiak Biosciences, Inc. Series C, 8.00% 11/17/17 $10,182 
Constellation Pharmaceuticals Series F 4/5/18 $4,666 
Dataminr, Inc. Series D 2/18/15 - 3/6/15 $22,617 
Domo, Inc. Series D 1/24/14 $12,362 
Generation Bio Series B 2/21/18 $7,607 
Harmony Biosciences II, Inc. Series A 9/22/17 $10,934 
Immunocore Ltd. Series A 7/27/15 $12,669 
Intarcia Therapeutics, Inc. Series CC 11/14/12 $14,331 
Intarcia Therapeutics, Inc. Series DD 3/17/14 $50,000 
Jet.Com, Inc. Series B1 (Escrow) 9/19/16 $2,489 
Kaleido Biosciences, Inc. Series C, 3/16/18 $7,290 
MOD Super Fast Pizza Holdings LLC Series 3 Preferred 11/3/16 - 12/14/17 $8,439 
Moderna Therapeutics, Inc. Series B 4/13/17 $1,408 
Moderna Therapeutics, Inc. Series C 4/13/17 $3,224 
Moderna Therapeutics, Inc. Series D 11/6/13 $20,615 
Moderna Therapeutics, Inc. Series E 12/18/14 $24,850 
Moderna Therapeutics, Inc. Series F 8/10/16 $617 
Mulberry Health, Inc. Series A8 1/20/16 $18,851 
Neon Therapeutics, Inc. Series B 12/28/16 - 12/1/17 $12,503 
Nohla Therapeutics, Inc. Series B 5/1/18 $4,161 
ORIC Pharmaceuticals, Inc. Series C 2/6/18 $4,250 
Outset Medical, Inc. Series C 4/19/17 $3,226 
Peloton Interactive, Inc. Series E 3/31/17 $13,809 
Reddit, Inc. Series B 7/26/17 $5,456 
RPI International Holdings LP 5/21/15 - 3/23/16 $16,269 
Rubius Therapeutics, Inc. Series B 6/7/17 $10,800 
Rubius Therapeutics, Inc. Series C 2/23/18 $7,393 
Shockwave Medical, Inc. Series C 9/27/17 $5,467 
Space Exploration Technologies Corp. Class A 10/16/15 - 4/6/17 $38,201 
Space Exploration Technologies Corp. Series G 1/20/15 $16,753 
Starry, Inc. Series B 12/1/16 $5,339 
Starry, Inc. Series C 12/8/17 $4,826 
Taboola.Com Ltd. Series E 12/22/14 $13,943 
The Honest Co., Inc. 8/21/14 $1,078 
The Honest Co., Inc. Series C 8/21/14 $2,515 
The Honest Co., Inc. Series D 8/3/15 $3,174 
Topgolf International, Inc. Series F 11/10/17 $11,337 
Tory Burch LLC Class A 5/14/15 67,653 
Tory Burch LLC Class B 12/31/12 $17,505 
Translate Bio Series B 7/17/15 $4,761 
Translate Bio Series C 12/22/16 - 12/22/17 $13,200 
Turn, Inc. (Escrow) 4/11/17 $709 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $74,000 
Uber Technologies, Inc. Series E, 8.00% 12/5/14 $6,971 
Wheels Up Partners Holdings LLC Series B 9/18/15 $19,040 
Wheels Up Partners Holdings LLC Series C 6/22/17 10,815 
YourPeople, Inc. Series C 5/1/15 $86,920 
Yumanity Holdings LLC Class A 2/8/16 $3,140 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $625 
Fidelity Securities Lending Cash Central Fund 5,617 
Total $6,242 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Other Affiliated Issuers

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

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds(a) Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
ACADIA Pharmaceuticals, Inc. $231,213 $148 $21,734 $-- $(2,730) $(82,171) $124,726 
Actua Corp. 36,209 -- 924 -- (31,611) (1,873) 1,801 
Akcea Therapeutics, Inc. 70,889 26,196 2,302 -- 1,452 20,777 117,012 
Alkermes PLC 485,912 28,513 21,338 -- 10,159 (60,290) 442,956 
Alnylam Pharmaceuticals, Inc. 668,331 34,139 19,885 -- 12,716 (189,897) 505,404 
aTyr Pharma, Inc. 5,730 -- -- -- -- 13,743 473 
aTyr Pharma, Inc. 3,031 27 84 -- (33) (20,402) 1,539 
Avexis, Inc. 162,779 14,222 387,476 -- 250,139 (39,664) -- 
bluebird bio, Inc. 439,342 27,158 18,849 -- 12,990 3,043 463,684 
Calyxt, Inc. 28,618 3,870 872 -- 530 119 32,265 
Exelixis, Inc. 410,001 -- 67,864 -- 27,944 (116,174) -- 
Infinera Corp. 81,330 3,479 3,033 -- 748 16,929 99,453 
Intra-Cellular Therapies, Inc. 59,705 236 2,050 -- 416 29,035 87,342 
Ionis Pharmaceuticals, Inc. 417,706 5,601 13,031 -- 6,375 (72,711) 343,940 
Lexicon Pharmaceuticals, Inc. 71,027 929 1,797 -- 182 9,001 79,342 
lululemon athletica, Inc. 521,918 37,729 58,403 -- 20,431 277,110 798,785 
Momenta Pharmaceuticals, Inc. 70,799 1,750 2,536 -- 649 49,061 119,723 
NETGEAR, Inc. -- 120,709 2,698 -- 274 (4,169) 114,116 
OptiNose, Inc. 14,894 4,429 498 -- 65 4,594 23,484 
OptiNose, Inc. 17,053 -- -- -- -- 5,846 22,899 
Presbia PLC 3,510 -- 123 -- 11 (650) 2,748 
Prothena Corp. PLC 100,105 274 4,610 -- (784) (67,740) 27,245 
Regulus Therapeutics, Inc. 4,872 23 164 -- 28 (934) 3,825 
Rigel Pharmaceuticals, Inc. 44,595 4,744 1,200 -- 578 (10,948) 37,769 
Sienna Biopharmaceuticals, Inc. 16,690 223 410 -- 54 (4,330) 12,227 
Sienna Biopharmaceuticals, Inc. 10,803 -- -- -- -- (2,348) 8,455 
Silicon Laboratories, Inc. 298,944 3,752 12,672 -- 4,729 41,365 336,118 
Syros Pharmaceuticals, Inc. 10,854 4,689 305 -- 17 (881) 14,374 
Syros Pharmaceuticals, Inc. 13,929 -- -- -- -- (2,270) 11,659 
Total $4,300,789 $322,840 $644,858 $-- $315,329 $(206,829) $3,833,364 

 (a) Includes the value of securities delivered through in-kind transactions, if applicable.


Investment Valuation

The following is a summary of the inputs used, as of May 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $9,856,957 $9,563,937 $95,823 $197,197 
Consumer Staples 1,857,214 1,822,398 34,816 -- 
Energy 847,315 847,315 -- -- 
Financials 1,272,687 1,239,763 24,825 8,099 
Health Care 8,088,252 7,416,770 46,510 624,972 
Industrials 2,362,460 2,187,865 -- 174,595 
Information Technology 19,713,575 19,275,423 120,570 317,582 
Materials 405,585 405,585 -- -- 
Real Estate 104,011 94,708 -- 9,303 
Telecommunication Services 201,126 200,231 -- 895 
Money Market Funds 751,100 751,100 -- -- 
Total Investments in Securities: $45,460,282 $43,805,095 $322,544 $1,332,643 

The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:

(Amounts in thousands)  
Investments in Securities:  
Equities - Health Care  
Beginning Balance $489,611 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 99,584 
Cost of Purchases 53,902 
Proceeds of Sales (9,164) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (8,961) 
Ending Balance $624,972 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 $81,521 
Other Investments in Securities  
Beginning Balance $618,926 
Net Realized Gain (Loss) on Investment Securities 5,435 
Net Unrealized Gain (Loss) on Investment Securities 60,128 
Cost of Purchases 43,619 
Proceeds of Sales (56,646) 
Amortization/Accretion -- 
Transfers into Level 3 36,209 
Transfers out of Level 3 -- 
Ending Balance $707,671 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 $95,645 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 88.3% 
Cayman Islands 2.8% 
Germany 2.5% 
Ireland 1.3% 
Canada 1.2% 
France 1.1% 
Others (Individually Less Than 1%) 2.8% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  May 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $568,056) — See accompanying schedule:
Unaffiliated issuers (cost $17,213,647) 		$40,875,818  
Fidelity Central Funds (cost $751,090) 751,100  
Other affiliated issuers (cost $2,530,949) 3,833,364  
Total Investment in Securities (cost $20,495,686)  $45,460,282 
Restricted cash  282 
Foreign currency held at value (cost $1,784)  1,784 
Receivable for investments sold  18,093 
Receivable for fund shares sold  22,943 
Dividends receivable  30,075 
Distributions receivable from Fidelity Central Funds  2,781 
Prepaid expenses  10 
Other receivables  2,450 
Total assets  45,538,700 
Liabilities   
Payable for investments purchased   
Regular delivery $45,683  
Delayed delivery 9,303  
Payable for fund shares redeemed 37,540  
Accrued management fee 26,415  
Other affiliated payables 3,697  
Other payables and accrued expenses 5,287  
Collateral on securities loaned 589,848  
Total liabilities  717,773 
Net Assets  $44,820,927 
Net Assets consist of:   
Paid in capital  $17,577,029 
Distributions in excess of net investment income  (27,840) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  2,309,775 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  24,961,963 
Net Assets  $44,820,927 
Growth Company:   
Net Asset Value, offering price and redemption price per share ($27,580,141 ÷ 138,951 shares)  $198.49 
Class K:   
Net Asset Value, offering price and redemption price per share ($17,240,786 ÷ 86,845 shares)  $198.52 

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


Statement of Operations

Amounts in thousands  Six months ended May 31, 2018 (Unaudited) 
Investment Income   
Dividends  $147,947 
Income from Fidelity Central Funds  6,242 
Total income  154,189 
Expenses   
Management fee   
Basic fee $117,285  
Performance adjustment 39,095  
Transfer agent fees 21,451  
Accounting and security lending fees 1,181  
Custodian fees and expenses 423  
Independent trustees' fees and expenses 96  
Registration fees 220  
Audit 151  
Legal 48  
Interest 6  
Miscellaneous 162  
Total expenses before reductions 180,118  
Expense reductions (436)  
Total expenses after reductions  179,682 
Net investment income (loss)  (25,493) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 2,127,392  
Fidelity Central Funds 37  
Other affiliated issuers 315,329  
Foreign currency transactions (28)  
Total net realized gain (loss)  2,442,730 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $778) 2,764,054  
Fidelity Central Funds (15)  
Other affiliated issuers (206,829)  
Assets and liabilities in foreign currencies (92)  
Total change in net unrealized appreciation (depreciation)  2,557,118 
Net gain (loss)  4,999,848 
Net increase (decrease) in net assets resulting from operations  $4,974,355 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended May 31, 2018 (Unaudited) Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(25,493) $904 
Net realized gain (loss) 2,442,730 5,300,359 
Change in net unrealized appreciation (depreciation) 2,557,118 6,673,348 
Net increase (decrease) in net assets resulting from operations 4,974,355 11,974,611 
Distributions to shareholders from net investment income (1,416) (37,300) 
Distributions to shareholders from net realized gain (1,898,114) (2,014,292) 
Total distributions (1,899,530) (2,051,592) 
Share transactions - net increase (decrease) 73,487 (4,103,390) 
Total increase (decrease) in net assets 3,148,312 5,819,629 
Net Assets   
Beginning of period 41,672,615 35,852,986 
End of period $44,820,927 $41,672,615 
Other Information   
Distributions in excess of net investment income end of period $(27,840) $(931) 

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


Financial Highlights

Fidelity Growth Company Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $185.27 $142.76 $143.47 $136.46 $124.69 $95.80 
Income from Investment Operations       
Net investment income (loss)A (.14) (.06) .09 (.01) .15 .29 
Net realized and unrealized gain (loss) 21.82 50.73 4.71 11.72 20.49 31.23 
Total from investment operations 21.68 50.67 4.80 11.71 20.64 31.52 
Distributions from net investment income – (.09) – (.13) (.21) (.19) 
Distributions from net realized gain (8.46) (8.07) (5.51) (4.57) (8.67) (2.44) 
Total distributions (8.46) (8.16) (5.51) (4.70) (8.87)B (2.63) 
Net asset value, end of period $198.49 $185.27 $142.76 $143.47 $136.46 $124.69 
Total ReturnC,D 12.18% 37.34% 3.48% 8.90% 17.80% 33.85% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .86%G .85% .77% .88% .82% .83% 
Expenses net of fee waivers, if any .86%G .85% .77% .87% .82% .83% 
Expenses net of all reductions .86%G .85% .77% .87% .82% .83% 
Net investment income (loss) (.15)%G (.04)% .07% (.01)% .12% .27% 
Supplemental Data       
Net assets, end of period (in millions) $27,580 $25,256 $21,114 $23,513 $24,165 $22,936 
Portfolio turnover rateH 18%G,I 15%I 19%I 18%I 12%I 26% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $8.87 per share is comprised of distributions from net investment income of $.207 and distributions from net realized gain of $8.666 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I Portfolio turnover rate excludes securities received or delivered in-kind.


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


Fidelity Growth Company Fund Class K

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $185.24 $142.74 $143.42 $136.41 $124.68 $95.82 
Income from Investment Operations       
Net investment income (loss)A (.06) .10 .23 .12 .29 .42 
Net realized and unrealized gain (loss) 21.81 50.70 4.71 11.72 20.48 31.21 
Total from investment operations 21.75 50.80 4.94 11.84 20.77 31.63 
Distributions from net investment income (.02) (.23) (.11) (.26) (.37) (.34) 
Distributions from net realized gain (8.46) (8.07) (5.51) (4.57) (8.67) (2.44) 
Total distributions (8.47)B (8.30) (5.62) (4.83) (9.04) (2.77)C 
Net asset value, end of period $198.52 $185.24 $142.74 $143.42 $136.41 $124.68 
Total ReturnD,E 12.23% 37.47% 3.59% 9.01% 17.93% 34.02% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .78%H .75% .66% .77% .71% .71% 
Expenses net of fee waivers, if any .78%H .75% .66% .77% .71% .71% 
Expenses net of all reductions .77%H .75% .66% .77% .71% .71% 
Net investment income (loss) (.06)%H .06% .17% .09% .24% .39% 
Supplemental Data       
Net assets, end of period (in millions) $17,241 $16,416 $14,739 $17,587 $18,242 $21,951 
Portfolio turnover rateI 18%H,J 15%J 19%J 18%J 12%J 26% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $8.47 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $8.455 per share.

 C Total distributions of $2.77 per share is comprised of distributions from net investment income of $.336 and distributions from net realized gain of $2.438 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.


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


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2018
(Amounts in thousands except percentages)

1. Organization.

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 Fund offers Growth Company and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $1,330,840 Market approach Transaction price  $0.81 - $169.00 / $60.93 Increase 
   Liquidity preference $16.35 - $45.76 / $36.41 Increase 
   Conversion ratio 1.6 Increase 
  Market comparable Transaction price $0.46 - $330.00 / $65.27 Increase 
   Enterprise value/Sales multiple (EV/S) 1.2 - 15.4 / 4.8 Increase 
   Discount rate 20.0% - 76.0% / 59.7% Decrease 
   Enterprise value/EBITDA multiple (EV/EBITDA) 12.1 Increase 
   Discount for lack of marketability 10.0% - 20.0% / 13.6% Decrease 
   Enterprise value/Revenue multiple (EV/R) 4.9 Increase 
   Liquidity preference $4.13 - $25.62 / $17.92 Increase 
   Premium rate 15.0% - 76.0% / 26.6% Increase 
   Conversion ratio 3.0 Increase 
   Proxy premium 28.2% - 54.5% / 48.6% Increase 
  Recovery value Recovery value 0.0% - 0.7% / 0.5% Increase 
  Discount cash flow Discount rate 8.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.


Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, deferred trustees compensation and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $25,948,171 
Gross unrealized depreciation (1,111,591) 
Net unrealized appreciation (depreciation) $24,836,580 
Tax cost $20,623,702 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund may 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. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $285,696 in these Subsidiaries, representing .64% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $3,784,466 and $4,378,502, respectively.

Redemptions In-Kind. During the period, 6,381 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $1,217,697. The net realized gain of $863,214 on investments delivered through the in-kind redemptions is included in the accompanying Statement of Operations. The amount of the redemptions is included in share transactions activity shown in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Redemptions In-Kind. During the prior period, 34,649 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $5,209,289. The Fund had a net realized gain of $3,322,910 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company(the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Company as compared to its benchmark index, the Russell 3000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .72% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Growth Company. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Growth Company $17,626 .13 
Class K 3,825 .05 
 $21,451  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .01%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $111 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $25,753 1.65% $6 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $684.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $61 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $61,050. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $5,617, including $437 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $225 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $2.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $209.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended May 31, 2018 Year ended November 30, 2017 
From net investment income   
Growth Company $– $13,724 
Class K 1,416 23,576 
Total $1,416 $37,300 
From net realized gain   
Growth Company $1,149,814 $1,190,770 
Class K 748,300 823,522 
Total $1,898,114 $2,014,292 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended May 31, 2018 Year ended November 30, 2017 Six months ended May 31, 2018 Year ended November 30, 2017 
Growth Company     
Shares sold 18,927 17,127 $3,565,595 $2,740,883 
Reinvestment of distributions 5,899 8,092 1,059,396 1,134,062 
Shares redeemed (22,196)(a) (36,791)(b) (4,196,200)(a) (5,635,831)(b) 
Net increase (decrease) 2,630 (11,572) $428,791 $(1,760,886) 
Class K     
Shares sold 11,280 19,521 $2,138,762 $3,093,032 
Reinvestment of distributions 4,174 6,051 749,491 847,098 
Shares redeemed (17,230)(a) (40,209)(b) (3,243,557)(a) (6,282,634)(b) 
Net increase (decrease) (1,776) (14,637) $(355,304) $(2,342,504) 

 (a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).

 (b) Amount includes in-kind redemptions (see the Prior Fiscal Year Redemptions In-Kind note for additional details).


11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2017 to May 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2017 		Ending
Account Value
May 31, 2018 		Expenses Paid
During Period-B
December 1, 2017
to May 31, 2018 
Growth Company .86%    
Actual  $1,000.00 $1,121.80 $4.55 
Hypothetical-C  $1,000.00 $1,020.64 $4.33 
Class K .78%    
Actual  $1,000.00 $1,122.30 $4.13 
Hypothetical-C  $1,000.00 $1,021.04 $3.93 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

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Boston, MA 02210

www.fidelity.com

GCF-K-SANN-0718
1.863219.109

Fidelity® New Millennium Fund®



Semi-Annual Report

May 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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 LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2018

 % of fund's net assets 
Bank of America Corp. 2.6 
UnitedHealth Group, Inc. 2.3 
Cisco Systems, Inc. 1.9 
ARAMARK Holdings Corp. 1.9 
Boston Scientific Corp. 1.7 
Walmart, Inc. 1.6 
Chevron Corp. 1.5 
ConocoPhillips Co. 1.5 
General Dynamics Corp. 1.5 
Northrop Grumman Corp. 1.4 
 17.9 

Top Five Market Sectors as of May 31, 2018

 % of fund's net assets 
Financials 15.8 
Consumer Discretionary 14.9 
Health Care 14.3 
Energy 12.8 
Information Technology 12.7 

Asset Allocation (% of fund's net assets)

As of May 31, 2018 * 
   Stocks 96.9% 
   Bonds 0.2% 
   Convertible Securities 0.9% 
   Other Investments 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.9% 


 * Foreign investments - 19.1%


Schedule of Investments May 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 14.1%   
Auto Components - 0.5%   
Magna International, Inc. Class A (sub. vtg.) 280,900 $18,012 
Automobiles - 1.4%   
Fiat Chrysler Automobiles NV 1,532,200 35,593 
Tesla, Inc. (a) 29,900 8,513 
  44,106 
Distributors - 0.5%   
Pool Corp. 119,500 17,079 
Hotels, Restaurants & Leisure - 3.0%   
ARAMARK Holdings Corp. 1,571,300 60,998 
Drive Shack, Inc. (a) 1,507,922 9,847 
U.S. Foods Holding Corp. (a) 732,600 26,139 
  96,984 
Household Durables - 2.2%   
D.R. Horton, Inc. 550,700 23,245 
Newell Brands, Inc. 550,700 12,986 
NVR, Inc. (a) 5,100 15,252 
Toll Brothers, Inc. 474,813 18,750 
  70,233 
Internet & Direct Marketing Retail - 0.8%   
The Booking Holdings, Inc. (a) 11,700 24,674 
Leisure Products - 0.4%   
Mattel, Inc. (b) 606,000 9,405 
New Academy Holding Co. LLC unit (a)(c)(d)(e) 66,000 2,331 
  11,736 
Media - 0.3%   
WME Entertainment Parent, LLC Class A (d)(e)(f) 3,761,973 9,405 
Multiline Retail - 0.5%   
Dollar General Corp. 207,500 18,152 
Specialty Retail - 2.7%   
AutoZone, Inc. (a) 31,700 20,583 
Tiffany & Co., Inc. 330,000 43,157 
TJX Companies, Inc. 265,000 23,935 
  87,675 
Textiles, Apparel & Luxury Goods - 1.8%   
Brunello Cucinelli SpA 822,600 32,937 
Hermes International SCA 22,100 15,729 
Under Armour, Inc. Class A (sub. vtg.) (a)(b) 475,000 9,928 
  58,594 
TOTAL CONSUMER DISCRETIONARY  456,650 
CONSUMER STAPLES - 6.3%   
Beverages - 1.0%   
Fever-Tree Drinks PLC 336,582 13,441 
Molson Coors Brewing Co. Class B 278,000 17,139 
  30,580 
Food & Staples Retailing - 2.6%   
Costco Wholesale Corp. 155,900 30,906 
Walmart, Inc. 646,600 53,370 
  84,276 
Food Products - 1.3%   
Amira Nature Foods Ltd. (a)(b) 1,082,352 2,554 
Associated British Foods PLC 311,700 10,980 
Greencore Group PLC 4,603,761 11,181 
The Hershey Co. 185,200 16,675 
  41,390 
Household Products - 0.4%   
Reckitt Benckiser Group PLC 182,400 13,961 
Personal Products - 0.8%   
Coty, Inc. Class A 669,500 8,871 
Unilever NV (Certificaten Van Aandelen) (Bearer) 303,000 16,898 
  25,769 
Tobacco - 0.2%   
British American Tobacco PLC sponsored ADR 137,100 7,020 
TOTAL CONSUMER STAPLES  202,996 
ENERGY - 12.5%   
Energy Equipment & Services - 2.1%   
Borr Drilling Ltd. (a) 4,401,703 22,593 
Oceaneering International, Inc. 588,652 14,028 
Odfjell Drilling Ltd. (a) 4,699,224 20,646 
TechnipFMC PLC 325,600 10,142 
  67,409 
Oil, Gas & Consumable Fuels - 10.4%   
Anadarko Petroleum Corp. 503,000 35,109 
Cabot Oil & Gas Corp. 676,300 15,453 
Cheniere Energy, Inc. (a) 239,300 15,942 
Chevron Corp. 400,900 49,832 
Cimarex Energy Co. 110,600 10,277 
ConocoPhillips Co. 737,500 49,700 
Denbury Resources, Inc. (a) 2,486,300 10,567 
Diamondback Energy, Inc. 162,400 19,611 
GasLog Ltd. 472,841 8,511 
Golar LNG Ltd. 717,100 18,630 
Legacy Reserves LP (a)(g) 5,606,520 31,845 
Southwestern Energy Co. (a) 510,600 2,415 
The Williams Companies, Inc. 1,157,500 31,090 
Whiting Petroleum Corp. (a) 119,925 6,286 
Williams Partners LP 792,000 31,522 
  336,790 
TOTAL ENERGY  404,199 
FINANCIALS - 15.8%   
Banks - 6.3%   
Bank of America Corp. 2,915,600 84,672 
CaixaBank SA 2,388,300 10,277 
First Republic Bank 206,200 20,538 
Metro Bank PLC (a)(b) 243,010 10,738 
PNC Financial Services Group, Inc. 168,300 24,136 
Republic First Bancorp, Inc. (a) 933,900 8,032 
SunTrust Banks, Inc. 296,412 20,011 
U.S. Bancorp 528,500 26,420 
  204,824 
Capital Markets - 1.4%   
HUB24 Ltd. (a) 329,116 3,430 
KKR & Co. LP 628,104 13,963 
The NASDAQ OMX Group, Inc. 204,200 18,758 
TPG Specialty Lending, Inc. 542,500 10,123 
  46,274 
Insurance - 6.5%   
AIA Group Ltd. 1,482,800 13,534 
American International Group, Inc. 819,000 43,235 
Arch Capital Group Ltd. (a) 308,200 24,178 
Chubb Ltd. 309,709 40,476 
First American Financial Corp. 271,800 14,155 
FNF Group 657,300 24,294 
MetLife, Inc. 617,000 28,376 
The Travelers Companies, Inc. 157,400 20,229 
  208,477 
Mortgage Real Estate Investment Trusts - 0.0%   
KKR Real Estate Finance Trust, Inc. 15,146 308 
Thrifts & Mortgage Finance - 1.6%   
Housing Development Finance Corp. Ltd. 425,968 11,579 
MGIC Investment Corp. (a) 1,240,834 12,892 
Radian Group, Inc. 1,774,923 28,221 
  52,692 
TOTAL FINANCIALS  512,575 
HEALTH CARE - 14.1%   
Health Care Equipment & Supplies - 4.9%   
Becton, Dickinson & Co. 117,000 25,926 
Boston Scientific Corp. (a) 1,857,500 56,449 
Danaher Corp. 182,200 18,089 
DexCom, Inc. (a) 257,600 22,666 
Integra LifeSciences Holdings Corp. (a) 263,100 16,980 
Intuitive Surgical, Inc. (a) 28,800 13,238 
Sartorius Stedim Biotech 66,309 6,574 
  159,922 
Health Care Providers & Services - 4.3%   
Amplifon SpA 1,041,550 18,776 
National Vision Holdings, Inc. 385,600 14,036 
Premier, Inc. (a) 239,400 7,809 
Ryman Healthcare Group Ltd. 1,080,746 8,622 
UnitedHealth Group, Inc. 301,900 72,912 
Universal Health Services, Inc. Class B 154,000 17,707 
  139,862 
Health Care Technology - 1.1%   
Cerner Corp. (a) 231,200 13,798 
Medidata Solutions, Inc. (a) 165,500 12,770 
Teladoc, Inc. (a) 191,300 9,737 
  36,305 
Life Sciences Tools & Services - 2.1%   
Agilent Technologies, Inc. 281,100 17,406 
Bruker Corp. 318,900 9,653 
Eurofins Scientific SA 77,577 39,850 
  66,909 
Pharmaceuticals - 1.7%   
Amneal Pharmaceuticals, Inc. (a) 488,400 9,641 
Catalent, Inc. (a) 248,493 9,756 
GlaxoSmithKline PLC 1,184,600 24,000 
Prestige Brands Holdings, Inc. (a) 300,000 10,029 
  53,426 
TOTAL HEALTH CARE  456,424 
INDUSTRIALS - 12.3%   
Aerospace & Defense - 5.4%   
General Dynamics Corp. 239,300 48,269 
Huntington Ingalls Industries, Inc. 36,500 8,069 
KEYW Holding Corp. (a)(b) 1,870,437 17,676 
Kratos Defense & Security Solutions, Inc. (a) 771,600 8,634 
Northrop Grumman Corp. 142,700 46,699 
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 58,589 9,902 
Class C (d)(e) 818 138 
Teledyne Technologies, Inc. (a) 75,700 15,251 
United Technologies Corp. 171,500 21,407 
  176,045 
Air Freight & Logistics - 0.8%   
C.H. Robinson Worldwide, Inc. 189,200 16,460 
Hub Group, Inc. Class A (a) 207,916 10,385 
  26,845 
Commercial Services & Supplies - 1.1%   
KAR Auction Services, Inc. 283,900 14,981 
Stericycle, Inc. (a) 125,800 7,988 
U.S. Ecology, Inc. 193,056 11,699 
  34,668 
Electrical Equipment - 0.6%   
Melrose Industries PLC 5,769,909 18,102 
Industrial Conglomerates - 1.0%   
General Electric Co. 2,381,200 33,527 
Machinery - 1.7%   
Aumann AG (b)(h) 223,600 15,789 
Donaldson Co., Inc. 284,400 13,424 
Flowserve Corp. 158,200 6,540 
Pentair PLC 160,200 6,991 
Rational AG 21,300 13,322 
  56,066 
Marine - 0.5%   
Goodbulk Ltd. (e) 959,290 14,654 
Trading Companies & Distributors - 1.2%   
Bunzl PLC 541,600 16,487 
Rush Enterprises, Inc. Class A (a) 241,500 10,392 
United Rentals, Inc. (a) 64,700 10,324 
  37,203 
TOTAL INDUSTRIALS  397,110 
INFORMATION TECHNOLOGY - 12.5%   
Communications Equipment - 1.9%   
Cisco Systems, Inc. 1,429,900 61,071 
Electronic Equipment & Components - 1.7%   
Amphenol Corp. Class A 280,182 24,356 
CDW Corp. 182,000 14,569 
Keysight Technologies, Inc. (a) 290,000 17,035 
  55,960 
Internet Software & Services - 1.2%   
Akamai Technologies, Inc. (a) 245,400 18,498 
GoDaddy, Inc. (a) 161,800 11,583 
LogMeIn, Inc. 72,423 7,814 
  37,895 
IT Services - 4.5%   
First Data Corp. Class A (a) 1,438,662 27,335 
FleetCor Technologies, Inc. (a) 53,900 10,745 
Leidos Holdings, Inc. 340,800 20,468 
PayPal Holdings, Inc. (a) 369,900 30,358 
Science Applications International Corp. 123,900 10,959 
Visa, Inc. Class A 356,100 46,549 
  146,414 
Semiconductors & Semiconductor Equipment - 0.8%   
Qualcomm, Inc. 459,800 26,724 
Software - 2.4%   
ANSYS, Inc. (a) 112,900 18,380 
Aspen Technology, Inc. (a) 202,200 18,857 
Black Knight, Inc. (a) 334,549 16,928 
Citrix Systems, Inc. (a) 207,300 21,895 
Trion World, Inc. (a)(d)(e) 1,062,359 0 
Trion World, Inc. warrants 10/3/18 (a)(d)(e) 42,310 0 
  76,060 
TOTAL INFORMATION TECHNOLOGY  404,124 
MATERIALS - 1.8%   
Chemicals - 0.3%   
Nutrien Ltd. 205,920 10,420 
Construction Materials - 0.1%   
nVent Electric PLC (a) 160,200 4,338 
Metals & Mining - 1.4%   
Franco-Nevada Corp. 143,800 10,140 
Freeport-McMoRan, Inc. 838,200 14,166 
Newcrest Mining Ltd. 541,982 8,509 
Novagold Resources, Inc. (a) 2,591,580 12,532 
  45,347 
TOTAL MATERIALS  60,105 
REAL ESTATE - 1.4%   
Equity Real Estate Investment Trusts (REITs) - 1.1%   
Cousins Properties, Inc. 901,553 8,493 
Healthcare Trust of America, Inc. 274,800 7,051 
Spirit Realty Capital, Inc. 1,903,800 16,677 
VEREIT, Inc. 471,400 3,375 
  35,596 
Real Estate Management & Development - 0.3%   
Realogy Holdings Corp. 414,300 9,856 
TOTAL REAL ESTATE  45,452 
TELECOMMUNICATION SERVICES - 1.2%   
Diversified Telecommunication Services - 1.2%   
Verizon Communications, Inc. 794,000 37,850 
UTILITIES - 4.6%   
Electric Utilities - 4.6%   
Alliant Energy Corp. 409,800 16,974 
Duke Energy Corp. 410,700 31,690 
Exelon Corp. 454,100 18,795 
IDACORP, Inc. 260,800 24,087 
OGE Energy Corp. 265,200 9,287 
Southern Co. 500,000 22,450 
Xcel Energy, Inc. 557,200 25,364 
  148,647 
TOTAL COMMON STOCKS   
(Cost $2,358,456)  3,126,132 
Preferred Stocks - 1.2%   
Convertible Preferred Stocks - 0.9%   
CONSUMER DISCRETIONARY - 0.5%   
Leisure Products - 0.3%   
Peloton Interactive, Inc. Series E (a)(d)(e) 230,821 8,349 
Textiles, Apparel & Luxury Goods - 0.2%   
Bolt Threads, Inc. Series D (d)(e) 390,327 6,261 
TOTAL CONSUMER DISCRETIONARY  14,610 
HEALTH CARE - 0.2%   
Health Care Equipment & Supplies - 0.2%   
Butterfly Network, Inc. Series D, (d)(e) 658,083 6,759 
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
Space Exploration Technologies Corp. Series H (d)(e) 7,570 1,279 
INFORMATION TECHNOLOGY - 0.2%   
Internet Software & Services - 0.2%   
Lyft, Inc. Series H (d)(e) 143,083 5,687 
TOTAL CONVERTIBLE PREFERRED STOCKS  28,335 
Nonconvertible Preferred Stocks - 0.3%   
CONSUMER DISCRETIONARY - 0.3%   
Automobiles - 0.3%   
Porsche Automobil Holding SE (Germany) 154,773 11,414 
TOTAL PREFERRED STOCKS   
(Cost $33,512)  39,749 
 Principal Amount (000s) Value (000s) 
Corporate Bonds - 0.2%   
Convertible Bonds - 0.0%   
INFORMATION TECHNOLOGY - 0.0%   
Software - 0.0%   
Trion World, Inc. 10% 10/10/19 pay-in-kind (d)(e)(i) 474 163 
Nonconvertible Bonds - 0.2%   
ENERGY - 0.2%   
Energy Equipment & Services - 0.2%   
Pacific Drilling V Ltd. 7.25% 12/1/17 (h)(j) 9,250 4,718 
TOTAL CORPORATE BONDS   
(Cost $9,633)  4,881 
 Shares Value (000s) 
Other - 0.1%   
Energy - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Utica Shale Drilling Program (non-operating revenue interest)(d)(e)(f)   
(Cost $8,368) 8,367,654 4,498 
Money Market Funds - 2.1%   
Fidelity Cash Central Fund, 1.76% (k) 45,672,997 45,682 
Fidelity Securities Lending Cash Central Fund 1.76% (k)(l) 23,350,554 23,353 
TOTAL MONEY MARKET FUNDS   
(Cost $69,034)  69,035 
TOTAL INVESTMENT IN SECURITIES - 100.2%   
(Cost $2,479,003)  3,244,295 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (6,723) 
NET ASSETS - 100%  $3,237,572 

Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

 (a) Non-income producing

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

 (c) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $54,772,000 or 1.7% of net assets.

 (e) Level 3 security

 (f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (g) Affiliated company

 (h) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $20,507,000 or 0.6% of net assets.

 (i) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (j) Non-income producing - Security is in default.

 (k) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Bolt Threads, Inc. Series D 12/13/17 $6,261 
Butterfly Network, Inc. Series D, 5/4/18 $6,759 
Lyft, Inc. Series H 11/22/17 $5,687 
New Academy Holding Co. LLC unit 8/1/11 $6,956 
Peloton Interactive, Inc. Series E 3/31/17 $5,000 
Space Exploration Technologies Corp. Class A 4/8/16 - 9/11/17 $5,981 
Space Exploration Technologies Corp. Class C 9/11/17 $110 
Space Exploration Technologies Corp. Series H 8/4/17 $1,022 
Trion World, Inc. 8/22/08 - 3/20/13 $5,798 
Trion World, Inc. warrants 10/3/18 10/10/13 $0 
Trion World, Inc. 10% 10/10/19 pay-in-kind 10/10/13 - 4/10/18 $473 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $8,368 
WME Entertainment Parent, LLC Class A 8/16/16 $7,349 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $412 
Fidelity Securities Lending Cash Central Fund 269 
Total $681 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Other Affiliated Issuers

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

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Legacy Reserves LP $8,690 $-- $-- $-- $-- $23,155 $31,845 
Total $8,690 $-- $-- $-- $-- $23,155 $31,845 

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $482,674 $456,328 $-- $26,346 
Consumer Staples 202,996 172,137 30,859 -- 
Energy 404,199 404,199 -- -- 
Financials 512,575 488,764 23,811 -- 
Health Care 463,183 432,424 24,000 6,759 
Industrials 398,389 372,416 -- 25,973 
Information Technology 409,811 404,124 -- 5,687 
Materials 60,105 60,105 -- -- 
Real Estate 45,452 45,452 -- -- 
Telecommunication Services 37,850 37,850 -- -- 
Utilities 148,647 148,647 -- -- 
Corporate Bonds 4,881 -- 4,718 163 
Other 4,498 -- -- 4,498 
Money Market Funds 69,035 69,035 -- -- 
Total Investments in Securities: $3,244,295 $3,091,481 $83,388 $69,426 

The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:

(Amounts in thousands)  
Investments in Securities:  
Beginning Balance $37,832 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 5,648 
Cost of Purchases 20,831 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 5,115 
Transfers out of Level 3 -- 
Ending Balance $69,426 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 $5,648 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 80.9% 
United Kingdom 3.8% 
Bermuda 3.6% 
Netherlands 1.6% 
Italy 1.6% 
Canada 1.5% 
Switzerland 1.3% 
Germany 1.2% 
Luxembourg 1.2% 
Others (Individually Less Than 1%) 3.3% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)  May 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $22,595) — See accompanying schedule:
Unaffiliated issuers (cost $2,394,385) 		$3,143,415  
Fidelity Central Funds (cost $69,034) 69,035  
Other affiliated issuers (cost $15,584) 31,845  
Total Investment in Securities (cost $2,479,003)  $3,244,295 
Restricted cash  146 
Receivable for investments sold  14,493 
Receivable for fund shares sold  632 
Dividends receivable  5,034 
Interest receivable  307 
Distributions receivable from Fidelity Central Funds  83 
Prepaid expenses  1 
Other receivables  68 
Total assets  3,265,059 
Liabilities   
Payable for investments purchased $889  
Payable for fund shares redeemed 1,472  
Accrued management fee 1,259  
Other affiliated payables 459  
Other payables and accrued expenses 64  
Collateral on securities loaned 23,344  
Total liabilities  27,487 
Net Assets  $3,237,572 
Net Assets consist of:   
Paid in capital  $2,361,526 
Undistributed net investment income  2,647 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  108,122 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  765,277 
Net Assets, for 78,958 shares outstanding  $3,237,572 
Net Asset Value, offering price and redemption price per share ($3,237,572 ÷ 78,958 shares)  $41.00 

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


Statement of Operations

Amounts in thousands  Six months ended May 31, 2018 (Unaudited) 
Investment Income   
Dividends  $24,485 
Interest  18 
Income from Fidelity Central Funds  681 
Total income  25,184 
Expenses   
Management fee   
Basic fee $8,822  
Performance adjustment (1,404)  
Transfer agent fees 2,281  
Accounting and security lending fees 482  
Custodian fees and expenses 39  
Independent trustees' fees and expenses 7  
Registration fees 23  
Audit 115  
Legal 4  
Miscellaneous 14  
Total expenses before reductions 10,383  
Expense reductions (98)  
Total expenses after reductions  10,285 
Net investment income (loss)  14,899 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 104,802  
Fidelity Central Funds 1  
Foreign currency transactions 21  
Total net realized gain (loss)  104,824 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (580)  
Fidelity Central Funds (2)  
Other affiliated issuers 23,155  
Assets and liabilities in foreign currencies (33)  
Total change in net unrealized appreciation (depreciation)  22,540 
Net gain (loss)  127,364 
Net increase (decrease) in net assets resulting from operations  $142,263 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended May 31, 2018 (Unaudited) Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $14,899 $31,033 
Net realized gain (loss) 104,824 246,779 
Change in net unrealized appreciation (depreciation) 22,540 319,973 
Net increase (decrease) in net assets resulting from operations 142,263 597,785 
Distributions to shareholders from net investment income (27,269) (34,461) 
Distributions to shareholders from net realized gain (238,166) (147,147) 
Total distributions (265,435) (181,608) 
Share transactions   
Proceeds from sales of shares 94,069 217,367 
Reinvestment of distributions 252,831 173,679 
Cost of shares redeemed (274,129) (563,945) 
Net increase (decrease) in net assets resulting from share transactions 72,771 (172,899) 
Total increase (decrease) in net assets (50,401) 243,278 
Net Assets   
Beginning of period 3,287,973 3,044,695 
End of period $3,237,572 $3,287,973 
Other Information   
Undistributed net investment income end of period $2,647 $15,017 
Shares   
Sold 2,298 5,693 
Issued in reinvestment of distributions 6,362 4,765 
Redeemed (6,699) (14,529) 
Net increase (decrease) 1,961 (4,071) 

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


Financial Highlights

Fidelity New Millennium Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $42.70 $37.56 $38.99 $42.10 $40.16 $32.83 
Income from Investment Operations       
Net investment income (loss)A .19 .38 .43 .39 .38B .23 
Net realized and unrealized gain (loss) 1.59 7.01 2.31 (.46) 3.89 10.14 
Total from investment operations 1.78 7.39 2.74 (.07) 4.27 10.37 
Distributions from net investment income (.36) (.43) (.35) (.28) (.19) (.37) 
Distributions from net realized gain (3.12) (1.82) (3.82) (2.76) (2.13) (2.67) 
Total distributions (3.48) (2.25) (4.17) (3.04) (2.33)C (3.04) 
Net asset value, end of period $41.00 $42.70 $37.56 $38.99 $42.10 $40.16 
Total ReturnD,E 4.41% 20.69% 8.57% .08% 11.31% 34.78% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .64%H .54% .57% .72% .82% .88% 
Expenses net of fee waivers, if any .64%H .54% .57% .72% .82% .88% 
Expenses net of all reductions .63%H .54% .57% .71% .81% .87% 
Net investment income (loss) .91%H .98% 1.25% 1.00% .92%B .65% 
Supplemental Data       
Net assets, end of period (in millions) $3,238 $3,288 $3,045 $3,313 $4,282 $2,826 
Portfolio turnover rateI 21%H 31% 44% 57% 44% 49% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .59%.

 C Total distributions of $2.33 per share is comprised of distributions from net investment income of $.192 and distributions from net realized gain of $2.133 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2018
(Amounts in thousands except percentages)

1. Organization.

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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Corporate Bonds $163 Recovery value Recovery value 34.4% Increase 
Equities $50,110 Market approach Transaction price $2.50 - $169.00 / $59.15 Increase 
  Market comparable Enterprise value/Sales multiple (EV/S) 1.2 - 5.4 / 3.3 Increase 
   Enterprise value/EBITDA multiple (EV/EBITDA) 6.7 Increase 
   Discount for lack of marketability 10.0% Decrease 
   Premium rate 10.0% Increase 
  Recovery value Recovery value 0.0% Increase 
Other $4,498 Market comparable Proxy discount 13.5% Decrease 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.


Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, market discount, partnerships, deferred trustees compensation, and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $916,882 
Gross unrealized depreciation (149,283) 
Net unrealized appreciation (depreciation) $767,599 
Tax cost $2,476,696 

Restricted Securities. The Fund may 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. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $14,049 in these Subsidiaries, representing .43% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $335,036 and $481,996, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .45% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .14% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .03%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $18 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $277. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $269, including $29 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $81 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $17.

9. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2017 to May 31, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2017 		Ending
Account Value
May 31, 2018 		Expenses Paid
During Period-B
December 1, 2017
to May 31, 2018 
Actual .64% $1,000.00 $1,044.10 $3.26 
Hypothetical-C  $1,000.00 $1,021.74 $3.23 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

NMF-SANN-0718
1.704547.120

Fidelity® Growth Strategies Fund



Semi-Annual Report

May 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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 LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2018

 % of fund's net assets 
Total System Services, Inc. 2.9 
VeriSign, Inc. 2.6 
Wyndham Worldwide Corp. 2.5 
ON Semiconductor Corp. 2.3 
Citrix Systems, Inc. 2.2 
Huntington Ingalls Industries, Inc. 2.1 
Aptiv PLC 2.0 
Fiserv, Inc. 1.9 
Roper Technologies, Inc. 1.8 
Citizens Financial Group, Inc. 1.8 
 22.1 

Top Five Market Sectors as of May 31, 2018

 % of fund's net assets 
Information Technology 32.4 
Consumer Discretionary 16.4 
Health Care 15.5 
Industrials 15.1 
Financials 10.3 

Asset Allocation (% of fund's net assets)

As of May 31, 2018 * 
   Stocks 99.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.9% 


 * Foreign investments - 6.1%


Schedule of Investments May 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 16.4%   
Auto Components - 3.8%   
Aptiv PLC 560,500 $54,649 
Lear Corp. 109,300 21,641 
Visteon Corp. (a) 215,200 26,891 
  103,181 
Distributors - 0.7%   
Pool Corp. 143,800 20,552 
Diversified Consumer Services - 1.0%   
Service Corp. International 786,000 28,838 
Hotels, Restaurants & Leisure - 3.8%   
Domino's Pizza, Inc. 85,400 21,476 
Hilton Grand Vacations, Inc. (a) 342,500 13,618 
Wyndham Worldwide Corp. 626,000 67,883 
  102,977 
Household Durables - 1.1%   
NVR, Inc. (a) 10,140 30,324 
Internet & Direct Marketing Retail - 0.6%   
TripAdvisor, Inc. (a) 320,017 16,686 
Media - 0.8%   
Live Nation Entertainment, Inc. (a) 515,000 21,954 
Multiline Retail - 1.9%   
Dollar General Corp. 284,300 24,871 
Dollar Tree, Inc. (a) 340,900 28,155 
  53,026 
Specialty Retail - 1.5%   
Ross Stores, Inc. 507,000 39,992 
Textiles, Apparel & Luxury Goods - 1.2%   
Carter's, Inc. 171,200 18,663 
VF Corp. 170,700 13,854 
  32,517 
TOTAL CONSUMER DISCRETIONARY  450,047 
CONSUMER STAPLES - 4.2%   
Beverages - 2.1%   
Brown-Forman Corp. Class B (non-vtg.) 481,100 27,211 
Dr. Pepper Snapple Group, Inc. 196,500 23,442 
Monster Beverage Corp. (a) 163,000 8,339 
  58,992 
Food Products - 1.0%   
The Hershey Co. 298,250 26,854 
Personal Products - 1.1%   
Estee Lauder Companies, Inc. Class A 94,000 14,047 
Herbalife Nutrition Ltd. (a) 296,000 15,028 
  29,075 
TOTAL CONSUMER STAPLES  114,921 
ENERGY - 0.6%   
Oil, Gas & Consumable Fuels - 0.6%   
Andeavor 117,400 16,956 
FINANCIALS - 10.3%   
Banks - 2.5%   
Citizens Financial Group, Inc. 1,223,600 49,984 
Huntington Bancshares, Inc. 1,177,300 17,506 
  67,490 
Capital Markets - 5.7%   
Ameriprise Financial, Inc. 289,100 40,078 
E*TRADE Financial Corp. (a) 213,700 13,538 
MarketAxess Holdings, Inc. 46,096 9,848 
Moody's Corp. 283,200 48,305 
MSCI, Inc. 163,144 26,522 
S&P Global, Inc. 90,100 17,795 
  156,086 
Insurance - 2.1%   
Aon PLC 90,800 12,700 
Progressive Corp. 720,022 44,706 
  57,406 
TOTAL FINANCIALS  280,982 
HEALTH CARE - 15.5%   
Health Care Equipment & Supplies - 3.6%   
Edwards Lifesciences Corp. (a) 258,500 35,495 
Intuitive Surgical, Inc. (a) 33,300 15,307 
ResMed, Inc. 473,700 48,701 
  99,503 
Health Care Providers & Services - 2.9%   
AmerisourceBergen Corp. 65,841 5,408 
Laboratory Corp. of America Holdings (a) 105,400 19,034 
MEDNAX, Inc. (a) 96,600 4,429 
Wellcare Health Plans, Inc. (a) 223,000 49,432 
  78,303 
Health Care Technology - 1.4%   
Cerner Corp. (a) 643,000 38,374 
Life Sciences Tools & Services - 5.3%   
Charles River Laboratories International, Inc. (a) 317,600 34,148 
Illumina, Inc. (a) 146,797 39,993 
Mettler-Toledo International, Inc. (a) 62,100 34,201 
Waters Corp. (a) 193,900 37,349 
  145,691 
Pharmaceuticals - 2.3%   
Jazz Pharmaceuticals PLC (a) 118,000 19,942 
Teva Pharmaceutical Industries Ltd. sponsored ADR 529,400 11,382 
Zoetis, Inc. Class A 382,200 31,990 
  63,314 
TOTAL HEALTH CARE  425,185 
INDUSTRIALS - 15.1%   
Aerospace & Defense - 3.1%   
Huntington Ingalls Industries, Inc. 257,175 56,854 
TransDigm Group, Inc. 85,500 28,566 
  85,420 
Airlines - 0.4%   
Alaska Air Group, Inc. 166,000 10,094 
Building Products - 0.6%   
Masco Corp. 410,000 15,281 
Commercial Services & Supplies - 0.8%   
KAR Auction Services, Inc. 405,000 21,372 
Electrical Equipment - 2.0%   
AMETEK, Inc. 295,600 21,588 
Fortive Corp. 468,700 34,070 
  55,658 
Industrial Conglomerates - 2.3%   
ITT, Inc. 275,300 14,211 
Roper Technologies, Inc. 181,900 50,166 
  64,377 
Machinery - 3.7%   
Cummins, Inc. 214,900 30,600 
IDEX Corp. 211,100 29,275 
Parker Hannifin Corp. 127,236 21,745 
Toro Co. 331,000 19,198 
  100,818 
Professional Services - 1.4%   
Dun & Bradstreet Corp. 78,900 9,690 
Equifax, Inc. 258,800 29,493 
  39,183 
Trading Companies & Distributors - 0.8%   
United Rentals, Inc. (a) 131,859 21,041 
TOTAL INDUSTRIALS  413,244 
INFORMATION TECHNOLOGY - 32.4%   
Communications Equipment - 1.5%   
F5 Networks, Inc. (a) 227,000 39,296 
Electronic Equipment & Components - 1.3%   
Amphenol Corp. Class A 419,400 36,458 
Internet Software & Services - 4.5%   
Akamai Technologies, Inc. (a) 381,900 28,788 
LogMeIn, Inc. 217,000 23,414 
VeriSign, Inc. (a) 549,916 71,731 
  123,933 
IT Services - 8.3%   
Amdocs Ltd. 335,000 22,599 
DXC Technology Co. 130,000 11,974 
Fiserv, Inc. (a) 720,300 52,294 
FleetCor Technologies, Inc. (a) 83,900 16,725 
Genpact Ltd. 286,228 8,595 
Global Payments, Inc. 249,300 27,712 
Paychex, Inc. 99,358 6,516 
Total System Services, Inc. 940,400 80,117 
  226,532 
Semiconductors & Semiconductor Equipment - 10.0%   
Analog Devices, Inc. 466,000 45,286 
Applied Materials, Inc. 207,300 10,527 
Broadcom, Inc. 38,000 9,579 
KLA-Tencor Corp. 302,900 34,297 
Lam Research Corp. 152,910 30,304 
Microchip Technology, Inc. 446,900 43,519 
ON Semiconductor Corp. (a) 2,513,300 63,159 
Skyworks Solutions, Inc. 381,500 37,620 
  274,291 
Software - 6.8%   
Adobe Systems, Inc. (a) 71,302 17,774 
Check Point Software Technologies Ltd. (a) 243,700 23,727 
Citrix Systems, Inc. (a) 565,400 59,718 
Electronic Arts, Inc. (a) 141,000 18,458 
Intuit, Inc. 64,100 12,923 
Parametric Technology Corp. (a) 160,000 13,798 
Take-Two Interactive Software, Inc. (a) 360,400 40,394 
  186,792 
TOTAL INFORMATION TECHNOLOGY  887,302 
MATERIALS - 2.1%   
Chemicals - 2.1%   
Eastman Chemical Co. 81,555 8,507 
Sherwin-Williams Co. 34,400 13,046 
The Chemours Co. LLC 450,000 22,046 
The Scotts Miracle-Gro Co. Class A 150,000 12,770 
  56,369 
REAL ESTATE - 2.5%   
Equity Real Estate Investment Trusts (REITs) - 2.5%   
CoreSite Realty Corp. 253,500 26,912 
Equity Lifestyle Properties, Inc. 264,900 24,079 
Extra Space Storage, Inc. 165,500 15,929 
  66,920 
TOTAL COMMON STOCKS   
(Cost $2,191,078)  2,711,926 
Money Market Funds - 3.4%   
Fidelity Cash Central Fund, 1.76% (b) 93,096,768 93,115 
Fidelity Securities Lending Cash Central Fund 1.76% (b) 14,926 15 
TOTAL MONEY MARKET FUNDS   
(Cost $93,130)  93,130 
TOTAL INVESTMENT IN SECURITIES - 102.5%   
(Cost $2,284,208)  2,805,056 
NET OTHER ASSETS (LIABILITIES) - (2.5)%  (67,318) 
NET ASSETS - 100%  $2,737,738 

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $256 
Fidelity Securities Lending Cash Central Fund 100 
Total $356 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  May 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $2,191,078) 		$2,711,926  
Fidelity Central Funds (cost $93,130) 93,130  
Total Investment in Securities (cost $2,284,208)  $2,805,056 
Receivable for investments sold  4,224 
Receivable for fund shares sold  782 
Dividends receivable  2,385 
Distributions receivable from Fidelity Central Funds  58 
Prepaid expenses  1 
Other receivables  112 
Total assets  2,812,618 
Liabilities   
Payable for investments purchased $6,998  
Payable for fund shares redeemed 66,447  
Accrued management fee 863  
Other affiliated payables 453  
Other payables and accrued expenses 119  
Total liabilities  74,880 
Net Assets  $2,737,738 
Net Assets consist of:   
Paid in capital  $2,192,476 
Undistributed net investment income  4,283 
Accumulated undistributed net realized gain (loss) on investments  20,131 
Net unrealized appreciation (depreciation) on investments  520,848 
Net Assets  $2,737,738 
Growth Strategies:   
Net Asset Value, offering price and redemption price per share ($2,522,850 ÷ 58,933 shares)  $42.81 
Class K:   
Net Asset Value, offering price and redemption price per share ($214,888 ÷ 4,982 shares)  $43.13 

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


Statement of Operations

Amounts in thousands  Six months ended May 31, 2018 (Unaudited) 
Investment Income   
Dividends  $13,360 
Income from Fidelity Central Funds  356 
Total income  13,716 
Expenses   
Management fee   
Basic fee $7,579  
Performance adjustment (1,746)  
Transfer agent fees 2,294  
Accounting and security lending fees 424  
Custodian fees and expenses 20  
Independent trustees' fees and expenses 6  
Registration fees 41  
Audit 37  
Legal 4  
Miscellaneous 12  
Total expenses before reductions 8,671  
Expense reductions (67)  
Total expenses after reductions  8,604 
Net investment income (loss)  5,112 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 20,120  
Fidelity Central Funds (8)  
Total net realized gain (loss)  20,112 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 109,581  
Fidelity Central Funds 8  
Total change in net unrealized appreciation (depreciation)  109,589 
Net gain (loss)  129,701 
Net increase (decrease) in net assets resulting from operations  $134,813 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended May 31, 2018 (Unaudited) Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $5,112 $11,703 
Net realized gain (loss) 20,112 130,731 
Change in net unrealized appreciation (depreciation) 109,589 367,532 
Net increase (decrease) in net assets resulting from operations 134,813 509,966 
Distributions to shareholders from net investment income (10,814) (13,542) 
Distributions to shareholders from net realized gain (1,260) (1,063) 
Total distributions (12,074) (14,605) 
Share transactions - net increase (decrease) (112,081) (323,399) 
Redemption fees – 42 
Total increase (decrease) in net assets 10,658 172,004 
Net Assets   
Beginning of period 2,727,080 2,555,076 
End of period $2,737,738 $2,727,080 
Other Information   
Undistributed net investment income end of period $4,283 $9,985 

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


Financial Highlights

Fidelity Growth Strategies Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $40.96 $33.87 $33.91 $32.44 $27.66 $20.56 
Income from Investment Operations       
Net investment income (loss)A .07 .16B .16C .04 .11 .09 
Net realized and unrealized gain (loss) 1.96 7.13 (.16) 1.53 4.72 7.10 
Total from investment operations 2.03 7.29 – 1.57 4.83 7.19 
Distributions from net investment income (.16) (.18) (.04) (.09) (.05) (.07)D 
Distributions from net realized gain (.02) (.02) – (.01) – (.02)D 
Total distributions (.18) (.20) (.04) (.10) (.05) (.09) 
Redemption fees added to paid in capitalA – –E –E –E –E –E 
Net asset value, end of period $42.81 $40.96 $33.87 $33.91 $32.44 $27.66 
Total ReturnF,G 4.97% 21.63% .02% 4.86% 17.50% 35.13% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .63%J .78% .94% .91% .72% .71% 
Expenses net of fee waivers, if any .63%J .78% .94% .91% .72% .71% 
Expenses net of all reductions .63%J .78% .94% .91% .72% .69% 
Net investment income (loss) .35%J .43%B .49%C .13% .37% .39% 
Supplemental Data       
Net assets, end of period (in millions) $2,523 $2,455 $2,080 $2,535 $1,835 $1,640 
Portfolio turnover rateK 39%J,L 73%L 63% 40% 58% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .27%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .34%.

 D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L Portfolio turnover rate excludes securities received or delivered in-kind.


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


Fidelity Growth Strategies Fund Class K

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $41.29 $34.14 $34.17 $32.70 $27.88 $20.74 
Income from Investment Operations       
Net investment income (loss)A .10 .21B .21C .10 .17 .15 
Net realized and unrealized gain (loss) 1.97 7.19 (.14) 1.52 4.76 7.14 
Total from investment operations 2.07 7.40 .07 1.62 4.93 7.29 
Distributions from net investment income (.21) (.23) (.10) (.15) (.11) (.13)D 
Distributions from net realized gain (.02) (.02) – (.01) – (.02)D 
Total distributions (.23) (.25) (.10) (.15)E (.11) (.15) 
Redemption fees added to paid in capitalA – –F –F –F –F –F 
Net asset value, end of period $43.13 $41.29 $34.14 $34.17 $32.70 $27.88 
Total ReturnG,H 5.03% 21.81% .20% 5.00% 17.75% 35.42% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .50%K .63% .78% .76% .53% .48% 
Expenses net of fee waivers, if any .50%K .63% .78% .76% .53% .48% 
Expenses net of all reductions .50%K .63% .78% .76% .53% .46% 
Net investment income (loss) .48%K .57%B .64%C .28% .56% .62% 
Supplemental Data       
Net assets, end of period (in millions) $215 $272 $475 $699 $385 $342 
Portfolio turnover rateL 39%K,M 73%M 63% 40% 58% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .42%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .50%.

 D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 E Total distributions of $.15 per share is comprised of distributions from net investment income of $.145 and distributions for net realized gain of $.008 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


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


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2018
(Amounts in thousands except percentages)

1. Organization.

Fidelity Growth Strategies 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 Fund offers Growth Strategies and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to in-kind transactions, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $548,733 
Gross unrealized depreciation (28,091) 
Net unrealized appreciation (depreciation) $520,642 
Tax cost $2,284,414 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $538,713 and $608,338, respectively.

Redemptions In-Kind. During the period, 1,166 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $49,867. The net realized gain of $12,890 on investments delivered through the in-kind redemptions is included in the accompanying Statement of Operations. The amount of the redemptions is included in share transactions activity shown in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Strategies as compared to its benchmark index, the Russell Midcap Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .42% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Growth Strategies. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Growth Strategies $2,237 .18 
Class K 57 .05 
 $2,294  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .03%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $11 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $21.

Prior Fiscal Year Redemptions In-Kind. During the prior period, 2,028 shares of the Fund held by an affiliated entity were redeemed in-kind for investments and cash with a value of $77,806. The Fund had a net realized gain of $13,916 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $4 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $100, including an amount of less than five hundred dollars from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $53 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $14.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
May 31, 2018 		Year ended
November 30, 2017 
From net investment income   
Growth Strategies $9,430 $11,145 
Class K 1,384 2,397 
Total $10,814 $13,542 
From net realized gain   
Growth Strategies $1,134 $909 
Class K 126 154 
Total $1,260 $1,063 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended May 31, 2018 Year ended November 30, 2017 Six months ended May 31, 2018 Year ended November 30, 2017 
Growth Strategies     
Shares sold 4,516 8,324 $190,269 $303,468 
Reinvestment of distributions 247 338 10,142 11,624 
Shares redeemed (5,756) (10,158) (243,638) (373,570) 
Net increase (decrease) (993) (1,496) $(43,227) $(58,478) 
Class K     
Shares sold 417 1,619 $17,653 $59,764 
Reinvestment of distributions 36 74 1,510 2,551 
Shares redeemed (2,069)(a) (9,002)(b) (88,017)(a) (327,236)(b) 
Net increase (decrease) (1,616) (7,309) $(68,854) $(264,921) 

 (a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).

 (b) Amount includes in-kind redemptions (see the Prior Fiscal Year Redemptions In-Kind note for additional details).


11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2017 to May 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2017 		Ending
Account Value
May 31, 2018 		Expenses Paid
During Period-B
December 1, 2017
to May 31, 2018 
Growth Strategies .63%    
Actual  $1,000.00 $1,049.70 $3.22 
Hypothetical-C  $1,000.00 $1,021.79 $3.18 
Class K .50%    
Actual  $1,000.00 $1,050.30 $2.56 
Hypothetical-C  $1,000.00 $1,022.44 $2.52 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

FEG-SANN-0718
1.704532.120

Fidelity® Growth Strategies Fund
Class K



Semi-Annual Report

May 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

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 LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2018

 % of fund's net assets 
Total System Services, Inc. 2.9 
VeriSign, Inc. 2.6 
Wyndham Worldwide Corp. 2.5 
ON Semiconductor Corp. 2.3 
Citrix Systems, Inc. 2.2 
Huntington Ingalls Industries, Inc. 2.1 
Aptiv PLC 2.0 
Fiserv, Inc. 1.9 
Roper Technologies, Inc. 1.8 
Citizens Financial Group, Inc. 1.8 
 22.1 

Top Five Market Sectors as of May 31, 2018

 % of fund's net assets 
Information Technology 32.4 
Consumer Discretionary 16.4 
Health Care 15.5 
Industrials 15.1 
Financials 10.3 

Asset Allocation (% of fund's net assets)

As of May 31, 2018 * 
   Stocks 99.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.9% 


 * Foreign investments - 6.1%


Schedule of Investments May 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 16.4%   
Auto Components - 3.8%   
Aptiv PLC 560,500 $54,649 
Lear Corp. 109,300 21,641 
Visteon Corp. (a) 215,200 26,891 
  103,181 
Distributors - 0.7%   
Pool Corp. 143,800 20,552 
Diversified Consumer Services - 1.0%   
Service Corp. International 786,000 28,838 
Hotels, Restaurants & Leisure - 3.8%   
Domino's Pizza, Inc. 85,400 21,476 
Hilton Grand Vacations, Inc. (a) 342,500 13,618 
Wyndham Worldwide Corp. 626,000 67,883 
  102,977 
Household Durables - 1.1%   
NVR, Inc. (a) 10,140 30,324 
Internet & Direct Marketing Retail - 0.6%   
TripAdvisor, Inc. (a) 320,017 16,686 
Media - 0.8%   
Live Nation Entertainment, Inc. (a) 515,000 21,954 
Multiline Retail - 1.9%   
Dollar General Corp. 284,300 24,871 
Dollar Tree, Inc. (a) 340,900 28,155 
  53,026 
Specialty Retail - 1.5%   
Ross Stores, Inc. 507,000 39,992 
Textiles, Apparel & Luxury Goods - 1.2%   
Carter's, Inc. 171,200 18,663 
VF Corp. 170,700 13,854 
  32,517 
TOTAL CONSUMER DISCRETIONARY  450,047 
CONSUMER STAPLES - 4.2%   
Beverages - 2.1%   
Brown-Forman Corp. Class B (non-vtg.) 481,100 27,211 
Dr. Pepper Snapple Group, Inc. 196,500 23,442 
Monster Beverage Corp. (a) 163,000 8,339 
  58,992 
Food Products - 1.0%   
The Hershey Co. 298,250 26,854 
Personal Products - 1.1%   
Estee Lauder Companies, Inc. Class A 94,000 14,047 
Herbalife Nutrition Ltd. (a) 296,000 15,028 
  29,075 
TOTAL CONSUMER STAPLES  114,921 
ENERGY - 0.6%   
Oil, Gas & Consumable Fuels - 0.6%   
Andeavor 117,400 16,956 
FINANCIALS - 10.3%   
Banks - 2.5%   
Citizens Financial Group, Inc. 1,223,600 49,984 
Huntington Bancshares, Inc. 1,177,300 17,506 
  67,490 
Capital Markets - 5.7%   
Ameriprise Financial, Inc. 289,100 40,078 
E*TRADE Financial Corp. (a) 213,700 13,538 
MarketAxess Holdings, Inc. 46,096 9,848 
Moody's Corp. 283,200 48,305 
MSCI, Inc. 163,144 26,522 
S&P Global, Inc. 90,100 17,795 
  156,086 
Insurance - 2.1%   
Aon PLC 90,800 12,700 
Progressive Corp. 720,022 44,706 
  57,406 
TOTAL FINANCIALS  280,982 
HEALTH CARE - 15.5%   
Health Care Equipment & Supplies - 3.6%   
Edwards Lifesciences Corp. (a) 258,500 35,495 
Intuitive Surgical, Inc. (a) 33,300 15,307 
ResMed, Inc. 473,700 48,701 
  99,503 
Health Care Providers & Services - 2.9%   
AmerisourceBergen Corp. 65,841 5,408 
Laboratory Corp. of America Holdings (a) 105,400 19,034 
MEDNAX, Inc. (a) 96,600 4,429 
Wellcare Health Plans, Inc. (a) 223,000 49,432 
  78,303 
Health Care Technology - 1.4%   
Cerner Corp. (a) 643,000 38,374 
Life Sciences Tools & Services - 5.3%   
Charles River Laboratories International, Inc. (a) 317,600 34,148 
Illumina, Inc. (a) 146,797 39,993 
Mettler-Toledo International, Inc. (a) 62,100 34,201 
Waters Corp. (a) 193,900 37,349 
  145,691 
Pharmaceuticals - 2.3%   
Jazz Pharmaceuticals PLC (a) 118,000 19,942 
Teva Pharmaceutical Industries Ltd. sponsored ADR 529,400 11,382 
Zoetis, Inc. Class A 382,200 31,990 
  63,314 
TOTAL HEALTH CARE  425,185 
INDUSTRIALS - 15.1%   
Aerospace & Defense - 3.1%   
Huntington Ingalls Industries, Inc. 257,175 56,854 
TransDigm Group, Inc. 85,500 28,566 
  85,420 
Airlines - 0.4%   
Alaska Air Group, Inc. 166,000 10,094 
Building Products - 0.6%   
Masco Corp. 410,000 15,281 
Commercial Services & Supplies - 0.8%   
KAR Auction Services, Inc. 405,000 21,372 
Electrical Equipment - 2.0%   
AMETEK, Inc. 295,600 21,588 
Fortive Corp. 468,700 34,070 
  55,658 
Industrial Conglomerates - 2.3%   
ITT, Inc. 275,300 14,211 
Roper Technologies, Inc. 181,900 50,166 
  64,377 
Machinery - 3.7%   
Cummins, Inc. 214,900 30,600 
IDEX Corp. 211,100 29,275 
Parker Hannifin Corp. 127,236 21,745 
Toro Co. 331,000 19,198 
  100,818 
Professional Services - 1.4%   
Dun & Bradstreet Corp. 78,900 9,690 
Equifax, Inc. 258,800 29,493 
  39,183 
Trading Companies & Distributors - 0.8%   
United Rentals, Inc. (a) 131,859 21,041 
TOTAL INDUSTRIALS  413,244 
INFORMATION TECHNOLOGY - 32.4%   
Communications Equipment - 1.5%   
F5 Networks, Inc. (a) 227,000 39,296 
Electronic Equipment & Components - 1.3%   
Amphenol Corp. Class A 419,400 36,458 
Internet Software & Services - 4.5%   
Akamai Technologies, Inc. (a) 381,900 28,788 
LogMeIn, Inc. 217,000 23,414 
VeriSign, Inc. (a) 549,916 71,731 
  123,933 
IT Services - 8.3%   
Amdocs Ltd. 335,000 22,599 
DXC Technology Co. 130,000 11,974 
Fiserv, Inc. (a) 720,300 52,294 
FleetCor Technologies, Inc. (a) 83,900 16,725 
Genpact Ltd. 286,228 8,595 
Global Payments, Inc. 249,300 27,712 
Paychex, Inc. 99,358 6,516 
Total System Services, Inc. 940,400 80,117 
  226,532 
Semiconductors & Semiconductor Equipment - 10.0%   
Analog Devices, Inc. 466,000 45,286 
Applied Materials, Inc. 207,300 10,527 
Broadcom, Inc. 38,000 9,579 
KLA-Tencor Corp. 302,900 34,297 
Lam Research Corp. 152,910 30,304 
Microchip Technology, Inc. 446,900 43,519 
ON Semiconductor Corp. (a) 2,513,300 63,159 
Skyworks Solutions, Inc. 381,500 37,620 
  274,291 
Software - 6.8%   
Adobe Systems, Inc. (a) 71,302 17,774 
Check Point Software Technologies Ltd. (a) 243,700 23,727 
Citrix Systems, Inc. (a) 565,400 59,718 
Electronic Arts, Inc. (a) 141,000 18,458 
Intuit, Inc. 64,100 12,923 
Parametric Technology Corp. (a) 160,000 13,798 
Take-Two Interactive Software, Inc. (a) 360,400 40,394 
  186,792 
TOTAL INFORMATION TECHNOLOGY  887,302 
MATERIALS - 2.1%   
Chemicals - 2.1%   
Eastman Chemical Co. 81,555 8,507 
Sherwin-Williams Co. 34,400 13,046 
The Chemours Co. LLC 450,000 22,046 
The Scotts Miracle-Gro Co. Class A 150,000 12,770 
  56,369 
REAL ESTATE - 2.5%   
Equity Real Estate Investment Trusts (REITs) - 2.5%   
CoreSite Realty Corp. 253,500 26,912 
Equity Lifestyle Properties, Inc. 264,900 24,079 
Extra Space Storage, Inc. 165,500 15,929 
  66,920 
TOTAL COMMON STOCKS   
(Cost $2,191,078)  2,711,926 
Money Market Funds - 3.4%   
Fidelity Cash Central Fund, 1.76% (b) 93,096,768 93,115 
Fidelity Securities Lending Cash Central Fund 1.76% (b) 14,926 15 
TOTAL MONEY MARKET FUNDS   
(Cost $93,130)  93,130 
TOTAL INVESTMENT IN SECURITIES - 102.5%   
(Cost $2,284,208)  2,805,056 
NET OTHER ASSETS (LIABILITIES) - (2.5)%  (67,318) 
NET ASSETS - 100%  $2,737,738 

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $256 
Fidelity Securities Lending Cash Central Fund 100 
Total $356 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  May 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $2,191,078) 		$2,711,926  
Fidelity Central Funds (cost $93,130) 93,130  
Total Investment in Securities (cost $2,284,208)  $2,805,056 
Receivable for investments sold  4,224 
Receivable for fund shares sold  782 
Dividends receivable  2,385 
Distributions receivable from Fidelity Central Funds  58 
Prepaid expenses  1 
Other receivables  112 
Total assets  2,812,618 
Liabilities   
Payable for investments purchased $6,998  
Payable for fund shares redeemed 66,447  
Accrued management fee 863  
Other affiliated payables 453  
Other payables and accrued expenses 119  
Total liabilities  74,880 
Net Assets  $2,737,738 
Net Assets consist of:   
Paid in capital  $2,192,476 
Undistributed net investment income  4,283 
Accumulated undistributed net realized gain (loss) on investments  20,131 
Net unrealized appreciation (depreciation) on investments  520,848 
Net Assets  $2,737,738 
Growth Strategies:   
Net Asset Value, offering price and redemption price per share ($2,522,850 ÷ 58,933 shares)  $42.81 
Class K:   
Net Asset Value, offering price and redemption price per share ($214,888 ÷ 4,982 shares)  $43.13 

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


Statement of Operations

Amounts in thousands  Six months ended May 31, 2018 (Unaudited) 
Investment Income   
Dividends  $13,360 
Income from Fidelity Central Funds  356 
Total income  13,716 
Expenses   
Management fee   
Basic fee $7,579  
Performance adjustment (1,746)  
Transfer agent fees 2,294  
Accounting and security lending fees 424  
Custodian fees and expenses 20  
Independent trustees' fees and expenses 6  
Registration fees 41  
Audit 37  
Legal 4  
Miscellaneous 12  
Total expenses before reductions 8,671  
Expense reductions (67)  
Total expenses after reductions  8,604 
Net investment income (loss)  5,112 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 20,120  
Fidelity Central Funds (8)  
Total net realized gain (loss)  20,112 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 109,581  
Fidelity Central Funds 8  
Total change in net unrealized appreciation (depreciation)  109,589 
Net gain (loss)  129,701 
Net increase (decrease) in net assets resulting from operations  $134,813 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended May 31, 2018 (Unaudited) Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $5,112 $11,703 
Net realized gain (loss) 20,112 130,731 
Change in net unrealized appreciation (depreciation) 109,589 367,532 
Net increase (decrease) in net assets resulting from operations 134,813 509,966 
Distributions to shareholders from net investment income (10,814) (13,542) 
Distributions to shareholders from net realized gain (1,260) (1,063) 
Total distributions (12,074) (14,605) 
Share transactions - net increase (decrease) (112,081) (323,399) 
Redemption fees – 42 
Total increase (decrease) in net assets 10,658 172,004 
Net Assets   
Beginning of period 2,727,080 2,555,076 
End of period $2,737,738 $2,727,080 
Other Information   
Undistributed net investment income end of period $4,283 $9,985 

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


Financial Highlights

Fidelity Growth Strategies Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $40.96 $33.87 $33.91 $32.44 $27.66 $20.56 
Income from Investment Operations       
Net investment income (loss)A .07 .16B .16C .04 .11 .09 
Net realized and unrealized gain (loss) 1.96 7.13 (.16) 1.53 4.72 7.10 
Total from investment operations 2.03 7.29 – 1.57 4.83 7.19 
Distributions from net investment income (.16) (.18) (.04) (.09) (.05) (.07)D 
Distributions from net realized gain (.02) (.02) – (.01) – (.02)D 
Total distributions (.18) (.20) (.04) (.10) (.05) (.09) 
Redemption fees added to paid in capitalA – –E –E –E –E –E 
Net asset value, end of period $42.81 $40.96 $33.87 $33.91 $32.44 $27.66 
Total ReturnF,G 4.97% 21.63% .02% 4.86% 17.50% 35.13% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .63%J .78% .94% .91% .72% .71% 
Expenses net of fee waivers, if any .63%J .78% .94% .91% .72% .71% 
Expenses net of all reductions .63%J .78% .94% .91% .72% .69% 
Net investment income (loss) .35%J .43%B .49%C .13% .37% .39% 
Supplemental Data       
Net assets, end of period (in millions) $2,523 $2,455 $2,080 $2,535 $1,835 $1,640 
Portfolio turnover rateK 39%J,L 73%L 63% 40% 58% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .27%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .34%.

 D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L Portfolio turnover rate excludes securities received or delivered in-kind.


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


Fidelity Growth Strategies Fund Class K

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $41.29 $34.14 $34.17 $32.70 $27.88 $20.74 
Income from Investment Operations       
Net investment income (loss)A .10 .21B .21C .10 .17 .15 
Net realized and unrealized gain (loss) 1.97 7.19 (.14) 1.52 4.76 7.14 
Total from investment operations 2.07 7.40 .07 1.62 4.93 7.29 
Distributions from net investment income (.21) (.23) (.10) (.15) (.11) (.13)D 
Distributions from net realized gain (.02) (.02) – (.01) – (.02)D 
Total distributions (.23) (.25) (.10) (.15)E (.11) (.15) 
Redemption fees added to paid in capitalA – –F –F –F –F –F 
Net asset value, end of period $43.13 $41.29 $34.14 $34.17 $32.70 $27.88 
Total ReturnG,H 5.03% 21.81% .20% 5.00% 17.75% 35.42% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .50%K .63% .78% .76% .53% .48% 
Expenses net of fee waivers, if any .50%K .63% .78% .76% .53% .48% 
Expenses net of all reductions .50%K .63% .78% .76% .53% .46% 
Net investment income (loss) .48%K .57%B .64%C .28% .56% .62% 
Supplemental Data       
Net assets, end of period (in millions) $215 $272 $475 $699 $385 $342 
Portfolio turnover rateL 39%K,M 73%M 63% 40% 58% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .42%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .50%.

 D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 E Total distributions of $.15 per share is comprised of distributions from net investment income of $.145 and distributions for net realized gain of $.008 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


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


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2018
(Amounts in thousands except percentages)

1. Organization.

Fidelity Growth Strategies 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 Fund offers Growth Strategies and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to in-kind transactions, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $548,733 
Gross unrealized depreciation (28,091) 
Net unrealized appreciation (depreciation) $520,642 
Tax cost $2,284,414 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $538,713 and $608,338, respectively.

Redemptions In-Kind. During the period, 1,166 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $49,867. The net realized gain of $12,890 on investments delivered through the in-kind redemptions is included in the accompanying Statement of Operations. The amount of the redemptions is included in share transactions activity shown in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Strategies as compared to its benchmark index, the Russell Midcap Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .42% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Growth Strategies. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Growth Strategies $2,237 .18 
Class K 57 .05 
 $2,294  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .03%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $11 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $21.

Prior Fiscal Year Redemptions In-Kind. During the prior period, 2,028 shares of the Fund held by an affiliated entity were redeemed in-kind for investments and cash with a value of $77,806. The Fund had a net realized gain of $13,916 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $4 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $100, including an amount of less than five hundred dollars from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $53 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $14.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
May 31, 2018 		Year ended
November 30, 2017 
From net investment income   
Growth Strategies $9,430 $11,145 
Class K 1,384 2,397 
Total $10,814 $13,542 
From net realized gain   
Growth Strategies $1,134 $909 
Class K 126 154 
Total $1,260 $1,063 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended May 31, 2018 Year ended November 30, 2017 Six months ended May 31, 2018 Year ended November 30, 2017 
Growth Strategies     
Shares sold 4,516 8,324 $190,269 $303,468 
Reinvestment of distributions 247 338 10,142 11,624 
Shares redeemed (5,756) (10,158) (243,638) (373,570) 
Net increase (decrease) (993) (1,496) $(43,227) $(58,478) 
Class K     
Shares sold 417 1,619 $17,653 $59,764 
Reinvestment of distributions 36 74 1,510 2,551 
Shares redeemed (2,069)(a) (9,002)(b) (88,017)(a) (327,236)(b) 
Net increase (decrease) (1,616) (7,309) $(68,854) $(264,921) 

 (a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).

 (b) Amount includes in-kind redemptions (see the Prior Fiscal Year Redemptions In-Kind note for additional details).


11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2017 to May 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2017 		Ending
Account Value
May 31, 2018 		Expenses Paid
During Period-B
December 1, 2017
to May 31, 2018 
Growth Strategies .63%    
Actual  $1,000.00 $1,049.70 $3.22 
Hypothetical-C  $1,000.00 $1,021.79 $3.18 
Class K .50%    
Actual  $1,000.00 $1,050.30 $2.56 
Hypothetical-C  $1,000.00 $1,022.44 $2.52 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

FEG-K-SANN-0718
1.863032.109

Fidelity® Series Growth Company Fund



Semi-Annual Report

May 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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 LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2018

 % of fund's net assets 
NVIDIA Corp. 7.1 
Amazon.com, Inc. 5.9 
Apple, Inc. 4.9 
Alphabet, Inc. Class A 3.5 
Facebook, Inc. Class A 3.1 
Salesforce.com, Inc. 3.0 
Microsoft Corp. 2.5 
adidas AG 2.3 
Alphabet, Inc. Class C 1.8 
lululemon athletica, Inc. 1.8 
 35.9 

Top Five Market Sectors as of May 31, 2018

 % of fund's net assets 
Information Technology 43.9 
Consumer Discretionary 21.8 
Health Care 18.0 
Industrials 5.3 
Consumer Staples 4.2 

Asset Allocation (% of fund's net assets)

As of May 31, 2018* 
   Stocks 97.7% 
   Convertible Securities 1.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.6% 


 * Foreign investments - 11.5%


Schedule of Investments May 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%   
 Shares Value 
CONSUMER DISCRETIONARY - 21.6%   
Auto Components - 0.0%   
Aptiv PLC 11,900 $1,160,250 
Automobiles - 1.1%   
Tesla, Inc. (a)(b) 474,900 135,218,277 
Hotels, Restaurants & Leisure - 1.9%   
China Lodging Group Ltd. ADR 163,600 7,200,036 
Chipotle Mexican Grill, Inc. (a) 77,000 33,123,860 
Hilton Worldwide Holdings, Inc. 133,500 10,774,785 
Hyatt Hotels Corp. Class A 40,600 3,318,238 
Las Vegas Sands Corp. 220,800 17,798,688 
Marriott International, Inc. Class A 34,500 4,669,920 
McDonald's Corp. 366,500 58,643,665 
Shake Shack, Inc. Class A (a) 214,900 12,812,338 
Starbucks Corp. 912,300 51,700,041 
U.S. Foods Holding Corp. (a) 88,900 3,171,952 
Yum China Holdings, Inc. 443,400 17,425,620 
Yum! Brands, Inc. 239,400 19,470,402 
  240,109,545 
Household Durables - 0.2%   
iRobot Corp. (a)(b) 160,900 10,041,769 
Roku, Inc. 148,375 5,558,128 
Roku, Inc. Class A (b) 297,099 11,129,329 
Sony Corp. sponsored ADR 33,300 1,568,097 
  28,297,323 
Internet & Direct Marketing Retail - 9.4%   
Amazon.com, Inc. (a) 450,899 734,794,028 
Blue Apron Holdings, Inc. Class B 644,604 1,978,934 
Ctrip.com International Ltd. ADR (a) 287,000 12,940,830 
Expedia, Inc. 79,900 9,670,297 
Groupon, Inc. (a) 2,038,500 9,805,185 
JD.com, Inc. sponsored ADR (a) 1,201,300 42,261,734 
Netflix, Inc. (a) 579,300 203,681,880 
The Booking Holdings, Inc. (a) 28,800 60,736,896 
The Honest Co., Inc. (a)(c)(d) 9,496 175,338 
Wayfair LLC Class A (a)(b) 1,017,059 93,925,399 
  1,169,970,521 
Leisure Products - 0.1%   
Callaway Golf Co. 611,500 11,581,810 
Media - 0.9%   
Comcast Corp. Class A 2,027,200 63,208,096 
Lions Gate Entertainment Corp.:   
Class A (b) 26,200 607,054 
Class B 23,300 508,639 
The Walt Disney Co. 400,100 39,797,947 
Turn, Inc. (Escrow) (a)(c)(d) 205,882 136,912 
  104,258,648 
Multiline Retail - 0.3%   
Dollar General Corp. 55,200 4,828,896 
Dollar Tree, Inc. (a) 229,800 18,979,182 
Target Corp. 139,900 10,197,311 
  34,005,389 
Specialty Retail - 1.3%   
Home Depot, Inc. 534,000 99,617,700 
L Brands, Inc. 36,100 1,224,151 
Lowe's Companies, Inc. 219,300 20,835,693 
RH (a) 295,644 28,893,288 
TJX Companies, Inc. 146,000 13,186,720 
  163,757,552 
Textiles, Apparel & Luxury Goods - 6.4%   
adidas AG 1,249,513 282,799,877 
Canada Goose Holdings, Inc. (a) 169,100 7,131,257 
Carbon Black, Inc. 19,600 460,796 
Cibus Global Ltd. Series C (c)(d)(e) 1,142,857 2,400,000 
Homology Medicines, Inc. 182,088 3,298,888 
Homology Medicines, Inc. (a) 121,400 2,443,782 
Kering SA 171,700 98,295,465 
lululemon athletica, Inc. (a) 2,110,320 221,689,116 
LVMH Moet Hennessy - Louis Vuitton SA 61,307 21,347,012 
NIKE, Inc. Class B 641,100 46,030,980 
PagSeguro Digital Ltd. (a) 117,503 3,909,325 
Puma AG (b) 14,074 8,539,216 
Scholar Rock Holding Corp. (b) 55,800 975,942 
Scholar Rock Holding Corp. 93,749 1,475,703 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 2,464,300 71,612,558 
Tory Burch LLC (c)(d)(e) 248,840 17,615,384 
Under Armour, Inc. Class C (non-vtg.) (a) 45,759 865,760 
VF Corp. 108,200 8,781,512 
  799,672,573 
TOTAL CONSUMER DISCRETIONARY  2,688,031,888 
CONSUMER STAPLES - 4.2%   
Beverages - 2.0%   
Constellation Brands, Inc. Class A (sub. vtg.) 84,500 18,850,260 
Dr. Pepper Snapple Group, Inc. 342,800 40,896,040 
Fever-Tree Drinks PLC 496,520 19,827,868 
Monster Beverage Corp. (a) 1,786,600 91,402,456 
PepsiCo, Inc. 251,600 25,222,900 
The Coca-Cola Co. 1,346,400 57,895,200 
  254,094,724 
Food & Staples Retailing - 0.5%   
Costco Wholesale Corp. 242,900 48,152,496 
Drogasil SA 624,300 10,438,947 
Kroger Co. 116,300 2,829,579 
  61,421,022 
Food Products - 0.3%   
Kellogg Co. 27,000 1,738,530 
Lamb Weston Holdings, Inc. 216,200 13,782,750 
Mondelez International, Inc. 329,100 12,923,757 
The Hershey Co. 59,500 5,357,380 
The Kraft Heinz Co. 72,800 4,184,544 
  37,986,961 
Household Products - 0.2%   
Church & Dwight Co., Inc. 208,900 9,807,855 
Colgate-Palmolive Co. 91,000 5,741,190 
Kimberly-Clark Corp. 26,000 2,622,100 
  18,171,145 
Personal Products - 0.5%   
Coty, Inc. Class A 1,900,300 25,178,975 
Godrej Consumer Products Ltd. 81,474 1,376,407 
Herbalife Nutrition Ltd. (a) 522,800 26,542,556 
Unilever NV (Certificaten Van Aandelen) (Bearer) 189,500 10,568,194 
  63,666,132 
Tobacco - 0.7%   
Altria Group, Inc. 794,400 44,279,856 
British American Tobacco PLC sponsored ADR 57,300 2,933,760 
Philip Morris International, Inc. 481,500 38,298,510 
  85,512,126 
TOTAL CONSUMER STAPLES  520,852,110 
ENERGY - 1.9%   
Energy Equipment & Services - 0.2%   
Baker Hughes, a GE Co. Class A 510,400 17,654,736 
Halliburton Co. 139,100 6,918,834 
  24,573,570 
Oil, Gas & Consumable Fuels - 1.7%   
Anadarko Petroleum Corp. 70,000 4,886,000 
Cabot Oil & Gas Corp. 356,600 8,148,310 
Concho Resources, Inc. (a) 123,800 16,998,978 
Continental Resources, Inc. (a) 122,300 8,235,682 
Diamondback Energy, Inc. 44,400 5,361,744 
EOG Resources, Inc. 477,700 56,277,837 
Hess Corp. 93,900 5,673,438 
Noble Energy, Inc. 364,000 12,994,800 
Occidental Petroleum Corp. 189,900 15,989,580 
PDC Energy, Inc. (a) 110,338 6,674,346 
Pioneer Natural Resources Co. 156,693 30,257,418 
Reliance Industries Ltd. 1,402,499 19,163,465 
Valero Energy Corp. 187,500 22,725,000 
  213,386,598 
TOTAL ENERGY  237,960,168 
FINANCIALS - 2.8%   
Banks - 1.0%   
Bank of America Corp. 553,100 16,062,024 
Citigroup, Inc. 152,400 10,163,556 
HDFC Bank Ltd. sponsored ADR 344,511 36,662,861 
JPMorgan Chase & Co. 479,000 51,257,790 
Signature Bank (a) 18,700 2,384,063 
Wells Fargo & Co. 182,000 9,826,180 
  126,356,474 
Capital Markets - 1.7%   
BlackRock, Inc. Class A 109,900 58,711,877 
BM&F BOVESPA SA 1,445,500 8,450,084 
Charles Schwab Corp. 1,897,700 105,550,074 
E*TRADE Financial Corp. (a) 159,500 10,104,325 
Edelweiss Financial Services Ltd. 1,486,861 7,195,058 
Nomura Holdings, Inc. 1,348,500 6,950,898 
T. Rowe Price Group, Inc. 88,600 10,757,812 
  207,720,128 
Consumer Finance - 0.1%   
American Express Co. 51,600 5,072,280 
Discover Financial Services 35,358 2,611,542 
  7,683,822 
Insurance - 0.0%   
Hiscox Ltd. 100,300 2,002,674 
TOTAL FINANCIALS  343,763,098 
HEALTH CARE - 17.3%   
Biotechnology - 12.1%   
AbbVie, Inc. 362,384 35,854,273 
ACADIA Pharmaceuticals, Inc. (a) 1,994,274 36,096,359 
Agios Pharmaceuticals, Inc. (a) 636,928 59,552,768 
Alexion Pharmaceuticals, Inc. (a) 366,200 42,526,806 
Alkermes PLC (a) 2,635,359 124,388,945 
Alnylam Pharmaceuticals, Inc. (a) 1,419,923 141,239,741 
Amgen, Inc. 315,900 56,741,958 
AnaptysBio, Inc. (a) 74,191 5,772,060 
Argenx SE ADR 21,800 2,081,900 
Array BioPharma, Inc. (a) 1,481,600 24,224,160 
Arsanis, Inc. (a) 93,400 1,608,348 
aTyr Pharma, Inc. (a) 398,874 359,984 
BeiGene Ltd. ADR (a) 576,636 115,396,396 
Biogen, Inc. (a) 94,700 27,838,012 
bluebird bio, Inc. (a) 734,365 131,488,053 
Blueprint Medicines Corp. (a) 97,400 8,189,392 
Calyxt, Inc. (b) 460,500 8,689,635 
Celgene Corp. (a) 253,500 19,945,380 
Cellectis SA sponsored ADR (a) 290,045 8,683,947 
Chimerix, Inc. (a) 487,316 2,227,034 
Coherus BioSciences, Inc. (a)(b) 600,592 9,369,235 
CytomX Therapeutics, Inc. (a) 245,128 6,292,436 
CytomX Therapeutics, Inc. (a)(f) 207,739 5,332,660 
Denali Therapeutics, Inc. (a)(b) 261,000 5,019,030 
Editas Medicine, Inc. (a) 249,862 9,574,712 
Evelo Biosciences, Inc. 142,500 2,264,325 
Evelo Biosciences, Inc. 230,736 3,299,756 
Exact Sciences Corp. (a) 52,300 3,113,942 
Exelixis, Inc. (a) 3,374,984 69,963,418 
Fate Therapeutics, Inc. (a) 290,173 3,177,394 
Five Prime Therapeutics, Inc. (a) 444,700 7,808,932 
Gilead Sciences, Inc. 182,700 12,313,980 
Global Blood Therapeutics, Inc. (a) 294,000 14,156,100 
Heron Therapeutics, Inc. (a) 728,002 23,732,865 
Intellia Therapeutics, Inc. (a)(b) 226,238 6,131,050 
Intercept Pharmaceuticals, Inc. (a) 43,000 3,019,030 
Ionis Pharmaceuticals, Inc. (a) 2,104,782 98,188,080 
Ironwood Pharmaceuticals, Inc. Class A (a) 1,367,656 25,411,048 
Jounce Therapeutics, Inc. (a)(b) 144,600 1,626,750 
Kiniksa Pharmaceuticals Ltd. 90,238 1,389,575 
Kiniksa Pharmaceuticals Ltd. 39,200 670,712 
Lexicon Pharmaceuticals, Inc. (a) 1,977,178 22,935,265 
Macrogenics, Inc. (a) 66,000 1,500,180 
Momenta Pharmaceuticals, Inc. (a) 1,468,406 34,654,382 
Protagonist Therapeutics, Inc. (a) 262,138 1,908,365 
Prothena Corp. PLC (a) 612,977 8,269,060 
Regeneron Pharmaceuticals, Inc. (a) 198,800 59,703,616 
Regulus Therapeutics, Inc. (a) 1,508,832 1,102,202 
Rigel Pharmaceuticals, Inc. (a) 3,366,112 10,939,864 
Sage Therapeutics, Inc. (a) 603,434 92,138,337 
Seres Therapeutics, Inc. (a) 401,592 3,232,816 
Seres Therapeutics, Inc. (a)(f) 142,139 1,144,219 
Sienna Biopharmaceuticals, Inc. 245,238 3,676,118 
Sienna Biopharmaceuticals, Inc. (f) 155,108 2,325,069 
Spark Therapeutics, Inc. (a) 225,901 18,024,641 
Syros Pharmaceuticals, Inc. (a) 324,829 4,037,624 
Syros Pharmaceuticals, Inc. (a)(f) 301,001 3,741,442 
TESARO, Inc. (a) 112,900 5,167,433 
Ultragenyx Pharmaceutical, Inc. (a) 189,500 13,871,400 
uniQure B.V. (a) 234,000 8,199,360 
UNITY Biotechnology, Inc. 308,360 4,135,108 
UNITY Biotechnology, Inc. (b) 132,300 1,971,270 
Vertex Pharmaceuticals, Inc. (a) 103,100 15,877,400 
Xencor, Inc. (a) 392,000 15,683,920 
Zai Lab Ltd. ADR (b) 295,195 6,913,467 
  1,505,912,739 
Health Care Equipment & Supplies - 2.2%   
Abbott Laboratories 160,321 9,864,551 
Align Technology, Inc. (a) 33,734 11,198,001 
Boston Scientific Corp. (a) 279,800 8,503,122 
Danaher Corp. 344,200 34,172,176 
DexCom, Inc. (a) 119,100 10,479,609 
Genmark Diagnostics, Inc. (a) 550,700 4,036,631 
Insulet Corp. (a) 558,220 52,355,454 
Intuitive Surgical, Inc. (a) 120,021 55,170,053 
Novocure Ltd. (a) 629,400 19,794,630 
Novocure Ltd. (a)(f) 149,451 4,700,234 
Penumbra, Inc. (a) 378,492 60,899,363 
Presbia PLC (a) 443,695 958,381 
  272,132,205 
Health Care Providers & Services - 0.7%   
G1 Therapeutics, Inc. 85,000 3,681,350 
Humana, Inc. 17,000 4,946,660 
McKesson Corp. 25,200 3,576,888 
National Vision Holdings, Inc. 45,200 1,645,280 
OptiNose, Inc. (f) 301,785 6,962,180 
OptiNose, Inc. 296,600 6,842,562 
UnitedHealth Group, Inc. 226,100 54,605,411 
  82,260,331 
Health Care Technology - 0.3%   
athenahealth, Inc. (a) 175,400 26,392,438 
Castlight Health, Inc. Class B (a) 777,600 2,799,360 
Cerner Corp. (a) 58,900 3,515,152 
Teladoc, Inc. (a) 69,000 3,512,100 
  36,219,050 
Life Sciences Tools & Services - 0.0%   
Illumina, Inc. (a) 13,662 3,722,075 
Pharmaceuticals - 2.0%   
Adimab LLC (c)(d)(e) 762,787 30,992,036 
Akcea Therapeutics, Inc. (b) 1,434,623 34,775,262 
Bristol-Myers Squibb Co. 286,800 15,091,416 
Castle Creek Pharmaceuticals, LLC Class A-2 unit (a)(c)(d)(e)(g) 13,511 6,890,475 
Intra-Cellular Therapies, Inc. (a) 1,072,498 24,967,753 
Kolltan Pharmaceuticals, Inc. rights (a)(d) 1,692,030 17 
MyoKardia, Inc. (a) 384,400 18,297,440 
Nektar Therapeutics (a) 1,018,200 81,730,914 
resTORbio, Inc. (a) 49,300 482,647 
Rhythm Pharmaceuticals, Inc. 132,000 4,241,160 
RPI International Holdings LP (c)(d) 35,220 5,115,705 
Stemcentrx, Inc. rights 12/31/21 (a)(d) 568,100 1,113,476 
The Medicines Company (a) 704,623 23,858,535 
Theravance Biopharma, Inc. (a) 318,848 7,760,760 
  255,317,596 
TOTAL HEALTH CARE  2,155,563,996 
INDUSTRIALS - 5.1%   
Aerospace & Defense - 1.1%   
Lockheed Martin Corp. 123,000 38,688,420 
Northrop Grumman Corp. 16,900 5,530,525 
Space Exploration Technologies Corp. Class A (a)(c)(d) 137,569 23,249,161 
The Boeing Co. 163,200 57,472,512 
United Technologies Corp. 115,300 14,391,746 
  139,332,364 
Air Freight & Logistics - 0.3%   
FedEx Corp. 23,600 5,879,232 
United Parcel Service, Inc. Class B 253,200 29,401,584 
  35,280,816 
Airlines - 1.2%   
Allegiant Travel Co. 33,300 5,039,955 
Azul SA sponsored ADR (a) 140,500 3,003,890 
Delta Air Lines, Inc. 209,000 11,296,450 
InterGlobe Aviation Ltd. (f) 341,188 6,169,264 
JetBlue Airways Corp. (a) 1,300,700 24,570,223 
Ryanair Holdings PLC sponsored ADR (a) 124,510 14,431,954 
Southwest Airlines Co. 564,000 28,809,120 
Spirit Airlines, Inc. (a) 79,600 2,920,524 
United Continental Holdings, Inc. (a) 153,500 10,682,065 
Wheels Up Partners Holdings LLC:   
Series B (a)(c)(d)(e) 1,843,115 4,257,596 
Series C (a)(c)(d)(e) 670,590 1,549,063 
Wizz Air Holdings PLC (a)(f) 792,504 35,840,587 
  148,570,691 
Construction & Engineering - 0.1%   
Fluor Corp. 130,400 6,355,696 
Electrical Equipment - 0.2%   
AMETEK, Inc. 16,000 1,168,480 
Eaton Corp. PLC 114,600 8,776,068 
Emerson Electric Co. 101,800 7,211,512 
Fortive Corp. 171,900 12,495,411 
  29,651,471 
Industrial Conglomerates - 0.7%   
3M Co. 179,200 35,343,616 
General Electric Co. 427,800 6,023,424 
Honeywell International, Inc. 290,200 42,923,482 
  84,290,522 
Machinery - 1.1%   
Aumann AG (f) 73,900 5,218,125 
Caterpillar, Inc. 337,700 51,300,007 
Cummins, Inc. 67,300 9,582,847 
Deere & Co. 193,300 28,900,283 
Illinois Tool Works, Inc. 80,200 11,524,740 
Rational AG 5,136 3,212,269 
Wabtec Corp. 73,100 7,127,981 
Xylem, Inc. 316,700 22,295,680 
  139,161,932 
Road & Rail - 0.4%   
J.B. Hunt Transport Services, Inc. 86,000 11,016,600 
Union Pacific Corp. 297,300 42,442,548 
  53,459,148 
TOTAL INDUSTRIALS  636,102,640 
INFORMATION TECHNOLOGY - 43.3%   
Communications Equipment - 0.6%   
Arista Networks, Inc. (a) 40,700 10,238,492 
Infinera Corp. (a) 3,232,600 28,446,880 
NETGEAR, Inc. (a) 531,162 32,108,743 
Palo Alto Networks, Inc. (a) 18,800 3,912,092 
  74,706,207 
Electronic Equipment & Components - 0.2%   
Cognex Corp. 13,900 635,369 
IPG Photonics Corp. (a) 5,500 1,326,985 
TE Connectivity Ltd. 28,500 2,652,780 
Trimble, Inc. (a) 448,800 14,837,328 
  19,452,462 
Internet Software & Services - 11.8%   
2U, Inc. (a) 227,180 21,536,664 
Actua Corp. (d) 546,564 546,564 
Alibaba Group Holding Ltd. sponsored ADR (a) 346,900 68,689,669 
Alphabet, Inc.:   
Class A (a) 390,770 429,847,000 
Class C (a) 209,756 227,583,162 
Apptio, Inc. Class A (a) 285,700 9,436,671 
CarGurus, Inc. Class A 17,800 590,248 
DocuSign, Inc. 33,900 1,688,559 
Dropbox, Inc. Class A (a) 58,800 1,763,412 
eBay, Inc. (a) 141,600 5,341,152 
Etsy, Inc. (a) 48,700 1,574,958 
Facebook, Inc. Class A (a) 2,035,158 390,302,601 
GoDaddy, Inc. (a) 100,300 7,180,477 
Match Group, Inc. (a)(b) 56,200 2,312,630 
NAVER Corp. 2,194 1,358,809 
NetEase, Inc. ADR 57,500 13,128,400 
New Relic, Inc. (a) 120,246 12,215,791 
Nutanix, Inc.:   
Class A (a) 1,641,350 87,730,158 
Class B (a)(f) 274,751 14,685,441 
Shopify, Inc. Class A (a) 913,649 135,525,306 
Tencent Holdings Ltd. 340,300 17,373,039 
Twitter, Inc. (a) 106,890 3,709,083 
Wix.com Ltd. (a) 169,407 14,729,939 
  1,468,849,733 
IT Services - 3.6%   
Cognizant Technology Solutions Corp. Class A 258,600 19,485,510 
IBM Corp. 62,800 8,874,268 
MasterCard, Inc. Class A 624,300 118,691,916 
PayPal Holdings, Inc. (a) 1,448,200 118,853,774 
Square, Inc. (a) 780,100 45,440,825 
Visa, Inc. Class A 1,089,800 142,458,656 
  453,804,949 
Semiconductors & Semiconductor Equipment - 9.8%   
Advanced Micro Devices, Inc. (a) 1,319,000 18,109,870 
Applied Materials, Inc. 143,800 7,302,164 
ASML Holding NV 119,200 23,440,680 
Broadcom, Inc. 163,336 41,172,106 
Cirrus Logic, Inc. (a) 334,700 12,544,556 
Cree, Inc. (a) 460,166 21,452,939 
Inphi Corp. (a) 104,400 3,526,632 
Intel Corp. 20,500 1,131,600 
KLA-Tencor Corp. 65,200 7,382,596 
Marvell Technology Group Ltd. 571,000 12,299,340 
Micron Technology, Inc. (a) 359,400 20,697,846 
NVIDIA Corp. 3,505,900 884,152,915 
Qorvo, Inc. (a) 53,200 4,269,300 
Renesas Electronics Corp. (a) 252,000 2,506,449 
Silicon Laboratories, Inc. (a) 905,782 95,650,579 
Skyworks Solutions, Inc. 32,078 3,163,212 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 328,400 12,709,080 
Texas Instruments, Inc. 435,000 48,680,850 
  1,220,192,714 
Software - 12.0%   
Activision Blizzard, Inc. 1,984,400 140,713,804 
Adobe Systems, Inc. (a) 482,700 120,327,456 
Aspen Technology, Inc. (a) 95,400 8,897,004 
Atlassian Corp. PLC (a) 115,900 7,393,261 
Autodesk, Inc. (a) 436,400 56,339,240 
Black Knight, Inc. (a) 133,100 6,734,860 
BlackBerry Ltd. (a) 588,500 6,961,955 
Electronic Arts, Inc. (a) 427,100 55,911,661 
HubSpot, Inc. (a) 478,900 58,042,680 
Intuit, Inc. 153,300 30,905,280 
Microsoft Corp. 3,159,292 312,264,421 
Nintendo Co. Ltd. 24,000 9,824,065 
Oracle Corp. 267,700 12,506,944 
Parametric Technology Corp. (a) 553,100 47,699,344 
Paylocity Holding Corp. (a) 45,700 2,730,575 
Pivotal Software, Inc. 272,500 4,902,275 
Pluralsight, Inc. 71,400 1,536,528 
Proofpoint, Inc. (a) 126,900 14,833,341 
Red Hat, Inc. (a) 1,085,400 176,290,668 
Salesforce.com, Inc. (a) 2,854,142 369,126,184 
Smartsheet, Inc. 27,300 680,316 
Snap, Inc. Class A (a)(b) 518,197 5,902,264 
Zendesk, Inc. (a) 626,600 35,020,674 
Zscaler, Inc. (a)(b) 184,400 4,842,344 
  1,490,387,144 
Technology Hardware, Storage & Peripherals - 5.3%   
Apple, Inc. 3,257,665 608,759,859 
NetApp, Inc. 107,100 7,317,072 
Pure Storage, Inc. Class A (a) 1,491,378 32,004,972 
Samsung Electronics Co. Ltd. 284,950 13,374,343 
  661,456,246 
TOTAL INFORMATION TECHNOLOGY  5,388,849,455 
MATERIALS - 0.9%   
Chemicals - 0.9%   
CF Industries Holdings, Inc. 375,700 15,456,298 
DowDuPont, Inc. 939,205 60,212,433 
LG Chemical Ltd. 28,338 8,880,219 
LyondellBasell Industries NV Class A 33,900 3,800,868 
The Mosaic Co. 64,700 1,778,603 
The Scotts Miracle-Gro Co. Class A 258,821 22,033,432 
  112,161,853 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
American Tower Corp. 189,000 26,151,930 
Ant International Co. Ltd. (c)(d) 419,242 2,351,948 
  28,503,878 
TELECOMMUNICATION SERVICES - 0.4%   
Diversified Telecommunication Services - 0.1%   
Verizon Communications, Inc. 250,800 11,955,636 
Wireless Telecommunication Services - 0.3%   
T-Mobile U.S., Inc. (a) 775,800 43,212,060 
TOTAL TELECOMMUNICATION SERVICES  55,167,696 
TOTAL COMMON STOCKS   
(Cost $6,149,374,089)  12,166,956,782 
Preferred Stocks - 1.7%   
Convertible Preferred Stocks - 1.7%   
CONSUMER DISCRETIONARY - 0.2%   
Hotels, Restaurants & Leisure - 0.0%   
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(c)(d)(e) 17,731 2,481,099 
Topgolf International, Inc. Series F (c)(d) 234,069 3,237,994 
  5,719,093 
Internet & Direct Marketing Retail - 0.0%   
The Honest Co., Inc.:   
Series C (a)(c)(d) 22,157 692,353 
Series D (a)(c)(d) 19,064 643,092 
  1,335,445 
Leisure Products - 0.1%   
Peloton Interactive, Inc. Series E (a)(c)(d) 194,028 7,017,993 
Textiles, Apparel & Luxury Goods - 0.1%   
Generation Bio Series B (c)(d) 224,243 2,050,859 
Harmony Biosciences II, Inc. Series A (c)(d) 2,550,636 2,550,636 
ORIC Pharmaceuticals, Inc. Series C (c)(d) 316,667 950,001 
Rubius Therapeutics, Inc.:   
Series B (c)(d) 333,731 4,268,419 
Series C (c)(d) 127,287 1,628,001 
  11,447,916 
TOTAL CONSUMER DISCRETIONARY  25,520,447 
FINANCIALS - 0.0%   
Insurance - 0.0%   
Clover Health Series D (c)(d) 264,037 2,476,086 
HEALTH CARE - 0.7%   
Biotechnology - 0.6%   
10X Genomics, Inc.:   
Series C (a)(c)(d) 715,467 6,847,019 
Series D (c)(d) 100,390 960,732 
23andMe, Inc. Series F (c)(d) 164,720 2,569,632 
Axcella Health, Inc. Series C (a)(c)(d) 111,581 1,441,627 
BioNTech AG Series A (c)(d) 25,199 5,377,131 
Immunocore Ltd. Series A (a)(c)(d) 18,504 6,450,164 
Intarcia Therapeutics, Inc. Series EE (a)(c)(d) 116,544 6,992,640 
Kaleido Biosciences, Inc. Series C, (c)(d) 212,696 2,124,833 
Moderna Therapeutics, Inc.:   
Series B (a)(c)(d) 171,343 1,723,711 
Series C (a)(c)(d) 111,846 1,125,171 
Series E (a)(c)(d) 1,403,070 14,114,884 
Series F (a)(c)(d) 1,538,270 15,474,996 
Translate Bio:   
Series B (a)(c)(d) 1,211,240 2,398,255 
Series C (a)(c)(d) 1,667,170 3,300,997 
  70,901,792 
Health Care Equipment & Supplies - 0.0%   
Shockwave Medical, Inc. Series C (c)(d) 1,015,306 1,390,969 
Health Care Providers & Services - 0.1%   
Mulberry Health, Inc. Series A8 (a)(c)(d) 783,663 5,591,349 
Health Care Technology - 0.0%   
Codiak Biosciences, Inc.:   
Series A 8.00% (a)(c)(d) 163,914 620,841 
Series B 8.00% (a)(c)(d) 532,720 2,017,730 
Series C, 8.00% (c)(d) 648,255 2,455,331 
  5,093,902 
Life Sciences Tools & Services - 0.0%   
Neon Therapeutics, Inc. Series B (a)(c)(d) 1,343,771 3,870,060 
Pharmaceuticals - 0.0%   
Constellation Pharmaceuticals Series F (c)(d) 923,423 923,423 
Nohla Therapeutics, Inc. Series B (c)(d) 3,126,919 1,426,000 
  2,349,423 
TOTAL HEALTH CARE  89,197,495 
INDUSTRIALS - 0.2%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series G (a)(c)(d) 53,937 9,115,353 
Commercial Services & Supplies - 0.0%   
Domo, Inc. Series D (a)(c)(d) 613,084 2,967,327 
Professional Services - 0.1%   
YourPeople, Inc. Series C (a)(c)(d) 1,527,000 7,696,080 
TOTAL INDUSTRIALS  19,778,760 
INFORMATION TECHNOLOGY - 0.6%   
Internet Software & Services - 0.4%   
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) 2,105,094 95,571 
Reddit, Inc. Series B (c)(d) 37,935 881,989 
Starry, Inc.:   
Series B (a)(c)(d) 2,961,147 2,730,178 
Series C (c)(d) 1,339,018 1,234,575 
Uber Technologies, Inc.:   
Series D, 8.00% (a)(c)(d) 1,095,852 43,834,080 
Series E, 8.00% (a)(c)(d) 51,852 2,074,080 
  50,850,473 
IT Services - 0.0%   
AppNexus, Inc. Series E (a)(c)(d) 209,665 4,969,061 
Software - 0.2%   
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) 344,325 2,510,129 
Dataminr, Inc. Series D (a)(c)(d) 442,241 8,800,596 
Outset Medical, Inc. Series C (a)(c)(d) 382,862 1,087,328 
Taboola.Com Ltd. Series E (a)(c)(d) 331,426 5,514,929 
  17,912,982 
TOTAL INFORMATION TECHNOLOGY  73,732,516 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (a)(c)(d) 202,849 259,647 
TOTAL CONVERTIBLE PREFERRED STOCKS  210,964,951 
Nonconvertible Preferred Stocks - 0.0%   
FINANCIALS - 0.0%   
Banks - 0.0%   
Itau Unibanco Holding SA 512,400 5,913,710 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
Yumanity Holdings LLC Class A (a)(c)(d) 130,754 1,097,026 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  7,010,736 
TOTAL PREFERRED STOCKS   
(Cost $170,583,725)  217,975,687 
Money Market Funds - 1.3%   
Fidelity Cash Central Fund, 1.76% (h) 90,550,423 90,568,534 
Fidelity Securities Lending Cash Central Fund 1.76% (h)(i) 66,945,192 66,951,886 
TOTAL MONEY MARKET FUNDS   
(Cost $157,520,420)  157,520,420 
TOTAL INVESTMENT IN SECURITIES - 100.7%   
(Cost $6,477,478,234)  12,542,452,889 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (85,167,685) 
NET ASSETS - 100%  $12,457,285,204 

Legend

 (a) Non-income producing

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

 (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $306,795,591 or 2.5% of net assets.

 (d) Level 3 security

 (e) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $86,119,221 or 0.7% of net assets.

 (g) Investment represents common shares and preferred shares.

 (h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
10X Genomics, Inc. Series C 2/23/16 - 4/3/17 $3,204,004 
10X Genomics, Inc. Series D 4/10/2018 $960,732 
23andMe, Inc. Series F 8/31/17 $2,287,005 
Adimab LLC 9/17/14 - 6/5/15 $11,583,995 
Altiostar Networks, Inc. Series A1 1/10/17 $933,105 
Ant International Co. Ltd. 5/16/18 $2,351,948 
AppNexus, Inc. Series E 8/1/14 $4,200,051 
Axcella Health, Inc. Series C 8/11/17 $1,124,736 
BioNTech AG Series A 12/29/17 $5,518,798 
Castle Creek Pharmaceuticals, LLC Class A-2 unit 9/29/16 $4,458,630 
Cibus Global Ltd. Series C 2/16/18 $2,400,000 
Cloudflare, Inc. Series D, 8.00% 11/5/14 $2,109,163 
Clover Health Series D 6/7/17 $2,476,086 
Codiak Biosciences, Inc. Series A 8.00% 11/12/15 $163,914 
Codiak Biosciences, Inc. Series B 8.00% 11/12/15 $1,598,160 
Codiak Biosciences, Inc. Series C, 8.00% 11/17/17 $2,455,331 
Constellation Pharmaceuticals Series F 4/5/18 $923,423 
Dataminr, Inc. Series D 2/18/15 - 3/6/15 $5,638,573 
Domo, Inc. Series D 1/24/14 $2,533,999 
Generation Bio Series B 2/21/18 $2,050,859 
Harmony Biosciences II, Inc. Series A 9/22/17 $2,550,636 
Immunocore Ltd. Series A 7/27/15 $3,482,067 
Intarcia Therapeutics, Inc. Series EE 9/2/16 $6,992,640 
Jet.Com, Inc. Series B1 (Escrow) 9/19/16 $691,418 
Kaleido Biosciences, Inc. Series C, 3/16/18 $2,124,833 
MOD Super Fast Pizza Holdings LLC Series 3 Preferred 11/3/16 - 12/14/17 $2,433,492 
Moderna Therapeutics, Inc. Series B 4/13/17 $993,789 
Moderna Therapeutics, Inc. Series C 4/13/17 $649,825 
Moderna Therapeutics, Inc. Series E 12/18/14 $10,570,104 
Moderna Therapeutics, Inc. Series F 8/10/16 $11,588,640 
Mulberry Health, Inc. Series A8 1/20/16 $5,293,448 
Neon Therapeutics, Inc. Series B 12/28/16 - 12/1/17 $3,775,997 
Nohla Therapeutics, Inc. Series B 5/1/18 $1,426,000 
ORIC Pharmaceuticals, Inc. Series C 2/6/18 $950,001 
Outset Medical, Inc. Series C 4/19/17 $992,187 
Peloton Interactive, Inc. Series E 3/31/17 $4,202,996 
Reddit, Inc. Series B 7/26/17 $538,544 
RPI International Holdings LP 5/21/15 - 3/23/16 $4,390,645 
Rubius Therapeutics, Inc. Series B 6/7/17 $2,800,003 
Rubius Therapeutics, Inc. Series C 2/23/18 $1,628,001 
Shockwave Medical, Inc. Series C 9/27/17 $1,025,439 
Space Exploration Technologies Corp. Class A 10/16/15 - 4/6/17 $12,876,729 
Space Exploration Technologies Corp. Series G 1/20/15 $4,177,960 
Starry, Inc. Series B 12/1/16 $1,601,981 
Starry, Inc. Series C 12/8/17 $1,234,575 
Taboola.Com Ltd. Series E 12/22/14 $3,455,249 
The Honest Co., Inc. 8/21/14 $256,936 
The Honest Co., Inc. Series C 8/21/14 $599,509 
The Honest Co., Inc. Series D 8/3/15 $872,273 
Topgolf International, Inc. Series F 11/10/17 $3,237,994 
Tory Burch LLC 5/14/15 17,704,966 
Translate Bio Series B 7/17/15 $1,308,139 
Translate Bio Series C 12/22/16 - 12/22/17 $3,300,997 
Turn, Inc. (Escrow) 4/11/17 $123,537 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $17,000,007 
Uber Technologies, Inc. Series E, 8.00% 12/5/14 $1,727,583 
Wheels Up Partners Holdings LLC Series B 9/18/15 $5,235,000 
Wheels Up Partners Holdings LLC Series C 6/22/17 2,092,241 
YourPeople, Inc. Series C 5/1/15 $22,753,949 
Yumanity Holdings LLC Class A 2/8/16 $883,727 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $424,736 
Fidelity Securities Lending Cash Central Fund 1,457,866 
Total $1,882,602 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $2,713,552,335 $2,641,582,651 $26,121,603 $45,848,081 
Consumer Staples 520,852,110 510,283,916 10,568,194 -- 
Energy 237,960,168 237,960,168 -- -- 
Financials 352,152,894 342,725,910 6,950,898 2,476,086 
Health Care 2,245,858,517 2,102,627,848 12,694,499 130,536,170 
Industrials 655,881,400 607,046,820 -- 48,834,580 
Information Technology 5,462,581,971 5,361,105,787 27,197,104 74,279,080 
Materials 112,161,853 112,161,853 -- -- 
Real Estate 28,503,878 26,151,930 -- 2,351,948 
Telecommunication Services 55,427,343 55,167,696 -- 259,647 
Money Market Funds 157,520,420 157,520,420 -- -- 
Total Investments in Securities: $12,542,452,889 $12,154,334,999 $83,532,298 $304,585,592 

The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:

Investments in Securities:  
Equities - Health Care  
Beginning Balance $95,454,102 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 27,181,979 
Cost of Purchases 13,141,843 
Proceeds of Sales (2,652,943) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (2,588,811) 
Ending Balance $130,536,170 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 $21,940,228 
Other Investments in Securities  
Beginning Balance $150,274,375 
Net Realized Gain (Loss) on Investment Securities 674,275 
Net Unrealized Gain (Loss) on Investment Securities 14,986,457 
Cost of Purchases 12,928,494 
Proceeds of Sales (15,909,358) 
Amortization/Accretion -- 
Transfers into Level 3 11,095,179 
Transfers out of Level 3 -- 
Ending Balance $174,049,422 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 $20,500,903 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 88.5% 
Cayman Islands 2.6% 
Germany 2.5% 
Ireland 1.3% 
Canada 1.1% 
France 1.1% 
Others (Individually Less Than 1%) 2.9% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  May 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $64,754,300) — See accompanying schedule:
Unaffiliated issuers (cost $6,319,957,814) 		$12,384,932,469  
Fidelity Central Funds (cost $157,520,420) 157,520,420  
Total Investment in Securities (cost $6,477,478,234)  $12,542,452,889 
Restricted cash  102,331 
Foreign currency held at value (cost $816,156)  816,160 
Receivable for investments sold  4,525,147 
Receivable for fund shares sold  6,046,630 
Dividends receivable  8,152,422 
Distributions receivable from Fidelity Central Funds  685,944 
Other receivables  99,074 
Total assets  12,562,880,597 
Liabilities   
Payable for investments purchased $37,052,001  
Payable for fund shares redeemed 743,803  
Other payables and accrued expenses 864,738  
Collateral on securities loaned 66,934,851  
Total liabilities  105,595,393 
Net Assets  $12,457,285,204 
Net Assets consist of:   
Paid in capital  $5,795,060,758 
Undistributed net investment income  38,473,185 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  559,498,952 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  6,064,252,309 
Net Assets  $12,457,285,204 
Net Asset Value, offering price and redemption price per share ($12,457,285,204 ÷ 671,288,869 shares)  $18.56 

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


Statement of Operations

  Six months ended May 31, 2018 (Unaudited) 
Investment Income   
Dividends  $40,700,739 
Income from Fidelity Central Funds  1,882,602 
Total income  42,583,341 
Expenses   
Custodian fees and expenses $186,028  
Independent trustees' fees and expenses 26,517  
Interest 1,164  
Miscellaneous 16,733  
Total expenses before reductions 230,442  
Expense reductions (131,211)  
Total expenses after reductions  99,231 
Net investment income (loss)  42,484,110 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 602,587,540  
Fidelity Central Funds 7,865  
Foreign currency transactions (94,763)  
Total net realized gain (loss)  602,500,642 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $191,660) 790,216,120  
Fidelity Central Funds (1,515)  
Assets and liabilities in foreign currencies (25,069)  
Total change in net unrealized appreciation (depreciation)  790,189,536 
Net gain (loss)  1,392,690,178 
Net increase (decrease) in net assets resulting from operations  $1,435,174,288 

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


Statement of Changes in Net Assets

 Six months ended May 31, 2018 (Unaudited) Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $42,484,110 $50,717,898 
Net realized gain (loss) 602,500,642 1,020,994,032 
Change in net unrealized appreciation (depreciation) 790,189,536 2,493,193,965 
Net increase (decrease) in net assets resulting from operations 1,435,174,288 3,564,905,895 
Distributions to shareholders from net investment income (53,111,644) (21,273,177) 
Distributions to shareholders from net realized gain (1,039,113,689) (237,558,300) 
Total distributions (1,092,225,333) (258,831,477) 
Share transactions - net increase (decrease) 492,174,706 (2,090,059,508) 
Total increase (decrease) in net assets 835,123,661 1,216,014,910 
Net Assets   
Beginning of period 11,622,161,543 10,406,146,633 
End of period $12,457,285,204 $11,622,161,543 
Other Information   
Undistributed net investment income end of period $38,473,185 $49,100,719 

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


Financial Highlights

Fidelity Series Growth Company Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2018 2017 2016 2015 2014 2013 A 
Selected Per–Share Data       
Net asset value, beginning of period $18.19 $13.49 $13.08 $12.10 $10.29 $10.00 
Income from Investment Operations       
Net investment income (loss)B .06 .07 .01 .03 .02 .01 
Net realized and unrealized gain (loss) 2.06 4.96 .43 1.04 1.80 .28 
Total from investment operations 2.12 5.03 .44 1.07 1.82 .29 
Distributions from net investment income (.09) (.02) (.03) (.02) (.01) – 
Distributions from net realized gain (1.66) (.31) – (.07) – – 
Total distributions (1.75) (.33) (.03) (.09) (.01) – 
Net asset value, end of period $18.56 $18.19 $13.49 $13.08 $12.10 $10.29 
Total ReturnC,D 12.73% 38.10% 3.38% 8.94% 17.67% 2.90% 
Ratios to Average Net AssetsE,F       
Expenses before reductions - %G,H .38% .74% .79% .74% .76%G 
Expenses net of fee waivers, if any - %G,H .38% .74% .79% .74% .76%G 
Expenses net of all reductions - %G,H .37% .74% .79% .74% .76%G 
Net investment income (loss) .71%G .43% .11% .24% .22% .87%G 
Supplemental Data       
Net assets, end of period (000 omitted) $12,457,285 $11,622,162 $4,032,151 $4,602,479 $4,353,274 $4,063,472 
Portfolio turnover rateI 20%G 15% 20% 18% 14% 1%G 

 A For the period November 7, 2013 (commencement of operations) to November 30, 2013.

 B Calculated based on average shares outstanding during the period.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount represents less than .005%.

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2018

1. Organization.

Fidelity Series 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. Shares of the Fund are only available for purchase by mutual funds for which FMR or an affiliate serves as an investment manager. 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. Effective August 28, 2017, the Fund no longer offered Class F, and all outstanding shares of Class F were exchanged for shares of Fidelity Series Growth Company.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Investments in open-end mutual funds ,including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $304,039,023 Market approach Transaction price $0.81 - $169.00 / $64.82 Increase 
   Liquidity preference $16.35 - $45.76 / $36.62 Increase 
   Conversion ratio 1.6 Increase 
  Market comparable Transaction price $0.46 - $330.00 / $67.01 Increase 
   Enterprise value/Sales multiple (EV/S) 1.2 – 15.4 / 4.3 Increase 
   Discount rate 20.0% - 76.0% / 59.7% Decrease 
   Enterprise value/EBITDA multiple (EV/EBITDA) 12.1
 		Increase 
   Discount for lack of marketability 10.0% / 20.0% / 13.4% Decrease 
   Enterprise value/Revenue multiple (EV/R) 4.9 Increase 
   Liquidity preference $4.13 - $25.62 / $17.99 Increase 
   Premium rate 15.0% - 76.0% / 22.1% Increase 
   Conversion ratio 3.0 Increase 
   Proxy premium 28.2% - 54.5% / 49.4% Increase 
  Recovery value Recovery value 0.0% - 0.7% / 0.4% Increase 
  Discount cash flow Discount rate 8.0% Decrease 
   Discount for lack of maretability 10.0% Decrease 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.


Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $6,270,748,588 
Gross unrealized depreciation (247,170,332) 
Net unrealized appreciation (depreciation) $6,023,578,256 
Tax cost $6,518,874,633 

Restricted Securities. The Fund may 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. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $66,287,984 in these Subsidiaries, representing .53% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,167,296,295 and $1,692,800,100, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $29,273 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $25,697,000 1.63% $1,164 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $16,733 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $3,486,554. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds Total security lending income during the period amounted to $1,457,866, including $34,271 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $129,877 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,334.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended May 31, 2018 Year ended November 30, 2017 
From net investment income   
Series Growth Company $53,111,644 $4,446,809 
Class F – 16,826,368 
Total $53,111,644 $21,273,177 
From net realized gain   
Series Growth Company $1,039,113,689 $92,197,173 
Class F – 145,361,127 
Total $1,039,113,689 $237,558,300 

10. Share Transactions.

Transactions for each class of shares were as follows:

 Shares Shares Dollars Dollars 
 Six months ended May 31, 2018 Year ended November 30, 2017 Six months ended May 31, 2018 Year ended November 30, 2017 
Series Growth Company     
Shares sold 24,361,659 431,705,596 $433,488,613 $7,133,495,773 
Reinvestment of distributions 65,481,135 7,164,120 1,092,225,333 96,643,982 
Shares redeemed (57,368,797) (98,878,934) (1,033,539,240) (1,617,775,564) 
Net increase (decrease) 32,473,997 339,990,782 $492,174,706 $5,612,364,191 
Class F     
Shares sold – 5,710,126 $– $91,560,409 
Reinvestment of distributions – 12,022,794 – 162,187,495 
Shares redeemed – (489,437,017) – (7,956,171,603) 
Net increase (decrease) – (471,704,097) $– $(7,702,423,699) 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2017 to May 31, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2017 		Ending
Account Value
May 31, 2018 		Expenses Paid
During Period-B
December 1, 2017
to May 31, 2018 
Series Growth Company - %-C    
Actual  $1,000.00 $1,127.30 $--D 
Hypothetical-E  $1,000.00 $1,024.93 $- 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses






Fidelity Investments

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Fidelity Flex℠ Funds

Fidelity Flex℠ Mid Cap Growth Fund



Semi-Annual Report

May 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

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 LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2018

 % of fund's net assets 
Total System Services, Inc. 2.9 
VeriSign, Inc. 2.6 
Wyndham Worldwide Corp. 2.4 
Citrix Systems, Inc. 2.4 
ON Semiconductor Corp. 2.4 
Progressive Corp. 2.0 
Huntington Ingalls Industries, Inc. 2.0 
Edwards Lifesciences Corp. 2.0 
Aptiv PLC 2.0 
Fiserv, Inc. 1.8 
 22.5 

Top Five Market Sectors as of May 31, 2018

 % of fund's net assets 
Information Technology 31.8 
Health Care 16.7 
Consumer Discretionary 16.6 
Industrials 14.8 
Financials 10.8 

Asset Allocation (% of fund's net assets)

As of May 31, 2018 * 
   Stocks 99.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.2% 


 * Foreign investments - 5.9%


Schedule of Investments May 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%   
 Shares Value 
CONSUMER DISCRETIONARY - 16.6%   
Auto Components - 4.6%   
Aptiv PLC 519 $50,603 
Lear Corp. 148 29,304 
Visteon Corp. (a) 320 39,987 
  119,894 
Distributors - 0.7%   
Pool Corp. 135 19,294 
Diversified Consumer Services - 1.0%   
Service Corp. International 727 26,674 
Hotels, Restaurants & Leisure - 3.7%   
Domino's Pizza, Inc. 80 20,118 
Hilton Grand Vacations, Inc. (a) 316 12,564 
Wyndham Worldwide Corp. 593 64,305 
  96,987 
Household Durables - 1.2%   
NVR, Inc. (a) 10 29,905 
Internet & Direct Marketing Retail - 0.6%   
TripAdvisor, Inc. (a) 310 16,163 
Media - 0.4%   
Live Nation Entertainment, Inc. (a) 216 9,208 
Multiline Retail - 1.9%   
Dollar General Corp. 269 23,532 
Dollar Tree, Inc. (a) 308 25,438 
  48,970 
Specialty Retail - 1.4%   
Ross Stores, Inc. 475 37,468 
Textiles, Apparel & Luxury Goods - 1.1%   
Carter's, Inc. 160 17,442 
VF Corp. 152 12,336 
  29,778 
TOTAL CONSUMER DISCRETIONARY  434,341 
CONSUMER STAPLES - 4.6%   
Beverages - 2.6%   
Brown-Forman Corp. Class B (non-vtg.) 655 37,047 
Dr. Pepper Snapple Group, Inc. 179 21,355 
Monster Beverage Corp. (a) 191 9,772 
  68,174 
Food Products - 1.0%   
The Hershey Co. 292 26,292 
Personal Products - 1.0%   
Estee Lauder Companies, Inc. Class A 85 12,702 
Herbalife Nutrition Ltd. (a) 275 13,962 
  26,664 
TOTAL CONSUMER STAPLES  121,130 
ENERGY - 0.6%   
Oil, Gas & Consumable Fuels - 0.6%   
Andeavor 111 16,032 
FINANCIALS - 10.8%   
Banks - 2.4%   
Citizens Financial Group, Inc. 1,139 46,528 
Huntington Bancshares, Inc. 1,075 15,985 
  62,513 
Capital Markets - 6.1%   
Ameriprise Financial, Inc. 268 37,153 
E*TRADE Financial Corp. (a) 313 19,829 
MarketAxess Holdings, Inc. 43 9,187 
Moody's Corp. 270 46,054 
MSCI, Inc. 150 24,386 
S&P Global, Inc. 111 21,923 
  158,532 
Insurance - 2.3%   
Aon PLC 50 6,994 
Progressive Corp. 871 54,080 
  61,074 
TOTAL FINANCIALS  282,119 
HEALTH CARE - 16.7%   
Health Care Equipment & Supplies - 4.3%   
Edwards Lifesciences Corp. (a) 385 52,864 
Intuitive Surgical, Inc. (a) 35 16,088 
ResMed, Inc. 439 45,134 
  114,086 
Health Care Providers & Services - 3.3%   
AmerisourceBergen Corp. 138 11,335 
Laboratory Corp. of America Holdings (a) 110 19,865 
MEDNAX, Inc. (a) 207 9,491 
Wellcare Health Plans, Inc. (a) 210 46,551 
  87,242 
Health Care Technology - 1.4%   
Cerner Corp. (a) 599 35,748 
Life Sciences Tools & Services - 5.3%   
Charles River Laboratories International, Inc. (a) 296 31,826 
Illumina, Inc. (a) 145 39,504 
Mettler-Toledo International, Inc. (a) 58 31,943 
Waters Corp. (a) 180 34,672 
  137,945 
Pharmaceuticals - 2.4%   
Jazz Pharmaceuticals PLC (a) 110 18,590 
Teva Pharmaceutical Industries Ltd. sponsored ADR 467 10,041 
Zoetis, Inc. Class A 402 33,647 
  62,278 
TOTAL HEALTH CARE  437,299 
INDUSTRIALS - 14.8%   
Aerospace & Defense - 3.0%   
Huntington Ingalls Industries, Inc. 241 53,278 
TransDigm Group, Inc. 78 26,061 
  79,339 
Airlines - 0.4%   
Alaska Air Group, Inc. 155 9,426 
Building Products - 0.5%   
Masco Corp. 390 14,535 
Commercial Services & Supplies - 0.8%   
KAR Auction Services, Inc. 382 20,158 
Electrical Equipment - 2.0%   
AMETEK, Inc. 300 21,909 
Fortive Corp. 436 31,693 
  53,602 
Industrial Conglomerates - 2.3%   
ITT, Inc. 251 12,957 
Roper Technologies, Inc. 169 46,609 
  59,566 
Machinery - 3.3%   
Cummins, Inc. 199 28,336 
IDEX Corp. 191 26,488 
Parker Hannifin Corp. 120 20,508 
Toro Co. 187 10,846 
  86,178 
Professional Services - 1.3%   
Dun & Bradstreet Corp. 48 5,895 
Equifax, Inc. 242 27,578 
  33,473 
Trading Companies & Distributors - 1.2%   
United Rentals, Inc. (a) 193 30,797 
TOTAL INDUSTRIALS  387,074 
INFORMATION TECHNOLOGY - 31.8%   
Communications Equipment - 1.5%   
F5 Networks, Inc. (a) 220 38,084 
Electronic Equipment & Components - 1.3%   
Amphenol Corp. Class A 386 33,555 
Internet Software & Services - 4.4%   
Akamai Technologies, Inc. (a) 353 26,609 
LogMeIn, Inc. 202 21,796 
VeriSign, Inc. (a) 510 66,524 
  114,929 
IT Services - 7.9%   
Amdocs Ltd. 310 20,913 
DXC Technology Co. 112 10,316 
Fiserv, Inc. (a) 662 48,061 
FleetCor Technologies, Inc. (a) 79 15,749 
Genpact Ltd. 256 7,688 
Global Payments, Inc. 228 25,344 
Paychex, Inc. 40 2,623 
Total System Services, Inc. 901 76,752 
  207,446 
Semiconductors & Semiconductor Equipment - 9.6%   
Analog Devices, Inc. 357 34,693 
Applied Materials, Inc. 190 9,648 
Broadcom, Inc. 28 7,058 
KLA-Tencor Corp. 310 35,101 
Lam Research Corp. 145 28,736 
Microchip Technology, Inc. 415 40,413 
ON Semiconductor Corp. (a) 2,455 61,694 
Skyworks Solutions, Inc. 345 34,020 
  251,363 
Software - 7.1%   
Adobe Systems, Inc. (a) 41 10,220 
Check Point Software Technologies Ltd. (a) 232 22,588 
Citrix Systems, Inc. (a) 603 63,689 
Electronic Arts, Inc. (a) 148 19,375 
Intuit, Inc. 61 12,298 
Parametric Technology Corp. (a) 165 14,230 
Take-Two Interactive Software, Inc. (a) 400 44,832 
  187,232 
TOTAL INFORMATION TECHNOLOGY  832,609 
MATERIALS - 2.1%   
Chemicals - 2.1%   
Eastman Chemical Co. 76 7,928 
Sherwin-Williams Co. 35 13,274 
The Chemours Co. LLC 450 22,046 
The Scotts Miracle-Gro Co. Class A 140 11,918 
  55,166 
REAL ESTATE - 1.8%   
Equity Real Estate Investment Trusts (REITs) - 1.8%   
CoreSite Realty Corp. 236 25,054 
Equity Lifestyle Properties, Inc. 88 7,999 
Extra Space Storage, Inc. 151 14,534 
  47,587 
TOTAL COMMON STOCKS   
(Cost $2,475,960)  2,613,357 
Money Market Funds - 1.4%   
Fidelity Cash Central Fund, 1.76% (b)   
(Cost $35,749) 35,742 35,749 
TOTAL INVESTMENT IN SECURITIES - 101.2%   
(Cost $2,511,709)  2,649,106 
NET OTHER ASSETS (LIABILITIES) - (1.2)%  (30,630) 
NET ASSETS - 100%  $2,618,476 

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $344 
Total $344 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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


Financial Statements

Statement of Assets and Liabilities

  May 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $2,475,960) 		$2,613,357  
Fidelity Central Funds (cost $35,749) 35,749  
Total Investment in Securities (cost $2,511,709)  $2,649,106 
Cash  1,079 
Receivable for fund shares sold  1,653 
Dividends receivable  2,005 
Distributions receivable from Fidelity Central Funds  311 
Other receivables  4 
Total assets  2,654,158 
Liabilities   
Payable for investments purchased $35,682  
Total liabilities  35,682 
Net Assets  $2,618,476 
Net Assets consist of:   
Paid in capital  $2,484,033 
Undistributed net investment income  5,067 
Accumulated undistributed net realized gain (loss) on investments  (8,021) 
Net unrealized appreciation (depreciation) on investments  137,397 
Net Assets, for 220,985 shares outstanding  $2,618,476 
Net Asset Value, offering price and redemption price per share ($2,618,476 ÷ 220,985 shares)  $11.85 

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


Statement of Operations

  Six months ended May 31, 2018 (Unaudited) 
Investment Income   
Dividends  $5,385 
Income from Fidelity Central Funds  344 
Total income  5,729 
Expenses   
Independent trustees' fees and expenses $2  
Miscellaneous 1  
Total expenses  3 
Net investment income (loss)  5,726 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,587  
Total net realized gain (loss)  1,587 
Change in net unrealized appreciation (depreciation) on investment securities  65,298 
Net gain (loss)  66,885 
Net increase (decrease) in net assets resulting from operations  $72,611 

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


Statement of Changes in Net Assets

 Six months ended May 31, 2018 (Unaudited) For the period
March 8, 2017 (commencement of operations) to November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $5,726 $5,271 
Net realized gain (loss) 1,587 (9,608) 
Change in net unrealized appreciation (depreciation) 65,298 72,099 
Net increase (decrease) in net assets resulting from operations 72,611 67,762 
Distributions to shareholders from net investment income (5,930) – 
Share transactions   
Proceeds from sales of shares 1,892,966 652,377 
Reinvestment of distributions 5,930 – 
Cost of shares redeemed (58,023) (9,217) 
Net increase (decrease) in net assets resulting from share transactions 1,840,873 643,160 
Total increase (decrease) in net assets 1,907,554 710,922 
Net Assets   
Beginning of period 710,922 – 
End of period $2,618,476 $710,922 
Other Information   
Undistributed net investment income end of period $5,067 $5,271 
Shares   
Sold 162,230 64,021 
Issued in reinvestment of distributions 527 – 
Redeemed (4,940) (853) 
Net increase (decrease) 157,817 63,168 

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


Financial Highlights

Fidelity Flex Mid Cap Growth Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30, 
 2018 2017 A 
Selected Per–Share Data   
Net asset value, beginning of period $11.25 $10.00 
Income from Investment Operations   
Net investment income (loss)B .06 .10C 
Net realized and unrealized gain (loss) .63 1.15 
Total from investment operations .69 1.25 
Distributions from net investment income (.09) – 
Net asset value, end of period $11.85 $11.25 
Total ReturnD 6.18% 12.50% 
Ratios to Average Net AssetsE,F   
Expenses before reductionsG,H -% -% 
Expenses net of fee waivers, if any G,H -% -% 
Expenses net of all reductionsG,H -% -% 
Net investment income (loss)G 1.09% 1.29%C 
Supplemental Data   
Net assets, end of period (000 omitted) $2,618 $711 
Portfolio turnover rate G,I 28% 38% 

 A For the period March 8, 2017 (commencement of operations) to November 30, 2017.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividends which amounted to $.02 per share. Excluding this non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 1.14%.

 D Total returns for periods of less than one year are not annualized.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 G Annualized

 H Amount represents less than .005%.

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2018

1. Organization.

Fidelity Flex Mid Cap 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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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 Fund is available only to certain fee-based accounts offered by Fidelity.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $171,344 
Gross unrealized depreciation (34,912) 
Net unrealized appreciation (depreciation) $136,432 
Tax cost $2,512,674 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(9,482) 
Total capital loss carryforward $(9,482) 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,994,637 and $151,421, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $7 for the period.

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were the owners of record of 23% of the total outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2017 to May 31, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2017 		Ending
Account Value
May 31, 2018 		Expenses Paid
During Period-B
December 1, 2017
to May 31, 2018 
Actual - %-C $1,000.00 $1,061.80 $--D 
Hypothetical-E  $1,000.00 $1,024.93 $--D 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses






Fidelity Investments

ZDG-SANN-0718
1.9881578.101

Fidelity® Growth Strategies K6 Fund



Semi-Annual Report

May 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

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 LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2018

 % of fund's net assets 
Total System Services, Inc. 2.9 
VeriSign, Inc. 2.6 
Wyndham Worldwide Corp. 2.4 
ON Semiconductor Corp. 2.3 
Citrix Systems, Inc. 2.1 
Huntington Ingalls Industries, Inc. 2.1 
Aptiv PLC 2.0 
Analog Devices, Inc. 1.9 
Fiserv, Inc. 1.9 
Roper Technologies, Inc. 1.8 
 22.0 

Top Five Market Sectors as of May 31, 2018

 % of fund's net assets 
Information Technology 32.3 
Consumer Discretionary 16.2 
Health Care 15.9 
Industrials 14.8 
Financials 10.4 

Asset Allocation (% of fund's net assets)

As of May 31, 2018* 
   Stocks 98.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.2% 


 * Foreign investments - 6.2%


Schedule of Investments May 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%   
 Shares Value 
CONSUMER DISCRETIONARY - 16.2%   
Auto Components - 3.7%   
Aptiv PLC 28,500 $2,778,750 
Lear Corp. 5,400 1,069,200 
Visteon Corp. (a) 11,100 1,387,056 
  5,235,006 
Distributors - 0.8%   
Pool Corp. 7,500 1,071,900 
Diversified Consumer Services - 1.0%   
Service Corp. International 40,700 1,493,283 
Hotels, Restaurants & Leisure - 3.7%   
Domino's Pizza, Inc. 4,300 1,081,364 
Hilton Grand Vacations, Inc. (a) 17,300 687,848 
Wyndham Worldwide Corp. 31,800 3,448,392 
  5,217,604 
Household Durables - 1.1%   
NVR, Inc. (a) 510 1,525,175 
Internet & Direct Marketing Retail - 0.6%   
TripAdvisor, Inc. (a) 16,300 849,882 
Media - 0.8%   
Live Nation Entertainment, Inc. (a) 27,600 1,176,588 
Multiline Retail - 2.0%   
Dollar General Corp. 15,100 1,320,948 
Dollar Tree, Inc. (a) 17,700 1,461,843 
  2,782,791 
Specialty Retail - 1.4%   
Ross Stores, Inc. 25,800 2,035,104 
Textiles, Apparel & Luxury Goods - 1.1%   
Carter's, Inc. 8,700 948,387 
VF Corp. 8,337 676,631 
  1,625,018 
TOTAL CONSUMER DISCRETIONARY  23,012,351 
CONSUMER STAPLES - 4.2%   
Beverages - 2.1%   
Brown-Forman Corp. Class B (non-vtg.) 24,275 1,372,994 
Dr. Pepper Snapple Group, Inc. 10,000 1,193,000 
Monster Beverage Corp. (a) 8,800 450,208 
  3,016,202 
Food Products - 1.0%   
The Hershey Co. 16,000 1,440,640 
Personal Products - 1.1%   
Estee Lauder Companies, Inc. Class A 4,900 732,256 
Herbalife Nutrition Ltd. (a) 15,200 771,704 
  1,503,960 
TOTAL CONSUMER STAPLES  5,960,802 
ENERGY - 0.6%   
Oil, Gas & Consumable Fuels - 0.6%   
Andeavor 6,100 881,023 
FINANCIALS - 10.4%   
Banks - 2.4%   
Citizens Financial Group, Inc. 62,400 2,549,040 
Huntington Bancshares, Inc. 59,100 878,817 
  3,427,857 
Capital Markets - 5.8%   
Ameriprise Financial, Inc. 14,700 2,037,861 
E*TRADE Financial Corp. (a) 11,000 696,850 
MarketAxess Holdings, Inc. 2,200 470,030 
Moody's Corp. 14,700 2,507,379 
MSCI, Inc. 8,100 1,316,817 
S&P Global, Inc. 6,000 1,185,000 
  8,213,937 
Insurance - 2.2%   
Aon PLC 4,400 615,428 
Progressive Corp. 39,500 2,452,555 
  3,067,983 
TOTAL FINANCIALS  14,709,777 
HEALTH CARE - 15.9%   
Health Care Equipment & Supplies - 3.6%   
Edwards Lifesciences Corp. (a) 13,100 1,798,761 
Intuitive Surgical, Inc. (a) 1,900 873,373 
ResMed, Inc. 24,000 2,467,440 
  5,139,574 
Health Care Providers & Services - 3.3%   
AmerisourceBergen Corp. 6,600 542,124 
Laboratory Corp. of America Holdings (a) 5,700 1,029,363 
MEDNAX, Inc. (a) 11,200 513,520 
Wellcare Health Plans, Inc. (a) 11,400 2,527,038 
  4,612,045 
Health Care Technology - 1.4%   
Cerner Corp. (a) 32,700 1,951,536 
Life Sciences Tools & Services - 5.2%   
Charles River Laboratories International, Inc. (a) 16,200 1,741,824 
Illumina, Inc. (a) 7,600 2,070,544 
Mettler-Toledo International, Inc. (a) 3,100 1,707,294 
Waters Corp. (a) 9,800 1,887,676 
  7,407,338 
Pharmaceuticals - 2.4%   
Jazz Pharmaceuticals PLC (a) 6,092 1,029,548 
Teva Pharmaceutical Industries Ltd. sponsored ADR 27,700 595,550 
Zoetis, Inc. Class A 22,000 1,841,400 
  3,466,498 
TOTAL HEALTH CARE  22,576,991 
INDUSTRIALS - 14.8%   
Aerospace & Defense - 3.1%   
Huntington Ingalls Industries, Inc. 13,200 2,918,124 
TransDigm Group, Inc. 4,300 1,436,673 
  4,354,797 
Airlines - 0.4%   
Alaska Air Group, Inc. 8,500 516,885 
Building Products - 0.5%   
Masco Corp. 21,000 782,670 
Commercial Services & Supplies - 0.8%   
KAR Auction Services, Inc. 20,800 1,097,616 
Electrical Equipment - 2.0%   
AMETEK, Inc. 14,900 1,088,147 
Fortive Corp. 23,900 1,737,291 
  2,825,438 
Industrial Conglomerates - 2.3%   
ITT, Inc. 14,100 727,842 
Roper Technologies, Inc. 9,300 2,564,847 
  3,292,689 
Machinery - 3.6%   
Cummins, Inc. 11,000 1,566,290 
IDEX Corp. 10,500 1,456,140 
Parker Hannifin Corp. 6,400 1,093,760 
Toro Co. 17,600 1,020,800 
  5,136,990 
Professional Services - 1.4%   
Dun & Bradstreet Corp. 3,300 405,273 
Equifax, Inc. 13,500 1,538,460 
  1,943,733 
Trading Companies & Distributors - 0.7%   
United Rentals, Inc. (a) 6,200 989,334 
TOTAL INDUSTRIALS  20,940,152 
INFORMATION TECHNOLOGY - 32.3%   
Communications Equipment - 1.4%   
F5 Networks, Inc. (a) 11,500 1,990,765 
Electronic Equipment & Components - 1.3%   
Amphenol Corp. Class A 21,175 1,840,743 
Internet Software & Services - 4.4%   
Akamai Technologies, Inc. (a) 19,400 1,462,372 
LogMeIn, Inc. 11,100 1,197,690 
VeriSign, Inc. (a) 27,900 3,639,276 
  6,299,338 
IT Services - 8.2%   
Amdocs Ltd. 17,000 1,146,820 
DXC Technology Co. 6,935 638,783 
Fiserv, Inc. (a) 36,300 2,635,380 
FleetCor Technologies, Inc. (a) 4,300 857,205 
Genpact Ltd. 13,956 419,099 
Global Payments, Inc. 12,700 1,411,732 
Paychex, Inc. 5,391 353,542 
Total System Services, Inc. 48,600 4,140,233 
  11,602,794 
Semiconductors & Semiconductor Equipment - 10.2%   
Analog Devices, Inc. 28,199 2,740,379 
Applied Materials, Inc. 10,200 517,956 
Broadcom, Inc. 2,000 504,140 
KLA-Tencor Corp. 15,500 1,755,065 
Lam Research Corp. 7,800 1,545,804 
Microchip Technology, Inc. 22,800 2,220,264 
ON Semiconductor Corp. (a) 129,300 3,249,309 
Skyworks Solutions, Inc. 19,100 1,883,451 
  14,416,368 
Software - 6.8%   
Adobe Systems, Inc. (a) 3,800 947,264 
Check Point Software Technologies Ltd. (a) 12,600 1,226,736 
Citrix Systems, Inc. (a) 28,700 3,031,294 
Electronic Arts, Inc. (a) 7,900 1,034,189 
Intuit, Inc. 3,300 665,280 
Parametric Technology Corp. (a) 8,200 707,168 
Take-Two Interactive Software, Inc. (a) 18,300 2,051,064 
  9,662,995 
TOTAL INFORMATION TECHNOLOGY  45,813,003 
MATERIALS - 2.0%   
Chemicals - 2.0%   
Eastman Chemical Co. 4,000 417,240 
Sherwin-Williams Co. 1,800 682,650 
The Chemours Co. LLC 23,000 1,126,770 
The Scotts Miracle-Gro Co. Class A 7,800 664,014 
  2,890,674 
REAL ESTATE - 2.4%   
Equity Real Estate Investment Trusts (REITs) - 2.4%   
CoreSite Realty Corp. 12,900 1,369,464 
Equity Lifestyle Properties, Inc. 13,600 1,236,240 
Extra Space Storage, Inc. 8,300 798,875 
  3,404,579 
TOTAL COMMON STOCKS   
(Cost $129,259,003)  140,189,352 
Money Market Funds - 0.8%   
Fidelity Cash Central Fund, 1.76% (b)   
(Cost $1,187,994) 1,187,757 1,187,994 
TOTAL INVESTMENT IN SECURITIES - 99.6%   
(Cost $130,446,997)  141,377,346 
NET OTHER ASSETS (LIABILITIES) - 0.4%  556,716 
NET ASSETS - 100%  $141,934,062 

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $10,145 
Fidelity Securities Lending Cash Central Fund 1,392 
Total $11,537 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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


Financial Statements

Statement of Assets and Liabilities

  May 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $129,259,003) 		$140,189,352  
Fidelity Central Funds (cost $1,187,994) 1,187,994  
Total Investment in Securities (cost $130,446,997)  $141,377,346 
Receivable for investments sold  741,792 
Receivable for fund shares sold  13,177 
Dividends receivable  123,355 
Distributions receivable from Fidelity Central Funds  2,185 
Other receivables  690 
Total assets  142,258,545 
Liabilities   
Payable for investments purchased $114,682  
Payable for fund shares redeemed 156,398  
Accrued management fee 53,403  
Total liabilities  324,483 
Net Assets  $141,934,062 
Net Assets consist of:   
Paid in capital  $131,776,208 
Undistributed net investment income  257,185 
Accumulated undistributed net realized gain (loss) on investments  (1,029,680) 
Net unrealized appreciation (depreciation) on investments  10,930,349 
Net Assets, for 12,391,858 shares outstanding  $141,934,062 
Net Asset Value, offering price and redemption price per share ($141,934,062 ÷ 12,391,858 shares)  $11.45 

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


Statement of Operations

  Six months ended May 31, 2018 (Unaudited) 
Investment Income   
Dividends  $529,782 
Income from Fidelity Central Funds  11,537 
Total income  541,319 
Expenses   
Management fee $242,209  
Independent trustees' fees and expenses 213  
Miscellaneous 21  
Total expenses before reductions 242,443  
Expense reductions (1,115)  
Total expenses after reductions  241,328 
Net investment income (loss)  299,991 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (500,888)  
Fidelity Central Funds 164  
Total net realized gain (loss)  (500,724) 
Change in net unrealized appreciation (depreciation) on investment securities  4,943,790 
Net gain (loss)  4,443,066 
Net increase (decrease) in net assets resulting from operations  $4,743,057 

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


Statement of Changes in Net Assets

 Six months ended May 31, 2018 (Unaudited) For the period
May 25, 2017 (commencement of operations) to November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $299,991 $192,445 
Net realized gain (loss) (500,724) (523,829) 
Change in net unrealized appreciation (depreciation) 4,943,790 5,986,559 
Net increase (decrease) in net assets resulting from operations 4,743,057 5,655,175 
Distributions to shareholders from net investment income (240,378) – 
Share transactions   
Proceeds from sales of shares 65,332,314 81,896,163 
Reinvestment of distributions 240,378 – 
Cost of shares redeemed (8,652,899) (7,039,748) 
Net increase (decrease) in net assets resulting from share transactions 56,919,793 74,856,415 
Total increase (decrease) in net assets 61,422,472 80,511,590 
Net Assets   
Beginning of period 80,511,590 – 
End of period $141,934,062 $80,511,590 
Other Information   
Undistributed net investment income end of period $257,185 $197,572 
Shares   
Sold 5,779,398 8,041,900 
Issued in reinvestment of distributions 21,833 – 
Redeemed (762,600) (688,673) 
Net increase (decrease) 5,038,631 7,353,227 

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


Financial Highlights

Fidelity Growth Strategies K6 Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30, 
 2018 2017 A 
Selected Per–Share Data   
Net asset value, beginning of period $10.95 $10.00 
Income from Investment Operations   
Net investment income (loss)B .03 .04 
Net realized and unrealized gain (loss) .50 .91 
Total from investment operations .53 .95 
Distributions from net investment income (.03) – 
Total distributions (.03) – 
Net asset value, end of period $11.45 $10.95 
Total ReturnC,D 4.88% 9.50% 
Ratios to Average Net AssetsE,F   
Expenses before reductions .45%G .45%G 
Expenses net of fee waivers, if any .45%G .45%G 
Expenses net of all reductions .45%G .45%G 
Net investment income (loss) .55%G .81%G 
Supplemental Data   
Net assets, end of period (000 omitted) $141,934 $80,512 
Portfolio turnover rateH,I 38%G 56%G 

 A For the period May 25, 2017 (commencement of operations) to November 30, 2017.

 B Calculated based on average shares outstanding during the period.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I Portfolio turnover rate excludes securities received or delivered in-kind.


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


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2018

1. Organization.

Fidelity Growth Strategies K6 Fund (the Fund) is a fund of Fidelity Mt. Vernon Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $14,035,857 
Gross unrealized depreciation (3,139,050) 
Net unrealized appreciation (depreciation) $10,896,807 
Tax cost $130,480,539 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(524,457) 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $25,812,398 and $19,064,699, respectively.

Exchanges In-Kind. Investments and cash received in-kind through subscriptions totaled $49,866,907 in exchange for 4,391,663 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $321 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Prior Fiscal Year Exchanges In-Kind. During the prior period, an affiliated entity completed an exchange in-kind with the Fund. The affiliated entity delivered investments and cash valued at $77,806,295 in exchange for 7,648,188 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $21 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $1,392. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $1,094 for the period. In addition, through arrangements with the Fund's custodian credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $21.

9. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2017 to May 31, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2017 		Ending
Account Value
May 31, 2018 		Expenses Paid
During Period-B
December 1, 2017
to May 31, 2018 
Actual .45% $1,000.00 $1,048.80 $2.30 
Hypothetical-C  $1,000.00 $1,022.69 $2.27 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

FEGK6-SANN-0718
1.9883994.101


Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Mt. Vernon Street Trust’s Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Mt. Vernon Street Trust’s (the “Trust”) disclosure controls and procedures



(as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


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


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


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


Fidelity Mt. Vernon Street Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

July 24, 2018


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



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

July 24, 2018



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

July 24, 2018