N-CSR 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, Massachusetts  02210

 (Address of principal executive offices)       (Zip code)


William C. Coffey, 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:

November 30, 2018


Item 1.

Reports to Stockholders






Fidelity® Growth Company Fund



Annual Report

November 30, 2018



Fidelity Investments


Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
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Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts


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. © 2019 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.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended November 30, 2018 Past 1 year Past 5 years Past 10 years 
Fidelity® Growth Company Fund 6.19% 14.12% 18.49% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Growth Company Fund, a class of the fund, on November 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Growth Index performed over the same period.


Period Ending Values
$54,572Fidelity® Growth Company Fund
$45,893Russell 3000® Growth Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 6.27% for the 12 months ending November 30, 2018, as the U.S. equity bellwether declined sharply in October after climbing steadily beginning in May and achieving a record close in late September. Rising U.S. Treasury yields and concern about peaking corporate earnings growth sent many investors fleeing from risk assets at a time when they were still dealing with lingering uncertainty related to global trade and the U.S. Federal Reserve picking up the pace of interest rate hikes. The index returned -6.84% in October alone, its largest monthly drop in roughly seven years, and then endured a highly volatile November in which it gained 2.04%. For the full year, growth stocks within the index maintained a sizable advantage over their value counterparts, extending a trend that began in early 2017. A number of economically sensitive sectors dropped to the bottom of the 12-month performance scale, with materials (-7%) and energy (-2%) faring worst, followed by industrials (-1%) and financials (0%). In contrast, the defensive-oriented health care sector gained about 16% to lead the way. Consumer discretionary and information technology were rattled in October but earlier strength resulted in each advancing roughly 13% for the full 12 months. The newly reconstituted communication services sector, which includes dividend-rich telecom stocks, rose about 4%. Real estate (+5%), consumer staples (+3%) and utilities (+2%) also advanced but lagged the broader market.

Comments from Portfolio Manager Steven Wymer:  For the fiscal year, the fund's share classes gained about 6%, behind the 8.14% advance of the benchmark Russell 3000® Growth Index. Versus the benchmark, security selection within the health care sector was by far the biggest detractor, primarily a result of choices and a sizable overweighting in the biotechnology, pharmaceuticals & life sciences segment. Included was Alnylam Pharmaceuticals (-40%), a biopharma company focused on the innovative area of RNA-interference therapies for genetic diseases. In information technology, chipmaker Nvidia (-18%) was the fund’s largest holding, on average, the past 12 months and also our biggest individual detractor. The stock was hurt by excessive supply in the firm’s video gaming card business in the wake of the robust wave of crypto mining the past year. In addition, Nvidia’s data center business, while strong and well-positioned, experienced slowing growth, partly due to a slowdown in cloud spending. Conversely, security selection in consumer discretionary helped relative performance, as did an overweighing here. Yoga-inspired athletic retailer lululemon athletica (+98%) was our top individual contributor versus the benchmark. The stock benefited from the company’s strong financial results this period, supported by enhanced online capabilities and improved offerings. Cloud-computing enterprise software provider Salesforce.com (+37%) also notably contributed.

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

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2018

 % of fund's net assets 
Amazon.com, Inc. 6.8 
Apple, Inc. 5.2 
NVIDIA Corp. 5.0 
Alphabet, Inc. Class A 4.1 
Salesforce.com, Inc. 3.4 
Microsoft Corp. 3.3 
Facebook, Inc. Class A 2.4 
lululemon athletica, Inc. 2.3 
Alphabet, Inc. Class C 2.2 
adidas AG 1.7 
 36.4 

Top Five Market Sectors as of November 30, 2018

 % of fund's net assets 
Information Technology 32.6 
Consumer Discretionary 20.3 
Health Care 18.4 
Communication Services 13.6 
Industrials 5.2 

Asset Allocation (% of fund's net assets)

As of November 30, 2018* 
   Stocks 97.5% 
   Convertible Securities 2.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.2% 


 * Foreign investments - 9.0%

Schedule of Investments November 30, 2018

Showing Percentage of Net Assets

Common Stocks - 97.4%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 13.0%   
Diversified Telecommunication Services - 0.2%   
Verizon Communications, Inc. 1,189,892 $71,750 
Entertainment - 3.2%   
Activision Blizzard, Inc. 6,113,406 304,937 
Electronic Arts, Inc. (a) 1,473,579 123,884 
Lions Gate Entertainment Corp.:   
Class A 95,549 1,855 
Class B 82,622 1,490 
Live Nation Entertainment, Inc. (a) 1,148,030 63,922 
NetEase, Inc. ADR 200,899 45,618 
Netflix, Inc. (a) 1,997,541 571,556 
Nintendo Co. Ltd. 109,900 33,425 
The Walt Disney Co. 1,434,760 165,700 
  1,312,387 
Interactive Media & Services - 8.9%   
Alphabet, Inc.:   
Class A (a) 1,508,185 1,673,557 
Class C (a) 804,164 880,101 
Facebook, Inc. Class A (a) 7,101,601 998,556 
Match Group, Inc. (b) 206,831 8,329 
Snap, Inc. Class A (a)(b) 6,452,292 42,004 
Tencent Holdings Ltd. 1,103,800 44,128 
Twitter, Inc. (a) 465,976 14,655 
  3,661,330 
Media - 0.3%   
Comcast Corp. Class A 2,716,521 105,971 
Turn, Inc. (Escrow) (a)(c)(d) 984,774 655 
  106,626 
Wireless Telecommunication Services - 0.4%   
T-Mobile U.S., Inc. (a) 2,589,899 177,279 
TOTAL COMMUNICATION SERVICES  5,329,372 
CONSUMER DISCRETIONARY - 20.1%   
Auto Components - 0.0%   
Garrett Motion, Inc. (a)(b) 127,964 1,472 
Automobiles - 1.5%   
Tesla, Inc. (a)(b) 1,808,427 633,817 
Hotels, Restaurants & Leisure - 0.9%   
Chipotle Mexican Grill, Inc. (a) 39,385 18,637 
Hyatt Hotels Corp. Class A 230,053 16,405 
Marriott International, Inc. Class A 118,697 13,654 
McDonald's Corp. 384,851 72,548 
Planet Fitness, Inc. (a) 332,941 18,385 
Shake Shack, Inc. Class A (a) 162,238 9,012 
Starbucks Corp. 2,177,217 145,264 
YETI Holdings, Inc. 633,918 10,675 
Yum China Holdings, Inc. 1,204,287 43,150 
Yum! Brands, Inc. 119,816 11,049 
  358,779 
Household Durables - 0.7%   
iRobot Corp. (a)(b) 1,181,074 112,674 
Roku, Inc. (a) 3,579,213 145,853 
Roku, Inc. Class A (a)(b) 605,178 24,661 
Sony Corp. sponsored ADR 123,192 6,507 
  289,695 
Internet & Direct Marketing Retail - 9.1%   
Alibaba Group Holding Ltd. sponsored ADR (a) 1,001,910 161,167 
Amazon.com, Inc. (a) 1,650,086 2,788,938 
Ctrip.com International Ltd. ADR (a) 472,270 13,625 
eBay, Inc. (a) 489,582 14,614 
Etsy, Inc. (a) 183,195 9,900 
Expedia, Inc. 293,464 35,448 
JD.com, Inc. sponsored ADR (a) 3,159,305 67,072 
The Booking Holdings, Inc. (a) 96,571 182,701 
The Honest Co., Inc. (a)(c)(d) 39,835 458 
Wayfair LLC Class A (a)(b) 4,099,636 435,381 
Zozo, Inc. 640,700 14,252 
  3,723,556 
Leisure Products - 0.1%   
Callaway Golf Co. 1,871,706 32,062 
Multiline Retail - 0.4%   
Dollar General Corp. 267,799 29,723 
Dollar Tree, Inc. (a) 875,342 75,953 
Target Corp. 664,180 47,130 
  152,806 
Specialty Retail - 1.6%   
Home Depot, Inc. 1,878,105 338,660 
L Brands, Inc. 132,742 4,395 
Lowe's Companies, Inc. 1,459,509 137,734 
RH (a)(b) 1,073,356 124,660 
TJX Companies, Inc. 1,396,218 68,205 
  673,654 
Textiles, Apparel & Luxury Goods - 5.8%   
adidas AG 3,196,966 705,037 
Allbirds, Inc. (c)(d) 61,486 3,372 
Canada Goose Holdings, Inc. (a) 1,519,270 102,180 
Kering SA 123,575 53,721 
lululemon athletica, Inc. (a)(e) 7,235,213 959,027 
NIKE, Inc. Class B 2,049,785 153,980 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 9,047,844 244,292 
Tory Burch LLC:   
Class A (c)(d)(f) 950,844 57,678 
Class B (c)(d)(f) 324,840 20,662 
Under Armour, Inc. Class C (non-vtg.) (a)(b) 747,344 16,688 
VF Corp. 370,442 30,113 
  2,346,750 
TOTAL CONSUMER DISCRETIONARY  8,212,591 
CONSUMER STAPLES - 4.7%   
Beverages - 2.2%   
Fever-Tree Drinks PLC 1,644,066 50,111 
Keurig Dr. Pepper, Inc. 4,569,194 123,368 
Monster Beverage Corp. (a) 6,218,389 371,113 
PepsiCo, Inc. 884,470 107,852 
The Coca-Cola Co. 5,013,941 252,703 
  905,147 
Food & Staples Retailing - 1.0%   
Costco Wholesale Corp. 835,967 193,342 
Kroger Co. 6,999,248 207,598 
  400,940 
Food Products - 0.3%   
Kellogg Co. 79,997 5,092 
Lamb Weston Holdings, Inc. 753,321 57,780 
Mondelez International, Inc. 1,053,345 47,379 
The Hershey Co. 179,903 19,483 
The Kraft Heinz Co. 248,373 12,697 
  142,431 
Household Products - 0.2%   
Church & Dwight Co., Inc. 727,958 48,184 
Colgate-Palmolive Co. 312,361 19,841 
Kimberly-Clark Corp. 89,222 10,294 
  78,319 
Personal Products - 0.4%   
Coty, Inc. Class A 5,666,476 47,258 
Godrej Consumer Products Ltd. 451,576 4,865 
Herbalife Nutrition Ltd. (a) 1,576,401 90,249 
Unilever NV (Certificaten Van Aandelen) (Bearer) 614,874 34,122 
  176,494 
Tobacco - 0.6%   
Altria Group, Inc. 2,801,597 153,612 
JUUL Labs, Inc. Class A (c)(d) 44,067 9,474 
Philip Morris International, Inc. 842,388 72,892 
  235,978 
TOTAL CONSUMER STAPLES  1,939,309 
ENERGY - 1.8%   
Energy Equipment & Services - 0.1%   
Baker Hughes, a GE Co. Class A 1,841,491 42,023 
Halliburton Co. 494,825 15,552 
  57,575 
Oil, Gas & Consumable Fuels - 1.7%   
Anadarko Petroleum Corp. 467,764 24,745 
Cabot Oil & Gas Corp. 1,943,259 48,892 
Concho Resources, Inc. (a) 409,372 53,358 
Continental Resources, Inc. (a) 402,015 18,380 
Devon Energy Corp. 268,650 7,262 
EOG Resources, Inc. 1,727,427 178,460 
Hess Corp. 521,160 28,085 
Noble Energy, Inc. 1,232,872 29,268 
Oasis Petroleum, Inc. (a) 1,884,753 13,457 
Occidental Petroleum Corp. 675,457 47,464 
PDC Energy, Inc. (a) 383,674 13,022 
Pioneer Natural Resources Co. 587,236 86,764 
Range Resources Corp. 1,596,508 23,229 
Reliance Industries Ltd. 5,022,380 84,191 
Southwestern Energy Co. (a) 607,920 2,930 
Valero Energy Corp. 482,684 38,566 
  698,073 
TOTAL ENERGY  755,648 
FINANCIALS - 2.4%   
Banks - 0.9%   
Bank of America Corp. 1,924,613 54,659 
HDFC Bank Ltd. sponsored ADR 1,209,154 122,632 
JPMorgan Chase & Co. 1,346,783 149,749 
Signature Bank 68,405 8,436 
Wells Fargo & Co. 620,691 33,691 
  369,167 
Capital Markets - 1.2%   
BlackRock, Inc. Class A 328,643 140,662 
Charles Schwab Corp. 6,548,255 293,362 
Edelweiss Financial Services Ltd. 7,060,364 17,202 
T. Rowe Price Group, Inc. 377,660 37,524 
  488,750 
Consumer Finance - 0.3%   
American Express Co. 1,129,057 126,759 
Discover Financial Services 130,276 9,289 
  136,048 
Insurance - 0.0%   
Hiscox Ltd. 332,000 7,133 
TOTAL FINANCIALS  1,001,098 
HEALTH CARE - 17.4%   
Biotechnology - 11.5%   
AbbVie, Inc. 1,259,197 118,705 
ACADIA Pharmaceuticals, Inc. (a)(e) 7,257,318 138,324 
Agios Pharmaceuticals, Inc. (a) 2,341,036 154,040 
Alexion Pharmaceuticals, Inc. (a) 1,290,057 158,871 
Alkermes PLC (a)(e) 7,989,655 291,143 
Allakos, Inc. (a) 130,309 7,677 
Allogene Therapeutics, Inc. (b) 831,440 26,007 
Allogene Therapeutics, Inc. 301,764 8,495 
Alnylam Pharmaceuticals, Inc. (a)(e) 5,072,739 411,703 
Amgen, Inc. 1,101,874 229,465 
AnaptysBio, Inc. (a) 530,173 39,540 
Argenx SE ADR (a) 70,170 6,790 
Array BioPharma, Inc. (a) 5,203,619 82,894 
aTyr Pharma, Inc. (a)(e) 2,196,464 1,353 
BeiGene Ltd. 1,780,053 19,612 
BeiGene Ltd. ADR (a) 2,190,913 335,889 
Biogen, Inc. (a) 350,238 116,881 
bluebird bio, Inc. (a) 2,651,554 325,849 
Blueprint Medicines Corp. (a) 369,977 21,226 
Calyxt, Inc. (a)(e) 1,683,949 19,399 
Celgene Corp. (a) 859,375 62,064 
Cellectis SA sponsored ADR (a) 830,950 18,298 
Chimerix, Inc. (a) 576,423 1,896 
Cibus Global Ltd. Series C (c)(d)(f) 4,523,810 9,500 
Coherus BioSciences, Inc. (a) 1,266,325 14,006 
Constellation Pharmaceuticals, Inc. 202,297 1,194 
Constellation Pharmaceuticals, Inc. 423,827 2,376 
Crinetics Pharmaceuticals, Inc. (a) 208,633 7,290 
CytomX Therapeutics, Inc. (a) 989,847 13,660 
CytomX Therapeutics, Inc. (a)(g) 794,033 10,958 
Denali Therapeutics, Inc. (a)(b) 641,196 12,292 
Editas Medicine, Inc. (a) 249,825 7,785 
Evelo Biosciences, Inc. 672,270 6,669 
Evelo Biosciences, Inc. 909,286 9,020 
Exact Sciences Corp. (a) 271,181 21,147 
Exelixis, Inc. (a) 9,616,746 195,316 
Fate Therapeutics, Inc. (a) 2,783,904 42,761 
Five Prime Therapeutics, Inc. (a) 1,426,948 18,322 
Global Blood Therapeutics, Inc. (a) 1,323,733 41,751 
Heron Therapeutics, Inc. (a) 694,781 19,961 
Homology Medicines, Inc. (a)(b) 382,900 8,420 
Homology Medicines, Inc. (g) 712,521 15,668 
Intellia Therapeutics, Inc. (a)(b) 762,855 13,663 
Intercept Pharmaceuticals, Inc. (a) 134,086 14,871 
Ionis Pharmaceuticals, Inc. (a)(e) 7,985,431 465,471 
Ironwood Pharmaceuticals, Inc. Class A (a) 4,546,765 62,836 
Jounce Therapeutics, Inc. (a) 146,622 633 
Kiniksa Pharmaceuticals Ltd. (g) 304,279 6,153 
Lexicon Pharmaceuticals, Inc. (a)(b)(e) 6,613,917 53,573 
Macrogenics, Inc. (a) 198,438 3,415 
Momenta Pharmaceuticals, Inc. (a)(e) 5,076,752 60,109 
Neon Therapeutics, Inc. 17,627 109 
Neon Therapeutics, Inc. 889,854 5,233 
Principia Biopharma, Inc. 186,301 5,190 
Protagonist Therapeutics, Inc. (a) 818,818 5,298 
Prothena Corp. PLC (a) 1,745,414 20,962 
Regeneron Pharmaceuticals, Inc. (a) 610,536 223,242 
Rigel Pharmaceuticals, Inc. (a)(e) 11,402,836 32,270 
Rubius Therapeutics, Inc. 1,166,576 24,941 
Rubius Therapeutics, Inc. 1,865,277 37,886 
Sage Therapeutics, Inc. (a) 2,149,704 247,839 
Sarepta Therapeutics, Inc. (a) 160,097 20,728 
Scholar Rock Holding Corp. 233,823 5,696 
Scholar Rock Holding Corp. (g) 470,781 11,468 
Seres Therapeutics, Inc. (a)(b)(e) 1,537,051 12,834 
Seres Therapeutics, Inc. (a)(e)(g) 572,827 4,783 
Sienna Biopharmaceuticals, Inc. (a)(e) 839,110 8,483 
Sienna Biopharmaceuticals, Inc. (e)(g) 564,045 5,702 
Spark Therapeutics, Inc. (a) 709,143 29,876 
Syros Pharmaceuticals, Inc. (a)(e) 1,221,889 8,321 
Syros Pharmaceuticals, Inc. (a)(e)(g) 938,007 6,388 
Translate Bio, Inc. (e) 420,012 3,037 
Translate Bio, Inc. (e) 1,993,527 13,693 
Ultragenyx Pharmaceutical, Inc. (a) 659,920 35,418 
uniQure B.V. (a) 882,638 25,844 
UNITY Biotechnology, Inc. (b) 681,325 8,762 
UNITY Biotechnology, Inc. (g) 1,193,604 15,350 
Vertex Pharmaceuticals, Inc. (a) 413,384 74,736 
Wuxi Biologics (Cayman), Inc. (a) 4,024,500 33,743 
Xencor, Inc. (a) 1,249,765 52,503 
Zai Lab Ltd. ADR (a) 1,833,135 36,149 
  4,751,425 
Health Care Equipment & Supplies - 2.8%   
Abbott Laboratories 741,251 54,890 
Align Technology, Inc. (a) 23,288 5,354 
Boston Scientific Corp. (a) 2,072,354 78,066 
Danaher Corp. 1,296,432 142,011 
DexCom, Inc. (a) 925,912 119,989 
Genmark Diagnostics, Inc. (a) 1,457,915 7,596 
Insulet Corp. (a) 1,939,586 162,789 
Intuitive Surgical, Inc. (a) 480,584 255,128 
Novocure Ltd. (a) 3,685,877 126,499 
Novocure Ltd. (a)(g) 571,461 19,613 
Penumbra, Inc. (a) 1,088,637 151,560 
Presbia PLC (a)(e) 1,258,087 888 
Wright Medical Group NV (a) 375,185 10,490 
  1,134,873 
Health Care Providers & Services - 0.9%   
G1 Therapeutics, Inc. (a) 343,036 13,114 
Humana, Inc. 61,326 20,205 
Laboratory Corp. of America Holdings (a) 112,995 16,457 
OptiNose, Inc. (a)(e) 1,328,318 10,454 
OptiNose, Inc. (e)(g) 992,571 7,812 
UnitedHealth Group, Inc. 1,111,603 312,761 
  380,803 
Health Care Technology - 0.1%   
Castlight Health, Inc. Class B (a) 2,101,679 5,485 
Teladoc Health, Inc. (a) 374,353 23,378 
  28,863 
Life Sciences Tools & Services - 0.1%   
Illumina, Inc. (a) 48,821 16,477 
Thermo Fisher Scientific, Inc. 147,563 36,824 
  53,301 
Pharmaceuticals - 2.0%   
Adimab LLC (c)(d)(f) 3,162,765 128,503 
Akcea Therapeutics, Inc. (a)(b)(e) 5,249,296 177,899 
Bristol-Myers Squibb Co. 991,987 53,032 
Intra-Cellular Therapies, Inc. (a)(e) 3,772,282 54,509 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 178,600 1,679 
Kolltan Pharmaceuticals, Inc. rights (a)(d) 7,940,644 0 
MyoKardia, Inc. (a) 1,613,248 100,134 
Nektar Therapeutics (a) 5,175,334 209,032 
Rhythm Pharmaceuticals, Inc. (a) 457,608 13,513 
RPI International Holdings LP (a)(c)(d) 130,847 20,080 
Stemcentrx, Inc. rights 12/31/21 (a)(d) 2,065,715 3,780 
The Medicines Company (a) 1,954,997 43,264 
Theravance Biopharma, Inc. (a) 1,102,526 30,441 
  835,866 
TOTAL HEALTH CARE  7,185,131 
INDUSTRIALS - 5.1%   
Aerospace & Defense - 1.2%   
Lockheed Martin Corp. 418,907 125,852 
Northrop Grumman Corp. 55,202 14,346 
Space Exploration Technologies Corp. Class A (a)(c)(d) 418,210 70,677 
The Boeing Co. 682,805 236,769 
United Technologies Corp. 423,395 51,586 
  499,230 
Air Freight & Logistics - 0.3%   
FedEx Corp. 82,913 18,987 
United Parcel Service, Inc. Class B 883,167 101,820 
  120,807 
Airlines - 1.2%   
Azul SA sponsored ADR (a) 441,863 11,926 
Delta Air Lines, Inc. 736,656 44,722 
JetBlue Airways Corp. (a) 4,281,080 83,567 
Ryanair Holdings PLC sponsored ADR (a) 447,741 36,863 
Southwest Airlines Co. 2,007,140 109,610 
Spirit Airlines, Inc. (a) 352,944 22,631 
United Continental Holdings, Inc. (a) 541,195 52,334 
Wheels Up Partners Holdings LLC:   
Series B (a)(c)(d)(f) 6,703,518 10,323 
Series C (a)(c)(d)(f) 3,466,281 5,338 
Wizz Air Holdings PLC (a)(g) 2,734,384 104,389 
  481,703 
Building Products - 0.1%   
Resideo Technologies, Inc. (a) 1,889,819 38,987 
Construction & Engineering - 0.0%   
Fluor Corp. 429,034 17,560 
Electrical Equipment - 0.3%   
AMETEK, Inc. 23,375 1,716 
Eaton Corp. PLC 277,011 21,313 
Emerson Electric Co. 470,281 31,753 
Fortive Corp. 802,708 61,062 
  115,844 
Industrial Conglomerates - 0.7%   
3M Co. 387,264 80,520 
Honeywell International, Inc. 1,362,427 199,936 
  280,456 
Machinery - 0.9%   
Aumann AG (g) 87,086 3,880 
Caterpillar, Inc. 872,879 118,423 
Deere & Co. 368,687 57,102 
Illinois Tool Works, Inc. 270,585 37,625 
Ingersoll-Rand PLC 126,448 13,090 
Rational AG 18,321 10,422 
Wabtec Corp. (b) 168,973 15,985 
WashTec AG 109,322 8,032 
Xylem, Inc. 1,181,269 86,209 
  350,768 
Professional Services - 0.0%   
CoStar Group, Inc. (a) 25,746 9,510 
Road & Rail - 0.4%   
Union Pacific Corp. 1,027,287 157,976 
TOTAL INDUSTRIALS  2,072,841 
INFORMATION TECHNOLOGY - 32.2%   
Communications Equipment - 0.5%   
Arista Networks, Inc. (a) 143,786 34,290 
Infinera Corp. (a)(e) 13,010,495 56,075 
NETGEAR, Inc. (a)(e) 2,361,124 130,806 
  221,171 
Electronic Equipment & Components - 0.3%   
Arlo Technologies, Inc. (b) 3,576,054 43,020 
Cognex Corp. 50,560 2,226 
IPG Photonics Corp. (a) 16,893 2,401 
TE Connectivity Ltd. 103,705 7,978 
Trimble, Inc. (a) 1,641,893 62,441 
  118,066 
Internet Software & Services - 0.1%   
CarGurus, Inc. Class A (a) 51,226 1,993 
Farfetch Ltd. Class A (b) 1,020,219 23,210 
  25,203 
IT Services - 5.6%   
Actua Corp. (d)(e) 1,773,597 1,135 
Adyen BV 10,589 5,479 
Cognizant Technology Solutions Corp. Class A 883,703 62,946 
Elastic NV 41,434 2,960 
IBM Corp. 91,027 11,312 
MasterCard, Inc. Class A 2,119,172 426,102 
MongoDB, Inc. (a) 956,702 79,311 
MongoDB, Inc. Class A (a) 42,136 3,493 
Okta, Inc. (a) 184,840 11,765 
PayPal Holdings, Inc. (a) 4,983,730 427,654 
Shopify, Inc. Class A (a) 3,261,996 496,524 
Square, Inc. (a) 2,655,338 185,449 
Visa, Inc. Class A 3,767,259 533,858 
Wix.com Ltd. (a) 500,235 47,112 
  2,295,100 
Semiconductors & Semiconductor Equipment - 7.1%   
Advanced Micro Devices, Inc. (a) 6,290,635 133,991 
Applied Materials, Inc. 313,396 11,683 
ASML Holding NV 274,611 47,055 
Broadcom, Inc. 216,770 51,463 
Cirrus Logic, Inc. (a) 805,884 30,172 
Cree, Inc. (a) 1,141,440 50,383 
Intel Corp. 74,765 3,687 
KLA-Tencor Corp. 214,708 21,162 
Marvell Technology Group Ltd. 697,437 11,236 
Micron Technology, Inc. (a) 354,801 13,681 
NVIDIA Corp. 12,498,261 2,042,591 
Renesas Electronics Corp. (a) 887,700 4,184 
Silicon Laboratories, Inc. (a)(e) 3,165,711 279,754 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 1,119,730 42,091 
Texas Instruments, Inc. 1,495,286 149,304 
Xilinx, Inc. 93,681 8,664 
  2,901,101 
Software - 12.9%   
2U, Inc. (a) 721,615 42,135 
Adobe, Inc. (a) 1,587,800 398,363 
Aspen Technology, Inc. (a) 315,075 27,191 
Atlassian Corp. PLC (a) 426,540 36,657 
Autodesk, Inc. (a) 1,381,430 199,617 
Avalara, Inc. (b) 60,749 1,943 
Black Knight, Inc. (a) 488,839 22,164 
Cadence Design Systems, Inc. (a) 189,801 8,549 
DocuSign, Inc. 61,168 2,554 
Domo, Inc. 199,393 3,023 
Dropbox, Inc. Class A (a) 79,018 1,848 
HubSpot, Inc. (a) 1,660,943 230,921 
Intuit, Inc. 507,677 108,912 
Microsoft Corp. 12,173,226 1,349,889 
New Relic, Inc. (a) 225,562 19,667 
Nutanix, Inc.:   
Class A (a) 6,871,069 307,205 
Class B (a)(g) 1,151,309 51,475 
Oracle Corp. 944,533 46,055 
Parametric Technology Corp. (a) 1,854,262 160,375 
Paylocity Holding Corp. (a) 119,448 8,013 
Pluralsight, Inc. (b) 235,318 5,669 
Proofpoint, Inc. (a) 438,185 42,508 
Red Hat, Inc. (a) 3,299,258 589,116 
RingCentral, Inc. (a) 55,637 4,612 
Salesforce.com, Inc. (a) 9,890,562 1,411,977 
Tenable Holdings, Inc. 79,414 2,262 
Zendesk, Inc. (a) 1,996,485 118,651 
Zscaler, Inc. (a) 2,773,584 108,891 
  5,310,242 
Technology Hardware, Storage & Peripherals - 5.7%   
Apple, Inc. 12,020,052 2,146,541 
NetApp, Inc. 328,998 22,000 
Pure Storage, Inc. Class A (a) 7,562,533 143,007 
Samsung Electronics Co. Ltd. 979,935 36,607 
  2,348,155 
TOTAL INFORMATION TECHNOLOGY  13,219,038 
MATERIALS - 0.4%   
Chemicals - 0.4%   
CF Industries Holdings, Inc. 1,326,769 55,976 
DowDuPont, Inc. 787,614 45,563 
LG Chemical Ltd. 110,617 34,114 
The Mosaic Co. 250,646 9,023 
  144,676 
Metals & Mining - 0.0%   
Barrick Gold Corp. 1,586,200 20,212 
TOTAL MATERIALS  164,888 
REAL ESTATE - 0.3%   
Equity Real Estate Investment Trusts (REITs) - 0.3%   
American Tower Corp. 674,351 110,924 
Ant International Co. Ltd. Class C (c)(d) 1,658,265 9,303 
  120,227 
TOTAL COMMON STOCKS   
(Cost $18,897,695)  40,000,143 
Preferred Stocks - 2.4%   
Convertible Preferred Stocks - 2.3%   
COMMUNICATION SERVICES - 0.6%   
Interactive Media & Services - 0.6%   
Uber Technologies, Inc.:   
Series D, 8.00% (a)(c)(d) 4,770,180 232,642 
Series E, 8.00% (a)(c)(d) 209,216 10,203 
  242,845 
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (a)(c)(d) 699,106 895 
TOTAL COMMUNICATION SERVICES  243,740 
CONSUMER DISCRETIONARY - 0.2%   
Hotels, Restaurants & Leisure - 0.1%   
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(c)(d)(f) 61,485 9,796 
Topgolf International, Inc. Series F (c)(d) 819,532 10,719 
  20,515 
Internet & Direct Marketing Retail - 0.0%   
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) 7,578,338 344 
The Honest Co., Inc.:   
Series C (a)(c)(d) 92,950 1,822 
Series D (a)(c)(d) 69,363 1,360 
  3,526 
Leisure Products - 0.1%   
Peloton Interactive, Inc. Series E (a)(c)(d) 2,549,928 36,821 
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc.:   
Series A (c)(d) 24,267 1,331 
Series B (c)(d) 4,263 234 
Series C (c)(d) 40,746 2,234 
ORIC Pharmaceuticals, Inc. Series C (c)(d) 1,416,666 4,250 
  8,049 
TOTAL CONSUMER DISCRETIONARY  68,911 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Sweetgreen, Inc. Series H (c)(d) 705,259 9,197 
Food Products - 0.0%   
Agbiome LLC Series C (c)(d) 1,060,308 6,716 
Tobacco - 0.0%   
JUUL Labs, Inc. Series E (c)(d) 22,033 4,737 
TOTAL CONSUMER STAPLES  20,650 
FINANCIALS - 0.0%   
Insurance - 0.0%   
Clover Health Series D (a)(c)(d) 863,631 8,099 
HEALTH CARE - 1.0%   
Biotechnology - 0.8%   
10X Genomics, Inc.:   
Series C (a)(c)(d) 2,505,940 31,901 
Series D (c)(d) 364,100 4,635 
23andMe, Inc. Series F (a)(c)(d) 590,383 10,243 
Axcella Health, Inc.:   
Series C (a)(c)(d) 536,592 5,994 
Series E (c)(d) 366,851 4,098 
BioNTech AG Series A (c)(d) 114,025 32,770 
Fulcrum Therapeutics, Inc. Series B 0.00% (c)(d) 2,308,437 4,617 
Generation Bio Series B (c)(d) 831,800 7,607 
Immunocore Ltd. Series A (a)(c)(d) 67,323 8,698 
Intarcia Therapeutics, Inc.:   
Series CC (a)(c)(d) 1,051,411 45,242 
Series DD (a)(c)(d) 1,543,687 66,425 
Kaleido Biosciences, Inc. Series C (c)(d) 729,738 7,290 
Moderna, Inc.:   
Series B (a)(c)(d) 111,393 2,306 
Series C (a)(c)(d) 254,542 5,269 
Series D (a)(c)(d) 2,150,564 44,517 
Series E (a)(c)(d) 2,592,279 53,660 
Series F (a)(c)(d) 64,317 1,331 
  336,603 
Health Care Equipment & Supplies - 0.0%   
Shockwave Medical, Inc. Series C (a)(c)(d) 5,413,080 6,101 
Health Care Providers & Services - 0.1%   
Mulberry Health, Inc. Series A8 (a)(c)(d) 2,790,742 19,942 
Health Care Technology - 0.0%   
Codiak Biosciences, Inc.:   
Series A 8.00% (a)(c)(d) 589,863 2,141 
Series B 8.00% (a)(c)(d) 1,917,058 6,959 
Series C, 8.00% (c)(d) 2,688,186 9,758 
  18,858 
Pharmaceuticals - 0.1%   
Castle Creek Pharmaceutical Holdings, Inc. Series B (c)(d) 16,803 6,920 
Harmony Biosciences II, Inc. Series A (a)(c)(d) 10,934,380 10,934 
Nohla Therapeutics, Inc. Series B (c)(d) 9,124,200 4,161 
  22,015 
TOTAL HEALTH CARE  403,519 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series G (a)(c)(d) 216,276 36,551 
Professional Services - 0.0%   
YourPeople, Inc. Series C (a)(c)(d) 5,833,137 25,024 
TOTAL INDUSTRIALS  61,575 
INFORMATION TECHNOLOGY - 0.4%   
Internet Software & Services - 0.2%   
Lyft, Inc. Series I (c)(d) 772,439 36,578 
Reddit, Inc. Series B (a)(c)(d) 384,303 3,989 
Starry, Inc.:   
Series B (a)(c)(d) 9,869,159 9,099 
Series C (c)(d) 5,234,614 4,826 
  54,492 
IT Services - 0.0%   
AppNexus, Inc. Series E (Escrow) (a)(c)(d) 923,523 891 
Software - 0.2%   
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) 2,229,826 24,528 
Dataminr, Inc. Series D (a)(c)(d) 1,773,901 35,301 
Outset Medical, Inc.:   
Series C (a)(c)(d) 1,244,716 3,871 
Series D (c)(d) 1,525,901 4,746 
Taboola.Com Ltd. Series E (a)(c)(d) 1,337,420 23,525 
  91,971 
TOTAL INFORMATION TECHNOLOGY  147,354 
TOTAL CONVERTIBLE PREFERRED STOCKS  953,848 
Nonconvertible Preferred Stocks - 0.1%   
CONSUMER DISCRETIONARY - 0.0%   
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc. (c)(d) 13,038 715 
FINANCIALS - 0.1%   
Banks - 0.1%   
Itau Unibanco Holding SA 2,670,300 24,873 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
Yumanity Holdings LLC:   
Class A (a)(c)(d) 464,607 3,062 
Class B (c)(d) 336,308 2,216 
  5,278 
Pharmaceuticals - 0.0%   
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (c)(d) 46,864 19,301 
TOTAL HEALTH CARE  24,579 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  50,167 
TOTAL PREFERRED STOCKS   
(Cost $690,291)  1,004,015 
Money Market Funds - 1.4%   
Fidelity Cash Central Fund, 2.27% (h) 49,905,281 49,915 
Fidelity Securities Lending Cash Central Fund 2.27% (h)(i) 510,657,350 510,708 
TOTAL MONEY MARKET FUNDS   
(Cost $560,614)  560,623 
TOTAL INVESTMENT IN SECURITIES - 101.2%   
(Cost $20,148,600)  41,564,781 
NET OTHER ASSETS (LIABILITIES) - (1.2)%  (481,640) 
NET ASSETS - 100%  $41,083,141 

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 $1,325,167,000 or 3.2% of net assets.

 (d) Level 3 security

 (e) Affiliated company

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

 (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 $263,639,000 or 0.6% of net assets.

 (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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 (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 
Agbiome LLC Series C 6/29/18 $6,716 
Allbirds, Inc. 10/9/18 $3,372 
Allbirds, Inc. 10/9/18 $715 
Allbirds, Inc. Series A 10/9/18 $1,331 
Allbirds, Inc. Series B 10/9/18 $234 
Allbirds, Inc. Series C 10/9/18 $2,234 
Altiostar Networks, Inc. Series A1 1/10/17 $3,216 
Ant International Co. Ltd. Class C 5/16/18 $9,303 
AppNexus, Inc. Series E (Escrow) 8/1/14 $1,665 
Axcella Health, Inc. Series C 8/11/17 $5,409 
Axcella Health, Inc. Series E 11/30/18 $4,098 
BioNTech AG Series A 12/29/17 $24,972 
Castle Creek Pharmaceutical Holdings, Inc. Series A4 9/29/16 $15,506 
Castle Creek Pharmaceutical Holdings, Inc. Series B 10/9/18 $6,920 
Cibus Global Ltd. Series C 2/16/18 $9,500 
Cloudflare, Inc. Series D, 8.00% 11/5/14 - 9/10/18 $17,559 
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 
Dataminr, Inc. Series D 2/18/15 - 3/6/15 $22,617 
Fulcrum Therapeutics, Inc. Series B 0.00% 8/24/18 $4,617 
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) 3/19/18 $0 
JUUL Labs, Inc. Class A 7/6/18 $7,899 
JUUL Labs, Inc. Series E 7/6/18 $3,949 
Kaleido Biosciences, Inc. Series C 3/16/18 $7,290 
Lyft, Inc. Series I 6/27/18 $36,578 
MOD Super Fast Pizza Holdings LLC Series 3 Preferred 11/3/16 - 12/14/17 $8,439 
Moderna, Inc. Series B 4/13/17 $1,408 
Moderna, Inc. Series C 4/13/17 $3,224 
Moderna, Inc. Series D 11/6/13 $20,615 
Moderna, Inc. Series E 12/18/14 $24,850 
Moderna, Inc. Series F 8/10/16 $617 
Mulberry Health, Inc. Series A8 1/20/16 $18,851 
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 
Outset Medical, Inc. Series D 8/20/18 $4,746 
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 
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 
Sweetgreen, Inc. Series H 11/9/18 $9,197 
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 
Turn, Inc. (Escrow) 4/11/17 $591 
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 
Yumanity Holdings LLC Class B 6/19/18 $2,815 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $1,460 
Fidelity Securities Lending Cash Central Fund 11,925 
Total $13,385 

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 $9,787 $25,611 $-- $(2,998) $(74,067) $138,324 
Actua Corp. 36,209 -- 942 -- (31,594) (2,538) 1,135 
Akcea Therapeutics, Inc. 70,889 43,569 9,902 -- 3,571 69,772 177,899 
Alkermes PLC 485,912 28,513 75,067 -- (19,962) (128,253) 291,143 
Alnylam Pharmaceuticals, Inc. 668,331 40,035 26,762 -- 17,019 (286,920) 411,703 
aTyr Pharma, Inc. 5,730 -- 19,001 -- -- 18,954 -- 
aTyr Pharma, Inc. 3,031 27 109 -- (166) (26,114) 1,353 
Avexis, Inc. 162,779 14,222 387,476 -- 250,138 (39,663) -- 
bluebird bio, Inc. 439,342 43,772 24,702 -- 17,955 (150,517) -- 
Calyxt, Inc. 28,618 3,870 1,275 -- 725 (12,539) 19,399 
Exelixis, Inc. 410,001 -- 117,381 -- 51,970 (149,274) -- 
Infinera Corp. 81,330 16,708 6,505 -- (9,603) (25,855) 56,075 
Intra-Cellular Therapies, Inc. 59,705 4,049 5,367 -- (2,174) (1,704) 54,509 
Ionis Pharmaceuticals, Inc. 417,706 38,526 18,768 -- 10,138 17,869 465,471 
Lexicon Pharmaceuticals, Inc. 71,027 1,381 4,079 -- (1,275) (13,481) 53,573 
lululemon athletica, Inc. 521,918 37,754 108,321 -- 50,989 456,687 959,027 
Momenta Pharmaceuticals, Inc. 70,799 3,610 4,063 -- 1,058 (11,295) 60,109 
NETGEAR, Inc. -- 147,999 4,556 -- 576 (13,213) 130,806 
OptiNose, Inc. 14,894 9,211 792 -- 126 (12,985) 10,454 
OptiNose, Inc. 17,053 -- -- -- -- (9,241) 7,812 
Presbia PLC 3,510 10 152 -- (13) (2,467) 888 
Prothena Corp. PLC 100,105 274 8,612 -- (11,303) (59,503) -- 
Regulus Therapeutics, Inc. 4,872 23 1,611 -- (33,983) 30,699 -- 
Rigel Pharmaceuticals, Inc. 44,595 5,044 2,128 -- (443) (14,798) 32,270 
Seres Therapeutics, Inc. 12,125 3,348 488 -- 43 (2,194) 12,834 
Seres Therapeutics, Inc. 6,015 -- -- -- -- (1,232) 4,783 
Sienna Biopharmaceuticals, Inc. 16,690 649 576 -- 55 (8,335) 8,483 
Sienna Biopharmaceuticals, Inc. 10,803 -- -- -- -- (5,101) 5,702 
Silicon Laboratories, Inc. 298,944 7,915 18,435 -- 6,746 (15,416) 279,754 
Syros Pharmaceuticals, Inc. 10,854 5,650 477 -- 14 (7,720) 8,321 
Syros Pharmaceuticals, Inc. 13,929 -- -- -- -- (7,541) 6,388 
Translate Bio, Inc. -- 5,454 61 -- -- (2,356) 3,037 
Translate Bio, Inc. -- 17,962 -- -- -- (4,269) 13,693 
Total $4,318,929 $489,362 $873,219 $-- $297,609 $(494,610) $3,214,945 

 (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 November 30, 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:     
Communication Services $5,573,112 $5,251,164 $77,553 $244,395 
Consumer Discretionary 8,282,217 8,130,421 -- 151,796 
Consumer Staples 1,959,959 1,895,713 34,122 30,124 
Energy 755,648 755,648 -- -- 
Financials 1,034,070 1,025,971 -- 8,099 
Health Care 7,613,229 6,955,585 67,683 589,961 
Industrials 2,134,416 1,986,503 -- 147,913 
Information Technology 13,366,392 13,214,880 3,023 148,489 
Materials 164,888 164,888 -- -- 
Real Estate 120,227 110,924 -- 9,303 
Money Market Funds 560,623 560,623 -- -- 
Total Investments in Securities: $41,564,781 $40,052,320 $182,381 $1,330,080 

The following is a reconciliation of Investments in Securities 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 33,500 
Cost of Purchases 100,317 
Proceeds of Sales (33,467) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $589,961 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2018 $43,136 
Other Investments in Securities  
Beginning Balance $618,926 
Net Realized Gain (Loss) on Investment Securities 6,437 
Net Unrealized Gain (Loss) on Investment Securities 89,352 
Cost of Purchases 106,569 
Proceeds of Sales (117,374) 
Amortization/Accretion -- 
Transfers into Level 3 36,209 
Transfers out of Level 3 -- 
Ending Balance $740,119 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2018 $97,660 

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, and proceeds of sales includes securities delivered through in-kind transactions. 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.

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)  November 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $506,840) — See accompanying schedule:
Unaffiliated issuers (cost $17,289,929) 		$37,789,213  
Fidelity Central Funds (cost $560,614) 560,623  
Other affiliated issuers (cost $2,298,057) 3,214,945  
Total Investment in Securities (cost $20,148,600)  $41,564,781 
Cash  53 
Restricted cash  1,141 
Receivable for investments sold  111,296 
Receivable for fund shares sold  40,801 
Dividends receivable  31,592 
Distributions receivable from Fidelity Central Funds  894 
Prepaid expenses  75 
Other receivables  2,609 
Total assets  41,753,242 
Liabilities   
Payable for investments purchased $26,655  
Payable for fund shares redeemed 105,445  
Accrued management fee 20,891  
Other affiliated payables 3,723  
Other payables and accrued expenses 2,708  
Collateral on securities loaned 510,679  
Total liabilities  670,101 
Net Assets  $41,083,141 
Net Assets consist of:   
Paid in capital  $17,650,444 
Total distributable earnings (loss)  23,432,697 
Net Assets  $41,083,141 
Net Asset Value and Maximum Offering Price   
Growth Company:   
Net Asset Value, offering price and redemption price per share ($25,615,326 ÷ 1,363,419 shares)  $18.79 
Class K:   
Net Asset Value, offering price and redemption price per share ($15,467,815 ÷ 822,806 shares)  $18.80 

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


Statement of Operations

Amounts in thousands  Year ended November 30, 2018 
Investment Income   
Dividends  $275,393 
Special dividends  56,805 
Income from Fidelity Central Funds  13,385 
Total income  345,583 
Expenses   
Management fee   
Basic fee $238,966  
Performance adjustment 73,989  
Transfer agent fees 43,726  
Accounting and security lending fees 2,403  
Custodian fees and expenses 885  
Independent trustees' fees and expenses 226  
Registration fees 308  
Audit 201  
Legal 69  
Interest 6  
Miscellaneous 293  
Total expenses before reductions 361,072  
Expense reductions (1,180)  
Total expenses after reductions  359,892 
Net investment income (loss)  (14,309) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 3,347,606  
Fidelity Central Funds 21  
Other affiliated issuers 297,557  
Foreign currency transactions (255)  
Total net realized gain (loss)  3,644,929 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,906) (493,895)  
Fidelity Central Funds (16)  
Other affiliated issuers (494,610)  
Assets and liabilities in foreign currencies (214)  
Total change in net unrealized appreciation (depreciation)  (988,735) 
Net gain (loss)  2,656,194 
Net increase (decrease) in net assets resulting from operations  $2,641,885 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended November 30, 2018 Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(14,309) $904 
Net realized gain (loss) 3,644,929 5,300,359 
Change in net unrealized appreciation (depreciation) (988,735) 6,673,348 
Net increase (decrease) in net assets resulting from operations 2,641,885 11,974,611 
Distributions to shareholders (1,899,438) – 
Distributions to shareholders from net investment income – (37,300) 
Distributions to shareholders from net realized gain – (2,014,292) 
Total distributions (1,899,438) (2,051,592) 
Share transactions - net increase (decrease) (1,331,921) (4,103,390) 
Total increase (decrease) in net assets (589,474) 5,819,629 
Net Assets   
Beginning of period 41,672,615 35,852,986 
End of period $41,083,141 $41,672,615 
Other Information   
Distributions in excess of net investment income end of period  $(931) 

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


Financial Highlights

Fidelity Growth Company Fund

Years ended November 30, 2018 2017 2016 2015 2014 
Selected Per–Share DataA      
Net asset value, beginning of period $18.53 $14.28 $14.35 $13.65 $12.47 
Income from Investment Operations      
Net investment income (loss)B (.01)C (.01) .01 – .02 
Net realized and unrealized gain (loss) 1.12 5.08 .47 1.17 2.05 
Total from investment operations 1.11 5.07 .48 1.17 2.07 
Distributions from net investment income – (.01) – (.01) (.02) 
Distributions from net realized gain (.85) (.81) (.55) (.46) (.87) 
Total distributions (.85) (.82) (.55) (.47) (.89) 
Net asset value, end of period $18.79 $18.53 $14.28 $14.35 $13.65 
Total ReturnD 6.19% 37.34% 3.48% 8.90% 17.80% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .85% .85% .77% .88% .82% 
Expenses net of fee waivers, if any .85% .85% .77% .87% .82% 
Expenses net of all reductions .85% .85% .77% .87% .82% 
Net investment income (loss) (.07)%C (.04)% .07% (.01)% .12% 
Supplemental Data      
Net assets, end of period (in millions) $25,615 $25,256 $21,114 $23,513 $24,165 
Portfolio turnover rateG 18%H 15%H 19%H 18%H 12%H 

 A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.19) %.

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

 H 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

Years ended November 30, 2018 2017 2016 2015 2014 
Selected Per–Share DataA      
Net asset value, beginning of period $18.52 $14.27 $14.34 $13.64 $12.47 
Income from Investment Operations      
Net investment income (loss)B –C,D .01 .02 .01 .03 
Net realized and unrealized gain (loss) 1.13 5.07 .47 1.17 2.05 
Total from investment operations 1.13 5.08 .49 1.18 2.08 
Distributions from net investment income –D (.02) (.01) (.03) (.04) 
Distributions from net realized gain (.85) (.81) (.55) (.45) (.87) 
Total distributions (.85) (.83) (.56) (.48) (.91) 
Net asset value, end of period $18.80 $18.52 $14.27 $14.34 $13.64 
Total ReturnE 6.28% 37.47% 3.59% 9.01% 17.93% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .76% .75% .66% .77% .71% 
Expenses net of fee waivers, if any .76% .75% .66% .77% .71% 
Expenses net of all reductions .76% .75% .66% .77% .71% 
Net investment income (loss) .02%C .06% .17% .09% .24% 
Supplemental Data      
Net assets, end of period (in millions) $15,468 $16,416 $14,739 $17,587 $18,242 
Portfolio turnover rateH 18%I 15%I 19%I 18%I 12%I 

 A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.11) %.

 D Amount represents less than $.005 per share.

 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 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

For the period ended November 30, 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.

Effective August 10, 2018, each class underwent a 10 for 1 share split. The effect of the share split transaction was to multiply the number of outstanding shares of the Class by a split factor of 10:1, with a corresponding decrease in net asset value (NAV) per share. This event does not impact the overall net assets of each class. The per share data presented in the Financial Highlights and Share Transactions presented in the Notes to Financial Statements have been retroactively adjusted to reflect this share split.

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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 $ 1,330,080 Market comparable Enterprise value/Sales multiple (EV/S)  1.2 - 7.2 / 2.6 Increase 
   Transaction price $0.46 - $411.85 / $154.71 Increase 
   Enterprise value/EBITDA multiple (EV/EBITDA) 10.5 Increase 
   Discount rate 30.0% - 76.0% / 43.9% Decrease 
   Discount for lack of marketability 10.0% - 15.0% / 14.7% Decrease 
   Premium rate 40.0% Increase 
   Conversion ratio 3.0 Increase 
   Proxy discount 4.2% - 21.3% / 7.9% Decrease 
   Liquidity preference $14.90 Increase 
  Market approach Transaction price $0.81 - $215.00 / $57.99 Increase 
   Discount for lack of marketability 10.0% Decrease 
   Conversion ratio 1.6 Increase 
  Discount cash flow Discount rate 8.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
  Recovery value Recovery value 0.0% - 1.0% / 0.7% Increase 

 (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 November 30, 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. 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) for the Fund, 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 of $2,270 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

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. As of November 30, 2018, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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, deferred trustees compensation, net operating losses 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 $23,035,582 
Gross unrealized depreciation (1,851,754) 
Net unrealized appreciation (depreciation) $21,183,828 
Tax Cost $20,380,953 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed long-term capital gain $2,251,210 
Net unrealized appreciation (depreciation) on securities and other investments $21,183,758 

The tax character of distributions paid was as follows:

 November 30, 2018 November 30, 2017 
Ordinary Income $1,324 $ 37,300 
Long-term Capital Gains 1,898,114 2,014,292 
Total $1,899,438 $ 2,051,592 

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 $242,941 in these Subsidiaries, representing .59% 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.

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 
Distributions to Shareholders Note to Financial Statements Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $8,064,714 and $9,288,362, respectively.

Unaffiliated Redemptions In-Kind. During the period, 93,489* shares of the Fund were redeemed in-kind for investments and cash with a value of $1,799,315. The net realized gain of $1,264,532 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, 346,490* 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.

* Share activity prior to August 10, 2018 has been adjusted to reflect the impact of the 10 for 1 share split occurred on that date.

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 annual management fee rate, including the performance adjustment, was .71% 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, except for Class K. 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 
Growth Company $35,951 .13 
Class K 7,775 .05 
 $43,726  

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 annual 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 $242 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 $711.

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 $119 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 $41,618. 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 $11,925, including $1,656 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 $754 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 $9.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $417.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
November 30, 2018 		Year ended
November 30, 2017 
Distributions to shareholders   
Growth Company $1,149,671 $– 
Class K 749,767 – 
Total $1,899,438 $– 
From net investment income   
Growth Company $– $13,724 
Class K – 23,576 
Total $– $37,300 
From net realized gain   
Growth Company $– $1,190,770 
Class K – 823,522 
Total $– $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 
 Year ended November 30, 2018(a) Year ended November 30, 2017(a) Year ended November 30, 2018 Year ended November 30, 2017 
Growth Company     
Shares sold 248,528 171,270 $4,759,280 $2,740,883 
Reinvestment of distributions 58,986 80,920 1,059,253 1,134,062 
Shares redeemed (307,305)(b) (367,910)(c) (5,899,459)(b) (5,635,831)(c) 
Net increase (decrease) 209 (115,720) $(80,926) $(1,760,886) 
Class K     
Shares sold 187,471 195,210 $3,588,943 $3,093,032 
Reinvestment of distributions 41,745 60,510 749,542 847,098 
Shares redeemed (292,620)(b) (402,090)(c) (5,589,480)(b) (6,282,634)(c) 
Net increase (decrease) (63,404) (146,370) $(1,250,995) $(2,342,504) 

 (a) Share activity prior to August 10, 2018 has been adjusted to reflect the impact of the 10 for 1 share split that occurred on that date.

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

 (c) 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.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Growth Company Fund (the "Fund"), a fund of Fidelity Mt. Vernon Street Trust, including the schedule of investments, as of November 30, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2018, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 16, 2019


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Michael E. Wiley, each of the Trustees oversees 281 funds. Mr. Wiley oversees 192 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with Fidelity to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Carol B. Tomé (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Tomé also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2018

Secretary and Chief Legal Officer (CLO)

Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Global Equity Research (2016-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

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 (June 1, 2018 to November 30, 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, which was eliminated effective August 1, 2018, 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, which was eliminated effective August 1, 2018, 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
June 1, 2018 		Ending
Account Value
November 30, 2018 		Expenses Paid
During Period-B
June 1, 2018
to November 30, 2018 
Growth Company .83%    
Actual  $1,000.00 $946.60 $4.05 
Hypothetical-C  $1,000.00 $1,020.91 $4.20 
Class K .75%    
Actual  $1,000.00 $947.00 $3.66 
Hypothetical-C  $1,000.00 $1,021.31 $3.80 

 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 183/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Distributions (Unaudited)

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

 Pay Date Record Date Capital Gains 
Fidelity Growth Company Fund    
Growth Company 12/27/18 12/26/18 $1.022 
Class K 12/27/18 12/26/18 $1.022 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2018, $2,401,914,108, or, if subsequently determined to be different, the net capital gain of such year.

Class K designates 100% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class K designates 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Growth Company Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

GCF-ANN-0119
1.539089.121

Fidelity® Growth Company Fund

Class K



Annual Report

November 30, 2018



Fidelity Investments


Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts


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. © 2019 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.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended November 30, 2018 Past 1 year Past 5 years Past 10 years 
Class K 6.28% 14.24% 18.65% 

 The initial offering of Class K shares took place on May 9, 2008. Returns prior to May 9, 2008 are those of Fidelity® Growth Company Fund, the original class of the fund. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Growth Company Fund - Class K on November 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Growth Index performed over the same period.

See above for additional information regarding the performance of Class K.


Period Ending Values
$55.272Fidelity® Growth Company Fund - Class K
$45,893Russell 3000® Growth Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 6.27% for the 12 months ending November 30, 2018, as the U.S. equity bellwether declined sharply in October after climbing steadily beginning in May and achieving a record close in late September. Rising U.S. Treasury yields and concern about peaking corporate earnings growth sent many investors fleeing from risk assets at a time when they were still dealing with lingering uncertainty related to global trade and the U.S. Federal Reserve picking up the pace of interest rate hikes. The index returned -6.84% in October alone, its largest monthly drop in roughly seven years, and then endured a highly volatile November in which it gained 2.04%. For the full year, growth stocks within the index maintained a sizable advantage over their value counterparts, extending a trend that began in early 2017. A number of economically sensitive sectors dropped to the bottom of the 12-month performance scale, with materials (-7%) and energy (-2%) faring worst, followed by industrials (-1%) and financials (0%). In contrast, the defensive-oriented health care sector gained about 16% to lead the way. Consumer discretionary and information technology were rattled in October but earlier strength resulted in each advancing roughly 13% for the full 12 months. The newly reconstituted communication services sector, which includes dividend-rich telecom stocks, rose about 4%. Real estate (+5%), consumer staples (+3%) and utilities (+2%) also advanced but lagged the broader market.

Comments from Portfolio Manager Steven Wymer:  For the fiscal year, the fund's share classes gained about 6%, behind the 8.14% advance of the benchmark Russell 3000® Growth Index. Versus the benchmark, security selection within the health care sector was by far the biggest detractor, primarily a result of choices and a sizable overweighting in the biotechnology, pharmaceuticals & life sciences segment. Included was Alnylam Pharmaceuticals (-40%), a biopharma company focused on the innovative area of RNA-interference therapies for genetic diseases. In information technology, chipmaker Nvidia (-18%) was the fund’s largest holding, on average, the past 12 months and also our biggest individual detractor. The stock was hurt by excessive supply in the firm’s video gaming card business in the wake of the robust wave of crypto mining the past year. In addition, Nvidia’s data center business, while strong and well-positioned, experienced slowing growth, partly due to a slowdown in cloud spending. Conversely, security selection in consumer discretionary helped relative performance, as did an overweighing here. Yoga-inspired athletic retailer lululemon athletica (+98%) was our top individual contributor versus the benchmark. The stock benefited from the company’s strong financial results this period, supported by enhanced online capabilities and improved offerings. Cloud-computing enterprise software provider Salesforce.com (+37%) also notably contributed.

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

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2018

 % of fund's net assets 
Amazon.com, Inc. 6.8 
Apple, Inc. 5.2 
NVIDIA Corp. 5.0 
Alphabet, Inc. Class A 4.1 
Salesforce.com, Inc. 3.4 
Microsoft Corp. 3.3 
Facebook, Inc. Class A 2.4 
lululemon athletica, Inc. 2.3 
Alphabet, Inc. Class C 2.2 
adidas AG 1.7 
 36.4 

Top Five Market Sectors as of November 30, 2018

 % of fund's net assets 
Information Technology 32.6 
Consumer Discretionary 20.3 
Health Care 18.4 
Communication Services 13.6 
Industrials 5.2 

Asset Allocation (% of fund's net assets)

As of November 30, 2018* 
   Stocks 97.5% 
   Convertible Securities 2.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.2% 


 * Foreign investments - 9.0%

Schedule of Investments November 30, 2018

Showing Percentage of Net Assets

Common Stocks - 97.4%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 13.0%   
Diversified Telecommunication Services - 0.2%   
Verizon Communications, Inc. 1,189,892 $71,750 
Entertainment - 3.2%   
Activision Blizzard, Inc. 6,113,406 304,937 
Electronic Arts, Inc. (a) 1,473,579 123,884 
Lions Gate Entertainment Corp.:   
Class A 95,549 1,855 
Class B 82,622 1,490 
Live Nation Entertainment, Inc. (a) 1,148,030 63,922 
NetEase, Inc. ADR 200,899 45,618 
Netflix, Inc. (a) 1,997,541 571,556 
Nintendo Co. Ltd. 109,900 33,425 
The Walt Disney Co. 1,434,760 165,700 
  1,312,387 
Interactive Media & Services - 8.9%   
Alphabet, Inc.:   
Class A (a) 1,508,185 1,673,557 
Class C (a) 804,164 880,101 
Facebook, Inc. Class A (a) 7,101,601 998,556 
Match Group, Inc. (b) 206,831 8,329 
Snap, Inc. Class A (a)(b) 6,452,292 42,004 
Tencent Holdings Ltd. 1,103,800 44,128 
Twitter, Inc. (a) 465,976 14,655 
  3,661,330 
Media - 0.3%   
Comcast Corp. Class A 2,716,521 105,971 
Turn, Inc. (Escrow) (a)(c)(d) 984,774 655 
  106,626 
Wireless Telecommunication Services - 0.4%   
T-Mobile U.S., Inc. (a) 2,589,899 177,279 
TOTAL COMMUNICATION SERVICES  5,329,372 
CONSUMER DISCRETIONARY - 20.1%   
Auto Components - 0.0%   
Garrett Motion, Inc. (a)(b) 127,964 1,472 
Automobiles - 1.5%   
Tesla, Inc. (a)(b) 1,808,427 633,817 
Hotels, Restaurants & Leisure - 0.9%   
Chipotle Mexican Grill, Inc. (a) 39,385 18,637 
Hyatt Hotels Corp. Class A 230,053 16,405 
Marriott International, Inc. Class A 118,697 13,654 
McDonald's Corp. 384,851 72,548 
Planet Fitness, Inc. (a) 332,941 18,385 
Shake Shack, Inc. Class A (a) 162,238 9,012 
Starbucks Corp. 2,177,217 145,264 
YETI Holdings, Inc. 633,918 10,675 
Yum China Holdings, Inc. 1,204,287 43,150 
Yum! Brands, Inc. 119,816 11,049 
  358,779 
Household Durables - 0.7%   
iRobot Corp. (a)(b) 1,181,074 112,674 
Roku, Inc. (a) 3,579,213 145,853 
Roku, Inc. Class A (a)(b) 605,178 24,661 
Sony Corp. sponsored ADR 123,192 6,507 
  289,695 
Internet & Direct Marketing Retail - 9.1%   
Alibaba Group Holding Ltd. sponsored ADR (a) 1,001,910 161,167 
Amazon.com, Inc. (a) 1,650,086 2,788,938 
Ctrip.com International Ltd. ADR (a) 472,270 13,625 
eBay, Inc. (a) 489,582 14,614 
Etsy, Inc. (a) 183,195 9,900 
Expedia, Inc. 293,464 35,448 
JD.com, Inc. sponsored ADR (a) 3,159,305 67,072 
The Booking Holdings, Inc. (a) 96,571 182,701 
The Honest Co., Inc. (a)(c)(d) 39,835 458 
Wayfair LLC Class A (a)(b) 4,099,636 435,381 
Zozo, Inc. 640,700 14,252 
  3,723,556 
Leisure Products - 0.1%   
Callaway Golf Co. 1,871,706 32,062 
Multiline Retail - 0.4%   
Dollar General Corp. 267,799 29,723 
Dollar Tree, Inc. (a) 875,342 75,953 
Target Corp. 664,180 47,130 
  152,806 
Specialty Retail - 1.6%   
Home Depot, Inc. 1,878,105 338,660 
L Brands, Inc. 132,742 4,395 
Lowe's Companies, Inc. 1,459,509 137,734 
RH (a)(b) 1,073,356 124,660 
TJX Companies, Inc. 1,396,218 68,205 
  673,654 
Textiles, Apparel & Luxury Goods - 5.8%   
adidas AG 3,196,966 705,037 
Allbirds, Inc. (c)(d) 61,486 3,372 
Canada Goose Holdings, Inc. (a) 1,519,270 102,180 
Kering SA 123,575 53,721 
lululemon athletica, Inc. (a)(e) 7,235,213 959,027 
NIKE, Inc. Class B 2,049,785 153,980 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 9,047,844 244,292 
Tory Burch LLC:   
Class A (c)(d)(f) 950,844 57,678 
Class B (c)(d)(f) 324,840 20,662 
Under Armour, Inc. Class C (non-vtg.) (a)(b) 747,344 16,688 
VF Corp. 370,442 30,113 
  2,346,750 
TOTAL CONSUMER DISCRETIONARY  8,212,591 
CONSUMER STAPLES - 4.7%   
Beverages - 2.2%   
Fever-Tree Drinks PLC 1,644,066 50,111 
Keurig Dr. Pepper, Inc. 4,569,194 123,368 
Monster Beverage Corp. (a) 6,218,389 371,113 
PepsiCo, Inc. 884,470 107,852 
The Coca-Cola Co. 5,013,941 252,703 
  905,147 
Food & Staples Retailing - 1.0%   
Costco Wholesale Corp. 835,967 193,342 
Kroger Co. 6,999,248 207,598 
  400,940 
Food Products - 0.3%   
Kellogg Co. 79,997 5,092 
Lamb Weston Holdings, Inc. 753,321 57,780 
Mondelez International, Inc. 1,053,345 47,379 
The Hershey Co. 179,903 19,483 
The Kraft Heinz Co. 248,373 12,697 
  142,431 
Household Products - 0.2%   
Church & Dwight Co., Inc. 727,958 48,184 
Colgate-Palmolive Co. 312,361 19,841 
Kimberly-Clark Corp. 89,222 10,294 
  78,319 
Personal Products - 0.4%   
Coty, Inc. Class A 5,666,476 47,258 
Godrej Consumer Products Ltd. 451,576 4,865 
Herbalife Nutrition Ltd. (a) 1,576,401 90,249 
Unilever NV (Certificaten Van Aandelen) (Bearer) 614,874 34,122 
  176,494 
Tobacco - 0.6%   
Altria Group, Inc. 2,801,597 153,612 
JUUL Labs, Inc. Class A (c)(d) 44,067 9,474 
Philip Morris International, Inc. 842,388 72,892 
  235,978 
TOTAL CONSUMER STAPLES  1,939,309 
ENERGY - 1.8%   
Energy Equipment & Services - 0.1%   
Baker Hughes, a GE Co. Class A 1,841,491 42,023 
Halliburton Co. 494,825 15,552 
  57,575 
Oil, Gas & Consumable Fuels - 1.7%   
Anadarko Petroleum Corp. 467,764 24,745 
Cabot Oil & Gas Corp. 1,943,259 48,892 
Concho Resources, Inc. (a) 409,372 53,358 
Continental Resources, Inc. (a) 402,015 18,380 
Devon Energy Corp. 268,650 7,262 
EOG Resources, Inc. 1,727,427 178,460 
Hess Corp. 521,160 28,085 
Noble Energy, Inc. 1,232,872 29,268 
Oasis Petroleum, Inc. (a) 1,884,753 13,457 
Occidental Petroleum Corp. 675,457 47,464 
PDC Energy, Inc. (a) 383,674 13,022 
Pioneer Natural Resources Co. 587,236 86,764 
Range Resources Corp. 1,596,508 23,229 
Reliance Industries Ltd. 5,022,380 84,191 
Southwestern Energy Co. (a) 607,920 2,930 
Valero Energy Corp. 482,684 38,566 
  698,073 
TOTAL ENERGY  755,648 
FINANCIALS - 2.4%   
Banks - 0.9%   
Bank of America Corp. 1,924,613 54,659 
HDFC Bank Ltd. sponsored ADR 1,209,154 122,632 
JPMorgan Chase & Co. 1,346,783 149,749 
Signature Bank 68,405 8,436 
Wells Fargo & Co. 620,691 33,691 
  369,167 
Capital Markets - 1.2%   
BlackRock, Inc. Class A 328,643 140,662 
Charles Schwab Corp. 6,548,255 293,362 
Edelweiss Financial Services Ltd. 7,060,364 17,202 
T. Rowe Price Group, Inc. 377,660 37,524 
  488,750 
Consumer Finance - 0.3%   
American Express Co. 1,129,057 126,759 
Discover Financial Services 130,276 9,289 
  136,048 
Insurance - 0.0%   
Hiscox Ltd. 332,000 7,133 
TOTAL FINANCIALS  1,001,098 
HEALTH CARE - 17.4%   
Biotechnology - 11.5%   
AbbVie, Inc. 1,259,197 118,705 
ACADIA Pharmaceuticals, Inc. (a)(e) 7,257,318 138,324 
Agios Pharmaceuticals, Inc. (a) 2,341,036 154,040 
Alexion Pharmaceuticals, Inc. (a) 1,290,057 158,871 
Alkermes PLC (a)(e) 7,989,655 291,143 
Allakos, Inc. (a) 130,309 7,677 
Allogene Therapeutics, Inc. (b) 831,440 26,007 
Allogene Therapeutics, Inc. 301,764 8,495 
Alnylam Pharmaceuticals, Inc. (a)(e) 5,072,739 411,703 
Amgen, Inc. 1,101,874 229,465 
AnaptysBio, Inc. (a) 530,173 39,540 
Argenx SE ADR (a) 70,170 6,790 
Array BioPharma, Inc. (a) 5,203,619 82,894 
aTyr Pharma, Inc. (a)(e) 2,196,464 1,353 
BeiGene Ltd. 1,780,053 19,612 
BeiGene Ltd. ADR (a) 2,190,913 335,889 
Biogen, Inc. (a) 350,238 116,881 
bluebird bio, Inc. (a) 2,651,554 325,849 
Blueprint Medicines Corp. (a) 369,977 21,226 
Calyxt, Inc. (a)(e) 1,683,949 19,399 
Celgene Corp. (a) 859,375 62,064 
Cellectis SA sponsored ADR (a) 830,950 18,298 
Chimerix, Inc. (a) 576,423 1,896 
Cibus Global Ltd. Series C (c)(d)(f) 4,523,810 9,500 
Coherus BioSciences, Inc. (a) 1,266,325 14,006 
Constellation Pharmaceuticals, Inc. 202,297 1,194 
Constellation Pharmaceuticals, Inc. 423,827 2,376 
Crinetics Pharmaceuticals, Inc. (a) 208,633 7,290 
CytomX Therapeutics, Inc. (a) 989,847 13,660 
CytomX Therapeutics, Inc. (a)(g) 794,033 10,958 
Denali Therapeutics, Inc. (a)(b) 641,196 12,292 
Editas Medicine, Inc. (a) 249,825 7,785 
Evelo Biosciences, Inc. 672,270 6,669 
Evelo Biosciences, Inc. 909,286 9,020 
Exact Sciences Corp. (a) 271,181 21,147 
Exelixis, Inc. (a) 9,616,746 195,316 
Fate Therapeutics, Inc. (a) 2,783,904 42,761 
Five Prime Therapeutics, Inc. (a) 1,426,948 18,322 
Global Blood Therapeutics, Inc. (a) 1,323,733 41,751 
Heron Therapeutics, Inc. (a) 694,781 19,961 
Homology Medicines, Inc. (a)(b) 382,900 8,420 
Homology Medicines, Inc. (g) 712,521 15,668 
Intellia Therapeutics, Inc. (a)(b) 762,855 13,663 
Intercept Pharmaceuticals, Inc. (a) 134,086 14,871 
Ionis Pharmaceuticals, Inc. (a)(e) 7,985,431 465,471 
Ironwood Pharmaceuticals, Inc. Class A (a) 4,546,765 62,836 
Jounce Therapeutics, Inc. (a) 146,622 633 
Kiniksa Pharmaceuticals Ltd. (g) 304,279 6,153 
Lexicon Pharmaceuticals, Inc. (a)(b)(e) 6,613,917 53,573 
Macrogenics, Inc. (a) 198,438 3,415 
Momenta Pharmaceuticals, Inc. (a)(e) 5,076,752 60,109 
Neon Therapeutics, Inc. 17,627 109 
Neon Therapeutics, Inc. 889,854 5,233 
Principia Biopharma, Inc. 186,301 5,190 
Protagonist Therapeutics, Inc. (a) 818,818 5,298 
Prothena Corp. PLC (a) 1,745,414 20,962 
Regeneron Pharmaceuticals, Inc. (a) 610,536 223,242 
Rigel Pharmaceuticals, Inc. (a)(e) 11,402,836 32,270 
Rubius Therapeutics, Inc. 1,166,576 24,941 
Rubius Therapeutics, Inc. 1,865,277 37,886 
Sage Therapeutics, Inc. (a) 2,149,704 247,839 
Sarepta Therapeutics, Inc. (a) 160,097 20,728 
Scholar Rock Holding Corp. 233,823 5,696 
Scholar Rock Holding Corp. (g) 470,781 11,468 
Seres Therapeutics, Inc. (a)(b)(e) 1,537,051 12,834 
Seres Therapeutics, Inc. (a)(e)(g) 572,827 4,783 
Sienna Biopharmaceuticals, Inc. (a)(e) 839,110 8,483 
Sienna Biopharmaceuticals, Inc. (e)(g) 564,045 5,702 
Spark Therapeutics, Inc. (a) 709,143 29,876 
Syros Pharmaceuticals, Inc. (a)(e) 1,221,889 8,321 
Syros Pharmaceuticals, Inc. (a)(e)(g) 938,007 6,388 
Translate Bio, Inc. (e) 420,012 3,037 
Translate Bio, Inc. (e) 1,993,527 13,693 
Ultragenyx Pharmaceutical, Inc. (a) 659,920 35,418 
uniQure B.V. (a) 882,638 25,844 
UNITY Biotechnology, Inc. (b) 681,325 8,762 
UNITY Biotechnology, Inc. (g) 1,193,604 15,350 
Vertex Pharmaceuticals, Inc. (a) 413,384 74,736 
Wuxi Biologics (Cayman), Inc. (a) 4,024,500 33,743 
Xencor, Inc. (a) 1,249,765 52,503 
Zai Lab Ltd. ADR (a) 1,833,135 36,149 
  4,751,425 
Health Care Equipment & Supplies - 2.8%   
Abbott Laboratories 741,251 54,890 
Align Technology, Inc. (a) 23,288 5,354 
Boston Scientific Corp. (a) 2,072,354 78,066 
Danaher Corp. 1,296,432 142,011 
DexCom, Inc. (a) 925,912 119,989 
Genmark Diagnostics, Inc. (a) 1,457,915 7,596 
Insulet Corp. (a) 1,939,586 162,789 
Intuitive Surgical, Inc. (a) 480,584 255,128 
Novocure Ltd. (a) 3,685,877 126,499 
Novocure Ltd. (a)(g) 571,461 19,613 
Penumbra, Inc. (a) 1,088,637 151,560 
Presbia PLC (a)(e) 1,258,087 888 
Wright Medical Group NV (a) 375,185 10,490 
  1,134,873 
Health Care Providers & Services - 0.9%   
G1 Therapeutics, Inc. (a) 343,036 13,114 
Humana, Inc. 61,326 20,205 
Laboratory Corp. of America Holdings (a) 112,995 16,457 
OptiNose, Inc. (a)(e) 1,328,318 10,454 
OptiNose, Inc. (e)(g) 992,571 7,812 
UnitedHealth Group, Inc. 1,111,603 312,761 
  380,803 
Health Care Technology - 0.1%   
Castlight Health, Inc. Class B (a) 2,101,679 5,485 
Teladoc Health, Inc. (a) 374,353 23,378 
  28,863 
Life Sciences Tools & Services - 0.1%   
Illumina, Inc. (a) 48,821 16,477 
Thermo Fisher Scientific, Inc. 147,563 36,824 
  53,301 
Pharmaceuticals - 2.0%   
Adimab LLC (c)(d)(f) 3,162,765 128,503 
Akcea Therapeutics, Inc. (a)(b)(e) 5,249,296 177,899 
Bristol-Myers Squibb Co. 991,987 53,032 
Intra-Cellular Therapies, Inc. (a)(e) 3,772,282 54,509 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 178,600 1,679 
Kolltan Pharmaceuticals, Inc. rights (a)(d) 7,940,644 0 
MyoKardia, Inc. (a) 1,613,248 100,134 
Nektar Therapeutics (a) 5,175,334 209,032 
Rhythm Pharmaceuticals, Inc. (a) 457,608 13,513 
RPI International Holdings LP (a)(c)(d) 130,847 20,080 
Stemcentrx, Inc. rights 12/31/21 (a)(d) 2,065,715 3,780 
The Medicines Company (a) 1,954,997 43,264 
Theravance Biopharma, Inc. (a) 1,102,526 30,441 
  835,866 
TOTAL HEALTH CARE  7,185,131 
INDUSTRIALS - 5.1%   
Aerospace & Defense - 1.2%   
Lockheed Martin Corp. 418,907 125,852 
Northrop Grumman Corp. 55,202 14,346 
Space Exploration Technologies Corp. Class A (a)(c)(d) 418,210 70,677 
The Boeing Co. 682,805 236,769 
United Technologies Corp. 423,395 51,586 
  499,230 
Air Freight & Logistics - 0.3%   
FedEx Corp. 82,913 18,987 
United Parcel Service, Inc. Class B 883,167 101,820 
  120,807 
Airlines - 1.2%   
Azul SA sponsored ADR (a) 441,863 11,926 
Delta Air Lines, Inc. 736,656 44,722 
JetBlue Airways Corp. (a) 4,281,080 83,567 
Ryanair Holdings PLC sponsored ADR (a) 447,741 36,863 
Southwest Airlines Co. 2,007,140 109,610 
Spirit Airlines, Inc. (a) 352,944 22,631 
United Continental Holdings, Inc. (a) 541,195 52,334 
Wheels Up Partners Holdings LLC:   
Series B (a)(c)(d)(f) 6,703,518 10,323 
Series C (a)(c)(d)(f) 3,466,281 5,338 
Wizz Air Holdings PLC (a)(g) 2,734,384 104,389 
  481,703 
Building Products - 0.1%   
Resideo Technologies, Inc. (a) 1,889,819 38,987 
Construction & Engineering - 0.0%   
Fluor Corp. 429,034 17,560 
Electrical Equipment - 0.3%   
AMETEK, Inc. 23,375 1,716 
Eaton Corp. PLC 277,011 21,313 
Emerson Electric Co. 470,281 31,753 
Fortive Corp. 802,708 61,062 
  115,844 
Industrial Conglomerates - 0.7%   
3M Co. 387,264 80,520 
Honeywell International, Inc. 1,362,427 199,936 
  280,456 
Machinery - 0.9%   
Aumann AG (g) 87,086 3,880 
Caterpillar, Inc. 872,879 118,423 
Deere & Co. 368,687 57,102 
Illinois Tool Works, Inc. 270,585 37,625 
Ingersoll-Rand PLC 126,448 13,090 
Rational AG 18,321 10,422 
Wabtec Corp. (b) 168,973 15,985 
WashTec AG 109,322 8,032 
Xylem, Inc. 1,181,269 86,209 
  350,768 
Professional Services - 0.0%   
CoStar Group, Inc. (a) 25,746 9,510 
Road & Rail - 0.4%   
Union Pacific Corp. 1,027,287 157,976 
TOTAL INDUSTRIALS  2,072,841 
INFORMATION TECHNOLOGY - 32.2%   
Communications Equipment - 0.5%   
Arista Networks, Inc. (a) 143,786 34,290 
Infinera Corp. (a)(e) 13,010,495 56,075 
NETGEAR, Inc. (a)(e) 2,361,124 130,806 
  221,171 
Electronic Equipment & Components - 0.3%   
Arlo Technologies, Inc. (b) 3,576,054 43,020 
Cognex Corp. 50,560 2,226 
IPG Photonics Corp. (a) 16,893 2,401 
TE Connectivity Ltd. 103,705 7,978 
Trimble, Inc. (a) 1,641,893 62,441 
  118,066 
Internet Software & Services - 0.1%   
CarGurus, Inc. Class A (a) 51,226 1,993 
Farfetch Ltd. Class A (b) 1,020,219 23,210 
  25,203 
IT Services - 5.6%   
Actua Corp. (d)(e) 1,773,597 1,135 
Adyen BV 10,589 5,479 
Cognizant Technology Solutions Corp. Class A 883,703 62,946 
Elastic NV 41,434 2,960 
IBM Corp. 91,027 11,312 
MasterCard, Inc. Class A 2,119,172 426,102 
MongoDB, Inc. (a) 956,702 79,311 
MongoDB, Inc. Class A (a) 42,136 3,493 
Okta, Inc. (a) 184,840 11,765 
PayPal Holdings, Inc. (a) 4,983,730 427,654 
Shopify, Inc. Class A (a) 3,261,996 496,524 
Square, Inc. (a) 2,655,338 185,449 
Visa, Inc. Class A 3,767,259 533,858 
Wix.com Ltd. (a) 500,235 47,112 
  2,295,100 
Semiconductors & Semiconductor Equipment - 7.1%   
Advanced Micro Devices, Inc. (a) 6,290,635 133,991 
Applied Materials, Inc. 313,396 11,683 
ASML Holding NV 274,611 47,055 
Broadcom, Inc. 216,770 51,463 
Cirrus Logic, Inc. (a) 805,884 30,172 
Cree, Inc. (a) 1,141,440 50,383 
Intel Corp. 74,765 3,687 
KLA-Tencor Corp. 214,708 21,162 
Marvell Technology Group Ltd. 697,437 11,236 
Micron Technology, Inc. (a) 354,801 13,681 
NVIDIA Corp. 12,498,261 2,042,591 
Renesas Electronics Corp. (a) 887,700 4,184 
Silicon Laboratories, Inc. (a)(e) 3,165,711 279,754 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 1,119,730 42,091 
Texas Instruments, Inc. 1,495,286 149,304 
Xilinx, Inc. 93,681 8,664 
  2,901,101 
Software - 12.9%   
2U, Inc. (a) 721,615 42,135 
Adobe, Inc. (a) 1,587,800 398,363 
Aspen Technology, Inc. (a) 315,075 27,191 
Atlassian Corp. PLC (a) 426,540 36,657 
Autodesk, Inc. (a) 1,381,430 199,617 
Avalara, Inc. (b) 60,749 1,943 
Black Knight, Inc. (a) 488,839 22,164 
Cadence Design Systems, Inc. (a) 189,801 8,549 
DocuSign, Inc. 61,168 2,554 
Domo, Inc. 199,393 3,023 
Dropbox, Inc. Class A (a) 79,018 1,848 
HubSpot, Inc. (a) 1,660,943 230,921 
Intuit, Inc. 507,677 108,912 
Microsoft Corp. 12,173,226 1,349,889 
New Relic, Inc. (a) 225,562 19,667 
Nutanix, Inc.:   
Class A (a) 6,871,069 307,205 
Class B (a)(g) 1,151,309 51,475 
Oracle Corp. 944,533 46,055 
Parametric Technology Corp. (a) 1,854,262 160,375 
Paylocity Holding Corp. (a) 119,448 8,013 
Pluralsight, Inc. (b) 235,318 5,669 
Proofpoint, Inc. (a) 438,185 42,508 
Red Hat, Inc. (a) 3,299,258 589,116 
RingCentral, Inc. (a) 55,637 4,612 
Salesforce.com, Inc. (a) 9,890,562 1,411,977 
Tenable Holdings, Inc. 79,414 2,262 
Zendesk, Inc. (a) 1,996,485 118,651 
Zscaler, Inc. (a) 2,773,584 108,891 
  5,310,242 
Technology Hardware, Storage & Peripherals - 5.7%   
Apple, Inc. 12,020,052 2,146,541 
NetApp, Inc. 328,998 22,000 
Pure Storage, Inc. Class A (a) 7,562,533 143,007 
Samsung Electronics Co. Ltd. 979,935 36,607 
  2,348,155 
TOTAL INFORMATION TECHNOLOGY  13,219,038 
MATERIALS - 0.4%   
Chemicals - 0.4%   
CF Industries Holdings, Inc. 1,326,769 55,976 
DowDuPont, Inc. 787,614 45,563 
LG Chemical Ltd. 110,617 34,114 
The Mosaic Co. 250,646 9,023 
  144,676 
Metals & Mining - 0.0%   
Barrick Gold Corp. 1,586,200 20,212 
TOTAL MATERIALS  164,888 
REAL ESTATE - 0.3%   
Equity Real Estate Investment Trusts (REITs) - 0.3%   
American Tower Corp. 674,351 110,924 
Ant International Co. Ltd. Class C (c)(d) 1,658,265 9,303 
  120,227 
TOTAL COMMON STOCKS   
(Cost $18,897,695)  40,000,143 
Preferred Stocks - 2.4%   
Convertible Preferred Stocks - 2.3%   
COMMUNICATION SERVICES - 0.6%   
Interactive Media & Services - 0.6%   
Uber Technologies, Inc.:   
Series D, 8.00% (a)(c)(d) 4,770,180 232,642 
Series E, 8.00% (a)(c)(d) 209,216 10,203 
  242,845 
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (a)(c)(d) 699,106 895 
TOTAL COMMUNICATION SERVICES  243,740 
CONSUMER DISCRETIONARY - 0.2%   
Hotels, Restaurants & Leisure - 0.1%   
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(c)(d)(f) 61,485 9,796 
Topgolf International, Inc. Series F (c)(d) 819,532 10,719 
  20,515 
Internet & Direct Marketing Retail - 0.0%   
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) 7,578,338 344 
The Honest Co., Inc.:   
Series C (a)(c)(d) 92,950 1,822 
Series D (a)(c)(d) 69,363 1,360 
  3,526 
Leisure Products - 0.1%   
Peloton Interactive, Inc. Series E (a)(c)(d) 2,549,928 36,821 
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc.:   
Series A (c)(d) 24,267 1,331 
Series B (c)(d) 4,263 234 
Series C (c)(d) 40,746 2,234 
ORIC Pharmaceuticals, Inc. Series C (c)(d) 1,416,666 4,250 
  8,049 
TOTAL CONSUMER DISCRETIONARY  68,911 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Sweetgreen, Inc. Series H (c)(d) 705,259 9,197 
Food Products - 0.0%   
Agbiome LLC Series C (c)(d) 1,060,308 6,716 
Tobacco - 0.0%   
JUUL Labs, Inc. Series E (c)(d) 22,033 4,737 
TOTAL CONSUMER STAPLES  20,650 
FINANCIALS - 0.0%   
Insurance - 0.0%   
Clover Health Series D (a)(c)(d) 863,631 8,099 
HEALTH CARE - 1.0%   
Biotechnology - 0.8%   
10X Genomics, Inc.:   
Series C (a)(c)(d) 2,505,940 31,901 
Series D (c)(d) 364,100 4,635 
23andMe, Inc. Series F (a)(c)(d) 590,383 10,243 
Axcella Health, Inc.:   
Series C (a)(c)(d) 536,592 5,994 
Series E (c)(d) 366,851 4,098 
BioNTech AG Series A (c)(d) 114,025 32,770 
Fulcrum Therapeutics, Inc. Series B 0.00% (c)(d) 2,308,437 4,617 
Generation Bio Series B (c)(d) 831,800 7,607 
Immunocore Ltd. Series A (a)(c)(d) 67,323 8,698 
Intarcia Therapeutics, Inc.:   
Series CC (a)(c)(d) 1,051,411 45,242 
Series DD (a)(c)(d) 1,543,687 66,425 
Kaleido Biosciences, Inc. Series C (c)(d) 729,738 7,290 
Moderna, Inc.:   
Series B (a)(c)(d) 111,393 2,306 
Series C (a)(c)(d) 254,542 5,269 
Series D (a)(c)(d) 2,150,564 44,517 
Series E (a)(c)(d) 2,592,279 53,660 
Series F (a)(c)(d) 64,317 1,331 
  336,603 
Health Care Equipment & Supplies - 0.0%   
Shockwave Medical, Inc. Series C (a)(c)(d) 5,413,080 6,101 
Health Care Providers & Services - 0.1%   
Mulberry Health, Inc. Series A8 (a)(c)(d) 2,790,742 19,942 
Health Care Technology - 0.0%   
Codiak Biosciences, Inc.:   
Series A 8.00% (a)(c)(d) 589,863 2,141 
Series B 8.00% (a)(c)(d) 1,917,058 6,959 
Series C, 8.00% (c)(d) 2,688,186 9,758 
  18,858 
Pharmaceuticals - 0.1%   
Castle Creek Pharmaceutical Holdings, Inc. Series B (c)(d) 16,803 6,920 
Harmony Biosciences II, Inc. Series A (a)(c)(d) 10,934,380 10,934 
Nohla Therapeutics, Inc. Series B (c)(d) 9,124,200 4,161 
  22,015 
TOTAL HEALTH CARE  403,519 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series G (a)(c)(d) 216,276 36,551 
Professional Services - 0.0%   
YourPeople, Inc. Series C (a)(c)(d) 5,833,137 25,024 
TOTAL INDUSTRIALS  61,575 
INFORMATION TECHNOLOGY - 0.4%   
Internet Software & Services - 0.2%   
Lyft, Inc. Series I (c)(d) 772,439 36,578 
Reddit, Inc. Series B (a)(c)(d) 384,303 3,989 
Starry, Inc.:   
Series B (a)(c)(d) 9,869,159 9,099 
Series C (c)(d) 5,234,614 4,826 
  54,492 
IT Services - 0.0%   
AppNexus, Inc. Series E (Escrow) (a)(c)(d) 923,523 891 
Software - 0.2%   
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) 2,229,826 24,528 
Dataminr, Inc. Series D (a)(c)(d) 1,773,901 35,301 
Outset Medical, Inc.:   
Series C (a)(c)(d) 1,244,716 3,871 
Series D (c)(d) 1,525,901 4,746 
Taboola.Com Ltd. Series E (a)(c)(d) 1,337,420 23,525 
  91,971 
TOTAL INFORMATION TECHNOLOGY  147,354 
TOTAL CONVERTIBLE PREFERRED STOCKS  953,848 
Nonconvertible Preferred Stocks - 0.1%   
CONSUMER DISCRETIONARY - 0.0%   
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc. (c)(d) 13,038 715 
FINANCIALS - 0.1%   
Banks - 0.1%   
Itau Unibanco Holding SA 2,670,300 24,873 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
Yumanity Holdings LLC:   
Class A (a)(c)(d) 464,607 3,062 
Class B (c)(d) 336,308 2,216 
  5,278 
Pharmaceuticals - 0.0%   
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (c)(d) 46,864 19,301 
TOTAL HEALTH CARE  24,579 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  50,167 
TOTAL PREFERRED STOCKS   
(Cost $690,291)  1,004,015 
Money Market Funds - 1.4%   
Fidelity Cash Central Fund, 2.27% (h) 49,905,281 49,915 
Fidelity Securities Lending Cash Central Fund 2.27% (h)(i) 510,657,350 510,708 
TOTAL MONEY MARKET FUNDS   
(Cost $560,614)  560,623 
TOTAL INVESTMENT IN SECURITIES - 101.2%   
(Cost $20,148,600)  41,564,781 
NET OTHER ASSETS (LIABILITIES) - (1.2)%  (481,640) 
NET ASSETS - 100%  $41,083,141 

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 $1,325,167,000 or 3.2% of net assets.

 (d) Level 3 security

 (e) Affiliated company

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

 (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 $263,639,000 or 0.6% of net assets.

 (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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 (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 
Agbiome LLC Series C 6/29/18 $6,716 
Allbirds, Inc. 10/9/18 $3,372 
Allbirds, Inc. 10/9/18 $715 
Allbirds, Inc. Series A 10/9/18 $1,331 
Allbirds, Inc. Series B 10/9/18 $234 
Allbirds, Inc. Series C 10/9/18 $2,234 
Altiostar Networks, Inc. Series A1 1/10/17 $3,216 
Ant International Co. Ltd. Class C 5/16/18 $9,303 
AppNexus, Inc. Series E (Escrow) 8/1/14 $1,665 
Axcella Health, Inc. Series C 8/11/17 $5,409 
Axcella Health, Inc. Series E 11/30/18 $4,098 
BioNTech AG Series A 12/29/17 $24,972 
Castle Creek Pharmaceutical Holdings, Inc. Series A4 9/29/16 $15,506 
Castle Creek Pharmaceutical Holdings, Inc. Series B 10/9/18 $6,920 
Cibus Global Ltd. Series C 2/16/18 $9,500 
Cloudflare, Inc. Series D, 8.00% 11/5/14 - 9/10/18 $17,559 
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 
Dataminr, Inc. Series D 2/18/15 - 3/6/15 $22,617 
Fulcrum Therapeutics, Inc. Series B 0.00% 8/24/18 $4,617 
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) 3/19/18 $0 
JUUL Labs, Inc. Class A 7/6/18 $7,899 
JUUL Labs, Inc. Series E 7/6/18 $3,949 
Kaleido Biosciences, Inc. Series C 3/16/18 $7,290 
Lyft, Inc. Series I 6/27/18 $36,578 
MOD Super Fast Pizza Holdings LLC Series 3 Preferred 11/3/16 - 12/14/17 $8,439 
Moderna, Inc. Series B 4/13/17 $1,408 
Moderna, Inc. Series C 4/13/17 $3,224 
Moderna, Inc. Series D 11/6/13 $20,615 
Moderna, Inc. Series E 12/18/14 $24,850 
Moderna, Inc. Series F 8/10/16 $617 
Mulberry Health, Inc. Series A8 1/20/16 $18,851 
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 
Outset Medical, Inc. Series D 8/20/18 $4,746 
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 
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 
Sweetgreen, Inc. Series H 11/9/18 $9,197 
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 
Turn, Inc. (Escrow) 4/11/17 $591 
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 
Yumanity Holdings LLC Class B 6/19/18 $2,815 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $1,460 
Fidelity Securities Lending Cash Central Fund 11,925 
Total $13,385 

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 $9,787 $25,611 $-- $(2,998) $(74,067) $138,324 
Actua Corp. 36,209 -- 942 -- (31,594) (2,538) 1,135 
Akcea Therapeutics, Inc. 70,889 43,569 9,902 -- 3,571 69,772 177,899 
Alkermes PLC 485,912 28,513 75,067 -- (19,962) (128,253) 291,143 
Alnylam Pharmaceuticals, Inc. 668,331 40,035 26,762 -- 17,019 (286,920) 411,703 
aTyr Pharma, Inc. 5,730 -- 19,001 -- -- 18,954 -- 
aTyr Pharma, Inc. 3,031 27 109 -- (166) (26,114) 1,353 
Avexis, Inc. 162,779 14,222 387,476 -- 250,138 (39,663) -- 
bluebird bio, Inc. 439,342 43,772 24,702 -- 17,955 (150,517) -- 
Calyxt, Inc. 28,618 3,870 1,275 -- 725 (12,539) 19,399 
Exelixis, Inc. 410,001 -- 117,381 -- 51,970 (149,274) -- 
Infinera Corp. 81,330 16,708 6,505 -- (9,603) (25,855) 56,075 
Intra-Cellular Therapies, Inc. 59,705 4,049 5,367 -- (2,174) (1,704) 54,509 
Ionis Pharmaceuticals, Inc. 417,706 38,526 18,768 -- 10,138 17,869 465,471 
Lexicon Pharmaceuticals, Inc. 71,027 1,381 4,079 -- (1,275) (13,481) 53,573 
lululemon athletica, Inc. 521,918 37,754 108,321 -- 50,989 456,687 959,027 
Momenta Pharmaceuticals, Inc. 70,799 3,610 4,063 -- 1,058 (11,295) 60,109 
NETGEAR, Inc. -- 147,999 4,556 -- 576 (13,213) 130,806 
OptiNose, Inc. 14,894 9,211 792 -- 126 (12,985) 10,454 
OptiNose, Inc. 17,053 -- -- -- -- (9,241) 7,812 
Presbia PLC 3,510 10 152 -- (13) (2,467) 888 
Prothena Corp. PLC 100,105 274 8,612 -- (11,303) (59,503) -- 
Regulus Therapeutics, Inc. 4,872 23 1,611 -- (33,983) 30,699 -- 
Rigel Pharmaceuticals, Inc. 44,595 5,044 2,128 -- (443) (14,798) 32,270 
Seres Therapeutics, Inc. 12,125 3,348 488 -- 43 (2,194) 12,834 
Seres Therapeutics, Inc. 6,015 -- -- -- -- (1,232) 4,783 
Sienna Biopharmaceuticals, Inc. 16,690 649 576 -- 55 (8,335) 8,483 
Sienna Biopharmaceuticals, Inc. 10,803 -- -- -- -- (5,101) 5,702 
Silicon Laboratories, Inc. 298,944 7,915 18,435 -- 6,746 (15,416) 279,754 
Syros Pharmaceuticals, Inc. 10,854 5,650 477 -- 14 (7,720) 8,321 
Syros Pharmaceuticals, Inc. 13,929 -- -- -- -- (7,541) 6,388 
Translate Bio, Inc. -- 5,454 61 -- -- (2,356) 3,037 
Translate Bio, Inc. -- 17,962 -- -- -- (4,269) 13,693 
Total $4,318,929 $489,362 $873,219 $-- $297,609 $(494,610) $3,214,945 

 (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 November 30, 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:     
Communication Services $5,573,112 $5,251,164 $77,553 $244,395 
Consumer Discretionary 8,282,217 8,130,421 -- 151,796 
Consumer Staples 1,959,959 1,895,713 34,122 30,124 
Energy 755,648 755,648 -- -- 
Financials 1,034,070 1,025,971 -- 8,099 
Health Care 7,613,229 6,955,585 67,683 589,961 
Industrials 2,134,416 1,986,503 -- 147,913 
Information Technology 13,366,392 13,214,880 3,023 148,489 
Materials 164,888 164,888 -- -- 
Real Estate 120,227 110,924 -- 9,303 
Money Market Funds 560,623 560,623 -- -- 
Total Investments in Securities: $41,564,781 $40,052,320 $182,381 $1,330,080 

The following is a reconciliation of Investments in Securities 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 33,500 
Cost of Purchases 100,317 
Proceeds of Sales (33,467) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $589,961 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2018 $43,136 
Other Investments in Securities  
Beginning Balance $618,926 
Net Realized Gain (Loss) on Investment Securities 6,437 
Net Unrealized Gain (Loss) on Investment Securities 89,352 
Cost of Purchases 106,569 
Proceeds of Sales (117,374) 
Amortization/Accretion -- 
Transfers into Level 3 36,209 
Transfers out of Level 3 -- 
Ending Balance $740,119 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2018 $97,660 

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, and proceeds of sales includes securities delivered through in-kind transactions. 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.

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)  November 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $506,840) — See accompanying schedule:
Unaffiliated issuers (cost $17,289,929) 		$37,789,213  
Fidelity Central Funds (cost $560,614) 560,623  
Other affiliated issuers (cost $2,298,057) 3,214,945  
Total Investment in Securities (cost $20,148,600)  $41,564,781 
Cash  53 
Restricted cash  1,141 
Receivable for investments sold  111,296 
Receivable for fund shares sold  40,801 
Dividends receivable  31,592 
Distributions receivable from Fidelity Central Funds  894 
Prepaid expenses  75 
Other receivables  2,609 
Total assets  41,753,242 
Liabilities   
Payable for investments purchased $26,655  
Payable for fund shares redeemed 105,445  
Accrued management fee 20,891  
Other affiliated payables 3,723  
Other payables and accrued expenses 2,708  
Collateral on securities loaned 510,679  
Total liabilities  670,101 
Net Assets  $41,083,141 
Net Assets consist of:   
Paid in capital  $17,650,444 
Total distributable earnings (loss)  23,432,697 
Net Assets  $41,083,141 
Net Asset Value and Maximum Offering Price   
Growth Company:   
Net Asset Value, offering price and redemption price per share ($25,615,326 ÷ 1,363,419 shares)  $18.79 
Class K:   
Net Asset Value, offering price and redemption price per share ($15,467,815 ÷ 822,806 shares)  $18.80 

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


Statement of Operations

Amounts in thousands  Year ended November 30, 2018 
Investment Income   
Dividends  $275,393 
Special dividends  56,805 
Income from Fidelity Central Funds  13,385 
Total income  345,583 
Expenses   
Management fee   
Basic fee $238,966  
Performance adjustment 73,989  
Transfer agent fees 43,726  
Accounting and security lending fees 2,403  
Custodian fees and expenses 885  
Independent trustees' fees and expenses 226  
Registration fees 308  
Audit 201  
Legal 69  
Interest 6  
Miscellaneous 293  
Total expenses before reductions 361,072  
Expense reductions (1,180)  
Total expenses after reductions  359,892 
Net investment income (loss)  (14,309) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 3,347,606  
Fidelity Central Funds 21  
Other affiliated issuers 297,557  
Foreign currency transactions (255)  
Total net realized gain (loss)  3,644,929 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,906) (493,895)  
Fidelity Central Funds (16)  
Other affiliated issuers (494,610)  
Assets and liabilities in foreign currencies (214)  
Total change in net unrealized appreciation (depreciation)  (988,735) 
Net gain (loss)  2,656,194 
Net increase (decrease) in net assets resulting from operations  $2,641,885 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended November 30, 2018 Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(14,309) $904 
Net realized gain (loss) 3,644,929 5,300,359 
Change in net unrealized appreciation (depreciation) (988,735) 6,673,348 
Net increase (decrease) in net assets resulting from operations 2,641,885 11,974,611 
Distributions to shareholders (1,899,438) – 
Distributions to shareholders from net investment income – (37,300) 
Distributions to shareholders from net realized gain – (2,014,292) 
Total distributions (1,899,438) (2,051,592) 
Share transactions - net increase (decrease) (1,331,921) (4,103,390) 
Total increase (decrease) in net assets (589,474) 5,819,629 
Net Assets   
Beginning of period 41,672,615 35,852,986 
End of period $41,083,141 $41,672,615 
Other Information   
Distributions in excess of net investment income end of period  $(931) 

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


Financial Highlights

Fidelity Growth Company Fund

Years ended November 30, 2018 2017 2016 2015 2014 
Selected Per–Share DataA      
Net asset value, beginning of period $18.53 $14.28 $14.35 $13.65 $12.47 
Income from Investment Operations      
Net investment income (loss)B (.01)C (.01) .01 – .02 
Net realized and unrealized gain (loss) 1.12 5.08 .47 1.17 2.05 
Total from investment operations 1.11 5.07 .48 1.17 2.07 
Distributions from net investment income – (.01) – (.01) (.02) 
Distributions from net realized gain (.85) (.81) (.55) (.46) (.87) 
Total distributions (.85) (.82) (.55) (.47) (.89) 
Net asset value, end of period $18.79 $18.53 $14.28 $14.35 $13.65 
Total ReturnD 6.19% 37.34% 3.48% 8.90% 17.80% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .85% .85% .77% .88% .82% 
Expenses net of fee waivers, if any .85% .85% .77% .87% .82% 
Expenses net of all reductions .85% .85% .77% .87% .82% 
Net investment income (loss) (.07)%C (.04)% .07% (.01)% .12% 
Supplemental Data      
Net assets, end of period (in millions) $25,615 $25,256 $21,114 $23,513 $24,165 
Portfolio turnover rateG 18%H 15%H 19%H 18%H 12%H 

 A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.19) %.

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

 H 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

Years ended November 30, 2018 2017 2016 2015 2014 
Selected Per–Share DataA      
Net asset value, beginning of period $18.52 $14.27 $14.34 $13.64 $12.47 
Income from Investment Operations      
Net investment income (loss)B –C,D .01 .02 .01 .03 
Net realized and unrealized gain (loss) 1.13 5.07 .47 1.17 2.05 
Total from investment operations 1.13 5.08 .49 1.18 2.08 
Distributions from net investment income –D (.02) (.01) (.03) (.04) 
Distributions from net realized gain (.85) (.81) (.55) (.45) (.87) 
Total distributions (.85) (.83) (.56) (.48) (.91) 
Net asset value, end of period $18.80 $18.52 $14.27 $14.34 $13.64 
Total ReturnE 6.28% 37.47% 3.59% 9.01% 17.93% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .76% .75% .66% .77% .71% 
Expenses net of fee waivers, if any .76% .75% .66% .77% .71% 
Expenses net of all reductions .76% .75% .66% .77% .71% 
Net investment income (loss) .02%C .06% .17% .09% .24% 
Supplemental Data      
Net assets, end of period (in millions) $15,468 $16,416 $14,739 $17,587 $18,242 
Portfolio turnover rateH 18%I 15%I 19%I 18%I 12%I 

 A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.11) %.

 D Amount represents less than $.005 per share.

 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 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

For the period ended November 30, 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.

Effective August 10, 2018, each class underwent a 10 for 1 share split. The effect of the share split transaction was to multiply the number of outstanding shares of the Class by a split factor of 10:1, with a corresponding decrease in net asset value (NAV) per share. This event does not impact the overall net assets of each class. The per share data presented in the Financial Highlights and Share Transactions presented in the Notes to Financial Statements have been retroactively adjusted to reflect this share split.

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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 $1,330,080 Market comparable Enterprise value/Sales multiple (EV/S)  1.2 - 7.2 / 2.6 Increase 
   Transaction price $0.46 - $411.85 / $154.71 Increase 
   Enterprise value/EBITDA multiple (EV/EBITDA) 10.5 Increase 
   Discount rate 30.0% - 76.0% / 43.9% Decrease 
   Discount for lack of marketability 10.0% - 15.0% / 14.7% Decrease 
   Premium rate 40.0% Increase 
   Conversion ratio 3.0 Increase 
   Proxy discount 4.2% - 21.3% / 7.9% Decrease 
   Liquidity preference $14.90 Increase 
  Market approach Transaction price $0.81 - $215.00 / $57.99 Increase 
   Discount for lack of marketability 10.0% Decrease 
   Conversion ratio 1.6 Increase 
  Discount cash flow Discount rate 8.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
  Recovery value Recovery value 0.0% - 1.0% / 0.7% Increase 

 (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 November 30, 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. 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) for the Fund, 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 of $2,270 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

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. As of November 30, 2018, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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, deferred trustees compensation, net operating losses 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 $23,035,582 
Gross unrealized depreciation (1,851,754) 
Net unrealized appreciation (depreciation) $21,183,828 
Tax Cost $20,380,953 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed long-term capital gain $2,251,210 
Net unrealized appreciation (depreciation) on securities and other investments $21,183,758 

The tax character of distributions paid was as follows:

 November 30, 2018 November 30, 2017 
Ordinary Income $1,324 $ 37,300 
Long-term Capital Gains 1,898,114 2,014,292 
Total $1,899,438 $ 2,051,592 

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 $242,941 in these Subsidiaries, representing .59% 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.

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 
Distributions to Shareholders Note to Financial Statements Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $8,064,714 and $9,288,362, respectively.

Unaffiliated Redemptions In-Kind. During the period, 93,489* shares of the Fund were redeemed in-kind for investments and cash with a value of $1,799,315. The net realized gain of $1,264,532 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, 346,490* 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.

* Share activity prior to August 10, 2018 has been adjusted to reflect the impact of the 10 for 1 share split occurred on that date.

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 annual management fee rate, including the performance adjustment, was .71% 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, except for Class K. 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 
Growth Company $35,951 .13 
Class K 7,775 .05 
 $43,726  

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 annual 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 $242 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 $711.

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 $119 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 $41,618. 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 $11,925, including $1,656 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 $754 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 $9.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $417.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
November 30, 2018 		Year ended
November 30, 2017 
Distributions to shareholders   
Growth Company $1,149,671 $– 
Class K 749,767 – 
Total $1,899,438 $– 
From net investment income   
Growth Company $– $13,724 
Class K – 23,576 
Total $– $37,300 
From net realized gain   
Growth Company $– $1,190,770 
Class K – 823,522 
Total $– $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 
 Year ended November 30, 2018(a) Year ended November 30, 2017(a) Year ended November 30, 2018 Year ended November 30, 2017 
Growth Company     
Shares sold 248,528 171,270 $4,759,280 $2,740,883 
Reinvestment of distributions 58,986 80,920 1,059,253 1,134,062 
Shares redeemed (307,305)(b) (367,910)(c) (5,899,459)(b) (5,635,831)(c) 
Net increase (decrease) 209 (115,720) $(80,926) $(1,760,886) 
Class K     
Shares sold 187,471 195,210 $3,588,943 $3,093,032 
Reinvestment of distributions 41,745 60,510 749,542 847,098 
Shares redeemed (292,620)(b) (402,090)(c) (5,589,480)(b) (6,282,634)(c) 
Net increase (decrease) (63,404) (146,370) $(1,250,995) $(2,342,504) 

 (a) Share activity prior to August 10, 2018 has been adjusted to reflect the impact of the 10 for 1 share split that occurred on that date.

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

 (c) 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.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Growth Company Fund (the "Fund"), a fund of Fidelity Mt. Vernon Street Trust, including the schedule of investments, as of November 30, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2018, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 16, 2019


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Michael E. Wiley, each of the Trustees oversees 281 funds. Mr. Wiley oversees 192 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with Fidelity to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Carol B. Tomé (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Tomé also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2018

Secretary and Chief Legal Officer (CLO)

Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Global Equity Research (2016-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

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 (June 1, 2018 to November 30, 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, which was eliminated effective August 1, 2018, 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, which was eliminated effective August 1, 2018, 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
June 1, 2018 		Ending
Account Value
November 30, 2018 		Expenses Paid
During Period-B
June 1, 2018
to November 30, 2018 
Growth Company .83%    
Actual  $1,000.00 $946.60 $4.05 
Hypothetical-C  $1,000.00 $1,020.91 $4.20 
Class K .75%    
Actual  $1,000.00 $947.00 $3.66 
Hypothetical-C  $1,000.00 $1,021.31 $3.80 

 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 183/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Distributions (Unaudited)

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

 Pay Date Record Date Capital Gains 
Fidelity Growth Company Fund    
Growth Company 12/27/18 12/26/18 $1.022 
Class K 12/27/18 12/26/18 $1.022 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2018, $2,401,914,108, or, if subsequently determined to be different, the net capital gain of such year.

Class K designates 100% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class K designates 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Growth Company Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

GCF-K-ANN-0119
1.863213.110

Fidelity® New Millennium Fund®



Annual Report

November 30, 2018



Fidelity Investments


Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts


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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.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended November 30, 2018 Past 1 year Past 5 years Past 10 years 
Fidelity® New Millennium Fund® 3.19% 8.54% 15.16% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® New Millennium Fund® on November 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values
$41,011Fidelity® New Millennium Fund®
$38,109S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 6.27% for the 12 months ending November 30, 2018, as the U.S. equity bellwether declined sharply in October after climbing steadily beginning in May and achieving a record close in late September. Rising U.S. Treasury yields and concern about peaking corporate earnings growth sent many investors fleeing from risk assets at a time when they were still dealing with lingering uncertainty related to global trade and the U.S. Federal Reserve picking up the pace of interest rate hikes. The index returned -6.84% in October alone, its largest monthly drop in roughly seven years, and then endured a highly volatile November in which it gained 2.04%. For the full year, growth stocks within the index maintained a sizable advantage over their value counterparts, extending a trend that began in early 2017. A number of economically sensitive sectors dropped to the bottom of the 12-month performance scale, with materials (-7%) and energy (-2%) faring worst, followed by industrials (-1%) and financials (0%). In contrast, the defensive-oriented health care sector gained about 16% to lead the way. Consumer discretionary and information technology were rattled in October but earlier strength resulted in each advancing roughly 13% for the full 12 months. The newly reconstituted communication services sector, which includes dividend-rich telecom stocks, rose about 4%. Real estate (+5%), consumer staples (+3%) and utilities (+2%) also advanced but lagged the broader market.

Comments from Portfolio Manager John Roth:  For the fiscal year, the fund gained 3.19%, trailing the benchmark S&P 500® index. Security selection mainly detracted from the fund’s performance versus the benchmark, particularly my choices in the consumer discretionary and financials sectors. Among individual stocks, it hurt most to avoid Microsoft (+34%) and Amazon.com (+44%), two large index components that didn’t align with my strategy. Each rallied strongly for much of the period. The fund’s stake overweighted stake in multinational conglomerate General Electric (GE) also declined, due to investors’ concerns about the company’s debt, insurance liability and the health of its power business. Elsewhere, the fund's foreign holdings hurt versus the benchmark, hampered by a surging U.S. dollar. In particular, a position in Eurofins Scientific, a Luxembourg-based provider of testing and support services for the pharmaceutical, food and consumer products industries, detracted. Conversely, not owning index member and social media giant Facebook added value. Facebook shares declined about 21% for the period amid escalating concerns over users’ privacy. The company also reported slowing user growth and weak guidance. The fund’s stake in DexCom, a leader in continuous glucose monitoring systems for diabetes management, was another plus. I sold DexCom from the fund by period end to take profit.

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

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2018

 % of fund's net assets 
Exxon Mobil Corp. 3.0 
Bank of America Corp. 2.6 
Cisco Systems, Inc. 2.1 
Berkshire Hathaway, Inc. Class B 2.1 
UnitedHealth Group, Inc. 2.1 
Comcast Corp. Class A 2.1 
Walmart, Inc. 2.0 
American International Group, Inc. 1.9 
ARAMARK Holdings Corp. 1.9 
Procter & Gamble Co. 1.8 
 21.6 

Top Five Market Sectors as of November 30, 2018

 % of fund's net assets 
Financials 18.4 
Health Care 12.3 
Energy 12.0 
Consumer Discretionary 11.6 
Industrials 10.3 

Asset Allocation (% of fund's net assets)

As of November 30, 2018* 
   Stocks 92.6% 
   Convertible Securities 1.4% 
   Other Investments 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.9% 


 * Foreign investments - 15.0%

Schedule of Investments November 30, 2018

Showing Percentage of Net Assets

Common Stocks - 92.6%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 3.9%   
Diversified Telecommunication Services - 1.5%   
Verizon Communications, Inc. 794,000 $47,878 
Entertainment - 0.3%   
Trion World, Inc. (a)(b)(c) 1,062,359 0 
WME Entertainment Parent, LLC Class A (a)(b)(c)(d) 3,761,973 11,060 
  11,060 
Media - 2.1%   
Comcast Corp. Class A 1,727,200 67,378 
TOTAL COMMUNICATION SERVICES  126,316 
CONSUMER DISCRETIONARY - 10.9%   
Automobiles - 1.1%   
Fiat Chrysler Automobiles NV 1,532,200 25,419 
Tesla, Inc. (a) 29,900 10,479 
  35,898 
Hotels, Restaurants & Leisure - 3.1%   
ARAMARK Holdings Corp. 1,571,300 59,804 
Del Frisco's Restaurant Group, Inc. (a) 640,600 4,401 
Drive Shack, Inc. (a) 2,114,780 9,876 
U.S. Foods Holding Corp. (a) 732,600 24,308 
  98,389 
Household Durables - 1.9%   
D.R. Horton, Inc. 550,700 20,497 
Newell Brands, Inc. 550,700 12,886 
NVR, Inc. (a) 5,100 12,495 
Toll Brothers, Inc. 474,813 15,655 
  61,533 
Leisure Products - 0.1%   
New Academy Holding Co. LLC unit (a)(b)(c)(e) 66,000 2,129 
Multiline Retail - 1.0%   
Dollar General Corp. 207,500 23,030 
Dollar Tree, Inc. (a) 102,500 8,894 
  31,924 
Specialty Retail - 2.0%   
AutoZone, Inc. (a) 31,700 25,648 
Tiffany & Co., Inc. 156,900 14,278 
TJX Companies, Inc. 530,000 25,891 
  65,817 
Textiles, Apparel & Luxury Goods - 1.7%   
Allbirds, Inc. (b)(c) 4,447 244 
Brunello Cucinelli SpA 822,600 27,798 
PVH Corp. 141,600 15,648 
Under Armour, Inc. Class A (sub. vtg.) (a)(f) 475,000 11,343 
  55,033 
TOTAL CONSUMER DISCRETIONARY  350,723 
CONSUMER STAPLES - 9.0%   
Beverages - 0.3%   
Molson Coors Brewing Co. Class B 167,000 10,984 
Food & Staples Retailing - 2.0%   
Walmart, Inc. 646,600 63,140 
Food Products - 1.1%   
Amira Nature Foods Ltd. (a)(f) 1,082,352 606 
Greencore Group PLC 5,744,661 13,769 
The Hershey Co. 185,200 20,057 
  34,432 
Household Products - 3.0%   
Kimberly-Clark Corp. 197,100 22,739 
Procter & Gamble Co. 624,900 59,059 
Reckitt Benckiser Group PLC 182,400 15,183 
  96,981 
Personal Products - 0.9%   
Coty, Inc. Class A 1,246,400 10,395 
Unilever NV (Certificaten Van Aandelen) (Bearer) 303,000 16,815 
  27,210 
Tobacco - 1.7%   
British American Tobacco PLC sponsored ADR 520,700 18,157 
Philip Morris International, Inc. 426,900 36,940 
  55,097 
TOTAL CONSUMER STAPLES  287,844 
ENERGY - 11.9%   
Energy Equipment & Services - 1.7%   
Borr Drilling Ltd. (a) 4,401,703 13,828 
Oceaneering International, Inc. (a) 588,652 9,883 
Odfjell Drilling Ltd. 4,699,224 15,500 
Pacific Drilling SA (a) 142,594 2,125 
Pacific Drilling SA 261,698 3,899 
TechnipFMC PLC 325,600 7,518 
  52,753 
Oil, Gas & Consumable Fuels - 10.2%   
Cabot Oil & Gas Corp. 676,300 17,016 
Cheniere Energy, Inc. (a) 239,300 14,626 
Chevron Corp. 400,900 47,683 
Cimarex Energy Co. 110,600 9,067 
ConocoPhillips Co. 664,300 43,963 
Denbury Resources, Inc. (a) 2,486,300 5,619 
Diamondback Energy, Inc. 99,800 11,016 
Exxon Mobil Corp. 1,207,700 96,010 
GasLog Ltd. 472,841 9,816 
Golar LNG Ltd. 717,100 19,104 
Kosmos Energy Ltd. (a) 1,690,300 9,094 
Legacy Reserves, Inc. (a)(f)(g) 5,606,520 12,054 
The Williams Companies, Inc. 1,117,997 28,308 
Whiting Petroleum Corp. (a) 119,925 3,630 
  327,006 
TOTAL ENERGY  379,759 
FINANCIALS - 18.4%   
Banks - 5.3%   
Bank of America Corp. 2,915,600 82,803 
First Republic Bank 166,500 16,508 
HDFC Bank Ltd. sponsored ADR 152,300 15,446 
Metro Bank PLC (a)(f) 243,010 6,509 
PNC Financial Services Group, Inc. 168,300 22,852 
Republic First Bancorp, Inc. (a) 933,900 7,051 
SunTrust Banks, Inc. 296,412 18,582 
  169,751 
Capital Markets - 1.3%   
The NASDAQ OMX Group, Inc. 204,200 18,648 
TPG Specialty Lending, Inc. (f) 1,064,000 21,589 
  40,237 
Diversified Financial Services - 2.3%   
Berkshire Hathaway, Inc. Class B (a) 313,600 68,440 
Focus Financial Partners, Inc. Class A 183,100 5,661 
  74,101 
Insurance - 7.7%   
American International Group, Inc. 1,412,700 61,099 
Arch Capital Group Ltd. (a) 924,600 26,462 
Beazley PLC 1,192,000 8,491 
Chubb Ltd. 309,709 41,420 
First American Financial Corp. 271,800 13,136 
FNF Group 657,300 22,085 
Hiscox Ltd. 478,900 10,289 
Marsh & McLennan Companies, Inc. 193,500 17,163 
MetLife, Inc. 617,000 27,537 
The Travelers Companies, Inc. 157,400 20,520 
  248,202 
Thrifts & Mortgage Finance - 1.8%   
Housing Development Finance Corp. Ltd. 425,968 12,164 
MGIC Investment Corp. (a) 1,213,634 14,212 
Radian Group, Inc. 1,774,923 32,659 
  59,035 
TOTAL FINANCIALS  591,326 
HEALTH CARE - 12.1%   
Biotechnology - 1.9%   
Amgen, Inc. 231,400 48,189 
Celgene Corp. (a) 187,200 13,520 
  61,709 
Health Care Equipment & Supplies - 2.6%   
Becton, Dickinson & Co. 117,000 29,572 
Boston Scientific Corp. (a) 649,500 24,467 
Danaher Corp. 182,200 19,958 
Integra LifeSciences Holdings Corp. (a) 160,028 8,582 
  82,579 
Health Care Providers & Services - 4.6%   
Henry Schein, Inc. (a) 291,200 25,975 
National Vision Holdings, Inc. (a) 385,600 14,179 
Notre Dame Intermedica Participacoes SA 1,052,460 7,593 
Premier, Inc. (a) 239,400 9,495 
UnitedHealth Group, Inc. 240,700 67,723 
Universal Health Services, Inc. Class B 154,000 21,250 
  146,215 
Health Care Technology - 0.4%   
Cerner Corp. (a) 231,200 13,389 
Life Sciences Tools & Services - 0.7%   
Agilent Technologies, Inc. 180,300 13,045 
Bruker Corp. 318,900 10,568 
  23,613 
Pharmaceuticals - 1.9%   
Amneal Pharmaceuticals, Inc. (a)(f) 488,400 8,650 
Catalent, Inc. (a) 248,493 9,853 
GlaxoSmithKline PLC 180 4 
Perrigo Co. PLC 294,100 18,317 
Prestige Brands Holdings, Inc. (a) 300,000 11,646 
Roche Holding AG (participation certificate) 42,220 10,960 
  59,430 
TOTAL HEALTH CARE  386,935 
INDUSTRIALS - 10.2%   
Aerospace & Defense - 4.7%   
General Dynamics Corp. 239,300 44,244 
Huntington Ingalls Industries, Inc. 76,500 16,486 
KEYW Holding Corp. (a)(f) 1,868,837 18,259 
Kratos Defense & Security Solutions, Inc. (a) 1,140,600 15,170 
Northrop Grumman Corp. 142,700 37,085 
Space Exploration Technologies Corp.:   
Class A (a)(b)(c) 58,589 9,902 
Class C (a)(b)(c) 818 138 
Teledyne Technologies, Inc. (a) 46,800 10,510 
  151,794 
Commercial Services & Supplies - 1.1%   
KAR Auction Services, Inc. 283,900 16,222 
Stericycle, Inc. (a) 125,800 6,047 
U.S. Ecology, Inc. 193,056 13,450 
  35,719 
Electrical Equipment - 0.4%   
Melrose Industries PLC 5,820,928 13,099 
Industrial Conglomerates - 1.6%   
General Electric Co. 6,582,100 49,366 
Machinery - 1.4%   
Aumann AG (f)(h) 222,500 9,912 
Donaldson Co., Inc. 284,400 15,938 
Pentair PLC 160,200 6,841 
Rational AG 21,300 12,117 
  44,808 
Marine - 0.5%   
Goodbulk Ltd. (c) 959,290 16,016 
Trading Companies & Distributors - 0.5%   
Bunzl PLC 549,119 16,905 
TOTAL INDUSTRIALS  327,707 
INFORMATION TECHNOLOGY - 6.8%   
Communications Equipment - 2.1%   
Cisco Systems, Inc. 1,429,900 68,449 
Electronic Equipment & Components - 1.3%   
Amphenol Corp. Class A 280,182 24,639 
Keysight Technologies, Inc. (a) 290,000 17,928 
  42,567 
IT Services - 2.1%   
Akamai Technologies, Inc. (a) 245,400 16,871 
First Data Corp. Class A (a) 1,031,062 19,673 
Leidos Holdings, Inc. 340,800 21,470 
Science Applications International Corp. 123,900 8,614 
  66,628 
Semiconductors & Semiconductor Equipment - 0.9%   
Qualcomm, Inc. 459,800 26,788 
Software - 0.4%   
Black Knight, Inc. (a) 275,149 12,475 
TOTAL INFORMATION TECHNOLOGY  216,907 
MATERIALS - 2.0%   
Chemicals - 1.2%   
International Flavors & Fragrances, Inc. 147,000 20,820 
LG Chemical Ltd. 20,430 6,301 
Nutrien Ltd. 205,920 10,607 
  37,728 
Metals & Mining - 0.8%   
Franco-Nevada Corp. 143,800 9,957 
Newcrest Mining Ltd. 541,982 8,220 
Novagold Resources, Inc. (a)(f) 2,591,580 9,558 
  27,735 
TOTAL MATERIALS  65,463 
REAL ESTATE - 1.6%   
Equity Real Estate Investment Trusts (REITs) - 1.4%   
Cousins Properties, Inc. 901,553 7,618 
Crown Castle International Corp. 78,200 8,985 
Healthcare Trust of America, Inc. 274,800 7,727 
Spirit MTA REIT 190,380 1,852 
Spirit Realty Capital, Inc. 1,903,800 14,126 
VEREIT, Inc. 471,400 3,606 
  43,914 
Real Estate Management & Development - 0.2%   
Realogy Holdings Corp. (f) 414,300 7,979 
TOTAL REAL ESTATE  51,893 
UTILITIES - 5.8%   
Electric Utilities - 5.8%   
Alliant Energy Corp. 409,800 18,601 
Duke Energy Corp. 629,600 55,764 
Exelon Corp. 454,100 21,066 
IDACORP, Inc. 260,800 25,621 
OGE Energy Corp. 265,200 10,507 
Southern Co. 500,000 23,665 
Xcel Energy, Inc. 557,200 29,225 
  184,449 
TOTAL COMMON STOCKS   
(Cost $2,599,674)  2,969,322 
Preferred Stocks - 1.4%   
Convertible Preferred Stocks - 1.4%   
CONSUMER DISCRETIONARY - 0.7%   
Leisure Products - 0.5%   
Peloton Interactive, Inc.:   
Series E (a)(b)(c) 923,284 13,332 
Series F (b)(c) 298,932 4,317 
  17,649 
Textiles, Apparel & Luxury Goods - 0.2%   
Allbirds, Inc.:   
Series A (b)(c) 1,755 96 
Series B (b)(c) 308 17 
Series C (b)(c) 2,947 162 
Bolt Threads, Inc. Series D (b)(c) 390,327 4,754 
  5,029 
TOTAL CONSUMER DISCRETIONARY  22,678 
HEALTH CARE - 0.2%   
Health Care Equipment & Supplies - 0.2%   
Butterfly Network, Inc. Series D (b)(c) 658,083 6,759 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series H (a)(b)(c) 7,570 1,279 
INFORMATION TECHNOLOGY - 0.4%   
Internet Software & Services - 0.4%   
Lyft, Inc.:   
Series H (b)(c) 143,083 6,776 
Series I (b)(c) 151,561 7,177 
  13,953 
TOTAL CONVERTIBLE PREFERRED STOCKS  44,669 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc. (b)(c) 943 52 
TOTAL PREFERRED STOCKS   
(Cost $36,550)  44,721 
 Principal Amount (000s) Value (000s) 
Corporate Bonds - 0.0%   
Convertible Bonds - 0.0%   
COMMUNICATION SERVICES - 0.0%   
Entertainment - 0.0%   
Trion World, Inc. 8% 10/10/19 pay-in-kind (b)(c)(i)(j) 474 0 
Nonconvertible Bonds - 0.0%   
ENERGY - 0.0%   
Energy Equipment & Services - 0.0%   
Pacific Drilling Second Lien Escrow Issuer Ltd. 11% 4/1/24 pay-in-kind (h) 179 183 
TOTAL CORPORATE BONDS   
(Cost $657)  183 
 Shares Value (000s) 
Other - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%    
Utica Shale Drilling Program (non-operating revenue interest) (b)(c)(d)   
(Cost $8,368) 8,367,654 4,087 
Money Market Funds - 7.8%   
Fidelity Cash Central Fund, 2.27% (k) 184,869,631 184,907 
Fidelity Securities Lending Cash Central Fund 2.27% (k)(l) 64,067,451 64,074 
TOTAL MONEY MARKET FUNDS   
(Cost $248,980)  248,981 
TOTAL INVESTMENT IN SECURITIES - 101.9%   
(Cost $2,894,229)  3,267,294 
NET OTHER ASSETS (LIABILITIES) - (1.9)%  (61,252) 
NET ASSETS - 100%  $3,206,042 

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

Legend

 (a) Non-income producing

 (b) 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 $72,281,000 or 2.3% of net assets.

 (c) Level 3 security

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

 (e) 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.

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

 (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 $10,095,000 or 0.3% of net assets.

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

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

 (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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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) 
Allbirds, Inc. 10/9/18 $244 
Allbirds, Inc. 10/9/18 $52 
Allbirds, Inc. Series A 10/9/18 $96 
Allbirds, Inc. Series B 10/9/18 $17 
Allbirds, Inc. Series C 10/9/18 $162 
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 
Lyft, Inc. Series I 6/27/18 $7,177 
New Academy Holding Co. LLC unit 8/1/11 $6,956 
Peloton Interactive, Inc. Series E 3/31/17 $5,000 
Peloton Interactive, Inc. Series F 8/30/18 $4,317 
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. 8% 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 $1,895 
Fidelity Securities Lending Cash Central Fund 496 
Total $2,391 

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 $-- $-- $-- $-- $6,894 $-- 
Legacy Reserves, Inc. -- -- -- -- -- (3,530) 12,054 
Total $8,690 $-- $-- $-- $-- $3,364 $12,054 

Investment Valuation

The following is a summary of the inputs used, as of November 30, 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:     
Communication Services $126,316 $115,256 $-- $11,060 
Consumer Discretionary 373,453 348,350 -- 25,103 
Consumer Staples 287,844 255,846 31,998 -- 
Energy 379,759 379,759 -- -- 
Financials 591,326 591,326 -- -- 
Health Care 393,694 375,971 10,964 6,759 
Industrials 328,986 301,651 -- 27,335 
Information Technology 230,860 216,907 -- 13,953 
Materials 65,463 65,463 -- -- 
Real Estate 51,893 51,893 -- -- 
Utilities 184,449 184,449 -- -- 
Corporate Bonds 183 -- 183 -- 
Other 4,087 -- -- 4,087 
Money Market Funds 248,981 248,981 -- -- 
Total Investments in Securities: $3,267,294 $3,135,852 $43,145 $88,297 

The following is a reconciliation of Investments in Securities 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 12,454 
Cost of Purchases 32,896 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 5,115 
Transfers out of Level 3 -- 
Ending Balance $88,297 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2018 $12,454 

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 85.0% 
Bermuda 3.7% 
United Kingdom 2.8% 
Switzerland 1.6% 
Netherlands 1.4% 
Ireland 1.3% 
Others (Individually Less Than 1%) 4.2% 
 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)  November 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $61,251) — See accompanying schedule:
Unaffiliated issuers (cost $2,629,665) 		$3,006,259  
Fidelity Central Funds (cost $248,980) 248,981  
Other affiliated issuers (cost $15,584) 12,054  
Total Investment in Securities (cost $2,894,229)  $3,267,294 
Cash  289 
Restricted cash  282 
Receivable for investments sold  166 
Receivable for fund shares sold  654 
Dividends receivable  5,267 
Distributions receivable from Fidelity Central Funds  448 
Prepaid expenses  5 
Other receivables  94 
Total assets  3,274,499 
Liabilities   
Payable for investments purchased $170  
Payable for fund shares redeemed 2,414  
Accrued management fee 1,180  
Other affiliated payables 509  
Other payables and accrued expenses 119  
Collateral on securities loaned 64,065  
Total liabilities  68,457 
Net Assets  $3,206,042 
Net Assets consist of:   
Paid in capital  $2,387,884 
Total distributable earnings (loss)  818,158 
Net Assets, for 79,114 shares outstanding  $3,206,042 
Net Asset Value, offering price and redemption price per share ($3,206,042 ÷ 79,114 shares)  $40.52 

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


Statement of Operations

Amounts in thousands  Year ended November 30, 2018 
Investment Income   
Dividends  $52,191 
Interest  28 
Income from Fidelity Central Funds  2,391 
Total income  54,610 
Expenses   
Management fee   
Basic fee $17,799  
Performance adjustment (3,047)  
Transfer agent fees 4,885  
Accounting and security lending fees 971  
Custodian fees and expenses 80  
Independent trustees' fees and expenses 17  
Registration fees 70  
Audit 164  
Legal 9  
Miscellaneous 25  
Total expenses before reductions 20,973  
Expense reductions (255)  
Total expenses after reductions  20,718 
Net investment income (loss)  33,892 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 437,684  
Fidelity Central Funds 1  
Foreign currency transactions 2  
Total net realized gain (loss)  437,687 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $22) (373,038)  
Fidelity Central Funds (2)  
Other affiliated issuers 3,364  
Assets and liabilities in foreign currencies (22)  
Total change in net unrealized appreciation (depreciation)  (369,698) 
Net gain (loss)  67,989 
Net increase (decrease) in net assets resulting from operations  $101,881 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended November 30, 2018 Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $33,892 $31,033 
Net realized gain (loss) 437,687 246,779 
Change in net unrealized appreciation (depreciation) (369,698) 319,973 
Net increase (decrease) in net assets resulting from operations 101,881 597,785 
Distributions to shareholders (265,435) – 
Distributions to shareholders from net investment income – (34,461) 
Distributions to shareholders from net realized gain – (147,147) 
Total distributions (265,435) (181,608) 
Share transactions   
Proceeds from sales of shares 375,717 217,367 
Reinvestment of distributions 252,831 173,679 
Cost of shares redeemed (546,925) (563,945) 
Net increase (decrease) in net assets resulting from share transactions 81,623 (172,899) 
Total increase (decrease) in net assets (81,931) 243,278 
Net Assets   
Beginning of period 3,287,973 3,044,695 
End of period $3,206,042 $3,287,973 
Other Information   
Undistributed net investment income end of period  $15,017 
Shares   
Sold 8,962 5,693 
Issued in reinvestment of distributions 6,362 4,765 
Redeemed (13,207) (14,529) 
Net increase (decrease) 2,117 (4,071) 

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


Financial Highlights

Fidelity New Millennium Fund

      
Years ended November 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $42.70 $37.56 $38.99 $42.10 $40.16 
Income from Investment Operations      
Net investment income (loss)A .43 .38 .43 .39 .38B 
Net realized and unrealized gain (loss) .87 7.01 2.31 (.46) 3.89 
Total from investment operations 1.30 7.39 2.74 (.07) 4.27 
Distributions from net investment income (.36) (.43) (.35) (.28) (.19) 
Distributions from net realized gain (3.12) (1.82) (3.82) (2.76) (2.13) 
Total distributions (3.48) (2.25) (4.17) (3.04) (2.33)C 
Net asset value, end of period $40.52 $42.70 $37.56 $38.99 $42.10 
Total ReturnD 3.19% 20.69% 8.57% .08% 11.31% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .64% .54% .57% .72% .82% 
Expenses net of fee waivers, if any .64% .54% .57% .72% .82% 
Expenses net of all reductions .63% .54% .57% .71% .81% 
Net investment income (loss) 1.03% .98% 1.25% 1.00% .92%B 
Supplemental Data      
Net assets, end of period (in millions) $3,206 $3,288 $3,045 $3,313 $4,282 
Portfolio turnover rateG 37% 31% 44% 57% 44% 

 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 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. 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 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

For the period ended November 30, 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 $0 Recovery value Recovery value 0.0% Increase 
Equities $68,193 Market comparable Enterprise value/Sales multiple (EV/S) 2.4 - 8.3 / 4.2 Increase 
   Enterprise value/EBITDA multiple (EV/EBITDA) 6.5 Increase 
   Discount rate 9.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Premium rate 10.0% - 94.0% / 68.0% Increase 
  Market approach Transaction price $10.27 - $169.00 / $58.29 Increase 
  Recovery value Recovery value 0.0% Increase 
Other $4,087 Discount cash flow Discount rate 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 November 30, 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. As of November 30, 2018, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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, market discount, 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 $618,298 
Gross unrealized depreciation (235,050) 
Net unrealized appreciation (depreciation) $383,248 
Tax Cost $2,884,046 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $25,094 
Undistributed long-term capital gain $415,780 
Net unrealized appreciation (depreciation) on securities and other investments $377,306 

The tax character of distributions paid was as follows:

 November 30, 2018 November 30, 2017 
Ordinary Income $65,155 $ 35,432 
Long-term Capital Gains 200,280 146,176 
Total $265,435 $ 181,608 

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 $15,429 in these Subsidiaries, representing .48% 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.

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,166,571 and $1,410,718, 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 annual 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 annual rate of .15% 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 annual 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 $37 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 $3.

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 $9 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. At period end, there were no security loans outstanding with FCM. 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 $496, including $34 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 $221 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.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $33.

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.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity New Millennium Fund (one of the funds constituting Fidelity Mt. Vernon Street Trust, referred to hereafter as the "Fund") as of November 30, 2018, the related statement of operations for the year ended November 30, 2018, the statement of changes in net assets for each of the two years in the period ended November 30, 2018, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2018 and the financial highlights for each of the five years in the period ended November 30, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

January 17, 2019



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Michael E. Wiley, each of the Trustees oversees 281 funds. Mr. Wiley oversees 192 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with Fidelity to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Carol B. Tomé (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Tomé also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2018

Secretary and Chief Legal Officer (CLO)

Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Global Equity Research (2016-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

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 (June 1, 2018 to November 30, 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, which was eliminated effective August 1, 2018, 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, which was eliminated effective August 1, 2018, 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
June 1, 2018 		Ending
Account Value
November 30, 2018 		Expenses Paid
During Period-B
June 1, 2018
to November 30, 2018 
Actual .64% $1,000.00 $988.30 $3.19 
Hypothetical-C  $1,000.00 $1,021.86 $3.24 

 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 183/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity New Millennium Fund voted to pay on December 27, 2018, to shareholders of record at the opening of business on December 26, 2018, a distribution of $5.306 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.391 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2018, $432,399,088, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 58% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 65% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity New Millennium Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

NMF-ANN-0119
1.539033.121

Fidelity® Growth Strategies Fund



Annual Report

November 30, 2018



Fidelity Investments


Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts


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. © 2019 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.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended November 30, 2018 Past 1 year Past 5 years Past 10 years 
Fidelity® Growth Strategies Fund 2.74% 9.02% 14.29% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Growth Strategies Fund, a class of the fund, on November 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Growth Index performed over the same period.


Period Ending Values
$38,022Fidelity® Growth Strategies Fund
$46,614Russell Midcap® Growth Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 6.27% for the 12 months ending November 30, 2018, as the U.S. equity bellwether declined sharply in October after climbing steadily beginning in May and achieving a record close in late September. Rising U.S. Treasury yields and concern about peaking corporate earnings growth sent many investors fleeing from risk assets at a time when they were still dealing with lingering uncertainty related to global trade and the U.S. Federal Reserve picking up the pace of interest rate hikes. The index returned -6.84% in October alone, its largest monthly drop in roughly seven years, and then endured a highly volatile November in which it gained 2.04%. For the full year, growth stocks within the index maintained a sizable advantage over their value counterparts, extending a trend that began in early 2017. A number of economically sensitive sectors dropped to the bottom of the 12-month performance scale, with materials (-7%) and energy (-2%) faring worst, followed by industrials (-1%) and financials (0%). In contrast, the defensive-oriented health care sector gained about 16% to lead the way. Consumer discretionary and information technology were rattled in October but earlier strength resulted in each advancing roughly 13% for the full 12 months. The newly reconstituted communication services sector, which includes dividend-rich telecom stocks, rose about 4%. Real estate (+5%), consumer staples (+3%) and utilities (+2%) also advanced but lagged the broader market.

Comments from Portfolio Manager Jean Park:  For the fiscal year, the fund's share classes returned roughly 3%, falling behind the 5.32% advance of the benchmark Russell Midcap® Growth Index. While the mid-cap equity market experienced a strong run for most of the period, these stocks pulled back sharply in September as volatility increased. Versus the Russell index, stock selection detracted most from the fund's relative return, even though positive market selection countered some of that effect. Specifically, stock choices in consumer discretionary and information technology proved detrimental. On an individual stock basis, untimely ownership of software solutions provider Red Hat detracted most versus the benchmark. While I did establish a small stake in Red Hat, it was not enough to reap all the gains when International Business Machines announced its $34 billion acquisition of the firm, which sent Red Hat's stock sharply higher. Also detracting was the fund's overweighted stake in auto electronics maker Visteon, which struggled, in part, from U.S. trade tariffs and slowing growth in China, and we sold off the position before period end. Conversely, stock picking in health care added value. However, the fund's biggest individual contributor - website domain provider VeriSign - came from the information technology sector. A renewed contract to maintain the internet's database of domain names and approval to increase its rates helped bolster VeriSign's stock price. An overweighting in e-commerce company TripAdvisor also contributed.

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

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2018

 % of fund's net assets 
Total System Services, Inc. 3.4 
VeriSign, Inc. 3.2 
Wellcare Health Plans, Inc. 2.9 
Citrix Systems, Inc. 2.7 
ResMed, Inc. 2.3 
Roper Technologies, Inc. 2.3 
Fiserv, Inc. 2.3 
ON Semiconductor Corp. 2.1 
Edwards Lifesciences Corp. 2.1 
Huntington Ingalls Industries, Inc. 2.0 
 25.3 

Top Five Market Sectors as of November 30, 2018

 % of fund's net assets 
Information Technology 34.1 
Health Care 17.2 
Industrials 15.7 
Consumer Discretionary 12.2 
Financials 7.8 

Asset Allocation (% of fund's net assets)

As of November 30, 2018* 
   Stocks 98.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.7% 


 * Foreign investments - 4.1%

Schedule of Investments November 30, 2018

Showing Percentage of Net Assets

Common Stocks - 98.3%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 4.3%   
Entertainment - 3.5%   
Electronic Arts, Inc. (a) 153,500 $12,905 
Live Nation Entertainment, Inc. (a) 515,000 28,675 
Take-Two Interactive Software, Inc. (a) 425,000 46,610 
  88,190 
Interactive Media & Services - 0.8%   
TripAdvisor, Inc. (a) 336,032 21,526 
TOTAL COMMUNICATION SERVICES  109,716 
CONSUMER DISCRETIONARY - 12.2%   
Auto Components - 1.4%   
Aptiv PLC 490,000 35,231 
Distributors - 0.9%   
Pool Corp. 143,800 23,369 
Diversified Consumer Services - 1.4%   
Service Corp. International 794,000 36,683 
Hotels, Restaurants & Leisure - 2.3%   
Domino's Pizza, Inc. 105,000 29,119 
Wyndham Destinations, Inc. 350,000 14,515 
Wyndham Hotels & Resorts, Inc. 305,000 15,290 
  58,924 
Multiline Retail - 1.4%   
Dollar General Corp. 323,000 35,850 
Specialty Retail - 2.8%   
Burlington Stores, Inc. (a) 160,000 26,522 
Ross Stores, Inc. 510,200 44,694 
  71,216 
Textiles, Apparel & Luxury Goods - 2.0%   
Carter's, Inc. 166,000 15,355 
VF Corp. 430,000 34,955 
  50,310 
TOTAL CONSUMER DISCRETIONARY  311,583 
CONSUMER STAPLES - 3.3%   
Beverages - 1.2%   
Brown-Forman Corp. Class B (non-vtg.) 465,400 22,209 
Monster Beverage Corp. (a) 163,000 9,728 
  31,937 
Food Products - 1.2%   
The Hershey Co. 277,600 30,064 
Personal Products - 0.9%   
Estee Lauder Companies, Inc. Class A 47,000 6,705 
Herbalife Nutrition Ltd. (a) 280,000 16,030 
  22,735 
TOTAL CONSUMER STAPLES  84,736 
ENERGY - 0.7%   
Oil, Gas & Consumable Fuels - 0.7%   
Marathon Petroleum Corp. 270,081 17,598 
FINANCIALS - 7.8%   
Banks - 2.1%   
Citizens Financial Group, Inc. 1,122,864 40,827 
Huntington Bancshares, Inc. 900,000 13,131 
  53,958 
Capital Markets - 5.3%   
Ameriprise Financial, Inc. 190,100 24,665 
E*TRADE Financial Corp. 370,000 19,347 
MarketAxess Holdings, Inc. 23,200 5,051 
Moody's Corp. 270,000 42,949 
MSCI, Inc. 200,000 31,418 
S&P Global, Inc. 68,000 12,434 
  135,864 
Insurance - 0.4%   
Progressive Corp. 132,733 8,799 
TOTAL FINANCIALS  198,621 
HEALTH CARE - 17.2%   
Health Care Equipment & Supplies - 5.2%   
DexCom, Inc. (a) 71,000 9,201 
Edwards Lifesciences Corp. (a) 325,000 52,653 
Intuitive Surgical, Inc. (a) 24,900 13,219 
ResMed, Inc. 520,000 58,131 
  133,204 
Health Care Providers & Services - 5.4%   
Centene Corp. (a) 342,000 48,650 
Elanco Animal Health, Inc. 13,300 444 
Laboratory Corp. of America Holdings (a) 109,540 15,953 
Wellcare Health Plans, Inc. (a) 286,400 72,998 
  138,045 
Health Care Technology - 0.9%   
Cerner Corp. (a) 414,000 23,975 
Life Sciences Tools & Services - 4.5%   
Charles River Laboratories International, Inc. (a) 323,000 43,557 
Mettler-Toledo International, Inc. (a) 62,100 39,537 
Waters Corp. (a) 165,200 32,805 
  115,899 
Pharmaceuticals - 1.2%   
Jazz Pharmaceuticals PLC (a) 116,900 17,675 
Teva Pharmaceutical Industries Ltd. sponsored ADR (b) 535,000 11,524 
  29,199 
TOTAL HEALTH CARE  440,322 
INDUSTRIALS - 15.7%   
Aerospace & Defense - 3.3%   
Huntington Ingalls Industries, Inc. 240,000 51,720 
TransDigm Group, Inc. (a) 90,500 32,731 
  84,451 
Airlines - 0.5%   
Alaska Air Group, Inc. 180,000 13,187 
Commercial Services & Supplies - 3.4%   
Cintas Corp. 190,000 35,602 
Copart, Inc. (a) 487,000 24,925 
KAR Auction Services, Inc. 448,980 25,655 
  86,182 
Electrical Equipment - 2.3%   
AMETEK, Inc. 332,000 24,379 
Fortive Corp. 468,700 35,654 
  60,033 
Industrial Conglomerates - 2.9%   
ITT, Inc. 298,900 16,574 
Roper Technologies, Inc. 194,700 57,941 
  74,515 
Machinery - 2.2%   
Cummins, Inc. 45,000 6,798 
IDEX Corp. 211,100 29,005 
Toro Co. 331,000 20,519 
  56,322 
Professional Services - 1.1%   
CoStar Group, Inc. (a) 12,689 4,687 
Equifax, Inc. 219,000 22,485 
  27,172 
TOTAL INDUSTRIALS  401,862 
INFORMATION TECHNOLOGY - 34.1%   
Communications Equipment - 1.7%   
F5 Networks, Inc. (a) 250,300 43,044 
Electronic Equipment & Components - 1.5%   
Amphenol Corp. Class A 454,300 39,951 
IT Services - 13.2%   
Adyen BV 1,400 724 
Akamai Technologies, Inc. (a) 370,000 25,438 
Alliance Data Systems Corp. 120,500 24,143 
Fiserv, Inc. (a) 727,000 57,528 
FleetCor Technologies, Inc. (a) 83,900 16,226 
Global Payments, Inc. 249,300 27,874 
Total System Services, Inc. 988,000 86,319 
VeriSign, Inc. (a) 516,400 80,589 
Worldpay, Inc. (a) 203,000 17,419 
  336,260 
Semiconductors & Semiconductor Equipment - 8.8%   
Analog Devices, Inc. 347,000 31,896 
Broadcom, Inc. 28,500 6,766 
KLA-Tencor Corp. 302,900 29,854 
Lam Research Corp. 255,980 40,179 
Microchip Technology, Inc. (b) 420,541 31,541 
ON Semiconductor Corp. (a) 2,780,066 53,322 
Skyworks Solutions, Inc. 422,000 30,709 
  224,267 
Software - 8.9%   
Adobe, Inc. (a) 61,100 15,329 
Black Knight, Inc. (a) 393,134 17,825 
CDK Global, Inc. 180,000 9,072 
Check Point Software Technologies Ltd. (a) 209,850 23,463 
Citrix Systems, Inc. 629,000 68,542 
Intuit, Inc. 50,000 10,727 
Parametric Technology Corp. (a) 353,676 30,589 
Red Hat, Inc. (a) 32,080 5,728 
Workday, Inc. Class A (a) 285,000 46,740 
  228,015 
TOTAL INFORMATION TECHNOLOGY  871,537 
MATERIALS - 0.5%   
Chemicals - 0.5%   
Sherwin-Williams Co. 27,400 11,620 
REAL ESTATE - 2.0%   
Equity Real Estate Investment Trusts (REITs) - 2.0%   
CoreSite Realty Corp. 253,500 24,706 
Equity Lifestyle Properties, Inc. 264,900 26,365 
  51,071 
UTILITIES - 0.5%   
Independent Power and Renewable Electricity Producers - 0.5%   
NRG Energy, Inc. 340,900 13,101 
TOTAL COMMON STOCKS   
(Cost $2,048,448)  2,511,767 
Money Market Funds - 3.0%   
Fidelity Cash Central Fund, 2.27% (c) 47,695,912 47,705 
Fidelity Securities Lending Cash Central Fund 2.27% (c)(d) 28,124,159 28,127 
TOTAL MONEY MARKET FUNDS   
(Cost $75,832)  75,832 
TOTAL INVESTMENT IN SECURITIES - 101.3%   
(Cost $2,124,280)  2,587,599 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (33,426) 
NET ASSETS - 100%  $2,554,173 

Legend

 (a) Non-income producing

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

 (c) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

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 $677 
Fidelity Securities Lending Cash Central Fund 193 
Total $870 

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)  November 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $27,611) — See accompanying schedule:
Unaffiliated issuers (cost $2,048,448) 		$2,511,767  
Fidelity Central Funds (cost $75,832) 75,832  
Total Investment in Securities (cost $2,124,280)  $2,587,599 
Receivable for investments sold  28,553 
Receivable for fund shares sold  470 
Dividends receivable  2,593 
Distributions receivable from Fidelity Central Funds  105 
Prepaid expenses  5 
Other receivables  100 
Total assets  2,619,425 
Liabilities   
Payable for investments purchased $349  
Payable for fund shares redeemed 35,503  
Accrued management fee 699  
Other affiliated payables 434  
Other payables and accrued expenses 140  
Collateral on securities loaned 28,127  
Total liabilities  65,252 
Net Assets  $2,554,173 
Net Assets consist of:   
Paid in capital  $2,079,314 
Total distributable earnings (loss)  474,859 
Net Assets  $2,554,173 
Net Asset Value and Maximum Offering Price   
Growth Strategies:   
Net Asset Value, offering price and redemption price per share ($2,349,120 ÷ 56,071.47 shares)  $41.90 
Class K:   
Net Asset Value, offering price and redemption price per share ($205,053 ÷ 4,855.09 shares)  $42.23 

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


Statement of Operations

Amounts in thousands  Year ended November 30, 2018 
Investment Income   
Dividends  $25,877 
Special dividends  5,797 
Income from Fidelity Central Funds  870 
Total income  32,544 
Expenses   
Management fee   
Basic fee $14,961  
Performance adjustment (4,461)  
Transfer agent fees 4,578  
Accounting and security lending fees 830  
Custodian fees and expenses 41  
Independent trustees' fees and expenses 14  
Registration fees 61  
Audit 65  
Legal 8  
Miscellaneous 21  
Total expenses before reductions 16,118  
Expense reductions (104)  
Total expenses after reductions  16,014 
Net investment income (loss)  16,530 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 8,907  
Fidelity Central Funds (5)  
Foreign currency transactions 1  
Total net realized gain (loss)  8,903 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 52,052  
Fidelity Central Funds 8  
Total change in net unrealized appreciation (depreciation)  52,060 
Net gain (loss)  60,963 
Net increase (decrease) in net assets resulting from operations  $77,493 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended November 30, 2018 Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $16,530 $11,703 
Net realized gain (loss) 8,903 130,731 
Change in net unrealized appreciation (depreciation) 52,060 367,532 
Net increase (decrease) in net assets resulting from operations 77,493 509,966 
Distributions to shareholders (12,074) – 
Distributions to shareholders from net investment income – (13,542) 
Distributions to shareholders from net realized gain – (1,063) 
Total distributions (12,074) (14,605) 
Share transactions - net increase (decrease) (238,326) (323,399) 
Redemption fees – 42 
Total increase (decrease) in net assets (172,907) 172,004 
Net Assets   
Beginning of period 2,727,080 2,555,076 
End of period $2,554,173 $2,727,080 
Other Information   
Undistributed net investment income end of period  $9,985 

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


Financial Highlights

Fidelity Growth Strategies Fund

Years ended November 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $40.96 $33.87 $33.91 $32.44 $27.66 
Income from Investment Operations      
Net investment income (loss)A .25B .16C .16D .04 .11 
Net realized and unrealized gain (loss) .87 7.13 (.16) 1.53 4.72 
Total from investment operations 1.12 7.29 – 1.57 4.83 
Distributions from net investment income (.16) (.18) (.04) (.09) (.05) 
Distributions from net realized gain (.02) (.02) – (.01) – 
Total distributions (.18) (.20) (.04) (.10) (.05) 
Redemption fees added to paid in capitalA – –E –E –E –E 
Net asset value, end of period $41.90 $40.96 $33.87 $33.91 $32.44 
Total ReturnF 2.74% 21.63% .02% 4.86% 17.50% 
Ratios to Average Net AssetsG,H      
Expenses before reductions .59% .78% .94% .91% .72% 
Expenses net of fee waivers, if any .59% .78% .94% .91% .72% 
Expenses net of all reductions .59% .78% .94% .91% .72% 
Net investment income (loss) .59%B .43%C .49%D .13% .37% 
Supplemental Data      
Net assets, end of period (in millions) $2,349 $2,455 $2,080 $2,535 $1,835 
Portfolio turnover rateI 43%J 73%J 63% 40% 58% 

 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 $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .38 %.

 C 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%.

 D 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%.

 E Amount represents less than $.005 per share.

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

 G 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.

 H 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.

 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.


Fidelity Growth Strategies Fund Class K

Years ended November 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $41.29 $34.14 $34.17 $32.70 $27.88 
Income from Investment Operations      
Net investment income (loss)A .31B .21C .21D .10 .17 
Net realized and unrealized gain (loss) .86 7.19 (.14) 1.52 4.76 
Total from investment operations 1.17 7.40 .07 1.62 4.93 
Distributions from net investment income (.21) (.23) (.10) (.15) (.11) 
Distributions from net realized gain (.02) (.02) – (.01) – 
Total distributions (.23) (.25) (.10) (.15)E (.11) 
Redemption fees added to paid in capitalA – –F –F –F –F 
Net asset value, end of period $42.23 $41.29 $34.14 $34.17 $32.70 
Total ReturnG 2.84% 21.81% .20% 5.00% 17.75% 
Ratios to Average Net AssetsH,I      
Expenses before reductions .46% .63% .78% .76% .53% 
Expenses net of fee waivers, if any .46% .63% .78% .76% .53% 
Expenses net of all reductions .46% .63% .78% .76% .53% 
Net investment income (loss) .72%B .57%C .64%D .28% .56% 
Supplemental Data      
Net assets, end of period (in millions) $205 $272 $475 $699 $385 
Portfolio turnover rateJ 43%K 73%K 63% 40% 58% 

 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 $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .51%.

 C 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%.

 D 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%.

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

 F Amount represents less than $.005 per share.

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

 K 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

For the period ended November 30, 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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.

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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. 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) for the Fund, 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 of $77 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

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. As of November 30, 2018, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 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, 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 $518,358 
Gross unrealized depreciation (55,235) 
Net unrealized appreciation (depreciation) $463,123 
Tax Cost $2,124,476 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $15,802 
Capital loss carryforward $(3,989) 
Net unrealized appreciation (depreciation) on securities and other investments $463,123 

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 fiscal period end and is subject to adjustment.

No expiration  
Short-term $(3,989) 

The tax character of distributions paid was as follows:

 November 30, 2018 November 30, 2017 
Ordinary Income $10,814 $ 14,605 
Long-term Capital Gains 1,260 – 
Total $12,074 $ 14,605 

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 
Distributions to Shareholders Note to Financial Statements Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $1,161,113 and $1,343,867, respectively.

Unaffiliated Redemptions In-Kind. During the period, 1,166 shares of the Fund 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 annual management fee rate, including the performance adjustment, was .38% 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, except for Class K. 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 
Growth Strategies $4,472 .18 
Class K 106 .05 
 $4,578  

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 annual 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 $24 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 $8 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. At period end, there were no security loans outstanding with FCM. 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 $193, 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 $76 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.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $27.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
November 30, 2018 		Year ended
November 30, 2017 
Distributions to shareholders   
Growth Strategies $10,565 $– 
Class K 1,509 – 
Total $12,074 $– 
From net investment income   
Growth Strategies $– $11,145 
Class K – 2,397 
Total $– $13,542 
From net realized gain   
Growth Strategies $– $909 
Class K – 154 
Total $– $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 
 Year ended November 30, 2018 Year ended November 30, 2017 Year ended November 30, 2018 Year ended November 30, 2017 
Growth Strategies     
Shares sold 7,553 8,324 $323,380 $303,468 
Reinvestment of distributions 247 338 10,142 11,624 
Shares redeemed (11,655) (10,158) (497,572) (373,570) 
Net increase (decrease) (3,855) (1,496) $(164,050) $(58,478) 
Class K     
Shares sold 623 1,619 $26,706 $59,764 
Reinvestment of distributions 36 74 1,509 2,551 
Shares redeemed (2,402)(a) (9,002)(b) (102,491)(a) (327,236)(b) 
Net increase (decrease) (1,743) (7,309) $(74,276) $(264,921) 

 (a) Amount includes in-kind redemptions (see the Unaffiliated 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.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Growth Strategies Fund (one of the funds constituting Fidelity Mt. Vernon Street Trust, referred to hereafter as the "Fund") as of November 30, 2018, the related statement of operations for the year ended November 30, 2018, the statement of changes in net assets for each of the two years in the period ended November 30, 2018, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2018 and the financial highlights for each of the five years in the period ended November 30, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

January 16, 2019



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Michael E. Wiley, each of the Trustees oversees 281 funds. Mr. Wiley oversees 192 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with Fidelity to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Carol B. Tomé (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Tomé also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2018

Secretary and Chief Legal Officer (CLO)

Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Global Equity Research (2016-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

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 (June 1, 2018 to November 30, 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, which was eliminated effective August 1, 2018, 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, which was eliminated effective August 1, 2018, 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
June 1, 2018 		Ending
Account Value
November 30, 2018 		Expenses Paid
During Period-B
June 1, 2018
to November 30, 2018 
Growth Strategies .55%    
Actual  $1,000.00 $978.70 $2.73 
Hypothetical-C  $1,000.00 $1,022.31 $2.79 
Class K .42%    
Actual  $1,000.00 $979.10 $2.08 
Hypothetical-C  $1,000.00 $1,022.96 $2.13 

 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 183/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Distributions (Unaudited)

Fidelity Growth Strategies and Class K designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Fidelity Growth Strategies and Class K designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Growth Strategies Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

FEG-ANN-0119
1.539208.121

Fidelity® Growth Strategies Fund

Class K



Annual Report

November 30, 2018



Fidelity Investments


Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts


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.

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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.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended November 30, 2018 Past 1 year Past 5 years Past 10 years 
Class K 2.84% 9.19% 14.52% 

 The initial offering of Class K shares took place on May 9, 2008. Returns prior to May 9, 2008 are those of Fidelity® Growth Strategies Fund, the original class of the fund. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Growth Strategies Fund - Class K on November 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Growth Index performed over the same period.

See above for additional information regarding the performance of Class K.


Period Ending Values
$38,811Fidelity® Growth Strategies Fund - Class K
$46,614Russell Midcap® Growth Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 6.27% for the 12 months ending November 30, 2018, as the U.S. equity bellwether declined sharply in October after climbing steadily beginning in May and achieving a record close in late September. Rising U.S. Treasury yields and concern about peaking corporate earnings growth sent many investors fleeing from risk assets at a time when they were still dealing with lingering uncertainty related to global trade and the U.S. Federal Reserve picking up the pace of interest rate hikes. The index returned -6.84% in October alone, its largest monthly drop in roughly seven years, and then endured a highly volatile November in which it gained 2.04%. For the full year, growth stocks within the index maintained a sizable advantage over their value counterparts, extending a trend that began in early 2017. A number of economically sensitive sectors dropped to the bottom of the 12-month performance scale, with materials (-7%) and energy (-2%) faring worst, followed by industrials (-1%) and financials (0%). In contrast, the defensive-oriented health care sector gained about 16% to lead the way. Consumer discretionary and information technology were rattled in October but earlier strength resulted in each advancing roughly 13% for the full 12 months. The newly reconstituted communication services sector, which includes dividend-rich telecom stocks, rose about 4%. Real estate (+5%), consumer staples (+3%) and utilities (+2%) also advanced but lagged the broader market.

Comments from Portfolio Manager Jean Park:  For the fiscal year, the fund's share classes returned roughly 3%, falling behind the 5.32% advance of the benchmark Russell Midcap® Growth Index. While the mid-cap equity market experienced a strong run for most of the period, these stocks pulled back sharply in September as volatility increased. Versus the Russell index, stock selection detracted most from the fund's relative return, even though positive market selection countered some of that effect. Specifically, stock choices in consumer discretionary and information technology proved detrimental. On an individual stock basis, untimely ownership of software solutions provider Red Hat detracted most versus the benchmark. While I did establish a small stake in Red Hat, it was not enough to reap all the gains when International Business Machines announced its $34 billion acquisition of the firm, which sent Red Hat's stock sharply higher. Also detracting was the fund's overweighted stake in auto electronics maker Visteon, which struggled, in part, from U.S. trade tariffs and slowing growth in China, and we sold off the position before period end. Conversely, stock picking in health care added value. However, the fund's biggest individual contributor - website domain provider VeriSign - came from the information technology sector. A renewed contract to maintain the internet's database of domain names and approval to increase its rates helped bolster VeriSign's stock price. An overweighting in e-commerce company TripAdvisor also contributed.

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

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2018

 % of fund's net assets 
Total System Services, Inc. 3.4 
VeriSign, Inc. 3.2 
Wellcare Health Plans, Inc. 2.9 
Citrix Systems, Inc. 2.7 
ResMed, Inc. 2.3 
Roper Technologies, Inc. 2.3 
Fiserv, Inc. 2.3 
ON Semiconductor Corp. 2.1 
Edwards Lifesciences Corp. 2.1 
Huntington Ingalls Industries, Inc. 2.0 
 25.3 

Top Five Market Sectors as of November 30, 2018

 % of fund's net assets 
Information Technology 34.1 
Health Care 17.2 
Industrials 15.7 
Consumer Discretionary 12.2 
Financials 7.8 

Asset Allocation (% of fund's net assets)

As of November 30, 2018* 
   Stocks 98.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.7% 


 * Foreign investments - 4.1%

Schedule of Investments November 30, 2018

Showing Percentage of Net Assets

Common Stocks - 98.3%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 4.3%   
Entertainment - 3.5%   
Electronic Arts, Inc. (a) 153,500 $12,905 
Live Nation Entertainment, Inc. (a) 515,000 28,675 
Take-Two Interactive Software, Inc. (a) 425,000 46,610 
  88,190 
Interactive Media & Services - 0.8%   
TripAdvisor, Inc. (a) 336,032 21,526 
TOTAL COMMUNICATION SERVICES  109,716 
CONSUMER DISCRETIONARY - 12.2%   
Auto Components - 1.4%   
Aptiv PLC 490,000 35,231 
Distributors - 0.9%   
Pool Corp. 143,800 23,369 
Diversified Consumer Services - 1.4%   
Service Corp. International 794,000 36,683 
Hotels, Restaurants & Leisure - 2.3%   
Domino's Pizza, Inc. 105,000 29,119 
Wyndham Destinations, Inc. 350,000 14,515 
Wyndham Hotels & Resorts, Inc. 305,000 15,290 
  58,924 
Multiline Retail - 1.4%   
Dollar General Corp. 323,000 35,850 
Specialty Retail - 2.8%   
Burlington Stores, Inc. (a) 160,000 26,522 
Ross Stores, Inc. 510,200 44,694 
  71,216 
Textiles, Apparel & Luxury Goods - 2.0%   
Carter's, Inc. 166,000 15,355 
VF Corp. 430,000 34,955 
  50,310 
TOTAL CONSUMER DISCRETIONARY  311,583 
CONSUMER STAPLES - 3.3%   
Beverages - 1.2%   
Brown-Forman Corp. Class B (non-vtg.) 465,400 22,209 
Monster Beverage Corp. (a) 163,000 9,728 
  31,937 
Food Products - 1.2%   
The Hershey Co. 277,600 30,064 
Personal Products - 0.9%   
Estee Lauder Companies, Inc. Class A 47,000 6,705 
Herbalife Nutrition Ltd. (a) 280,000 16,030 
  22,735 
TOTAL CONSUMER STAPLES  84,736 
ENERGY - 0.7%   
Oil, Gas & Consumable Fuels - 0.7%   
Marathon Petroleum Corp. 270,081 17,598 
FINANCIALS - 7.8%   
Banks - 2.1%   
Citizens Financial Group, Inc. 1,122,864 40,827 
Huntington Bancshares, Inc. 900,000 13,131 
  53,958 
Capital Markets - 5.3%   
Ameriprise Financial, Inc. 190,100 24,665 
E*TRADE Financial Corp. 370,000 19,347 
MarketAxess Holdings, Inc. 23,200 5,051 
Moody's Corp. 270,000 42,949 
MSCI, Inc. 200,000 31,418 
S&P Global, Inc. 68,000 12,434 
  135,864 
Insurance - 0.4%   
Progressive Corp. 132,733 8,799 
TOTAL FINANCIALS  198,621 
HEALTH CARE - 17.2%   
Health Care Equipment & Supplies - 5.2%   
DexCom, Inc. (a) 71,000 9,201 
Edwards Lifesciences Corp. (a) 325,000 52,653 
Intuitive Surgical, Inc. (a) 24,900 13,219 
ResMed, Inc. 520,000 58,131 
  133,204 
Health Care Providers & Services - 5.4%   
Centene Corp. (a) 342,000 48,650 
Elanco Animal Health, Inc. 13,300 444 
Laboratory Corp. of America Holdings (a) 109,540 15,953 
Wellcare Health Plans, Inc. (a) 286,400 72,998 
  138,045 
Health Care Technology - 0.9%   
Cerner Corp. (a) 414,000 23,975 
Life Sciences Tools & Services - 4.5%   
Charles River Laboratories International, Inc. (a) 323,000 43,557 
Mettler-Toledo International, Inc. (a) 62,100 39,537 
Waters Corp. (a) 165,200 32,805 
  115,899 
Pharmaceuticals - 1.2%   
Jazz Pharmaceuticals PLC (a) 116,900 17,675 
Teva Pharmaceutical Industries Ltd. sponsored ADR (b) 535,000 11,524 
  29,199 
TOTAL HEALTH CARE  440,322 
INDUSTRIALS - 15.7%   
Aerospace & Defense - 3.3%   
Huntington Ingalls Industries, Inc. 240,000 51,720 
TransDigm Group, Inc. (a) 90,500 32,731 
  84,451 
Airlines - 0.5%   
Alaska Air Group, Inc. 180,000 13,187 
Commercial Services & Supplies - 3.4%   
Cintas Corp. 190,000 35,602 
Copart, Inc. (a) 487,000 24,925 
KAR Auction Services, Inc. 448,980 25,655 
  86,182 
Electrical Equipment - 2.3%   
AMETEK, Inc. 332,000 24,379 
Fortive Corp. 468,700 35,654 
  60,033 
Industrial Conglomerates - 2.9%   
ITT, Inc. 298,900 16,574 
Roper Technologies, Inc. 194,700 57,941 
  74,515 
Machinery - 2.2%   
Cummins, Inc. 45,000 6,798 
IDEX Corp. 211,100 29,005 
Toro Co. 331,000 20,519 
  56,322 
Professional Services - 1.1%   
CoStar Group, Inc. (a) 12,689 4,687 
Equifax, Inc. 219,000 22,485 
  27,172 
TOTAL INDUSTRIALS  401,862 
INFORMATION TECHNOLOGY - 34.1%   
Communications Equipment - 1.7%   
F5 Networks, Inc. (a) 250,300 43,044 
Electronic Equipment & Components - 1.5%   
Amphenol Corp. Class A 454,300 39,951 
IT Services - 13.2%   
Adyen BV 1,400 724 
Akamai Technologies, Inc. (a) 370,000 25,438 
Alliance Data Systems Corp. 120,500 24,143 
Fiserv, Inc. (a) 727,000 57,528 
FleetCor Technologies, Inc. (a) 83,900 16,226 
Global Payments, Inc. 249,300 27,874 
Total System Services, Inc. 988,000 86,319 
VeriSign, Inc. (a) 516,400 80,589 
Worldpay, Inc. (a) 203,000 17,419 
  336,260 
Semiconductors & Semiconductor Equipment - 8.8%   
Analog Devices, Inc. 347,000 31,896 
Broadcom, Inc. 28,500 6,766 
KLA-Tencor Corp. 302,900 29,854 
Lam Research Corp. 255,980 40,179 
Microchip Technology, Inc. (b) 420,541 31,541 
ON Semiconductor Corp. (a) 2,780,066 53,322 
Skyworks Solutions, Inc. 422,000 30,709 
  224,267 
Software - 8.9%   
Adobe, Inc. (a) 61,100 15,329 
Black Knight, Inc. (a) 393,134 17,825 
CDK Global, Inc. 180,000 9,072 
Check Point Software Technologies Ltd. (a) 209,850 23,463 
Citrix Systems, Inc. 629,000 68,542 
Intuit, Inc. 50,000 10,727 
Parametric Technology Corp. (a) 353,676 30,589 
Red Hat, Inc. (a) 32,080 5,728 
Workday, Inc. Class A (a) 285,000 46,740 
  228,015 
TOTAL INFORMATION TECHNOLOGY  871,537 
MATERIALS - 0.5%   
Chemicals - 0.5%   
Sherwin-Williams Co. 27,400 11,620 
REAL ESTATE - 2.0%   
Equity Real Estate Investment Trusts (REITs) - 2.0%   
CoreSite Realty Corp. 253,500 24,706 
Equity Lifestyle Properties, Inc. 264,900 26,365 
  51,071 
UTILITIES - 0.5%   
Independent Power and Renewable Electricity Producers - 0.5%   
NRG Energy, Inc. 340,900 13,101 
TOTAL COMMON STOCKS   
(Cost $2,048,448)  2,511,767 
Money Market Funds - 3.0%   
Fidelity Cash Central Fund, 2.27% (c) 47,695,912 47,705 
Fidelity Securities Lending Cash Central Fund 2.27% (c)(d) 28,124,159 28,127 
TOTAL MONEY MARKET FUNDS   
(Cost $75,832)  75,832 
TOTAL INVESTMENT IN SECURITIES - 101.3%   
(Cost $2,124,280)  2,587,599 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (33,426) 
NET ASSETS - 100%  $2,554,173 

Legend

 (a) Non-income producing

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

 (c) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

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 $677 
Fidelity Securities Lending Cash Central Fund 193 
Total $870 

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)  November 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $27,611) — See accompanying schedule:
Unaffiliated issuers (cost $2,048,448) 		$2,511,767  
Fidelity Central Funds (cost $75,832) 75,832  
Total Investment in Securities (cost $2,124,280)  $2,587,599 
Receivable for investments sold  28,553 
Receivable for fund shares sold  470 
Dividends receivable  2,593 
Distributions receivable from Fidelity Central Funds  105 
Prepaid expenses  5 
Other receivables  100 
Total assets  2,619,425 
Liabilities   
Payable for investments purchased $349  
Payable for fund shares redeemed 35,503  
Accrued management fee 699  
Other affiliated payables 434  
Other payables and accrued expenses 140  
Collateral on securities loaned 28,127  
Total liabilities  65,252 
Net Assets  $2,554,173 
Net Assets consist of:   
Paid in capital  $2,079,314 
Total distributable earnings (loss)  474,859 
Net Assets  $2,554,173 
Net Asset Value and Maximum Offering Price   
Growth Strategies:   
Net Asset Value, offering price and redemption price per share ($2,349,120 ÷ 56,071.47 shares)  $41.90 
Class K:   
Net Asset Value, offering price and redemption price per share ($205,053 ÷ 4,855.09 shares)  $42.23 

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


Statement of Operations

Amounts in thousands  Year ended November 30, 2018 
Investment Income   
Dividends  $25,877 
Special dividends  5,797 
Income from Fidelity Central Funds  870 
Total income  32,544 
Expenses   
Management fee   
Basic fee $14,961  
Performance adjustment (4,461)  
Transfer agent fees 4,578  
Accounting and security lending fees 830  
Custodian fees and expenses 41  
Independent trustees' fees and expenses 14  
Registration fees 61  
Audit 65  
Legal 8  
Miscellaneous 21  
Total expenses before reductions 16,118  
Expense reductions (104)  
Total expenses after reductions  16,014 
Net investment income (loss)  16,530 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 8,907  
Fidelity Central Funds (5)  
Foreign currency transactions 1  
Total net realized gain (loss)  8,903 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 52,052  
Fidelity Central Funds 8  
Total change in net unrealized appreciation (depreciation)  52,060 
Net gain (loss)  60,963 
Net increase (decrease) in net assets resulting from operations  $77,493 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended November 30, 2018 Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $16,530 $11,703 
Net realized gain (loss) 8,903 130,731 
Change in net unrealized appreciation (depreciation) 52,060 367,532 
Net increase (decrease) in net assets resulting from operations 77,493 509,966 
Distributions to shareholders (12,074) – 
Distributions to shareholders from net investment income – (13,542) 
Distributions to shareholders from net realized gain – (1,063) 
Total distributions (12,074) (14,605) 
Share transactions - net increase (decrease) (238,326) (323,399) 
Redemption fees – 42 
Total increase (decrease) in net assets (172,907) 172,004 
Net Assets   
Beginning of period 2,727,080 2,555,076 
End of period $2,554,173 $2,727,080 
Other Information   
Undistributed net investment income end of period  $9,985 

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


Financial Highlights

Fidelity Growth Strategies Fund

Years ended November 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $40.96 $33.87 $33.91 $32.44 $27.66 
Income from Investment Operations      
Net investment income (loss)A .25B .16C .16D .04 .11 
Net realized and unrealized gain (loss) .87 7.13 (.16) 1.53 4.72 
Total from investment operations 1.12 7.29 – 1.57 4.83 
Distributions from net investment income (.16) (.18) (.04) (.09) (.05) 
Distributions from net realized gain (.02) (.02) – (.01) – 
Total distributions (.18) (.20) (.04) (.10) (.05) 
Redemption fees added to paid in capitalA – –E –E –E –E 
Net asset value, end of period $41.90 $40.96 $33.87 $33.91 $32.44 
Total ReturnF 2.74% 21.63% .02% 4.86% 17.50% 
Ratios to Average Net AssetsG,H      
Expenses before reductions .59% .78% .94% .91% .72% 
Expenses net of fee waivers, if any .59% .78% .94% .91% .72% 
Expenses net of all reductions .59% .78% .94% .91% .72% 
Net investment income (loss) .59%B .43%C .49%D .13% .37% 
Supplemental Data      
Net assets, end of period (in millions) $2,349 $2,455 $2,080 $2,535 $1,835 
Portfolio turnover rateI 43%J 73%J 63% 40% 58% 

 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 $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .38 %.

 C 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%.

 D 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%.

 E Amount represents less than $.005 per share.

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

 G 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.

 H 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.

 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.


Fidelity Growth Strategies Fund Class K

Years ended November 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $41.29 $34.14 $34.17 $32.70 $27.88 
Income from Investment Operations      
Net investment income (loss)A .31B .21C .21D .10 .17 
Net realized and unrealized gain (loss) .86 7.19 (.14) 1.52 4.76 
Total from investment operations 1.17 7.40 .07 1.62 4.93 
Distributions from net investment income (.21) (.23) (.10) (.15) (.11) 
Distributions from net realized gain (.02) (.02) – (.01) – 
Total distributions (.23) (.25) (.10) (.15)E (.11) 
Redemption fees added to paid in capitalA – –F –F –F –F 
Net asset value, end of period $42.23 $41.29 $34.14 $34.17 $32.70 
Total ReturnG 2.84% 21.81% .20% 5.00% 17.75% 
Ratios to Average Net AssetsH,I      
Expenses before reductions .46% .63% .78% .76% .53% 
Expenses net of fee waivers, if any .46% .63% .78% .76% .53% 
Expenses net of all reductions .46% .63% .78% .76% .53% 
Net investment income (loss) .72%B .57%C .64%D .28% .56% 
Supplemental Data      
Net assets, end of period (in millions) $205 $272 $475 $699 $385 
Portfolio turnover rateJ 43%K 73%K 63% 40% 58% 

 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 $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .51%.

 C 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%.

 D 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%.

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

 F Amount represents less than $.005 per share.

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

 K 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

For the period ended November 30, 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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.

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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. 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) for the Fund, 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 of $77 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

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. As of November 30, 2018, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 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, 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 $518,358 
Gross unrealized depreciation (55,235) 
Net unrealized appreciation (depreciation) $463,123 
Tax Cost $2,124,476 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $15,802 
Capital loss carryforward $(3,989) 
Net unrealized appreciation (depreciation) on securities and other investments $463,123 

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 fiscal period end and is subject to adjustment.

No expiration  
Short-term $(3,989) 

The tax character of distributions paid was as follows:

 November 30, 2018 November 30, 2017 
Ordinary Income $10,814 $ 14,605 
Long-term Capital Gains 1,260 – 
Total $12,074 $ 14,605 

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 
Distributions to Shareholders Note to Financial Statements Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $1,161,113 and $1,343,867, respectively.

Unaffiliated Redemptions In-Kind. During the period, 1,166 shares of the Fund 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 annual management fee rate, including the performance adjustment, was .38% 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, except for Class K. 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 
Growth Strategies $4,472 .18 
Class K 106 .05 
 $4,578  

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 annual 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 $24 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 $8 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. At period end, there were no security loans outstanding with FCM. 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 $193, 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 $76 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.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $27.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
November 30, 2018 		Year ended
November 30, 2017 
Distributions to shareholders   
Growth Strategies $10,565 $– 
Class K 1,509 – 
Total $12,074 $– 
From net investment income   
Growth Strategies $– $11,145 
Class K – 2,397 
Total $– $13,542 
From net realized gain   
Growth Strategies $– $909 
Class K – 154 
Total $– $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 
 Year ended November 30, 2018 Year ended November 30, 2017 Year ended November 30, 2018 Year ended November 30, 2017 
Growth Strategies     
Shares sold 7,553 8,324 $323,380 $303,468 
Reinvestment of distributions 247 338 10,142 11,624 
Shares redeemed (11,655) (10,158) (497,572) (373,570) 
Net increase (decrease) (3,855) (1,496) $(164,050) $(58,478) 
Class K     
Shares sold 623 1,619 $26,706 $59,764 
Reinvestment of distributions 36 74 1,509 2,551 
Shares redeemed (2,402)(a) (9,002)(b) (102,491)(a) (327,236)(b) 
Net increase (decrease) (1,743) (7,309) $(74,276) $(264,921) 

 (a) Amount includes in-kind redemptions (see the Unaffiliated 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.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Growth Strategies Fund (one of the funds constituting Fidelity Mt. Vernon Street Trust, referred to hereafter as the "Fund") as of November 30, 2018, the related statement of operations for the year ended November 30, 2018, the statement of changes in net assets for each of the two years in the period ended November 30, 2018, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2018 and the financial highlights for each of the five years in the period ended November 30, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

January 16, 2019



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Michael E. Wiley, each of the Trustees oversees 281 funds. Mr. Wiley oversees 192 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with Fidelity to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Carol B. Tomé (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Tomé also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2018

Secretary and Chief Legal Officer (CLO)

Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Global Equity Research (2016-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

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 (June 1, 2018 to November 30, 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, which was eliminated effective August 1, 2018, 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, which was eliminated effective August 1, 2018, 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
June 1, 2018 		Ending
Account Value
November 30, 2018 		Expenses Paid
During Period-B
June 1, 2018
to November 30, 2018 
Growth Strategies .55%    
Actual  $1,000.00 $978.70 $2.73 
Hypothetical-C  $1,000.00 $1,022.31 $2.79 
Class K .42%    
Actual  $1,000.00 $979.10 $2.08 
Hypothetical-C  $1,000.00 $1,022.96 $2.13 

 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 183/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Distributions (Unaudited)

Fidelity Growth Strategies and Class K designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Fidelity Growth Strategies and Class K designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Growth Strategies Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

FEG-K-ANN-0119
1.863026.110

Fidelity® Series Growth Company Fund



Annual Report

November 30, 2018



Fidelity Investments


Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts


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. © 2019 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.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended November 30, 2018 Past 1 year Past 5 years Life of fundA 
Fidelity® Series Growth Company Fund 6.96% 14.38% 14.82% 

 A From November 7, 2013

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Series Growth Company Fund on November 7, 2013, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Growth Index performed over the same period.


Period Ending Values
$20,143Fidelity® Series Growth Company Fund
$18,868Russell 3000® Growth Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 6.27% for the 12 months ending November 30, 2018, as the U.S. equity bellwether declined sharply in October after climbing steadily beginning in May and achieving a record close in late September. Rising U.S. Treasury yields and concern about peaking corporate earnings growth sent many investors fleeing from risk assets at a time when they were still dealing with lingering uncertainty related to global trade and the U.S. Federal Reserve picking up the pace of interest rate hikes. The index returned -6.84% in October alone, its largest monthly drop in roughly seven years, and then endured a highly volatile November in which it gained 2.04%. For the full year, growth stocks within the index maintained a sizable advantage over their value counterparts, extending a trend that began in early 2017. A number of economically sensitive sectors dropped to the bottom of the 12-month performance scale, with materials (-7%) and energy (-2%) faring worst, followed by industrials (-1%) and financials (0%). In contrast, the defensive-oriented health care sector gained about 16% to lead the way. Consumer discretionary and information technology were rattled in October but earlier strength resulted in each advancing roughly 13% for the full 12 months. The newly reconstituted communication services sector, which includes dividend-rich telecom stocks, rose about 4%. Real estate (+5%), consumer staples (+3%) and utilities (+2%) also advanced but lagged the broader market.

Comments from Portfolio Manager Steven Wymer:  For the fiscal year, the fund gained 6.96%, behind the 8.14% advance of the benchmark Russell 3000® Growth Index. Versus the benchmark, security selection within the health care sector was by far the biggest detractor, primarily a result of choices and a sizable overweighting in the biotechnology, pharmaceuticals & life sciences segment. Included was Alnylam Pharmaceuticals (-40%), a biopharma company focused on the innovative area of RNA-interference therapies for genetic diseases. In information technology, chipmaker Nvidia (-18%) was the fund’s largest holding, on average, the past 12 months and also our biggest individual detractor. The stock was hurt by excessive supply in the firm’s video gaming card business in the wake of the robust wave of crypto mining the past year. In addition, Nvidia’s data center business, while strong and well-positioned, experienced slowing growth, partly due to a slowdown in cloud spending. Conversely, security selection in consumer discretionary helped relative performance, as did an overweighing here. Yoga-inspired athletic retailer lululemon athletica (+98%) was our top individual contributor versus the benchmark. The stock benefited from the company’s strong financial results this period, supported by enhanced online capabilities and improved offerings. Cloud-computing enterprise software provider Salesforce.com (+37%) also notably contributed.

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

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2018

 % of fund's net assets 
Amazon.com, Inc. 6.8 
Apple, Inc. 5.3 
NVIDIA Corp. 5.0 
Alphabet, Inc. Class A 4.2 
Salesforce.com, Inc. 3.4 
Microsoft Corp. 3.3 
Facebook, Inc. Class A 2.4 
lululemon athletica, Inc. 2.4 
Alphabet, Inc. Class C 2.1 
adidas AG 1.7 
 36.6 

Top Five Market Sectors as of November 30, 2018

 % of fund's net assets 
Information Technology 32.3 
Consumer Discretionary 20.2 
Health Care 18.5 
Communication Services 13.6 
Industrials 5.2 

Asset Allocation (% of fund's net assets)

As of November 30, 2018* 
   Stocks 97.5% 
   Convertible Securities 2.0% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.5% 


 * Foreign investments - 9.2%

Schedule of Investments November 30, 2018

Showing Percentage of Net Assets

Common Stocks - 97.4%   
 Shares Value 
COMMUNICATION SERVICES - 13.1%   
Diversified Telecommunication Services - 0.2%   
Verizon Communications, Inc. 316,600 $19,090,980 
Entertainment - 3.2%   
Activision Blizzard, Inc. 1,676,800 83,638,784 
Electronic Arts, Inc. (a) 406,100 34,140,827 
Lions Gate Entertainment Corp.:   
Class A 22,700 440,607 
Class B 20,200 364,206 
Live Nation Entertainment, Inc. (a) 315,600 17,572,608 
NetEase, Inc. ADR 54,600 12,398,022 
Netflix, Inc. (a) 549,700 157,285,661 
Nintendo Co. Ltd. 28,200 8,576,825 
The Walt Disney Co. 395,100 45,630,099 
  360,047,639 
Interactive Media & Services - 9.0%   
Alphabet, Inc.:   
Class A (a) 420,070 466,130,676 
Class C (a) 219,456 240,179,230 
Facebook, Inc. Class A (a) 1,945,958 273,621,154 
Match Group, Inc. (b) 56,400 2,271,228 
Snap, Inc. Class A (a)(b) 1,722,197 11,211,502 
Tencent Holdings Ltd. 266,200 10,642,315 
Twitter, Inc. (a) 127,490 4,009,561 
  1,008,065,666 
Media - 0.3%   
Comcast Corp. Class A 935,800 36,505,558 
Turn, Inc. (Escrow) (a)(c)(d) 205,882 136,912 
  36,642,470 
Wireless Telecommunication Services - 0.4%   
T-Mobile U.S., Inc. (a) 716,100 49,017,045 
TOTAL COMMUNICATION SERVICES  1,472,863,800 
CONSUMER DISCRETIONARY - 20.0%   
Auto Components - 0.0%   
Garrett Motion, Inc. (a)(b) 33,950 390,425 
Automobiles - 1.5%   
Tesla, Inc. (a)(b) 493,400 172,926,832 
Hotels, Restaurants & Leisure - 0.9%   
Chipotle Mexican Grill, Inc. (a) 11,100 5,252,631 
Hyatt Hotels Corp. Class A 64,400 4,592,364 
Marriott International, Inc. Class A 33,700 3,876,511 
McDonald's Corp. 102,800 19,378,828 
Planet Fitness, Inc. (a) 88,400 4,881,448 
Shake Shack, Inc. Class A (a) 44,200 2,455,310 
Starbucks Corp. 600,100 40,038,672 
YETI Holdings, Inc. 168,400 2,835,856 
Yum China Holdings, Inc. 320,200 11,472,766 
Yum! Brands, Inc. 34,000 3,135,480 
  97,919,866 
Household Durables - 0.7%   
iRobot Corp. (a)(b) 324,900 30,995,460 
Roku, Inc. (a) 148,375 6,046,281 
Roku, Inc. Class A (a)(b) 1,017,999 41,483,459 
Sony Corp. sponsored ADR 28,900 1,526,498 
  80,051,698 
Internet & Direct Marketing Retail - 9.0%   
Alibaba Group Holding Ltd. sponsored ADR (a) 276,600 44,493,876 
Amazon.com, Inc. (a) 451,899 763,786,128 
Ctrip.com International Ltd. ADR (a) 134,800 3,888,980 
eBay, Inc. (a) 141,200 4,214,820 
Etsy, Inc. (a) 51,200 2,766,848 
Expedia, Inc. 81,000 9,783,990 
JD.com, Inc. sponsored ADR (a) 860,100 18,259,923 
The Booking Holdings, Inc. (a) 26,500 50,134,820 
The Honest Co., Inc. (a)(c)(d) 9,496 109,204 
Wayfair LLC Class A (a) 1,037,059 110,135,666 
Zozo, Inc. 176,400 3,923,799 
  1,011,498,054 
Leisure Products - 0.1%   
Callaway Golf Co. 503,800 8,630,094 
Multiline Retail - 0.4%   
Dollar General Corp. 72,900 8,091,171 
Dollar Tree, Inc. (a) 239,300 20,764,061 
Target Corp. 182,200 12,928,912 
  41,784,144 
Specialty Retail - 1.6%   
Home Depot, Inc. 514,700 92,810,704 
L Brands, Inc. 31,300 1,036,343 
Lowe's Companies, Inc. 402,910 38,022,617 
RH (a)(b) 295,644 34,336,094 
TJX Companies, Inc. 391,600 19,129,660 
  185,335,418 
Textiles, Apparel & Luxury Goods - 5.8%   
adidas AG 874,891 192,942,408 
Allbirds, Inc. (c)(d) 16,248 890,972 
Canada Goose Holdings, Inc. (a) 420,671 28,292,749 
Kering SA 35,417 15,396,705 
lululemon athletica, Inc. (a) 2,056,820 272,631,491 
NIKE, Inc. Class B 563,200 42,307,584 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 2,471,600 66,733,200 
Tory Burch LLC (c)(d)(e) 248,840 15,094,634 
Under Armour, Inc. Class C (non-vtg.) (a)(b) 202,259 4,516,443 
VF Corp. 93,800 7,625,002 
  646,431,188 
TOTAL CONSUMER DISCRETIONARY  2,244,967,719 
CONSUMER STAPLES - 4.7%   
Beverages - 2.2%   
Fever-Tree Drinks PLC 433,302 13,207,071 
Keurig Dr. Pepper, Inc. 1,265,000 34,155,000 
Monster Beverage Corp. (a) 1,708,300 101,951,344 
PepsiCo, Inc. 242,300 29,546,062 
The Coca-Cola Co. 1,383,500 69,728,400 
  248,587,877 
Food & Staples Retailing - 1.0%   
Costco Wholesale Corp. 227,500 52,616,200 
Kroger Co. 1,927,300 57,163,718 
  109,779,918 
Food Products - 0.3%   
Kellogg Co. 23,400 1,489,410 
Lamb Weston Holdings, Inc. 200,900 15,409,030 
Mondelez International, Inc. 285,800 12,855,284 
The Hershey Co. 48,200 5,220,060 
The Kraft Heinz Co. 67,100 3,430,152 
  38,403,936 
Household Products - 0.2%   
Church & Dwight Co., Inc. 197,800 13,092,382 
Colgate-Palmolive Co. 84,100 5,342,032 
Kimberly-Clark Corp. 24,500 2,826,565 
  21,260,979 
Personal Products - 0.4%   
Coty, Inc. Class A 1,543,900 12,876,126 
Godrej Consumer Products Ltd. 105,996 1,141,911 
Herbalife Nutrition Ltd. (a) 437,900 25,069,775 
Unilever NV (Certificaten Van Aandelen) (Bearer) 164,200 9,112,166 
  48,199,978 
Tobacco - 0.6%   
Altria Group, Inc. 770,600 42,251,998 
JUUL Labs, Inc. Class A (c)(d) 13,297 2,858,855 
Philip Morris International, Inc. 231,600 20,040,348 
  65,151,201 
TOTAL CONSUMER STAPLES  531,383,889 
ENERGY - 1.8%   
Energy Equipment & Services - 0.1%   
Baker Hughes, a GE Co. Class A 515,600 11,765,992 
Halliburton Co. 133,800 4,205,334 
  15,971,326 
Oil, Gas & Consumable Fuels - 1.7%   
Anadarko Petroleum Corp. 131,700 6,966,930 
Cabot Oil & Gas Corp. 534,000 13,435,440 
Concho Resources, Inc. (a) 112,600 14,676,284 
Continental Resources, Inc. (a) 111,800 5,111,496 
Devon Energy Corp. 75,800 2,048,874 
EOG Resources, Inc. 469,300 48,483,383 
Hess Corp. 145,400 7,835,606 
Noble Energy, Inc. 315,300 7,485,222 
Oasis Petroleum, Inc. (a) 511,400 3,651,396 
Occidental Petroleum Corp. 196,900 13,836,163 
PDC Energy, Inc. (a) 106,638 3,619,294 
Pioneer Natural Resources Co. 167,893 24,806,191 
Range Resources Corp. 426,500 6,205,575 
Reliance Industries Ltd. 1,349,631 22,624,001 
Southwestern Energy Co. (a) 163,100 786,142 
Valero Energy Corp. 132,200 10,562,780 
  192,134,777 
TOTAL ENERGY  208,106,103 
FINANCIALS - 2.4%   
Banks - 0.9%   
Bank of America Corp. 519,500 14,753,800 
HDFC Bank Ltd. sponsored ADR 332,511 33,723,266 
JPMorgan Chase & Co. 368,000 40,917,920 
Signature Bank 18,200 2,244,606 
Wells Fargo & Co. 170,400 9,249,312 
  100,888,904 
Capital Markets - 1.2%   
BlackRock, Inc. Class A 90,100 38,563,701 
Charles Schwab Corp. 1,799,100 80,599,680 
Edelweiss Financial Services Ltd. 1,769,687 4,311,786 
T. Rowe Price Group, Inc. 102,800 10,214,208 
  133,689,375 
Consumer Finance - 0.3%   
American Express Co. 312,700 35,106,829 
Discover Financial Services 35,258 2,513,895 
  37,620,724 
Insurance - 0.0%   
Hiscox Ltd. 86,900 1,866,947 
TOTAL FINANCIALS  274,065,950 
HEALTH CARE - 17.6%   
Biotechnology - 11.5%   
AbbVie, Inc. 337,984 31,861,752 
ACADIA Pharmaceuticals, Inc. (a)(b) 2,121,687 40,439,354 
Agios Pharmaceuticals, Inc. (a)(b) 636,928 41,909,862 
Alexion Pharmaceuticals, Inc. (a) 353,900 43,582,785 
Alkermes PLC (a) 2,148,825 78,303,183 
Allakos, Inc. (a) 36,400 2,144,324 
Allogene Therapeutics, Inc. (b) 221,907 6,941,251 
Allogene Therapeutics, Inc. 80,261 2,259,508 
Alnylam Pharmaceuticals, Inc. (a) 1,365,478 110,822,194 
Amgen, Inc. 300,500 62,579,125 
AnaptysBio, Inc. (a) 147,900 11,030,382 
Argenx SE ADR (a) 21,800 2,109,586 
Array BioPharma, Inc. (a) 1,346,900 21,456,117 
aTyr Pharma, Inc. (a) 398,874 245,706 
BeiGene Ltd. 454,500 5,007,400 
BeiGene Ltd. ADR (a) 625,251 95,857,231 
Biogen, Inc. (a) 95,000 31,703,400 
bluebird bio, Inc. (a)(b) 762,465 93,699,324 
Blueprint Medicines Corp. (a) 108,700 6,236,119 
Calyxt, Inc. (a) 460,500 5,304,960 
Celgene Corp. (a) 233,400 16,856,148 
Cellectis SA sponsored ADR (a) 290,045 6,386,791 
Chimerix, Inc. (a) 150,546 495,296 
Cibus Global Ltd. Series C (c)(d)(e) 1,142,857 2,400,000 
Coherus BioSciences, Inc. (a) 306,292 3,387,590 
Constellation Pharmaceuticals, Inc. 50,600 298,540 
Constellation Pharmaceuticals, Inc. 83,878 470,136 
Crinetics Pharmaceuticals, Inc. (a) 52,200 1,823,868 
CytomX Therapeutics, Inc. (a)(f) 207,739 2,866,798 
CytomX Therapeutics, Inc. (a) 329,628 4,548,866 
Denali Therapeutics, Inc. (a)(b) 168,800 3,235,896 
Editas Medicine, Inc. (a) 65,862 2,052,260 
Evelo Biosciences, Inc. (b) 177,700 1,762,784 
Evelo Biosciences, Inc. 230,736 2,288,901 
Exact Sciences Corp. (a) 74,600 5,817,308 
Exelixis, Inc. (a) 2,609,184 52,992,527 
Fate Therapeutics, Inc. (a) 768,973 11,811,425 
Five Prime Therapeutics, Inc. (a) 418,500 5,373,540 
Global Blood Therapeutics, Inc. (a) 362,700 11,439,558 
Heron Therapeutics, Inc. (a) 188,251 5,408,451 
Homology Medicines, Inc. (a)(b) 97,800 2,150,622 
Homology Medicines, Inc. (f) 182,088 4,004,115 
Intellia Therapeutics, Inc. (a)(b) 196,038 3,511,041 
Intercept Pharmaceuticals, Inc. (a) 43,000 4,769,130 
Ionis Pharmaceuticals, Inc. (a) 2,148,379 125,229,012 
Ironwood Pharmaceuticals, Inc. Class A (a) 1,244,156 17,194,236 
Jounce Therapeutics, Inc. (a) 36,200 156,384 
Kiniksa Pharmaceuticals Ltd. (f) 90,238 1,824,612 
Lexicon Pharmaceuticals, Inc. (a)(b) 1,783,077 14,442,924 
Macrogenics, Inc. (a) 57,200 984,412 
Momenta Pharmaceuticals, Inc. (a) 1,483,395 17,563,397 
Neon Therapeutics, Inc. 4,300 26,617 
Neon Therapeutics, Inc. 268,754 1,580,408 
Principia Biopharma, Inc. 53,800 1,498,868 
Protagonist Therapeutics, Inc. (a) 263,400 1,704,198 
Prothena Corp. PLC (a) 465,977 5,596,384 
Regeneron Pharmaceuticals, Inc. (a) 166,900 61,026,985 
Rigel Pharmaceuticals, Inc. (a) 3,273,312 9,263,473 
Rubius Therapeutics, Inc. (b) 307,300 6,570,074 
Rubius Therapeutics, Inc. 461,018 9,363,737 
Sage Therapeutics, Inc. (a) 605,334 69,788,957 
Sarepta Therapeutics, Inc. (a) 46,600 6,033,302 
Scholar Rock Holding Corp. 66,100 1,610,196 
Scholar Rock Holding Corp. (f) 93,749 2,283,726 
Seres Therapeutics, Inc. (a)(f) 142,139 1,186,861 
Seres Therapeutics, Inc. (a)(b) 514,837 4,298,889 
Sienna Biopharmaceuticals, Inc. (a) 253,748 2,565,392 
Sienna Biopharmaceuticals, Inc. (f) 155,108 1,568,142 
Spark Therapeutics, Inc. (a) 194,600 8,198,498 
Syros Pharmaceuticals, Inc. (a) 347,138 2,364,010 
Syros Pharmaceuticals, Inc. (a)(f) 301,001 2,049,817 
Translate Bio, Inc. 518,118 3,558,693 
Translate Bio, Inc. 106,500 769,995 
Ultragenyx Pharmaceutical, Inc. (a) 164,200 8,812,614 
uniQure B.V. (a) 252,700 7,399,056 
UNITY Biotechnology, Inc. (b) 178,600 2,296,796 
UNITY Biotechnology, Inc. (f) 308,360 3,965,510 
Vertex Pharmaceuticals, Inc. (a) 111,700 20,194,243 
Wuxi Biologics (Cayman), Inc. (a) 1,086,500 9,109,714 
Xencor, Inc. (a) 392,000 16,467,920 
Zai Lab Ltd. ADR (a) 508,300 10,023,676 
  1,308,216,882 
Health Care Equipment & Supplies - 2.9%   
Abbott Laboratories 199,821 14,796,745 
Align Technology, Inc. (a) 6,934 1,594,057 
Boston Scientific Corp. (a) 588,500 22,168,795 
Danaher Corp. 357,600 39,171,504 
DexCom, Inc. (a) 254,200 32,941,778 
Genmark Diagnostics, Inc. (a) 550,700 2,869,147 
Insulet Corp. (a) 553,320 46,440,148 
Intuitive Surgical, Inc. (a) 132,721 70,457,597 
Novocure Ltd. (a)(f) 149,451 5,129,158 
Novocure Ltd. (a) 1,156,900 39,704,808 
Penumbra, Inc. (a) 298,792 41,597,822 
Presbia PLC (a) 443,695 313,160 
Wright Medical Group NV (a) 254,700 7,121,412 
  324,306,131 
Health Care Providers & Services - 0.9%   
G1 Therapeutics, Inc. (a) 99,900 3,819,177 
Humana, Inc. 17,000 5,600,990 
Laboratory Corp. of America Holdings (a) 31,200 4,543,968 
OptiNose, Inc. (a) 385,475 3,033,688 
OptiNose, Inc. (f) 301,785 2,375,048 
UnitedHealth Group, Inc. 312,400 87,896,864 
  107,269,735 
Health Care Technology - 0.1%   
Castlight Health, Inc. Class B (a) 777,600 2,029,536 
Teladoc Health, Inc. (a) 99,000 6,182,550 
  8,212,086 
Life Sciences Tools & Services - 0.1%   
Illumina, Inc. (a) 13,262 4,475,925 
Thermo Fisher Scientific, Inc. 41,300 10,306,415 
  14,782,340 
Pharmaceuticals - 2.1%   
Adimab LLC (c)(d)(e) 762,787 30,992,036 
Akcea Therapeutics, Inc. (a)(b) 1,538,933 52,154,439 
Bristol-Myers Squibb Co. 269,600 14,412,816 
Intra-Cellular Therapies, Inc. (a) 1,017,498 14,702,846 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 45,400 426,899 
Kolltan Pharmaceuticals, Inc. rights (a)(d) 1,692,030 17 
MyoKardia, Inc. (a) 455,100 28,248,057 
Nektar Therapeutics (a) 1,419,052 57,315,510 
Rhythm Pharmaceuticals, Inc. (a) 114,300 3,375,279 
RPI International Holdings LP (a)(c)(d) 35,220 5,404,861 
Stemcentrx, Inc. rights 12/31/21 (a)(d) 568,100 1,039,623 
The Medicines Company (a) 633,523 14,019,864 
Theravance Biopharma, Inc. (a) 347,148 9,584,756 
  231,677,003 
TOTAL HEALTH CARE  1,994,464,177 
INDUSTRIALS - 5.1%   
Aerospace & Defense - 1.3%   
Lockheed Martin Corp. 114,800 34,489,364 
Northrop Grumman Corp. 14,600 3,794,248 
Space Exploration Technologies Corp. Class A (a)(c)(d) 137,569 23,249,161 
The Boeing Co. 192,300 66,681,948 
United Technologies Corp. 115,600 14,084,704 
  142,299,425 
Air Freight & Logistics - 0.3%   
FedEx Corp. 22,800 5,221,200 
United Parcel Service, Inc. Class B 240,700 27,750,303 
  32,971,503 
Airlines - 1.2%   
Azul SA sponsored ADR (a) 140,500 3,792,095 
Delta Air Lines, Inc. 203,100 12,330,201 
JetBlue Airways Corp. (a) 1,199,400 23,412,288 
Ryanair Holdings PLC sponsored ADR (a) 124,010 10,209,743 
Southwest Airlines Co. 549,900 30,030,039 
Spirit Airlines, Inc. (a) 103,300 6,623,596 
United Continental Holdings, Inc. (a) 149,900 14,495,330 
Wheels Up Partners Holdings LLC:   
Series B (a)(c)(d)(e) 1,843,115 2,838,397 
Series C (a)(c)(d)(e) 670,590 1,032,709 
Wizz Air Holdings PLC (a)(f) 765,173 29,211,650 
  133,976,048 
Building Products - 0.1%   
Resideo Technologies, Inc. (a) 514,533 10,614,816 
Construction & Engineering - 0.0%   
Fluor Corp. 113,000 4,625,090 
Electrical Equipment - 0.3%   
AMETEK, Inc. 5,800 425,894 
Eaton Corp. PLC 70,900 5,455,046 
Emerson Electric Co. 129,100 8,716,832 
Fortive Corp. 216,900 16,499,583 
  31,097,355 
Industrial Conglomerates - 0.7%   
3M Co. 103,500 21,519,720 
Honeywell International, Inc. 374,800 55,001,900 
  76,521,620 
Machinery - 0.8%   
Aumann AG (f) 27,944 1,244,853 
Caterpillar, Inc. 238,200 32,316,594 
Deere & Co. 100,600 15,580,928 
Illinois Tool Works, Inc. 74,200 10,317,510 
Ingersoll-Rand PLC 34,800 3,602,496 
Rational AG 5,202 2,959,315 
Wabtec Corp. 43,200 4,086,720 
WashTec AG 27,600 2,027,863 
Xylem, Inc. 327,100 23,871,758 
  96,008,037 
Professional Services - 0.0%   
CoStar Group, Inc. (a) 6,900 2,548,791 
Road & Rail - 0.4%   
Union Pacific Corp. 281,500 43,289,070 
TOTAL INDUSTRIALS  573,951,755 
INFORMATION TECHNOLOGY - 32.0%   
Communications Equipment - 0.5%   
Arista Networks, Inc. (a) 39,800 9,491,504 
Infinera Corp. (a) 3,552,400 15,310,844 
NETGEAR, Inc. (a) 647,862 35,891,555 
  60,693,903 
Electronic Equipment & Components - 0.3%   
Arlo Technologies, Inc. (b) 982,300 11,817,069 
Cognex Corp. 12,000 528,240 
IPG Photonics Corp. (a) 4,800 682,320 
TE Connectivity Ltd. 24,700 1,900,171 
Trimble, Inc. (a) 449,100 17,079,273 
  32,007,073 
Internet Software & Services - 0.1%   
CarGurus, Inc. Class A (a) 15,400 599,214 
Farfetch Ltd. Class A (b) 276,200 6,283,550 
  6,882,764 
IT Services - 5.4%   
Actua Corp. (d) 546,564 349,801 
Adyen BV 2,793 1,445,172 
Cognizant Technology Solutions Corp. Class A 224,100 15,962,643 
Elastic NV 11,000 785,950 
IBM Corp. 22,300 2,771,221 
MasterCard, Inc. Class A 576,800 115,977,176 
MongoDB, Inc. Class A (a) 29,500 2,445,550 
Okta, Inc. (a) 51,200 3,258,880 
PayPal Holdings, Inc. (a) 1,368,500 117,430,985 
Shopify, Inc. Class A (a) 913,649 139,070,766 
Square, Inc. (a) 729,500 50,948,280 
Visa, Inc. Class A 1,030,400 146,017,984 
Wix.com Ltd. (a) 137,207 12,922,155 
  609,386,563 
Semiconductors & Semiconductor Equipment - 7.0%   
Advanced Micro Devices, Inc. (a) 1,792,500 38,180,250 
Applied Materials, Inc. 101,300 3,776,464 
ASML Holding NV 75,600 12,954,060 
Broadcom, Inc. 58,236 13,825,809 
Cirrus Logic, Inc. (a) 216,800 8,116,992 
Cree, Inc. (a) 315,266 13,915,841 
Intel Corp. 17,800 877,718 
KLA-Tencor Corp. 60,600 5,972,736 
Marvell Technology Group Ltd. 190,400 3,067,344 
Micron Technology, Inc. (a) 99,800 3,848,288 
NVIDIA Corp. 3,407,600 556,904,068 
Renesas Electronics Corp. (a) 218,300 1,028,855 
Silicon Laboratories, Inc. (a) 864,082 76,358,926 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 310,900 11,686,731 
Texas Instruments, Inc. 410,400 40,978,440 
Xilinx, Inc. 25,100 2,321,248 
  793,813,770 
Software - 12.9%   
2U, Inc. (a) 195,880 11,437,433 
Adobe, Inc. (a) 436,200 109,438,218 
Aspen Technology, Inc. (a) 85,800 7,404,540 
Atlassian Corp. PLC (a) 116,700 10,029,198 
Autodesk, Inc. (a) 380,200 54,938,900 
Avalara, Inc. (b) 14,849 475,020 
Black Knight, Inc. (a) 134,700 6,107,298 
Cadence Design Systems, Inc. (a) 51,000 2,297,040 
DocuSign, Inc. 16,200 676,512 
Domo, Inc. 40,872 619,701 
Dropbox, Inc. Class A (a) 51,000 1,192,890 
HubSpot, Inc. (a) 455,600 63,342,068 
Intuit, Inc. 140,600 30,162,918 
Microsoft Corp. 3,356,392 372,190,309 
New Relic, Inc. (a) 58,746 5,122,064 
Nutanix, Inc. Class A (a) 2,184,051 97,648,920 
Oracle Corp. 254,300 12,399,668 
Parametric Technology Corp. (a) 513,200 44,386,668 
Paylocity Holding Corp. (a) 33,000 2,213,640 
Pluralsight, Inc. 61,800 1,488,762 
Proofpoint, Inc. (a) 120,000 11,641,200 
Red Hat, Inc. (a) 900,000 160,704,000 
RingCentral, Inc. (a) 17,300 1,434,170 
Salesforce.com, Inc. (a) 2,703,442 385,943,380 
Tenable Holdings, Inc. 19,900 566,752 
Zendesk, Inc. (a) 541,700 32,193,231 
Zscaler, Inc. (a)(b) 762,900 29,951,454 
  1,456,005,954 
Technology Hardware, Storage & Peripherals - 5.8%   
Apple, Inc. 3,343,165 597,022,406 
NetApp, Inc. 83,500 5,583,645 
Pure Storage, Inc. Class A (a) 2,121,678 40,120,931 
Samsung Electronics Co. Ltd. 246,923 9,224,072 
  651,951,054 
TOTAL INFORMATION TECHNOLOGY  3,610,741,081 
MATERIALS - 0.4%   
Chemicals - 0.3%   
CF Industries Holdings, Inc. 358,200 15,112,458 
DowDuPont, Inc. 215,705 12,478,534 
LG Chemical Ltd. 29,661 9,147,439 
The Mosaic Co. 68,100 2,451,600 
  39,190,031 
Metals & Mining - 0.1%   
Barrick Gold Corp. 437,700 5,577,286 
TOTAL MATERIALS  44,767,317 
REAL ESTATE - 0.3%   
Equity Real Estate Investment Trusts (REITs) - 0.3%   
American Tower Corp. 185,600 30,529,344 
Ant International Co. Ltd. Class C (c)(d) 419,242 2,351,948 
  32,881,292 
TOTAL COMMON STOCKS   
(Cost $6,052,938,385)  10,988,193,083 
Preferred Stocks - 2.1%   
Convertible Preferred Stocks - 2.0%   
COMMUNICATION SERVICES - 0.5%   
Interactive Media & Services - 0.5%   
Uber Technologies, Inc.:   
Series D, 8.00% (a)(c)(d) 1,095,852 53,444,702 
Series E, 8.00% (a)(c)(d) 51,852 2,528,822 
  55,973,524 
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (a)(c)(d) 202,849 259,647 
TOTAL COMMUNICATION SERVICES  56,233,171 
CONSUMER DISCRETIONARY - 0.2%   
Hotels, Restaurants & Leisure - 0.1%   
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(c)(d)(e) 17,731 2,825,080 
Topgolf International, Inc. Series F (c)(d) 234,069 3,061,623 
  5,886,703 
Internet & Direct Marketing Retail - 0.0%   
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) 2,105,094 95,571 
The Honest Co., Inc.:   
Series C (a)(c)(d) 22,157 434,384 
Series D (a)(c)(d) 19,064 373,746 
  903,701 
Leisure Products - 0.1%   
Peloton Interactive, Inc. Series E (a)(c)(d) 776,112 11,207,197 
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc.:   
Series A (c)(d) 6,413 351,662 
Series B (c)(d) 1,127 61,800 
Series C (c)(d) 10,767 590,417 
ORIC Pharmaceuticals, Inc. Series C (c)(d) 316,667 950,001 
  1,953,880 
TOTAL CONSUMER DISCRETIONARY  19,951,481 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
Sweetgreen, Inc. Series H (c)(d) 168,337 2,195,114 
Food Products - 0.0%   
Agbiome LLC Series C (c)(d) 338,565 2,144,369 
Tobacco - 0.0%   
JUUL Labs, Inc. Series E (c)(d) 6,648 1,429,320 
TOTAL CONSUMER STAPLES  5,768,803 
FINANCIALS - 0.0%   
Insurance - 0.0%   
Clover Health Series D (a)(c)(d) 264,037 2,476,086 
HEALTH CARE - 0.8%   
Biotechnology - 0.6%   
10X Genomics, Inc.:   
Series C (a)(c)(d) 715,467 9,107,895 
Series D (c)(d) 100,390 1,277,965 
23andMe, Inc. Series F (a)(c)(d) 164,720 2,857,892 
Axcella Health, Inc.:   
Series C (a)(c)(d) 111,581 1,246,360 
Series E (c)(d) 120,735 1,348,610 
BioNTech AG Series A (c)(d) 25,199 7,242,064 
Fulcrum Therapeutics, Inc. Series B 0.00% (c)(d) 614,195 1,228,390 
Generation Bio Series B (c)(d) 224,243 2,050,859 
Immunocore Ltd. Series A (a)(c)(d) 18,504 2,390,647 
Intarcia Therapeutics, Inc. Series EE (a)(c)(d) 116,544 5,014,888 
Kaleido Biosciences, Inc. Series C (c)(d) 212,696 2,124,833 
Moderna, Inc.:   
Series B (a)(c)(d) 78,597 1,626,958 
Series C (a)(c)(d) 51,305 1,062,014 
Series E (a)(c)(d) 643,610 13,322,727 
Series F (a)(c)(d) 705,628 14,606,500 
  66,508,602 
Health Care Equipment & Supplies - 0.0%   
Shockwave Medical, Inc. Series C (a)(c)(d) 1,015,306 1,144,250 
Health Care Providers & Services - 0.1%   
Mulberry Health, Inc. Series A8 (a)(c)(d) 783,663 5,599,883 
Health Care Technology - 0.0%   
Codiak Biosciences, Inc.:   
Series A 8.00% (a)(c)(d) 163,914 595,008 
Series B 8.00% (a)(c)(d) 532,720 1,933,774 
Series C, 8.00% (c)(d) 648,255 2,353,166 
  4,881,948 
Pharmaceuticals - 0.1%   
Castle Creek Pharmaceutical Holdings, Inc. Series B (c)(d) 4,910 2,022,184 
Harmony Biosciences II, Inc. Series A (a)(c)(d) 2,550,636 2,550,636 
Nohla Therapeutics, Inc. Series B (c)(d) 3,126,919 1,426,000 
  5,998,820 
TOTAL HEALTH CARE  84,133,503 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series G (a)(c)(d) 53,937 9,115,353 
Professional Services - 0.0%   
YourPeople, Inc. Series C (a)(c)(d) 1,527,000 6,550,830 
TOTAL INDUSTRIALS  15,666,183 
INFORMATION TECHNOLOGY - 0.3%   
Internet Software & Services - 0.1%   
Lyft, Inc. Series I (c)(d) 226,423 10,722,012 
Reddit, Inc. Series B (a)(c)(d) 37,935 393,765 
Starry, Inc.:   
Series B (a)(c)(d) 2,961,147 2,730,178 
Series C (c)(d) 1,339,018 1,234,575 
  15,080,530 
IT Services - 0.0%   
AppNexus, Inc. Series E (Escrow) (a)(c)(d) 209,665 202,327 
Software - 0.2%   
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) 560,425 6,164,675 
Dataminr, Inc. Series D (a)(c)(d) 442,241 8,800,596 
Outset Medical, Inc.:   
Series C (a)(c)(d) 382,862 1,190,701 
Series D (c)(d) 373,580 1,161,834 
Taboola.Com Ltd. Series E (a)(c)(d) 331,426 5,829,783 
  23,147,589 
TOTAL INFORMATION TECHNOLOGY  38,430,446 
TOTAL CONVERTIBLE PREFERRED STOCKS  222,659,673 
Nonconvertible Preferred Stocks - 0.1%   
CONSUMER DISCRETIONARY - 0.0%   
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc. (c)(d) 3,445 188,909 
FINANCIALS - 0.0%   
Banks - 0.0%   
Itau Unibanco Holding SA 666,000 6,203,600 
HEALTH CARE - 0.1%   
Biotechnology - 0.0%   
Yumanity Holdings LLC:   
Class A (a)(c)(d) 130,754 861,669 
Class B (c)(d) 85,345 562,424 
  1,424,093 
Pharmaceuticals - 0.1%   
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (c)(d) 13,511 5,564,505 
TOTAL HEALTH CARE  6,988,598 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  13,381,107 
TOTAL PREFERRED STOCKS   
(Cost $180,376,580)  236,040,780 
Money Market Funds - 3.1%   
Fidelity Cash Central Fund, 2.27% (g) 19,623,678 19,627,603 
Fidelity Securities Lending Cash Central Fund 2.27% (g)(h) 329,461,484 329,494,430 
TOTAL MONEY MARKET FUNDS   
(Cost $349,122,033)  349,122,033 
TOTAL INVESTMENT IN SECURITIES - 102.6%   
(Cost $6,582,436,998)  11,573,355,896 
NET OTHER ASSETS (LIABILITIES) - (2.6)%  (296,886,130) 
NET ASSETS - 100%  $11,276,469,766 

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 $317,196,865 or 2.8% 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 $57,710,290 or 0.5% of net assets.

 (g) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (h) 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 4/10/18 $960,732 
23andMe, Inc. Series F 8/31/17 $2,287,005 
Adimab LLC 9/17/14 - 6/5/15 $11,583,995 
Agbiome LLC Series C 6/29/18 $2,144,369 
Allbirds, Inc. 10/9/18 $890,972 
Allbirds, Inc. 10/9/18 $188,909 
Allbirds, Inc. Series A 10/9/18 $351,662 
Allbirds, Inc. Series B 10/9/18 $61,800 
Allbirds, Inc. Series C 10/9/18 $590,417 
Altiostar Networks, Inc. Series A1 1/10/17 $933,105 
Ant International Co. Ltd. Class C 5/16/18 $2,351,948 
AppNexus, Inc. Series E (Escrow) 8/1/14 $378,005 
Axcella Health, Inc. Series C 8/11/17 $1,124,736 
Axcella Health, Inc. Series E 11/30/18 $1,348,610 
BioNTech AG Series A 12/29/17 $5,518,798 
Castle Creek Pharmaceutical Holdings, Inc. Series A4 9/29/16 $4,471,547 
Castle Creek Pharmaceutical Holdings, Inc. Series B 10/9/18 $2,022,184 
Cibus Global Ltd. Series C 2/16/18 $2,400,000 
Cloudflare, Inc. Series D, 8.00% 11/5/14 - 9/10/18 $4,486,263 
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 
Dataminr, Inc. Series D 2/18/15 - 3/6/15 $5,638,573 
Fulcrum Therapeutics, Inc. Series B 0.00% 8/24/18 $1,228,390 
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) 3/19/18 $0 
JUUL Labs, Inc. Class A 7/6/18 $2,383,487 
JUUL Labs, Inc. Series E 7/6/18 $1,191,654 
Kaleido Biosciences, Inc. Series C 3/16/18 $2,124,833 
Lyft, Inc. Series I 6/27/18 $10,722,012 
MOD Super Fast Pizza Holdings LLC Series 3 Preferred 11/3/16 - 12/14/17 $2,433,492 
Moderna, Inc. Series B 4/13/17 $993,789 
Moderna, Inc. Series C 4/13/17 $649,825 
Moderna, Inc. Series E 12/18/14 $10,570,104 
Moderna, Inc. Series F 8/10/16 $11,588,640 
Mulberry Health, Inc. Series A8 1/20/16 $5,293,448 
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 
Outset Medical, Inc. Series D 8/20/18 $1,161,834 
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 
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 
Sweetgreen, Inc. Series H 11/9/18 $2,195,114 
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 
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 
Yumanity Holdings LLC Class B 6/19/18 $714,338 

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 $862,011 
Fidelity Securities Lending Cash Central Fund 3,637,340 
Total $4,499,351 

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 November 30, 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:     
Communication Services $1,529,096,971 $1,453,507,748 $19,219,140 $56,370,083 
Consumer Discretionary 2,265,108,109 2,228,872,909 -- 36,235,200 
Consumer Staples 537,152,692 519,412,868 9,112,166 8,627,658 
Energy 208,106,103 208,106,103 -- -- 
Financials 282,745,636 280,269,550 -- 2,476,086 
Health Care 2,085,586,278 1,937,395,158 17,232,482 130,958,638 
Industrials 589,617,938 546,831,488 -- 42,786,450 
Information Technology 3,649,171,527 3,609,771,579 619,701 38,780,247 
Materials 44,767,317 44,767,317 -- -- 
Real Estate 32,881,292 30,529,344 -- 2,351,948 
Money Market Funds 349,122,033 349,122,033 -- -- 
Total Investments in Securities: $11,573,355,896 $11,208,586,097 $46,183,489 $318,586,310 

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 18,123,945 
Cost of Purchases 26,459,110 
Proceeds of Sales (9,078,519) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $130,958,638 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2018 $20,796,692 
Other investments in securites  
Beginning Balance $150,274,375 
Net Realized Gain (Loss) on Investment Securities 661,800 
Net Unrealized Gain (Loss) on Investment Securities 25,097,967 
Cost of Purchases 30,582,993 
Proceeds of Sales (30,084,642) 
Amortization/Accretion -- 
Transfers into Level 3 11,095,179 
Transfers out of Level 3 -- 
Ending Balance $187,627,672 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2018 $25,847,267 

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.

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


Financial Statements

Statement of Assets and Liabilities

  November 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $325,858,059) — See accompanying schedule:
Unaffiliated issuers (cost $6,233,314,965) 		$11,224,233,863  
Fidelity Central Funds (cost $349,122,033) 349,122,033  
Total Investment in Securities (cost $6,582,436,998)  $11,573,355,896 
Restricted cash  266,573 
Foreign currency held at value (cost $203)  203 
Receivable for investments sold  10,789,378 
Receivable for fund shares sold  201,202,216 
Dividends receivable  8,316,671 
Distributions receivable from Fidelity Central Funds  453,769 
Total assets  11,794,384,706 
Liabilities   
Payable for investments purchased $161,259,701  
Payable for fund shares redeemed 27,014,736  
Other payables and accrued expenses 160,817  
Collateral on securities loaned 329,479,686  
Total liabilities  517,914,940 
Net Assets  $11,276,469,766 
Net Assets consist of:   
Paid in capital  $5,166,842,881 
Total distributable earnings (loss)  6,109,626,885 
Net Assets  $11,276,469,766 
Net Asset Value and Maximum Offering Price   
Net Asset Value, offering price and redemption price per share ($11,276,469,766 ÷ 640,200,017 shares)  $17.61 

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


Statement of Operations

  Year ended November 30, 2018 
Investment Income   
Dividends  $74,649,886 
Special dividends  16,714,697 
Income from Fidelity Central Funds  4,499,351 
Total income  95,863,934 
Expenses   
Custodian fees and expenses $401,627  
Independent trustees' fees and expenses 61,905  
Interest 1,164  
Miscellaneous 32,615  
Total expenses before reductions 497,311  
Expense reductions (169,465)  
Total expenses after reductions  327,846 
Net investment income (loss)  95,536,088 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,070,345,258  
Fidelity Central Funds 2,858  
Foreign currency transactions (147,265)  
Total net realized gain (loss)  1,070,200,851 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $539,342) (283,108,635)  
Fidelity Central Funds (1,515)  
Assets and liabilities in foreign currencies (50,222)  
Total change in net unrealized appreciation (depreciation)  (283,160,372) 
Net gain (loss)  787,040,479 
Net increase (decrease) in net assets resulting from operations  $882,576,567 

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


Statement of Changes in Net Assets

 Year ended November 30, 2018 Year ended November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $95,536,088 $50,717,898 
Net realized gain (loss) 1,070,200,851 1,020,994,032 
Change in net unrealized appreciation (depreciation) (283,160,372) 2,493,193,965 
Net increase (decrease) in net assets resulting from operations 882,576,567 3,564,905,895 
Distributions to shareholders (1,092,225,333) – 
Distributions to shareholders from net investment income – (21,273,177) 
Distributions to shareholders from net realized gain – (237,558,300) 
Total distributions (1,092,225,333) (258,831,477) 
Share transactions - net increase (decrease) (136,043,011) (2,090,059,508) 
Total increase (decrease) in net assets (345,691,777) 1,216,014,910 
Net Assets   
Beginning of period 11,622,161,543 10,406,146,633 
End of period $11,276,469,766 $11,622,161,543 
Other Information   
Undistributed net investment income end of period  $49,100,719 

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


Financial Highlights

Fidelity Series Growth Company Fund

Years ended November 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $18.19 $13.49 $13.08 $12.10 $10.29 
Income from Investment Operations      
Net investment income (loss)A .15B .07 .01 .03 .02 
Net realized and unrealized gain (loss) 1.02 4.96 .43 1.04 1.80 
Total from investment operations 1.17 5.03 .44 1.07 1.82 
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 $17.61 $18.19 $13.49 $13.08 $12.10 
Total ReturnC 6.96% 38.10% 3.38% 8.94% 17.67% 
Ratios to Average Net AssetsD,E      
Expenses before reductions - %F .38% .74% .79% .74% 
Expenses net of fee waivers, if any - %F .38% .74% .79% .74% 
Expenses net of all reductions - %F .37% .74% .79% .74% 
Net investment income (loss) .79%B .43% .11% .24% .22% 
Supplemental Data      
Net assets, end of period (000 omitted) $11,276,470 $11,622,162 $4,032,151 $4,602,479 $4,353,274 
Portfolio turnover rateG 23% 15% 20% 18% 14% 

 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 $.03 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this dividend the ratio would have been .65%.

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

 D 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.

 E 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.

 F Amount represents less than .005%.

 G 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

For the period ended November 30, 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 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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  $ 318,586,310 Market comparable Enterprise value/Sales multiple (EV/S)  1.2 - 7.2 / 2.2 Increase 
   Transaction price $0.46 - $411.85 / $154.50 Increase 
   Enterprise value/EBITDA multiple (EV/EBITDA) 10.5 Increase 
   Discount rate 30.0% - 76.0% / 55.6% Decrease 
   Discount for lack of marketability 10.0% - 15.0% / 14.4% Decrease 
   Premium rate 40.0% Increase 
   Conversion ratio 3.0 Increase 
   Proxy discount 4.2% - 21.3% / 8.1% Decrease 
   Liquidity preference $14.90 Increase 
  Market approach Transaction price $0.81 - $215.00 / $60.72 Increase 
   Discount for lack of marketability 10.0% Decrease 
   Conversion ratio 1.6 Increase 
  Discount cash flow Discount rate 8.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
  Recovery value Recovery value 0.0% - 1.0% / 0.7% Increase 

 (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 November 30, 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. 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. As of November 30, 2018, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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, passive foreign investment companies (PFIC), partnership 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 $5,366,016,839 
Gross unrealized depreciation (446,627,794) 
Net unrealized appreciation (depreciation) $4,919,389,045 
Tax Cost $6,653,966,851 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $120,195,207 
Undistributed long-term capital gain $1,070,059,130 
Net unrealized appreciation (depreciation) on securities and other investments $4,919,389,045 

The tax character of distributions paid was as follows:

 November 30, 2018 November 30, 2017 
Ordinary Income $85,603,473 $ 21,273,177 
Long-term Capital Gains 1,006,621,860 237,558,300 
Total $1,092,225,333 $ 258,831,477 

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 $55,449,429 in these Subsidiaries, representing .49% 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.

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 
Distributions to Shareholders Note to Financial Statements Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $2,710,542,712 and $3,746,913,385, 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 $67,292 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.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $21,806.

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 $32,712 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 $19,121,176. 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 $3,637,340, including $228,221 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 $167,480 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 $1,985.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
November 30, 2018 		Year ended
November 30, 2017 
Distributions to shareholders   
Series Growth Company $1,092,225,333 $– 
Total $1,092,225,333 $– 
From net investment income   
Series Growth Company $– $4,446,809 
Class F – 16,826,368 
Total $– $21,273,177 
From net realized gain   
Series Growth Company $– $92,197,173 
Class F – 145,361,127 
Total $– $237,558,300 

10. Share Transactions.

Transactions for each class of shares were as follows:

 Shares Shares Dollars Dollars 
 Year ended November 30, 2018 Year ended November 30, 2017 Year ended November 30, 2018 Year ended November 30, 2017 
Series Growth Company     
Shares sold 57,708,359 431,705,596 $1,042,406,601 $7,133,495,773 
Reinvestment of distributions 65,481,135 7,164,120 1,092,225,333 96,643,982 
Shares redeemed (121,804,349) (98,878,934) (2,270,674,945) (1,617,775,564) 
Net increase (decrease) 1,385,145 339,990,782 $(136,043,011) $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.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Series Growth Company Fund (the "Fund"), a fund of Fidelity Mt. Vernon Street Trust, including the schedule of investments, as of November 30, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2018, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 17, 2019


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Michael E. Wiley, each of the Trustees oversees 281 funds. Mr. Wiley oversees 192 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with Fidelity to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Carol B. Tomé (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Tomé also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2018

Secretary and Chief Legal Officer (CLO)

Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Global Equity Research (2016-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

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 (June 1, 2018 to November 30, 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
June 1, 2018 		Ending
Account Value
November 30, 2018 		Expenses Paid
During Period-B
June 1, 2018
to November 30, 2018 
Series Growth Company - %-C    
Actual  $1,000.00 $948.80 $--D 
Hypothetical-E  $1,000.00 $1,025.07 $--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 183/365 (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

Distributions (Unaudited)

The Board of Trustees of Fidelity Series Growth Company Fund voted to pay on December 20, 2018, to shareholders of record at the opening of business on December 19, 2018, a distribution of $1.716 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.150 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2018, $ 1,070,943,175, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 94% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 99% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Series Growth Company Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders, including the expense cap arrangement currently in place for the fund; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

XS7-ANN-0119
1.968007.105



Fidelity Flex℠ Funds

Fidelity Flex℠ Mid Cap Growth Fund



Annual Report

November 30, 2018



Fidelity Investments


Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts


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. © 2019 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.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended November 30, 2018 Past 1 year Life of fundA 
Fidelity Flex℠ Mid Cap Growth Fund 4.29% 9.67% 

 A From March 8, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Flex℠ Mid Cap Growth Fund on March 8, 2017, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Growth Index performed over the same period.


Period Ending Values
$11,733Fidelity Flex℠ Mid Cap Growth Fund
$12,408Russell Midcap® Growth Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 6.27% for the 12 months ending November 30, 2018, as the U.S. equity bellwether declined sharply in October after climbing steadily beginning in May and achieving a record close in late September. Rising U.S. Treasury yields and concern about peaking corporate earnings growth sent many investors fleeing from risk assets at a time when they were still dealing with lingering uncertainty related to global trade and the U.S. Federal Reserve picking up the pace of interest rate hikes. The index returned -6.84% in October alone, its largest monthly drop in roughly seven years, and then endured a highly volatile November in which it gained 2.04%. For the full year, growth stocks within the index maintained a sizable advantage over their value counterparts, extending a trend that began in early 2017. A number of economically sensitive sectors dropped to the bottom of the 12-month performance scale, with materials (-7%) and energy (-2%) faring worst, followed by industrials (-1%) and financials (0%). In contrast, the defensive-oriented health care sector gained about 16% to lead the way. Consumer discretionary and information technology were rattled in October but earlier strength resulted in each advancing roughly 13% for the full 12 months. The newly reconstituted communication services sector, which includes dividend-rich telecom stocks, rose about 4%. Real estate (+5%), consumer staples (+3%) and utilities (+2%) also advanced but lagged the broader market.

Comments from Portfolio Manager Jean Park:  For the fiscal year, the fund returned 4.29%, falling behind the 5.32% advance of the benchmark Russell Midcap® Growth Index. While the mid-cap equity market experienced a strong run for most of the period, these stocks pulled back sharply in September as volatility increased. Versus the Russell index, sector and industry selection helped buoy the fund's relative result, while stock selection detracted modestly. The most significant drag on the fund's relative performance was its cash position of roughly 3%, on average, which was maintained for liquidity purposes. Looking at sector and industry selection, stock choices in consumer discretionary proved detrimental. On an individual stock basis, untimely ownership of software solutions provider Red Hat detracted most versus the benchmark. While I did establish a small stake in Red Hat, it was not enough to reap all the gains when International Business Machines (IBM) announced its $34 billion acquisition of the firm, which sent Red Hat's stock sharply higher. Also detracting was the fund's overweighted stake in auto electronics maker Visteon, which struggled, in part, from U.S. trade tariffs and slowing growth in China, and we sold off the position before period end. Conversely, stock picking in health care added value. However, the fund's biggest individual contributor - website domain provider VeriSign - came from the information technology sector. A renewed contract to maintain the internet's database of domain names and approval to increase its rates helped bolster VeriSign's stock price. An overweighting in e-commerce company TripAdvisor also contributed.

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

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2018

 % of fund's net assets 
Total System Services, Inc. 3.3 
VeriSign, Inc. 3.1 
Wellcare Health Plans, Inc. 2.8 
Citrix Systems, Inc. 2.7 
ResMed, Inc. 2.3 
Roper Technologies, Inc. 2.2 
ON Semiconductor Corp. 2.2 
Fiserv, Inc. 2.2 
Edwards Lifesciences Corp. 2.0 
Centene Corp. 2.0 
 24.8 

Top Five Market Sectors as of November 30, 2018

 % of fund's net assets 
Information Technology 33.2 
Health Care 17.0 
Industrials 15.7 
Consumer Discretionary 11.6 
Financials 7.8 

Asset Allocation (% of fund's net assets)

As of November 30, 2018* 
   Stocks 96.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.1% 


 * Foreign investments - 4.1%

Schedule of Investments November 30, 2018

Showing Percentage of Net Assets

Common Stocks - 96.9%   
 Shares Value 
COMMUNICATION SERVICES - 4.2%   
Entertainment - 3.4%   
Electronic Arts, Inc. (a) 950 $79,867 
Live Nation Entertainment, Inc. (a) 3,000 167,040 
Take-Two Interactive Software, Inc. (a) 2,600 285,142 
  532,049 
Interactive Media & Services - 0.8%   
TripAdvisor, Inc. (a) 1,900 121,714 
TOTAL COMMUNICATION SERVICES  653,763 
CONSUMER DISCRETIONARY - 11.6%   
Auto Components - 1.4%   
Aptiv PLC 2,950 212,105 
Distributors - 0.9%   
Pool Corp. 850 138,134 
Diversified Consumer Services - 1.4%   
Service Corp. International 4,800 221,760 
Hotels, Restaurants & Leisure - 1.7%   
Domino's Pizza, Inc. 620 171,938 
Wyndham Hotels & Resorts, Inc. 1,800 90,234 
  262,172 
Multiline Retail - 1.4%   
Dollar General Corp. 1,900 210,881 
Specialty Retail - 2.8%   
Burlington Stores, Inc. (a) 979 162,279 
Ross Stores, Inc. 3,100 271,560 
  433,839 
Textiles, Apparel & Luxury Goods - 2.0%   
Carter's, Inc. 1,100 101,750 
VF Corp. 2,550 207,290 
  309,040 
TOTAL CONSUMER DISCRETIONARY  1,787,931 
CONSUMER STAPLES - 3.4%   
Beverages - 1.3%   
Brown-Forman Corp. Class B (non-vtg.) 3,000 143,160 
Monster Beverage Corp. (a) 1,000 59,680 
  202,840 
Food Products - 1.2%   
The Hershey Co. 1,700 184,110 
Personal Products - 0.9%   
Estee Lauder Companies, Inc. Class A 250 35,665 
Herbalife Nutrition Ltd. (a) 1,760 100,760 
  136,425 
TOTAL CONSUMER STAPLES  523,375 
ENERGY - 0.7%   
Oil, Gas & Consumable Fuels - 0.7%   
Marathon Petroleum Corp. 1,700 110,772 
FINANCIALS - 7.8%   
Banks - 2.2%   
Citizens Financial Group, Inc. 6,900 250,884 
Huntington Bancshares, Inc. 5,500 80,245 
  331,129 
Capital Markets - 5.3%   
Ameriprise Financial, Inc. 1,100 142,725 
E*TRADE Financial Corp. 2,200 115,038 
MarketAxess Holdings, Inc. 100 21,773 
Moody's Corp. 1,740 276,782 
MSCI, Inc. 1,200 188,508 
S&P Global, Inc. 400 73,144 
  817,970 
Insurance - 0.3%   
Progressive Corp. 800 53,032 
TOTAL FINANCIALS  1,202,131 
HEALTH CARE - 17.0%   
Health Care Equipment & Supplies - 5.2%   
DexCom, Inc. (a) 420 54,428 
Edwards Lifesciences Corp. (a) 1,930 312,679 
Intuitive Surgical, Inc. (a) 160 84,939 
ResMed, Inc. 3,130 349,903 
  801,949 
Health Care Providers & Services - 5.4%   
Centene Corp. (a) 2,130 302,993 
Laboratory Corp. of America Holdings (a) 670 97,579 
Wellcare Health Plans, Inc. (a) 1,700 433,296 
  833,868 
Health Care Technology - 0.9%   
Cerner Corp. (a) 2,480 143,617 
Life Sciences Tools & Services - 4.4%   
Charles River Laboratories International, Inc. (a) 1,950 262,958 
Mettler-Toledo International, Inc. (a) 380 241,931 
Waters Corp. (a) 900 178,722 
  683,611 
Pharmaceuticals - 1.1%   
Jazz Pharmaceuticals PLC (a) 700 105,840 
Teva Pharmaceutical Industries Ltd. sponsored ADR 2,900 62,466 
  168,306 
TOTAL HEALTH CARE  2,631,351 
INDUSTRIALS - 15.7%   
Aerospace & Defense - 3.2%   
Huntington Ingalls Industries, Inc. 1,400 301,700 
TransDigm Group, Inc. (a) 540 195,302 
  497,002 
Airlines - 0.5%   
Alaska Air Group, Inc. 1,100 80,586 
Commercial Services & Supplies - 3.5%   
Cintas Corp. 1,300 243,594 
Copart, Inc. (a) 2,900 148,422 
KAR Auction Services, Inc. 2,710 154,849 
  546,865 
Electrical Equipment - 2.4%   
AMETEK, Inc. 2,000 146,860 
Fortive Corp. 2,840 216,039 
  362,899 
Industrial Conglomerates - 2.9%   
ITT, Inc. 1,900 105,355 
Roper Technologies, Inc. 1,150 342,229 
  447,584 
Machinery - 2.2%   
Cummins, Inc. 260 39,276 
IDEX Corp. 1,300 178,620 
Toro Co. 2,000 123,980 
  341,876 
Professional Services - 1.0%   
CoStar Group, Inc. (a) 50 18,470 
Equifax, Inc. 1,300 133,471 
  151,941 
TOTAL INDUSTRIALS  2,428,753 
INFORMATION TECHNOLOGY - 33.2%   
Communications Equipment - 1.7%   
F5 Networks, Inc. (a) 1,480 254,516 
Electronic Equipment & Components - 1.5%   
Amphenol Corp. Class A 2,700 237,438 
IT Services - 12.9%   
Adyen BV 10 5,174 
Akamai Technologies, Inc. (a) 2,200 151,250 
Alliance Data Systems Corp. 690 138,248 
Fiserv, Inc. (a) 4,200 332,346 
FleetCor Technologies, Inc. (a) 500 96,700 
Global Payments, Inc. 1,500 167,715 
Total System Services, Inc. 5,900 515,477 
VeriSign, Inc. (a) 3,080 480,665 
Worldpay, Inc. (a) 1,200 102,972 
  1,990,547 
Semiconductors & Semiconductor Equipment - 8.6%   
Analog Devices, Inc. 2,115 194,411 
Broadcom, Inc. 100 23,741 
KLA-Tencor Corp. 1,800 177,408 
Lam Research Corp. 1,530 240,149 
Microchip Technology, Inc. 2,500 187,500 
ON Semiconductor Corp. (a) 17,400 333,732 
Skyworks Solutions, Inc. 2,450 178,287 
  1,335,228 
Software - 8.5%   
Adobe, Inc. (a) 350 87,812 
Black Knight, Inc. (a) 2,400 108,816 
CDK Global, Inc. 1,100 55,440 
Check Point Software Technologies Ltd. (a) 1,250 139,763 
Citrix Systems, Inc. 3,770 410,817 
Intuit, Inc. 200 42,906 
Parametric Technology Corp. (a) 2,100 181,629 
Workday, Inc. Class A (a) 1,700 278,800 
  1,305,983 
TOTAL INFORMATION TECHNOLOGY  5,123,712 
MATERIALS - 0.8%   
Chemicals - 0.8%   
Sherwin-Williams Co. 130 55,129 
The Chemours Co. LLC 2,400 68,352 
  123,481 
REAL ESTATE - 2.0%   
Equity Real Estate Investment Trusts (REITs) - 2.0%   
CoreSite Realty Corp. 1,550 151,063 
Equity Lifestyle Properties, Inc. 1,570 156,262 
  307,325 
UTILITIES - 0.5%   
Independent Power and Renewable Electricity Producers - 0.5%   
NRG Energy, Inc. 2,000 76,860 
TOTAL COMMON STOCKS   
(Cost $15,000,280)  14,969,454 
Money Market Funds - 2.9%   
Fidelity Cash Central Fund, 2.27% (b)   
(Cost $448,410) 448,321 448,410 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $15,448,690)  15,417,864 
NET OTHER ASSETS (LIABILITIES) - 0.2%  28,790 
NET ASSETS - 100%  $15,446,654 

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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 $5,283 
Total $5,283 

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

  November 30, 2018 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $15,000,280) 		$14,969,454  
Fidelity Central Funds (cost $448,410) 448,410  
Total Investment in Securities (cost $15,448,690)  $15,417,864 
Receivable for investments sold  8,634 
Receivable for fund shares sold  12,880 
Dividends receivable  15,978 
Distributions receivable from Fidelity Central Funds  504 
Total assets  15,455,860 
Liabilities   
Payable for investments purchased $4,978  
Payable for fund shares redeemed 4,228  
Total liabilities  9,206 
Net Assets  $15,446,654 
Net Assets consist of:   
Paid in capital  $16,186,581 
Total distributable earnings (loss)  (739,927) 
Net Assets, for 1,327,159 shares outstanding  $15,446,654 
Net Asset Value, offering price and redemption price per share ($15,446,654 ÷ 1,327,159 shares)  $11.64 

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


Statement of Operations

  Year ended November 30, 2018 
Investment Income   
Dividends  $69,384 
Special dividends  14,308 
Income from Fidelity Central Funds  5,283 
Total income  88,975 
Expenses   
Independent trustees' fees and expenses $32  
Commitment fees 11  
Total expenses  43 
Net investment income (loss)  88,932 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (787,717)  
Fidelity Central Funds 85  
Foreign currency transactions (134)  
Total net realized gain (loss)  (787,766) 
Change in net unrealized appreciation (depreciation) on investment securities  (102,925) 
Net gain (loss)  (890,691) 
Net increase (decrease) in net assets resulting from operations  $(801,759) 

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


Statement of Changes in Net Assets

 Year ended November 30, 2018 For the period
March 8, 2017 (commencement of operations) to November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $88,932 $5,271 
Net realized gain (loss) (787,766) (9,608) 
Change in net unrealized appreciation (depreciation) (102,925) 72,099 
Net increase (decrease) in net assets resulting from operations (801,759) 67,762 
Distributions to shareholders (5,930) – 
Total distributions (5,930) – 
Share transactions   
Proceeds from sales of shares 21,757,731 652,377 
Reinvestment of distributions 5,930 – 
Cost of shares redeemed (6,220,240) (9,217) 
Net increase (decrease) in net assets resulting from share transactions 15,543,421 643,160 
Total increase (decrease) in net assets 14,735,732 710,922 
Net Assets   
Beginning of period 710,922 – 
End of period $15,446,654 $710,922 
Other Information   
Undistributed net investment income end of period  $5,271 
Shares   
Sold 1,794,375 64,021 
Issued in reinvestment of distributions 527 – 
Redeemed (530,911) (853) 
Net increase (decrease) 1,263,991 63,168 

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


Financial Highlights

Fidelity Flex Mid Cap Growth Fund

   
Years ended November 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 .13C .10D 
Net realized and unrealized gain (loss) .35E 1.15 
Total from investment operations .48 1.25 
Distributions from net investment income (.09) – 
Total distributions (.09) – 
Net asset value, end of period $11.64 $11.25 
Total ReturnF 4.29% 12.50% 
Ratios to Average Net AssetsG,H   
Expenses before reductionsI -% - %J 
Expenses net of fee waivers, if anyI -% - %J 
Expenses net of all reductionsI -% - %J 
Net investment income (loss) 1.11%C 1.29%D,J 
Supplemental Data   
Net assets, end of period (000 omitted) $15,447 $711 
Portfolio turnover rateK 88% 38%J 

 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 dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .93%.

 D Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this dividend the ratio would have been 1.14%.

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

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

 G 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.

 H 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.

 I Amount represents less than .005%.

 J Annualized

 K 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

For the period ended November 30, 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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.

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. 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. 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. As of November 30, 2018, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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, capital loss carryforwards and certain 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 $686,324 
Gross unrealized depreciation (762,615) 
Net unrealized appreciation (depreciation) $(76,291) 
Tax Cost $15,494,155 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $88,121 
Capital loss carryforward $(751,757) 
Net unrealized appreciation (depreciation) on securities and other investments $(76,291) 

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 fiscal period end and is subject to adjustment.

No expiration  
Short-term  $(751,757) 
Total capital loss carryforward $(751,757) 

The tax character of distributions paid was as follows:

 November 30, 2018 November 30, 2017A 
Ordinary Income $5,930 $ - 
Total $5,930 $ - 

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

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $21,610,921 and $6,389,554, 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 $229 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 $11 and is reflected in Commitment fees 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.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Mt. Vernon Street Trust and Shareholders of Fidelity Flex Mid Cap Growth Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Flex Mid Cap Growth Fund (one of the funds constituting Fidelity Mt. Vernon Street Trust, referred to hereafter as the "Fund") as of November 30, 2018, the related statement of operations for the year ended November 30, 2018 and the statement of changes in net assets and the financial highlights for the year ended November 30, 2018 and for the period March 8, 2017 (commencement of operations) through November 30, 2017, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2018, the results of its operations for the year ended November 30, 2018, and the changes in its net assets and the financial highlights for the year ended November 30, 2018 and for the period March 8, 2017 (commencement of operations) through November 30, 2017 in the conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

January 17, 2019



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Michael E. Wiley, each of the Trustees oversees 281 funds. Mr. Wiley oversees 192 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with Fidelity to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Carol B. Tomé (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Tomé also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2018

Secretary and Chief Legal Officer (CLO)

Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Global Equity Research (2016-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

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 (June 1, 2018 to November 30, 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
June 1, 2018 		Ending
Account Value
November 30, 2018 		Expenses Paid
During Period-B
June 1, 2018
to November 30, 2018 
Actual - %-C $1,000.00 $982.30 $--D 
Hypothetical-E  $1,000.00 $1,025.07 $--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 183/365 (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

Distributions (Unaudited)

The fund designates 83% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 87% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Flex Mid Cap Growth Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

ZDG-ANN-0119
1.9881579.101

Fidelity® Growth Strategies K6 Fund



Annual Report

November 30, 2018



Fidelity Investments


Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts


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. © 2019 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.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended November 30, 2018 Past 1 year Life of fundA 
Fidelity® Growth Strategies K6 Fund 2.68% 8.03% 

 A From May 25, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Growth Strategies K6 Fund on May 25, 2017, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Growth Index performed over the same period.


Period Ending Values
$11,244Fidelity® Growth Strategies K6 Fund
$11,814Russell Midcap® Growth Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 6.27% for the 12 months ending November 30, 2018, as the U.S. equity bellwether declined sharply in October after climbing steadily beginning in May and achieving a record close in late September. Rising U.S. Treasury yields and concern about peaking corporate earnings growth sent many investors fleeing from risk assets at a time when they were still dealing with lingering uncertainty related to global trade and the U.S. Federal Reserve picking up the pace of interest rate hikes. The index returned -6.84% in October alone, its largest monthly drop in roughly seven years, and then endured a highly volatile November in which it gained 2.04%. For the full year, growth stocks within the index maintained a sizable advantage over their value counterparts, extending a trend that began in early 2017. A number of economically sensitive sectors dropped to the bottom of the 12-month performance scale, with materials (-7%) and energy (-2%) faring worst, followed by industrials (-1%) and financials (0%). In contrast, the defensive-oriented health care sector gained about 16% to lead the way. Consumer discretionary and information technology were rattled in October but earlier strength resulted in each advancing roughly 13% for the full 12 months. The newly reconstituted communication services sector, which includes dividend-rich telecom stocks, rose about 4%. Real estate (+5%), consumer staples (+3%) and utilities (+2%) also advanced but lagged the broader market.

Comments from Portfolio Manager Jean Park:  For the fiscal year, the fund returned roughly 3%, falling behind the 5.32% advance of the benchmark Russell Midcap® Growth Index. While the mid-cap equity market experienced a strong run for most of the period, these stocks pulled back sharply in September as volatility increased. Versus the Russell index, stock selection detracted most from the fund's relative return, even though positive market selection countered some of that effect. Specifically, stock choices in consumer discretionary and information technology proved detrimental. On an individual stock basis, untimely ownership of software solutions provider Red Hat detracted most versus the benchmark. While I did establish a small stake in Red Hat, it was not enough to reap all the gains when International Business Machines (IBM) announced its $34 billion acquisition of the firm, which sent Red Hat's stock sharply higher. Also detracting was the fund's overweighted stake in auto electronics maker Visteon, which struggled, in part, from U.S. trade tariffs and slowing growth in China, and we sold off the position before period end. Conversely, stock picking in health care added value. However, the fund's biggest individual contributor - website domain provider VeriSign - came from the information technology sector. A renewed contract to maintain the internet's database of domain names and approval to increase its rates helped bolster VeriSign's stock price. An overweighting in e-commerce company TripAdvisor also contributed.

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

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2018

 % of fund's net assets 
Total System Services, Inc. 3.3 
VeriSign, Inc. 3.1 
Wellcare Health Plans, Inc. 2.8 
Citrix Systems, Inc. 2.7 
ResMed, Inc. 2.3 
Roper Technologies, Inc. 2.3 
Fiserv, Inc. 2.2 
ON Semiconductor Corp. 2.1 
Huntington Ingalls Industries, Inc. 2.0 
Edwards Lifesciences Corp. 2.0 
 24.8 

Top Five Market Sectors as of November 30, 2018

 % of fund's net assets 
Information Technology 33.8 
Health Care 17.1 
Industrials 15.8 
Consumer Discretionary 12.1 
Financials 7.7 

Asset Allocation (% of fund's net assets)

As of November 30, 2018 * 
   Stocks 98.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.9% 


 * Foreign investments - 4.1%

Schedule of Investments November 30, 2018

Showing Percentage of Net Assets

Common Stocks - 98.1%   
 Shares Value 
COMMUNICATION SERVICES - 4.2%   
Entertainment - 3.4%   
Electronic Arts, Inc. (a) 7,700 $647,339 
Live Nation Entertainment, Inc. (a) 26,400 1,469,952 
Take-Two Interactive Software, Inc. (a) 21,900 2,401,773 
  4,519,064 
Interactive Media & Services - 0.8%   
TripAdvisor, Inc. (a) 17,400 1,114,644 
TOTAL COMMUNICATION SERVICES  5,633,708 
CONSUMER DISCRETIONARY - 12.1%   
Auto Components - 1.4%   
Aptiv PLC 25,600 1,840,640 
Distributors - 0.9%   
Pool Corp. 7,500 1,218,825 
Diversified Consumer Services - 1.4%   
Service Corp. International 40,700 1,880,340 
Hotels, Restaurants & Leisure - 2.3%   
Domino's Pizza, Inc. 5,400 1,497,528 
Wyndham Destinations, Inc. 18,000 746,460 
Wyndham Hotels & Resorts, Inc. 15,600 782,028 
  3,026,016 
Multiline Retail - 1.4%   
Dollar General Corp. 16,500 1,831,335 
Specialty Retail - 2.7%   
Burlington Stores, Inc. (a) 8,300 1,375,808 
Ross Stores, Inc. 26,300 2,303,880 
  3,679,688 
Textiles, Apparel & Luxury Goods - 2.0%   
Carter's, Inc. 9,200 851,000 
VF Corp. 21,900 1,780,251 
  2,631,251 
TOTAL CONSUMER DISCRETIONARY  16,108,095 
CONSUMER STAPLES - 3.3%   
Beverages - 1.3%   
Brown-Forman Corp. Class B (non-vtg.) 25,100 1,197,772 
Monster Beverage Corp. (a) 8,700 519,216 
  1,716,988 
Food Products - 1.1%   
The Hershey Co. 14,300 1,548,690 
Personal Products - 0.9%   
Estee Lauder Companies, Inc. Class A 2,300 328,118 
Herbalife Nutrition Ltd. (a) 14,700 841,575 
  1,169,693 
TOTAL CONSUMER STAPLES  4,435,371 
ENERGY - 0.7%   
Oil, Gas & Consumable Fuels - 0.7%   
Marathon Petroleum Corp. 14,641 954,008 
FINANCIALS - 7.7%   
Banks - 2.1%   
Citizens Financial Group, Inc. 58,000 2,108,880 
Huntington Bancshares, Inc. 45,000 656,550 
  2,765,430 
Capital Markets - 5.3%   
Ameriprise Financial, Inc. 9,300 1,206,675 
E*TRADE Financial Corp. 18,800 983,052 
MarketAxess Holdings, Inc. 900 195,957 
Moody's Corp. 14,900 2,370,143 
MSCI, Inc. 10,200 1,602,318 
S&P Global, Inc. 3,500 640,010 
  6,998,155 
Insurance - 0.3%   
Progressive Corp. 6,800 450,772 
TOTAL FINANCIALS  10,214,357 
HEALTH CARE - 17.1%   
Health Care Equipment & Supplies - 5.2%   
DexCom, Inc. (a) 3,600 466,524 
Edwards Lifesciences Corp. (a) 16,500 2,673,165 
Intuitive Surgical, Inc. (a) 1,300 690,131 
ResMed, Inc. 26,800 2,995,972 
  6,825,792 
Health Care Providers & Services - 5.4%   
Centene Corp. (a) 18,200 2,588,950 
Elanco Animal Health, Inc. 700 23,387 
Laboratory Corp. of America Holdings (a) 5,800 844,712 
Wellcare Health Plans, Inc. (a) 14,700 3,746,736 
  7,203,785 
Health Care Technology - 0.9%   
Cerner Corp. (a) 21,200 1,227,692 
Life Sciences Tools & Services - 4.5%   
Charles River Laboratories International, Inc. (a) 16,500 2,225,025 
Mettler-Toledo International, Inc. (a) 3,200 2,037,312 
Waters Corp. (a) 8,400 1,668,072 
  5,930,409 
Pharmaceuticals - 1.1%   
Jazz Pharmaceuticals PLC (a) 6,000 907,200 
Teva Pharmaceutical Industries Ltd. sponsored ADR 27,000 581,580 
  1,488,780 
TOTAL HEALTH CARE  22,676,458 
INDUSTRIALS - 15.8%   
Aerospace & Defense - 3.3%   
Huntington Ingalls Industries, Inc. 12,500 2,693,750 
TransDigm Group, Inc. (a) 4,600 1,663,682 
  4,357,432 
Airlines - 0.5%   
Alaska Air Group, Inc. 9,500 695,970 
Commercial Services & Supplies - 3.5%   
Cintas Corp. 11,100 2,079,918 
Copart, Inc. (a) 24,700 1,264,146 
KAR Auction Services, Inc. 23,100 1,319,934 
  4,663,998 
Electrical Equipment - 2.3%   
AMETEK, Inc. 17,100 1,255,653 
Fortive Corp. 24,300 1,848,501 
  3,104,154 
Industrial Conglomerates - 2.9%   
ITT, Inc. 15,100 837,295 
Roper Technologies, Inc. 9,970 2,966,972 
  3,804,267 
Machinery - 2.2%   
Cummins, Inc. 2,250 339,885 
IDEX Corp. 11,000 1,511,400 
Toro Co. 17,000 1,053,830 
  2,905,115 
Professional Services - 1.1%   
CoStar Group, Inc. (a) 1,000 369,390 
Equifax, Inc. 11,100 1,139,637 
  1,509,027 
TOTAL INDUSTRIALS  21,039,963 
INFORMATION TECHNOLOGY - 33.8%   
Communications Equipment - 1.7%   
F5 Networks, Inc. (a) 12,900 2,218,413 
Electronic Equipment & Components - 1.5%   
Amphenol Corp. Class A 23,100 2,031,414 
IT Services - 13.0%   
Adyen BV 100 51,743 
Akamai Technologies, Inc. (a) 19,000 1,306,250 
Alliance Data Systems Corp. 6,150 1,232,214 
Fiserv, Inc. (a) 37,100 2,935,723 
FleetCor Technologies, Inc. (a) 4,300 831,620 
Global Payments, Inc. 12,800 1,431,168 
Total System Services, Inc. 50,700 4,429,658 
VeriSign, Inc. (a) 26,500 4,135,590 
Worldpay, Inc. (a) 10,300 883,843 
  17,237,809 
Semiconductors & Semiconductor Equipment - 8.7%   
Analog Devices, Inc. 17,800 1,636,176 
Broadcom, Inc. 1,500 356,115 
KLA-Tencor Corp. 15,500 1,527,680 
Lam Research Corp. 13,100 2,056,176 
Microchip Technology, Inc. (b) 21,602 1,620,150 
ON Semiconductor Corp. (a) 148,000 2,838,640 
Skyworks Solutions, Inc. 21,500 1,564,555 
  11,599,492 
Software - 8.9%   
Adobe, Inc. (a) 3,400 853,026 
Black Knight, Inc. (a) 20,800 943,072 
CDK Global, Inc. 9,600 483,840 
Check Point Software Technologies Ltd. (a) 10,600 1,185,186 
Citrix Systems, Inc. 32,400 3,530,628 
Intuit, Inc. 2,600 557,778 
Parametric Technology Corp. (a) 18,200 1,574,118 
Red Hat, Inc. (a) 1,700 303,552 
Workday, Inc. Class A (a) 14,500 2,378,000 
  11,809,200 
TOTAL INFORMATION TECHNOLOGY  44,896,328 
MATERIALS - 0.9%   
Chemicals - 0.9%   
Sherwin-Williams Co. 1,400 593,698 
The Chemours Co. LLC 20,800 592,384 
  1,186,082 
REAL ESTATE - 2.0%   
Equity Real Estate Investment Trusts (REITs) - 2.0%   
CoreSite Realty Corp. 13,200 1,286,472 
Equity Lifestyle Properties, Inc. 13,600 1,353,608 
  2,640,080 
UTILITIES - 0.5%   
Independent Power and Renewable Electricity Producers - 0.5%   
NRG Energy, Inc. 18,000 691,740 
TOTAL COMMON STOCKS   
(Cost $120,367,157)  130,476,190 
Money Market Funds - 3.2%   
Fidelity Cash Central Fund, 2.27% (c) 2,690,354 2,690,892 
Fidelity Securities Lending Cash Central Fund 2.27% (c)(d) 1,610,336 1,610,497 
TOTAL MONEY MARKET FUNDS   
(Cost $4,301,389)  4,301,389 
TOTAL INVESTMENT IN SECURITIES - 101.3%   
(Cost $124,668,546)  134,777,579 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (1,784,972) 
NET ASSETS - 100%  $132,992,607 

Legend

 (a) Non-income producing

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

 (c) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

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 $29,516 
Fidelity Securities Lending Cash Central Fund 5,898 
Total $35,414 

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

  November 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $1,590,150) — See accompanying schedule:
Unaffiliated issuers (cost $120,367,157) 		$130,476,190  
Fidelity Central Funds (cost $4,301,389) 4,301,389  
Total Investment in Securities (cost $124,668,546)  $134,777,579 
Receivable for fund shares sold  57,318 
Dividends receivable  133,850 
Distributions receivable from Fidelity Central Funds  3,506 
Other receivables  971 
Total assets  134,973,224 
Liabilities   
Payable for investments purchased $314,276  
Payable for fund shares redeemed 6,680  
Accrued management fee 49,269  
Collateral on securities loaned 1,610,392  
Total liabilities  1,980,617 
Net Assets  $132,992,607 
Net Assets consist of:   
Paid in capital  $125,704,027 
Total distributable earnings (loss)  7,288,580 
Net Assets, for 11,864,552 shares outstanding  $132,992,607 
Net Asset Value, offering price and redemption price per share ($132,992,607 ÷ 11,864,552 shares)  $11.21 

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


Statement of Operations

  Year ended November 30, 2018 
Investment Income   
Dividends  $1,174,121 
Special dividends  300,900 
Income from Fidelity Central Funds  35,414 
Total income  1,510,435 
Expenses   
Management fee $561,423  
Independent trustees' fees and expenses 615  
Commitment fees 199  
Total expenses before reductions 562,237  
Expense reductions (2,503)  
Total expenses after reductions  559,734 
Net investment income (loss)  950,701 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (3,199,841)  
Fidelity Central Funds 381  
Foreign currency transactions 67  
Total net realized gain (loss)  (3,199,393) 
Change in net unrealized appreciation (depreciation) on investment securities  4,122,474 
Net gain (loss)  923,081 
Net increase (decrease) in net assets resulting from operations  $1,873,782 

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


Statement of Changes in Net Assets

 Year ended November 30, 2018 For the period
May 25, 2017 (commencement of operations) to November 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $950,701 $192,445 
Net realized gain (loss) (3,199,393) (523,829) 
Change in net unrealized appreciation (depreciation) 4,122,474 5,986,559 
Net increase (decrease) in net assets resulting from operations 1,873,782 5,655,175 
Distributions to shareholders (240,378) – 
Total distributions (240,378) – 
Share transactions   
Proceeds from sales of shares 72,393,898 81,896,163 
Reinvestment of distributions 240,378 – 
Cost of shares redeemed (21,786,663) (7,039,748) 
Net increase (decrease) in net assets resulting from share transactions 50,847,613 74,856,415 
Total increase (decrease) in net assets 52,481,017 80,511,590 
Net Assets   
Beginning of period 80,511,590 – 
End of period $132,992,607 $80,511,590 
Other Information   
Undistributed net investment income end of period  $197,572 
Shares   
Sold 6,382,053 8,041,900 
Issued in reinvestment of distributions 21,833 – 
Redeemed (1,892,561) (688,673) 
Net increase (decrease) 4,511,325 7,353,227 

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


Financial Highlights

Fidelity Growth Strategies K6 Fund

   
Years ended November 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 .09C .04 
Net realized and unrealized gain (loss) .20 .91 
Total from investment operations .29 .95 
Distributions from net investment income (.03) – 
Total distributions (.03) – 
Net asset value, end of period $11.21 $10.95 
Total ReturnD,E 2.68% 9.50% 
Ratios to Average Net AssetsF,G   
Expenses before reductions .45% .45%H 
Expenses net of fee waivers, if any .45% .45%H 
Expenses net of all reductions .45% .45%H 
Net investment income (loss) .76%C .81%H 
Supplemental Data   
Net assets, end of period (000 omitted) $132,993 $80,512 
Portfolio turnover rateI 51%J 56%H,J 

 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 Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .52%.

 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. 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.

 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

For the period ended November 30, 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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.

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. 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. 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. As of November 30, 2018, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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, 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 $15,287,550 
Gross unrealized depreciation (5,218,848) 
Net unrealized appreciation (depreciation) $10,068,702 
Tax Cost $124,708,877 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $907,486 
Capital loss carryforward $(3,687,609) 
Net unrealized appreciation (depreciation) on securities and other investments $10,068,702 

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 fiscal period end and is subject to adjustment.

No expiration  
Short-term $(3,687,609) 

The tax character of distributions paid was as follows:

 November 30, 2018 November 30, 2017(a) 
Ordinary Income $240,378 $ - 

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

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $61,141,364 and $59,644,231, respectively.

Unaffiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $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.

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation Prior Line-Item Presentation 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

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 $933 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 $199 and is reflected in Commitment fees 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. 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 $5,898. 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 $2,468 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 $35.

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.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Mt. Vernon Street Trust and Shareholders of Fidelity Growth Strategies K6 Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Growth Strategies K6 Fund (one of the funds constituting Fidelity Mt. Vernon Street Trust, referred to hereafter as the "Fund") as of November 30, 2018, the related statement of operations for the year ended November 30, 2018 and the statement of changes in net assets and the financial highlights for the year ended November 30, 2018 and for the period May 25, 2017 (commencement of operations) through November 30, 2017, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2018, the results of its operations for the year ended November 30, 2018, and the changes in its net assets and the financial highlights for the year ended November 30, 2018 and for the period May 25, 2017 (commencement of operations) through November 30, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

January 17, 2019



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Michael E. Wiley, each of the Trustees oversees 281 funds. Mr. Wiley oversees 192 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with Fidelity to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

Carol B. Tomé (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Tomé also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2018

Secretary and Chief Legal Officer (CLO)

Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Global Equity Research (2016-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

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 (June 1, 2018 to November 30, 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
June 1, 2018 		Ending
Account Value
November 30, 2018 		Expenses Paid
During Period-B
June 1, 2018
to November 30, 2018 
Actual .45% $1,000.00 $979.00 $2.23 
Hypothetical-C  $1,000.00 $1,022.81 $2.28 

 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 183/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Distributions (Unaudited)

The fund designates 97% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Growth Strategies K6 Fund

At its July 2018 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

FEGK6-ANN-0119
1.9883995.101




Item 2.

Code of Ethics


As of the end of the period, November 30, 2018, Fidelity Mt. Vernon Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


The Board of Trustees of the trust has determined that Joseph Mauriello is an audit committee financial expert, as defined in Item 3 of Form N-CSR.   Mr. Mauriello is independent for purposes of Item 3 of Form N-CSR.  


Item 4.  

Principal Accountant Fees and Services


Fees and Services


The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Growth Company Fund and Fidelity Series Growth Company Fund (the “Funds”):


Services Billed by Deloitte Entities


November 30, 2018 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Growth Company Fund

 $108,000

$100

 $19,000

 $2,300

Fidelity Series Growth Company Fund

 $70,000

$100

 $19,000

 $1,900



November 30, 2017 FeesA,B

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Growth Company Fund

 $145,000

$200

 $19,100

 $3,400

Fidelity Series Growth Company Fund

 $62,000

$100

 $19,400

 $1,700



A Amounts may reflect rounding.


The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Flex Mid Cap Growth Fund, Fidelity Growth Strategies Fund, Fidelity Growth Strategies K6 Fund and Fidelity New Millennium Fund (the “Funds”):


Services Billed by PwC


November 30, 2018 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Flex Mid Cap Growth Fund

 $38,000

$3,200

 $2,600

 $1,600

Fidelity Growth Strategies Fund

 $49,000

$4,200

 $8,200

 $2,100

Fidelity Growth Strategies K6 Fund

 $38,000

$3,200

 $4,000

 $1,600

Fidelity New Millennium Fund

 $64,000

$5,500

 $3,800

 $2,700



November 30, 2017 FeesA,B

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Flex Mid Cap Growth Fund

 $38,000

$2,300

 $2,800

 $1,100

Fidelity Growth Strategies Fund

 $48,000

$4,500

 $3,500

 $2,200

Fidelity Growth Strategies K6 Fund

 $38,000

$1,700

 $2,800

 $800

Fidelity New Millennium Fund

 $63,000

$5,700

 $67,500

 $2,700



A Amounts may reflect rounding.

B Fidelity Flex Mid Cap Growth Fund commenced operations on March 8, 2017 and Fidelity Growth Strategies K6 Fund commenced operations on May 25, 2017.


The following table presents fees billed by PwC and Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company (“FMR”) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds (“Fund Service Providers”):



Services Billed by Deloitte Entities



 

November 30, 2018A

November 30, 2017A

Audit-Related Fees

$290,000

$-

Tax Fees

$5,000

$25,000

All Other Fees

$-

$-


A Amounts may reflect rounding.



Services Billed by PwC



 

November 30, 2018A

November 30, 2017A,B

Audit-Related Fees

$7,745,000

$9,220,000

Tax Fees

$20,000

$150,000

All Other Fees

$-

$-


A Amounts may reflect rounding.

B May include amounts billed prior to the Fidelity Flex Mid Cap Growth Fund and Fidelity Growth Strategies K6 Fund’s commencement of operations.


“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.


“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.


“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.  


Assurance services must be performed by an independent public accountant.


* * *


The aggregate non-audit fees billed by PwC and Deloitte Entities for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:


Billed By

November 30, 2018A

November 30, 2017A,B

Deloitte Entities

$795,000

$340,000

PwC

$10,985,000

$11,775,000



A Amounts may reflect rounding.

B May include amounts billed prior to the Fidelity Flex Mid Cap Growth Fund and Fidelity Growth Strategies K6 Fund’s commencement of operations.


The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC and Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of PwC and Deloitte Entities in their  audits of the Funds, taking into account representations from PwC and Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding their independence from the Funds and their related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.


Audit Committee Pre-Approval Policies and Procedures

 

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.


The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.


All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.


Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.


Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)


There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds’ last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.


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 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 trust’s 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)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(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:

January 24, 2019



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:

January 24, 2019



By:

/s/John J. Burke III

 

John J. Burke III

 

Chief Financial Officer

 

 

Date:

January 24, 2019