N-CSRS 1 filing936.htm PRIMARY DOCUMENT


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-03583


Fidelity Mt. Vernon Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

November 30



Date of reporting period:

May 31, 2021


Item 1.

Reports to Stockholders






Fidelity® Growth Company Fund



Semi-Annual Report

May 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


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 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one 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. © 2021 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2021

 % of fund's net assets 
NVIDIA Corp. 8.2 
Apple, Inc. 6.7 
Amazon.com, Inc. 6.3 
Microsoft Corp. 4.1 
Alphabet, Inc. Class A 4.1 
lululemon athletica, Inc. 3.1 
Salesforce.com, Inc. 2.5 
Alphabet, Inc. Class C 2.4 
Facebook, Inc. Class A 1.9 
Wayfair LLC Class A 1.9 
 41.2 

Top Five Market Sectors as of May 31, 2021

 % of fund's net assets 
Information Technology 35.9 
Consumer Discretionary 22.2 
Health Care 15.8 
Communication Services 12.9 
Industrials 6.0 

Asset Allocation (% of fund's net assets)

As of May 31, 2021* 
   Stocks 97.9% 
   Convertible Securities 1.7% 
   Other Investments 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.3% 


 * Foreign investments - 9.7%

Schedule of Investments May 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 12.8%   
Entertainment - 3.3%   
Activision Blizzard, Inc. 2,029,343 $197,354 
Electronic Arts, Inc. 375,354 53,649 
NetEase, Inc. ADR 420,963 49,644 
Netflix, Inc. (a) 728,492 366,293 
Roblox Corp. (a)(b) 1,053,663 98,802 
Roku, Inc. Class A (a) 2,390,965 828,971 
Sea Ltd. ADR (a) 1,497,460 379,217 
The Walt Disney Co. (a) 284,137 50,761 
Zynga, Inc. (a) 1,076,757 11,672 
  2,036,363 
Interactive Media & Services - 8.9%   
Alphabet, Inc.:   
Class A (a) 1,081,144 2,548,094 
Class C (a) 615,745 1,484,906 
Bumble, Inc. 206,142 9,837 
Facebook, Inc. Class A (a) 3,586,829 1,179,098 
IAC (a) 46,878 7,476 
Kuaishou Technology Class B (c) 563,149 14,098 
Match Group, Inc. (a) 58,631 8,407 
Pinterest, Inc. Class A (a) 220,032 14,368 
Snap, Inc. Class A (a) 1,888,601 117,320 
Tencent Holdings Ltd. 501,616 40,005 
Twitter, Inc. (a) 613,318 35,572 
Vimeo, Inc. (a) 76,106 3,196 
Zillow Group, Inc. Class C (a)(b) 551,537 64,706 
  5,527,083 
Media - 0.0%   
Comcast Corp. Class A 175,851 10,083 
Wireless Telecommunication Services - 0.6%   
T-Mobile U.S., Inc. 2,713,096 383,767 
TOTAL COMMUNICATION SERVICES  7,957,296 
CONSUMER DISCRETIONARY - 21.8%   
Automobiles - 1.9%   
Arrival Group (d) 3,325,053 60,617 
Lordstown Motors Corp. (d) 1,126,864 10,040 
Neutron Holdings, Inc. (e) 1,546,251 21 
Rad Power Bikes, Inc. (d)(e) 1,182,568 5,705 
Tesla, Inc. (a) 1,705,911 1,066,570 
XPeng, Inc. ADR (a)(b) 857,233 27,543 
  1,170,496 
Hotels, Restaurants & Leisure - 1.6%   
Airbnb, Inc. Class A 25,100 3,524 
Chipotle Mexican Grill, Inc. (a) 48,846 67,016 
Hyatt Hotels Corp. Class A (a)(b) 116,700 9,112 
Marriott International, Inc. Class A (a) 1,266,305 181,816 
McDonald's Corp. 3,246 759 
Penn National Gaming, Inc. (a) 2,213,905 181,474 
Planet Fitness, Inc. (a) 57,989 4,568 
Rush Street Interactive, Inc. (a)(b) 1,360,891 16,889 
Rush Street Interactive, Inc. (d) 447,095 5,548 
Shake Shack, Inc. Class A (a)(b) 77,450 7,279 
Starbucks Corp. 1,930,830 219,883 
The Booking Holdings, Inc. (a) 78,760 185,996 
Vail Resorts, Inc. (a) 197,427 64,535 
Yum China Holdings, Inc. (b) 565,290 38,236 
  986,635 
Household Durables - 0.9%   
D.R. Horton, Inc. 1,222,874 116,528 
KB Home 1,225,157 57,350 
Lennar Corp. Class A 2,928,264 289,927 
PulteGroup, Inc. 244,916 14,154 
Toll Brothers, Inc. 1,293,156 84,365 
Vizio Holding Corp. (a)(b) 478,078 10,441 
  572,765 
Internet & Direct Marketing Retail - 9.0%   
Alibaba Group Holding Ltd. sponsored ADR (a) 442,365 94,648 
Amazon.com, Inc. (a) 1,220,716 3,934,453 
Coupang, Inc. Class A (a)(b) 235,190 9,593 
Deliveroo Holdings PLC (a)(c) 2,167,231 7,741 
Etsy, Inc. (a) 164,530 27,103 
Farfetch Ltd. Class A (a) 1,067,965 49,479 
JD.com, Inc. sponsored ADR (a) 1,498,177 110,775 
Ocado Group PLC (a) 1,216,841 32,656 
Ozon Holdings PLC ADR (b) 224,937 11,937 
Pinduoduo, Inc. ADR (a) 167,894 20,967 
Revolve Group, Inc. (a) 1,363,159 75,574 
The Honest Co., Inc. 422,774 6,004 
The RealReal, Inc. (a) 1,263,828 22,079 
THG PLC 1,617,517 13,995 
thredUP, Inc. (a)(b) 653,152 15,408 
Wayfair LLC Class A (a)(b) 3,812,126 1,168,569 
Zomato Pvt Ltd. (d)(e) 31,811,600 25,534 
  5,626,515 
Leisure Products - 0.3%   
Callaway Golf Co. 766,932 28,315 
Peloton Interactive, Inc. Class A (a) 1,289,779 142,276 
  170,591 
Multiline Retail - 0.4%   
Dollar General Corp. 196,449 39,871 
Dollar Tree, Inc. (a) 290,933 28,366 
Ollie's Bargain Outlet Holdings, Inc. (a) 1,867,514 161,428 
Target Corp. 42,890 9,733 
  239,398 
Specialty Retail - 2.8%   
Auto1 Group SE (c) 282,343 15,161 
Carvana Co. Class A (a) 896,928 237,767 
Cazoo Holdings Ltd. (d) 224,106 6,840 
Five Below, Inc. (a) 222,387 40,946 
Floor & Decor Holdings, Inc. Class A (a) 994,036 97,724 
Lowe's Companies, Inc. 1,918,160 373,715 
MYT Netherlands Parent BV ADR (b) 108,603 3,421 
RH (a) 630,767 404,353 
The Home Depot, Inc. 1,182,605 377,145 
TJX Companies, Inc. 2,339,255 157,993 
Williams-Sonoma, Inc. 269,387 45,672 
  1,760,737 
Textiles, Apparel & Luxury Goods - 4.9%   
adidas AG 570,599 208,176 
Allbirds, Inc. (a)(d)(e) 307,430 3,314 
Canada Goose Holdings, Inc. (a)(b) 1,401,218 56,165 
Deckers Outdoor Corp. (a) 405,016 135,859 
Dr. Martens Ltd. (a) 4,561,363 31,780 
Figs, Inc. Class A (a) 101,300 3,459 
lululemon athletica, Inc. (a) 5,873,777 1,897,994 
NIKE, Inc. Class B 1,776,787 242,460 
On Holding AG (a)(d)(e) 900 18,063 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 8,183,127 388,699 
Tory Burch LLC:   
Class A (d)(e)(f) 950,844 41,288 
Class B (d)(e)(f) 324,840 15,047 
Under Armour, Inc. Class C (non-vtg.) (a) 906,728 17,282 
VF Corp. 119,965 9,564 
  3,069,150 
TOTAL CONSUMER DISCRETIONARY  13,596,287 
CONSUMER STAPLES - 2.2%   
Beverages - 1.0%   
Boston Beer Co., Inc. Class A (a) 19,355 20,481 
Fever-Tree Drinks PLC 939,310 34,096 
Keurig Dr. Pepper, Inc. 2,662,188 98,394 
Monster Beverage Corp. (a) 2,394,424 225,722 
PepsiCo, Inc. 279,708 41,380 
The Coca-Cola Co. 3,838,540 212,233 
  632,306 
Food & Staples Retailing - 0.3%   
Blink Health, Inc. Series A1 (d)(e) 173,460 5,662 
Costco Wholesale Corp. 410,870 155,420 
Kroger Co. 40,413 1,494 
Oatly Group AB ADR (a) 393,201 9,323 
Performance Food Group Co. (a) 896,249 44,929 
Sweetgreen, Inc. warrants 1/21/26 (a)(d)(e) 168,563 666 
  217,494 
Food Products - 0.4%   
AppHarvest, Inc. (d) 1,675,778 26,507 
Archer Daniels Midland Co. 478,247 31,818 
Beyond Meat, Inc. (a)(b) 33,869 4,925 
Bunge Ltd. 1,057,408 91,804 
Darling Ingredients, Inc. (a) 796,849 54,552 
Freshpet, Inc. (a) 71,077 12,568 
JDE Peet's BV 5,490 217 
Laird Superfood, Inc. 396,285 12,951 
Mondelez International, Inc. 133,323 8,470 
  243,812 
Household Products - 0.2%   
Church & Dwight Co., Inc. 212,311 18,201 
Colgate-Palmolive Co. 363,329 30,440 
Procter & Gamble Co. 618,746 83,438 
  132,079 
Personal Products - 0.0%   
Unilever PLC (Netherlands) 116,828 6,967 
Tobacco - 0.3%   
Altria Group, Inc. 2,926,413 144,038 
JUUL Labs, Inc. Class A (a)(d)(e) 44,067 2,463 
Philip Morris International, Inc. 228,866 22,070 
  168,571 
TOTAL CONSUMER STAPLES  1,401,229 
ENERGY - 0.9%   
Energy Equipment & Services - 0.2%   
Halliburton Co. 2,023,791 45,434 
Schlumberger Ltd. 1,901,987 59,589 
  105,023 
Oil, Gas & Consumable Fuels - 0.7%   
EOG Resources, Inc. 121,537 9,764 
Hess Corp. 3,245,545 272,042 
Pioneer Natural Resources Co. 130,341 19,837 
Reliance Industries Ltd. 268,958 4,516 
Reliance Industries Ltd. 4,034,380 120,183 
  426,342 
TOTAL ENERGY  531,365 
FINANCIALS - 2.1%   
Banks - 1.1%   
Bank of America Corp. 4,224,438 179,074 
First Republic Bank 351,162 67,226 
HDFC Bank Ltd. sponsored ADR (a) 1,557,763 119,216 
JPMorgan Chase & Co. 1,137,603 186,840 
Wells Fargo & Co. 2,018,535 94,306 
  646,662 
Capital Markets - 0.6%   
Aspirational Consumer Lifestyle Corp. Class A (a)(b) 160,682 1,605 
B3 SA - Brasil Bolsa Balcao 18,143,100 60,734 
BlackRock, Inc. Class A 148,005 129,806 
Charles Schwab Corp. 2,016,685 148,932 
Coinbase Global, Inc. (a)(b) 39,375 9,314 
Edelweiss Financial Services Ltd. 1,770,164 1,592 
The Beauty Health Co. (a) 392,571 5,590 
The Beauty Health Co. (d) 2,884,717 36,971 
  394,544 
Consumer Finance - 0.0%   
American Express Co. 25,498 4,083 
Discover Financial Services 87,511 10,262 
  14,345 
Diversified Financial Services - 0.4%   
Adimab LLC (a)(d)(e)(f) 3,162,765 160,629 
Ant International Co. Ltd. Class C (a)(d)(e) 1,658,265 4,544 
BowX Acquisition Corp. (a)(b) 1,925,686 23,647 
CM Life Sciences II, Inc. unit (a) 20,174 268 
Decarbonization Plus Acquisition Corp. Class A (a)(b) 198,962 1,990 
Social Finance, Inc. (d) 1,031,232 18,701 
  209,779 
Insurance - 0.0%   
Oscar Health, Inc. Class A 936,103 21,265 
TOTAL FINANCIALS  1,286,595 
HEALTH CARE - 15.2%   
Biotechnology - 7.8%   
4D Molecular Therapeutics, Inc. 191,941 5,098 
AbbVie, Inc. 398,243 45,081 
ACADIA Pharmaceuticals, Inc. (a) 6,359,826 142,079 
ADC Therapeutics SA (a) 839,182 18,168 
Akouos, Inc. (a) 1,059,339 13,835 
Akouos, Inc. (c) 362,038 4,728 
Akoya Biosciences, Inc. (a) 164,797 3,431 
Alector, Inc. (a) 1,193,576 21,246 
Allovir, Inc. (a)(b) 2,104,331 49,326 
Alnylam Pharmaceuticals, Inc. (a) 3,829,671 543,775 
ALX Oncology Holdings, Inc. (a) 122,395 6,923 
Amgen, Inc. 612,279 145,686 
Annexon, Inc. (a) 201,528 4,256 
Arcutis Biotherapeutics, Inc. (a) 718,036 18,920 
Argenx SE ADR (a) 526,558 146,904 
Arrowhead Pharmaceuticals, Inc. (a) 88,283 6,409 
Ascendis Pharma A/S sponsored ADR (a) 68,506 9,206 
aTyr Pharma, Inc. (a) 351,728 1,597 
Avidity Biosciences, Inc. (b) 1,043,826 24,780 
Axcella Health, Inc. (a)(g) 2,069,031 6,600 
BeiGene Ltd. ADR (a) 1,465,225 525,298 
BioAtla, Inc. 882,056 37,973 
BioNTech SE ADR (a)(b) 482,793 98,490 
BioXcel Therapeutics, Inc. (a)(b) 738,257 24,385 
Bolt Biotherapeutics, Inc. 241,692 4,232 
BridgeBio Pharma, Inc. (a)(b) 186,186 11,022 
Burning Rock Biotech Ltd. ADR 42,036 1,138 
Calyxt, Inc. (a) 1,244,937 5,366 
Cerevel Therapeutics Holdings (a) 1,881,384 24,684 
ChemoCentryx, Inc. (a) 3,014,132 30,593 
Cibus Corp.:   
Series C (a)(d)(e)(f) 4,523,810 7,962 
Series D (d)(e)(f) 2,741,040 4,824 
Codiak Biosciences, Inc. (g) 1,245,011 28,162 
Connect Biopharma Holdings Ltd. ADR (a) 486,288 7,236 
CRISPR Therapeutics AG (a)(b) 50,642 5,985 
Cyclerion Therapeutics, Inc. (a) 280,154 908 
Cyclerion Therapeutics, Inc. (a)(d) 543,695 1,762 
Day One Biopharmaceuticals, Inc. (a) 203,400 4,819 
Denali Therapeutics, Inc. (a) 348,718 22,175 
Evelo Biosciences, Inc. (a)(g) 2,768,238 37,150 
Exact Sciences Corp. (a) 153,411 16,957 
Exelixis, Inc. (a) 191,811 4,325 
Fate Therapeutics, Inc. (a) 1,884,242 144,333 
Foghorn Therapeutics, Inc. (c) 361,607 3,764 
Foghorn Therapeutics, Inc. 428,709 4,463 
Fusion Pharmaceuticals, Inc. (a) 269,195 2,210 
Gemini Therapeutics, Inc. (b) 179,863 2,212 
Gemini Therapeutics, Inc. (d) 658,627 8,101 
Generation Bio Co. 2,405,853 82,425 
Immunocore Holdings PLC 368,095 14,337 
Immunocore Holdings PLC ADR 241,691 9,909 
Inhibrx, Inc. (a)(b) 609,297 12,893 
Instil Bio, Inc. (a) 506,726 9,020 
Intarcia Therapeutics, Inc. warrants 12/6/24 (a)(e) 156,370 0 
Ionis Pharmaceuticals, Inc. (a)(g) 7,800,364 290,564 
iTeos Therapeutics, Inc. (a) 212,410 4,363 
Karuna Therapeutics, Inc. (a) 1,433,194 160,260 
Keros Therapeutics, Inc. (a) 300,413 16,391 
Kinnate Biopharma, Inc. 289,080 6,788 
Kronos Bio, Inc. (b) 29,744 726 
Kronos Bio, Inc. (c) 284,978 6,956 
Kura Oncology, Inc. (a) 202,923 4,515 
Kymera Therapeutics, Inc. (a) 130,143 6,259 
Lexicon Pharmaceuticals, Inc. (a)(b) 2,919,429 12,816 
Moderna, Inc. (a) 1,523,306 281,827 
Morphic Holding, Inc. (a) 1,058,135 52,230 
Novavax, Inc. (a) 331,857 48,989 
Olema Pharmaceuticals, Inc. (b) 240,077 6,713 
ORIC Pharmaceuticals, Inc. (a) 1,122,625 25,652 
Passage Bio, Inc. (a) 614,782 8,146 
PMV Pharmaceuticals, Inc. (b) 111,580 3,838 
Poseida Therapeutics, Inc. (a) 1,224,743 10,349 
Poseida Therapeutics, Inc. (c) 906,572 7,661 
Praxis Precision Medicines, Inc. 1,659,128 32,502 
Protagonist Therapeutics, Inc. (a) 737,866 25,906 
Prothena Corp. PLC (a) 800,905 23,362 
PTC Therapeutics, Inc. (a) 750,688 29,480 
Recursion Pharmaceuticals, Inc. (a) 231,997 6,115 
Regeneron Pharmaceuticals, Inc. (a) 336,422 169,029 
Relay Therapeutics, Inc. (a) 513,091 16,480 
Repare Therapeutics, Inc. 79,728 2,577 
Repligen Corp. (a) 155,073 28,318 
Revolution Medicines, Inc. (a) 840,923 25,152 
Rigel Pharmaceuticals, Inc. (a)(b)(g) 9,984,034 37,141 
Rubius Therapeutics, Inc. (a)(b)(g) 4,972,001 121,466 
Sage Therapeutics, Inc. (a) 2,503,392 174,236 
Sana Biotechnology, Inc. (b) 56,403 1,183 
Sarepta Therapeutics, Inc. (a) 177,516 13,429 
Scholar Rock Holding Corp. (a) 1,111,610 29,869 
Seagen, Inc. (a) 51,073 7,934 
Seres Therapeutics, Inc. (a)(b) 4,549,387 96,038 
Shattuck Labs, Inc. 1,146,257 31,109 
Sigilon Therapeutics, Inc. 321,145 3,748 
Silverback Therapeutics, Inc. (b) 1,453,037 40,002 
Silverback Therapeutics, Inc. 168,380 4,589 
Springworks Therapeutics, Inc. (a) 1,236,128 100,794 
Spruce Biosciences, Inc. 202,244 2,858 
Stoke Therapeutics, Inc. (a) 710 28 
Synlogic, Inc. (a) 1,703,034 6,369 
Syros Pharmaceuticals, Inc. (a) 1,290,332 8,323 
Syros Pharmaceuticals, Inc. (a)(c) 938,007 6,050 
Syros Pharmaceuticals, Inc. warrants 10/10/22 (a) 108,605 93 
Taysha Gene Therapies, Inc. 1,363,282 30,674 
TG Therapeutics, Inc. (a) 1,277,185 44,535 
Translate Bio, Inc. (a) 2,824,328 50,866 
Turning Point Therapeutics, Inc. (a) 99,500 6,585 
Twist Bioscience Corp. (a) 104,673 11,232 
Ultragenyx Pharmaceutical, Inc. (a) 75,902 7,720 
uniQure B.V. (a) 883,277 30,676 
UNITY Biotechnology, Inc. (a)(b) 1,686,158 7,554 
Vaxcyte, Inc. 1,106,045 23,304 
Vertex Pharmaceuticals, Inc. (a) 157,238 32,805 
Vor Biopharma, Inc. (a)(b) 10,059 212 
Vor Biopharma, Inc. 404,932 8,117 
Xencor, Inc. (a) 910,862 35,032 
Yumanity Therapeutics, Inc. (d) 106,446 1,637 
Yumanity Therapeutics, Inc. 281,898 4,119 
Zai Lab Ltd. ADR (a) 724,528 128,720 
Zentalis Pharmaceuticals, Inc. (a) 397,969 22,227 
  4,862,399 
Health Care Equipment & Supplies - 3.4%   
Abbott Laboratories 364,270 42,492 
Danaher Corp. 777,891 199,249 
DexCom, Inc. (a) 409,811 151,380 
Insulet Corp. (a) 1,724,188 464,962 
Intuitive Surgical, Inc. (a) 271,121 228,333 
Novocure Ltd. (a) 3,335,407 680,423 
Outset Medical, Inc. 1,448,125 69,901 
Penumbra, Inc. (a) 363,168 90,469 
Presbia PLC (a)(e)(g) 1,099,338 143 
Shockwave Medical, Inc. (a) 1,049,504 188,806 
Treace Medical Concepts, Inc. (a) 252,985 8,209 
  2,124,367 
Health Care Providers & Services - 1.4%   
1Life Healthcare, Inc. (a) 1,106,030 40,923 
Alignment Healthcare, Inc. (a) 634,015 15,996 
Alignment Healthcare, Inc. 1,307,238 29,683 
Centene Corp. (a) 702,527 51,706 
Clover Health Investments Corp. Class B 1,665,851 12,091 
Guardant Health, Inc. (a) 83,333 10,343 
Humana, Inc. 113,201 49,548 
Ikena Oncology, Inc. (a) 148,158 2,667 
Oak Street Health, Inc. (a) 890,298 53,765 
Progyny, Inc. (a) 305,447 19,561 
Signify Health, Inc. 152,885 3,868 
UnitedHealth Group, Inc. 1,328,583 547,270 
  837,421 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 1,146,243 2,086 
Life Sciences Tools & Services - 1.6%   
10X Genomics, Inc. (a) 662,137 119,185 
10X Genomics, Inc. Class B (a)(c) 2,870,040 516,607 
AbCellera Biologics, Inc. (b) 26,828 720 
Berkeley Lights, Inc. (a) 2,889 126 
Bruker Corp. 256,744 17,828 
Nanostring Technologies, Inc. (a) 470,019 26,081 
Olink Holding AB ADR (a) 603,104 21,308 
Sartorius Stedim Biotech 427 185 
Seer, Inc. (b) 1,075,050 31,800 
Seer, Inc. 696,611 20,400 
Seer, Inc. Class A (d) 398,162 11,778 
Sotera Health Co. 28,550 688 
Thermo Fisher Scientific, Inc. 170,173 79,896 
WuXi AppTec Co. Ltd. (H Shares) (c) 1,315,635 28,172 
Wuxi Biologics (Cayman), Inc. (a)(c) 9,340,861 145,984 
  1,020,758 
Pharmaceuticals - 1.0%   
4D Pharma PLC (a)(b) 1,842,366 2,570 
Arvinas Holding Co. LLC (a) 212,979 15,492 
Atea Pharmaceuticals, Inc. (b)(g) 4,476,750 91,415 
Bristol-Myers Squibb Co. 470,141 30,898 
Dragonfly Therapeutics, Inc. (a)(d)(e) 481,725 13,320 
Fulcrum Therapeutics, Inc. (a) 844,274 7,539 
Hansoh Pharmaceutical Group Co. Ltd. (c) 2,302,900 10,044 
Harmony Biosciences Holdings, Inc. (a) 1,823,640 58,284 
Harmony Biosciences Holdings, Inc. (c) 38,073 1,217 
Intra-Cellular Therapies, Inc. (a) 3,534,062 139,277 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 253,084 3,429 
Kaleido Biosciences, Inc. (a)(b)(g) 2,446,507 17,566 
Longboard Pharmaceuticals, Inc. (a) 216,973 1,792 
Nektar Therapeutics (a) 1,574,095 28,444 
Nuvation Bio, Inc. (d) 2,125,093 28,708 
Nuvation Bio, Inc. 2,556,752 34,539 
OptiNose, Inc. (a)(b)(g) 2,696,611 8,602 
Pharvaris BV 153,724 3,151 
Pliant Therapeutics, Inc. 607,247 18,254 
Royalty Pharma PLC (a)(d)(e) 9,467 0 
Royalty Pharma PLC (c) 1,213,800 48,698 
Sienna Biopharmaceuticals, Inc. (a)(g) 1,712,642 39 
Skyhawk Therapeutics, Inc. (d)(e) 603,195 9,904 
Stemcentrx, Inc. rights 12/31/21 (a)(e) 2,065,715 0 
Theravance Biopharma, Inc. (a) 1,804,152 31,176 
UCB SA 116,385 10,890 
Vera Therapeutics, Inc. 309,992 4,813 
Vera Therapeutics, Inc. (a) 263,686 4,549 
  624,610 
TOTAL HEALTH CARE  9,471,641 
INDUSTRIALS - 5.8%   
Aerospace & Defense - 0.3%   
Space Exploration Technologies Corp. Class A (a)(d)(e) 418,210 175,644 
The Boeing Co. (a) 86,431 21,350 
  196,994 
Air Freight & Logistics - 0.2%   
FedEx Corp. 71,997 22,665 
United Parcel Service, Inc. Class B 379,072 81,349 
  104,014 
Airlines - 1.8%   
Delta Air Lines, Inc. (a) 3,349,671 159,712 
Frontier Group Holdings, Inc. (a) 823,108 17,549 
JetBlue Airways Corp. (a) 8,865,621 178,199 
Ryanair Holdings PLC sponsored ADR (a) 216,231 25,245 
Southwest Airlines Co. (a) 5,384,161 330,911 
Spirit Airlines, Inc. (a) 1,345,408 48,045 
Sun Country Airlines Holdings, Inc. (a)(b) 107,448 3,997 
United Airlines Holdings, Inc. (a) 1,978,803 115,463 
Wheels Up Partners LLC:   
Series B (a)(d)(f) 6,703,518 26,211 
Series C (d)(f) 3,466,281 13,553 
Series D (d)(f) 2,655,848 10,384 
Wizz Air Holdings PLC (a)(c) 2,476,113 169,664 
  1,098,933 
Building Products - 0.2%   
Resideo Technologies, Inc. (a) 558,740 16,706 
The AZEK Co., Inc. 336,314 14,640 
Trane Technologies PLC 430,589 80,262 
  111,608 
Construction & Engineering - 0.2%   
MasTec, Inc. (a) 1,319,893 153,543 
Electrical Equipment - 0.3%   
AMETEK, Inc. 188,405 25,454 
Eaton Corp. PLC 213,502 31,011 
Emerson Electric Co. 373,260 35,717 
Generac Holdings, Inc. (a) 142,853 46,959 
Rockwell Automation, Inc. 127,050 33,506 
Shoals Technologies Group, Inc. 77,096 2,128 
  174,775 
Industrial Conglomerates - 0.3%   
3M Co. 526,661 106,933 
Honeywell International, Inc. 482,711 111,463 
  218,396 
Machinery - 0.9%   
Caterpillar, Inc. 435,566 105,006 
Cummins, Inc. 197,035 50,693 
Deere & Co. 470,782 169,999 
Fortive Corp. 459,703 33,338 
Illinois Tool Works, Inc. 225,934 52,362 
Ingersoll Rand, Inc. (a) 314,471 15,610 
Xylem, Inc. 876,076 103,482 
  530,490 
Professional Services - 0.0%   
CoStar Group, Inc. (a) 6,214 5,307 
YourPeople, Inc. (a)(e) 17,485,119 143 
  5,450 
Road & Rail - 1.6%   
Avis Budget Group, Inc. (a) 3,382,779 297,076 
CSX Corp. 402,248 40,273 
Kansas City Southern 146,913 43,733 
Lyft, Inc. (a) 1,912,671 109,194 
Uber Technologies, Inc. (a) 5,619,688 285,649 
Union Pacific Corp. 991,450 222,809 
  998,734 
TOTAL INDUSTRIALS  3,592,937 
INFORMATION TECHNOLOGY - 35.6%   
Communications Equipment - 0.5%   
Arista Networks, Inc. (a) 42,390 14,386 
Ciena Corp. (a) 2,255,559 119,251 
Infinera Corp. (a)(b)(g) 11,931,454 114,542 
Lumentum Holdings, Inc. (a) 374,115 30,442 
  278,621 
Electronic Equipment & Components - 0.2%   
908 Devices, Inc. (b) 149,999 6,319 
Arlo Technologies, Inc. (a) 980,624 6,580 
II-VI, Inc. (a)(b) 1,011,927 68,174 
TE Connectivity Ltd. 15,051 2,042 
Trimble, Inc. (a) 798,834 62,141 
Vontier Corp. 91,927 3,225 
  148,481 
IT Services - 5.8%   
Accenture PLC Class A 110,014 31,042 
Actua Corp. (a)(e) 1,410,510 71 
Black Knight, Inc. (a) 385,658 28,303 
MasterCard, Inc. Class A 1,398,912 504,420 
MongoDB, Inc. Class A (a) 21,573 6,298 
Nuvei Corp. (a)(c) 157,646 11,805 
Okta, Inc. (a) 177,537 39,491 
PayPal Holdings, Inc. (a) 3,665,675 953,149 
Riskified Ltd. (a)(d)(e) 719,400 8,273 
Riskified Ltd. warrants (a)(d)(e) 4,733 0 
Shopify, Inc. Class A (a) 943,862 1,157,596 
Snowflake Computing, Inc. 39,186 9,327 
Square, Inc. (a) 1,146,403 255,098 
Twilio, Inc. Class A (a) 17,614 5,918 
Visa, Inc. Class A 2,481,962 564,150 
Wix.com Ltd. (a) 110,343 28,674 
Worldline SA (a)(c) 293,213 28,068 
  3,631,683 
Semiconductors & Semiconductor Equipment - 11.8%   
Advanced Micro Devices, Inc. (a) 4,306,512 344,865 
Applied Materials, Inc. 1,785,075 246,572 
ASML Holding NV 335,224 226,434 
Broadcom, Inc. 117,277 55,393 
Cirrus Logic, Inc. (a) 1,614,356 126,033 
Cree, Inc. (a) 290,652 29,068 
First Solar, Inc. (a) 457,692 34,835 
Intel Corp. 385,308 22,009 
KLA Corp. 240,167 76,107 
Marvell Technology, Inc. 2,693,247 130,084 
Micron Technology, Inc. (a) 1,585,935 133,441 
NVIDIA Corp. 7,893,675 5,129,136 
Qualcomm, Inc. 828,657 111,488 
Silicon Laboratories, Inc. (a)(g) 2,643,997 361,064 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 1,145,047 134,383 
Teradyne, Inc. 263,478 34,871 
Texas Instruments, Inc. 536,637 101,864 
Xilinx, Inc. 207,734 26,382 
  7,324,029 
Software - 10.4%   
ACV Auctions, Inc. Class A (a) 27,108 703 
Adobe, Inc. (a) 714,213 360,378 
Alkami Technology, Inc. (a) 32,526 1,082 
Atlassian Corp. PLC (a) 79,899 18,639 
Autodesk, Inc. (a) 478,424 136,762 
BTRS Holdings, Inc. (a) 9,000 129 
BTRS Holdings, Inc. (d) 608,023 8,695 
Cloudflare, Inc. (a) 5,605,944 460,024 
Coupa Software, Inc. (a) 6,278 1,495 
Crowdstrike Holdings, Inc. (a) 133,250 29,601 
Datadog, Inc. Class A (a) 46,907 4,271 
DocuSign, Inc. (a) 69,522 14,017 
DoubleVerify Holdings, Inc. (a) 162,330 5,988 
Elastic NV (a) 149,595 17,684 
Epic Games, Inc. (d)(e) 51,800 45,843 
HubSpot, Inc. (a) 362,735 182,956 
Intuit, Inc. 337,727 148,293 
Lightspeed POS, Inc. (b) 355,710 25,608 
LivePerson, Inc. (a) 832,187 45,729 
Microsoft Corp. 10,275,635 2,565,621 
Nutanix, Inc. Class A (a) 11,730,539 369,629 
Oracle Corp. 1,590,440 125,231 
Paycom Software, Inc. (a) 59,055 19,465 
Paylocity Holding Corp. (a) 93,472 15,874 
Privia Health Group, Inc. (a) 248,228 8,125 
Procore Technologies, Inc. (a)(b) 62,108 5,367 
RingCentral, Inc. (a) 33,951 8,911 
Salesforce.com, Inc. (a) 6,457,137 1,537,444 
Slack Technologies, Inc. Class A (a) 228,379 10,058 
Stripe, Inc. Class B (a)(d)(e) 205,500 8,246 
The Trade Desk, Inc. (a) 7,395 4,349 
Tuya, Inc. ADR (a)(b) 185,575 4,428 
UiPath, Inc. 761,967 54,738 
UiPath, Inc. Class A (a)(b) 165,293 13,194 
Workday, Inc. Class A (a) 108,911 24,910 
Zendesk, Inc. (a) 860,697 117,623 
Zoom Video Communications, Inc. Class A (a) 177,704 58,914 
Zscaler, Inc. (a) 163,995 31,848 
  6,491,872 
Technology Hardware, Storage & Peripherals - 6.9%   
Apple, Inc. 33,461,942 4,169,693 
Pure Storage, Inc. Class A (a) 6,295,510 119,929 
Samsung Electronics Co. Ltd. 432,375 31,401 
  4,321,023 
TOTAL INFORMATION TECHNOLOGY  22,195,709 
MATERIALS - 1.1%   
Chemicals - 0.4%   
Albemarle Corp. U.S. 49,136 8,210 
Corteva, Inc. 2,714,894 123,528 
Dow, Inc. 348,228 23,826 
DuPont de Nemours, Inc. 777,599 65,777 
The Mosaic Co. 322,226 11,645 
  232,986 
Containers & Packaging - 0.1%   
Ball Corp. 763,053 62,692 
Sealed Air Corp. 632,848 35,984 
  98,676 
Metals & Mining - 0.6%   
Barrick Gold Corp. (Canada) 2,306,477 54,729 
Freeport-McMoRan, Inc. 6,535,405 279,193 
Newmont Corp. 146,629 10,774 
Rio Tinto PLC sponsored ADR (b) 436,719 38,182 
  382,878 
TOTAL MATERIALS  714,540 
REAL ESTATE - 0.3%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
American Tower Corp. 242,262 61,888 
Simon Property Group, Inc. 589,684 75,768 
  137,656 
Real Estate Management & Development - 0.1%   
Compass, Inc. (a) 503,223 6,763 
KE Holdings, Inc. ADR (a) 236,934 12,295 
  19,058 
TOTAL REAL ESTATE  156,714 
TOTAL COMMON STOCKS   
(Cost $18,609,858)  60,904,313 
Preferred Stocks - 1.8%   
Convertible Preferred Stocks - 1.7%   
COMMUNICATION SERVICES - 0.1%   
Diversified Telecommunication Services - 0.1%   
Starry, Inc.:   
Series B (a)(d)(e) 9,869,159 16,580 
Series C (a)(d)(e) 5,234,614 8,794 
Series D (a)(d)(e) 10,743,446 18,049 
Series E3 (d)(e) 4,422,051 7,429 
  50,852 
CONSUMER DISCRETIONARY - 0.4%   
Automobiles - 0.3%   
Bird Rides, Inc. (d) 1,973,049 14,752 
Bird Rides, Inc.:   
Series C1 (d) 348,328 2,604 
Series D (d) 415,100 3,104 
Rad Power Bikes, Inc.:   
Series A (d)(e) 154,174 744 
Series C (d)(e) 606,658 2,926 
Rivian Automotive, Inc.:   
Series E (d)(e) 2,713,913 100,008 
Series F (d)(e) 1,133,878 41,783 
  165,921 
Hotels, Restaurants & Leisure - 0.0%   
MOD Super Fast Pizza Holdings LLC:   
Series 3 (a)(d)(e)(f) 56,343 11,064 
Series 4 (d)(e)(f) 5,142 948 
Series 5 (d)(e)(f) 20,652 3,565 
  15,577 
Internet & Direct Marketing Retail - 0.1%   
GoBrands, Inc. Series G (d)(e) 125,688 31,386 
Instacart, Inc.:   
Series H (d)(e) 72,310 9,039 
Series I (d)(e) 32,756 4,095 
Reddit, Inc.:   
Series B (a)(d)(e) 384,303 16,323 
Series E (d)(e) 24,203 1,028 
  61,871 
Specialty Retail - 0.0%   
Fanatics, Inc. Series E (d)(e) 558,178 19,464 
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc.:   
Series A (a)(d)(e) 121,335 1,308 
Series B (a)(d)(e) 21,315 230 
Series C (a)(d)(e) 203,730 2,196 
Series D (a)(d)(e) 260,897 2,812 
Series Seed (a)(d)(e) 406,151 4,378 
Freenome, Inc. Series C (d)(e) 900,884 7,072 
Nuvalent, Inc. Series B (d)(e) 1,875,595 3,882 
  21,878 
TOTAL CONSUMER DISCRETIONARY  284,711 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
Blink Health, Inc. Series C (a)(d)(e) 848,988 27,711 
Sweetgreen, Inc.:   
Series C (a)(d)(e) 5,291 70 
Series D (a)(d)(e) 85,105 1,119 
Series H (a)(d)(e) 705,259 9,274 
Series I (a)(d)(e) 200,582 2,638 
Series J (d)(e) 168,563 2,217 
  43,029 
Food Products - 0.0%   
Agbiome LLC Series C (a)(d)(e) 1,060,308 6,716 
Bowery Farming, Inc. Series C1 (d)(e) 130,916 7,888 
  14,604 
Tobacco - 0.0%   
JUUL Labs, Inc. Series E (a)(d)(e) 22,033 1,231 
TOTAL CONSUMER STAPLES  58,864 
FINANCIALS - 0.1%   
Diversified Financial Services - 0.1%   
Paragon Biosciences Emalex Capital, Inc.:   
Series B (a)(d)(e) 416,094 4,452 
Series C (d)(e) 559,977 5,992 
Sonder Holdings, Inc.:   
Series D1 (d) 965,896 13,657 
Series E (a)(d) 1,478,345 20,902 
  45,003 
HEALTH CARE - 0.4%   
Biotechnology - 0.3%   
23andMe, Inc. Series F (a)(d) 590,383 11,903 
Adagio Theraputics, Inc.:   
Series A (d)(e) 413,930 32,322 
Series B (d)(e) 149,500 11,674 
Series C (d)(e) 237,437 18,540 
Ambrx, Inc.:   
Series A (d)(e) 1,353,862 2,789 
Series B (d)(e) 1,218,475 2,510 
Bright Peak Therapeutics AG Series B (d)(e) 1,272,915 4,972 
Caris Life Sciences, Inc. Series D (d)(e) 1,235,035 10,004 
Element Biosciences, Inc. Series B (a)(d)(e) 1,096,312 8,244 
ElevateBio LLC Series C (d)(e) 1,534,100 6,436 
EQRx, Inc. Series B (d)(e) 6,908,598 22,937 
Inscripta, Inc.:   
Series D (d)(e) 1,690,173 14,924 
Series E (d)(e) 1,086,476 9,594 
Intarcia Therapeutics, Inc.:   
Series CC (a)(d)(e) 1,051,411 0 
Series DD (a)(d)(e) 1,543,687 0 
National Resilience, Inc. Series B (d)(e) 1,277,345 17,449 
Omega Therapeutics, Inc. Series C (d)(e) 1,698,709 5,096 
  179,394 
Health Care Equipment & Supplies - 0.0%   
Kardium, Inc. Series D6 (d)(e) 5,899,008 5,992 
Health Care Providers & Services - 0.0%   
Boundless Bio, Inc. Series B (d)(e) 2,899,016 3,914 
Conformal Medical, Inc. Series C (d)(e) 1,067,180 4,664 
Scorpion Therapeutics, Inc. Series B (d)(e) 1,325,354 3,207 
  11,785 
Health Care Technology - 0.0%   
Aledade, Inc. Series B1 (d)(e) 101,470 3,885 
PrognomIQ, Inc.:   
Series A5 (d)(e) 372,687 1,245 
Series B (d)(e) 1,111,446 3,712 
  8,842 
Pharmaceuticals - 0.1%   
Castle Creek Pharmaceutical Holdings, Inc.:   
Series B (a)(d)(e) 16,803 11,009 
Series C (a)(d)(e) 13,100 8,583 
Nohla Therapeutics, Inc. Series B (a)(d)(e) 9,124,200 0 
  19,592 
TOTAL HEALTH CARE  225,605 
INDUSTRIALS - 0.2%   
Aerospace & Defense - 0.2%   
Space Exploration Technologies Corp. Series G (a)(d)(e) 216,276 90,834 
Construction & Engineering - 0.0%   
Beta Technologies, Inc. Series A (d)(e) 54,111 3,965 
Transportation Infrastructure - 0.0%   
Delhivery Pvt Ltd. Series H (d)(e) 29,691 14,598 
TOTAL INDUSTRIALS  109,397 
INFORMATION TECHNOLOGY - 0.3%   
Communications Equipment - 0.0%   
Xsight Labs Ltd. Series D (d)(e) 787,863 6,300 
Electronic Equipment & Components - 0.0%   
Enevate Corp. Series E (d)(e) 4,067,736 4,510 
IT Services - 0.1%   
AppNexus, Inc. Series E (Escrow) (a)(d)(e) 923,523 29 
ByteDance Ltd. Series E1 (d)(e) 403,450 44,208 
Riskified Ltd.:   
Series D (d)(e) 157,100 1,807 
Series E (a)(d)(e) 564,050 6,487 
  52,531 
Semiconductors & Semiconductor Equipment - 0.0%   
SiMa Ai Series B (d)(e) 1,596,216 8,184 
Tenstorrent, Inc. Series C1 (d)(e) 92,100 5,476 
  13,660 
Software - 0.2%   
Databricks, Inc. Series G (d)(e) 83,432 14,798 
Dataminr, Inc. Series D (a)(d)(e) 1,773,901 78,052 
Evozyne LLC Series A (d)(e) 444,700 9,992 
Jet.Com, Inc. Series B1 (Escrow) (a)(d)(e) 7,578,338 0 
Nuvia, Inc. Series B (d) 1,235,787 1,010 
Stripe, Inc. Series H (d)(e) 88,200 3,539 
Taboola.com Ltd. Series E (a)(d) 1,337,420 31,015 
  138,406 
TOTAL INFORMATION TECHNOLOGY  215,407 
MATERIALS - 0.1%   
Metals & Mining - 0.1%   
Diamond Foundry, Inc. Series C (d)(e) 1,704,625 40,911 
UTILITIES - 0.0%   
Independent Power and Renewable Electricity Producers - 0.0%   
Redwood Materials Series C (d)(e) 80,057 3,795 
TOTAL CONVERTIBLE PREFERRED STOCKS  1,034,545 
Nonconvertible Preferred Stocks - 0.1%   
COMMUNICATION SERVICES - 0.0%   
Diversified Telecommunication Services - 0.0%   
Starry, Inc. Series E1 (d)(e) 1,350,488 2,269 
CONSUMER DISCRETIONARY - 0.0%   
Automobiles - 0.0%   
Neutron Holdings, Inc. Series 1D (d)(e) 17,893,728 245 
Waymo LLC Series A2 (d)(e) 44,767 3,844 
  4,089 
Specialty Retail - 0.0%   
Cazoo Holdings Ltd.:   
Series A (d) 7,316 223 
Series B (d) 128,092 3,910 
Series C (d) 2,600 79 
Series D (d) 457,593 13,966 
  18,178 
TOTAL CONSUMER DISCRETIONARY  22,267 
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(d)(e) 46,864 30,705 
Faraday Pharmaceuticals, Inc. Series B (a)(d)(e) 641,437 1,328 
  32,033 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  56,569 
TOTAL PREFERRED STOCKS   
(Cost $818,159)  1,091,114 
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Automobiles - 0.0%   
Neutron Holdings, Inc.:   
4% 5/22/27 (d)(e) 3,596 3,596 
4% 6/12/27 (d)(e) 743 743 
  4,339 
Textiles, Apparel & Luxury Goods - 0.0%   
AbSci Corp. 6% (e)(h) 10,113 10,113 
TOTAL CONSUMER DISCRETIONARY  14,452 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
The Real Good Food Co. LLC 1% (d)(e)(h) 5,922 5,922 
FINANCIALS - 0.0%   
Diversified Financial Services - 0.0%   
Sonder Holdings, Inc. 0% (d)(e)(h) 7,909 7,909 
TOTAL CONVERTIBLE BONDS   
(Cost $28,283)  28,283 
Preferred Securities - 0.1%   
CONSUMER DISCRETIONARY - 0.0%   
Internet & Direct Marketing Retail - 0.0%   
Circle Internet Financial Ltd. 0% (d)(e)(h) 9,813 9,813 
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
Intarcia Therapeutics, Inc. 6% 7/18/21 (d)(e) 13,682 19,262 
Health Care Equipment & Supplies - 0.0%   
Kardium, Inc. 0% (d)(e)(h) 8,368 8,368 
TOTAL HEALTH CARE  27,630 
INFORMATION TECHNOLOGY - 0.0%   
Electronic Equipment & Components - 0.0%   
Enevate Corp. 0% 1/29/23 (d)(e) 1,732 1,732 
Semiconductors & Semiconductor Equipment - 0.0%   
Tenstorrent, Inc. 0% (d)(e)(h) 5,120 5,120 
TOTAL INFORMATION TECHNOLOGY  6,852 
TOTAL PREFERRED SECURITIES   
(Cost $38,715)  44,295 
 Shares Value (000s) 
Money Market Funds - 1.4%   
Fidelity Cash Central Fund 0.03% (i) 138,273,234 138,301 
Fidelity Securities Lending Cash Central Fund 0.03% (i)(j) 757,411,579 757,487 
TOTAL MONEY MARKET FUNDS   
(Cost $895,784)  895,788 
TOTAL INVESTMENT IN SECURITIES - 101.1%   
(Cost $20,390,799)  62,963,793 
NET OTHER ASSETS (LIABILITIES) - (1.1)%  (694,204) 
NET ASSETS - 100%  $62,269,589 

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) 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 $1,026,418,000 or 1.6% of net assets.

 (d) Restricted securities (including private placements) - 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 $1,986,557,000 or 3.2% of net assets.

 (e) Level 3 security

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

 (g) Affiliated company

 (h) Security is perpetual in nature with no stated maturity date.

 (i) 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.

 (j) 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) 
23andMe, Inc. Series F 8/31/17 $8,197 
Adagio Theraputics, Inc. Series A 7/15/20 $3,311 
Adagio Theraputics, Inc. Series B 11/4/20 $8,480 
Adagio Theraputics, Inc. Series C 4/16/21 $18,540 
Adimab LLC 9/17/14 - 6/5/15 $47,869 
Agbiome LLC Series C 6/29/18 $6,716 
Aledade, Inc. Series B1 5/7/21 $3,885 
Allbirds, Inc. 10/9/18 $3,372 
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 
Allbirds, Inc. Series D 12/23/19 $3,362 
Allbirds, Inc. Series Seed 10/9/18 - 1/23/20 $4,077 
Ambrx, Inc. Series A 11/6/20 $2,116 
Ambrx, Inc. Series B 11/6/20 $2,116 
Ant International Co. Ltd. Class C 5/16/18 $9,303 
AppHarvest, Inc. 1/29/21 $16,758 
AppNexus, Inc. Series E (Escrow) 8/1/14 $0 
Arrival Group 3/24/21 $33,251 
Beta Technologies, Inc. Series A 4/9/21 $3,965 
Bird Rides, Inc. 2/12/21 - 4/20/21 $10,139 
Bird Rides, Inc. Series C1 12/21/18 $4,091 
Bird Rides, Inc. Series D 9/30/19 $5,362 
Blink Health, Inc. Series A1 12/30/20 $4,699 
Blink Health, Inc. Series C 11/7/19 - 1/21/21 $32,410 
Boundless Bio, Inc. Series B 4/23/21 $3,914 
Bowery Farming, Inc. Series C1 5/18/21 $7,888 
Bright Peak Therapeutics AG Series B 5/14/21 $4,972 
BTRS Holdings, Inc. 1/12/21 $6,080 
ByteDance Ltd. Series E1 11/18/20 $44,208 
Caris Life Sciences, Inc. Series D 5/11/21 $10,004 
Castle Creek Pharmaceutical Holdings, Inc. Series A4 9/29/16 $15,506 
Castle Creek Pharmaceutical Holdings, Inc. Series B 10/9/18 $6,920 
Castle Creek Pharmaceutical Holdings, Inc. Series C 12/9/19 $5,395 
Cazoo Holdings Ltd. 9/30/20 $3,072 
Cazoo Holdings Ltd. Series A 9/30/20 $100 
Cazoo Holdings Ltd. Series B 9/30/20 $1,756 
Cazoo Holdings Ltd. Series C 9/30/20 $36 
Cazoo Holdings Ltd. Series D 9/30/20 $6,274 
Cibus Corp. Series C 2/16/18 $9,500 
Cibus Corp. Series D 5/10/19 3,426 
Circle Internet Financial Ltd. 0% 5/11/21 $9,813 
Conformal Medical, Inc. Series C 7/24/20 $3,913 
Cyclerion Therapeutics, Inc. 4/2/19 $8,052 
Databricks, Inc. Series G 2/1/21 $14,798 
Dataminr, Inc. Series D 2/18/15 - 3/6/15 $22,617 
Delhivery Pvt Ltd. Series H 5/20/21 $14,493 
Diamond Foundry, Inc. Series C 3/15/21 $40,911 
Dragonfly Therapeutics, Inc. 12/19/19 $12,746 
Element Biosciences, Inc. Series B 12/13/19 $5,745 
ElevateBio LLC Series C 3/9/21 $6,436 
Enevate Corp. Series E 1/29/21 $4,510 
Enevate Corp. 0% 1/29/23 1/29/21 $1,732 
Epic Games, Inc. 7/13/20 - 7/30/20 $29,785 
EQRx, Inc. Series B 11/19/20 $18,943 
Evozyne LLC Series A 4/9/21 $9,992 
Fanatics, Inc. Series E 8/13/20 $9,651 
Faraday Pharmaceuticals, Inc. Series B 12/30/19 $843 
Freenome, Inc. Series C 8/14/20 $5,958 
Gemini Therapeutics, Inc. 2/5/21 $6,586 
GoBrands, Inc. Series G 3/2/21 $31,386 
Inscripta, Inc. Series D 11/13/20 $7,724 
Inscripta, Inc. Series E 3/30/21 $9,594 
Instacart, Inc. Series H 11/13/20 $4,339 
Instacart, Inc. Series I 2/26/21 $4,095 
Intarcia Therapeutics, Inc. Series CC 11/14/12 $14,331 
Intarcia Therapeutics, Inc. Series DD 3/17/14 $50,000 
Intarcia Therapeutics, Inc. 6% 7/18/21 2/26/19 $13,682 
Jet.Com, Inc. Series B1 (Escrow) 3/19/18 $0 
JUUL Labs, Inc. Class A 7/6/18 $1,299 
JUUL Labs, Inc. Series E 7/6/18 $650 
Kardium, Inc. Series D6 12/30/20 $5,992 
Kardium, Inc. 0% 12/30/20 $8,368 
Lordstown Motors Corp. 10/23/20 $11,269 
MOD Super Fast Pizza Holdings LLC Series 3 11/3/16 $7,719 
MOD Super Fast Pizza Holdings LLC Series 4 12/14/17 720 
MOD Super Fast Pizza Holdings LLC Series 5 5/15/19 2,943 
National Resilience, Inc. Series B 12/1/20 $17,449 
Neutron Holdings, Inc. Series 1D 1/25/19 $4,339 
Neutron Holdings, Inc. 4% 5/22/27 6/4/20 $3,596 
Neutron Holdings, Inc. 4% 6/12/27 6/12/20 $743 
Nohla Therapeutics, Inc. Series B 5/1/18 $4,161 
Nuvalent, Inc. Series B 4/30/21 $3,882 
Nuvation Bio, Inc. 2/10/21 $21,251 
Nuvia, Inc. Series B 3/16/21 $1,010 
Omega Therapeutics, Inc. Series C 3/17/21 $5,096 
On Holding AG 2/6/20 $8,202 
Paragon Biosciences Emalex Capital, Inc. Series B 9/18/19 $4,240 
Paragon Biosciences Emalex Capital, Inc. Series C 2/26/21 $5,992 
PrognomIQ, Inc. Series A5 8/20/20 $225 
PrognomIQ, Inc. Series B 9/11/20 $2,540 
Rad Power Bikes, Inc. 1/21/21 $5,705 
Rad Power Bikes, Inc. Series A 1/21/21 $744 
Rad Power Bikes, Inc. Series C 1/21/21 $2,926 
Reddit, Inc. Series B 7/26/17 $5,456 
Reddit, Inc. Series E 5/18/21 $1,028 
Redwood Materials Series C 5/28/21 $3,795 
Riskified Ltd. 12/20/19 - 4/15/20 $6,506 
Riskified Ltd. Series D 11/18/20 $1,807 
Riskified Ltd. Series E 10/28/19 $5,367 
Riskified Ltd. warrants 10/28/19 $0 
Rivian Automotive, Inc. Series E 7/10/20 $42,039 
Rivian Automotive, Inc. Series F 1/19/21 $41,783 
Royalty Pharma PLC 5/21/15 $1,116 
Rush Street Interactive, Inc. 12/29/20 $4,471 
Scorpion Therapeutics, Inc. Series B 1/8/21 $3,207 
Seer, Inc. Class A 12/8/20 $7,565 
SiMa Ai Series B 5/10/21 $8,184 
Skyhawk Therapeutics, Inc. 5/21/21 $9,904 
Social Finance, Inc. 1/7/21 $10,312 
Sonder Holdings, Inc. Series D1 12/20/19 $10,138 
Sonder Holdings, Inc. Series E 4/3/20 - 5/6/20 $15,917 
Sonder Holdings, Inc. 0% 3/18/21 $7,909 
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 
Starry, Inc. Series D 3/6/19 - 7/30/20 $15,363 
Starry, Inc. Series E1 9/4/20 $1,900 
Starry, Inc. Series E3 3/31/21 $7,429 
Stripe, Inc. Class B 5/18/21 $8,246 
Stripe, Inc. Series H 3/15/21 $3,539 
Sweetgreen, Inc. warrants 1/21/26 1/21/21 $0 
Sweetgreen, Inc. Series C 9/13/19 $90 
Sweetgreen, Inc. Series D 9/13/19 $1,455 
Sweetgreen, Inc. Series H 11/9/18 $9,197 
Sweetgreen, Inc. Series I 9/13/19 $3,430 
Sweetgreen, Inc. Series J 1/21/21 $2,882 
Taboola.com Ltd. Series E 12/22/14 $13,943 
Tenstorrent, Inc. Series C1 4/23/21 $5,476 
Tenstorrent, Inc. 0% 4/23/21 $5,120 
The Beauty Health Co. 12/8/20 $28,847 
The Real Good Food Co. LLC 1% 5/7/21 $5,922 
Tory Burch LLC Class A 5/14/15 67,653 
Tory Burch LLC Class B 12/31/12 $17,505 
Waymo LLC Series A2 5/8/20 $3,844 
Wheels Up Partners LLC Series B 9/8/15 $19,040 
Wheels Up Partners LLC Series C 6/22/17 10,815 
Wheels Up Partners LLC Series D 5/16/19 9,242 
Xsight Labs Ltd. Series D 2/16/21 $6,300 
Yumanity Therapeutics, Inc. 12/22/20 $2,448 
Zomato Pvt Ltd. 12/9/20 - 2/10/21 $22,350 

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 $35 
Fidelity Securities Lending Cash Central Fund 2,193 
Total $2,228 

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

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 
Atea Pharmaceuticals, Inc. $63,032 $165,631 $11,061 $-- $5,363 $(131,550) $91,415 
Axcella Health, Inc. 12,628 47 753 -- 68 (5,390) 6,600 
Codiak Biosciences, Inc. 4,834 3,961 963 -- 555 3,252 28,162 
Codiak Biosciences, Inc. 8,610 -- -- -- -- 7,913 -- 
Evelo Biosciences, Inc. 11,502 8,358 2,612 -- 1,617 18,285 37,150 
Infinera Corp. 106,561 2,211 8,827 -- 2,967 11,630 114,542 
Ionis Pharmaceuticals, Inc. 407,063 14,013 29,120 -- 19,246 (120,638) 290,564 
Kaleido Biosciences, Inc. 12,184 12,138 1,389 -- 208 (5,575) 17,566 
Karuna Therapeutics, Inc. 153,778 -- 11,909 -- 10,649 7,742 -- 
OptiNose, Inc. 11,589 131 785 -- (311) (2,022) 8,602 
Presbia PLC 12 -- -- -- -- 131 143 
QuantumScape Corp. 73,528 -- -- -- -- (56,145) -- 
Rigel Pharmaceuticals, Inc. 28,642 6,415 2,934 -- 248 4,770 37,141 
Rubius Therapeutics, Inc. 27,590 16,545 5,980 -- 3,485 79,826 121,466 
Rush Street Interactive, Inc. 23,402 -- 1,841 -- 738 (5,411) -- 
Sienna Biopharmaceuticals, Inc. 11 -- 3 -- (1,055) 1,086 39 
Silicon Laboratories, Inc. 329,384 10,238 32,886 -- 18,206 36,122 361,064 
Total $1,274,350 $239,688 $111,063 $-- $61,984 $(155,974) $1,114,454 

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

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2021, 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 $8,010,417 $7,957,296 $-- $53,121 
Consumer Discretionary 13,903,265 13,403,814 122,139 377,312 
Consumer Staples 1,460,093 1,365,931 26,507 67,655 
Energy 531,365 526,849 4,516 -- 
Financials 1,331,598 1,044,485 111,496 175,617 
Health Care 9,729,279 9,273,999 173,392 281,888 
Industrials 3,702,334 3,367,002 50,148 285,184 
Information Technology 22,411,116 22,079,548 85,753 245,815 
Materials 755,451 714,540 -- 40,911 
Real Estate 156,714 156,714 -- -- 
Utilities 3,795 -- -- 3,795 
Corporate Bonds 28,283 -- -- 28,283 
Preferred Securities 44,295 -- -- 44,295 
Money Market Funds 895,788 895,788 -- -- 
Total Investments in Securities: $62,963,793 $60,785,966 $573,951 $1,603,876 
Net unrealized appreciation on unfunded commitments $5,248 $-- $5,248 $-- 

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 $1,187,293 
Net Realized Gain (Loss) on Investment Securities 475 
Net Unrealized Gain (Loss) on Investment Securities 243,208 
Cost of Purchases 422,871 
Proceeds of Sales (8,344) 
Amortization/Accretion -- 
Transfers into Level 3 15,866 
Transfers out of Level 3 (257,493) 
Ending Balance $1,603,876 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2021 $240,687 

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. Cost of purchases and proceeds of sales may include securities received and/or 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 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

Amounts in thousands (except per-share amounts)  May 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $721,283) — See accompanying schedule:
Unaffiliated issuers (cost $18,287,328) 		$60,953,551  
Fidelity Central Funds (cost $895,784) 895,788  
Other affiliated issuers (cost $1,207,687) 1,114,454  
Total Investment in Securities (cost $20,390,799)  $62,963,793 
Cash  243 
Restricted cash  100 
Foreign currency held at value (cost $1,781)  1,781 
Receivable for investments sold  101,938 
Receivable for fund shares sold  20,899 
Dividends receivable  21,870 
Interest receivable  300 
Distributions receivable from Fidelity Central Funds  166 
Prepaid expenses  11 
Net unrealized appreciation on unfunded commitments  15,355 
Other receivables  3,119 
Total assets  63,129,575 
Liabilities   
Payable for investments purchased $13,928  
Payable for fund shares redeemed 30,975  
Accrued management fee 34,791  
Net unrealized depreciation on unfunded commitments 10,107  
Other affiliated payables 5,118  
Other payables and accrued expenses 7,637  
Collateral on securities loaned 757,430  
Total liabilities  859,986 
Net Assets  $62,269,589 
Net Assets consist of:   
Paid in capital  $12,133,870 
Total accumulated earnings (loss)  50,135,719 
Net Assets  $62,269,589 
Net Asset Value and Maximum Offering Price   
Growth Company:   
Net Asset Value, offering price and redemption price per share ($46,466,734 ÷ 1,311,981 shares)  $35.42 
Class K:   
Net Asset Value, offering price and redemption price per share ($15,802,855 ÷ 444,897 shares)  $35.52 

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


Statement of Operations

Amounts in thousands  Six months ended May 31, 2021 (Unaudited) 
Investment Income   
Dividends  $122,293 
Interest  215 
Income from Fidelity Central Funds (including $2,193 from security lending)  2,228 
Total income  124,736 
Expenses   
Management fee   
Basic fee $165,588  
Performance adjustment 47,133  
Transfer agent fees 29,301  
Accounting fees 1,311  
Custodian fees and expenses 434  
Independent trustees' fees and expenses 124  
Registration fees 219  
Audit 95  
Legal 47  
Interest 16  
Miscellaneous 128  
Total expenses before reductions 244,396  
Expense reductions (666)  
Total expenses after reductions  243,730 
Net investment income (loss)  (118,994) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $31) 7,848,893  
Fidelity Central Funds 1  
Other affiliated issuers 61,984  
Total net realized gain (loss)  7,910,878 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,564) (688,736)  
Affiliated issuers (155,974)  
Unfunded commitments 5,248  
Assets and liabilities in foreign currencies 118  
Total change in net unrealized appreciation (depreciation)  (839,344) 
Net gain (loss)  7,071,534 
Net increase (decrease) in net assets resulting from operations  $6,952,540 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended May 31, 2021 (Unaudited) Year ended November 30, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(118,994) $(187,229) 
Net realized gain (loss) 7,910,878 7,974,239 
Change in net unrealized appreciation (depreciation) (839,344) 17,941,115 
Net increase (decrease) in net assets resulting from operations 6,952,540 25,728,125 
Distributions to shareholders (5,205,937) (1,648,937) 
Share transactions - net increase (decrease) (1,458,443) (5,730,222) 
Total increase (decrease) in net assets 288,160 18,348,966 
Net Assets   
Beginning of period 61,981,429 43,632,463 
End of period $62,269,589 $61,981,429 

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


Financial Highlights

Fidelity Growth Company Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2021 2020 2019 2018 A 2017 A 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $34.49 $21.54 $18.79 $18.53 $14.28 $14.35 
Income from Investment Operations       
Net investment income (loss)B (.07) (.10) (.04) (.01)C (.01) .01 
Net realized and unrealized gain (loss) 3.91 13.87 3.81 1.12 5.08 .47 
Total from investment operations 3.84 13.77 3.77 1.11 5.07 .48 
Distributions from net investment income – – – – (.01) – 
Distributions from net realized gain (2.91) (.82) (1.02) (.85) (.81) (.55) 
Total distributions (2.91) (.82) (1.02) (.85) (.82) (.55) 
Net asset value, end of period $35.42 $34.49 $21.54 $18.79 $18.53 $14.28 
Total ReturnD,E 11.79% 66.23% 22.05% 6.19% 37.34% 3.48% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .80%H .83% .83% .85% .85% .77% 
Expenses net of fee waivers, if any .80%H .83% .83% .85% .85% .77% 
Expenses net of all reductions .79%H .83% .83% .85% .85% .77% 
Net investment income (loss) (.40)%H (.41)% (.20)% (.07)%C (.04)% .07% 
Supplemental Data       
Net assets, end of period (in millions) $46,467 $43,533 $28,861 $25,615 $25,256 $21,114 
Portfolio turnover rateI,J 18%H 18% 16% 18% 15% 19% 

 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 one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.19) %.

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

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

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Growth Company Fund Class K

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2021 2020 2019 2018 A 2017 A 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $34.57 $21.57 $18.80 $18.52 $14.27 $14.34 
Income from Investment Operations       
Net investment income (loss)B (.06) (.08) (.02) –C,D .01 .02 
Net realized and unrealized gain (loss) 3.92 13.90 3.81 1.13 5.07 .47 
Total from investment operations 3.86 13.82 3.79 1.13 5.08 .49 
Distributions from net investment income – – – –D (.02) (.01) 
Distributions from net realized gain (2.91) (.82) (1.02) (.85) (.81) (.55) 
Total distributions (2.91) (.82) (1.02) (.85) (.83) (.56) 
Net asset value, end of period $35.52 $34.57 $21.57 $18.80 $18.52 $14.27 
Total ReturnE,F 11.82% 66.37% 22.15% 6.28% 37.47% 3.59% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .73%I .75% .75% .76% .75% .66% 
Expenses net of fee waivers, if any .73%I .75% .75% .76% .75% .66% 
Expenses net of all reductions .73%I .75% .75% .76% .75% .66% 
Net investment income (loss) (.33)%I (.33)% (.12)% .02%C .06% .17% 
Supplemental Data       
Net assets, end of period (in millions) $15,803 $18,449 $14,772 $15,468 $16,416 $14,739 
Portfolio turnover rateJ,K 18%I 18% 16% 18% 15% 19% 

 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 one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), 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 for periods of less than one year are not annualized.

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

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

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2021
(Amounts in thousands except percentages)

1. Organization.

Fidelity Growth Company Fund (the Fund) is a fund of Fidelity Mt. Vernon Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Growth Company and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% to .01% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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. 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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) 
Equities $1,531,185 Market comparable Enterprise value/Sales multiple (EV/S) 1.0 – 5.7 /3.9 Increase 
   Discount Rate 52.9% - 85.7% / 53.6% Decrease 
   Premium Rate 7.8% - 45.9% / 29.1% Increase 
   Discount for lack of marketability 10.0% - 15.0% / 12.8% Decrease 
   Price/Earnings multiple (P/E) 12.6 Increase 
  Recovery value Recovery value $100.00 Increase 
  Market Approach Transaction price
Premium rate 		$0.00 - $885.00 / $148.78
4.5% - 59.0% / 35.6% 		Increase
Increase 
Corporate Bonds $28,283 Market approach Transaction price $100.00 Increase 
Preferred Securities $42,436 Recovery value
Market approach 		Recovery value
Transaction price 		127.2%
$100.00 		Increase
Increase 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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. 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 a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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 certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Growth Company Fund $2,875 

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

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, net operating losses, certain deemed distributions, partnerships, deferred Trustees compensation, losses deferred due to wash sales and excise tax regulations.

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 $43,806,100 
Gross unrealized depreciation (1,416,952) 
Net unrealized appreciation (depreciation) $42,389,148 
Tax cost $20,574,645 

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.

Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

 $ Amount % of Net Assets 
Fidelity Growth Company Fund 295,575 .47 

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Growth Company Fund 5,615,887 8,689,130 

Unaffiliated Redemptions In-Kind. During the period, 114,530 shares of the Fund were redeemed in-kind for investments and cash with a value of $3,874,955. The net realized gain of $3,064,109 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. 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.

Prior Fiscal Year Unaffiliated Redemptions In-Kind. During the prior period, 112,516 shares of the Fund were redeemed in-kind for investments and cash, with a value of $2,738,777. The Fund had a net realized gain of $2,099,949 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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 .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. 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 the Fund as compared to its benchmark index, the Russell 3000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .68% 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 LLC (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 the respective classes of the Fund, 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(a) 
Growth Company $25,625 .11 
Class K 3,676 .04 
 $29,301  

 (a) Annualized

Accounting 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. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Growth Company Fund –(a) 

 (a) Amount represents less than .005%.

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Growth Company Fund $129 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. 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 
Fidelity Growth Company Fund Borrower $55,122 .33% $15 

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

 Purchases ($) Sales ($) 
Fidelity Growth Company Fund 540,619 761,954 

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Growth Company Fund $62 

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the 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. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Growth Company Fund $231 $71 $394 

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

 Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Growth Company Fund $35,670 .59% $1 

9. 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 expenses. This amount totaled $570 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, custodian credits reduced the Fund's expenses by $1.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $95.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
May 31, 2021 		Year ended
November 30, 2020 
Fidelity Growth Company Fund   
Distributions to shareholders   
Growth Company $3,659,612 $1,096,909 
Class K 1,546,325 552,028 
Total $5,205,937 $1,648,937 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended May 31, 2021 Year ended November 30, 2020 Six months ended May 31, 2021 Year ended November 30, 2020 
Fidelity Growth Company Fund     
Growth Company     
Shares sold 68,336 143,233 $2,357,967 $3,580,444 
Reinvestment of distributions 101,682 46,565 3,344,306 1,001,606 
Shares redeemed (120,195)(a) (267,601)(b) (4,119,294)(a) (6,549,853)(b) 
Net increase (decrease) 49,823 (77,803) $1,582,979 $(1,967,803) 
Class K     
Shares sold 49,350 159,559 $1,713,523 $3,999,040 
Reinvestment of distributions 46,864 25,606 1,545,583 551,818 
Shares redeemed (184,955)(a) (336,337)(b) (6,300,528)(a) (8,313,277)(b) 
Net increase (decrease) (88,741) (151,172) $(3,041,422) $(3,762,419) 

 (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 Unaffiliated Redemptions In-Kind note for additional details).

12. Other.

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.

13. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2020 to May 31, 2021).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2020 		Ending
Account Value
May 31, 2021 		Expenses Paid
During Period-B
December 1, 2020
to May 31, 2021 
Fidelity Growth Company Fund     
Growth Company .80%    
Actual  $1,000.00 $1,117.90 $4.22 
Hypothetical-C  $1,000.00 $1,020.94 $4.03 
Class K .73%    
Actual  $1,000.00 $1,118.20 $3.86 
Hypothetical-C  $1,000.00 $1,021.29 $3.68 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Growth Company Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its January 2021 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for four months from February 1, 2021 through May 31, 2021, in connection with changes to the Board's meeting calendar. 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 also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board also considered the findings of certain ad hoc committees that had been previously formed to discuss matters relevant to all of the Fidelity funds, including economies of scale, fall-out benefits and retail vs. institutional funds. 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 May 31, 2021, with the understanding that the Board will consider the annual renewal for a full one year period in May 2021.

At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Growth Company Fund


The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.

Fidelity Growth Company Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the total expense ratio of the retail class ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board also considered that although the fund is partially closed to new investors, it continues to incur investment management expenses, and marketing and distribution expenses related to the retention of existing shareholders and assets. The Board further noted that the fund may continue to realize benefits from the group fee structure, even though assets may not be expected to grow significantly at the fund level. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

GCF-SANN-0721
1.704741.123

Fidelity® New Millennium Fund®



Semi-Annual Report

May 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


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. © 2021 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2021

 % of fund's net assets 
General Electric Co. 4.6 
Wells Fargo & Co. 3.4 
Bristol-Myers Squibb Co. 2.3 
Comcast Corp. Class A 2.2 
Exxon Mobil Corp. 2.2 
Bank of America Corp. 2.1 
PNC Financial Services Group, Inc. 1.9 
American International Group, Inc. 1.8 
Hess Corp. 1.6 
UnitedHealth Group, Inc. 1.4 
 23.5 

Top Five Market Sectors as of May 31, 2021

 % of fund's net assets 
Financials 18.2 
Health Care 15.5 
Industrials 14.4 
Consumer Discretionary 13.6 
Energy 9.4 

Asset Allocation (% of fund's net assets)

As of May 31, 2021* 
   Stocks 96.8% 
   Convertible Securities 0.9% 
   Other Investments 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.2% 


 * Foreign investments - 17.8%

Schedule of Investments May 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 5.7%   
Diversified Telecommunication Services - 1.2%   
Verizon Communications, Inc. 610,600 $34,493 
Media - 4.5%   
Comcast Corp. Class A 1,114,400 63,900 
Endeavor Group Holdings, Inc. (a) 758,230 20,233 
Interpublic Group of Companies, Inc. 670,000 22,572 
Omnicom Group, Inc. 264,500 21,752 
  128,457 
TOTAL COMMUNICATION SERVICES  162,950 
CONSUMER DISCRETIONARY - 12.3%   
Auto Components - 0.4%   
Faurecia SA (b) 18,369 994 
Magna International, Inc. Class A 99,400 9,999 
  10,993 
Automobiles - 1.9%   
Aston Martin Lagonda Global Holdings PLC (a)(b)(c) 511,679 15,309 
General Motors Co. (a) 389,900 23,125 
Stellantis NV 750,900 14,695 
  53,129 
Hotels, Restaurants & Leisure - 1.3%   
Churchill Downs, Inc. 57,100 11,393 
Elior SA (a)(c) 908,700 7,184 
The Booking Holdings, Inc. (a) 8,000 18,892 
  37,469 
Household Durables - 1.9%   
D.R. Horton, Inc. 250,900 23,908 
Mohawk Industries, Inc. (a) 79,300 16,707 
NVR, Inc. (a) 3,010 14,711 
  55,326 
Internet & Direct Marketing Retail - 1.5%   
Coupang Corp. unit (d) 734,506 26,964 
Coupang, Inc. Class A (a)(b) 22,600 922 
eBay, Inc. 138,300 8,420 
Farfetch Ltd. Class A (a) 152,100 7,047 
  43,353 
Leisure Products - 0.5%   
Allstar Co-Invest Blocker LP (a)(d) 30,774 7,074 
Peloton Interactive, Inc. Class A (a) 58,816 6,488 
  13,562 
Specialty Retail - 1.9%   
AutoZone, Inc. (a) 9,900 13,925 
Best Buy Co., Inc. 115,100 13,379 
Industria de Diseno Textil SA 371,000 14,377 
National Vision Holdings, Inc. (a) 124,300 6,174 
Vroom, Inc. (b) 137,300 6,070 
  53,925 
Textiles, Apparel & Luxury Goods - 2.9%   
Allbirds, Inc. (a)(d)(e) 22,235 240 
Brunello Cucinelli SpA 545,800 34,406 
PVH Corp. (a) 117,100 13,445 
Ralph Lauren Corp. 64,300 7,978 
Tapestry, Inc. (a) 360,800 16,196 
Under Armour, Inc. Class A (sub. vtg.) (a) 393,700 8,890 
  81,155 
TOTAL CONSUMER DISCRETIONARY  348,912 
CONSUMER STAPLES - 3.8%   
Beverages - 1.7%   
Diageo PLC sponsored ADR 72,300 13,972 
Molson Coors Beverage Co. Class B (a) 154,800 9,028 
The Coca-Cola Co. 457,200 25,279 
  48,279 
Food & Staples Retailing - 1.0%   
BJ's Wholesale Club Holdings, Inc. (a) 237,400 10,633 
Kroger Co. 473,900 17,525 
  28,158 
Food Products - 0.4%   
Greencore Group PLC (a) 5,092,161 10,193 
Tobacco - 0.7%   
Altria Group, Inc. 430,500 21,189 
TOTAL CONSUMER STAPLES  107,819 
ENERGY - 9.3%   
Energy Equipment & Services - 1.2%   
Oceaneering International, Inc. (a) 504,852 7,204 
Odfjell Drilling Ltd. (a) 3,848,024 10,208 
Schlumberger Ltd. 432,100 13,538 
Technip Energies NV ADR (a) 58,160 875 
TechnipFMC PLC (a) 291,100 2,501 
  34,326 
Oil, Gas & Consumable Fuels - 8.1%   
Canadian Natural Resources Ltd. 686,200 24,082 
Cheniere Energy, Inc. (a) 358,500 30,437 
Energy Transfer LP 699,300 6,923 
EQT Corp. (a) 306,000 6,389 
Exxon Mobil Corp. 1,090,900 63,676 
Golar LNG Ltd. (a) 762,800 9,688 
Hess Corp. 538,100 45,104 
Range Resources Corp. (a) 421,700 5,718 
The Williams Companies, Inc. 942,997 24,839 
Valero Energy Corp. 166,700 13,403 
  230,259 
TOTAL ENERGY  264,585 
FINANCIALS - 18.2%   
Banks - 8.3%   
Bank of America Corp. 1,396,000 59,176 
Comerica, Inc. 170,000 13,343 
HDFC Bank Ltd. sponsored ADR (a) 144,800 11,082 
PNC Financial Services Group, Inc. 275,000 53,537 
Wells Fargo & Co. 2,097,800 98,009 
  235,147 
Capital Markets - 2.9%   
Goldman Sachs Group, Inc. 81,800 30,431 
Morgan Stanley 309,600 28,158 
Sixth Street Specialty Lending, Inc. 1,043,239 23,285 
  81,874 
Insurance - 5.4%   
American International Group, Inc. 973,000 51,413 
Arch Capital Group Ltd. (a) 602,500 24,034 
Chubb Ltd. 196,709 33,439 
First American Financial Corp. 125,500 8,071 
Hiscox Ltd. (a) 639,207 7,121 
MetLife, Inc. 353,100 23,079 
RenaissanceRe Holdings Ltd. 33,000 5,086 
  152,243 
Thrifts & Mortgage Finance - 1.6%   
Housing Development Finance Corp. Ltd. 329,468 11,598 
Radian Group, Inc. 1,499,623 35,016 
  46,614 
TOTAL FINANCIALS  515,878 
HEALTH CARE - 15.4%   
Biotechnology - 1.1%   
Amgen, Inc. 93,800 22,319 
Regeneron Pharmaceuticals, Inc. (a) 16,800 8,441 
  30,760 
Health Care Equipment & Supplies - 3.8%   
Becton, Dickinson & Co. 89,800 21,722 
Boston Scientific Corp. (a) 596,400 25,377 
Butterfly Network, Inc. (d) 557,178 6,547 
Butterfly Network, Inc. 1,101,048 12,290 
Butterfly Network, Inc. Class A (a)(b) 279,000 3,278 
Danaher Corp. 110,300 28,252 
Hologic, Inc. (a) 170,400 10,745 
  108,211 
Health Care Providers & Services - 4.4%   
Centene Corp. (a) 292,700 21,543 
Cigna Corp. 103,700 26,843 
Guardant Health, Inc. (a) 73,400 9,110 
Oak Street Health, Inc. (a) 270,133 16,313 
UnitedHealth Group, Inc. 96,000 39,544 
Universal Health Services, Inc. Class B 69,300 11,062 
  124,415 
Life Sciences Tools & Services - 0.8%   
Bruker Corp. 347,922 24,160 
Pharmaceuticals - 5.3%   
Bristol-Myers Squibb Co. 1,009,200 66,325 
Eli Lilly & Co. 174,600 34,875 
Roche Holding AG (participation certificate) 57,910 20,146 
Sanofi SA 133,300 14,177 
Viatris, Inc. 1,054,400 16,069 
  151,592 
TOTAL HEALTH CARE  439,138 
INDUSTRIALS - 14.3%   
Aerospace & Defense - 4.0%   
BWX Technologies, Inc. 218,100 13,640 
General Dynamics Corp. 127,100 24,138 
Huntington Ingalls Industries, Inc. 118,700 25,664 
Kratos Defense & Security Solutions, Inc. (a) 1,096 27 
Northrop Grumman Corp. 70,800 25,904 
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 58,589 24,607 
Class C (a)(d)(e) 818 344 
  114,324 
Air Freight & Logistics - 0.5%   
XPO Logistics, Inc. (a) 104,800 15,398 
Airlines - 0.3%   
JetBlue Airways Corp. (a) 478,400 9,616 
Building Products - 0.7%   
Fortune Brands Home & Security, Inc. 135,300 13,958 
Jeld-Wen Holding, Inc. (a) 254,700 7,134 
  21,092 
Commercial Services & Supplies - 0.5%   
Stericycle, Inc. (a) 149,600 11,753 
U.S. Ecology, Inc. (a) 89,235 3,536 
  15,289 
Construction & Engineering - 0.6%   
AECOM (a) 122,500 7,964 
Argan, Inc. 164,600 8,082 
  16,046 
Electrical Equipment - 0.5%   
Sensata Technologies, Inc. PLC (a) 235,100 13,972 
Industrial Conglomerates - 5.0%   
General Electric Co. 9,207,300 129,450 
Melrose Industries PLC 4,646,228 11,400 
  140,850 
Machinery - 0.6%   
Donaldson Co., Inc. 121,700 7,496 
Pentair PLC 143,200 9,877 
  17,373 
Marine - 0.4%   
Goodbulk Ltd. (a)(e) 959,290 10,498 
Professional Services - 0.6%   
Leidos Holdings, Inc. 95,700 9,833 
Science Applications International Corp. 72,000 6,470 
  16,303 
Road & Rail - 0.6%   
Knight-Swift Transportation Holdings, Inc. Class A 357,886 17,082 
TOTAL INDUSTRIALS  407,843 
INFORMATION TECHNOLOGY - 6.8%   
Communications Equipment - 1.9%   
Cisco Systems, Inc. 722,600 38,226 
Ericsson (B Shares) 1,266,000 16,793 
  55,019 
Electronic Equipment & Components - 0.6%   
Keysight Technologies, Inc. (a) 119,300 16,986 
IT Services - 2.7%   
Akamai Technologies, Inc. (a) 132,000 15,076 
Euronet Worldwide, Inc. (a) 58,700 8,784 
Fidelity National Information Services, Inc. 123,300 18,369 
Fiserv, Inc. (a) 1 0 
Visa, Inc. Class A 147,900 33,618 
  75,847 
Semiconductors & Semiconductor Equipment - 1.6%   
Analog Devices, Inc. (b) 92,500 15,226 
Intel Corp. 514,200 29,371 
  44,597 
TOTAL INFORMATION TECHNOLOGY  192,449 
MATERIALS - 5.2%   
Chemicals - 1.7%   
LG Chemical Ltd. 28,050 20,726 
Nutrien Ltd. 170,120 10,481 
Olin Corp. 324,300 15,855 
  47,062 
Containers & Packaging - 1.3%   
Avery Dennison Corp. 59,000 13,011 
O-I Glass, Inc. (a) 1,266,700 23,345 
  36,356 
Metals & Mining - 2.2%   
Franco-Nevada Corp. 133,400 19,717 
Freeport-McMoRan, Inc. 479,700 20,493 
Newcrest Mining Ltd. 407,095 8,922 
Novagold Resources, Inc. (a) 1,424,280 14,538 
  63,670 
TOTAL MATERIALS  147,088 
REAL ESTATE - 2.6%   
Equity Real Estate Investment Trusts (REITs) - 2.6%   
Cousins Properties, Inc. 186,288 6,909 
Gaming & Leisure Properties 286,083 13,263 
Healthcare Trust of America, Inc. 235,700 6,461 
Simon Property Group, Inc. 82,100 10,549 
Spirit Realty Capital, Inc. 284,060 13,425 
VEREIT, Inc. 151,500 7,207 
VICI Properties, Inc. (b) 485,500 15,114 
  72,928 
UTILITIES - 2.2%   
Electric Utilities - 1.8%   
Duke Energy Corp. 254,400 25,496 
FirstEnergy Corp. 226,100 8,571 
Southern Co. 284,800 18,204 
  52,271 
Independent Power and Renewable Electricity Producers - 0.4%   
The AES Corp. 445,100 11,310 
TOTAL UTILITIES  63,581 
TOTAL COMMON STOCKS   
(Cost $1,889,774)  2,723,171 
Preferred Stocks - 1.8%   
Convertible Preferred Stocks - 0.8%   
CONSUMER DISCRETIONARY - 0.2%   
Textiles, Apparel & Luxury Goods - 0.2%   
Allbirds, Inc.:   
Series A (a)(d)(e) 8,775 95 
Series B (a)(d)(e) 1,540 17 
Series C (a)(d)(e) 14,735 159 
Series D (a)(d)(e) 28,273 305 
Series Seed (a)(d)(e) 41,664 449 
Bolt Threads, Inc. Series D (a)(d)(e) 390,327 4,672 
  5,697 
CONSUMER STAPLES - 0.4%   
Food & Staples Retailing - 0.0%   
Sweetgreen, Inc.:   
Series C (a)(d)(e) 1,587 21 
Series D (a)(d)(e) 25,534 336 
Series I (a)(d)(e) 60,179 791 
  1,148 
Food Products - 0.4%   
Bowery Farming, Inc. Series C1 (d)(e) 161,754 9,746 
TOTAL CONSUMER STAPLES  10,894 
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
National Resilience, Inc. Series B (d)(e) 243,347 3,324 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series H (a)(d)(e) 7,570 3,179 
TOTAL CONVERTIBLE PREFERRED STOCKS  23,094 
Nonconvertible Preferred Stocks - 1.0%   
CONSUMER DISCRETIONARY - 1.0%   
Automobiles - 1.0%   
Porsche Automobil Holding SE (Germany) 235,100 26,593 
TOTAL PREFERRED STOCKS   
(Cost $41,576)  49,687 
 Principal Amount (000s) Value (000s) 
Corporate Bonds - 0.1%   
Convertible Bonds - 0.1%   
CONSUMER DISCRETIONARY - 0.1%   
Textiles, Apparel & Luxury Goods - 0.1%   
Bolt Threads, Inc. 3% 2/7/23 (d)(e) 2,915 2,915 
Nonconvertible Bonds - 0.0%   
ENERGY - 0.0%   
Energy Equipment & Services - 0.0%   
Pacific Drilling SA 12% 4/1/24 pay-in-kind (c)(e)(f)(g) 214 9 
TOTAL CORPORATE BONDS   
(Cost $3,131)  2,924 
 Shares Value (000s) 
Other - 0.1%   
ENERGY – 0.1%   
Oil, Gas & Consumable Fuels – 0.1%   
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(h)   
(Cost $8,368) 8,367,654 3,715 
Money Market Funds - 3.1%   
Fidelity Cash Central Fund 0.03% (i) 60,548,353 60,560 
Fidelity Securities Lending Cash Central Fund 0.03% (i)(j) 27,610,240 27,613 
TOTAL MONEY MARKET FUNDS   
(Cost $88,173)  88,173 
TOTAL INVESTMENT IN SECURITIES - 100.9%   
(Cost $2,031,022)  2,867,670 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (25,995) 
NET ASSETS - 100%  $2,841,675 

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) 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 $22,502,000 or 0.8% of net assets.

 (d) Restricted securities (including private placements) - 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 $95,498,000 or 3.4% of net assets.

 (e) Level 3 security

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

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

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

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

 (j) 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. Series A 10/9/18 $96 
Allbirds, Inc. Series B 10/9/18 $17 
Allbirds, Inc. Series C 10/9/18 $162 
Allbirds, Inc. Series D 12/23/19 $364 
Allbirds, Inc. Series Seed 10/9/18 - 1/23/20 $416 
Allstar Co-Invest Blocker LP 8/1/11 $3,873 
Bolt Threads, Inc. Series D 12/13/17 $6,261 
Bolt Threads, Inc. 3% 2/7/23 2/7/20 $2,915 
Bowery Farming, Inc. Series C1 5/18/21 $9,746 
Butterfly Network, Inc. 2/12/21 $5,572 
Coupang Corp. unit 6/12/20 $5,509 
National Resilience, Inc. Series B 12/1/20 $3,324 
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 
Sweetgreen, Inc. Series C 9/13/19 $27 
Sweetgreen, Inc. Series D 9/13/19 $437 
Sweetgreen, Inc. Series I 9/13/19 $1,029 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $8,368 

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 $11 
Fidelity Securities Lending Cash Central Fund 235 
Total $246 

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2021, 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 $162,950 $142,717 $20,233 $-- 
Consumer Discretionary 381,202 341,227 34,038 5,937 
Consumer Staples 118,713 107,819 -- 10,894 
Energy 264,585 264,585 -- -- 
Financials 515,878 515,878 -- -- 
Health Care 442,462 426,848 12,290 3,324 
Industrials 411,022 372,394 -- 38,628 
Information Technology 192,449 192,449 -- -- 
Materials 147,088 147,088 -- -- 
Real Estate 72,928 72,928 -- -- 
Utilities 63,581 63,581 -- -- 
Corporate Bonds 2,924 -- -- 2,924 
Other 3,715 -- -- 3,715 
Money Market Funds 88,173 88,173 -- -- 
Total Investments in Securities: $2,867,670 $2,735,687 $66,561 $65,422 

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 - Industrials  
Beginning Balance $29,574 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 9,054 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $38,628 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2021 $9,054 
Other Investments in Securities  
Beginning Balance $29,812 
Net Realized Gain (Loss) on Investment Securities 46 
Net Unrealized Gain (Loss) on Investment Securities (700) 
Cost of Purchases 18,648 
Proceeds of Sales (4,080) 
Amortization/Accretion (5,577) 
Transfers into Level 3 9 
Transfers out of Level 3 (11,364) 
Ending Balance $26,794 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2021 $(696) 

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. Cost of purchases and proceeds of sales may include securities received and/or 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.

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 82.2% 
Canada 2.9% 
Bermuda 2.4% 
United Kingdom 2.1% 
Switzerland 1.9% 
Korea (South) 1.7% 
Italy 1.2% 
Germany 1.0% 
Others (Individually Less Than 1%) 4.6% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)  May 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $27,075) — See accompanying schedule:
Unaffiliated issuers (cost $1,942,849) 		$2,779,497  
Fidelity Central Funds (cost $88,173) 88,173  
Total Investment in Securities (cost $2,031,022)  $2,867,670 
Cash  2,760 
Restricted cash  20 
Receivable for investments sold  559 
Receivable for fund shares sold  371 
Dividends receivable  4,286 
Interest receivable  41 
Distributions receivable from Fidelity Central Funds  4 
Prepaid expenses  1 
Other receivables  25 
Total assets  2,875,737 
Liabilities   
Payable for investments purchased $4,454  
Payable for fund shares redeemed 820  
Accrued management fee 766  
Other affiliated payables 369  
Other payables and accrued expenses 50  
Collateral on securities loaned 27,603  
Total liabilities  34,062 
Net Assets  $2,841,675 
Net Assets consist of:   
Paid in capital  $1,847,657 
Total accumulated earnings (loss)  994,018 
Net Assets  $2,841,675 
Net Asset Value, offering price and redemption price per share ($2,841,675 ÷ 63,581 shares)  $44.69 

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


Statement of Operations

Amounts in thousands  Six months ended May 31, 2021 (Unaudited) 
Investment Income   
Dividends  $24,256 
Non-Cash dividends  1,876 
Income from Fidelity Central Funds (including $235 from security lending)  246 
Total income  26,378 
Expenses   
Management fee   
Basic fee $6,810  
Performance adjustment (2,818)  
Transfer agent fees 1,706  
Accounting fees 384  
Custodian fees and expenses 29  
Independent trustees' fees and expenses 5  
Registration fees 37  
Audit 43  
Legal 5  
Interest 1  
Miscellaneous 4  
Total expenses before reductions 6,206  
Expense reductions (85)  
Total expenses after reductions  6,121 
Net investment income (loss)  20,257 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 139,294  
Fidelity Central Funds (10)  
Foreign currency transactions 45  
Total net realized gain (loss)  139,329 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 484,376  
Fidelity Central Funds (1)  
Assets and liabilities in foreign currencies 9  
Total change in net unrealized appreciation (depreciation)  484,384 
Net gain (loss)  623,713 
Net increase (decrease) in net assets resulting from operations  $643,970 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended May 31, 2021 (Unaudited) Year ended November 30, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $20,257 $38,292 
Net realized gain (loss) 139,329 182,154 
Change in net unrealized appreciation (depreciation) 484,384 (239,605) 
Net increase (decrease) in net assets resulting from operations 643,970 (19,159) 
Distributions to shareholders (190,997) (127,086) 
Share transactions   
Proceeds from sales of shares 180,358 68,685 
Reinvestment of distributions 181,627 120,699 
Cost of shares redeemed (304,083) (703,298) 
Net increase (decrease) in net assets resulting from share transactions 57,902 (513,914) 
Total increase (decrease) in net assets 510,875 (660,159) 
Net Assets   
Beginning of period 2,330,800 2,990,959 
End of period $2,841,675 $2,330,800 
Other Information   
Shares   
Sold 4,580 2,085 
Issued in reinvestment of distributions 5,013 3,211 
Redeemed (7,722) (21,417) 
Net increase (decrease) 1,871 (16,121) 

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


Financial Highlights

Fidelity New Millennium Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $37.77 $38.43 $40.52 $42.70 $37.56 $38.99 
Income from Investment Operations       
Net investment income (loss)A .32 .54 .62 .43 .38 .43 
Net realized and unrealized gain (loss) 9.75 .45B 3.11 .87 7.01 2.31 
Total from investment operations 10.07 .99 3.73 1.30 7.39 2.74 
Distributions from net investment income (.58) (.36) (.39) (.36) (.43) (.35) 
Distributions from net realized gain (2.56) (1.29) (5.43) (3.12) (1.82) (3.82) 
Total distributions (3.15)C (1.65) (5.82) (3.48) (2.25) (4.17) 
Net asset value, end of period $44.69 $37.77 $38.43 $40.52 $42.70 $37.56 
Total ReturnD,E 28.60% 2.60% 12.82% 3.19% 20.69% 8.57% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .48%H .46% .61% .64% .54% .57% 
Expenses net of fee waivers, if any .48%H .46% .61% .64% .54% .57% 
Expenses net of all reductions .47%H .45% .61% .63% .54% .57% 
Net investment income (loss) 1.56%H 1.61% 1.72% 1.03% .98% 1.25% 
Supplemental Data       
Net assets, end of period (in millions) $2,842 $2,331 $2,991 $3,206 $3,288 $3,045 
Portfolio turnover rateI 32%H 22% 34% 37% 31% 44% 

 A Calculated based on average shares outstanding during the period.

 B 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.

 C Total distributions per share do not sum due to rounding.

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2021
(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.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% to .01% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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. 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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) 
Equities $48,285 Market comparable Enterprise value/Sales multiple (EV/S) 4.0 - 11.3 / 9.7 Increase 
   Premium rate 7.8% - 129.6% / 103.7% Increase 
  Market approach Transaction price $3.95 - $419.99 / $279.68 Increase 
Corporate Bonds $2,924 Market approach Transaction price $100.00 Increase 
  Indicative market bid Evaluated bid $4.00 Increase 
Other $3,715 Discounted cash flow Discount rate 15.7% Decrease 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.

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

Gross unrealized appreciation $943,344 
Gross unrealized depreciation (107,708) 
Net unrealized appreciation (depreciation) $835,636 
Tax cost $2,032,034 

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

 $ Amount % of Net Assets 
Fidelity New Millennium Fund 3,735 .13 

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity New Millennium Fund 398,716 570,847 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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 23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/-.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .31% 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 LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .13% of average net assets.

Accounting 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. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity New Millennium Fund .03 

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity New Millennium Fund $15 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. 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 
Fidelity New Millennium Fund Borrower $6,320 .33% $1 

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

 Purchases ($) Sales ($) 
Fidelity New Millennium Fund 14,233 42,098 

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity New Millennium Fund $2 

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the 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. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity New Millennium Fund $6 $– $– 

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 expenses. This amount totaled $81 for the period.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $4.

9. Other.

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.

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2020 to May 31, 2021).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2020 		Ending
Account Value
May 31, 2021 		Expenses Paid
During Period-B
December 1, 2020
to May 31, 2021 
Fidelity New Millennium Fund .48%    
Actual  $1,000.00 $1,286.00 $2.74 
Hypothetical-C  $1,000.00 $1,022.54 $2.42 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity New Millennium Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its January 2021 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for four months from February 1, 2021 through May 31, 2021, in connection with changes to the Board's meeting calendar. 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 also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board also considered the findings of certain ad hoc committees that had been previously formed to discuss matters relevant to all of the Fidelity funds, including economies of scale, fall-out benefits and retail vs. institutional funds. 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 May 31, 2021, with the understanding that the Board will consider the annual renewal for a full one year period in May 2021.

At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity New Millennium Fund


The Board considered the fund's underperformance for different time periods ended September 30, 2020 and for different time periods ended December 31, 2020 (which periods are not reflected in the charts above). The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.

Fidelity New Millennium Fund

The Board considered that effective February 1, 2017, the fund's individual fund fee rate was reduced from 0.35% to 0.30%. The Board considered that the chart below reflects the fund's management rate for 2016, as if the lower fee rate were in effect for the entire year.


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the fund's total expense ratio ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

NMF-SANN-0721
1.704547.123

Fidelity® Growth Strategies Fund



Semi-Annual Report

May 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


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 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one 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. © 2021 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2021

 % of fund's net assets 
KLA Corp. 3.0 
EPAM Systems, Inc. 2.6 
MSCI, Inc. 2.6 
Charles River Laboratories International, Inc. 2.3 
Mettler-Toledo International, Inc. 2.3 
Cadence Design Systems, Inc. 2.2 
ResMed, Inc. 2.1 
Entegris, Inc. 2.0 
IDEXX Laboratories, Inc. 1.9 
West Pharmaceutical Services, Inc. 1.9 
 22.9 

Top Five Market Sectors as of May 31, 2021

 % of fund's net assets 
Information Technology 36.0 
Health Care 20.3 
Industrials 17.3 
Consumer Discretionary 9.8 
Financials 6.6 

Asset Allocation (% of fund's net assets)

As of May 31, 2021* 
   Stocks 98.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.2% 


 * Foreign investments – 3.8%

Schedule of Investments May 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 3.4%   
Entertainment - 1.9%   
Electronic Arts, Inc. 83,000 $11,863 
Take-Two Interactive Software, Inc. (a) 271,300 50,342 
  62,205 
Interactive Media & Services - 1.5%   
Match Group, Inc. (a) 324,300 46,498 
TOTAL COMMUNICATION SERVICES  108,703 
CONSUMER DISCRETIONARY - 9.8%   
Distributors - 1.5%   
Pool Corp. 108,000 47,147 
Hotels, Restaurants & Leisure - 0.9%   
Churchill Downs, Inc. 25,600 5,108 
Domino's Pizza, Inc. 55,900 23,862 
  28,970 
Household Durables - 2.1%   
D.R. Horton, Inc. 56,200 5,355 
Lennar Corp. Class A 244,300 24,188 
NVR, Inc. (a) 1,650 8,064 
Tempur Sealy International, Inc. 753,540 29,011 
  66,618 
Internet & Direct Marketing Retail - 1.3%   
eBay, Inc. 241,900 14,727 
Etsy, Inc. (a) 175,600 28,927 
  43,654 
Multiline Retail - 0.8%   
Dollar General Corp. 130,000 26,385 
Specialty Retail - 3.2%   
AutoZone, Inc. (a) 13,000 18,286 
Best Buy Co., Inc. 257,200 29,897 
RH (a) 35,800 22,950 
Tractor Supply Co. 63,003 11,448 
Williams-Sonoma, Inc. 133,600 22,651 
  105,232 
TOTAL CONSUMER DISCRETIONARY  318,006 
CONSUMER STAPLES - 4.0%   
Beverages - 1.6%   
Boston Beer Co., Inc. Class A (a) 27,300 28,888 
Brown-Forman Corp. Class B (non-vtg.) 303,099 24,357 
  53,245 
Food Products - 1.2%   
Bunge Ltd. 161,000 13,978 
Darling Ingredients, Inc. (a) 361,900 24,776 
  38,754 
Household Products - 1.0%   
Church & Dwight Co., Inc. 380,000 32,577 
Personal Products - 0.2%   
Estee Lauder Companies, Inc. Class A 22,200 6,805 
TOTAL CONSUMER STAPLES  131,381 
ENERGY - 0.5%   
Oil, Gas & Consumable Fuels - 0.5%   
PDC Energy, Inc. 352,500 14,883 
FINANCIALS - 6.6%   
Capital Markets - 5.5%   
Ameriprise Financial, Inc. 49,001 12,732 
LPL Financial 48,400 7,157 
MarketAxess Holdings, Inc. 84,900 39,609 
Moody's Corp. 33,600 11,268 
MSCI, Inc. 177,000 82,859 
Nordnet AB 560,000 10,430 
S&P Global, Inc. 28,800 10,929 
Tradeweb Markets, Inc. Class A 38,900 3,259 
  178,243 
Insurance - 1.1%   
Arthur J. Gallagher & Co. 158,200 23,194 
Progressive Corp. 118,000 11,691 
  34,885 
TOTAL FINANCIALS  213,128 
HEALTH CARE - 20.3%   
Biotechnology - 0.6%   
Avid Bioservices, Inc. (a) 284,137 6,046 
Natera, Inc. (a) 146,000 13,744 
  19,790 
Health Care Equipment & Supplies - 9.5%   
DexCom, Inc. (a) 137,131 50,655 
Edwards Lifesciences Corp. (a) 95,000 9,111 
Hologic, Inc. (a) 390,000 24,593 
IDEXX Laboratories, Inc. (a) 113,600 63,401 
Intuitive Surgical, Inc. (a) 6,901 5,812 
Masimo Corp. (a) 104,700 22,573 
ResMed, Inc. 339,200 69,824 
West Pharmaceutical Services, Inc. 181,000 62,899 
  308,868 
Health Care Providers & Services - 1.5%   
Guardant Health, Inc. (a) 129,328 16,052 
Laboratory Corp. of America Holdings (a) 84,000 23,056 
Tenet Healthcare Corp. (a) 126,722 8,479 
  47,587 
Health Care Technology - 1.9%   
Veeva Systems, Inc. Class A (a) 214,000 62,347 
Life Sciences Tools & Services - 5.3%   
10X Genomics, Inc. (a) 24,900 4,482 
Bio-Rad Laboratories, Inc. Class A (a) 22,600 13,614 
Charles River Laboratories International, Inc. (a) 220,800 74,628 
Maravai LifeSciences Holdings, Inc. 27,405 1,029 
Mettler-Toledo International, Inc. (a) 57,000 74,154 
Waters Corp. (a) 11,100 3,577 
  171,484 
Pharmaceuticals - 1.5%   
Horizon Therapeutics PLC (a) 312,400 28,635 
Royalty Pharma PLC (b) 490,000 19,659 
  48,294 
TOTAL HEALTH CARE  658,370 
INDUSTRIALS - 17.3%   
Aerospace & Defense - 1.2%   
TransDigm Group, Inc. (a) 61,000 39,579 
Airlines - 0.5%   
Southwest Airlines Co. (a) 252,400 15,513 
Building Products - 3.2%   
Carrier Global Corp. 850,000 39,041 
Fortune Brands Home & Security, Inc. 191,000 19,704 
The AZEK Co., Inc. 495,000 21,547 
Trane Technologies PLC 41,600 7,754 
Trex Co., Inc. (a) 168,100 16,375 
  104,421 
Commercial Services & Supplies - 3.0%   
Cintas Corp. 120,000 42,425 
Copart, Inc. (a) 396,624 51,168 
Tetra Tech, Inc. 39,000 4,659 
  98,252 
Construction & Engineering - 0.3%   
Quanta Services, Inc. 116,878 11,144 
Electrical Equipment - 3.3%   
AMETEK, Inc. 184,100 24,872 
Atkore, Inc. (a) 227,700 17,578 
Generac Holdings, Inc. (a) 124,300 40,860 
Rockwell Automation, Inc. 87,600 23,102 
  106,412 
Industrial Conglomerates - 0.4%   
Roper Technologies, Inc. 27,500 12,375 
Machinery - 2.4%   
IDEX Corp. 75,000 16,700 
Otis Worldwide Corp. 380,700 29,820 
Toro Co. 270,000 29,994 
  76,514 
Professional Services - 1.3%   
Booz Allen Hamilton Holding Corp. Class A 99,000 8,408 
CoStar Group, Inc. (a) 22,000 18,788 
Verisk Analytics, Inc. 83,000 14,345 
  41,541 
Road & Rail - 1.7%   
Old Dominion Freight Lines, Inc. 187,300 49,719 
Ryder System, Inc. 30,597 2,503 
TuSimple Holdings, Inc. (a) 63,100 2,419 
  54,641 
TOTAL INDUSTRIALS  560,392 
INFORMATION TECHNOLOGY - 36.0%   
Electronic Equipment & Components - 3.3%   
Amphenol Corp. Class A 525,709 35,359 
Keysight Technologies, Inc. (a) 153,000 21,784 
Zebra Technologies Corp. Class A (a) 100,900 50,152 
  107,295 
IT Services - 5.0%   
Adyen BV (a)(c) 1,394 3,222 
EPAM Systems, Inc. (a) 177,200 84,631 
Global Payments, Inc. 35,000 6,780 
Okta, Inc. (a)(b) 186,500 41,485 
Twilio, Inc. Class A (a) 73,700 24,763 
  160,881 
Semiconductors & Semiconductor Equipment - 10.7%   
Analog Devices, Inc. 50,888 8,376 
ASM International NV (Netherlands) 9,306 2,927 
Broadcom, Inc. 16,900 7,982 
Enphase Energy, Inc. (a) 80,000 11,444 
Entegris, Inc. 574,000 65,694 
KLA Corp. 310,500 98,396 
Lam Research Corp. 50,000 32,493 
Marvell Technology, Inc. 472,000 22,798 
MKS Instruments, Inc. 23,400 4,405 
NXP Semiconductors NV 72,300 15,286 
Qorvo, Inc. (a) 131,400 24,009 
Skyworks Solutions, Inc. 91,500 15,555 
SolarEdge Technologies, Inc. (a) 147,700 38,108 
  347,473 
Software - 17.0%   
Adobe, Inc. (a) 16,600 8,376 
ANSYS, Inc. (a) 154,200 52,110 
Atlassian Corp. PLC (a) 107,252 25,020 
Cadence Design Systems, Inc. (a) 569,100 72,270 
Coupa Software, Inc. (a) 35,700 8,504 
Crowdstrike Holdings, Inc. (a) 68,000 15,106 
DocuSign, Inc. (a) 110,843 22,348 
Duck Creek Technologies, Inc. (a)(b) 152,200 5,983 
Dynatrace, Inc. (a) 407,600 21,089 
Elastic NV (a) 130,400 15,415 
Fair Isaac Corp. (a) 5,000 2,530 
Five9, Inc. (a) 172,294 30,513 
Fortinet, Inc. (a) 282,000 61,628 
HubSpot, Inc. (a) 32,100 16,191 
Intuit, Inc. 20,400 8,957 
Paycom Software, Inc. (a) 78,100 25,742 
Qualtrics International, Inc. 15,100 520 
RingCentral, Inc. (a) 170,700 44,804 
Synopsys, Inc. (a) 217,000 55,192 
The Trade Desk, Inc. (a) 88,238 51,896 
Zscaler, Inc. (a) 30,000 5,826 
  550,020 
TOTAL INFORMATION TECHNOLOGY  1,165,669 
MATERIALS - 0.7%   
Chemicals - 0.3%   
Corbion NV 32,991 1,920 
Sherwin-Williams Co. 36,801 10,434 
  12,354 
Containers & Packaging - 0.1%   
O-I Glass, Inc. (a) 149,793 2,761 
Paper & Forest Products - 0.3%   
Louisiana-Pacific Corp. 136,000 9,141 
TOTAL MATERIALS  24,256 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
SBA Communications Corp. Class A 19,500 5,813 
TOTAL COMMON STOCKS   
(Cost $1,812,212)  3,200,601 
Money Market Funds - 2.0%   
Fidelity Cash Central Fund 0.03% (d) 38,563,665 38,571 
Fidelity Securities Lending Cash Central Fund 0.03% (d)(e) 26,561,140 26,564 
TOTAL MONEY MARKET FUNDS   
(Cost $65,134)  65,135 
TOTAL INVESTMENT IN SECURITIES - 100.8%   
(Cost $1,877,346)  3,265,736 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (24,901) 
NET ASSETS - 100%  $3,240,835 

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,222,000 or 0.1% of net assets.

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

 (e) 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 $12 
Fidelity Securities Lending Cash Central Fund 11 
Total $23 

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2021, 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 $108,703 $108,703 $-- $-- 
Consumer Discretionary 318,006 318,006 -- -- 
Consumer Staples 131,381 131,381 -- -- 
Energy 14,883 14,883 -- -- 
Financials 213,128 213,128 -- -- 
Health Care 658,370 658,370 -- -- 
Industrials 560,392 560,392 -- -- 
Information Technology 1,165,669 1,165,669 -- -- 
Materials 24,256 24,256 -- -- 
Real Estate 5,813 5,813 -- -- 
Money Market Funds 65,135 65,135 -- -- 
Total Investments in Securities: $3,265,736 $3,265,736 $-- $-- 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  May 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $26,063) — See accompanying schedule:
Unaffiliated issuers (cost $1,812,212) 		$3,200,601  
Fidelity Central Funds (cost $65,134) 65,135  
Total Investment in Securities (cost $1,877,346)  $3,265,736 
Receivable for investments sold  10,902 
Receivable for fund shares sold  420 
Dividends receivable  1,360 
Distributions receivable from Fidelity Central Funds  3 
Prepaid expenses  1 
Other receivables  53 
Total assets  3,278,475 
Liabilities   
Payable for investments purchased $7,239  
Payable for fund shares redeemed 2,273  
Accrued management fee 1,023  
Other affiliated payables 472  
Other payables and accrued expenses 70  
Collateral on securities loaned 26,563  
Total liabilities  37,640 
Net Assets  $3,240,835 
Net Assets consist of:   
Paid in capital  $1,578,618 
Total accumulated earnings (loss)  1,662,217 
Net Assets  $3,240,835 
Net Asset Value and Maximum Offering Price   
Growth Strategies:   
Net Asset Value, offering price and redemption price per share ($3,021,321 ÷ 48,441.1 shares)  $62.37 
Class K:   
Net Asset Value, offering price and redemption price per share ($219,514 ÷ 3,486.3 shares)  $62.96 

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


Statement of Operations

Amounts in thousands  Six months ended May 31, 2021 (Unaudited) 
Investment Income   
Dividends  $6,598 
Income from Fidelity Central Funds (including $11 from security lending)  23 
Total income  6,621 
Expenses   
Management fee   
Basic fee $8,547  
Performance adjustment (2,697)  
Transfer agent fees 2,340  
Accounting fees 475  
Custodian fees and expenses 22  
Independent trustees' fees and expenses 7  
Registration fees 40  
Audit 29  
Legal 5  
Miscellaneous 6  
Total expenses before reductions 8,774  
Expense reductions (68)  
Total expenses after reductions  8,706 
Net investment income (loss)  (2,085) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 278,000  
Foreign currency transactions 2  
Total net realized gain (loss)  278,002 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 28,770  
Total change in net unrealized appreciation (depreciation)  28,770 
Net gain (loss)  306,772 
Net increase (decrease) in net assets resulting from operations  $304,687 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended May 31, 2021 (Unaudited) Year ended November 30, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(2,085) $2,464 
Net realized gain (loss) 278,002 255,015 
Change in net unrealized appreciation (depreciation) 28,770 448,696 
Net increase (decrease) in net assets resulting from operations 304,687 706,175 
Distributions to shareholders (254,989) (107,380) 
Share transactions - net increase (decrease) (55,601) (447,946) 
Total increase (decrease) in net assets (5,903) 150,849 
Net Assets   
Beginning of period 3,246,738 3,095,889 
End of period $3,240,835 $3,246,738 

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


Financial Highlights

Fidelity Growth Strategies Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $61.57 $50.98 $41.90 $40.96 $33.87 $33.91 
Income from Investment Operations       
Net investment income (loss)A (.04) .04B .30 .25C .16D .16E 
Net realized and unrealized gain (loss) 5.84 12.31 9.13 .87 7.13 (.16) 
Total from investment operations 5.80 12.35 9.43 1.12 7.29 – 
Distributions from net investment income – (.22) (.28) (.16) (.18) (.04) 
Distributions from net realized gain (5.00) (1.55) (.06) (.02) (.02) – 
Total distributions (5.00) (1.76)F (.35)F (.18) (.20) (.04) 
Redemption fees added to paid in capitalA – – – – –G –G 
Net asset value, end of period $62.37 $61.57 $50.98 $41.90 $40.96 $33.87 
Total ReturnH,I 9.86% 25.02% 22.76% 2.74% 21.63% .02% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions .55%L .63% .56% .59% .78% .94% 
Expenses net of fee waivers, if any .55%L .63% .56% .59% .78% .94% 
Expenses net of all reductions .54%L .63% .55% .59% .78% .94% 
Net investment income (loss) (.14)%L .07%B .67% .59%C .43%D .49%E 
Supplemental Data       
Net assets, end of period (in millions) $3,021 $3,011 $2,860 $2,349 $2,455 $2,080 
Portfolio turnover rateM 44%L 67% 66%N 43%N 73%N 63% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.03) %.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .38%.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .27%.

 E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .34%.

 F Total distributions per share do not sum due to rounding.

 G Amount represents less than $.005 per share.

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

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

 J Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 L Annualized

 M Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

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


Fidelity Growth Strategies Fund Class K

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $62.08 $51.38 $42.23 $41.29 $34.14 $34.17 
Income from Investment Operations       
Net investment income (loss)A (.01) .10B .36 .31C .21D .21E 
Net realized and unrealized gain (loss) 5.89 12.42 9.20 .86 7.19 (.14) 
Total from investment operations 5.88 12.52 9.56 1.17 7.40 .07 
Distributions from net investment income – (.27) (.34) (.21) (.23) (.10) 
Distributions from net realized gain (5.00) (1.55) (.06) (.02) (.02) – 
Total distributions (5.00) (1.82) (.41)F (.23) (.25) (.10) 
Redemption fees added to paid in capitalA – – – – –G –G 
Net asset value, end of period $62.96 $62.08 $51.38 $42.23 $41.29 $34.14 
Total ReturnH,I 9.92% 25.17% 22.94% 2.84% 21.81% .20% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions .44%L .52% .43% .46% .63% .78% 
Expenses net of fee waivers, if any .44%L .52% .43% .46% .63% .78% 
Expenses net of all reductions .44%L .51% .43% .46% .63% .78% 
Net investment income (loss) (.03)%L .19%B .79% .72%C .57%D .64%E 
Supplemental Data       
Net assets, end of period (in millions) $220 $236 $236 $205 $272 $475 
Portfolio turnover rateM 44%L 67% 66%N 43%N 73%N 63% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .08%.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .51%.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .42%.

 E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .50%.

 F Total distributions per share do not sum due to rounding.

 G Amount represents less than $.005 per share.

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

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

 J Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 L Annualized

 M Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

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


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2021
(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.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% to .01% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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, 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. 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. The aggregate value of investments by input level as of May 31, 2021 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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 certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Growth Strategies Fund $29 

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

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

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

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

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 $1,396,057 
Gross unrealized depreciation (7,734) 
Net unrealized appreciation (depreciation) $1,388,323 
Tax cost $1,877,413 

At the prior fiscal period end, the Fund was required to defer approximately $896 of ordinary losses recognized during the period January 1, 2020 to November 30, 2020.

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Growth Strategies Fund 701,326 1,085,711 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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 .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Strategies as compared to its benchmark index, the Russell Midcap Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .36% 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 LLC (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(a) 
Growth Strategies $2,291 .15 
Class K 49 .04 
 $2,340  

 (a) Annualized

Accounting 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. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Growth Strategies Fund .03 

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Growth Strategies Fund $7 

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

 Purchases ($) Sales ($) 
Fidelity Growth Strategies Fund 62,641 40,182 

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Growth Strategies Fund $3 

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the 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. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Growth Strategies Fund $1 $–(a) $– 

 (a) In the amount of less than five hundred dollars.

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 expenses. This amount totaled $63 for the period.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
May 31, 2021 		Year ended
November 30, 2020 
Fidelity Growth Strategies Fund   
Distributions to shareholders   
Growth Strategies $236,172 $99,083 
Class K 18,817 8,297 
Total $254,989 $107,380 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended May 31, 2021 Year ended November 30, 2020 Six months ended May 31, 2021 Year ended November 30, 2020 
Fidelity Growth Strategies Fund     
Growth Strategies     
Shares sold 2,037 7,710 $125,048 $395,448 
Reinvestment of distributions 3,814 1,884 225,526 94,591 
Shares redeemed (6,307) (16,794) (386,455) (894,236) 
Net increase (decrease) (456) (7,200) $(35,881) $(404,197) 
Class K     
Shares sold 247 1,194 $15,269 $61,966 
Reinvestment of distributions 315 164 18,817 8,297 
Shares redeemed (880) (2,150) (53,806) (114,012) 
Net increase (decrease) (318) (792) $(19,720) $(43,749) 

11. Other.

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.

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2020 to May 31, 2021).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2020 		Ending
Account Value
May 31, 2021 		Expenses Paid
During Period-B
December 1, 2020
to May 31, 2021 
Fidelity Growth Strategies Fund     
Growth Strategies .55%    
Actual  $1,000.00 $1,098.60 $2.88 
Hypothetical-C  $1,000.00 $1,022.19 $2.77 
Class K .44%    
Actual  $1,000.00 $1,099.20 $2.30 
Hypothetical-C  $1,000.00 $1,022.74 $2.22 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Growth Strategies Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its January 2021 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for four months from February 1, 2021 through May 31, 2021, in connection with changes to the Board's meeting calendar. 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 also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board also considered the findings of certain ad hoc committees that had been previously formed to discuss matters relevant to all of the Fidelity funds, including economies of scale, fall-out benefits and retail vs. institutional funds. 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 May 31, 2021, with the understanding that the Board will consider the annual renewal for a full one year period in May 2021.

At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Growth Strategies Fund


The Board considered the fund's underperformance for different time periods ended December 31, 2020 (which periods are not reflected in the chart above). The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.

Fidelity Growth Strategies Fund

The Board considered that effective February 1, 2017, the fund's individual fund fee rate was reduced from 0.35% to 0.30%. The Board considered that the chart below reflects the fund's lower management fee rate for 2016, as if the lower fee rate were in effect for the entire year.


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the total expense ratio of the retail class ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

FEG-SANN-0721
1.704532.123

Fidelity® Series Growth Company Fund



Semi-Annual Report

May 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


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. © 2021 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2021

 % of fund's net assets 
NVIDIA Corp. 8.2 
Apple, Inc. 6.7 
Amazon.com, Inc. 6.4 
Microsoft Corp. 4.2 
Alphabet, Inc. Class A 3.9 
lululemon athletica, Inc. 2.9 
Salesforce.com, Inc. 2.4 
Alphabet, Inc. Class C 2.3 
Shopify, Inc. Class A 2.0 
Wayfair LLC Class A 1.8 
 40.8 

Top Five Market Sectors as of May 31, 2021

 % of fund's net assets 
Information Technology 35.7 
Consumer Discretionary 22.3 
Health Care 15.9 
Communication Services 12.5 
Industrials 6.0 

Asset Allocation (% of fund's net assets)

As of May 31, 2021* 
   Stocks 97.7% 
   Convertible Securities 1.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.6% 


 * Foreign investments - 9.6%

Schedule of Investments May 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%   
 Shares Value 
COMMUNICATION SERVICES - 12.4%   
Entertainment - 3.2%   
Activision Blizzard, Inc. 426,628 $41,489,573 
Electronic Arts, Inc. 72,254 10,327,264 
NetEase, Inc. ADR 80,520 9,495,724 
Netflix, Inc. (a) 155,429 78,151,255 
Roblox Corp. (a)(b) 243,700 22,851,749 
Roku, Inc. Class A (a) 519,476 180,107,524 
Sea Ltd. ADR (a) 333,185 84,375,769 
The Walt Disney Co. (a) 61,276 10,946,957 
Zynga, Inc. (a) 201,000 2,178,840 
  439,924,655 
Interactive Media & Services - 8.6%   
Alphabet, Inc.:   
Class A (a) 230,199 542,544,513 
Class C (a) 130,343 314,329,965 
Bumble, Inc. 38,100 1,818,132 
Facebook, Inc. Class A (a) 754,330 247,970,901 
IAC (a) 20,600 3,285,082 
Kuaishou Technology Class B (c) 114,800 2,873,901 
Match Group, Inc. (a) 9,753 1,398,385 
Pinterest, Inc. Class A (a) 37,600 2,455,280 
Snap, Inc. Class A (a) 426,881 26,517,848 
Tencent Holdings Ltd. 107,190 8,548,739 
Twitter, Inc. (a) 161,781 9,383,298 
Vimeo, Inc. (a) 33,420 1,403,640 
Zillow Group, Inc. Class C (a)(b) 171,000 20,061,720 
  1,182,591,404 
Media - 0.0%   
Comcast Corp. Class A 40,510 2,322,843 
Wireless Telecommunication Services - 0.6%   
T-Mobile U.S., Inc. 568,253 80,379,387 
TOTAL COMMUNICATION SERVICES  1,705,218,289 
CONSUMER DISCRETIONARY - 21.9%   
Automobiles - 1.9%   
Arrival Group (d) 714,028 13,017,087 
Lordstown Motors Corp. (d) 265,864 2,368,848 
Neutron Holdings, Inc. (e) 438,358 6,006 
Rad Power Bikes, Inc. (d)(e) 249,183 1,202,019 
Tesla, Inc. (a) 384,485 240,387,712 
XPeng, Inc. ADR (a)(b) 165,100 5,304,663 
  262,286,335 
Hotels, Restaurants & Leisure - 1.6%   
Airbnb, Inc. Class A 4,100 575,640 
Chipotle Mexican Grill, Inc. (a) 9,770 13,404,245 
Hyatt Hotels Corp. Class A (a) 26,883 2,099,025 
Marriott International, Inc. Class A (a) 282,050 40,496,739 
McDonald's Corp. 9,125 2,134,246 
Penn National Gaming, Inc. (a) 478,200 39,198,054 
Planet Fitness, Inc. (a) 15,632 1,231,333 
Rush Street Interactive, Inc. (a) 285,400 3,541,814 
Rush Street Interactive, Inc. (d) 102,555 1,272,708 
Shake Shack, Inc. Class A (a)(b) 14,336 1,347,297 
Starbucks Corp. 403,253 45,922,452 
The Booking Holdings, Inc. (a) 19,672 46,456,412 
Vail Resorts, Inc. (a) 41,400 13,532,832 
Yum China Holdings, Inc. 122,112 8,259,656 
  219,472,453 
Household Durables - 0.9%   
D.R. Horton, Inc. 289,810 27,615,995 
KB Home 252,250 11,807,823 
Lennar Corp. Class A 631,069 62,482,142 
PulteGroup, Inc. 46,900 2,710,351 
Toll Brothers, Inc. 315,300 20,570,172 
Vizio Holding Corp. (a) 103,500 2,260,440 
  127,446,923 
Internet & Direct Marketing Retail - 9.1%   
Alibaba Group Holding Ltd. sponsored ADR (a) 152,029 32,528,125 
Amazon.com, Inc. (a) 272,918 879,633,818 
Coupang, Inc. Class A (a)(b) 43,000 1,753,970 
Deliveroo Holdings PLC (a)(c) 702,600 2,509,434 
Etsy, Inc. (a) 42,281 6,964,949 
Farfetch Ltd. Class A (a) 86,850 4,023,761 
JD.com, Inc. sponsored ADR (a) 350,229 25,895,932 
Ocado Group PLC (a) 279,720 7,506,852 
Ozon Holdings PLC ADR (b) 44,100 2,340,387 
Pinduoduo, Inc. ADR (a) 41,300 5,157,544 
Revolve Group, Inc. (a) 320,776 17,783,821 
The Honest Co., Inc. 106,126 1,507,201 
The RealReal, Inc. (a) 266,118 4,649,081 
THG PLC 341,400 2,953,814 
thredUP, Inc. (a)(b) 148,723 3,508,376 
Wayfair LLC Class A (a)(b) 816,270 250,219,406 
Zomato Pvt Ltd. (d)(e) 6,700,000 5,377,944 
  1,254,314,415 
Leisure Products - 0.3%   
Callaway Golf Co. 229,846 8,485,914 
Peloton Interactive, Inc. Class A (a) 283,442 31,266,487 
  39,752,401 
Multiline Retail - 0.4%   
Dollar General Corp. 36,940 7,497,342 
Dollar Tree, Inc. (a) 48,194 4,698,915 
Ollie's Bargain Outlet Holdings, Inc. (a) 422,389 36,511,305 
Target Corp. 18,113 4,110,202 
  52,817,764 
Specialty Retail - 2.8%   
Auto1 Group SE (c) 57,600 3,092,852 
Carvana Co. Class A (a) 170,324 45,151,189 
Cazoo Holdings Ltd. (d) 48,980 1,494,929 
Five Below, Inc. (a) 46,300 8,524,756 
Floor & Decor Holdings, Inc. Class A (a) 222,800 21,903,468 
Lowe's Companies, Inc. 398,123 77,566,304 
MYT Netherlands Parent BV ADR (b) 28,200 888,300 
RH (a)(b) 172,134 110,346,501 
The Home Depot, Inc. 253,277 80,772,568 
TJX Companies, Inc. 497,772 33,619,521 
Williams-Sonoma, Inc. 52,100 8,833,034 
  392,193,422 
Textiles, Apparel & Luxury Goods - 4.9%   
adidas AG 131,498 47,975,375 
Allbirds, Inc. (a)(d)(e) 81,240 875,767 
Canada Goose Holdings, Inc. (a) 366,771 14,701,227 
Deckers Outdoor Corp. (a) 91,570 30,716,241 
Dr. Martens Ltd. (a) 976,100 6,800,599 
Figs, Inc. Class A (a) 22,800 778,620 
lululemon athletica, Inc. (a) 1,250,180 403,970,663 
NIKE, Inc. Class B 362,354 49,446,827 
On Holding AG (a)(d)(e) 288 5,780,138 
Paymentus Holdings, Inc. (a) 26,200 799,100 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 1,877,479 89,180,253 
Tory Burch LLC (a)(d)(e)(f) 248,840 10,804,633 
Under Armour, Inc. Class C (non-vtg.) (a) 253,472 4,831,176 
VF Corp. 24,399 1,945,088 
  668,605,707 
TOTAL CONSUMER DISCRETIONARY  3,016,889,420 
CONSUMER STAPLES - 2.3%   
Beverages - 1.0%   
Boston Beer Co., Inc. Class A (a) 3,758 3,976,565 
Fever-Tree Drinks PLC 223,977 8,130,115 
Keurig Dr. Pepper, Inc. 561,371 20,748,272 
Monster Beverage Corp. (a) 515,635 48,608,911 
PepsiCo, Inc. 65,764 9,729,126 
The Coca-Cola Co. 847,407 46,853,133 
  138,046,122 
Food & Staples Retailing - 0.4%   
Blink Health, Inc. Series A1 (d)(e) 8,589 280,345 
Costco Wholesale Corp. 91,244 34,514,868 
Kroger Co. 9,640 356,487 
Oatly Group AB ADR (a)(b) 88,500 2,098,335 
Performance Food Group Co. (a) 151,468 7,593,091 
  44,843,126 
Food Products - 0.4%   
AppHarvest, Inc. (d) 379,476 6,002,362 
Archer Daniels Midland Co. 82,400 5,482,072 
Beyond Meat, Inc. (a)(b) 3,100 450,802 
Bunge Ltd. 296,254 25,720,772 
Darling Ingredients, Inc. (a) 191,569 13,114,814 
Freshpet, Inc. (a) 12,950 2,289,819 
JDE Peet's BV 7,500 295,869 
Laird Superfood, Inc. 79,600 2,601,328 
Mondelez International, Inc. 22,517 1,430,505 
  57,388,343 
Household Products - 0.2%   
Church & Dwight Co., Inc. 37,121 3,182,383 
Colgate-Palmolive Co. 71,991 6,031,406 
Procter & Gamble Co. 139,278 18,781,638 
  27,995,427 
Personal Products - 0.0%   
Unilever PLC (Netherlands) 28,436 1,695,877 
Tobacco - 0.3%   
Altria Group, Inc. 682,750 33,604,955 
JUUL Labs, Inc. Class A (a)(d)(e) 13,297 743,169 
Philip Morris International, Inc. 53,900 5,197,577 
  39,545,701 
TOTAL CONSUMER STAPLES  309,514,596 
ENERGY - 0.9%   
Energy Equipment & Services - 0.2%   
Halliburton Co. 583,200 13,092,840 
Schlumberger Ltd. 564,700 17,692,051 
  30,784,891 
Oil, Gas & Consumable Fuels - 0.7%   
EOG Resources, Inc. 21,900 1,759,446 
Hess Corp. 692,506 58,045,853 
Pioneer Natural Resources Co. 23,100 3,515,589 
Reliance Industries Ltd. 948,431 28,253,418 
Reliance Industries Ltd. 63,228 1,061,567 
  92,635,873 
TOTAL ENERGY  123,420,764 
FINANCIALS - 2.2%   
Banks - 1.1%   
Bank of America Corp. 994,617 42,161,815 
First Republic Bank 100,300 19,201,432 
HDFC Bank Ltd. sponsored ADR (a) 346,822 26,542,288 
JPMorgan Chase & Co. 256,723 42,164,186 
Wells Fargo & Co. 488,400 22,818,048 
  152,887,769 
Capital Markets - 0.7%   
Aspirational Consumer Lifestyle Corp. Class A (a)(b) 61,500 614,385 
B3 SA - Brasil Bolsa Balcao 3,612,400 12,092,581 
BlackRock, Inc. Class A 29,497 25,870,049 
Charles Schwab Corp. 572,451 42,275,506 
Coinbase Global, Inc. (a) 13,100 3,098,674 
Edelweiss Financial Services Ltd. 635,787 571,624 
The Beauty Health Co. (d) 553,828 7,097,860 
The Beauty Health Co. (a) 98,100 1,396,944 
  93,017,623 
Consumer Finance - 0.0%   
American Express Co. 12,000 1,921,560 
Discover Financial Services 14,882 1,745,063 
  3,666,623 
Diversified Financial Services - 0.4%   
Adimab LLC (a)(d)(e)(f) 762,787 38,740,045 
Ant International Co. Ltd. Class C (a)(d)(e) 419,242 1,148,723 
BowX Acquisition Corp. (a)(b) 468,900 5,758,092 
CM Life Sciences II, Inc. unit (a) 4,100 54,530 
Decarbonization Plus Acquisition Corp. Class A (a)(b) 75,100 751,000 
Flywire Corp. (a) 12,800 439,552 
Social Finance, Inc. (d) 192,954 3,499,221 
  50,391,163 
Insurance - 0.0%   
Oscar Health, Inc. Class A 262,865 5,971,241 
TOTAL FINANCIALS  305,934,419 
HEALTH CARE - 15.4%   
Biotechnology - 8.0%   
4D Molecular Therapeutics, Inc. 37,600 998,656 
AbbVie, Inc. 82,149 9,299,267 
ACADIA Pharmaceuticals, Inc. (a) 1,354,871 30,267,818 
ADC Therapeutics SA (a) 166,500 3,604,725 
Akouos, Inc. (a) 195,600 2,554,536 
Akouos, Inc. (c) 113,263 1,479,215 
Akoya Biosciences, Inc. (a) 34,500 718,290 
Alector, Inc. (a) 284,360 5,061,608 
Allovir, Inc. (a)(b) 509,310 11,938,226 
Alnylam Pharmaceuticals, Inc. (a) 873,631 124,046,866 
ALX Oncology Holdings, Inc. (a) 23,200 1,312,192 
Amgen, Inc. 131,604 31,313,856 
Annexon, Inc. (a) 39,300 830,016 
Arcutis Biotherapeutics, Inc. (a) 191,800 5,053,930 
Argenx SE ADR (a) 113,060 31,542,609 
Arrowhead Pharmaceuticals, Inc. (a) 21,559 1,565,183 
Ascendis Pharma A/S sponsored ADR (a) 24,489 3,290,832 
aTyr Pharma, Inc. (a) 98,879 448,911 
Avidity Biosciences, Inc. (b) 200,100 4,750,374 
Axcella Health, Inc. (a) 560,401 1,787,679 
BeiGene Ltd. ADR (a) 306,182 109,769,309 
BioAtla, Inc. 204,965 8,823,743 
Biogen, Inc. (a) 2,642 706,682 
BioNTech SE ADR (a) 110,102 22,460,808 
BioXcel Therapeutics, Inc. (a)(b) 197,798 6,533,268 
Bolt Biotherapeutics, Inc. 50,100 877,251 
BridgeBio Pharma, Inc. (a) 35,802 2,119,478 
Burning Rock Biotech Ltd. ADR 11,800 319,426 
Calyxt, Inc. (a) 230,181 992,080 
Cerevel Therapeutics Holdings (a) 384,700 5,047,264 
ChemoCentryx, Inc. (a) 707,639 7,182,536 
Cibus Corp.:   
Series C (a)(d)(e)(f) 1,142,857 2,011,428 
Series D (a)(d)(e)(f) 750,960 1,321,690 
Codiak Biosciences, Inc. (b) 309,262 6,995,506 
Connect Biopharma Holdings Ltd. ADR (a) 99,710 1,483,685 
CRISPR Therapeutics AG (a) 9,800 1,158,164 
Cyclerion Therapeutics, Inc. (a) 65,747 213,020 
Cyclerion Therapeutics, Inc. (a)(d) 150,550 487,782 
Day One Biopharmaceuticals, Inc. (a) 45,800 1,085,002 
Denali Therapeutics, Inc. (a) 69,874 4,443,288 
Evelo Biosciences, Inc. (a) 617,214 8,283,012 
Exact Sciences Corp. (a) 26,539 2,933,356 
Exelixis, Inc. (a) 40,873 921,686 
Fate Therapeutics, Inc. (a) 475,616 36,432,186 
Foghorn Therapeutics, Inc. (c) 78,183 813,885 
Foghorn Therapeutics, Inc. 66,500 692,265 
Fusion Pharmaceuticals, Inc. (a) 78,080 641,037 
Gemini Therapeutics, Inc. (b) 20,800 255,840 
Gemini Therapeutics, Inc. (d) 132,041 1,624,104 
Generation Bio Co. (b) 610,060 20,900,656 
Immunocore Holdings PLC 101,170 3,940,572 
Immunocore Holdings PLC ADR 49,700 2,037,700 
Inhibrx, Inc. (a) 108,700 2,300,092 
Instil Bio, Inc. (a) 109,200 1,943,760 
Intarcia Therapeutics, Inc. warrants 12/6/24 (a)(e) 7,022 1 
Ionis Pharmaceuticals, Inc. (a) 1,741,447 64,868,901 
iTeos Therapeutics, Inc. (a) 40,600 833,924 
Karuna Therapeutics, Inc. (a)(b) 385,399 43,095,316 
Keros Therapeutics, Inc. (a) 55,700 3,038,992 
Kinnate Biopharma, Inc. 56,100 1,317,228 
Kronos Bio, Inc. (c) 59,071 1,441,923 
Kronos Bio, Inc. 2,900 70,789 
Kura Oncology, Inc. (a) 37,900 843,275 
Kymera Therapeutics, Inc. (a) 26,300 1,264,767 
Lexicon Pharmaceuticals, Inc. (a) 513,922 2,256,118 
Moderna, Inc. (a) 339,141 62,744,476 
Morphic Holding, Inc. (a) 283,151 13,976,333 
Novavax, Inc. (a) 107,100 15,810,102 
Olema Pharmaceuticals, Inc. 48,100 1,344,876 
ORIC Pharmaceuticals, Inc. (a) 156,808 3,583,063 
Passage Bio, Inc. (a) 135,890 1,800,543 
Poseida Therapeutics, Inc. (a) 304,608 2,573,938 
Poseida Therapeutics, Inc. (c) 214,051 1,808,731 
Praxis Precision Medicines, Inc. 353,200 6,919,188 
Protagonist Therapeutics, Inc. (a) 245,395 8,615,818 
Prothena Corp. PLC (a) 162,205 4,731,520 
PTC Therapeutics, Inc. (a) 146,730 5,762,087 
Recursion Pharmaceuticals, Inc. (a) 53,900 1,420,804 
Regeneron Pharmaceuticals, Inc. (a) 68,221 34,276,277 
Relay Therapeutics, Inc. (a) 97,600 3,134,912 
Repare Therapeutics, Inc. 20,800 672,256 
Repligen Corp. (a) 28,000 5,113,080 
Revolution Medicines, Inc. (a) 206,860 6,187,183 
Rigel Pharmaceuticals, Inc. (a)(b) 2,058,599 7,657,988 
Rubius Therapeutics, Inc. (a) 1,095,917 26,773,252 
Sage Therapeutics, Inc. (a) 605,013 42,108,905 
Sana Biotechnology, Inc. (b) 13,100 274,707 
Sarepta Therapeutics, Inc. (a) 31,037 2,347,949 
Scholar Rock Holding Corp. (a)(b) 310,534 8,344,049 
Seagen, Inc. (a) 8,900 1,382,615 
Seres Therapeutics, Inc.(a) 983,226 20,755,901 
Shattuck Labs, Inc. 262,339 7,119,880 
Sigilon Therapeutics, Inc. (b) 61,800 721,206 
Silverback Therapeutics, Inc. (b) 301,013 8,286,888 
Silverback Therapeutics, Inc. 34,299 934,809 
Springworks Therapeutics, Inc. (a) 291,800 23,793,372 
Spruce Biosciences, Inc. 41,800 590,634 
Stoke Therapeutics, Inc. (a) 600 23,796 
Synlogic, Inc. (a) 398,800 1,491,512 
Syros Pharmaceuticals, Inc. (a)(c) 301,001 1,941,456 
Syros Pharmaceuticals, Inc. (a) 702,838 4,533,305 
Syros Pharmaceuticals, Inc. warrants 10/10/22 (a) 35,253 30,085 
Taysha Gene Therapies, Inc. 277,408 6,241,680 
TG Therapeutics, Inc. (a) 259,100 9,034,817 
Translate Bio, Inc. (a) 715,099 12,878,933 
Turning Point Therapeutics, Inc. (a) 18,390 1,217,050 
Twist Bioscience Corp. (a) 18,300 1,963,773 
Ultragenyx Pharmaceutical, Inc. (a) 13,352 1,358,032 
uniQure B.V. (a) 208,249 7,232,488 
UNITY Biotechnology, Inc. (a)(b) 365,207 1,636,127 
Vaxcyte, Inc. 238,380 5,022,667 
Vertex Pharmaceuticals, Inc. (a) 30,693 6,403,481 
Vor Biopharma, Inc. (a)(b) 21,395 451,435 
Vor Biopharma, Inc. 92,011 1,844,361 
Xencor, Inc. (a) 242,462 9,325,089 
Yumanity Therapeutics, Inc. (d) 19,530 300,371 
Yumanity Therapeutics, Inc. 73,696 1,076,772 
Zai Lab Ltd. ADR (a) 148,886 26,451,087 
Zentalis Pharmaceuticals, Inc. (a) 73,160 4,085,986 
  1,094,759,229 
Health Care Equipment & Supplies - 3.4%   
Abbott Laboratories 71,701 8,363,922 
Danaher Corp. 167,933 43,014,359 
DexCom, Inc. (a) 90,921 33,585,308 
Insulet Corp. (a) 397,883 107,297,109 
Intuitive Surgical, Inc. (a) 56,341 47,449,263 
Novocure Ltd. (a) 708,507 144,535,428 
Outset Medical, Inc. 351,257 16,955,175 
Penumbra, Inc. (a) 85,152 21,212,215 
Presbia PLC (a)(e) 454,926 59,140 
Shockwave Medical, Inc. (a) 244,767 44,033,583 
Treace Medical Concepts, Inc. (a) 55,800 1,810,710 
  468,316,212 
Health Care Providers & Services - 1.3%   
1Life Healthcare, Inc. (a) 230,200 8,517,400 
Alignment Healthcare, Inc. (a) 110,800 2,795,484 
Alignment Healthcare, Inc. 351,322 7,977,469 
Centene Corp. (a) 150,190 11,053,984 
Clover Health Investments Corp. Class B 509,299 3,696,492 
Guardant Health, Inc. (a) 17,900 2,221,748 
Humana, Inc. 30,643 13,412,441 
Ikena Oncology, Inc. (a) 41,800 752,400 
Oak Street Health, Inc. (a) 215,256 12,999,310 
Progyny, Inc. (a) 52,900 3,387,716 
Signify Health, Inc. 33,000 834,900 
UnitedHealth Group, Inc. 282,154 116,224,876 
  183,874,220 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 505,360 919,755 
Life Sciences Tools & Services - 1.6%   
10X Genomics, Inc. (a) 128,101 23,058,180 
10X Genomics, Inc. Class B (a)(c) 640,857 115,354,260 
AbCellera Biologics, Inc. (b) 10,000 268,300 
Berkeley Lights, Inc. (a) 800 34,800 
Bruker Corp. 58,023 4,029,117 
Nanostring Technologies, Inc. (a) 126,834 7,038,019 
Olink Holding AB ADR (a) 128,100 4,525,773 
Sartorius Stedim Biotech 5,400 2,340,241 
Seer, Inc. (b) 241,383 7,140,109 
Seer, Inc. 156,157 4,572,933 
Seer, Inc. Class A (d) 75,433 2,231,308 
Sotera Health Co. 8,900 214,490 
Thermo Fisher Scientific, Inc. 38,974 18,298,293 
WuXi AppTec Co. Ltd. (H Shares) (c) 250,840 5,371,368 
Wuxi Biologics (Cayman), Inc. (a)(c) 2,048,810 32,019,874 
  226,497,065 
Pharmaceuticals - 1.1%   
4D Pharma PLC (a) 340,600 475,180 
Arvinas Holding Co. LLC (a) 34,600 2,516,804 
Atea Pharmaceuticals, Inc. (b) 1,044,243 21,323,442 
Bristol-Myers Squibb Co. 95,765 6,293,676 
Dragonfly Therapeutics, Inc. (a)(d)(e) 126,113 3,487,024 
Fulcrum Therapeutics, Inc. (a)(b) 164,455 1,468,583 
Hansoh Pharmaceutical Group Co. Ltd. (c) 474,400 2,069,000 
Harmony Biosciences Holdings, Inc. (a) 391,407 12,509,368 
Harmony Biosciences Holdings, Inc. (c) 9,716 310,523 
Intra-Cellular Therapies, Inc. (a) 925,509 36,474,310 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 37,576 509,079 
Kaleido Biosciences, Inc. (a) 492,848 3,538,649 
Longboard Pharmaceuticals, Inc. (a) 49,500 408,870 
Nektar Therapeutics (a) 301,122 5,441,275 
Nuvation Bio, Inc. (d) 423,184 5,716,793 
Nuvation Bio, Inc. 678,953 9,171,976 
OptiNose, Inc. (a)(b) 678,975 2,165,930 
Pharvaris BV 37,400 766,700 
Pliant Therapeutics, Inc. 159,036 4,780,622 
Royalty Pharma PLC (a)(d)(e) 2,548 0 
Royalty Pharma PLC (c) 326,720 13,108,006 
Sienna Biopharmaceuticals, Inc. (a) 589,618 13,561 
Skyhawk Therapeutics, Inc. (d)(e) 126,063 2,069,954 
Stemcentrx, Inc. rights 12/31/21 (a)(e) 568,100 6 
Theravance Biopharma, Inc. (a) 508,345 8,784,202 
UCB SA 21,000 1,965,022 
Vera Therapeutics, Inc. 54,482 845,833 
Vera Therapeutics, Inc. (a) 56,400 972,900 
  147,187,288 
TOTAL HEALTH CARE  2,121,553,769 
INDUSTRIALS - 5.8%   
Aerospace & Defense - 0.4%   
Space Exploration Technologies Corp. Class A (a)(d)(e) 137,569 57,777,604 
The Boeing Co. (a) 16,236 4,010,617 
  61,788,221 
Air Freight & Logistics - 0.2%   
FedEx Corp. 33,000 10,388,730 
United Parcel Service, Inc. Class B 77,384 16,606,606 
  26,995,336 
Airlines - 1.8%   
Delta Air Lines, Inc. (a) 716,290 34,152,707 
Frontier Group Holdings, Inc. (a) 167,300 3,566,836 
JetBlue Airways Corp. (a) 1,912,314 38,437,511 
Ryanair Holdings PLC sponsored ADR (a) 43,378 5,064,382 
Southwest Airlines Co. (a) 1,152,237 70,816,486 
Spirit Airlines, Inc. (a) 320,433 11,442,662 
Sun Country Airlines Holdings, Inc. (a)(b) 53,900 2,005,080 
United Airlines Holdings, Inc. (a) 454,025 26,492,359 
Wheels Up Partners LLC:   
Series B (a)(d)(f) 1,843,115 7,206,580 
Series C (a)(d)(f) 670,590 2,622,007 
Series D (a)(d)(f) 1,135,960 4,441,604 
Wizz Air Holdings PLC (a)(c) 538,183 36,876,493 
  243,124,707 
Building Products - 0.2%   
Carrier Global Corp. 1,400 64,302 
Resideo Technologies, Inc. (a) 116,000 3,468,400 
The AZEK Co., Inc. 63,760 2,775,473 
Trane Technologies PLC 85,722 15,978,581 
  22,286,756 
Construction & Engineering - 0.2%   
MasTec, Inc. (a) 291,900 33,956,727 
Electrical Equipment - 0.2%   
AMETEK, Inc. 28,907 3,905,336 
Eaton Corp. PLC 36,724 5,334,161 
Emerson Electric Co. 44,849 4,291,601 
Generac Holdings, Inc. (a) 34,000 11,176,480 
Rockwell Automation, Inc. 23,000 6,065,560 
Shoals Technologies Group, Inc. 30,400 839,040 
  31,612,178 
Industrial Conglomerates - 0.4%   
3M Co. 107,180 21,761,827 
Honeywell International, Inc. 118,483 27,358,910 
  49,120,737 
Machinery - 0.7%   
Caterpillar, Inc. 75,860 18,288,329 
Cummins, Inc. 38,700 9,956,736 
Deere & Co. 95,252 34,395,497 
Fortive Corp. 83,708 6,070,504 
Illinois Tool Works, Inc. 41,853 9,699,851 
Ingersoll Rand, Inc. (a) 49,544 2,459,364 
Xylem, Inc. 184,517 21,795,148 
  102,665,429 
Professional Services - 0.0%   
CoStar Group, Inc. (a) 1,628 1,390,312 
YourPeople, Inc. (a)(e) 4,577,258 37,534 
  1,427,846 
Road & Rail - 1.7%   
Avis Budget Group, Inc. (a) 779,900 68,490,818 
CSX Corp. 120,800 12,094,496 
Kansas City Southern 29,200 8,692,256 
Lyft, Inc. (a) 409,068 23,353,692 
Uber Technologies, Inc. (a) 1,220,704 62,048,384 
Union Pacific Corp. 235,161 52,847,732 
  227,527,378 
TOTAL INDUSTRIALS  800,505,315 
INFORMATION TECHNOLOGY - 35.3%   
Communications Equipment - 0.5%   
Arista Networks, Inc. (a) 12,133 4,117,698 
Ciena Corp. (a) 542,197 28,665,955 
Infinera Corp. (a)(b) 2,737,275 26,277,840 
Lumentum Holdings, Inc. (a) 65,480 5,328,108 
  64,389,601 
Electronic Equipment & Components - 0.2%   
908 Devices, Inc. (b) 30,900 1,301,817 
Arlo Technologies, Inc. (a) 215,711 1,447,421 
II-VI, Inc. (a)(b) 222,590 14,995,888 
TE Connectivity Ltd. 3,141 426,171 
Trimble, Inc. (a) 173,200 13,473,228 
Vontier Corp. 19,763 693,286 
  32,337,811 
IT Services - 5.8%   
Accenture PLC Class A 23,900 6,743,624 
Actua Corp. (a)(e) 562,258 28,113 
Black Knight, Inc. (a) 72,270 5,303,895 
IBM Corp. 5,595 804,225 
MasterCard, Inc. Class A 289,549 104,405,578 
MongoDB, Inc. Class A (a) 4,641 1,354,894 
Nuvei Corp. (a)(c) 30,500 2,283,840 
Okta, Inc. (a) 40,781 9,071,326 
PayPal Holdings, Inc. (a) 783,927 203,836,699 
Riskified Ltd. (a)(d)(e) 196,150 2,255,725 
Riskified Ltd. warrants (a)(d)(e) 1,301 1 
Shopify, Inc. Class A (a) 219,049 268,651,711 
Snowflake Computing, Inc. 8,525 2,029,206 
Square, Inc. (a) 252,985 56,294,222 
Twilio, Inc. Class A (a) 1,200 403,200 
Visa, Inc. Class A 521,312 118,494,218 
Wix.com Ltd. (a) 21,668 5,630,646 
Worldline SA (a)(c) 57,200 5,475,453 
  793,066,576 
Semiconductors & Semiconductor Equipment - 11.6%   
Advanced Micro Devices, Inc. (a) 860,493 68,908,279 
Applied Materials, Inc. 400,685 55,346,619 
ASML Holding NV 70,385 47,542,956 
Broadcom, Inc. 25,225 11,914,524 
Cirrus Logic, Inc. (a) 342,066 26,705,093 
Cree, Inc. (a)(b) 67,829 6,783,578 
First Solar, Inc. (a) 91,300 6,948,843 
Intel Corp. 81,762 4,670,245 
KLA Corp. 53,386 16,917,490 
Marvell Technology, Inc. 619,441 29,919,000 
Micron Technology, Inc. (a) 341,531 28,736,418 
NVIDIA Corp. 1,735,435 1,127,650,954 
Qualcomm, Inc. 160,809 21,635,243 
Silicon Laboratories, Inc. (a) 603,889 82,467,082 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 258,968 30,392,484 
Teradyne, Inc. 48,750 6,452,063 
Texas Instruments, Inc. 106,594 20,233,673 
Xilinx, Inc. 23,800 3,022,600 
  1,596,247,144 
Software - 10.3%   
ACV Auctions, Inc. Class A (a) 7,500 194,400 
Adobe, Inc. (a) 154,312 77,862,749 
Alkami Technology, Inc. (a) 6,900 229,563 
Atlassian Corp. PLC (a) 14,426 3,365,297 
Autodesk, Inc. (a) 112,642 32,199,842 
Avalara, Inc. (a) 19,004 2,511,759 
Bill.Com Holdings, Inc. (a) 4,800 714,816 
BTRS Holdings, Inc. (a) 1,900 27,170 
BTRS Holdings, Inc. (d) 123,361 1,764,062 
Cloudflare, Inc. (a) 1,190,381 97,682,665 
Coupa Software, Inc. (a) 12,104 2,883,173 
Crowdstrike Holdings, Inc. (a) 26,733 5,938,736 
Datadog, Inc. Class A (a) 9,630 876,812 
DocuSign, Inc. (a) 11,691 2,357,139 
DoubleVerify Holdings, Inc. (a) 35,700 1,316,973 
Elastic NV (a) 36,894 4,361,240 
Epic Games, Inc. (d)(e) 11,800 10,443,000 
HubSpot, Inc. (a) 61,717 31,128,820 
Intuit, Inc. 68,994 30,294,575 
Lightspeed POS, Inc. 96,400 6,939,836 
LivePerson, Inc. (a) 164,544 9,041,693 
Microsoft Corp. 2,299,736 574,198,084 
Nutanix, Inc. Class A (a) 2,669,743 84,123,602 
Oracle Corp. 320,104 25,204,989 
Paycom Software, Inc. (a) 11,200 3,691,520 
Paylocity Holding Corp. (a) 15,097 2,563,924 
Privia Health Group, Inc. (a) 57,900 1,895,067 
Procore Technologies, Inc. (a) 14,000 1,209,880 
RingCentral, Inc. (a) 8,142 2,137,031 
Salesforce.com, Inc. (a) 1,361,084 324,074,100 
Slack Technologies, Inc. Class A (a) 45,200 1,990,608 
Stripe, Inc. Class B (a)(d)(e) 43,500 1,745,438 
The Trade Desk, Inc. (a) 1,800 1,058,652 
Tuya, Inc. ADR (a)(b) 41,800 997,348 
UiPath, Inc. 203,748 14,636,849 
UiPath, Inc. Class A (a)(b) 30,700 2,450,474 
Workday, Inc. Class A (a) 19,132 4,375,871 
Zendesk, Inc. (a) 174,895 23,901,151 
Zoom Video Communications, Inc. Class A (a) 56,253 18,649,557 
Zscaler, Inc. (a) 48,065 9,334,223 
  1,420,372,688 
Technology Hardware, Storage & Peripherals - 6.9%   
Apple, Inc. 7,390,328 920,908,772 
Pure Storage, Inc. Class A (a) 1,349,758 25,712,890 
Samsung Electronics Co. Ltd. 86,543 6,285,207 
  952,906,869 
TOTAL INFORMATION TECHNOLOGY  4,859,320,689 
MATERIALS - 1.2%   
Chemicals - 0.4%   
Albemarle Corp. U.S. 8,800 1,470,304 
Corteva, Inc. 717,700 32,655,350 
Dow, Inc. 59,259 4,054,501 
DuPont de Nemours, Inc. 174,546 14,764,846 
The Mosaic Co. 82,900 2,996,006 
  55,941,007 
Containers & Packaging - 0.2%   
Ball Corp. 160,200 13,162,032 
Sealed Air Corp. 95,500 5,430,130 
  18,592,162 
Metals & Mining - 0.6%   
Barrick Gold Corp. (Canada) 568,200 13,482,393 
Freeport-McMoRan, Inc. 1,392,300 59,479,056 
Newmont Corp. 43,000 3,159,640 
Rio Tinto PLC sponsored ADR 106,600 9,320,038 
  85,441,127 
TOTAL MATERIALS  159,974,296 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
American Tower Corp. 46,698 11,929,471 
Simon Property Group, Inc. 125,500 16,125,495 
  28,054,966 
Real Estate Management & Development - 0.0%   
Compass, Inc. (a) 114,500 1,538,880 
KE Holdings, Inc. ADR (a) 74,800 3,881,372 
  5,420,252 
TOTAL REAL ESTATE  33,475,218 
TOTAL COMMON STOCKS   
(Cost $4,523,336,373)  13,435,806,775 
Preferred Stocks - 1.8%   
Convertible Preferred Stocks - 1.7%   
COMMUNICATION SERVICES - 0.1%   
Diversified Telecommunication Services - 0.1%   
Starry, Inc.:   
Series B (a)(d)(e) 2,961,147 4,974,727 
Series C (a)(d)(e) 1,339,018 2,249,550 
Series D (a)(d)(e) 1,344,355 2,258,516 
Series E3 (d)(e) 975,268 1,638,450 
  11,121,243 
CONSUMER DISCRETIONARY - 0.4%   
Automobiles - 0.3%   
Bird Rides, Inc. (d) 386,551 2,890,103 
Bird Rides, Inc.:   
Series C1 (d) 117,022 874,931 
Series D (d) 104,900 784,300 
Rad Power Bikes, Inc.:   
Series A (d)(e) 32,487 156,712 
Series C (d)(e) 127,831 616,636 
Rivian Automotive, Inc.:   
Series E (d)(e) 625,451 23,047,869 
Series F (d)(e) 232,868 8,581,186 
  36,951,737 
Hotels, Restaurants & Leisure - 0.0%   
MOD Super Fast Pizza Holdings LLC:   
Series 3 (a)(d)(e)(f) 16,248 3,190,622 
Series 4 (a)(d)(e)(f) 1,483 273,287 
Series 5 (a)(d)(e)(f) 5,955 1,027,833 
  4,491,742 
Internet & Direct Marketing Retail - 0.1%   
GoBrands, Inc. Series G (d)(e) 26,833 6,700,664 
Instacart, Inc.:   
Series H (d)(e) 13,904 1,738,000 
Series I (d)(e) 6,341 792,625 
Reddit, Inc.:   
Series B (a)(d)(e) 37,935 1,611,259 
Series E (d)(e) 5,127 217,765 
  11,060,313 
Specialty Retail - 0.0%   
Fanatics, Inc. Series E (d)(e) 127,722 4,453,666 
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc.:   
Series A (a)(d)(e) 32,065 345,661 
Series B (a)(d)(e) 5,635 60,745 
Series C (a)(d)(e) 53,835 580,341 
Series D (a)(d)(e) 62,760 676,553 
Series Seed (a)(d)(e) 99,244 1,069,850 
Freenome, Inc. Series C (d)(e) 190,858 1,498,235 
Nuvalent, Inc. Series B (d)(e) 401,171 830,344 
  5,061,729 
TOTAL CONSUMER DISCRETIONARY  62,019,187 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
Blink Health, Inc. Series C (a)(d)(e) 182,443 5,954,940 
Sweetgreen, Inc.:   
Series C (a)(d)(e) 1,331 17,503 
Series D (a)(d)(e) 21,414 281,594 
Series H (a)(d)(e) 168,337 2,213,632 
Series I (a)(d)(e) 50,469 663,667 
  9,131,336 
Food Products - 0.0%   
Agbiome LLC Series C (a)(d)(e) 338,565 2,144,369 
Bowery Farming, Inc. Series C1 (d)(e) 27,136 1,634,925 
  3,779,294 
Tobacco - 0.0%   
JUUL Labs, Inc. Series E (a)(d)(e) 6,648 371,557 
TOTAL CONSUMER STAPLES  13,282,187 
FINANCIALS - 0.1%   
Diversified Financial Services - 0.1%   
Paragon Biosciences Emalex Capital, Inc.:   
Series B (a)(d)(e) 198,234 2,121,104 
Series C (d)(e) 115,792 1,238,974 
Sonder Holdings, Inc.:   
Series D1 (d) 265,415 3,752,636 
Series E (a)(d) 420,126 5,940,056 
  13,052,770 
HEALTH CARE - 0.4%   
Biotechnology - 0.3%   
23andMe, Inc. Series F (a)(d) 164,720 3,321,121 
Adagio Theraputics, Inc.:   
Series A (d)(e) 90,362 7,055,987 
Series B (d)(e) 28,136 2,197,022 
Series C (d)(e) 53,288 4,161,035 
Ambrx, Inc.:   
Series A (d)(e) 238,688 491,697 
Series B (d)(e) 214,819 442,527 
Bright Peak Therapeutics AG Series B (d)(e) 239,403 935,108 
Caris Life Sciences, Inc. Series D (d)(e) 255,590 2,070,279 
Element Biosciences, Inc. Series B (a)(d)(e) 250,956 1,887,189 
ElevateBio LLC Series C (d)(e) 332,500 1,394,838 
EQRx, Inc. Series B (d)(e) 1,415,792 4,700,429 
Inscripta, Inc.:   
Series D (d)(e) 308,833 2,726,995 
Series E (d)(e) 222,357 1,963,412 
Intarcia Therapeutics, Inc. Series EE (a)(d)(e) 116,544 2,117,604 
National Resilience, Inc. Series B (d)(e) 251,448 3,434,780 
Omega Therapeutics, Inc. Series C (d)(e) 343,492 1,030,476 
  39,930,499 
Health Care Equipment & Supplies - 0.0%   
Kardium, Inc. Series D6 (d)(e) 1,136,853 1,154,861 
Health Care Providers & Services - 0.0%   
Boundless Bio, Inc. Series B (d)(e) 616,102 831,738 
Conformal Medical, Inc. Series C (d)(e) 240,750 1,052,078 
Scorpion Therapeutics, Inc. Series B (d)(e) 242,077 585,688 
  2,469,504 
Health Care Technology - 0.0%   
Aledade, Inc. Series B1 (d)(e) 22,992 880,380 
PrognomIQ, Inc.:   
Series A5 (d)(e) 83,544 279,037 
Series B (d)(e) 198,721 663,728 
  1,823,145 
Pharmaceuticals - 0.1%   
Castle Creek Pharmaceutical Holdings, Inc.:   
Series B (a)(d)(e) 4,910 3,216,983 
Series C (a)(d)(e) 2,570 1,683,838 
Nohla Therapeutics, Inc. Series B (a)(d)(e) 3,126,919 31 
  4,900,852 
TOTAL HEALTH CARE  50,278,861 
INDUSTRIALS - 0.2%   
Aerospace & Defense - 0.2%   
Space Exploration Technologies Corp. Series G (a)(d)(e) 53,937 22,653,001 
Construction & Engineering - 0.0%   
Beta Technologies, Inc. Series A (d)(e) 10,986 804,944 
Transportation Infrastructure - 0.0%   
Delhivery Pvt Ltd. Series H (d)(e) 6,466 3,179,124 
TOTAL INDUSTRIALS  26,637,069 
INFORMATION TECHNOLOGY - 0.4%   
Communications Equipment - 0.0%   
Xsight Labs Ltd. Series D (d)(e) 167,386 1,338,418 
Electronic Equipment & Components - 0.0%   
Enevate Corp. Series E (d)(e) 814,561 903,091 
IT Services - 0.1%   
AppNexus, Inc. Series E (Escrow) (a)(d)(e) 209,665 6,567 
ByteDance Ltd. Series E1 (d)(e) 84,766 9,288,165 
Riskified Ltd.:   
Series D (d)(e) 34,100 392,150 
Series E (a)(d)(e) 155,000 1,782,500 
  11,469,382 
Semiconductors & Semiconductor Equipment - 0.0%   
SiMa Ai Series B (d)(e) 338,113 1,733,641 
Tenstorrent, Inc. Series C1 (d)(e) 21,000 1,248,540 
  2,982,181 
Software - 0.3%   
Databricks, Inc. Series G (d)(e) 17,742 3,146,861 
Dataminr, Inc. Series D (a)(d)(e) 442,241 19,458,604 
Evozyne LLC Series A (d)(e) 101,400 2,278,458 
Jet.Com, Inc. Series B1 (Escrow) (a)(d)(e) 2,105,094 21 
Nuvia, Inc. Series B (d) 239,670 195,863 
Stripe, Inc. Series H (d)(e) 19,200 770,400 
Taboola.com Ltd. Series E (a)(d) 331,426 7,685,769 
  33,535,976 
TOTAL INFORMATION TECHNOLOGY  50,229,048 
MATERIALS - 0.0%   
Metals & Mining - 0.0%   
Diamond Foundry, Inc. Series C (d)(e) 355,446 8,530,704 
UTILITIES - 0.0%   
Independent Power and Renewable Electricity Producers - 0.0%   
Redwood Materials Series C (d)(e) 16,253 770,449 
TOTAL CONVERTIBLE PREFERRED STOCKS  235,921,518 
Nonconvertible Preferred Stocks - 0.1%   
CONSUMER DISCRETIONARY - 0.0%   
Automobiles - 0.0%   
Neutron Holdings, Inc. Series 1D (d)(e) 5,678,726 77,799 
Waymo LLC Series A2 (d)(e) 10,731 921,441 
  999,240 
Specialty Retail - 0.0%   
Cazoo Holdings Ltd.:   
Series A (d) 1,599 48,803 
Series B (d) 27,995 854,441 
Series C (d) 568 17,336 
Series D (d) 100,010 3,052,426 
  3,973,006 
TOTAL CONSUMER DISCRETIONARY  4,972,246 
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(d)(e) 13,511 8,852,272 
Faraday Pharmaceuticals, Inc. Series B (a)(d)(e) 219,824 455,036 
  9,307,308 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  14,279,554 
TOTAL PREFERRED STOCKS   
(Cost $175,812,806)  250,201,072 
 Principal Amount Value 
Convertible Bonds - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Automobiles - 0.0%   
Neutron Holdings, Inc.:   
4% 5/22/27 (d)(e) 857,900 857,900 
4% 6/12/27 (d)(e) 25,455 25,455 
  883,355 
Textiles, Apparel & Luxury Goods - 0.0%   
AbSci Corp. 6% (e)(g) 2,059,700 2,059,700 
TOTAL CONSUMER DISCRETIONARY  2,943,055 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
The Real Good Food Co. LLC 1% (d)(e)(g) 1,262,200 1,262,200 
FINANCIALS - 0.0%   
Diversified Financial Services - 0.0%   
Sonder Holdings, Inc. 0% (d)(e)(g) 1,610,776 1,610,776 
TOTAL CONVERTIBLE BONDS   
(Cost $5,816,031)  5,816,031 
Preferred Securities - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Internet & Direct Marketing Retail - 0.0%   
Circle Internet Financial Ltd. 0% (d)(e)(g) 2,227,100 2,227,100 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
Intarcia Therapeutics, Inc. 6% 7/18/21 (d)(e) 614,446 865,103 
Health Care Equipment & Supplies - 0.0%   
Kardium, Inc. 0% (d)(e)(g) 1,612,660 1,612,660 
TOTAL HEALTH CARE  2,477,763 
INFORMATION TECHNOLOGY - 0.0%   
Electronic Equipment & Components - 0.0%   
Enevate Corp. 0% 1/29/23 (d)(e) 346,804 346,804 
Semiconductors & Semiconductor Equipment - 0.0%   
Tenstorrent, Inc. 0% (d)(e)(g) 1,170,000 1,170,000 
TOTAL INFORMATION TECHNOLOGY  1,516,804 
TOTAL PREFERRED SECURITIES   
(Cost $5,971,010)  6,221,667 
 Shares Value 
Money Market Funds - 1.6%   
Fidelity Cash Central Fund 0.03% (h) 19,371,617 19,375,492 
Fidelity Securities Lending Cash Central Fund 0.03% (h)(i) 196,460,822 196,480,468 
TOTAL MONEY MARKET FUNDS   
(Cost $215,855,960)  215,855,960 
TOTAL INVESTMENT IN SECURITIES - 101.0%   
(Cost $4,926,792,180)  13,913,901,505 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (142,622,814) 
NET ASSETS - 100%  $13,771,278,691 

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $228,830,214 or 1.7% of net assets.

 (d) Restricted securities (including private placements) - 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 $467,391,343 or 3.4% of net assets.

 (e) Level 3 security

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

 (g) Security is perpetual in nature with no stated maturity date.

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. Series F 8/31/17 $2,287,005 
Adagio Theraputics, Inc. Series A 7/15/20 $722,896 
Adagio Theraputics, Inc. Series B 11/4/20 $1,595,874 
Adagio Theraputics, Inc. Series C 4/16/21 $4,161,035 
Adimab LLC 9/17/14 - 6/5/15 $11,583,995 
Agbiome LLC Series C 6/29/18 $2,144,369 
Aledade, Inc. Series B1 5/7/21 $880,380 
Allbirds, Inc. 10/9/18 $890,972 
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 
Allbirds, Inc. Series D 12/23/19 $808,713 
Allbirds, Inc. Series Seed 10/9/18 - 1/23/20 $997,616 
Ambrx, Inc. Series A 11/6/20 $373,112 
Ambrx, Inc. Series B 11/6/20 $373,112 
Ant International Co. Ltd. Class C 5/16/18 $2,351,948 
AppHarvest, Inc. 1/29/21 $3,794,760 
AppNexus, Inc. Series E (Escrow) 8/1/14 $0 
Arrival Group 3/24/21 $7,140,280 
Beta Technologies, Inc. Series A 4/9/21 $804,944 
Bird Rides, Inc. 2/12/21 - 4/20/21 $1,980,341 
Bird Rides, Inc. Series C1 12/21/18 $1,374,482 
Bird Rides, Inc. Series D 9/30/19 $1,355,067 
Blink Health, Inc. Series A1 12/30/20 $232,676 
Blink Health, Inc. Series C 11/7/19 - 1/21/21 $6,964,944 
Boundless Bio, Inc. Series B 4/23/21 $831,738 
Bowery Farming, Inc. Series C1 5/18/21 $1,634,925 
Bright Peak Therapeutics AG Series B 5/14/21 $935,108 
BTRS Holdings, Inc. 1/12/21 $1,233,610 
ByteDance Ltd. Series E1 11/18/20 $9,288,165 
Caris Life Sciences, Inc. Series D 5/11/21 $2,070,279 
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 
Castle Creek Pharmaceutical Holdings, Inc. Series C 12/9/19 $1,058,455 
Cazoo Holdings Ltd. 9/30/20 $671,514 
Cazoo Holdings Ltd. Series A 9/30/20 $21,922 
Cazoo Holdings Ltd. Series B 9/30/20 $383,811 
Cazoo Holdings Ltd. Series C 9/30/20 $7,787 
Cazoo Holdings Ltd. Series D 9/30/20 $1,371,134 
Cibus Corp. Series C 2/16/18  $2,400,000  
Cibus Corp. Series D 5/10/19  $938,700  
Circle Internet Financial Ltd. 0% 5/11/21 $2,227,100 
Conformal Medical, Inc. Series C 7/24/20 $882,846 
Cyclerion Therapeutics, Inc. 4/2/19 $2,229,495 
Databricks, Inc. Series G 2/1/21 $3,146,861 
Dataminr, Inc. Series D 2/18/15 - 3/6/15 $5,638,573 
Delhivery Pvt Ltd. Series H 5/20/21 $3,156,208 
Diamond Foundry, Inc. Series C 3/15/21 $8,530,704 
Dragonfly Therapeutics, Inc. 12/19/19 $3,336,950 
Element Biosciences, Inc. Series B 12/13/19 $1,315,160 
ElevateBio LLC Series C 3/9/21 $1,394,838 
Enevate Corp. Series E 1/29/21 $903,092 
Enevate Corp. 0% 1/29/23 1/29/21 $346,804 
Epic Games, Inc. 7/13/20 - 7/30/20 $6,785,000 
EQRx, Inc. Series B 11/19/20 $3,881,960 
Evozyne LLC Series A 4/9/21 $2,278,458 
Fanatics, Inc. Series E 8/13/20 $2,208,313 
Faraday Pharmaceuticals, Inc. Series B 12/30/19 $288,996 
Freenome, Inc. Series C 8/14/20 $1,262,201 
Gemini Therapeutics, Inc. 2/5/21 $1,320,410 
GoBrands, Inc. Series G 3/2/21 $6,700,664 
Inscripta, Inc. Series D 11/13/20 $1,411,367 
Inscripta, Inc. Series E 3/30/21 $1,963,412 
Instacart, Inc. Series H 11/13/20 $834,240 
Instacart, Inc. Series I 2/26/21 $792,625 
Intarcia Therapeutics, Inc. Series EE 9/2/16 $6,992,640 
Intarcia Therapeutics, Inc. 6% 7/18/21 2/26/19 $614,446 
Jet.Com, Inc. Series B1 (Escrow) 3/19/18 $0 
JUUL Labs, Inc. Class A 7/6/18 $392,042 
JUUL Labs, Inc. Series E 7/6/18 $196,006 
Kardium, Inc. Series D6 12/30/20 $1,154,861 
Kardium, Inc. 0% 12/30/20 $1,612,660 
Lordstown Motors Corp. 10/23/20 $2,658,640 
MOD Super Fast Pizza Holdings LLC Series 3 11/3/16  $2,225,976  
MOD Super Fast Pizza Holdings LLC Series 4 12/14/17  $207,516  
MOD Super Fast Pizza Holdings LLC Series 5 5/15/19  $848,707  
National Resilience, Inc. Series B 12/1/20 $3,434,780 
Neutron Holdings, Inc. Series 1D 1/25/19 $1,377,091 
Neutron Holdings, Inc. 4% 5/22/27 6/4/20 $857,900 
Neutron Holdings, Inc. 4% 6/12/27 6/12/20 $25,455 
Nohla Therapeutics, Inc. Series B 5/1/18 $1,123,581 
Nuvalent, Inc. Series B 4/30/21 $830,344 
Nuvation Bio, Inc. 2/10/21 $4,231,840 
Nuvia, Inc. Series B 3/16/21 $195,862 
Omega Therapeutics, Inc. Series C 3/17/21 $1,030,476 
On Holding AG 2/6/20 $2,624,466 
Paragon Biosciences Emalex Capital, Inc. Series B 9/18/19 $2,020,004 
Paragon Biosciences Emalex Capital, Inc. Series C 2/26/21 $1,238,974 
PrognomIQ, Inc. Series A5 8/20/20 $50,461 
PrognomIQ, Inc. Series B 9/11/20 $454,100 
Rad Power Bikes, Inc. 1/21/21 $1,202,019 
Rad Power Bikes, Inc. Series A 1/21/21 $156,712 
Rad Power Bikes, Inc. Series C 1/21/21 $616,636 
Reddit, Inc. Series B 7/26/17 $538,544 
Reddit, Inc. Series E 5/18/21 $217,765 
Redwood Materials Series C 5/28/21 $770,449 
Riskified Ltd. 12/20/19 - 4/15/20 $1,773,844 
Riskified Ltd. Series D 11/18/20 $392,150 
Riskified Ltd. Series E 10/28/19 $1,474,732 
Riskified Ltd. warrants 10/28/19 $1 
Rivian Automotive, Inc. Series E 7/10/20 $9,688,236 
Rivian Automotive, Inc. Series F 1/19/21 $8,581,186 
Royalty Pharma PLC 5/21/15 $300,409 
Rush Street Interactive, Inc. 12/29/20 $1,025,550 
Scorpion Therapeutics, Inc. Series B 1/8/21 $585,688 
Seer, Inc. Class A 12/8/20 $1,433,227 
SiMa Ai Series B 5/10/21 $1,733,641 
Skyhawk Therapeutics, Inc. 5/21/21 $2,069,954 
Social Finance, Inc. 1/7/21 $1,929,540 
Sonder Holdings, Inc. Series D1 12/20/19 $2,785,793 
Sonder Holdings, Inc. Series E 4/3/20 - 5/6/20 $4,523,454 
Sonder Holdings, Inc. 0% 3/18/21 $1,610,776 
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 
Starry, Inc. Series D 3/6/19 $1,922,428 
Starry, Inc. Series E3 3/31/21 $1,638,450 
Stripe, Inc. Class B 5/18/21 $1,745,585 
Stripe, Inc. Series H 3/15/21 $770,400 
Sweetgreen, Inc. Series C 9/13/19 $22,760 
Sweetgreen, Inc. Series D 9/13/19 $366,179 
Sweetgreen, Inc. Series H 11/9/18 $2,195,114 
Sweetgreen, Inc. Series I 9/13/19 $863,020 
Taboola.com Ltd. Series E 12/22/14 $3,455,249 
Tenstorrent, Inc. Series C1 4/23/21 $1,248,540 
Tenstorrent, Inc. 0% 4/23/21 $1,170,000 
The Beauty Health Co. 12/8/20 $5,538,280 
The Real Good Food Co. LLC 1% 5/7/21 $1,262,200 
Tory Burch LLC 5/14/15 $17,704,966 
Waymo LLC Series A2 5/8/20 $921,441 
Wheels Up Partners LLC Series B 9/18/15 $5,235,000 
Wheels Up Partners LLC Series C 6/22/17  $2,092,241  
Wheels Up Partners LLC Series D 5/15/19 - 8/2/19 $3,953,141  
Xsight Labs Ltd. Series D 2/16/21 $1,338,418 
Yumanity Therapeutics, Inc. 12/22/20 $449,190 
Zomato Pvt Ltd. 12/9/20 - 2/10/21 $4,714,002 

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 $53,608 
Fidelity Securities Lending Cash Central Fund 687,993 
Total $741,601 

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2021, 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 $1,716,339,532 $1,705,218,289 $-- $11,121,243 
Consumer Discretionary 3,083,880,853 2,974,454,848 26,910,405 82,515,600 
Consumer Staples 322,796,783 302,488,720 6,002,362 14,305,701 
Energy 123,420,764 122,359,197 1,061,567 -- 
Financials 318,987,189 249,477,329 26,261,014 43,248,846 
Health Care 2,181,139,938 2,072,796,431 43,129,216 65,214,291 
Industrials 827,142,384 728,419,986 14,270,191 84,452,207 
Information Technology 4,909,549,737 4,830,407,426 22,322,618 56,819,693 
Materials 168,505,000 159,974,296 -- 8,530,704 
Real Estate 33,475,218 33,475,218 -- -- 
Utilities 770,449 -- -- 770,449 
Corporate Bonds 5,816,031 -- -- 5,816,031 
Preferred Securities 6,221,667 -- -- 6,221,667 
Money Market Funds 215,855,960 215,855,960 -- -- 
Total Investments in Securities: $13,913,901,505 $13,394,927,700 $139,957,373 $379,016,432 
Net unrealized appreciation on unfunded commitments $1,173,708 $-- $1,173,708 $-- 

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

Investments in Securities:  
Beginning Balance $294,336,731 
Net Realized Gain (Loss) on Investment Securities 119,936 
Net Unrealized Gain (Loss) on Investment Securities 64,053,387 
Cost of Purchases 87,691,846 
Proceeds of Sales (5,372,990) 
Amortization/Accretion -- 
Transfers into Level 3 3,654,307 
Transfers out of Level 3 (65,466,785) 
Ending Balance $379,016,432 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2021 $63,587,680 

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. Cost of purchases and proceeds of sales may include securities received and/or 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 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

  May 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $190,008,907) — See accompanying schedule:
Unaffiliated issuers (cost $4,710,936,220) 		$13,698,045,545  
Fidelity Central Funds (cost $215,855,960) 215,855,960  
Total Investment in Securities (cost $4,926,792,180)  $13,913,901,505 
Restricted cash  50,000 
Foreign currency held at value (cost $378,840)  378,924 
Receivable for investments sold  678,994 
Net unrealized appreciation on unfunded commitments  3,268,931 
Receivable for fund shares sold  423,260,676 
Dividends receivable  3,842,940 
Interest receivable  62,184 
Distributions receivable from Fidelity Central Funds  42,729 
Other receivables  130,577 
Total assets  14,345,617,460 
Liabilities   
Payable for investments purchased $373,669,515  
Net unrealized depreciation on unfunded commitments 2,095,223  
Payable for fund shares redeemed 724,099  
Other payables and accrued expenses 1,379,850  
Collateral on securities loaned 196,470,082  
Total liabilities  574,338,769 
Net Assets  $13,771,278,691 
Net Assets consist of:   
Paid in capital  $3,118,699,616 
Total accumulated earnings (loss)  10,652,579,075 
Net Assets  $13,771,278,691 
Net Asset Value, offering price and redemption price per share ($13,771,278,691 ÷ 559,064,395 shares)  $24.63 

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


Statement of Operations

  Six months ended May 31, 2021 (Unaudited) 
Investment Income   
Dividends  $25,184,016 
Interest  44,338 
Income from Fidelity Central Funds (including $687,993 from security lending)  741,601 
Total income  25,969,955 
Expenses   
Custodian fees and expenses $141,552  
Independent trustees' fees and expenses 26,848  
Interest 533  
Total expenses before reductions 168,933  
Expense reductions (219)  
Total expenses after reductions  168,714 
Net investment income (loss)  25,801,241 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $7,803) 1,687,561,929  
Fidelity Central Funds (105)  
Foreign currency transactions 4,433  
Futures contracts 5,062,315  
Total net realized gain (loss)  1,692,628,572 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $342,216) (133,320,029)  
Unfunded commitments 1,173,708  
Assets and liabilities in foreign currencies (22,740)  
Total change in net unrealized appreciation (depreciation)  (132,169,061) 
Net gain (loss)  1,560,459,511 
Net increase (decrease) in net assets resulting from operations  $1,586,260,752 

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


Statement of Changes in Net Assets

 Six months ended May 31, 2021 (Unaudited) Year ended November 30, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $25,801,241 $46,932,727 
Net realized gain (loss) 1,692,628,572 3,178,978,384 
Change in net unrealized appreciation (depreciation) (132,169,061) 2,867,334,103 
Net increase (decrease) in net assets resulting from operations 1,586,260,752 6,093,245,214 
Distributions to shareholders (3,221,895,370) (1,132,911,379) 
Share transactions   
Proceeds from sales of shares 1,368,852,688 499,706,790 
Reinvestment of distributions 3,221,895,370 1,132,911,380 
Cost of shares redeemed (2,020,754,268) (4,929,691,968) 
Net increase (decrease) in net assets resulting from share transactions 2,569,993,790 (3,297,073,798) 
Total increase (decrease) in net assets 934,359,172 1,663,260,037 
Net Assets   
Beginning of period 12,836,919,519 11,173,659,482 
End of period $13,771,278,691 $12,836,919,519 
Other Information   
Shares   
Sold 57,041,899 24,734,345 
Issued in reinvestment of distributions 142,941,232 64,811,864 
Redeemed (83,414,147) (230,314,457) 
Net increase (decrease) 116,568,984 (140,768,248) 

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


Financial Highlights

Fidelity Series Growth Company Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $29.01 $19.16 $17.61 $18.19 $13.49 $13.08 
Income from Investment Operations       
Net investment income (loss)A .05 .09 .11 .15B .07 .01 
Net realized and unrealized gain (loss) 2.86 11.72 3.31 1.02 4.96 .43 
Total from investment operations 2.91 11.81 3.42 1.17 5.03 .44 
Distributions from net investment income (.16) (.13) (.15) (.09) (.02) (.03) 
Distributions from net realized gain (7.13) (1.84) (1.72) (1.66) (.31) – 
Total distributions (7.29) (1.96)C (1.87) (1.75) (.33) (.03) 
Net asset value, end of period $24.63 $29.01 $19.16 $17.61 $18.19 $13.49 
Total ReturnD,E 12.34% 68.41% 23.24% 6.96% 38.10% 3.38% 
Ratios to Average Net AssetsF,G       
Expenses before reductions - %H,I - %I - %I - %I .38% .74% 
Expenses net of fee waivers, if any - %H,I - %I - %I - %I .38% .74% 
Expenses net of all reductions - %H,I - %I - %I - %I .37% .74% 
Net investment income (loss) .38%H .41% .64% .79%B .43% .11% 
Supplemental Data       
Net assets, end of period (000 omitted) $13,771,279 $12,836,920 $11,173,659 $11,276,470 $11,622,162 $4,032,151 
Portfolio turnover rateJ 44%H 18% 19%K 23% 15% 20% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .65%.

 C Total distributions per share do not sum due to rounding.

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount represents less than $.005 per share.

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 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 (Unaudited)

For the period ended May 31, 2021

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 are offered only to certain other Fidelity funds and Fidelity managed 529 plans. 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.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% to .01% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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. 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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 and preferred securities 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) 
Equities
 		$366,919,594
 		Market comparable
 		Enterprise value/Sales multiple (EV/S) 1.0 - 5.7 / 4.0 Increase 
   Discount rate 52.9% - 85.7% / 53.6% Decrease 
   Premium rate 7.8% - 45.9% / 31.3% Increase 
   Discount for lack of marketability 10.0% - 15.0% / 12.5% Decrease 
   Price/Earnings multiple (P/E) 12.6
 		Increase 
  Recovery value
 		Recovery value 0.0% - 18.2% / 17.9% Increase 
  Market approach Transaction price $0.0 - $885.00 / $172.05 Increase 
   Premium rate 4.5% - 59.0% / 36.4% Increase 
Corporate Bonds
 		$5,816,031
 		Market approach
 		Transaction price $100.00
 		Increase 
Preferred Securities $6,221,667
 		Recovery value Recovery value 127.2%
 		Increase 
  Market approach Transaction price $100.00
 		Increase 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are 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 futures contracts, foreign currency transactions, partnerships, passive foreign investment companies (PFIC), certain deemed distributions, 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 $9,157,709,260 
Gross unrealized depreciation (214,634,756) 
Net unrealized appreciation (depreciation) $8,943,074,504 
Tax cost $4,972,000,709 

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.

Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

 $ Amount % of Net Assets 
Fidelity Series Growth Company Fund 71,689,729 .52 

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Series Growth Company Fund 2,880,621,076 3,535,798,803 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Series Growth Company Fund $47,534 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. 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 
Fidelity Series Growth Company Fund Borrower $34,003,000 .28% $533 

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

 Purchases ($) Sales ($) 
Fidelity Series Growth Company Fund 370,263,210 263,977,132 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Series Growth Company Fund 2,531 

7. Committed Line of Credit.

Certain Funds participate 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 commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

8. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the 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. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Series Growth Company Fund $70,874 $95,450 $7,011,891 

9. Expense Reductions.

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 by $219.

10. Other.

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 and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2020 to May 31, 2021).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2020 		Ending
Account Value
May 31, 2021 		Expenses Paid
During Period-B
December 1, 2020
to May 31, 2021 
Fidelity Series Growth Company Fund - %-C    
Actual  $1,000.00 $1,123.40 $--D 
Hypothetical-E  $1,000.00 $1,024.93 $--D 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Growth Company Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its January 2021 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for four months from February 1, 2021 through May 31, 2021, in connection with changes to the Board's meeting calendar. 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 also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board also considered the findings of certain ad hoc committees that had been previously formed to discuss matters relevant to all of the Fidelity funds, including economies of scale, fall-out benefits and retail vs. institutional funds. 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 May 31, 2021, with the understanding that the Board will consider the annual renewal for a full one year period in May 2021.

At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies and 529 plans.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through March 31, 2024.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

Economies of Scale.  The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

XS7-SANN-0721
1.968010.107



Fidelity Flex® Funds

Fidelity Flex® Mid Cap Growth Fund



Semi-Annual Report

May 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


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 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) 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. © 2021 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2021

 % of fund's net assets 
KLA Corp. 2.8 
EPAM Systems, Inc. 2.5 
MSCI, Inc. 2.5 
Charles River Laboratories International, Inc. 2.3 
Cadence Design Systems, Inc. 2.2 
ResMed, Inc. 2.2 
Mettler-Toledo International, Inc. 2.0 
IDEXX Laboratories, Inc. 1.9 
Veeva Systems, Inc. Class A 1.9 
Fortinet, Inc. 1.9 
 22.2 

Top Five Market Sectors as of May 31, 2021

 % of fund's net assets 
Information Technology 37.4 
Health Care 19.7 
Industrials 17.0 
Consumer Discretionary 10.0 
Financials 6.3 

Asset Allocation (% of fund's net assets)

As of May 31, 2021* 
   Stocks 98.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.1% 


 * Foreign investments - 3.8%

Schedule of Investments May 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%   
 Shares Value 
COMMUNICATION SERVICES - 3.3%   
Entertainment - 1.9%   
Electronic Arts, Inc. 30 $4,288 
Take-Two Interactive Software, Inc. (a) 97 17,999 
  22,287 
Interactive Media & Services - 1.4%   
Match Group, Inc. (a) 113 16,202 
TOTAL COMMUNICATION SERVICES  38,489 
CONSUMER DISCRETIONARY - 10.0%   
Distributors - 1.4%   
Pool Corp. 38 16,589 
Hotels, Restaurants & Leisure - 1.1%   
Airbnb, Inc. Class A 20 2,808 
Churchill Downs, Inc. 9 1,796 
Domino's Pizza, Inc. 18 7,684 
  12,288 
Household Durables - 2.2%   
D.R. Horton, Inc. 20 1,906 
Lennar Corp. Class A 86 8,515 
NVR, Inc. (a) 1 4,887 
Tempur Sealy International, Inc. 273 10,511 
  25,819 
Internet & Direct Marketing Retail - 1.3%   
eBay, Inc. 89 5,418 
Etsy, Inc. (a) 60 9,884 
  15,302 
Multiline Retail - 0.8%   
Dollar General Corp. 47 9,539 
Specialty Retail - 3.2%   
AutoZone, Inc. (a) 5 7,033 
Best Buy Co., Inc. 83 9,648 
RH (a) 12 7,693 
Tractor Supply Co. 20 3,634 
Williams-Sonoma, Inc. 50 8,477 
  36,485 
TOTAL CONSUMER DISCRETIONARY  116,022 
CONSUMER STAPLES - 3.8%   
Beverages - 1.5%   
Boston Beer Co., Inc. Class A (a) 10 10,582 
Brown-Forman Corp. Class B (non-vtg.) 88 7,072 
  17,654 
Food Products - 1.1%   
Bunge Ltd. 60 5,209 
Darling Ingredients, Inc. (a) 114 7,804 
  13,013 
Household Products - 1.0%   
Church & Dwight Co., Inc. 133 11,402 
Personal Products - 0.2%   
Estee Lauder Companies, Inc. Class A 7 2,146 
TOTAL CONSUMER STAPLES  44,215 
ENERGY - 0.5%   
Oil, Gas & Consumable Fuels - 0.5%   
PDC Energy, Inc. 126 5,320 
FINANCIALS - 6.3%   
Capital Markets - 5.5%   
Ameriprise Financial, Inc. 18 4,677 
LPL Financial 18 2,662 
MarketAxess Holdings, Inc. 30 13,996 
Moody's Corp. 16 5,366 
MSCI, Inc. 62 29,024 
Nordnet AB 199 3,707 
S&P Global, Inc. 10 3,795 
Tradeweb Markets, Inc. Class A 14 1,173 
  64,400 
Insurance - 0.8%   
Arthur J. Gallagher & Co. 42 6,158 
Progressive Corp. 31 3,071 
  9,229 
TOTAL FINANCIALS  73,629 
HEALTH CARE - 19.7%   
Biotechnology - 0.6%   
Avid Bioservices, Inc. (a) 119 2,532 
Natera, Inc. (a) 52 4,895 
  7,427 
Health Care Equipment & Supplies - 9.3%   
DexCom, Inc. (a) 49 18,100 
Edwards Lifesciences Corp. (a) 34 3,261 
Hologic, Inc. (a) 141 8,891 
IDEXX Laboratories, Inc. (a) 40 22,324 
Intuitive Surgical, Inc. (a) 2 1,684 
Masimo Corp. (a) 37 7,977 
ResMed, Inc. 122 25,114 
West Pharmaceutical Services, Inc. 59 20,503 
  107,854 
Health Care Providers & Services - 1.5%   
Guardant Health, Inc. (a) 51 6,330 
Laboratory Corp. of America Holdings (a) 28 7,685 
Tenet Healthcare Corp. (a) 51 3,412 
  17,427 
Health Care Technology - 1.9%   
Veeva Systems, Inc. Class A (a) 76 22,142 
Life Sciences Tools & Services - 5.0%   
10X Genomics, Inc. (a) 9 1,620 
Bio-Rad Laboratories, Inc. Class A (a) 8 4,819 
Charles River Laboratories International, Inc. (a) 79 26,701 
Maravai LifeSciences Holdings, Inc. 9 338 
Mettler-Toledo International, Inc. (a) 18 23,417 
Waters Corp. (a) 4 1,289 
  58,184 
Pharmaceuticals - 1.4%   
Horizon Therapeutics PLC (a) 103 9,441 
Royalty Pharma PLC 176 7,061 
  16,502 
TOTAL HEALTH CARE  229,536 
INDUSTRIALS - 17.0%   
Aerospace & Defense - 1.2%   
TransDigm Group, Inc. (a) 21 13,626 
Airlines - 0.5%   
Southwest Airlines Co. (a) 90 5,531 
Building Products - 3.1%   
Carrier Global Corp. 305 14,009 
Fortune Brands Home & Security, Inc. 69 7,118 
The AZEK Co., Inc. 172 7,487 
Trane Technologies PLC 16 2,982 
Trex Co., Inc. (a) 53 5,163 
  36,759 
Commercial Services & Supplies - 3.0%   
Cintas Corp. 42 14,849 
Copart, Inc. (a) 140 18,061 
Tetra Tech, Inc. 14 1,673 
  34,583 
Construction & Engineering - 0.4%   
Quanta Services, Inc. 45 4,291 
Electrical Equipment - 3.2%   
AMETEK, Inc. 55 7,431 
Atkore, Inc. (a) 88 6,794 
Generac Holdings, Inc. (a) 45 14,792 
Rockwell Automation, Inc. 31 8,175 
  37,192 
Industrial Conglomerates - 0.4%   
Roper Technologies, Inc. 10 4,500 
Machinery - 2.2%   
IDEX Corp. 28 6,234 
Otis Worldwide Corp. 137 10,731 
Toro Co. 75 8,332 
  25,297 
Professional Services - 1.4%   
Booz Allen Hamilton Holding Corp. Class A 35 2,973 
CoStar Group, Inc. (a) 10 8,540 
Verisk Analytics, Inc. 30 5,185 
  16,698 
Road & Rail - 1.6%   
Old Dominion Freight Lines, Inc. 67 17,785 
Ryder System, Inc. 14 1,145 
  18,930 
TOTAL INDUSTRIALS  197,407 
INFORMATION TECHNOLOGY - 37.4%   
Electronic Equipment & Components - 3.2%   
Amphenol Corp. Class A 186 12,510 
Keysight Technologies, Inc. (a) 46 6,549 
Zebra Technologies Corp. Class A (a) 36 17,894 
  36,953 
IT Services - 6.2%   
Adyen BV (a)(b) 1 2,312 
EPAM Systems, Inc. (a) 62 29,611 
Global Payments, Inc. 13 2,518 
Okta, Inc. (a) 67 14,903 
Snowflake Computing, Inc. 60 14,282 
Twilio, Inc. Class A (a) 26 8,736 
  72,362 
Semiconductors & Semiconductor Equipment - 10.3%   
Analog Devices, Inc. 16 2,634 
ASM International NV (Netherlands) 4 1,258 
Broadcom, Inc. 6 2,834 
Enphase Energy, Inc. (a) 29 4,148 
Entegris, Inc. 190 21,746 
KLA Corp. 104 32,954 
Lam Research Corp. 18 11,697 
Marvell Technology, Inc. 166 8,018 
MKS Instruments, Inc. 9 1,694 
NXP Semiconductors NV 26 5,497 
Qorvo, Inc. (a) 48 8,771 
Skyworks Solutions, Inc. 33 5,610 
SolarEdge Technologies, Inc. (a) 52 13,417 
  120,278 
Software - 17.7%   
Adobe, Inc. (a) 6 3,027 
ANSYS, Inc. (a) 53 17,911 
Atlassian Corp. PLC (a) 34 7,932 
Cadence Design Systems, Inc. (a) 203 25,779 
Coupa Software, Inc. (a) 14 3,335 
Crowdstrike Holdings, Inc. (a) 24 5,332 
DocuSign, Inc. (a) 42 8,468 
Duck Creek Technologies, Inc. (a) 100 3,931 
Dynatrace, Inc. (a) 140 7,244 
Elastic NV (a) 47 5,556 
Fair Isaac Corp. (a) 10 5,061 
Five9, Inc. (a) 63 11,157 
Fortinet, Inc. (a) 100 21,854 
HubSpot, Inc. (a) 11 5,548 
Intuit, Inc. 7 3,074 
Paycom Software, Inc. (a) 28 9,229 
Qualtrics International, Inc. 200 6,888 
RingCentral, Inc. (a) 61 16,011 
Synopsys, Inc. (a) 73 18,567 
The Trade Desk, Inc. (a) 30 17,644 
Zscaler, Inc. (a) 11 2,136 
  205,684 
TOTAL INFORMATION TECHNOLOGY  435,277 
MATERIALS - 0.7%   
Chemicals - 0.3%   
Corbion NV 14 815 
Sherwin-Williams Co. 12 3,402 
  4,217 
Containers & Packaging - 0.1%   
O-I Glass, Inc. (a) 68 1,253 
Paper & Forest Products - 0.3%   
Louisiana-Pacific Corp. 48 3,226 
TOTAL MATERIALS  8,696 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
SBA Communications Corp. Class A 7 2,087 
TOTAL COMMON STOCKS   
(Cost $714,778)  1,150,678 
Money Market Funds - 0.3%   
Fidelity Cash Central Fund 0.03% (c)   
(Cost $3,900) 3,899 3,900 
TOTAL INVESTMENT IN SECURITIES - 99.2%   
(Cost $718,678)  1,154,578 
NET OTHER ASSETS (LIABILITIES) - 0.8%  9,465 
NET ASSETS - 100%  $1,164,043 

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,312 or 0.2% of net assets.

 (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 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 $1 
Total $1 

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

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2021, 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 $38,489 $38,489 $-- $-- 
Consumer Discretionary 116,022 116,022 -- -- 
Consumer Staples 44,215 44,215 -- -- 
Energy 5,320 5,320 -- -- 
Financials 73,629 73,629 -- -- 
Health Care 229,536 229,536 -- -- 
Industrials 197,407 197,407 -- -- 
Information Technology 435,277 435,277 -- -- 
Materials 8,696 8,696 -- -- 
Real Estate 2,087 2,087 -- -- 
Money Market Funds 3,900 3,900 -- -- 
Total Investments in Securities: $1,154,578 $1,154,578 $-- $-- 

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


Financial Statements

Statement of Assets and Liabilities

  May 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $714,778) 		$1,150,678  
Fidelity Central Funds (cost $3,900) 3,900  
Total Investment in Securities (cost $718,678)  $1,154,578 
Cash  8,591 
Receivable for investments sold  2,307 
Dividends receivable  477 
Total assets  1,165,953 
Liabilities   
Payable for investments purchased $1,910  
Total liabilities  1,910 
Net Assets  $1,164,043 
Net Assets consist of:   
Paid in capital  $643,201 
Total accumulated earnings (loss)  520,842 
Net Assets  $1,164,043 
Net Asset Value, offering price and redemption price per share ($1,164,043 ÷ 155,255 shares)  $7.50 

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


Statement of Operations

  Six months ended May 31, 2021 (Unaudited) 
Investment Income   
Dividends  $2,193 
Income from Fidelity Central Funds  1 
Total income  2,194 
Expenses   
Independent trustees' fees and expenses $2  
Total expenses  2 
Net investment income (loss)  2,192 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 87,531  
Foreign currency transactions 2  
Total net realized gain (loss)  87,533 
Change in net unrealized appreciation (depreciation) on investment securities  58,764 
Net gain (loss)  146,297 
Net increase (decrease) in net assets resulting from operations  $148,489 

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


Statement of Changes in Net Assets

 Six months ended May 31, 2021 (Unaudited) Year ended November 30, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,192 $5,399 
Net realized gain (loss) 87,533 117,104 
Change in net unrealized appreciation (depreciation) 58,764 167,395 
Net increase (decrease) in net assets resulting from operations 148,489 289,898 
Distributions to shareholders (119,224) (469,928) 
Share transactions   
Proceeds from sales of shares – – 
Reinvestment of distributions 119,224 469,928 
Cost of shares redeemed – – 
Net increase (decrease) in net assets resulting from share transactions 119,224 469,928 
Total increase (decrease) in net assets 148,489 289,898 
Net Assets   
Beginning of period 1,015,554 725,656 
End of period $1,164,043 $1,015,554 
Other Information   
Shares   
Sold – – 
Issued in reinvestment of distributions 17,105 87,347 
Redeemed – – 
Net increase (decrease) 17,105 87,347 

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


Financial Highlights

Fidelity Flex Mid Cap Growth Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,    
 2021 2020 2019 2018 2017 A 
Selected Per–Share Data      
Net asset value, beginning of period $7.35 $14.28 $11.64 $11.25 $10.00 
Income from Investment Operations      
Net investment income (loss)B .01 .04C .12 .13D .10E 
Net realized and unrealized gain (loss) 1.00 2.28 2.60 .35 1.15 
Total from investment operations 1.01 2.32 2.72 .48 1.25 
Distributions from net investment income (.05) (1.53) (.08) (.09) – 
Distributions from net realized gain (.81) (7.72) – – – 
Total distributions (.86) (9.25) (.08) (.09) – 
Net asset value, end of period $7.50 $7.35 $14.28 $11.64 $11.25 
Total ReturnF 14.68% 39.97% 23.66% 4.29% 12.50% 
Ratios to Average Net AssetsG,H      
Expenses before reductionsI - %J -% -% -% - %J 
Expenses net of fee waivers, if anyI - %J -% -% -% - %J 
Expenses net of all reductionsI - %J -% -% -% - %J 
Net investment income (loss) .39%J .68%C .98% 1.11%D 1.29%E,J 
Supplemental Data      
Net assets, end of period (000 omitted) $1,164 $1,016 $726 $15,447 $711 
Portfolio turnover rateK 77%J 94% 83% 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 one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .58%.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .93%.

 E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.14%.

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

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Amount represents less than .005%.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2021

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 and advisory programs offered by Fidelity.

2. Investments in Fidelity Central Funds.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments .005% to .01% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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. 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. The aggregate value of investments by input level as of May 31, 2021 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC)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 $439,178 
Gross unrealized depreciation (5,600) 
Net unrealized appreciation (depreciation) $433,578 
Tax cost $721,000 

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Flex Mid Cap Growth Fund 428,759 421,072 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Flex Mid Cap Growth Fund $6 

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

 Purchases ($) Sales ($) 
Fidelity Flex Mid Cap Growth Fund 23,413 47,016 

6. Committed Line of Credit.

Certain Funds participate 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 commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. Other.

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

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

Fund Affiliated % 
Fidelity Flex Mid Cap Growth Fund 100% 

8. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2020 to May 31, 2021).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2020 		Ending
Account Value
May 31, 2021 		Expenses Paid
During Period-B
December 1, 2020
to May 31, 2021 
Fidelity Flex Mid Cap Growth Fund - %C    
Actual  $1,000.00 $1,146.80 $–D 
Hypothetical-E  $1,000.00 $1,024.93 $–D 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C Amount represents less than .005%.

 D Amount Represents less than $.005.

 E 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Flex Mid Cap Growth Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its January 2021 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for four months from February 1, 2021 through May 31, 2021, in connection with changes to the Board's meeting calendar. 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 also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board also considered the findings of certain ad hoc committees that had been previously formed to discuss matters relevant to all of the Fidelity funds, including economies of scale, fall-out benefits and retail vs. institutional funds. 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 May 31, 2021, with the understanding that the Board will consider the annual renewal for a full one year period in May 2021.

At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. The Board did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with limited exceptions.

Economies of Scale.  The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

ZDG-SANN-0721
1.9881578.104

Fidelity® Growth Strategies K6 Fund



Semi-Annual Report

May 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


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. © 2021 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2021

 % of fund's net assets 
KLA Corp. 3.0 
EPAM Systems, Inc. 2.6 
MSCI, Inc. 2.5 
Mettler-Toledo International, Inc. 2.4 
Charles River Laboratories International, Inc. 2.3 
Cadence Design Systems, Inc. 2.3 
ResMed, Inc. 2.2 
Entegris, Inc. 2.0 
West Pharmaceutical Services, Inc. 1.9 
IDEXX Laboratories, Inc. 1.9 
 23.1 

Top Five Market Sectors as of May 31, 2021

 % of fund's net assets 
Information Technology 36.1 
Health Care 20.6 
Industrials 17.6 
Consumer Discretionary 9.9 
Financials 6.5 

Asset Allocation (% of fund's net assets)

As of May 31, 2021* 
   Stocks 99.4% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.6% 


 * Foreign investments – 3.9%

Schedule of Investments May 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%   
 Shares Value 
COMMUNICATION SERVICES - 3.3%   
Entertainment - 1.9%   
Electronic Arts, Inc. 3,800 $543,134 
Take-Two Interactive Software, Inc. (a) 12,100 2,245,276 
  2,788,410 
Interactive Media & Services - 1.4%   
Match Group, Inc. (a) 14,000 2,007,320 
TOTAL COMMUNICATION SERVICES  4,795,730 
CONSUMER DISCRETIONARY - 9.9%   
Distributors - 1.4%   
Pool Corp. 4,800 2,095,440 
Hotels, Restaurants & Leisure - 0.9%   
Churchill Downs, Inc. 1,100 219,483 
Domino's Pizza, Inc. 2,400 1,024,488 
  1,243,971 
Household Durables - 2.2%   
D.R. Horton, Inc. 2,700 257,283 
Lennar Corp. Class A 10,900 1,079,209 
NVR, Inc. (a) 100 488,723 
Tempur Sealy International, Inc. 33,602 1,293,677 
  3,118,892 
Internet & Direct Marketing Retail - 1.4%   
eBay, Inc. 11,700 712,296 
Etsy, Inc. (a) 7,600 1,251,948 
  1,964,244 
Multiline Retail - 0.8%   
Dollar General Corp. 5,900 1,197,464 
Specialty Retail - 3.2%   
AutoZone, Inc. (a) 600 843,960 
Best Buy Co., Inc. 11,600 1,348,384 
RH (a) 1,500 961,575 
Tractor Supply Co. 2,500 454,250 
Williams-Sonoma, Inc. 6,300 1,068,102 
  4,676,271 
TOTAL CONSUMER DISCRETIONARY  14,296,282 
CONSUMER STAPLES - 4.0%   
Beverages - 1.7%   
Boston Beer Co., Inc. Class A (a) 1,300 1,375,608 
Brown-Forman Corp. Class B (non-vtg.) 12,300 988,428 
  2,364,036 
Food Products - 1.1%   
Bunge Ltd. 6,900 599,058 
Darling Ingredients, Inc. (a) 14,700 1,006,362 
  1,605,420 
Household Products - 1.0%   
Church & Dwight Co., Inc. 16,900 1,448,837 
Personal Products - 0.2%   
Estee Lauder Companies, Inc. Class A 1,000 306,520 
TOTAL CONSUMER STAPLES  5,724,813 
ENERGY - 0.5%   
Oil, Gas & Consumable Fuels - 0.5%   
PDC Energy, Inc. 16,300 688,186 
FINANCIALS - 6.5%   
Capital Markets - 5.5%   
Ameriprise Financial, Inc. 2,400 623,616 
LPL Financial 2,192 324,153 
MarketAxess Holdings, Inc. 3,700 1,726,198 
Moody's Corp. 1,700 570,095 
MSCI, Inc. 7,600 3,557,788 
Nordnet AB 26,000 484,267 
S&P Global, Inc. 1,300 493,311 
Tradeweb Markets, Inc. Class A 1,700 142,426 
  7,921,854 
Insurance - 1.0%   
Arthur J. Gallagher & Co. 6,800 996,948 
Progressive Corp. 5,200 515,216 
  1,512,164 
TOTAL FINANCIALS  9,434,018 
HEALTH CARE - 20.6%   
Biotechnology - 0.7%   
Avid Bioservices, Inc. (a) 17,700 376,656 
Natera, Inc. (a) 6,700 630,738 
  1,007,394 
Health Care Equipment & Supplies - 9.6%   
DexCom, Inc. (a) 6,400 2,364,096 
Edwards Lifesciences Corp. (a) 4,200 402,780 
Hologic, Inc. (a) 17,500 1,103,550 
IDEXX Laboratories, Inc. (a) 5,000 2,790,550 
Intuitive Surgical, Inc. (a) 300 252,654 
Masimo Corp. (a) 4,700 1,013,320 
ResMed, Inc. 15,300 3,149,505 
West Pharmaceutical Services, Inc. 8,100 2,814,831 
  13,891,286 
Health Care Providers & Services - 1.5%   
Guardant Health, Inc. (a) 6,000 744,720 
Laboratory Corp. of America Holdings (a) 3,800 1,043,024 
Tenet Healthcare Corp. (a) 6,092 407,616 
  2,195,360 
Health Care Technology - 1.9%   
Veeva Systems, Inc. Class A (a) 9,300 2,709,462 
Life Sciences Tools & Services - 5.4%   
10X Genomics, Inc. (a) 1,100 198,000 
Bio-Rad Laboratories, Inc. Class A (a) 1,000 602,370 
Charles River Laboratories International, Inc. (a) 9,900 3,346,101 
Maravai LifeSciences Holdings, Inc. 1,200 45,048 
Mettler-Toledo International, Inc. (a) 2,598 3,379,868 
Waters Corp. (a) 600 193,350 
  7,764,737 
Pharmaceuticals - 1.5%   
Horizon Therapeutics PLC (a) 13,500 1,237,410 
Royalty Pharma PLC (b) 23,000 922,760 
  2,160,170 
TOTAL HEALTH CARE  29,728,409 
INDUSTRIALS - 17.6%   
Aerospace & Defense - 1.2%   
TransDigm Group, Inc. (a) 2,600 1,686,984 
Airlines - 0.5%   
Southwest Airlines Co. (a) 11,400 700,644 
Building Products - 3.3%   
Carrier Global Corp. 39,000 1,791,270 
Fortune Brands Home & Security, Inc. 8,800 907,808 
The AZEK Co., Inc. 22,000 957,660 
Trane Technologies PLC 2,100 391,440 
Trex Co., Inc. (a) 7,300 711,093 
  4,759,271 
Commercial Services & Supplies - 3.0%   
Cintas Corp. 5,200 1,838,408 
Copart, Inc. (a) 17,500 2,257,675 
Tetra Tech, Inc. 1,900 226,993 
  4,323,076 
Construction & Engineering - 0.4%   
Quanta Services, Inc. 5,500 524,425 
Electrical Equipment - 3.4%   
AMETEK, Inc. 8,200 1,107,820 
Atkore, Inc. (a) 11,200 864,640 
Generac Holdings, Inc. (a) 5,600 1,840,832 
Rockwell Automation, Inc. 3,900 1,028,508 
  4,841,800 
Industrial Conglomerates - 0.4%   
Roper Technologies, Inc. 1,300 585,013 
Machinery - 2.3%   
IDEX Corp. 3,400 757,044 
Otis Worldwide Corp. 16,900 1,323,777 
Toro Co. 11,800 1,310,862 
  3,391,683 
Professional Services - 1.4%   
Booz Allen Hamilton Holding Corp. Class A 4,400 373,692 
CoStar Group, Inc. (a) 1,200 1,024,800 
Verisk Analytics, Inc. 4,000 691,320 
  2,089,812 
Road & Rail - 1.7%   
Old Dominion Freight Lines, Inc. 8,400 2,229,780 
Ryder System, Inc. 1,600 130,864 
TuSimple Holdings, Inc. (a) 2,700 103,518 
  2,464,162 
TOTAL INDUSTRIALS  25,366,870 
INFORMATION TECHNOLOGY - 36.1%   
Electronic Equipment & Components - 3.3%   
Amphenol Corp. Class A 23,500 1,580,610 
Keysight Technologies, Inc. (a) 6,600 939,708 
Zebra Technologies Corp. Class A (a) 4,532 2,252,631 
  4,772,949 
IT Services - 4.9%   
Adyen BV (a)(c) 6 13,870 
EPAM Systems, Inc. (a) 7,900 3,773,040 
Global Payments, Inc. 1,600 309,936 
Okta, Inc. (a) 8,400 1,868,496 
Twilio, Inc. Class A (a) 3,300 1,108,800 
  7,074,142 
Semiconductors & Semiconductor Equipment - 10.7%   
Analog Devices, Inc. 2,200 362,120 
ASM International NV (Netherlands) 400 125,807 
Broadcom, Inc. 700 330,631 
Enphase Energy, Inc. (a) 3,900 557,895 
Entegris, Inc. 24,800 2,838,360 
KLA Corp. 13,600 4,309,701 
Lam Research Corp. 2,200 1,429,670 
Marvell Technology, Inc. 21,310 1,029,273 
MKS Instruments, Inc. 1,100 207,053 
NXP Semiconductors NV 3,500 739,970 
Qorvo, Inc. (a) 6,300 1,151,136 
Skyworks Solutions, Inc. 4,300 731,000 
SolarEdge Technologies, Inc. (a) 6,300 1,625,463 
  15,438,079 
Software - 17.2%   
Adobe, Inc. (a) 800 403,664 
ANSYS, Inc. (a) 6,900 2,331,786 
Atlassian Corp. PLC (a) 4,860 1,133,741 
Cadence Design Systems, Inc. (a) 25,600 3,250,944 
Coupa Software, Inc. (a) 1,800 428,760 
Crowdstrike Holdings, Inc. (a) 3,100 688,665 
DocuSign, Inc. (a) 5,300 1,068,586 
Duck Creek Technologies, Inc. (a) 8,500 334,135 
Dynatrace, Inc. (a) 17,800 920,972 
Elastic NV (a) 5,800 685,618 
Fair Isaac Corp. (a) 248 125,503 
Five9, Inc. (a) 7,800 1,381,380 
Fortinet, Inc. (a) 12,600 2,753,604 
HubSpot, Inc. (a) 1,500 756,570 
Intuit, Inc. 895 392,986 
Paycom Software, Inc. (a) 3,500 1,153,600 
Qualtrics International, Inc. 700 24,108 
RingCentral, Inc. (a) 7,600 1,994,772 
Synopsys, Inc. (a) 9,700 2,467,098 
The Trade Desk, Inc. (a) 3,800 2,234,932 
Zscaler, Inc. (a) 1,300 252,460 
  24,783,884 
TOTAL INFORMATION TECHNOLOGY  52,069,054 
MATERIALS - 0.7%   
Chemicals - 0.4%   
Corbion NV 1,463 85,158 
Sherwin-Williams Co. 1,600 453,648 
  538,806 
Containers & Packaging - 0.1%   
O-I Glass, Inc. (a) 7,100 130,853 
Paper & Forest Products - 0.2%   
Louisiana-Pacific Corp. 5,800 389,818 
TOTAL MATERIALS  1,059,477 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
SBA Communications Corp. Class A 900 268,308 
TOTAL COMMON STOCKS   
(Cost $84,413,413)  143,431,147 
Money Market Funds - 1.3%   
Fidelity Cash Central Fund 0.03% (d) 938,110 938,298 
Fidelity Securities Lending Cash Central Fund 0.03% (d)(e) 938,872 938,966 
TOTAL MONEY MARKET FUNDS   
(Cost $1,877,264)  1,877,264 
TOTAL INVESTMENT IN SECURITIES - 100.7%   
(Cost $86,290,677)  145,308,411 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (1,010,150) 
NET ASSETS - 100%  $144,298,261 

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $13,870 or 0.0% of net assets.

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

 (e) 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 $643 
Fidelity Securities Lending Cash Central Fund 121 
Total $764 

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2021, 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 $4,795,730 $4,795,730 $-- $-- 
Consumer Discretionary 14,296,282 14,296,282 -- -- 
Consumer Staples 5,724,813 5,724,813 -- -- 
Energy 688,186 688,186 -- -- 
Financials 9,434,018 9,434,018 -- -- 
Health Care 29,728,409 29,728,409 -- -- 
Industrials 25,366,870 25,366,870 -- -- 
Information Technology 52,069,054 52,069,054 -- -- 
Materials 1,059,477 1,059,477 -- -- 
Real Estate 268,308 268,308 -- -- 
Money Market Funds 1,877,264 1,877,264 -- -- 
Total Investments in Securities: $145,308,411 $145,308,411 $-- $-- 

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


Financial Statements

Statement of Assets and Liabilities

  May 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $918,748) — See accompanying schedule:
Unaffiliated issuers (cost $84,413,413) 		$143,431,147  
Fidelity Central Funds (cost $1,877,264) 1,877,264  
Total Investment in Securities (cost $86,290,677)  $145,308,411 
Receivable for investments sold  185,361 
Receivable for fund shares sold  41,205 
Dividends receivable  60,510 
Distributions receivable from Fidelity Central Funds  69 
Other receivables  1,077 
Total assets  145,596,633 
Liabilities   
Payable for investments purchased $295,916  
Payable for fund shares redeemed 10,497  
Accrued management fee 53,059  
Collateral on securities loaned 938,900  
Total liabilities  1,298,372 
Net Assets  $144,298,261 
Net Assets consist of:   
Paid in capital  $59,650,716 
Total accumulated earnings (loss)  84,647,545 
Net Assets  $144,298,261 
Net Asset Value, offering price and redemption price per share ($144,298,261 ÷ 7,889,279 shares)  $18.29 

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


Statement of Operations

  Six months ended May 31, 2021 (Unaudited) 
Investment Income   
Dividends  $297,074 
Income from Fidelity Central Funds (including $121 from security lending)  764 
Total income  297,838 
Expenses   
Management fee $334,253  
Independent trustees' fees and expenses 328  
Total expenses before reductions 334,581  
Expense reductions (2,950)  
Total expenses after reductions  331,631 
Net investment income (loss)  (33,793) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 25,813,855  
Fidelity Central Funds 84  
Foreign currency transactions 390  
Total net realized gain (loss)  25,814,329 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (10,280,221)  
Assets and liabilities in foreign currencies 1  
Total change in net unrealized appreciation (depreciation)  (10,280,220) 
Net gain (loss)  15,534,109 
Net increase (decrease) in net assets resulting from operations  $15,500,316 

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


Statement of Changes in Net Assets

 Six months ended May 31, 2021 (Unaudited) Year ended November 30, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(33,793) $430,984 
Net realized gain (loss) 25,814,329 9,104,248 
Change in net unrealized appreciation (depreciation) (10,280,220) 30,244,188 
Net increase (decrease) in net assets resulting from operations 15,500,316 39,779,420 
Distributions to shareholders (4,603,993) (856,685) 
Share transactions   
Proceeds from sales of shares 12,562,393 45,481,751 
Reinvestment of distributions 4,603,992 856,685 
Cost of shares redeemed (65,956,399) (68,760,423) 
Net increase (decrease) in net assets resulting from share transactions (48,790,014) (22,421,987) 
Total increase (decrease) in net assets (37,893,691) 16,500,748 
Net Assets   
Beginning of period 182,191,952 165,691,204 
End of period $144,298,261 $182,191,952 
Other Information   
Shares   
Sold 703,794 3,226,490 
Issued in reinvestment of distributions 265,973 61,676 
Redeemed (3,761,314) (4,707,176) 
Net increase (decrease) (2,791,547) (1,419,010) 

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


Financial Highlights

Fidelity Growth Strategies K6 Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,    
 2021 2020 2019 2018 2017 A 
Selected Per–Share Data      
Net asset value, beginning of period $17.06 $13.69 $11.21 $10.95 $10.00 
Income from Investment Operations      
Net investment income (loss)B –C .04D .06E .09F .04 
Net realized and unrealized gain (loss) 1.67 3.40 2.51 .20 .91 
Total from investment operations 1.67 3.44 2.57 .29 .95 
Distributions from net investment income (.02) (.07) (.09) (.03) – 
Distributions from net realized gain (.42) – – – – 
Total distributions (.44) (.07) (.09) (.03) – 
Net asset value, end of period $18.29 $17.06 $13.69 $11.21 $10.95 
Total ReturnG,H 9.95% 25.24% 23.18% 2.68% 9.50% 
Ratios to Average Net AssetsI,J      
Expenses before reductions .45%K .45% .45% .45% .45%K 
Expenses net of fee waivers, if any .45%K .45% .45% .45% .45%K 
Expenses net of all reductions .45%K .45% .45% .45% .45%K 
Net investment income (loss) (.05)%K .25%D .49%E .76%F .81%K 
Supplemental Data      
Net assets, end of period (000 omitted) $144,298 $182,192 $165,691 $132,993 $80,512 
Portfolio turnover rateL 50%K 73% 66%M 51%M 56%K,M 

 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 Amount represents less than $.005 per share.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .15%.

 E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .39%.

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

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

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

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

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


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2021

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.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% to .01% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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, 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. 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. The aggregate value of investments by input level as of May 31, 2021 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

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

Gross unrealized appreciation $59,410,916 
Gross unrealized depreciation (415,072) 
Net unrealized appreciation (depreciation) $58,995,844 
Tax cost $86,312,567 

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Growth Strategies K6 Fund 36,211,024 88,028,953 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Growth Strategies K6 Fund $317 

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

 Purchases ($) Sales ($) 
Fidelity Growth Strategies K6 Fund 2,907,477 1,531,701 

6. Committed Line of Credit.

Certain Funds participate 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 commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the 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. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Growth Strategies K6 Fund $12 $1 $– 

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 expenses. This amount totaled $2,949 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 by $1.

9. Other.

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.

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2020 to May 31, 2021).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2020 		Ending
Account Value
May 31, 2021 		Expenses Paid
During Period-B
December 1, 2020
to May 31, 2021 
Fidelity Growth Strategies K6 Fund .45%    
Actual  $1,000.00 $1,099.50 $2.36 
Hypothetical-C  $1,000.00 $1,022.69 $2.27 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Growth Strategies K6 Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its January 2021 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for four months from February 1, 2021 through May 31, 2021, in connection with changes to the Board's meeting calendar. 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 also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board also considered the findings of certain ad hoc committees that had been previously formed to discuss matters relevant to all of the Fidelity funds, including economies of scale, fall-out benefits and retail vs. institutional funds. 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 May 31, 2021, with the understanding that the Board will consider the annual renewal for a full one year period in May 2021.

At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one- and three-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Growth Strategies K6 Fund


The Board considered the fund's underperformance for different time periods ended December 31, 2020 (which periods are not reflected in the chart above). The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Growth Strategies K6 Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.

The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the fund's total expense ratio ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

FEGK6-SANN-0721
1.9883994.104

Fidelity® Growth Company K6 Fund



Semi-Annual Report

May 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


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. © 2021 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2021

 % of fund's net assets 
NVIDIA Corp. 7.3 
Apple, Inc. 6.1 
Amazon.com, Inc. 5.8 
Microsoft Corp. 4.5 
Alphabet, Inc. Class A 3.5 
lululemon athletica, Inc. 2.6 
Salesforce.com, Inc. 2.5 
Alphabet, Inc. Class C 2.1 
Facebook, Inc. Class A 2.0 
Shopify, Inc. Class A 1.9 
 38.3 

Top Five Market Sectors as of May 31, 2021

 % of fund's net assets 
Information Technology 35.6 
Consumer Discretionary 21.7 
Health Care 16.1 
Communication Services 12.5 
Industrials 6.4 

Asset Allocation (% of fund's net assets)

As of May 31, 2021 * 
   Stocks 98.7% 
   Convertible Securities 1.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.2% 


 * Foreign investments - 10.3%

Schedule of Investments May 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%   
 Shares Value 
COMMUNICATION SERVICES - 12.4%   
Diversified Telecommunication Services - 0.0%   
Verizon Communications, Inc. 9,758 $551,229 
Entertainment - 3.5%   
Activision Blizzard, Inc. 406,642 39,545,935 
Electronic Arts, Inc. 79,247 11,326,774 
NetEase, Inc. ADR 102,806 12,123,912 
Netflix, Inc. (a) 148,935 74,886,007 
Roblox Corp. (a)(b) 217,233 20,369,938 
Roku, Inc. Class A (a) 467,589 162,117,782 
Sea Ltd. ADR (a) 317,833 80,488,029 
The Walt Disney Co. (a) 82,758 14,784,717 
Zynga, Inc. (a) 236,955 2,568,592 
  418,211,686 
Interactive Media & Services - 8.2%   
Alphabet, Inc.:   
Class A (a) 177,992 419,500,445 
Class C (a) 101,697 245,248,417 
Bumble, Inc. 41,227 1,967,352 
Facebook, Inc. Class A (a) 730,604 240,171,453 
IAC (a) 12,420 1,980,617 
Kuaishou Technology Class B (c) 110,205 2,758,870 
Match Group, Inc. (a) 9,685 1,388,635 
Pinterest, Inc. Class A (a) 55,550 3,627,415 
Snap, Inc. Class A (a) 477,237 29,645,962 
Tencent Holdings Ltd. 103,451 8,250,542 
Twitter, Inc. (a) 179,910 10,434,780 
Vimeo, Inc. (a) 20,163 846,846 
Zillow Group, Inc. Class C (a)(b) 146,272 17,160,631 
  982,981,965 
Media - 0.0%   
Comcast Corp. Class A 85,972 4,929,634 
Wireless Telecommunication Services - 0.7%   
T-Mobile U.S., Inc. 568,670 80,438,372 
TOTAL COMMUNICATION SERVICES  1,487,112,886 
CONSUMER DISCRETIONARY - 21.4%   
Automobiles - 1.9%   
Arrival Group (d) 404,442 7,373,180 
Lordstown Motors Corp. (d) 130,689 1,164,439 
Lordstown Motors Corp. (a)(b) 3,400 33,660 
Rad Power Bikes, Inc. (d)(e) 171,416 826,883 
Tesla, Inc. (a) 333,086 208,252,029 
XPeng, Inc. ADR (a)(b) 175,540 5,640,100 
  223,290,291 
Hotels, Restaurants & Leisure - 1.8%   
Airbnb, Inc. Class A 5,497 771,779 
Chipotle Mexican Grill, Inc. (a) 10,198 13,991,452 
Hyatt Hotels Corp. Class A (a) 23,417 1,828,399 
Marriott International, Inc. Class A (a) 268,317 38,524,955 
McDonald's Corp. 733 171,441 
Penn National Gaming, Inc. (a) 503,262 41,252,386 
Planet Fitness, Inc. (a) 13,992 1,102,150 
Rush Street Interactive, Inc. (d) 44,874 556,886 
Rush Street Interactive, Inc. (a)(b) 260,057 3,227,307 
Shake Shack, Inc. Class A (a) 14,966 1,406,505 
Starbucks Corp. 395,996 45,096,024 
The Booking Holdings, Inc. (a) 17,447 41,201,963 
Vail Resorts, Inc. (a) 46,852 15,314,982 
Yum China Holdings, Inc. (b) 145,092 9,814,023 
  214,260,252 
Household Durables - 1.0%   
D.R. Horton, Inc. 251,317 23,947,997 
KB Home 262,308 12,278,637 
Lennar Corp. Class A 607,638 60,162,238 
PulteGroup, Inc. 46,670 2,697,059 
Toll Brothers, Inc. 290,358 18,942,956 
Vizio Holding Corp. (a)(b) 104,708 2,286,823 
  120,315,710 
Internet & Direct Marketing Retail - 8.5%   
Alibaba Group Holding Ltd. sponsored ADR (a) 126,323 27,028,069 
Amazon.com, Inc. (a) 217,328 700,463,357 
Coupang, Inc. Class A (a)(b) 47,224 1,926,267 
Deliveroo Holdings PLC (a)(c) 554,516 1,980,531 
Etsy, Inc. (a) 34,967 5,760,114 
Farfetch Ltd. Class A (a)(b) 234,113 10,846,455 
JD.com, Inc. sponsored ADR (a) 342,541 25,327,482 
Ocado Group PLC (a) 237,855 6,383,320 
Ozon Holdings PLC ADR (b) 42,968 2,280,312 
Pinduoduo, Inc. ADR (a) 43,800 5,469,744 
Revolve Group, Inc. (a) 244,652 13,563,507 
The RealReal, Inc. (a) 307,530 5,372,549 
THG PLC 337,519 2,920,236 
thredUP, Inc. (a)(b) 129,558 3,056,273 
Wayfair LLC Class A (a) 667,867 204,727,950 
Zomato Pvt Ltd. (d)(e) 4,462,200 3,581,710 
  1,020,687,876 
Leisure Products - 0.3%   
Callaway Golf Co. 118,492 4,374,725 
Peloton Interactive, Inc. Class A (a) 278,577 30,729,829 
  35,104,554 
Multiline Retail - 0.4%   
Dollar General Corp. 45,012 9,135,636 
Dollar Tree, Inc. (a) 61,880 6,033,300 
Ollie's Bargain Outlet Holdings, Inc. (a) 385,886 33,355,986 
Target Corp. 10,477 2,377,441 
  50,902,363 
Specialty Retail - 3.1%   
Auto1 Group SE (c) 55,030 2,954,855 
Carvana Co. Class A (a) 180,131 47,750,927 
Cazoo Holdings Ltd. (d) 25,520 778,901 
Five Below, Inc. (a) 48,889 9,001,443 
Floor & Decor Holdings, Inc. Class A (a) 212,312 20,872,393 
Lowe's Companies, Inc. 398,109 77,563,576 
MYT Netherlands Parent BV ADR (b) 23,780 749,070 
RH (a) 144,442 92,594,544 
The Home Depot, Inc. 236,032 75,272,965 
TJX Companies, Inc. 522,948 35,319,908 
Williams-Sonoma, Inc. 54,095 9,171,266 
  372,029,848 
Textiles, Apparel & Luxury Goods - 4.4%   
adidas AG 122,423 44,664,476 
Canada Goose Holdings, Inc. (a) 211,287 8,468,985 
Deckers Outdoor Corp. (a) 88,877 29,812,901 
Dr. Martens Ltd. (a) 930,647 6,483,923 
Figs, Inc. Class A (a) 19,500 665,925 
lululemon athletica, Inc. (a) 955,139 308,634,065 
NIKE, Inc. Class B 360,634 49,212,116 
On Holding AG (a)(d)(e) 128 2,568,950 
Paymentus Holdings, Inc. (a) 22,400 683,200 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 1,567,306 74,447,035 
Under Armour, Inc. Class C (non-vtg.) (a) 190,676 3,634,285 
VF Corp. 27,761 2,213,107 
  531,488,968 
TOTAL CONSUMER DISCRETIONARY  2,568,079,862 
CONSUMER STAPLES - 2.7%   
Beverages - 1.2%   
Boston Beer Co., Inc. Class A (a) 8,060 8,528,770 
Fever-Tree Drinks PLC 188,554 6,844,300 
Keurig Dr. Pepper, Inc. 570,662 21,091,668 
Monster Beverage Corp. (a) 485,297 45,748,948 
PepsiCo, Inc. 65,570 9,700,426 
The Coca-Cola Co. 872,706 48,251,915 
  140,166,027 
Food & Staples Retailing - 0.5%   
Blink Health, Inc. Series A1 (d)(e) 65,933 2,152,053 
Costco Wholesale Corp. 91,168 34,486,119 
Grocery Outlet Holding Corp. (a)(b) 59,809 2,037,693 
Kroger Co. 130,052 4,809,323 
Oatly Group AB ADR (a) 76,453 1,812,701 
Performance Food Group Co. (a) 219,802 11,018,674 
Sweetgreen, Inc. warrants 1/21/26 (a)(d)(e) 130,426 515,183 
  56,831,746 
Food Products - 0.5%   
AppHarvest, Inc. (d) 248,018 3,923,025 
Archer Daniels Midland Co. 115,971 7,715,551 
Beyond Meat, Inc. (a)(b) 5,611 815,952 
Bunge Ltd. 252,586 21,929,517 
Darling Ingredients, Inc. (a) 166,226 11,379,832 
Freshpet, Inc. (a) 22,496 3,977,743 
JDE Peet's BV 19,440 766,891 
Laird Superfood, Inc. (b) 146,170 4,776,836 
Mondelez International, Inc. 23,267 1,478,153 
  56,763,500 
Household Products - 0.2%   
Church & Dwight Co., Inc. 45,418 3,893,685 
Colgate-Palmolive Co. 90,399 7,573,628 
Procter & Gamble Co. 140,631 18,964,090 
  30,431,403 
Personal Products - 0.0%   
Unilever PLC (Netherlands) 45,570 2,717,722 
Tobacco - 0.3%   
Altria Group, Inc. 619,665 30,499,911 
Philip Morris International, Inc. 56,934 5,490,146 
  35,990,057 
TOTAL CONSUMER STAPLES  322,900,455 
ENERGY - 0.9%   
Energy Equipment & Services - 0.2%   
Halliburton Co. 519,240 11,656,938 
Schlumberger Ltd. 481,312 15,079,505 
  26,736,443 
Oil, Gas & Consumable Fuels - 0.7%   
EOG Resources, Inc. 27,322 2,195,049 
Hess Corp. 671,512 56,286,136 
Pioneer Natural Resources Co. 25,124 3,823,622 
Reliance Industries Ltd. 648,700 19,324,539 
Reliance Industries Ltd. 33,246 558,184 
  82,187,530 
TOTAL ENERGY  108,923,973 
FINANCIALS - 2.0%   
Banks - 1.2%   
Bank of America Corp. 925,250 39,221,348 
First Republic Bank 81,409 15,584,939 
HDFC Bank Ltd. sponsored ADR (a) 342,114 26,181,984 
JPMorgan Chase & Co. 226,576 37,212,842 
Wells Fargo & Co. 475,338 22,207,791 
  140,408,904 
Capital Markets - 0.7%   
Aspirational Consumer Lifestyle Corp. Class A (a)(b) 57,505 574,475 
B3 SA - Brasil Bolsa Balcao 3,014,400 10,090,764 
BlackRock, Inc. Class A 30,404 26,665,524 
Charles Schwab Corp. 507,461 37,475,995 
Coinbase Global, Inc. (a) 9,520 2,251,861 
Edelweiss Financial Services Ltd. 293,900 264,240 
The Beauty Health Co. (a) 133,095 1,895,273 
The Beauty Health Co. (d) 428,643 5,493,489 
  84,711,621 
Consumer Finance - 0.0%   
American Express Co. 9,691 1,551,820 
Discover Financial Services 20,909 2,451,789 
  4,003,609 
Diversified Financial Services - 0.1%   
BowX Acquisition Corp. (a)(b) 403,766 4,958,246 
CM Life Sciences II, Inc. unit (a) 3,886 51,684 
Decarbonization Plus Acquisition Corp. Class A (a)(b) 39,559 395,590 
Flywire Corp. (a) 6,000 206,040 
Social Finance, Inc. (d) 180,833 3,279,406 
  8,890,966 
TOTAL FINANCIALS  238,015,100 
HEALTH CARE - 15.7%   
Biotechnology - 8.2%   
4D Molecular Therapeutics, Inc. 36,918 980,542 
AbbVie, Inc. 93,427 10,575,936 
ACADIA Pharmaceuticals, Inc. (a) 1,296,907 28,972,902 
ADC Therapeutics SA (a) 150,156 3,250,877 
Akouos, Inc. (c) 54,474 711,430 
Akouos, Inc. (a) 250,289 3,268,774 
Akoya Biosciences, Inc. (a) 30,360 632,095 
Alector, Inc. (a)(b) 277,123 4,932,789 
Allovir, Inc. (a)(b) 495,163 11,606,621 
Alnylam Pharmaceuticals, Inc. (a) 762,762 108,304,576 
ALX Oncology Holdings, Inc. (a) 21,180 1,197,941 
Amgen, Inc. 126,136 30,012,800 
Annexon, Inc. (a) 34,928 737,679 
Arcutis Biotherapeutics, Inc. (a) 115,690 3,048,432 
Argenx SE ADR (a) 116,465 32,492,570 
Arrowhead Pharmaceuticals, Inc. (a) 16,706 1,212,856 
Ascendis Pharma A/S sponsored ADR (a) 11,554 1,552,627 
aTyr Pharma, Inc. (a)(b) 157,556 715,304 
Avidity Biosciences, Inc. (b) 243,429 5,779,004 
Axcella Health, Inc. (a) 414,375 1,321,856 
BeiGene Ltd. ADR (a) 294,926 105,733,920 
BioAtla, Inc. 169,567 7,299,859 
BioNTech SE ADR (a)(b) 134,898 27,519,192 
BioXcel Therapeutics, Inc. (a)(b) 158,863 5,247,245 
Bolt Biotherapeutics, Inc. 47,833 837,556 
BridgeBio Pharma, Inc. (a) 42,450 2,513,040 
Burning Rock Biotech Ltd. ADR 9,391 254,214 
Calyxt, Inc. (a)(b) 197,603 851,669 
Cerevel Therapeutics Holdings (a) 415,649 5,453,315 
ChemoCentryx, Inc. (a) 454,680 4,615,002 
Codiak Biosciences, Inc. (b) 147,626 3,339,300 
Connect Biopharma Holdings Ltd. ADR (a) 90,641 1,348,738 
CRISPR Therapeutics AG (a) 14,379 1,699,310 
Cyclerion Therapeutics, Inc. (a) 43,223 140,043 
Day One Biopharmaceuticals, Inc. (a) 39,200 928,648 
Denali Therapeutics, Inc. (a) 63,370 4,029,698 
Evelo Biosciences, Inc. (a) 628,907 8,439,932 
Exact Sciences Corp. (a) 34,190 3,779,021 
Exelixis, Inc. (a) 64,510 1,454,701 
Fate Therapeutics, Inc. (a) 447,321 34,264,789 
Foghorn Therapeutics, Inc. (c) 59,955 624,132 
Foghorn Therapeutics, Inc. 84,548 880,145 
Fusion Pharmaceuticals, Inc. (a) 46,851 384,647 
Gemini Therapeutics, Inc. (d) 96,363 1,185,265 
Gemini Therapeutics, Inc. 42,952 528,310 
Generation Bio Co. 313,783 10,750,206 
Immunocore Holdings PLC ADR 47,934 1,965,294 
Inhibrx, Inc. (a)(b) 114,272 2,417,996 
Instil Bio, Inc. (a) 95,214 1,694,809 
Ionis Pharmaceuticals, Inc. (a) 1,586,181 59,085,242 
iTeos Therapeutics, Inc. (a) 36,914 758,214 
Karuna Therapeutics, Inc. (a) 206,581 23,099,887 
Keros Therapeutics, Inc. (a) 48,019 2,619,917 
Kinnate Biopharma, Inc. 55,473 1,302,506 
Kronos Bio, Inc. (c) 49,578 1,210,199 
Kronos Bio, Inc. (b) 22,345 545,441 
Kura Oncology, Inc. (a) 38,669 860,385 
Kymera Therapeutics, Inc. (a) 23,220 1,116,650 
Lexicon Pharmaceuticals, Inc. (a) 542,204 2,380,276 
Mirati Therapeutics, Inc. (a) 4,508 712,940 
Moderna, Inc. (a) 309,630 57,284,646 
Morphic Holding, Inc. (a) 174,325 8,604,682 
Novavax, Inc. (a) 110,314 16,284,553 
Olema Pharmaceuticals, Inc. (b) 45,756 1,279,338 
ORIC Pharmaceuticals, Inc. (a) 183,964 4,203,577 
Passage Bio, Inc. (a) 138,557 1,835,880 
PMV Pharmaceuticals, Inc. (b) 20,111 691,818 
Poseida Therapeutics, Inc. (c) 110,056 929,973 
Poseida Therapeutics, Inc. (a)(b) 203,577 1,720,226 
Praxis Precision Medicines, Inc. 360,870 7,069,443 
Prelude Therapeutics, Inc. 54,870 1,907,281 
Protagonist Therapeutics, Inc. (a) 141,975 4,984,742 
Prothena Corp. PLC (a) 152,897 4,460,005 
PTC Therapeutics, Inc. (a) 132,040 5,185,211 
Recursion Pharmaceuticals, Inc. (a) 49,115 1,294,671 
Regeneron Pharmaceuticals, Inc. (a) 69,662 35,000,279 
Relay Therapeutics, Inc. (a) 122,371 3,930,557 
Repare Therapeutics, Inc. 12,420 401,414 
Repligen Corp. (a) 31,578 5,766,459 
Revolution Medicines, Inc. (a) 161,608 4,833,695 
Rigel Pharmaceuticals, Inc. (a)(b) 2,126,275 7,909,743 
Rubius Therapeutics, Inc. (a)(b) 1,108,097 27,070,810 
Sage Therapeutics, Inc. (a) 408,905 28,459,788 
Sana Biotechnology, Inc. (b) 11,360 238,219 
Sarepta Therapeutics, Inc. (a) 35,251 2,666,738 
Scholar Rock Holding Corp. (a) 168,036 4,515,127 
Seagen, Inc. (a) 16,273 2,528,011 
Seres Therapeutics, Inc. (a)(b) 997,614 21,059,632 
Shattuck Labs, Inc. 198,113 5,376,787 
Sigilon Therapeutics, Inc. (b) 61,482 717,495 
Silverback Therapeutics, Inc. 30,816 839,881 
Silverback Therapeutics, Inc. (b) 272,852 7,511,616 
Springworks Therapeutics, Inc. (a) 296,674 24,190,798 
Spruce Biosciences, Inc. 36,563 516,635 
Stoke Therapeutics, Inc. (a) 2,102 83,365 
Synlogic, Inc. (a) 322,933 1,207,769 
Syros Pharmaceuticals, Inc. (a) 377,575 2,435,359 
Syros Pharmaceuticals, Inc. warrants 10/10/22 (a) 8,675 7,403 
Taysha Gene Therapies, Inc. 216,229 4,865,153 
TG Therapeutics, Inc. (a) 291,961 10,180,680 
Translate Bio, Inc. (a) 607,118 10,934,195 
Turning Point Therapeutics, Inc. (a) 17,167 1,136,112 
Twist Bioscience Corp. (a) 20,359 2,184,724 
Ultragenyx Pharmaceutical, Inc. (a) 17,789 1,809,319 
uniQure B.V. (a) 187,723 6,519,620 
UNITY Biotechnology, Inc. (a)(b) 343,422 1,538,531 
Vaxcyte, Inc. 221,267 4,662,096 
Vertex Pharmaceuticals, Inc. (a) 28,244 5,892,546 
Vor Biopharma, Inc. 53,738 1,077,178 
Vor Biopharma, Inc. (a)(b) 41,050 866,155 
Xencor, Inc. (a) 207,896 7,995,680 
Yumanity Therapeutics, Inc. (d) 19,318 297,111 
Yumanity Therapeutics, Inc. 13,229 193,289 
Zai Lab Ltd. ADR (a) 142,184 25,260,409 
Zentalis Pharmaceuticals, Inc. (a) 54,932 3,067,952 
  978,663,640 
Health Care Equipment & Supplies - 3.4%   
Abbott Laboratories 73,586 8,583,807 
Danaher Corp. 167,784 42,976,194 
DexCom, Inc. (a) 87,599 32,358,195 
Insulet Corp. (a) 292,424 78,857,980 
Intuitive Surgical, Inc. (a) 55,370 46,631,507 
Novocure Ltd. (a) 672,919 137,275,476 
Outset Medical, Inc. 204,807 9,886,034 
Penumbra, Inc. (a) 72,392 18,033,571 
Presbia PLC (a)(e) 96,997 12,610 
Shockwave Medical, Inc. (a) 210,078 37,793,032 
Treace Medical Concepts, Inc. (a) 47,992 1,557,340 
  413,965,746 
Health Care Providers & Services - 1.5%   
1Life Healthcare, Inc. (a) 253,454 9,377,798 
Alignment Healthcare, Inc. (a) 124,390 3,138,360 
Alignment Healthcare, Inc. 140,694 3,194,739 
Centene Corp. (a) 183,932 13,537,395 
Guardant Health, Inc. (a) 22,068 2,739,080 
Humana, Inc. 29,451 12,890,703 
Ikena Oncology, Inc. (a) 42,215 759,870 
Oak Street Health, Inc. (a) 325,149 19,635,748 
Progyny, Inc. (a) 62,866 4,025,939 
Signify Health, Inc. 30,455 770,512 
UnitedHealth Group, Inc. 262,686 108,205,617 
  178,275,761 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 174,468 317,532 
Teladoc Health, Inc. (a)(b) 3,128 471,014 
  788,546 
Life Sciences Tools & Services - 1.7%   
10X Genomics, Inc. (a) 692,229 124,601,220 
AbCellera Biologics, Inc.(b) 7,742 207,718 
Berkeley Lights, Inc. (a) 835 36,323 
Bruker Corp. 47,443 3,294,442 
Nanostring Technologies, Inc. (a) 75,854 4,209,138 
Olink Holding AB ADR (a) 118,615 4,190,668 
Sartorius Stedim Biotech 5,458 2,365,377 
Seer, Inc. (b) 201,786 5,968,830 
Seer, Inc. 70,934 2,077,245 
Seer, Inc. Class A (d) 60,937 1,802,516 
Sotera Health Co. 6,402 154,288 
Thermo Fisher Scientific, Inc. 36,691 17,226,425 
WuXi AppTec Co. Ltd. (H Shares) (c) 259,348 5,553,555 
Wuxi Biologics (Cayman), Inc. (a)(c) 1,884,627 29,453,936 
  201,141,681 
Pharmaceuticals - 0.9%   
4D Pharma PLC (a)(b) 472,103 658,644 
Adimab LLC (d)(e)(f) 196,899 10,000,008 
Arvinas Holding Co. LLC (a) 43,048 3,131,312 
Atea Pharmaceuticals, Inc. (b) 872,986 17,826,374 
Bristol-Myers Squibb Co. 105,924 6,961,325 
Dragonfly Therapeutics, Inc. (a)(d)(e) 31,376 867,546 
Fulcrum Therapeutics, Inc. (a)(b) 215,339 1,922,977 
Hansoh Pharmaceutical Group Co. Ltd. (c) 388,204 1,693,074 
Harmony Biosciences Holdings, Inc. (a) 103,246 3,299,742 
Intra-Cellular Therapies, Inc. (a) 650,238 25,625,880 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 5,080 68,824 
Kaleido Biosciences, Inc. (a)(b) 540,278 3,879,196 
Longboard Pharmaceuticals, Inc. (a) 42,723 352,892 
Nektar Therapeutics (a) 396,757 7,169,399 
Nuvation Bio, Inc. (d) 312,840 4,226,156 
Nuvation Bio, Inc. (a)(b) 96,397 1,370,765 
OptiNose, Inc. (a) 388,198 1,238,352 
Pharvaris BV 31,611 648,026 
Pliant Therapeutics, Inc. 93,847 2,821,041 
Sienna Biopharmaceuticals, Inc. (a) 254,062 5,843 
Skyhawk Therapeutics, Inc. (d)(e) 127,580 2,094,864 
Theravance Biopharma, Inc. (a) 272,963 4,716,801 
UCB SA 32,833 3,072,265 
Vera Therapeutics, Inc. (a) 51,143 882,217 
Vera Therapeutics, Inc. 52,917 821,536 
  105,355,059 
TOTAL HEALTH CARE  1,878,190,433 
INDUSTRIALS - 6.3%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Class A (a)(d)(e) 3,900 1,637,961 
The Boeing Co. (a) 28,882 7,134,432 
  8,772,393 
Air Freight & Logistics - 0.2%   
FedEx Corp. 16,471 5,185,236 
United Parcel Service, Inc. Class B 80,728 17,324,229 
  22,509,465 
Airlines - 1.9%   
Delta Air Lines, Inc. (a) 791,327 37,730,471 
Frontier Group Holdings, Inc. (a) 156,787 3,342,699 
JetBlue Airways Corp. (a) 1,915,746 38,506,495 
Ryanair Holdings PLC sponsored ADR (a) 51,399 6,000,833 
Southwest Airlines Co. (a) 1,091,358 67,074,863 
Spirit Airlines, Inc. (a) 359,484 12,837,174 
Sun Country Airlines Holdings, Inc. (a)(b) 47,941 1,783,405 
United Airlines Holdings, Inc. (a) 472,981 27,598,441 
Wizz Air Holdings PLC (a)(c) 544,201 37,288,849 
  232,163,230 
Building Products - 0.2%   
Resideo Technologies, Inc. (a) 112,272 3,356,933 
The AZEK Co., Inc. 92,198 4,013,379 
Trane Technologies PLC 78,216 14,579,462 
  21,949,774 
Construction & Engineering - 0.2%   
MasTec, Inc. (a) 272,475 31,697,017 
Electrical Equipment - 0.3%   
AMETEK, Inc. 37,913 5,122,046 
Eaton Corp. PLC 44,848 6,514,172 
Emerson Electric Co. 95,450 9,133,611 
Generac Holdings, Inc. (a) 32,387 10,646,255 
Rockwell Automation, Inc. 27,081 7,141,801 
Shoals Technologies Group, Inc. 25,710 709,596 
  39,267,481 
Industrial Conglomerates - 0.5%   
3M Co. 122,394 24,850,878 
Honeywell International, Inc. 134,791 31,124,590 
  55,975,468 
Machinery - 1.0%   
Caterpillar, Inc. 109,268 26,342,329 
Cummins, Inc. 39,069 10,051,672 
Deere & Co. 101,514 36,656,705 
Fortive Corp. 98,549 7,146,773 
Illinois Tool Works, Inc. (b) 49,928 11,571,313 
Ingersoll Rand, Inc. (a) 56,851 2,822,084 
Xylem, Inc. 179,957 21,256,521 
  115,847,397 
Professional Services - 0.0%   
CoStar Group, Inc. (a) 1,269 1,083,726 
Road & Rail - 1.9%   
Avis Budget Group, Inc. (a)(b) 691,606 60,736,839 
CSX Corp. 91,487 9,159,678 
Kansas City Southern 51,668 15,380,530 
Lyft, Inc. (a) 518,587 29,606,132 
Uber Technologies, Inc. (a) 1,228,120 62,425,340 
Union Pacific Corp. 223,173 50,153,668 
  227,462,187 
TOTAL INDUSTRIALS  756,728,138 
INFORMATION TECHNOLOGY - 35.5%   
Communications Equipment - 0.5%   
Arista Networks, Inc. (a) 10,681 3,624,918 
Ciena Corp. (a) 532,924 28,175,692 
Infinera Corp. (a)(b) 2,533,055 24,317,328 
Lumentum Holdings, Inc. (a) 74,279 6,044,082 
  62,162,020 
Electronic Equipment & Components - 0.3%   
908 Devices, Inc. (b) 29,105 1,226,194 
Arlo Technologies, Inc. (a) 174,101 1,168,218 
II-VI, Inc. (a)(b) 226,907 15,286,725 
TE Connectivity Ltd. 2,560 347,341 
Trimble, Inc. (a) 184,066 14,318,494 
Vontier Corp. 17,743 622,424 
  32,969,396 
IT Services - 6.1%   
Accenture PLC Class A 26,849 7,575,714 
Actua Corp. (a)(e) 200,563 10,028 
Black Knight, Inc. (a) 81,059 5,948,920 
IBM Corp. 3,515 505,246 
MasterCard, Inc. Class A 275,432 99,315,271 
MongoDB, Inc. Class A (a) 3,193 932,164 
Nuvei Corp. (a)(c) 28,225 2,113,488 
Okta, Inc. (a) 48,712 10,835,497 
PayPal Holdings, Inc. (a) 747,076 194,254,702 
Riskified Ltd. (a)(d)(e) 27,950 321,425 
Riskified Ltd. warrants (a)(d)(e) 168 0 
Shopify, Inc. Class A (a) 189,222 232,070,515 
Snowflake Computing, Inc. 3,120 742,654 
Square, Inc. (a) 224,796 50,021,606 
Twilio, Inc. Class A (a) 13,632 4,580,352 
Visa, Inc. Class A 487,406 110,787,384 
Wix.com Ltd. (a) 43,113 11,203,344 
Worldline SA (a)(c) 58,033 5,555,191 
  736,773,501 
Semiconductors & Semiconductor Equipment - 11.0%   
Advanced Micro Devices, Inc. (a) 842,357 67,455,949 
Applied Materials, Inc. 377,461 52,138,688 
ASML Holding NV 68,768 46,450,721 
Broadcom, Inc. 23,991 11,331,669 
Cirrus Logic, Inc. (a) 316,419 24,702,831 
Cree, Inc. (a)(b) 64,009 6,401,540 
First Solar, Inc. (a) 104,545 7,956,920 
Intel Corp. 104,018 5,941,508 
KLA Corp. 55,511 17,590,881 
Marvell Technology, Inc. 561,511 27,120,981 
Micron Technology, Inc. (a) 333,169 28,032,840 
NVIDIA Corp. 1,339,922 870,654,508 
Qualcomm, Inc. 183,159 24,642,212 
Silicon Laboratories, Inc. (a) 547,357 74,747,072 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 233,337 27,384,430 
Teradyne, Inc. 55,547 7,351,645 
Texas Instruments, Inc. 106,618 20,238,229 
Xilinx, Inc. 37,986 4,824,222 
  1,324,966,846 
Software - 11.2%   
ACV Auctions, Inc. Class A (a)(b) 5,404 140,072 
Adobe, Inc. (a) 143,282 72,297,232 
Alkami Technology, Inc. (a) 6,349 211,231 
Atlassian Corp. PLC (a) 17,863 4,167,081 
Autodesk, Inc. (a) 97,986 28,010,278 
Avalara, Inc. (a) 17,133 2,264,469 
BTRS Holdings, Inc. (d) 78,632 1,124,438 
BTRS Holdings, Inc. (a) 1,700 24,310 
Cloudflare, Inc. (a)(b) 1,139,237 93,485,788 
Coupa Software, Inc. (a) 7,754 1,847,003 
Crowdstrike Holdings, Inc. (a) 30,627 6,803,788 
Datadog, Inc. Class A (a) 9,473 862,517 
DocuSign, Inc. (a) 14,415 2,906,352 
DoubleVerify Holdings, Inc. (a) 29,844 1,100,945 
Elastic NV (a) 23,523 2,780,654 
Epic Games, Inc. (d)(e) 5,000 4,425,000 
HubSpot, Inc. (a) 66,529 33,555,897 
Intuit, Inc. 68,804 30,211,148 
Lightspeed POS, Inc. (b) 69,124 4,976,237 
LivePerson, Inc. (a) 167,790 9,220,061 
Microsoft Corp. 2,158,669 538,976,476 
Nutanix, Inc. Class A (a)(b) 2,355,578 74,224,263 
Olo, Inc. (a)(b) 22,776 770,968 
Oracle Corp. 322,495 25,393,256 
Paycom Software, Inc. (a) 12,926 4,260,410 
Paylocity Holding Corp. (a) 18,888 3,207,749 
Privia Health Group, Inc. (a) 47,670 1,560,239 
Procore Technologies, Inc. (a) 12,093 1,045,077 
RingCentral, Inc. (a) 6,096 1,600,017 
Salesforce.com, Inc. (a) 1,276,383 303,906,792 
Slack Technologies, Inc. Class A (a) 148,378 6,534,567 
Stripe, Inc. Class B (a)(d)(e) 38,500 1,544,813 
The Trade Desk, Inc. (a) 18,396 10,819,423 
Tuya, Inc. ADR (a)(b) 36,638 874,183 
UiPath, Inc. Class A (a)(b) 33,061 2,638,929 
Workday, Inc. Class A (a) 21,791 4,984,038 
Zendesk, Inc. (a) 183,390 25,062,077 
Zoom Video Communications, Inc. Class A (a) 52,628 17,447,761 
Zscaler, Inc. (a) 86,603 16,818,303 
  1,342,083,842 
Technology Hardware, Storage & Peripherals - 6.4%   
Apple, Inc. 5,864,402 730,763,133 
Pure Storage, Inc. Class A (a)(b) 1,352,255 25,760,458 
Samsung Electronics Co. Ltd. 100,405 7,291,938 
  763,815,529 
TOTAL INFORMATION TECHNOLOGY  4,262,771,134 
MATERIALS - 1.4%   
Chemicals - 0.5%   
Albemarle Corp. U.S. 17,144 2,864,420 
Corteva, Inc. 653,655 29,741,303 
Dow, Inc. 99,599 6,814,564 
DuPont de Nemours, Inc. 193,496 16,367,827 
The Mosaic Co. 107,569 3,887,544 
  59,675,658 
Containers & Packaging - 0.2%   
Ball Corp. 188,164 15,459,554 
Sealed Air Corp. 142,741 8,116,253 
  23,575,807 
Metals & Mining - 0.7%   
Barrick Gold Corp. (Canada) 540,438 12,823,649 
Freeport-McMoRan, Inc. 1,479,446 63,201,933 
Newmont Corp. 54,091 3,974,607 
Rio Tinto PLC sponsored ADR (b) 100,729 8,806,736 
  88,806,925 
TOTAL MATERIALS  172,058,390 
REAL ESTATE - 0.3%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
American Tower Corp. 50,368 12,867,009 
Simon Property Group, Inc. 126,236 16,220,064 
  29,087,073 
Real Estate Management & Development - 0.1%   
Compass, Inc. (a)(b) 111,789 1,502,444 
KE Holdings, Inc. ADR (a) 91,302 4,737,661 
  6,240,105 
TOTAL REAL ESTATE  35,327,178 
TOTAL COMMON STOCKS   
(Cost $8,325,576,877)  11,830,107,549 
Preferred Stocks - 1.2%   
Convertible Preferred Stocks - 1.1%   
COMMUNICATION SERVICES - 0.0%   
Diversified Telecommunication Services - 0.0%   
Starry, Inc.:   
Series D (a)(d)(e) 574,100 964,488 
Series E3 (d)(e) 767,218 1,288,926 
  2,253,414 
CONSUMER DISCRETIONARY - 0.3%   
Automobiles - 0.2%   
Bird Rides, Inc. (d) 499,751 3,736,458 
Bird Rides, Inc. Series D (d) 4,500 33,645 
Rad Power Bikes, Inc.:   
Series A (d)(e) 22,348 107,803 
Series C (d)(e) 87,936 424,189 
Rivian Automotive, Inc.:   
Series E (d)(e) 338,639 12,478,847 
Series F (d)(e) 222,207 8,188,328 
  24,969,270 
Internet & Direct Marketing Retail - 0.1%   
GoBrands, Inc. Series G (d)(e) 19,907 4,971,122 
Instacart, Inc.:   
Series H (d)(e) 12,458 1,557,250 
Series I (d)(e) 6,009 751,125 
Reddit, Inc. Series E (d)(e) 4,501 191,176 
  7,470,673 
Specialty Retail - 0.0%   
Fanatics, Inc.:   
Series E (d)(e) 83,710 2,918,968 
Series F (d)(e) 74,688 2,604,371 
  5,523,339 
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc.:   
Series D (a)(d)(e) 19,989 215,481 
Series Seed (a)(d)(e) 26,124 281,617 
Freenome, Inc. Series C (d)(e) 141,369 1,109,747 
Nuvalent, Inc. Series B (d)(e) 506,797 1,048,968 
  2,655,813 
TOTAL CONSUMER DISCRETIONARY  40,619,095 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
Blink Health, Inc. Series C (a)(d)(e) 125,782 4,105,524 
Sweetgreen, Inc.:   
Series C (a)(d)(e) 54 710 
Series D (a)(d)(e) 862 11,335 
Series I (a)(d)(e) 2,032 26,721 
Series J (d)(e) 130,426 1,715,102 
  5,859,392 
Food Products - 0.0%   
Bowery Farming, Inc. Series C1 (d)(e) 27,155 1,636,070 
TOTAL CONSUMER STAPLES  7,495,462 
FINANCIALS - 0.0%   
Diversified Financial Services - 0.0%   
Paragon Biosciences Emalex Capital, Inc. Series C (d)(e) 109,967 1,176,647 
Sonder Holdings, Inc. Series E (a)(d) 168,483 2,382,139 
  3,558,786 
HEALTH CARE - 0.4%   
Biotechnology - 0.3%   
Adagio Theraputics, Inc.:   
Series A (d)(e) 55,836 4,359,998 
Series B (d)(e) 18,173 1,419,053 
Series C (d)(e) 97,444 7,608,991 
Ambrx, Inc.:   
Series A (d)(e) 236,166 486,502 
Series B (d)(e) 212,549 437,851 
Bright Peak Therapeutics AG Series B (d)(e) 282,257 1,102,496 
Caris Life Sciences, Inc. Series D (d)(e) 258,638 2,094,968 
Century Therapeutics, Inc. Series C (d)(e) 772,563 5,000,002 
Element Biosciences, Inc. Series B (a)(d)(e) 125,057 940,429 
ElevateBio LLC Series C (d)(e) 247,600 1,038,682 
EQRx, Inc. Series B (d)(e) 1,029,769 3,418,833 
Inscripta, Inc.:   
Series D (d)(e) 277,957 2,454,360 
Series E (d)(e) 215,182 1,900,057 
National Resilience, Inc. Series B (d)(e) 182,315 2,490,423 
Omega Therapeutics, Inc. Series C (d)(e) 316,793 950,379 
  35,703,024 
Health Care Equipment & Supplies - 0.0%   
Kardium, Inc. Series D6 (d)(e) 1,087,032 1,104,251 
Health Care Providers & Services - 0.1%   
Boundless Bio, Inc. Series B (d)(e) 756,226 1,020,905 
Conformal Medical, Inc. Series C (d)(e) 140,186 612,613 
Scorpion Therapeutics, Inc. Series B (d)(e) 260,848 631,103 
  2,264,621 
Health Care Technology - 0.0%   
Aledade, Inc. Series B1 (d)(e) 26,096 999,234 
PrognomIQ, Inc.:   
Series A5 (d)(e) 37,950 126,753 
Series B (d)(e) 196,968 657,873 
  1,783,860 
Pharmaceuticals - 0.0%   
Castle Creek Pharmaceutical Holdings, Inc. Series C (a)(d)(e) 582 381,321 
TOTAL HEALTH CARE  41,237,077 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series N (d)(e) 19,900 8,357,801 
Construction & Engineering - 0.0%   
Beta Technologies, Inc. Series A (d)(e) 10,545 772,632 
Transportation Infrastructure - 0.0%   
Delhivery Pvt Ltd. Series H (d)(e) 4,860 2,389,505 
TOTAL INDUSTRIALS  11,519,938 
INFORMATION TECHNOLOGY - 0.1%   
Communications Equipment - 0.0%   
Xsight Labs Ltd. Series D (d)(e) 122,201 977,119 
Electronic Equipment & Components - 0.0%   
Enevate Corp. Series E (d)(e) 754,820 836,857 
IT Services - 0.1%   
ByteDance Ltd. Series E1 (d)(e) 49,039 5,373,408 
Riskified Ltd.:   
Series D (d)(e) 16,900 194,350 
Series E (a)(d)(e) 20,000 230,000 
  5,797,758 
Semiconductors & Semiconductor Equipment - 0.0%   
SiMa Ai Series B (d)(e) 299,482 1,535,564 
Tenstorrent, Inc. Series C1 (d)(e) 16,900 1,004,778 
  2,540,342 
Software - 0.0%   
Databricks, Inc. Series G (d)(e) 12,605 2,235,722 
Evozyne LLC Series A (d)(e) 78,000 1,752,660 
Nuvia, Inc. Series B (d) 212,200 173,414 
Stripe, Inc. Series H (d)(e) 14,400 577,800 
  4,739,596 
TOTAL INFORMATION TECHNOLOGY  14,891,672 
MATERIALS - 0.1%   
Metals & Mining - 0.1%   
Diamond Foundry, Inc. Series C (d)(e) 301,038 7,224,912 
UTILITIES - 0.0%   
Independent Power and Renewable Electricity Producers - 0.0%   
Redwood Materials Series C (d)(e) 20,469 970,302 
TOTAL CONVERTIBLE PREFERRED STOCKS  129,770,658 
Nonconvertible Preferred Stocks - 0.1%   
COMMUNICATION SERVICES - 0.1%   
Diversified Telecommunication Services - 0.1%   
Starry, Inc. Series E1 (d)(e) 2,971,163 4,991,554 
CONSUMER DISCRETIONARY - 0.0%   
Automobiles - 0.0%   
Waymo LLC Series A2 (d)(e) 6,592 566,037 
Specialty Retail - 0.0%   
Cazoo Holdings Ltd.:   
Series A (d) 833 25,424 
Series B (d) 14,586 445,182 
Series C (d) 296 9,034 
Series D (d) 52,108 1,590,399 
  2,070,039 
TOTAL CONSUMER DISCRETIONARY  2,636,076 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  7,627,630 
TOTAL PREFERRED STOCKS   
(Cost $115,011,333)  137,398,288 
 Principal Amount Value 
Convertible Bonds - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Automobiles - 0.0%   
Neutron Holdings, Inc.:   
4% 5/22/27 (d)(e) 310,600 310,600 
4% 6/12/27 (d)(e) 82,200 82,200 
  392,800 
Textiles, Apparel & Luxury Goods - 0.0%   
AbSci Corp. 6% (e)(g) 1,881,500 1,881,500 
TOTAL CONSUMER DISCRETIONARY  2,274,300 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
The Real Good Food Co. LLC 1% (d)(e)(g) 1,437,000 1,437,000 
FINANCIALS - 0.0%   
Diversified Financial Services - 0.0%   
Sonder Holdings, Inc. 0% (d)(e)(g) 1,561,474 1,561,474 
TOTAL CONVERTIBLE BONDS   
(Cost $5,272,774)  5,272,774 
Preferred Securities - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Internet & Direct Marketing Retail - 0.0%   
Circle Internet Financial Ltd. 0% (d)(e)(g) 2,073,500 2,073,500 
HEALTH CARE - 0.0%   
Health Care Equipment & Supplies - 0.0%   
Kardium, Inc. 0% (d)(e)(g) 1,541,987 1,541,987 
INFORMATION TECHNOLOGY - 0.0%   
Electronic Equipment & Components - 0.0%   
Enevate Corp. 0% 1/29/23 (d)(e) 321,369 321,369 
Semiconductors & Semiconductor Equipment - 0.0%   
Tenstorrent, Inc. 0% (d)(e)(g) 940,000 940,000 
TOTAL INFORMATION TECHNOLOGY  1,261,369 
TOTAL PREFERRED SECURITIES   
(Cost $4,876,856)  4,876,856 
 Shares Value 
Money Market Funds - 2.1%   
Fidelity Cash Central Fund 0.03% (h) 25,584,513 25,589,630 
Fidelity Securities Lending Cash Central Fund 0.03% (h)(i) 224,111,353 224,133,764 
TOTAL MONEY MARKET FUNDS   
(Cost $249,723,394)  249,723,394 
TOTAL INVESTMENT IN SECURITIES - 101.9%   
(Cost $8,700,461,234)  12,227,378,861 
NET OTHER ASSETS (LIABILITIES) - (1.9)%  (223,026,082) 
NET ASSETS - 100%  $12,004,352,779 

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $92,828,083 or 0.8% of net assets.

 (d) Restricted securities (including private placements) - 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 $207,407,626 or 1.7% of net assets.

 (e) Level 3 security

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

 (g) Security is perpetual in nature with no stated maturity date.

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Adagio Theraputics, Inc. Series A 7/15/20 $446,688 
Adagio Theraputics, Inc. Series B 11/4/20 $1,030,773 
Adagio Theraputics, Inc. Series C 4/16/21 $7,608,991 
Adimab LLC 1/19/21 $10,000,008 
Aledade, Inc. Series B1 5/7/21 $999,234 
Allbirds, Inc. Series D 12/23/19 $257,574 
Allbirds, Inc. Series Seed 1/23/20 $257,583 
Ambrx, Inc. Series A 11/6/20 $369,170 
Ambrx, Inc. Series B 11/6/20 $369,169 
AppHarvest, Inc. 1/29/21 $2,480,180 
Arrival Group 3/24/21 $4,044,420 
Beta Technologies, Inc. Series A 4/9/21 $772,632 
Bird Rides, Inc. 2/12/21 - 4/20/21 $2,583,262 
Bird Rides, Inc. Series D 9/30/19 $58,130 
Blink Health, Inc. Series A1 12/30/20 $1,786,125 
Blink Health, Inc. Series C 11/7/19 - 1/21/21 $4,801,854 
Boundless Bio, Inc. Series B 4/23/21 $1,020,905 
Bowery Farming, Inc. Series C1 5/18/21 $1,636,070 
Bright Peak Therapeutics AG Series B 5/14/21 $1,102,496 
BTRS Holdings, Inc. 1/12/21 $786,320 
ByteDance Ltd. Series E1 11/18/20 $5,373,408 
Caris Life Sciences, Inc. Series D 5/11/21 $2,094,968 
Castle Creek Pharmaceutical Holdings, Inc. Series C 12/9/19 $239,697 
Cazoo Holdings Ltd. 9/30/20 $349,878 
Cazoo Holdings Ltd. Series A 9/30/20 $11,420 
Cazoo Holdings Ltd. Series B 9/30/20 $199,974 
Cazoo Holdings Ltd. Series C 9/30/20 $4,058 
Cazoo Holdings Ltd. Series D 9/30/20 $714,399 
Century Therapeutics, Inc. Series C 2/25/21 $5,000,002 
Circle Internet Financial Ltd. 0% 5/11/21 $2,073,500 
Conformal Medical, Inc. Series C 7/24/20 $514,071 
Databricks, Inc. Series G 2/1/21 $2,235,722 
Delhivery Pvt Ltd. Series H 5/20/21 $2,372,281 
Diamond Foundry, Inc. Series C 3/15/21 $7,224,912 
Dragonfly Therapeutics, Inc. 12/19/19 $830,209 
Element Biosciences, Inc. Series B 12/13/19 $655,374 
ElevateBio LLC Series C 3/9/21 $1,038,682 
Enevate Corp. Series E 1/29/21 $836,858 
Enevate Corp. 0% 1/29/23 1/29/21 $321,369 
Epic Games, Inc. 7/13/20 - 7/30/20 $2,875,000 
EQRx, Inc. Series B 11/19/20 $2,823,524 
Evozyne LLC Series A 4/9/21 $1,752,660 
Fanatics, Inc. Series E 8/13/20 $1,447,346 
Fanatics, Inc. Series F 3/22/21 $2,604,371 
Freenome, Inc. Series C 8/14/20 $934,916 
Gemini Therapeutics, Inc. 2/5/21 $963,630 
GoBrands, Inc. Series G 3/2/21 $4,971,122 
Inscripta, Inc. Series D 11/13/20 $1,270,263 
Inscripta, Inc. Series E 3/30/21 $1,900,057 
Instacart, Inc. Series H 11/13/20 $747,480 
Instacart, Inc. Series I 2/26/21 $751,125 
Kardium, Inc. Series D6 12/30/20 $1,104,251 
Kardium, Inc. 0% 12/30/20 $1,541,987 
Lordstown Motors Corp. 10/23/20 $1,306,890 
National Resilience, Inc. Series B 12/1/20 $2,490,423 
Neutron Holdings, Inc. 4% 5/22/27 6/4/20 $310,600 
Neutron Holdings, Inc. 4% 6/12/27 6/12/20 $82,200 
Nuvalent, Inc. Series B 4/30/21 $1,048,968 
Nuvation Bio, Inc. 2/10/21 $3,128,400 
Nuvia, Inc. Series B 3/16/21 $173,413 
Omega Therapeutics, Inc. Series C 3/17/21 $950,379 
On Holding AG 2/6/20 $1,166,429 
Paragon Biosciences Emalex Capital, Inc. Series C 2/26/21 $1,176,647 
PrognomIQ, Inc. Series A5 8/20/20 $22,922 
PrognomIQ, Inc. Series B 9/11/20 $450,094 
Rad Power Bikes, Inc. 1/21/21 $826,883 
Rad Power Bikes, Inc. Series A 1/21/21 $107,803 
Rad Power Bikes, Inc. Series C 1/21/21 $424,189 
Reddit, Inc. Series E 5/18/21 $191,176 
Redwood Materials Series C 5/28/21 $970,302 
Riskified Ltd. 12/20/19 - 4/15/20 $252,754 
Riskified Ltd. Series D 11/18/20 $194,350 
Riskified Ltd. Series E 10/28/19 $190,288 
Riskified Ltd. warrants 10/28/19 $0 
Rivian Automotive, Inc. Series E 7/10/20 $5,245,518 
Rivian Automotive, Inc. Series F 1/19/21 $8,188,328 
Rush Street Interactive, Inc. 12/29/20 $448,740 
Scorpion Therapeutics, Inc. Series B 1/8/21 $631,103 
Seer, Inc. Class A 12/8/20 $1,157,803 
SiMa Ai Series B 5/10/21 $1,535,564 
Skyhawk Therapeutics, Inc. 5/21/21 $2,094,864 
Social Finance, Inc. 1/7/21 $1,808,330 
Sonder Holdings, Inc. Series E 4/3/20 - 5/6/20 $1,814,040 
Sonder Holdings, Inc. 0% 3/18/21 $1,561,474 
Space Exploration Technologies Corp. Class A 2/16/21 $1,637,961 
Space Exploration Technologies Corp. Series N 8/4/20 $5,373,000 
Starry, Inc. Series D 7/30/20 $820,963 
Starry, Inc. Series E1 9/4/20 $4,179,036 
Starry, Inc. Series E3 3/31/21 $1,288,926 
Stripe, Inc. Class B 5/18/21 $1,544,943 
Stripe, Inc. Series H 3/15/21 $577,800 
Sweetgreen, Inc. warrants 1/21/26 1/21/21 $0 
Sweetgreen, Inc. Series C 9/13/19 $923 
Sweetgreen, Inc. Series D 9/13/19 $14,740 
Sweetgreen, Inc. Series I 9/13/19 $34,747 
Sweetgreen, Inc. Series J 1/21/21 $2,230,285 
Tenstorrent, Inc. Series C1 4/23/21 $1,004,778 
Tenstorrent, Inc. 0% 4/23/21 $940,000 
The Beauty Health Co. 12/8/20 $4,286,430 
The Real Good Food Co. LLC 1% 5/7/21 $1,437,000 
Waymo LLC Series A2 5/8/20 $566,037 
Xsight Labs Ltd. Series D 2/16/21 $977,119 
Yumanity Therapeutics, Inc. 12/22/20 $444,314 
Zomato Pvt Ltd. 12/9/20 - 2/10/21 $3,169,182 

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 $14,284 
Fidelity Securities Lending Cash Central Fund 581,585 
Total $595,869 

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. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2021, 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 $1,494,357,854 $1,487,112,886 $-- $7,244,968 
Consumer Discretionary 2,611,335,033 2,551,785,799 15,156,662 44,392,572 
Consumer Staples 330,395,917 316,310,194 3,923,025 10,162,698 
Energy 108,923,973 108,365,789 558,184 -- 
Financials 241,573,886 229,242,205 11,155,034 1,176,647 
Health Care 1,919,427,510 1,852,777,978 12,437,427 54,212,105 
Industrials 768,248,076 755,090,177 -- 13,157,899 
Information Technology 4,277,662,806 4,256,643,282 -- 21,019,524 
Materials 179,283,302 172,058,390 -- 7,224,912 
Real Estate 35,327,178 35,327,178 -- -- 
Utilities 970,302 -- -- 970,302 
Corporate Bonds 5,272,774 -- -- 5,272,774 
Preferred Securities 4,876,856 -- -- 4,876,856 
Money Market Funds 249,723,394 249,723,394 -- -- 
Total Investments in Securities: $12,227,378,861 $12,014,437,272 $43,230,332 $169,711,257 
Net unrealized depreciation on unfunded commitments $(770,025) $-- $(770,025) $-- 

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

Investments in Securities:  
Beginning Balance $51,146,817 
Net Realized Gain (Loss) on Investment Securities 94 
Net Unrealized Gain (Loss) on Investment Securities 20,349,533 
Cost of Purchases 104,618,143 
Proceeds of Sales (104) 
Amortization/Accretion -- 
Transfers into Level 3 4,210,531 
Transfers out of Level 3 (10,613,757) 
Ending Balance $169,711,257 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2021 $20,349,533 

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. Cost of purchases and proceeds of sales may include securities received and/or 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 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 89.7% 
Cayman Islands 3.1% 
Canada 2.2% 
Bailiwick of Jersey 1.4% 
Others (Individually Less Than 1%) 3.6% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  May 31, 2021 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $217,675,354) — See accompanying schedule:
Unaffiliated issuers (cost $8,450,737,840) 		$11,977,655,467  
Fidelity Central Funds (cost $249,723,394) 249,723,394  
Total Investment in Securities (cost $8,700,461,234)  $12,227,378,861 
Foreign currency held at value (cost $226,921)  226,923 
Receivable for investments sold  7,912,393 
Receivable for fund shares sold  12,413,590 
Net unrealized appreciation on unfunded commitments  2,441,361 
Dividends receivable  3,635,204 
Interest receivable  40,025 
Distributions receivable from Fidelity Central Funds  58,155 
Other receivables  30,388 
Total assets  12,254,136,900 
Liabilities   
Payable for investments purchased $7,403,386  
Payable for fund shares redeemed 10,059,199  
Net unrealized depreciation on unfunded commitments 3,211,386  
Accrued management fee 4,314,921  
Other payables and accrued expenses 664,011  
Collateral on securities loaned 224,131,218  
Total liabilities  249,784,121 
Net Assets  $12,004,352,779 
Net Assets consist of:   
Paid in capital  $8,216,932,073 
Total accumulated earnings (loss)  3,787,420,706 
Net Assets  $12,004,352,779 
Net Asset Value, offering price and redemption price per share ($12,004,352,779 ÷ 578,099,582 shares)  $20.77 

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


Statement of Operations

  Six months ended May 31, 2021 (Unaudited) 
Investment Income   
Dividends  $20,720,888 
Interest  32,200 
Income from Fidelity Central Funds (including $581,585 from security lending)  595,869 
Total income  21,348,957 
Expenses   
Management fee $22,897,264  
Independent trustees' fees and expenses 17,754  
Total expenses before reductions 22,915,018  
Expense reductions (93,936)  
Total expenses after reductions  22,821,082 
Net investment income (loss)  (1,472,125) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $4,924) 285,565,796  
Fidelity Central Funds (262)  
Foreign currency transactions 8,027  
Total net realized gain (loss)  285,573,561 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $142,929) 807,035,549  
Change in net unrealilzed appreciation (depreciation) on unfunded commitments (770,025)  
Assets and liabilities in foreign currencies 812  
Total change in net unrealized appreciation (depreciation)  806,266,336 
Net gain (loss)  1,091,839,897 
Net increase (decrease) in net assets resulting from operations  $1,090,367,772 

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


Statement of Changes in Net Assets

 Six months ended May 31, 2021 (Unaudited) Year ended November 30, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(1,472,125) $609,818 
Net realized gain (loss) 285,573,561 59,564,376 
Change in net unrealized appreciation (depreciation) 806,266,336 2,540,884,124 
Net increase (decrease) in net assets resulting from operations 1,090,367,772 2,601,058,318 
Distributions to shareholders (77,746,793) (1,201,125) 
Share transactions   
Proceeds from sales of shares 4,162,297,104 4,741,067,060 
Reinvestment of distributions 77,746,793 1,201,125 
Cost of shares redeemed (1,248,400,948) (1,195,679,272) 
Net increase (decrease) in net assets resulting from share transactions 2,991,642,949 3,546,588,913 
Total increase (decrease) in net assets 4,004,263,928 6,146,446,106 
Net Assets   
Beginning of period 8,000,088,851 1,853,642,745 
End of period $12,004,352,779 $8,000,088,851 
Other Information   
Shares   
Sold 208,068,076 348,526,504 
Issued in reinvestment of distributions 4,040,894 103,635 
Redeemed (62,555,017) (85,772,122) 
Net increase (decrease) 149,553,953 262,858,017 

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


Financial Highlights

Fidelity Growth Company K6 Fund

 Six months ended (Unaudited) May 31, Years endedNovember 30,  
 2021 2020 2019 A 
Selected Per–Share Data    
Net asset value, beginning of period $18.67 $11.19 $10.00 
Income from Investment Operations    
Net investment income (loss)B –C –C .01 
Net realized and unrealized gain (loss) 2.28 7.49 1.18 
Total from investment operations 2.28 7.49 1.19 
Distributions from net investment income (.02) (.01) – 
Distributions from net realized gain (.16) – – 
Total distributions (.18) (.01) – 
Net asset value, end of period $20.77 $18.67 $11.19 
Total ReturnD,E 12.28% 66.95% 11.90% 
Ratios to Average Net AssetsF,G    
Expenses before reductions .45%H .45% .45%H 
Expenses net of fee waivers, if any .45%H .45% .45%H 
Expenses net of all reductions .45%H .45% .45%H 
Net investment income (loss) (.03)%H .01% .29%H 
Supplemental Data    
Net assets, end of period (000 omitted) $12,004,353 $8,000,089 $1,853,643 
Portfolio turnover rateI 23%H,J 18%J 16%J,K 

 A For the period June 13, 2019 (commencement of operations) to November 30, 2019.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

 K Amount not annualized.

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


Notes to Financial Statements (Unaudited)

For the period ended May 31, 2021

1. Organization.

Fidelity Growth Company 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.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% to .01% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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, 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. 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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 and preferred securities 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) 
Equities $159,549,017 Market comparable Enterprise value/Sales multiple (EV/S) 4.5 – 5.7 / 5.5 Increase 
   Premium rate 7.8% - 45.9% / 39.7% Increase 
  Recovery value Recovery value 0.1% Increase
 
  Market approach Transaction price $0.00 - $885.00 / $97.44 Increase 
   Premium rate 4.5% - 59.0% / 23.2% Increase 
Corporate Bonds $5,272,774 Market approach Transaction price $100.00 Increase 
Preferred Securities $4,876,856 Market approach Transaction price $100.00 Increase 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, certain deemed distributions 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 $3,774,428,200 
Gross unrealized depreciation (267,788,500) 
Net unrealized appreciation (depreciation) $3,506,639,700 
Tax cost $8,720,739,161 

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.

Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

 $ Amount % of Net Assets 
Fidelity Growth Company K6 Fund 10,000,008 .08 

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Growth Company K6 Fund 2,022,663,498 1,125,490,621 

Unaffiliated Redemptions In-Kind. During the period, 5,341,171 shares of the Fund were redeemed in-kind for investments and cash with a value of $108,973,891. The net realized gain of $62,366,537 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions 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.

Unaffiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $2,145,604,841 in exchange for 106,584,664 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

Prior Fiscal Year Unaffiliated Exchanges In-Kind. During the prior period, the Fund received investments and cash valued at $2,022,673,601 in exchange for 157,433,950 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Growth Company K6 Fund $25,357 

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

 Purchases ($) Sales ($) 
Fidelity Growth Company K6 Fund 514,582,748 39,530,135 

6. Committed Line of Credit.

Certain Funds participate 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 commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the 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. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Growth Company K6 Fund $62,879 $23,859 $812,135 

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 expenses. This amount totaled $93,684 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 by $252.

9. Other.

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.

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2020 to May 31, 2021).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
December 1, 2020 		Ending
Account Value
May 31, 2021 		Expenses Paid
During Period-B
December 1, 2020
to May 31, 2021 
Fidelity Growth Company K6 Fund .45%    
Actual  $1,000.00 $1,122.80 $2.38 
Hypothetical-C  $1,000.00 $1,022.69 $2.27 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Growth Company K6 Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its January 2021 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for four months from February 1, 2021 through May 31, 2021, in connection with changes to the Board's meeting calendar. 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 also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board also considered the findings of certain ad hoc committees that had been previously formed to discuss matters relevant to all of the Fidelity funds, including economies of scale, fall-out benefits and retail vs. institutional funds. 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 May 31, 2021, with the understanding that the Board will consider the annual renewal for a full one year period in May 2021.

At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net total return information for the fund and an appropriate benchmark index and peer group for the most recent one-year period ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Growth Company K6


Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods ended September 30 (June 30 for the period ended 2019) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked is also included in the chart and was considered by the Board.

Fidelity Growth Company K6 Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.

The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the fund's total expense ratio ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

GCF-K6-SANN-0721
1.9893923.101


Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

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


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

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


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


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


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Mt. Vernon Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable





assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


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


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)


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






SIGNATURES


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


Fidelity Mt. Vernon Street Trust



By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer


Date:

July 22, 2021


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



By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer


Date:

July 22, 2021



By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer


Date:

July 22, 2021